Brussels, November 30, 2010 – RHJ International (the “Company”) today issued its condensed consolidated interim financial statements for the six months ended September 30, 2010.
Highlights
• Acquisition of Kleinwort Benson, banking and financial services group, for a total cash consideration of €256.1 million.
• Acquisition of KBC Asset Management Limited in Dublin for €23.7 million, adding incremental new business and extending Kleinwort Benson’s product offering.
• Acceleration of the Company’s transformation from an industrial holding group into a dynamic financial services group.
• Despite a challenging environment, Kleinwort Benson has progressed its development plans and focus on cost control.
• Mixed performance from the Company’s legacy industrial investments, but improving trading from Niles Co. and Asahi Tec Corporation.
• Honsel AG filed for insolvency on October 25. The carrying value of RHJI’s investment in Honsel before the insolvency filing stood at €52.8 million and will be written off. In addition €20 million super senior credit facilities and €15 million of leasing and factoring facilities provided by the Company are outstanding.
• The Company changed its fiscal year-end to December and will report on a fiscal year of nine months ending December 31, 2010. The Company’s accounting currency was changed from ¥ to €.
Leonhard Fischer, Chief Executive officer of RHJ International commented:
“We are making good progress with our strategy to transform RHJ International into a dynamic financial services group based on the independent merchant banking model. These results reflect the fact that we are only at the beginning of this journey, but we are encouraged by the early signs of progress from the changes already implemented.
“We see significant opportunities in financial services. Using the strong Kleinwort Benson brand, we will grow our involvement, organically and through bolt-on acquisitions, and expect to establish RHJ International as a major force in these markets.”

Current Trading and Outlook
The company’s transformation from an industrial holding group into a dynamic financial services group will continue. The medium-term plan to redesign and upgrade the Kleinwort Benson operations is underway and should lead to improving financial performance of the Company over time. Further organic growth and bolt-on acquisitions in financial services are the key strategic impetus of our plans for RHJ International and our route to maximise shareholder value.
In a generally recovering global economic environment, the financial performance of the Company’s legacy industrial investments is likely to continue to be mixed, with Niles Co. and Asahi Tec Corporation benefitting from increasing production volumes, whilst Phoenix Seagaia Resort continues to be impacted by the outbreak of foot-and-mouth-disease.
An analyst and investor call will be held today at 9:30 am (New York) / 2:30 pm (London) / 3:30 pm (Brussels). To take part in the call, please use one of the dial-in numbers provided below, or log on to RHJI’s corporate website to listen to the live audio webcast (www.rhji.com).