EFTA01114058.pdf

A direct investment opportunity into Kleinwort Benson Group Investor presentation September 2011 • Kleinwort Benson EFTA01114058  Disclaimer This presentation (the "Presentation') is strictly confidential to the recipient and has been prepared by Kleinwort Benson Group Limited and its affiliates (the "Company). By accepting to receive such Presentation, you agree to be bound by the following terms. This Presentation may not be reproduced, retransmitted or further distributed to the press or any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Kleinwort Benson Group Limited or of RHJ International SA in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution. should form the basis of. or be relied on in connection with, any contract or commitment or investment decision whatsoever. This Company has retained J.P. Morgan Limited (UP. Morgan") to act as its financial adviser in connection with the investment opportunity contained herein (the 'Opportunity). This Presentation is being made available by J.P. Morgan on behalf of the Company for the sole purpose of providing information to assist the recipient in deciding whether they wish to proceed with a further analysis of the Opportunity. The information contained in this Presentation has not been independently verified. Neither the Company nor J.P. Morgan is under any obligation to update or keep current the information contained herein. Accordingly, no representation or warranty or undertaking, express or implied, is given by or on behalf of the Company. J.P. Morgan or any of their respective members. directors, officers, agents or employees or any other person as to. and no reliance should be placed on. the accuracy, completeness or fairness of the information or opinions contained herein. None of the Company. J.P. Morgan or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation and no responsibility or liability or duty of care is or will be accepted by the Company or J.P. Morgan or their respective affiliates, advisers, directors or employees as to the accuracy, completeness, reliability or reasonableness of the Information or opinions contained in this Presentation or supplied herewith. This Presentation is intended only for persons having professional experience in matters relating to investments being relevant persons (as defined below). Solicitations resulting from this Presentation will only be responded to if the person concerned is a relevant person. The Presentation is not an offer of securities for sale in the United States. The Company has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States. My securities may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to. the registration requirements of the Securities Act. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions and neither the Company nor J.P. Morgan accepts liability to any person in relation thereto. The Company has not registered and does not Intend to register any portion of any offering under the applicable securities laws of any country. This Presentation is made to and is directed only at persons in the United Kingdom having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the 'Order), and to those persons to whom it can otherwise lawfully be distributed (such persons being referred to as "relevant persons"). J.P. Morgan is acting for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Opportunity or any transaction or arrangement referred to in this Presentation. This Presentation includes forward•looking statements. These forward-looking statements Include statements concerning plans, objectives, goals, strategies. future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe,' 'expect? "anticipate,' Intends." "estimate." "forecast." "project," 'will." "may.' 'should' and similar expressions identify forward•looking statements. Forward•lookirg statements include statements regarding: strategies, outlook and growth prospects: future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments of markets; the impact of regulatory initiatives: and the strength of competitors. The forward•looking statements in this Presentation are based upon various assumptions. many of which are based, in turn, upon further assumptions, including. without limitation. management's examination of historical operating trends. data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made. these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Neither the Company, nor any of its members, directors, officers. agents, employees or advisers intend or have any duty or obligation to supplement. amend, update or revise any of the forward•looking statements contained in this Presentation. The information and opinions contained herein are provided as at the date of the Presentation and are subject to change without notice. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax•related penalties. J.P. Morgan or JPMorgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities. syndicated loan arranging, financial advisory and other investment banking activities are performed by a combination of J.P. Morgan Securities Inc.. J.P. Morgan Limited, J.P. Morgan Securities Ltd. and the appropriately licensed subsidiaries of JPMorgan Chase & Co. in Asia•Pacific. and lending. derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, N.A. JPMorgan deal team members may be employees of any of the foregoing entities. Fat Kleinwort Benson EFTA01114059  RHJI is offering a direct investment opportunity into Kleinwort Benson Group Euronext-listed RHJ International ("RHJI") has begun its transformation into an active and dynamic financial services group Investors The cornerstone of this transformation was the acquisition of Kleinwort Benson' completed in July 2010. Under this established brand. RHJI's vision is to build a merchant and private banking group focused on client needs and dedicated to delivering high level service to a diverse audience of both private and corporate "Legacy" customers Industrial Financial Services Investments Investments As a further major step towards completing this transformation. RHJI intends to exclusively acquire BHF-BANK, one of the largest private banks in Europe with its roots dating back to 1854 from Deutsche Bank through Kleinwort Benson Group Participations RHJI is offering the opportunity to co-invest into the combined Kleinwort Benson Gro • Arecon Kleinwort Benson Group • guirin B Co-investment proceeds will be used to fund the acquisition of BHF- Existing operational Proposed acquisition: BANK; investors will co-invest alongside and at the same terms as units: RHJI • Kleinwort Benson BHF-BANK (post de- Bank UK risking and down- • Kleinwort Benson sizing) Through the transaction investors will gain a stake in a leading Bank Channel Islands private banking franchise present in two of Europe's most important Kleinwort Benson and stable markets Investors. Dublin RHJI will use its extensive financial services expertise to strengthen the franchise and capitalize on this unique market opportunity Klanwort Benson Private Bank Limited and Kleinwort Benson Channel Islands Holdings Limited together 'Kleimvorl Benson Note: Envisioned economic structure Kleinwort Benson EFTA01114060  Investment opportunity and rationale • Investors will gain direct exposure to a leading Anglo-German private and RHJI is offering the merchant banking group on attractive terms opportunity to co-invest A unique direct • Direct exposure to a self-funded bank with a clean balance sheet directly into its strategic investment • Attractive (risk-adjusted) investor returns expected, based on entry price at financial services opportunity discount to net asset value group: Kleinwort • Significant upside potential from restructuring and limited downside due to clean Benson Group, balance sheet including BHF-BANK • Kleinwort Benson and BHF-BANK both have their roots in trade-finance, private and merchant banking, and combine strong brands with long-standing traditions Two banks with • Their strong franchises are based on their ties to the wealth creators in their strong heritage and respective domestic markets brands • Investors will participate in the growing European and international market for wealth-management The investment gives access to a banking group domiciled Connecting • in one of the world's financial hubs: London international capital with Germany's • and in the world's second largest export nation, financing Germany's industrial 'Mittelstand' engine: the successful small- and mid-cap client segment known as the 'Mittelstand' Investors will own a stake in Stable platform • a well capitalized secure banking platform with a target Core Tier 1 ratio of 16 to and management 18 per cent, comprehensively restructured balance sheet and low leverage experience • domiciled in two of the most stable countries in Europe • run by a top team of bankers with particular operational experience in managing banking franchises, risk and strategic change Kleinwort Benson 3 EFTA01114061  Building blocks of Kleinwort Benson Group Kleinwort Benson Bank (incl. Kleinwort Benson Investors Channel Islands Holdings) Kleinwort Benson and I BHF-BANK, combined • Kleinwort Benson Bank is a UK based to form the Kleinwort private bank with services including Kleinwort Benson Investors. based in investment management. tax and banking. Dublin. London and New York, has been BHF-BANK is the largest German Benson Group, will Description trust and fiduciary services: additionally, the offering investment management services Independent Private Banking franchise with create a leading wealth company is a leading provider of fund for over 30 years and is a leading provider its roots dating back to 1854 and a management and administration services of innovative niche investment strategies to particular locus on the German 'Mittelstand' merchant banking One of the first major banks to have clients in the US. UK. Europe and Asia BHF-BANK is organised along its four established in the Channel Islands nearly 3 core areas of expenise: environmental business lines: Private Banking. Asset platform in Europe 50 years ago. where it is consistently equity. dividend-onented equity and multi- Management. Corporates and Financial ranked as one of the top ten providers of asset strategies Markets administration and custodian services S Cm 2008 2009 2010 Em 2008 2009 2010 Em 20082 2009 Operating income 125 95 80 Operating income 15.3 11.9 13.3 Operating income 611 338 Operating profit 33 7 (10) Operating profit 0.7 (1.1) (0.3) Operating profits 295 2 AuM (Ebn) 6.3 5.8 5.5 AuM 3.2 3.8 3.7 AuM (fbn) 39.1 43.0 Total assets (Ebn) 4.1 2.7 1.8 Total assets 21.3 20.4 21.4 Total assets (an) 21.8 18.7 RWA (Ebn) 1.1 0.8 0.7 RWA 6.4 6.2 6.4 RWA (On) 5.8 4.8 Tier 1 Capital 300 286 241 Tier 1 Capital 16.8 15.9 16.9 Tier 1 Capital' 573 569 FTE 686 630 587 FIE 92 64 59 FTE 2,126 1,992 • A focus on costs and the effect of efficiency programmes initiated in June 2010 have already a?' begun to show results in the 2010 figures • Operational issues have already been addressed by management of BHF-BANK c • In 201lyld. Kleinwon Benson has continued to see the effects of improving operating efficiency with first tangible signs of improvements and refocusing its business and should progressively lead to strengthening financial E • Envisaged transaction takes deleveraging E performance 0 and restructuring measures into • Kleinwon Benson Investors (KB° has been focusing on expanding its distribution capability in consideration Europe and Asia and investment performance in 20llytd is satisfactory 8HF figures are for BHF as it is before downsizing / de-risking / restructuring 2008 financial.; strongly influenced by sale of BAS Kleinwort Benson 3 Prior to deduction of loan loss provisions ° HGB regulatory capital 4 EFTA01114062  BHF-BANK: the German merchant and private bank for leading entrepreneurial families BHF-BANK, domiciled in Frankfurt, has • Largest independent private banking franchise in Germany ranked No. 1 Private branches in 13 German Bank for 5 times in succession cities Private Banking awards • Strong growth of AuM of UHNWI (+250% in past 5 years) and significant increase in discretionary portfolio mandates (+165% in past 5 years) The bank's core franchise is with entrepreneurs, the • BHF-BANK carries 'Merchant Banking' in its name and DNA and has developed a Focus on German long standing tradition with Germany's export industry since 1854 German 'Mittelstand' companies and their 'Mittelstand' • BHF-BANK today has a unique niche expertise in structured commodity trade owner families finance BHF-BANK has The obvious • Germany's corporate, institutional and private clients want an alternative service discontinued all alternative provider to the large German universal banks Deutsche Bank and proprietary trading and Commerzbank... investment activities and is characterised by its clean balance sheet Future employer • ... as do German bankers and young talents looking to work in a dynamic "centre of choice of excellence" environment First feedback • Media, financial industry representatives and BHF-BANK's workforce have very positive reacted favourably to announced intention to integrate BHF-BANK into an Anglo- German banking group Kleinwort Benson 5 EFTA01114063  BHF-BANK: gateway to Germany's `Mittelstand' Germany's 'Mittelstand' is the backbone of the German economy Germany's 'Mittelstand' (SMEs) represent the backbone of the German economy: They contribute more than 40% of Germany's GDP BHF-BANK holds the • More than 400,000 medium-sized companies exist, employing 61% of all key to attractive Germany's employees in Germany business opportunities 'Mittelstand' • Over 1,000 "hidden champions" — highly specialized world market leaders with from export finance to impressive global market shares equity participations • Only around 5% of Germany's 'Mittelstand' is listed • # 2 export nation after China • Export volume of consistently above E800bn p.a. • >30% of export volume is outside EU/OECD • 80% of 'Mittelstand'-companies have export businesses, and demand related services • Importance of commodities in world trade Outstanding client basis of entrepreneurial UHNWIs in Private Banking. Future growth in leveraging existing client network and use of cross selling potential BHF-BANK with other business divisions, especially with the focus on export finance strategy • Clear focus on trade-related business with risk-minimizing structures • Strict quality control and diversification regarding counterparty risks Source: mviv.clestetis.de • Kleinwort Benson 6 EFTA01114064  Combined Kleinwort Benson Group post acquisition of BHF-BANK A unique business model with a focused offering of products and Kleinwort Benson Group services to long- standing and new clients in targeted regions • Wealth structuring and fund • Germany, Switzerland, Wealth • Ultra and High Net Worth solutions Austria, Luxembourg, UK Management Individuals and Channel Islands • Independent advice • Institutions • International clients • Investment ideas Asset • Funds • Mutual funds • Germany, Luxembourg, UK, Management • Distributors • Institutional solutions Ireland, globally • Entrepreneurs and German • Financing Merchant 'Mittelstand' • Corporate finance • Germany, UK and Banking • Corporate & government clients • Risk management and capital international raising solutions • Sovereign wealth funds • Investment ideas • Generate operational cost synergies and economies of scale after IT Operational excellence ____ harmonisation and migration to a new system Kleinwort Benson 7 EFTA01114065  Combined Kleinwort Benson Group's financial attractions Capital Well capitalised Core Tier 1 ratio between 16 to 18 per cent target Tier 1 Kleinwort Benson Group will be well capitalized, liquid and in a stable monetary environment Balance sheet No significant credit or market risk and very low leverage Limited reliance on wholesale funding; the business model supports and Liquidity finances banking activities with a solid and stable deposit base from the private and institutional franchise Based in two of Europe's most stable economies and close to their respective Location central banks Profitability Kleinwort Benson Group aims at achieving a target ROE of 15% • Kleinwort Benson EFTA01114066  Kleinwort Benson Group's key performance indicators °Kleinwort Benson BRF.BANK • Kleinwort Benson Operating Entities /MIMI IIIT 1614 Group The combination of the Private two banks gives the Banking and Kleinwort Benson Asset €9.3bn €43.0bn Group critical mass in Management capital, assets under AuMs management and revenues Lending €0.6bn €2.0bn volumes Figures are 2010 for Kleinwort Benson and 2009 for BHF-BANK NAV' pro-forma combined (IFRS) €259m CD €618m before downsizing, de- risking and restructuring measures Tier 1 ratio2 35.1% C+) 11.9% C;) 3 647 0 1,640 €93m 0 €338m Note: The impact of the acquisition of Close Offshore Group not included in Kleiman Benson Operating EnNies:10einwort Benson figures as of yearend 2010. BHP-BANK as of year- end 2009 Sum of total shareholders equity on a non-consalidated basis for 10einwort Benson Operating Entities 1' Pro-forma combined on a weighted basis r Pro-forma exd. FTEs transferred through the sale of BAS sold in 2010 • Kleinwort Benson EFTA01114067  Experienced Management Team (1 of 5) Mr. Fischer has over 25 years of banking and financial services industry experience and has held CEO and other Executive Board positions at various premier institutions • Mr. Fischer serves as CEO and member of the Board of Directors of RHJI and Kleinwon Benson Group • Prior to joining RHJI in 2007. Mr. Fischer was CEO of Winterthur Group from 2003 to 2006. an insurance subsidiary of Credit Suisse. and a member of the Executive Board of Credit Suisse Group from 2003 to March 2007 • Mr. Fischer joined Credit Suisse Group from Allianz AG. where he had been a Member of the Executive Board and Head of the Corporate and Markets Division since 2001 • Previously, he had been with Dresdner Bank AG as a member of the Executive Board since 1998. where he was among others responsible for the Investment Banking division. and with JP Morgan in Frankfurt since 1987 • Mr. Fischer serves on the Boards of Glencore. Julius Bar and Ma Germany • Dr. Beckenfeld has over 15 years of financial services industry experience • Dr. Beckenfeld serves as the CFO of RHJI and is a Managing Director at Kleinwort Benson Group • Before joining RHJI. Dr. Backenfeld was a Member of the Executive Board of Winterthur Group and Head of Group Reinsurance Non•Life and Closed Portfolio Management Previously. Dr. Backenfeld held various positions at Winterthur Group, including Head of Transaction Management for Restructuring and Divestitures and Regional Dr. Martha CFO Asia Non-Life Backenteld Chief Financial Office • Mr. Linz has over 25 years of banking and financial services industry experience • Mr. Linz is a Managing Director at RHJI. Before joining RHJI. he served as COO and Member of the Executive Board of Winterthur Group (2004 to 2006) • Prior to being appointed Chief Risk Officer and Member of the Executive Board of Dresdner Bank AG in 2001. he was CEO of Deutscher Investment Trust (dit). the asset management division of Dresdner Bank • Mr. Linz began his professional career at Dresdner Bank AG in 1983. where he held various positions including Treasurer and Co-Head Global Markets • Previously he built the Derivatives business of the bank Heinrich Linz • Mr. Linz served on various boards. significant assignments were with the International Swaps & Derivates Association. New York. the Deutsche Boerse/EUREX Managing Director Exchange Council and the Einlagensicherungsfonds des Bundesvetbands deutscher Banken ' Kleinwort Benson EFTA01114068  Experienced Management Team (2 of 5) • Dr. Schmid•Kfihnhafer has over 9 years of financial services industry experience • Dr. Schmid•Kuhnhafer serves as RHJI's COO and General Counsel and is a Managing Director at Kleinwort Benson Group • Before joining RHJI he held various positions at Credit Suisse Group as a member of senior management. including Head Group Tasks & Projects at Winterthur Group Dr. Rudiiger Schmid Previously. Dr. Schmid-Keihnhafer worked in the Capital Markets and M&A practice groups of Shearman & Sterling LLP in New York and Dusseldorf Kiihnhefer COO & General_ Counsel • Mr. Roelandt is Managing Director of RHJI and of Kleinwort Benson Group • Mr. Roelandt joined RHJI in 2005 and served as Chief Financial Officer from 2007 to 2010 • Prior to joining RHJI. Mr. Roelandt held various senior and executive management positions in publicly listed companies • Mr. Roelandt started his career with Ernst &Young and was a certified public accountant. managing audits of manufacturing and financial services companies Jean-Marc Roelandl Managing Director • Ms. Wetzel has over 11 years of financial services industry experience • Ms. Wetzel is a Managing Director at RHJI. Before joining Awl, she worked for 8 years in the Investment Banking division of Goldman Sachs in Frankfurt New York and London and was involved in dozens of high profile multi-billion financings and M&A transactions. • She serves on the Board of Kleinwon Benson Investors Dublin Ltd Anna-Lena Wetzel Managing Director • Kleinwort Benson 11 EFTA01114069  Experienced Management Team (3 of 5) • Mr. Barnuevo has over 25 years of financial services industry experience • Mr. Barnuevo is a Managing Director at Kleinwort Benson Advisors • From 1986 - 2005. Mr. Bamuevo was an executive at JP Morgan where he held various senior positions in the Capital Markets and Investment Banking divisions. including Financial Institutions Group Management Committee member. European Equities management team member and President of Leadership Morgan Chase • Prior to joining Kleinwon Benson. Mr. Barnuevo worked with Nobel laureate economist Robert Merton. Peter Hancock and Roberto Mendoza at Integrated Finance Fernando Barnuevo Limited. a specialized boutique investment banking and asset management firm Managing Director • Mr. Barnuevo serves as Chairman of the U.S. Fund Board of Institute de Empresa. Spain's leading business school, from which he also holds an International MBA • Iv• oin a • Mr. Pfaff has over 25 years of experience in both corporate banking and investment banking • He spent most of his career with Dresdner Kleinwort Benson in different product areas and sales and distribution functions • Throughout his professional time and in particular as Head of Global Banking and Client Coverage for Germany he has built very close and long lasting relationships with both German large and mid caps and also institutional clients Michael Pfaff Managing Director • Kleinwort Benson 12 EFTA01114070  Experienced Management Team (4 of 5) • Sally Tennant joined Kleinwon Benson as Chief Executive in January 2011. Her previous role was Chief Executive at Lombard Odier in the UK where she held the position from 2007 • Before joining Lombard Odier. Sally spent four years as Chief Executive of Schroders Private Banking. She spent nearly 10 years at Gartmore plc. most latterly as a Board Director and Head of its Institutional Division, before becoming a Founding Partner at Beaumont Capital Management. Sally's early career was spent at Morgan Grenfell Asset Management and at SG Warburg & Co. Sally Tennant • Sally holds a degree in Politics from the University of Durham and is Co•Chair of Tommy's The Baby Charity, a trustee of The STARS Foundation and a governor of CEO of Kleinwort Sherborne School for Girls nson =an • Mr Hawkshaw has been working in the asset management industry for 25 years and has been with the current firm since 1992 • He was appointed as CEO in 2004 having previously held the positions of Chief Operating Officer. Head of Business Development and Head of Portfolio Management Sean Hawkshaw • Between 1986 and 1992 Mr Hawkshaw was employed by Bank of Ireland Asset Management CEO of Kleinwort Benson Investors. Dublin Kleinwort Benson 13 EFTA01114071  Experienced Management Team (5 of 5) • Mr Robens is CEO of BHF•BANK • He has more than 15 years experience in the financial services industry • Mr Robens is responsible for the complete front office (Private Banking. Asset Management. Corporates and Financial markets) as well as the Corporate Office • Since 2008 he has been in charge for the Private Banking as a member of the bank's Board of Managing Directors and has been with the bank since 2005 • Prior to joining BHF-BANK. Mr Robens was a Partner at Roland Berger Strategy Consultants Bjern H. Robens • Advising the Board of Managing Directors in his function as the core strategic advisor. he played an important part in BHF-BANK's successful repositioning and its CEO of BHF-BANK transfer to Sal. Oppenheim Group • Mr Behrends has been a Member of the Board of Managing Directors since August 2010 • He has been with BHF-BANK for more than 30 years and has had several management functions in Germany and abroad • Previously served as Head of Corporate Banking for more than 10 years • Responsible for Credit Risk. Operations / IT and Compliance. Process Management and Outsourcing Frank Behrends • Mr Behrends has lead the initiative to de•risking the loan portfolio of BHEBANK Board Member of Managing Directors of BHF-BANK • Mr Friedhofen joined BHEBANK in 2010 as Member of the Board of Managing Directors • He previously served as Chief Financial Officer and Member of the Management Board of HypoVereinsbank until May 2010 • Prior to that. he was an audit partner with KPMG and PwC. advising several major banks in Germany and abroad • Responsible for Finance. Internal Audit. Legal Affairs. Human Resources Rolf Friedhofen • Mr Friedhofen has long standing expertise in banking and auditing for more than 25 years Board Member of Managing Directors o BHF-BANK Kleinwort Benson 14 EFTA01114072  Transaction structure RHJ International SA quirin bank AG Kleinwort Benson I Group Ltd C5.1%) German Kommandit- gesellschaft' • Kleinwort Benson Bank Ltd • Kleinwort Benson Channel Islands BHF-BANK Aktiengesellschaft Holdings Ltd • Kleinwort Benson Investors Dublin Ltd Kleinwort Benson The Kommanditgesellschaft is composed of a Komplentir (General Partner) n form of a German GmbH and a Kommanditist (Limited Partner). KB Group Ltd holds 94.9% and 15 Quinn bank AG 5.1% of each, the Komplementar and the Kommanditist EFTA01114073  Transaction timeline — subject to change The timeline is designed to close the deal by the Aug. Sept. Oct. Nov. Dec. Jan. end of 2011 (subject to regulatory approval) ue Dili enc Investors will have Transaction timeline Signing access to senior of SPA management presentation and expert Re ulato a royal rocess 1 sessions. Furthermore, investors will get access to due diligence Closin reports for BHF-BANK Capital Closing of (financial, legal, tax) and raising acquisition' process additional financial information on the other businesses through a virtual data room En a) 8 rn L ro Investor due dill. ence