TRANSACTION SUMMARY

On 11 December 2009, Cazenove Capital Management announced the acquisition of Thornhill Holdings Limited. This deal will give Cazenove Capital access to a successful and well established private client business in Edinburgh. Through the acquisition, it is estimated that Cazenove Capital will add over £600 million of assets managed on behalf of clients throughout the UK.

THORNHILL

Thornhill is an independent fund management company, founded in 1985, devoted to growing the wealth of private clients from offices in Edinburgh and London. Thornhill’s Scottish business came out of Martin Currie in 2003. Thornhill looks after over £600m and specialises in managing segregated portfolios for individuals, family trusts, companies, charities, self invested pension schemes, bespoke unit trusts and OEICs.

CAZENOVE CAPITAL MANAGEMENT

Cazenove Capital Management is an independent asset management company which is owned largely by its employees and former employees, and has £13.5bn of assets under management (as at November 2009). It provides specialist investment management and high quality advice, centred on excellence in UK and European equities and fixed income to professional advisers, institutions, charities and private individuals.

ROLE

SHP acted as financial adviser to Thornhill.