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EFTA00610789 | EFTA00610795 ownership in KBG reducing to 65.13%, with the offsetting increases being reflected in the individual coinvestors' stakes. Simplification of RHJI corporate structure Our short-term priority, which has been backed by our major shareholders, is the integration of BHF and subsequent restructuring of the business. This makes both commercial and economic sense as we look to drive both cost and revenue synergies across the combined operating businesses. Following the completion of the BHF acquisition, we are also now actively engaged with our co-investors to discuss the future conversion of their interests in Kleinwort Benson Group into RHJI shares. In this process, our priority will be to agree terms and a conversion price that are mutually acceptable to the co-investors and our current shareholder base rather than to adhere to a rigid timetable. Summary of BHF transaction The completion of the BHF acquisition marks a pivotal point in RHJI's strategy of developing a focused financial services business, with the combined business well-placed to benefit from its strong positions in the fast growing UK and German wealth management markets as well as from the highly-complementary and award-winning asset management operations of Kleinwort Benson Investors and Frankfurt Trust. The transaction has been executed at an attractive valuation, with significant revenue synergies and scalerelated efficiency savings underlining the earnings and value accretion of this combination. 2. Consolidated income statement (InEURmillongl H 2013 Total FY 2012 Before exceptional items 38.5 (160) 22.5 101.3 (3.9) 97.4 15.4 135.3 Interest income Interest expense Net interest income Commission and fee income Commission and fee expense Net commission and fee income Other income and expense Total operatingIncome 51.6 (353) 15.9 1014 (66) 95.8 2.8 1145 Selling, general and administrative expenses Net loss on disposal of available for sale assets() Impairment of goodwill Operatingprofit (lose) Finance income Finance costs (1567) (3.0) (190.9) (452) 2.4 (8.4) (KZ 5.5 (7.5) Share of profit of equityaccounted investees (net of income tax) ROM (lose) bermIncome tax Income tax benefit (expense) Loss from discontinued operations (net of income tax)O Pollt (Wei fats period OS Ma (0.3) (15.4) 1.2 (85.0) 0.4 (31.1) Exceptional items()) 11.3 11.3 38.5 (160) 215 1013 (19) 97.4 267 1445 (190.9) (86) (55.7) Total (8.6) 11.3 (5W5 5.5 (7.5) 11.3 (547) 0.4 (311) 11.3 (8441 1.2 tp In 2011 and 2012, fair value movements on 2011 bonds were treated as eneptiona I Items. From 2013 onwards, these movements are no longer dossed as exept onal. .0iscantinued operations in 2013comprise Shaklee, sigmaxa and the merchant banking business condoned by Ripplewood. In 2012 they composed ASaht Tec, Phoenix Seagate Resort, Shaklee and the merchant banking business. tl Represents accounting losses with respect to avail a ble.fonsale assets, which have not yet crystalized. 7 EFTA00610795
May 4, 2026 at 3:21 PM