ANNUAL REPORT

Support to our portfolio companies is made on a voluntary basis only and as a result of the merits of their respective individual
business plans, that take a conservative view on the future and reflect current market reality. We remain prudent in our
investment approach and need to be reassured of long-term returns before committing to new funding. A significant
deleveraging of the balance sheet, stringent operational restructuring and the support of key customers are a prerequisite for
any new capital injection from RHJ International.
The intense focus on the existing portfolio companies does not mean we are not pursuing new investment opportunities. RHJ
International remains determined to deploy most of its cash to create new investment platforms.
With a strong cash position, which was recently strengthened by the partial sale of our stake in Commercial International Bank
of Egypt, and a dedicated and committed team of investment professionals, we believe we are well positioned to take advantage
of opportunities created by the market dislocation in the face of fundamental changes, particularly in, but not limited to, the
European financial services sector. We remain disciplined and prudent in our aim to build strong investment platforms on which
to grow, and have confidence in our capacity to create long-term shareholder value, in an ever-challenging environment.
That same, continuous confidence of our shareholders is essential to implement our long-term strategy. I would therefore like
to thank all of RHJ International’s shareholders for their continued interest and trust in the company in these turbulent times.
I look forward to what we can accomplish over the next year and to welcoming you to our Annual General Meeting on
September 15.
Leonhard Fischer
Chief Executive Officer
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