TRANSACTION SUMMARY

On 16 March 2012, RIT Capital Partners plc and Edmond de Rothschild Group announced the creation of a strategic partnership. The parties have entered into a joint venture through the creation of a new company, with RIT Capital Partners holding 49% and Edmond de Rothschild Group 51%. Edmond de Rothschild Group will contribute its stake in the management company Capital Holdings into the joint venture and RIT Capital Partners will issue new ordinary shares with a market value of £14m to Edmond de Rothschild Group as consideration for the acquisition of its interest in the joint venture. Both parties intend to work together to strengthen their co-operation on investment opportunities and fund management.

RIT CAPITAL PARTNERS

RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

CAPITAL HOLDINGS FUND

Capital Holdings Funds include Leveraged Capital Holdings (LCH), and related funds Trading Capital Holdings and European Capital Holdings. LCH is the world’s oldest fund of hedge funds and a flagship investment vehicle of the Edmond de Rothschild Group. LCH and related funds, which are listed on the Euronext Amsterdam Exchange, have assets under management of US$2.7bn and have generated significant gains for investors since their creation.

EDMOND DE ROTHSCHILD GROUP

Edmond de Rothschild Group is an independent, family-owned group focused on private banking and asset management. Founded in 1953, Edmond de Rothschild Group has been chaired since 1997 by the founder's son, Baron Benjamin de Rothschild. The Group has more than US$150bn in assets under management and 2,700 employees in 30 offices around the world. In addition to its main activities in asset management and private banking, the Group’s financial activities include fund administration and corporate advisory services. Compagnie Financière Saint-Honoré is the Group’s French holding company.

ROLE

SHP acted as financial adviser to RIT Capital Partners.