RIT CAPITAL PARTNERS PLC

Interim Management Statement - 1 April 2012 to date

RIT Capital Partners ("RIT") is a self-managed investment trust whose corporate objective is "to deliver long-term capital growth, while preserving shareholders' capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time."

Its investment policy is "to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted; to allocate part of the portfolio to exceptional managers in order to ensure access to the best external talent available."

This statement is released to comply with Disclosure and Transparency Rule 4.3 of the Financial Services Authority, and covers the period from the beginning of the first half of the Company's current financial year on 1 April 2012, to the date of this announcement. 

Review of the period

·     RIT's investment strategy continues to reflect a policy of caution favouring large, quality companies and growth sectors in the developed world.

·     RIT's most recent unaudited diluted net asset value (NAV) per share was 1,183.5 pence as at 31 July 2012.

·     In April RIT announced the sale of Agora Oil and Gas to Cairn Energy PLC generating a total profit of £73m in just over two years. 

·     RIT has reviewed its dividend policy, following changes in tax legislation.  A dividend of 28 pence per share will be paid on 24 August 2012 to shareholders on the register at 15 June.  Consistent with this change in policy, RIT will also be stating its NAV performance on a total return basis.

·     RIT announced the acquisition of a 37% equity interest in Rockefeller Financial Services, Inc., from Société Générale Private Banking and a long-term investment in Corsair, a leading private equity fund manager. 

·     Mr Breuer-Weil announced that he will be stepping down as Investment Director.  Mr Tabbouche has been hired to assume the role.

·     Mr Sopher and Mr Winters will be joining the board of J Rothschild Capital Management Limited and as such have not sought re-election to the RIT plc Board.

·     RIT will move to a December year-end.  An interim report will be prepared to 30 September 2012, followed by a report for the nine months to 31 December 2012.

The diluted net asset value by asset category comprised:

The principal currency exposures comprised:

Financial performance since 31 March 2012:

Capital only:

Total Return: