XEA - De Beleggersadviseur

Brussels, May 20, 2011 – RHJ International (the “Company” or “RHJI”) today issued its first trading update for the fiscal year ending December 31, 2011, in accordance with the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
1. Portfolio as of April 30, 2011
111
Excluding Niles, the Company’s portfolio consists of investments in financial services and a legacy portfolio of industrial investments representing 65% and 35%, respectively, of a total book value of EUR 495.2 million, excluding cash.
The evolution of the Company’s portfolio since December 31, 2010, can be summarized as follows:
Evolution of Book Value
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Since December 31, 2010, RHJI purchased 1,143,170 own shares for EUR 7,014,922 in aggregate. RHJI currently holds 1,583,755 own shares.
2. Business update

Financial Services
• Kleinwort Benson has continued to see the effects of improving operating efficiency and refocusing its business. In addition, good progress continues to be made in advancing the necessary regulatory applications towards completion of the acquisition of Close Brothers Offshore Group (“COG”) by July 2011. The acquisition was announced on March 13, 2011 and comprises COG’s private banking, fund administration, fund management, trust and asset management businesses in Guernsey, Jersey and the Isle of Man, and COG’s wholly-owned shared service centre in Cape Town.
• Kleinwort Benson Investors (KBI) has been focusing on expanding its distribution capability in Europe and Asia. Investment performance is satisfactory. There was a modest reduction in assets under management during the first four months of 2011, due mainly to de-risking within some Irish and European investment mandates. Notable new businesses wins from the USA and the UK have been achieved which are scheduled to be funded over the summer months.

Legacy industrial portfolio
• Asahi Tec reported revenue for its fiscal year ended March 31, 2011 of JPY 73,022 million, an increase of 25.4% compared to the prior year. Operating income for the fiscal year ended March 31, 2011, as reported in Asahi Tec’s consolidated financial statements prepared under J-GAAP, increased by JPY 2,215 million from the prior year to JPY 2,337 million. Asahi Tec has not disclosed any outlook for the fiscal year ending March 31, 2012 as a result of the Great East Japan Earthquake on March 11, 2011. Asahi Tec’s manufacturing facilities, including one facility in the badly affected Fukushima prefecture, did not suffer material structural damage, but customer and supplier operations were disrupted and production capacity at major customers is still reduced.
• On February 23, 2011, RHJI announced the sale of its 77.9% ownership interest in Niles for JPY 15.5 billion (EUR 137 million) cash, subject to closing adjustments, including potential remediation costs arising from the outcome of environmental due diligence. RHJI continues to work to complete the sale by the end of the first half of 2011.
• On May 5, 2011, RHJI’s insolvent subsidiary Honsel announced that a committee of creditors, appointed as part of the insolvency proceedings, had agreed to a sale of the business to Canadian metal products maker Martinrea and financial investor Anchorage. On May 17, 2011, Martinrea announced that Honsel’s assets will be sold for EUR 101 million in cash and EUR 29 million in assumed liabilities, subject to regulatory approval. EUR 20 million of liquidity and backstop facilities and EUR 10.1 million of leasing and factoring facilities granted by RHJI are currently still outstanding. In accordance with the intercreditor agreement governing Honsel’s financial debt, both the liquidity and backstop facilities rank behind Honsel’s revolving credit facility and customer and supplier loans of EUR 70 million in aggregate, but ahead of the senior term loan of EUR 110 million and the mezzanine loan of EUR 30 million. As of today, RHJI received no information on the amount of the proceeds which will be paid to the secured lenders and which will be distributed in accordance with the intercreditor agreement. RHJI will be entitled to terminate the leasing and factoring facilities, and demand repayment of the outstanding amounts thereunder, upon the change of control of Honsel.