Final Results

RIT Capital Partners PLC
31 May 2007





                                                                     31 May 2007


                 FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2007


The following is derived from the Chairman's Statement which will appear in the
annual report and accounts.


Chairman's Statement


In the year to 31 March 2007, your Company's net asset value per share increased
by 6.6%, from 982.7p to 1,047.3p, and its net worth by some £101 million. In
last year's Annual Report, I commented on the setback in markets which occurred
in May 2006 and the marked accumulation of risk in a number of areas, stressing
that shareholders should not expect returns comparable to the previous year,
when the net asset value increased by 37.9%.


The performance in the first half of your Company's year was affected by the
portfolio's defensive position as markets strengthened from their lows in June.
Your Company's performance since the start of the calendar year has been
encouraging, with net asset value per share increasing by 12.1% to 1,101.6p per
share at 24 May 2007.


Although we are more concerned about market levels and risk than at this time
last year, we remain well positioned to take advantage of opportunities. By 24
May our net assets had increased to £1,720.5 million and in addition we have put
in place borrowings at relatively low levels of interest rates. We have recently
added to these with the completion of a £150 million three year multi-currency
loan, initially drawn in equal parts in Yen and US Dollars at effective rates of
1.745% and 5.5925% respectively. Taken together with our $150 million loan,
which bears an interest rate of 3.93%, and our €150 million loan (at 3.732%), we
have long-term borrowings equivalent to £328 million to add to our permanent
capital.


ASSET ALLOCATION


Set out below is our asset allocation at the year end.
-------------------------------------------------------------------------------
                                                         % of             % of
                                                 Portfolio at     Portfolio at
                                                31 March 2007    31 March 2006
-------------------------------------------------------------------------------
Quoted investments                                       57.6             62.0
Government securities and money market funds              2.1              4.3
Hedge funds                                               4.6              6.0
Long equity funds                                        11.8             10.0
Unquoted investments                                     14.9             10.4
Private equity partnerships                               7.1              5.7
Property                                                  1.9              1.6
-------------------------------------------------------------------------------
                                                        100.0            100.0
-------------------------------------------------------------------------------


The principal change over the course of the year has been the increase in the
unquoted portfolio, as a result of new investments and an increase in the
valuations of our existing investments. We ended the year with an investment
portfolio (excluding government securities and liquidity) equivalent to 111% of
underlying net assets and with exposure to publicly traded equity markets of 84%
(including hedge funds).


In terms of geographical exposure, the balance of the portfolio has not greatly
changed from a year ago. On currencies, we have increased our Sterling and Euro
exposure and reduced our exposure to the Yen and US Dollar. In addition, we
continued to hedge a proportion of our US Dollar and Euro denominated holdings.


QUOTED PORTFOLIO


At the year end, £1,069.0 million, or 57.6% of the portfolio, was held in quoted
investments, compared with 62.0% a year earlier. Of this amount, £571.8 million
was managed internally. The balance, amounting to £497.2 million, was managed by
external investment managers. During the past year we have allocated resources
to some new managers to give us additional exposure to a diverse range of
sectors and geographies, including metals and mining, environmental stocks and
US high growth businesses.


UNQUOTED PORTFOLIO (Including Private Equity Partnerships and Property)


Our investments in this area have gone up over the year as a result of new
investments made and increases in the valuations of our existing investments.
During the year, the uplift in our directly held unquoted investments, after
taking account of reductions in valuations, was £80.7 million, or the equivalent
of 51.7p per share, contributing significantly to your Company's overall
results. We have benefited from the excellent performance of Harbourmaster, a
manager of collateralised debt/loan obligations which has seen its profits
increase from £11.1 million to £17.6 million over the year and which now has
£4.3 billion in assets under management. We increased the valuation of our
holding in Harbourmaster by £20.7 million to £41.6 million. The other main
contributor was our interest in Robin Hood Holdings, a generic pharmaceuticals
company, whose carrying value has been increased by £18.0 million to £39.8
million as a result of strong growth in revenues and the launch of new products.


Our exposure to unquoted investments and private equity partnerships amounted to
£407.4 million, or 22.0% of the portfolio at the year end. Of this, £276.2
million, or 14.9%, represents investments made directly by our management. The
balance of £131.2 million, or 7.1%, is invested in limited partnerships managed
by third parties, compared with £100.1 million at 31 March 2006. Our undrawn
commitments to these externally managed partnerships amounted to £168.9 million
at the year-end.


This figure includes a £50 million commitment, announced at the interim stage,
to Darwin Private Equity, a new fund established by three talented individuals
from two leading private equity companies. We are cornerstone investors in this
new firm, which will focus on the lower to middle market buyout sector.


The valuation of our investments in property was increased by £5.9 million to
£34.8 million, or 1.9% of the portfolio, following a professional valuation.


DIVIDEND


We are proposing to pay a dividend of 3.1p per share on 25 July 2007 to
shareholders on the register at 15 June 2007, the same level of dividend as last
year. The focus of your Company remains one of achieving capital growth rather
than increases in dividend income.


BOARD


In March we announced the retirement from the Board of Baron Lambert, who had
served on the Board and its Committees since 1988. I would like, on behalf of
the shareholders and his colleagues, to thank him for his substantial
contribution and support over many years.


We also announced in March the appointment of John Elkann as an independent
non-executive director, and I am delighted to welcome him to the Board. Aged 31,
John Elkann is a Vice Chairman of IFIL, the Agnelli family investment company,
and is also Vice Chairman of Fiat Group.


OUTLOOK


We have witnessed four years of exceptional growth with most stock market
indices at or close to their all time highs. Corporate earnings growth has been
strong and stock market valuations of around 16 times prospective earnings for
the MSCI World Index are not unreasonable. The International Monetary Fund
forecasts a global growth of 5% for this year and if inflationary expectations
of around 3.5% are realised, then it is by no means impossible that we will
enjoy a fifth year of positive global markets for equities.


Paradoxically, while investors' appetite for risk has risen to new heights, the
level of risk would seem to have become, if anything, more severe. This year's
World Economic Forum's 'Global Risk Report' groups risk into five categories -
economic, environmental, geo-political, societal and technological. All
categories affect investment, and stock markets have to take into account the
risks of inflation, global imbalances, some slow-down in economic growth,
'bubbles' - possibly China and other emerging markets, along with real estate
and housing - and over-accommodating credit and risk management standards.


In the circumstances it is timely to remind ourselves of Ben Graham's famous
words that in the short run the market is a 'voting machine' but in the long run
it is a 'weighing machine'. At the moment, we feel the balance is towards
'voting' rather than 'weighing'. We have therefore decided in the past few weeks
to make some reduction in our overall exposure to equities. Although stock
markets and asset classes have become more correlated, we continue to believe in
the merits of diversification. In the field of investment 'the world is by no
means flat'; indeed it is likely to become less 'flat' and more challenging in
the year ahead but we remain confident of our ability to find investment
opportunities at attractive valuations.


Rothschild
31 May 2007





CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2007
-------------------------------------------------------------------------------
                                                   Revenue   Capital      
                                                    return    return      Total
                                                 £ million £ million  £ million
-------------------------------------------------------------------------------
Income
Investment income                                     32.6         -      32.6
Other income                                           1.1         -       1.1
Losses on dealing investments held at fair value     (43.2)        -     (43.2)
-------------------------------------------------------------------------------
Total income                                          (9.5)        -      (9.5)
Gains on portfolio investments held at fair
value                                                    -     116.0     116.0
Other capital items                                      -      28.4      28.4
-------------------------------------------------------------------------------
                                                      (9.5)    144.4     134.9
-------------------------------------------------------------------------------
Expenses
Administrative expenses                              (11.1)     (1.4)    (12.5)
Investment management fees                            (5.9)     (1.4)     (7.3)
-------------------------------------------------------------------------------
Profit before finance costs and tax                  (26.5)    141.6     115.1
Finance costs                                         (9.0)        -      (9.0)
-------------------------------------------------------------------------------
Profit before tax                                    (35.5)    141.6     106.1
Taxation                                              (1.4)     (0.1)     (1.5)
-------------------------------------------------------------------------------
Profit for the period                                (36.9)    141.5     104.6
-------------------------------------------------------------------------------  
Earnings per ordinary share                          (23.6)p    90.6p     67.0p
-------------------------------------------------------------------------------


                                                                     £ million
Note:     Proposed final dividend                                         4.8
          Proposed final dividend per ordinary share                      3.1p


The total column of this statement represents the Group's Income Statement,
prepared in accordance with International Financial Reporting Standards. The
supplementary revenue return and capital return columns are both prepared under
guidance published by the Association of Investment Companies. All items in the
above statement derive from continuing operations.





CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2006
-------------------------------------------------------------------------------
                                                 Revenue   Capital       
                                                  return    return       Total
                                               £ million £ million   £ million
-------------------------------------------------------------------------------
Income
Investment income                                   27.0         -        27.0
Other income                                         1.1         -         1.1
Losses on dealing investments held at fair value   (20.8)        -       (20.8)
-------------------------------------------------------------------------------
Total income                                         7.3         -         7.3
Gains on portfolio investments held at fair            -     461.8       461.8
value
Other capital items                                    -       1.9         1.9
-------------------------------------------------------------------------------
                                                     7.3     463.7       471.0
-------------------------------------------------------------------------------
Expenses
Administrative expenses                            (11.0)     (8.4)      (19.4)
Investment management fees                          (5.7)     (8.6)      (14.3)
-------------------------------------------------------------------------------
Profit before finance costs and tax                 (9.4)    446.7       437.3
Finance costs                                       (7.3)        -        (7.3)
-------------------------------------------------------------------------------
Profit before tax                                  (16.7)    446.7       430.0
Taxation                                             0.1      (7.9)       (7.8)
-------------------------------------------------------------------------------
Profit for the period                              (16.6)    438.8       422.2
-------------------------------------------------------------------------------
Earnings per ordinary share                        (10.6)p   280.9p      270.3p
-------------------------------------------------------------------------------


                                                                     £ million
Note:  Final dividend                                                      4.8
       Final dividend per ordinary share                                   3.1p



The total column of this statement represents the Group's Income Statement,
prepared in accordance with International Financial Reporting Standards. The
supplementary revenue return and capital return columns are both prepared under
guidance published by the Association of Investment Companies. All items in the
above statement derive from continuing operations.



CONSOLIDATED BALANCE SHEET
-------------------------------------------------------------------------------
                                               31 March 2007     31 March 2006
                                                   £ million         £ million
-------------------------------------------------------------------------------
Non-current assets
Investments held at fair value                       1,819.3           1,720.8
Investment property                                     34.8              28.9
Property, plant and equipment                            0.3               0.2
Derivative financial instruments                         5.4               4.1
Retirement benefit asset                                 1.7               1.4
Deferred tax asset                                       2.3               2.4
-------------------------------------------------------------------------------
                                                     1,863.8           1,757.8
-------------------------------------------------------------------------------
Current assets
Dealing investments held at fair value                   0.3               2.7
Sales for future settlement                              8.0              10.9
Other receivables                                        6.7              11.9
Tax receivable                                           0.5               0.2
Cash at bank                                           131.6              65.1
-------------------------------------------------------------------------------
                                                       147.1              90.8
-------------------------------------------------------------------------------
Total assets                                         2,010.9           1,848.6
-------------------------------------------------------------------------------
Current liabilities
Bank loans and overdrafts                             (151.1)            (67.2)
Securities sold short                                   (2.2)             (9.5)
Purchases for future settlement                        (21.3)            (21.5)
Tax payable                                             (0.4)             (0.3)
Other payables                                         (11.6)            (10.1)
-------------------------------------------------------------------------------
                                                      (186.6)           (108.6)
-------------------------------------------------------------------------------
Net current liabilities                                (39.5)            (17.8)
-------------------------------------------------------------------------------
Total assets less current liabilities                1,824.3           1,740.0
-------------------------------------------------------------------------------

Non-current liabilities
Bank loans                                            (178.2)           (191.0)
Provisions                                             (10.5)            (14.3)
-------------------------------------------------------------------------------
                                                      (188.7)           (205.3)
-------------------------------------------------------------------------------
Net assets                                           1,635.6           1,534.7
-------------------------------------------------------------------------------

Equity attributable to equity holders
Called up share capital                                156.2             156.2
Capital redemption reserve                              34.0              34.0
Cash flow hedging reserve                                5.4               4.1
Foreign currency translation reserve                    (0.2)              0.1
Capital reserve-realised                             1,193.3             932.1
Capital reserve-unrealised                             301.2             420.8
Revenue reserve                                        (54.3)            (12.6)
-------------------------------------------------------------------------------
Total shareholders' equity                           1,635.6           1,534.7
-------------------------------------------------------------------------------
Net asset value per ordinary share                   1,047.3p            982.7p
-------------------------------------------------------------------------------





CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 March 2007
                          
---------------------------------------------------------------------------------------------------------------- 
                                                   Cash      Foreign                                 
                                     Capital       flow     currency  
                           Share  redemption    hedging  translation    Capital    Revenue   Minority 
                         Capital     reserve    reserve      reserve    reserve    reserve  interests       Total
                       £ million   £ million  £ million    £ million  £ million  £ million  £ million   £ million
----------------------------------------------------------------------------------------------------------------- 
Balance at 31
March 2006                 156.2       34.0        4.1          0.1    1,352.9      (12.6)         -     1,534.7
Profit for the period          -          -          -            -      141.6      (36.9)         -       104.7
Cash flow hedges
    Gains/(losses)
    taken to equity            -          -        1.5            -          -          -          -         1.5
    Transferred to the
    income statement
    for the period             -          -       (0.2)           -          -          -          -        (0.2)
Exchange movements
arising on consolidation       -          -          -         (0.3)         -          -          -        (0.3)
Ordinary dividend paid         -          -          -            -          -       (4.8)         -        (4.8)
-----------------------------------------------------------------------------------------------------------------
Balance at 31
March 2007                 156.2       34.0        5.4         (0.2)   1,494.5      (54.3)         -     1,635.6
-----------------------------------------------------------------------------------------------------------------



Year ended 31 March 2006

----------------------------------------------------------------------------------------------------------------
                                                   Cash      Foreign 
                                     Capital       flow     currency
                          Share   redemption    hedging  translation    Capital    Revenue   Minority
                        Capital      reserve    reserve      reserve    reserve    reserve  interests      Total
                      £ million    £ million  £ million    £ million  £ million  £ million  £ million  £ million
---------------------------------------------------------------------------------------------------------------- 
Balance at 31
March 2005               156.2        34.0           -            -      914.2        8.8        0.1    1,113.3
Profit for the period        -           -           -            -      438.7      (16.6)         -      422.1
Cash flow hedges
    Gains/(losses)
    taken to equity          -           -         3.5            -          -          -          -        3.5
    Transferred to the
    income statement
    for the period           -           -         0.6            -          -          -          -        0.6
Disposal of 
subsidiaries                 -           -           -            -          -          -       (0.1)      (0.1)
Exchange movements
arising on consolidation     -           -           -          0.1          -          -          -        0.1
Ordinary dividend paidid     -           -           -            -          -       (4.8)         -       (4.8)
----------------------------------------------------------------------------------------------------------------
Balance at 31
March 2006               156.2        34.0         4.1          0.1    1,352.9      (12.6)         -    1,534.7
----------------------------------------------------------------------------------------------------------------




CONSOLIDATED CASH FLOW STATEMENT


-------------------------------------------------------------------------------
                                                  Year ended       Year ended
                                               31 March 2007    31 March 2006
                                                   £ million        £ million
-------------------------------------------------------------------------------
Cash outflow from Operating Activities                 (9.0)          (145.5)
-------------------------------------------------------------------------------
Investing Activities
Purchase of property, plant and equipment              (0.2)            (0.2)
Sale of property, plant and equipment                     -              0.1
-------------------------------------------------------------------------------
Net cash outflow from Investing Activities             (0.2)            (0.1)
-------------------------------------------------------------------------------
Financing Activities
Increase in term loan                                     -            103.4
Equity dividend paid                                   (4.8)            (4.8)
Minority interests                                        -             (0.1)
-------------------------------------------------------------------------------
Net cash (outflow)/inflow from Financing 
Activities                                             (4.8)            98.5
-------------------------------------------------------------------------------
Decrease in cash and cash equivalents in the
period                                                (14.0)           (47.1)
Cash and cash equivalents at the start of the
period                                                 27.0             77.4
Effect of foreign exchange rate changes                (2.2)            (3.3)
-------------------------------------------------------------------------------
Cash and cash equivalents at the period end            10.8             27.0
-------------------------------------------------------------------------------
Reconciliation:
Cash at bank                                          131.6             65.1
Money market funds (included in portfolio
investments)                                           30.3             29.1
Bank loans and overdrafts                            (151.1)           (67.2)
-------------------------------------------------------------------------------
Cash and cash equivalents at the period end            10.8             27.0
-------------------------------------------------------------------------------



NOTES


1. ACCOUNTING POLICIES


The Group's consolidated financial statements for the year ended 31 March 2007
have been drawn up in accordance with International Financial Reporting
Standards as adopted by the EU.  The accounting policies are unchanged from
those adopted by the Group and disclosed within the report and accounts for the
year ended 31 March 2006.


2. EARNINGS PER ORDINARY SHARE


The earnings per ordinary share for the year ended 31 March 2007 is based on the
net gain of £104.6 million (year ended 31 March 2006: £422.2 million) and the
weighted average number of ordinary shares in issue during the period of 156.2
million (year ended 31 March 2006: 156.2 million).


3. NET ASSET VALUE PER ORDINARY SHARE


The net asset value per ordinary share as at 31 March 2007 is based on the net
assets attributable to the equity shareholders of £1,635.6 million (31 March
2006: £1,534.7 million) and the number of ordinary shares in issue at 31 March
2007 of 156.2 million (31 March 2006: 156.2 million).


4. MOVEMENTS IN INVESTMENTS

-------------------------------------------------------------------------------
                                 Unquoted    
                                      and     Funds and       Other  
                        Quoted   property  partnerships  securities      Total
                     £ million  £ million     £ million   £ million  £ million
-------------------------------------------------------------------------------  

Cost at 31 March 2006    759.5       211.0        255.5        75.4    1,301.4
Appreciation/
(depreciation)
at 31 March 2006         324.6        (0.2)       124.0        (0.1)     448.3
-------------------------------------------------------------------------------
Valuation at 31
March 2006             1,084.1       210.8        379.5        75.3    1,749.7
Reclassifications          0.9        (0.9)           -           -          -
Additions                980.2        81.8        200.6       252.6    1,515.2
Disposals             (1,016.1)      (42.5)      (181.5)     (288.7)  (1,528.8)
Revaluation               19.9        61.8         36.7        (0.4)     118.0
-------------------------------------------------------------------------------
Valuation at 31
March 2007             1,069.0       311.0        435.3        38.8    1,854.1
-------------------------------------------------------------------------------
Cost at 31 March 2007    882.0       249.0        350.2        39.2    1,520.4
-------------------------------------------------------------------------------
Appreciation/
(depreciation)
at 31 March 2007         187.0        62.0         85.1       (0.4)      333.7
-------------------------------------------------------------------------------

Portfolio investments                                                  1,819.3
Investment property                                                       34.8
-------------------------------------------------------------------------------
Fair value of investments                                              1,854.1
-------------------------------------------------------------------------------

Investment properties were valued at 31 March 2007 by Jones Lang LaSalle in
accordance with the Appraisal and Valuation Manual of the Royal Institution of
Chartered Surveyors on the basis of open market value.


Funds and partnerships comprise hedge funds, long equity funds and private
equity partnerships. Other securities comprise government securities and
investments in money market funds.


5. OTHER CAPITAL ITEMS


Other capital items include profits arising on forward currency contracts,
exchange movements, index futures and movements on provisions.


6. TAXATION

Year ended 31 March 2007                                             £ million
-------------------------------------------------------------------------------
UK corporation tax charge                                                  0.2
Adjustment in respect of prior years                                      (0.1)
Overseas taxation                                                          1.5
Double taxation relief                                                    (0.2)
-------------------------------------------------------------------------------
Current tax charge                                                         1.4
Deferred tax charge                                                        0.4
Adjustment in respect of prior years                                      (0.3)
-------------------------------------------------------------------------------
Taxation charge                                                            1.5
-------------------------------------------------------------------------------

Year ended 31 March 2006                                             £ million
-------------------------------------------------------------------------------
UK corporation tax charge                                                  0.3
Adjustment in respect of prior years                                      (0.1)
Overseas taxation                                                          1.6
Double taxation relief                                                    (0.3)
-------------------------------------------------------------------------------
Current tax charge                                                         1.5
Deferred tax charge                                                        6.5
Adjustment in respect of prior years                                      (0.2)
-------------------------------------------------------------------------------
Taxation charge                                                            7.8
-------------------------------------------------------------------------------


7. LITIGATION


The litigation involving H-G Holdings Inc was discontinued and dismissed with
prejudice in October 2006 and the Company did not incur any material costs in
respect of these proceedings.


8. AUDITED STATEMENTS


The results for the year ended 31 March 2007 are audited. The financial
information contained in this announcement does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. Statutory
accounts for the year ended 31 March 2007 include the auditors' unqualified
report under Section 235 of the Companies Act 1985 and do not contain a
statement under Section 237 (2) or (3) of the Companies Act 1985.


9. ANNUAL REPORT


It is intended that the Company's Annual Report and Accounts for the year ended
31 March 2007 will be posted to shareholders on Friday 8 June 2007. Copies of
this announcement and the Annual Report will be available to the public at the
Company's registered office at 27 St James's Place, London SW1A 1NR.







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