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1 ANNUAL REPORT Y e a r e n d e d D e c e m b e r 3 1,

2 I I I I I I I I HIGHLIGHTS AND RECENT DEVELOPMENTS Transformation from an industrial holding company into a financial services group: EUR 357 million of investments in financial services made or agreed up to April 30, 2011; EUR 137 million of disposals provisionally agreed. Acquisition in July of Kleinwort Benson, banking and financial services group, for EUR million. Acquisition in October of KBC Asset Management Limited in Dublin for EUR 23.7 million, extending Kleinwort Benson s asset management product offering. Agreement by Kleinwort Benson in March 2011 to acquire Close Brothers Offshore Group (for cash consideration of EUR 34 million), which will increase Kleinwort Benson s private wealth assets under management from EUR 5.5 billion to approximately EUR 8.1 billion. The acquisition will be primarily financed through Kleinwort Benson. Filing for insolvency by Honsel AG in October : nonconsolidated carrying value of EUR 52.8 million written off; EUR 30.6 million of intercompany loans outstanding for which recovery will depend on the outcome of the insolvency proceedings. Improvement in trading and successful refinancing at Asahi Tec. Agreement in February 2011 regarding the sale of RHJI s 77.9% stake in Niles for EUR 137 million, subject to closing adjustments, including potential remediation costs arising from the outcome of environmental due diligence. Japan earthquake: Asahi Tec and Niles facilities in Japan structurally unaffected although impacted by power outages and interrupted production by Japanese customers and suppliers. Phoenix Seagaia Resort s facilities were not directly affected by the earthquake, but depressed occupancy levels cast doubt on it as a going concern. The non-consolidated carrying value of EUR 46.8 million has been written off, and impairment charges of EUR 39.1 million were recorded in the consolidated financial statements. Annual Report -

3 5 PART I Letter to Shareholders 9 PART II Our Business PART III Financial Statements for 29 the Fiscal Year Ended 143 PART IV Corporate Governance 163 PART V Shareholders Information

4 Annual Report -

5 Table of Contents PART I Letter to Shareholders Letter to Shareholders... 6 PART II Our Business Strategy Business Review PART III Financial Statements for the Fiscal Year Ended Management Discussion & Analysis Principal Risks and Uncertainties Consolidated Financial Statements Notes Directors Report Auditor s Report on the Consolidated Financial Statements Condensed Non-Consolidated Financial Statements PART IV Corporate Governance Board of Directors Board Committees Other Members of the Executive Management RHJI Shares Held by Directors & Executive Management Internal Control & Risk Management Systems Disclosure Required by Art. 34 of the Belgian Royal Decree of 14/11/ Statutory Auditor Shareholders Meeting Business Conduct & Ethics Code Dealing and Disclosure Code PART V Shareholders Information Share Price Performance Shareholding Structure Financial Calendar and Investor Relations

6 I am confident that we are well prepared to capitalize on growth opportunities in financial services and that we will be able to deliver solid value to our shareholders over the long term. Annual Report -

7 5 PART I Letter to Shareholders

8 Letter to Shareholders April 27, 2011 Dear Shareholders, 6 The purchase of Kleinwort Benson from Commerzbank AG for EUR 256 million on July 1, accelerated the transformation of RHJ International into a financial services group based on an independent merchant banking model. We see significant opportunities in financial services under the Kleinwort Benson brand. Clients today are inclined towards high quality, independent institutions with an advisory and partnership model. A client-centric approach is essential. We aim to revitalise the independent merchant banking model, adopting a conservative banking approach with a principal investor point of view. RHJ International will develop its independent merchant banking model based on three pillars: Banking, Asset Management and Merchant Banking. The purchase of KBC Asset Management Limited in Dublin in October for EUR 23.7 million strengthened the Asset Management business, adding EUR 3.6 billion to assets under management. KBC Asset Management Limited (Dublin) has been renamed Kleinwort Benson Investors. The more recent agreement in March 2011 for Kleinwort Benson Bank to acquire Close Brothers Offshore Group, comprising private banking, fund administration, fund management, trust and asset management businesses, will further increase private wealth assets under management to EUR 8.1 billion. It will also further strengthen Kleinwort Benson s banking proposition in terms of liquidity and capital base. Depending on regulatory approvals, we expect to complete this purchase by the end of July. Operational improvements at Kleinwort Benson are underway and should progressively lead to strengthening financial performance. A focus on costs, together with the effect of efficiency programmes initiated in June has begun to show results, leading to lower expenses for the six months ended December 31. Thanks to Kleinwort Benson s very sound balance sheet, we are well positioned to cope with the tightening regulatory and changing business environment. Industrial Portfolio Before the recent earthquake, Asahi Tec Corporation was benefitting from increasing production volumes and from the refinancing of its debt. The manufacturing facilities of Asahi Tec and Niles, including one facility located in the badly affected Fukushima prefecture, did not suffer structural damage following the Tohoku earthquake which struck Northern Japan on Friday, March 11, Production was resumed, albeit at reduced capacity because of interrupted customer production and intermittent power supply. Following the recent agreement to sell the 77.9% stake in Niles to Valeo, we continue to work on completing the transaction during the first half of Phoenix Seagaia Resort s facilities, located on the South-East Pacific coast line of Japan, have not been directly affected by the earthquake, but depressed occupancy casts doubt on it as a going concern. Annual Report -

9 Honsel AG filed for insolvency in October having failed to reach agreement with all stakeholders on a sustainable restructuring plan to allow for the continuation of the company. Despite efforts by Honsel s management to address operating issues, Honsel s financial performance remained under pressure and resulted in a liquidity shortfall. Excluding Niles, financial services and the industrial portfolio now represent 65% and 35%, respectively, of RHJ International s book value of EUR million, excluding cash. We will continue to seek opportunities to exit gradually our industrial investments over time with a view to capitalising on growth opportunities in financial services. In, we took the necessary steps, including the appointment of new senior management, to succeed as an independent merchant bank. We received excellent feedback from our clients. We would like to thank our dedicated employees for the full commitment they have shown, and our shareholders for their continued support. We anticipate further progress in the transformation of the business in the months ahead. I look forward to welcoming you at our Annual Shareholders Meeting on June 21, Leonhard Fischer Chief Executive Officer Letter to Shareholders

10 Strategy Business Review Annual Report -

11 9 PART II Our Business

12 STRATEGY RHJ International («RHJI») completed the purchase of Kleinwort Benson Private Bank Limited and Kleinwort Benson Channel Islands Holdings Limited (together «Kleinwort Benson») from Commerzbank AG on July 1,. The total cash consideration was EUR million. A refocusing of Kleinwort Benson s business was launched soon after. The acquisition has accelerated RHJI s transformation into a dynamic financial services group. RHJI sees significant medium-term opportunities for a merchant banking strategy with a strong client-centric approach to banking. Clients today are more inclined towards high quality, independent institutions with an advisory and partnership model. This model offers substantial upside for the refocused RHJI. RHJI will exploit these growth areas by developing its independent merchant banking model based on three pillars: Banking with Kleinwort Benson and its Wealth Management, Fiduciary and Execution business; Asset Management with Kleinwort Benson Investors and its multi-asset and specialised investment strategies (Environmental and Dividend Plus); and Merchant Banking, participating in, for example, co-investment opportunities alongside clients and institutional investors. Kleinwort Benson, with its well-known and trusted brand is the cornerstone of this strategy. As demonstrated by the agreement to sell the 77.9% stake in Niles to Valeo, the remaining industrial investments will be sold in order to concentrate exclusively on RHJI s financial services strategy. The proceeds of the industrial divestments and its strong financial position should help RHJI expand organically and by bolt-on acquisitions, under the Kleinwort Benson brand. There is no intention to venture into higher risk investment banking activities such as primary underwriting of debt or equity securities, both of which would absorb additional capital. Kleinwort Benson Group : the independent Merchant Bank RHJ International s independent merchant bank model 10 Clients Service Markets & Regions Wealth Management & Execution Services High Net Worth Individuals Institutional Investors Wealth structuring & fund solutions Fixed income brokerage, advisory and origination, transition management UK, Channel Islands bank with domestic and international clients Asset Management Institutional Distributors Private investors Niche product high alpha funds Global distribution Merchant Banking Corporates & Government clients High Net Worth Individuals («HNWI») and Ultra HNWI and Institutional Investors Sovereign wealth funds Fee based strategic advice Investment ideas Principal and co-investing International Operational excellence Efficient structure with strong client focus Lean cost base, freeing up resources to drive growth Rationalised IT architecture with compelling client proposition Annual Report -

13 BANKING Kleinwort Benson has a banking heritage dating back to 1786 and an established reputation in private banking, fund administration and wealth management in the UK and Channel Islands. Maintaining a strong and conservatively managed capital base remains a key principle of Kleinwort Benson and RHJI, underpinning a low-risk, highly client-centric business model. With a tier 1 ratio in excess of 20% at December, Kleinwort Benson continued to exceed strongly its minimum capital requirements. Kleinwort Benson maintains high liquidity through the nature of its deposits base and a significant portfolio of marketable securities. This sound financial position allows Kleinwort Benson to pursue further or even accelerate the bank s growth initiatives. Over the medium-term, Kleinwort Benson expects to benefit from improving operating efficiency and re-focusing of its business. The business will be developed onshore and offshore, as already demonstrated in the latter case by the announced acquisition of Close Brothers Offshore Group. ASSET MANAGEMENT The strategy to strengthen Kleinwort Benson s asset management capabilities was demonstrated by the purchase in October of KBC Asset Management Limited (Dublin) for EUR 23.7 million. Now renamed Kleinwort Benson Investors, this is a high quality asset management firm managing discretionary assets for institutional clients. Kleinwort Benson Investors offers multi-asset strategy products, predominantly for its Irish home market as well as two specialist equity strategies in growth areas for domestic and international clients: environmental and dividend oriented equities. Based in Dublin, Kleinwort Benson Investors serves clients in Ireland, Asia and North America. MERCHANT BANKING Kleinwort Benson will develop a demand-driven strategic and tactical advisory business for corporate and government clients, building on the experience of its senior executive team and the Kleinwort Benson heritage. RHJI will also look internationally for investment opportunities to invest alongside clients and institutional investors. In October, RHJI strategically aligned itself with Timothy Collins and Ripplewood Holdings LLC by merging its activities with those of Ripplewood and by acquiring a 13 per cent interest in the general partner of Ripplewood Partners II, L.P., a private equity fund managed by Ripplewood. Ripplewood will now focus exclusively on the existing fund investments and new investments will be made in conjunction with the merchant banking activities. 11 Our Business

14 BUSINESS REVIEW RHJI changed its year-end to December from March and changed the accounting currency from JPY to EUR. Therefore the past financial year comprised nine months only, from April 1, to. Following the recent agreement to sell the 77.9% stake in Niles to Valeo, RHJI continues to work to complete the transaction during the first half of Excluding Niles, the 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 million, excluding cash. RHJ International Portfolio Legacy industrial investments Financial services investments Name Asahi Tec Ownership 54% Book Value (EUR m) Name Kleinwort Benson Group (1) Ownership 100% Book Value (EUR m) Shaklee SigmaXYZ 43% 22% Ripplewood Arecon (General Partner interest) 13% 50% Phoenix Seagaia Resort 100% - Quirin Bank 28% TOTAL Other TOTAL NA Kleinwort Benson Group is the holding company of Kleinwort Benson Private Bank Ltd., Kleinwort Benson Channel Islands Holdings Ltd and Kleinwort Benson Investors (Dublin). Annual Report -

15 The evolution of the book value of RHJI s portfolio since March 31,, can be summarized as follows: Evolution of Book Value (1) (In EUR millions) Ownership March 31, Additions Disposals Fair value adjustments Impairment Investments in financial services Arecon 50% Kleinwort Benson Group 100% Quirin 27.8% Ripplewood (General Partner interest) 13.0% Other Investments in legacy industrial portfolio Asahi Tec 54.5% Honsel 51% (52.8) - Phoenix Seagaia Resort 100% (46.8) - Shaklee 42.7% SigmaXYZ 21.8% (99.6) Total investments (99.6) Pro Forma cash and cash equivalents (2) Cash and cash equivalents (3) (358.4) Assets held for sale (Niles) (22.8) (358.4) 0.0 (22.8) Loans (7.6) Total portfolio (366.0) 0.0 (122.4) Book value per share (in EUR) (4.3) 0.0 (1.4) 8.7 (1) On a non-consolidated basis (2) Pro forma the proceeds from the sale of Niles and including the loan portfolio. The sale of Niles is not completed and is subject to closing adjustments, including potential remediation costs arising from the outcome of environmental due diligence (3) Including net cash held at management subsidiaries, deposits > 3 months and investment securities 13 Our Business

16 14 Investments and disposals Changes to the investments during the financial year ended : In July,, completed the acquisition of Kleinwort Benson; In October,, completed the acquisition of KBC Asset Management Limited (Dublin); In October,, strategic alignment with Timothy Collins and Ripplewood Holdings LLC; The total loan portfolio of EUR 48 million mainly included EUR 32.1 million of loan facilities granted to Honsel, EUR 10 million related to the acquisition of Ripplewood, a revolving loan of EUR 2 million to Phoenix Seagaia Resort, and the remaining EUR 2.7 million loan granted to Asahi Tec s former subsidiary Metaldyne; The carrying value of the investment in Honsel at the time of its filing for insolvency in October was EUR 52.8 million and was written off. In addition EUR 20 million credit facilities and EUR 12.1 million of leasing and factoring facilities were outstanding at. The outstanding balance was further reduced after the year-end and the recovery of the outstanding balance of EUR 30.6 million depends on the outcome of the insolvency proceedings. In accordance with the intercreditor agreement governing Honsel s financial debt, the backstop and liquidity facilities of EUR 20 million in aggregate rank behind the revolving credit facility and the customer and supplier debt of EUR 70 million in aggregate, but ahead of the senior term loan of EUR 110 million and the mezzanine debt of EUR 30 million. Post balance sheet events: 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. The carrying value of the investment in Niles as at December, was adjusted to reflect the selling price pre closing adjustments. RHJI continues to work to complete the sale during the first half of On March 10, 2011 Kleinwort Benson agreed to acquire Close Brothers Offshore Group for 29.1 million (EUR 34 million), subject to adjustments related to the net assets of the business on completion. The acquisition will be primarily financed through Kleinwort Benson. The completion of the transaction is subject to approval by the relevant regulatory bodies and is expected to be completed by the end of July. Assuming the proceeds from the sale of Niles (pre closing adjustments), RHJI s pro forma cash position at, amounted to approximately EUR 200 million. Impairment RHJI prepares both consolidated and non-consolidated financial statements. The consolidated financial statements are prepared in accordance with IFRS, while the non-consolidated financial statements are prepared in accordance with Belgian Generally Accepted Accounting Principles («Belgian GAAP»). An impairment review was carried out for both the consolidated and the nonconsolidated financial statements (1). Non-consolidated financial statements At, RHJI made impairments of EUR million: The carrying value of EUR 52.8 million of the investment in Honsel was written off following Honsel s filing for insolvency on October 25, ; The carrying value of EUR 46.8 million of the investment in Phoenix Seagaia was written off because of the uncertainty as to its ability to continue as a going concern; The carrying value of EUR million in Niles was reduced by EUR 22.8 million as a result of the agreement to sell its stake to Valeo for EUR 137 million. The sale has not been completed and the selling price is subject to closing adjustments, including potential remediation costs arising from the outcome of environmental due diligence; The carrying value of RHJI s subsidiary RHJI Services was reduced by EUR 10.6 million to reflect its net asset value of EUR 49.8 million. RHJI Services is a management subsidiary that provides advisory services and engages in intergroup financing. RHJI also reviewed the carrying value of other investments as reflected in the non-consolidated financial statements for the financial year ended, prepared in accordance with Belgian GAAP. In particular, we assessed whether the future recoverable amount of each individual investment was in excess of its carrying value (2). The assessment included a review and analysis of (a) publicly observed market prices for the publicly listed investments, (1) There are differences in the valuation approach, nature and outcome of these reviews resulting from different methodologies of determining an asset s recoverable amount between IFRS and Belgian GAAP. IFRS defines the recoverable amount of an asset as the higher of (a) the asset s fair value less costs to sell or (b) its value in use. The value in use is based on the discounted cash flows projected to be derived from an asset s continuing use. Belgian GAAP requires the recognition of impairment of an asset if its carrying value is projected to permanently exceed its recoverable amount, which are determined using undiscounted cash flows and/or earnings estimates. (2) The future recoverable amount of the consolidated subsidiaries has been determined by applying currently applicable valuation multiples to the consolidated subsidiaries undiscounted projected earnings, and that the resulting amounts do not purport to indicate the current fair value or intrinsic value of the RHJ International s investments in consolidated subsidiaries.) Annual Report -

17 (b) valuation multiples for groups of publicly listed, comparable companies, and with respect to the consolidated subsidiaries, (c) the projected financial performance based on budgets and business plans prepared by their respective managements. Based on the above analysis, the future recoverable amount of each individual investment, with the exception of Honsel, Phoenix Seagaia Resort, Niles, and RHJI Services, was found to be in excess of its carrying values. However, we remain cautious on the global economic outlook and have not reversed any of the previous impairment charges, given the current economic uncertainty, the volatility of the financial markets and the potential adverse consequences of the earthquake in Japan. Consolidated financial statements For the consolidated financial statements, in accordance with IFRS, we carefully analysed the performance of the consolidated businesses in order to assess whether there was any indication of impairment of the respective long-lived assets. The analysis included a review of the industry perspective, and of the impact of the expected performance of certain portfolio companies on the recoverable amount of tangible assets, goodwill and other long-lived intangible assets. The analysis resulted in an impairment charge of EUR 39.1 million for the fiscal year ended, on Phoenix Seagaia Resort s property because of the uncertainty as to its ability to continue as a going concern. More information on the methodology used to assess the estimated recoverable amount of Phoenix Seagaia Resort s assets is provided in note 16 to the Consolidated Financial Statements. Business Review for the financial year ended The following business review is based on the individual companies consolidated financial information prepared in accordance with International Financial Reporting Standards («IFRS») and presented in their respective currency. Conversion into Euros has been done in accordance with IAS 21 using the following exchange rates: Closing exchange rate (assets and liabilities) Average exchange rate (income and expenses) EUR/JPY EUR/GBP Our Business

18 Financial Services The consolidated results include Kleinwort Benson and Kleinwort Benson Investors for respectively 6 and 3 months ended. Key figures Condensed consolidated income statement and assets as of and for the six months ended (In EUR millions) 2009 (1) Operating income Operating costs (52.5) (57.4) Impairment of intangible assets - (31.2) Share in profit (loss) of equity accounted investees 0.2 (0.5) Operating loss before tax (2.4) (41.3) Tax (0.5) (0.2) Operating loss after tax (2.9) (41.5) 16 Assets under Management (2) 9,255 9,681 Assets under Control (3) 9,828 10,346 (1) Proforma unaudited consolidated financial information prepared for comparative purposes (2) Excluding assets under management at Arecon and Quirin and including deposits and investing activities arising from client discretionary and advisory mandates (3) Assets under Management plus loans Annual Report -

19 Overview of activities KLEINWORT BENSON Headquarters : London Activities : Wealth Management RHJI ownership : 100% Acquisition price : EUR million Consolidated by RHJI since July 1, Kleinwort Benson (www.kleinwortbenson.com) is one of the most historic names in British private banking with roots dating back to the 1790s. Providing a range of bespoke wealth management services to private individuals, Kleinwort Benson offers its clients advice and solutions which are completely tailored to their individual wealth planning needs. With an offering spanning investment management, tax and banking, trust and fiduciary services Kleinwort Benson provides its clients with a truly holistic service. Operating from its headquarters in the City of London and offices across the UK and Channel Islands, and via a range of networks across the globe, Kleinwort Benson is always able to be close to its clients wherever in the world they are. Kleinwort Benson is also a leading provider of Fund Administration services. One of the first major banks to have established in the Channel Islands nearly 50 years ago, it is consistently ranked as one of the top ten providers of administration and custodian services there, working with fund managers across a wide range of traditional and alternative asset classes. Key figures Condensed consolidated income statement for the six months ended (In millions) GBP EUR 2009 (1) 2009 (1) Operating income Operating costs (36.4) (43.2) (43.0) (51.0) Impairment of intangible assets - (26.4) - (31.2) Operating loss before tax (2.6) (34.9) (3.1) (41.2) Tax (0.4) (0.1) (0.5) (0.1) Operating loss after tax (3.0) (35.0) (3.5) (41.4) 17 Assets under Management 4,768 4,978 5,539 5,783 Assets under Control 5,261 5,550 6,112 6,448 (1) Proforma unaudited consolidated financial information prepared in accordance with UK GAAP for comparative purposes Kleinwort Benson recorded operating income of 33.8 million in the six months ended, down 0.9 million or 3% from 34.7 million in the same period a year earlier. Total Assets under Control («AuC»), which includes deposits, loans and investing activities, reduced to 5.3 billion on from 5.6 billion on The decline in AuC was principally caused by lower banking deposits arising from the new standalone credit rating following the acquisition, and from the migration of the Channel Islands banking license from Jersey to Guernsey. This reduction in the deposit book, combined with lower interest income in the current low interest rate environment, led to reduced operating income. Since the acquisition of Kleinwort Benson was completed, the reduction in the deposit book has largely stabilised. Fees and margins from investing activities and trust administration held up during the period. Despite the protracted sale process, fewer than expected investment mandates were lost, although Kleinwort Benson may see some outflows in the months ahead before the investment being made in the business becomes effective. A focus on costs and the effect of efficiency programmes initiated in June have begun to show results. This partly led to lower operating costs of 36.4 million for the six months ended, compared to 43.2 million for the comparable period in Headcount reduced 7% year on year, with further annualised restructuring cost benefits still to come through. Total expenses for the six months ended included an investment of Our Business

20 2.6 million in developing new revenue lines. Excluding this investment, Kleinwort Benson achieved break-even during the second half of, compared to a loss of 8.5 million (before impairment of intangible assets) for the comparable period of The impairment charge of 26.4 million recorded during the six months ended December 2009 related to software costs incurred in establishing a new operating platform for the Bank. The operating platform was originally part of a wider IT strategy being pursued by the previous owners. Maintaining a strong and conservatively managed capital base remains a key principle of Kleinwort Benson and RHJI, underpinning a low-risk highly client-centric business model. With a Tier 1 ratio of over 20% at December, Kleinwort Benson continued to exceed strongly its minimum capital requirements. Kleinwort Benson maintains high liquidity through a significant portfolio of marketable securities funded by a stable deposit base. The mortgage loan book continued to perform well with provisions for bad and doubtful debts representing less than 0.3% of the total loan book at. This sound financial position gives the flexibility to pursue further or even accelerate growth initiatives. In order to grow AuC, an important part of the strategy is to increase the number of top level private bankers. In January 2011 Sally Tennant was appointed Chief Executive Officer. She joined from Lombard Odier Darier Hentsch, the Swiss private bank, where she was Chief Executive Officer of its London-based private banking operation. In a career spanning over thirty years in private banking and wealth management, Sally has held significant management roles in highly regarded organisations. 18 Annual Report -

21 Overview of activities KLEINWORT BENSON INVESTORS Headquarters : Dublin Activities : Asset Management RHJI ownership : 100% Acquisition price : EUR 23.7 million Consolidated by RHJI since October 1, Kleinwort Benson Investors (www.kleinwortbensoninvestors.com), based in Dublin, London and New York, has been offering investment management services for over thirty years and is a leading provider of innovative niche investment strategies to clients in the US, UK, Europe and Asia. Their three core areas of expertise are environmental equity strategies, dividend-oriented equity strategies and multi-asset strategies. These products are made available directly to institutional clients such as pension funds, corporate, local authorities, foundations and endowments as well as being distributed to retail and high net worth investors through other financial services groups. Key figures Condensed consolidated income statement for the three months ended (In EUR millions) 2009 (1) Operating income Operating costs (4.2) (4.4) Operating profit (loss) before tax 0.2 (0.1) Tax (0.1) - Operating profit (loss) after tax 0.1 (0.1) 19 Assets under Management 3,716 3,898 (1) Proforma unaudited consolidated financial information prepared in accordance with IFRS for comparative purposes Since the acquisition, Kleinwort Benson Investors recorded operating income of EUR 4.4 million during the three months ended, an increase of 2% compared to the same period a year earlier. The income statement for the three months ended 2009, has been adjusted to reflect the sale of KBI s UK subsidiary and to exclude non-recurring transactions with KBC Group, its former owner. Assets under Management decreased from EUR 3.9 billion at 2009 to EUR 3.7 billion at. Since the change of control, business development activities in North America, Europe and the UK have been intensified and the company has recently been awarded new investment mandates, which are expected to be funded during the first half of Our Business

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