Regulated Information

PRESS RELEASE

Brussels, June 30, 2009 RHJ International (the Company) today issued its Consolidated Financial Results for the fiscal year ended March 31, 2009. The Audited Consolidated Financial Statements of the Company, prepared in accordance with International Financial Reporting Standards (IFRS), will be presented in the Annual Report of the Company to be issued on July 31, 2009 in connection with the Annual Meeting of Shareholders to be held in Brussels on September 15, 2009.

RHJ INTERNATIONAL REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2009

During the fiscal year ended March 31, 2009, the financial crisis gradually spread to the real economy to finally result in a global economic recession of an unprecedented severity. On September 18, 2008, amid financial market turbulence, the Company secured the sale of D&M Holdings Inc. (D&M) to K.K. BCJ-2, a corporation owned by investment funds advised by Bain Capital Partners, LLC. The sale was successfully closed at JPY 510 a share, yielding a net capital gain of JPY 12,600 million (EUR 96.1 million) (1) and representing an absolute return of 120% over the carrying value of JPY 10,515 million (EUR 80.2 million). The sale of D&M and of a non-controlling minority investments generated cash proceeds of JPY 32,145 million (EUR 245.1 million).

CEO Leonhard Fischer commented that our automotive investments are in many cases key parts of the car manufacturing supply chain. This has facilitated crucial financial support from their customers in their restructuring. Both the financial and operational restructuring of our automotive investments have now positioned them to weather the current economic downturn and to emerge stronger upon recovery of the global economy. At March 31, 2009, the Companys non-consolidated cash position, available for investment, amounted to JPY 58,726 million (EUR 447.7 million) (2), compared to JPY 50,347 million (EUR 383.8 million) at March 31, 2008. Leonhard Fischer said : our cash position continues to be a key strength as we review new investment opportunities and possible expansion into new strategic areas including, but not limited to, financial services in Europe.

(1) The Companys reporting currency is JPY. All amounts have been converted for convenience into EUR at the exchange rate prevailing at March 31, 2009 (EUR/JPY = 131.17). (2) Including EUR 9.7 million of investment securities, subsequently sold for EUR 14.4 million.

The automotive industry was particularly hit by the lack of customer confidence and tightening consumer credit that resulted in the near collapse of two of the worlds largest car manufacturers, which filed for bankruptcy protection. The Companys automotive assets suffered the effects of severe and rapid volume declines. While all implemented thorough restructuring plans to respond to collapsing demand with no view on rapid recovery, liquidity shortfalls were inevitable. Asahi Tec Corporation (Asahi Tec) suffered from decreasing exports to emerging Asian countries and reduced domestic demand for cars and trucks, and is likely to breach financial covenants in the course of the fiscal year ending March 31, 2010. As a result, Asahi Tec had no ability to further support its US subsidiary Metaldyne which ultimately filed for protection under Chapter 11 in May 2009. The Company entered into a purchase agreement to buy certain of Metaldynes assets once it emerges from bankruptcy with the support of its main customers. Facing similar challenges, Niles Co., Ltd. (Niles) successfully restructured its capital structure, with a major stakeholder investing alongside the Company. The Honsel group also reached an agreement with the Company, its customers and its lenders on a capital restructuring that, assuming successful closing, will involve a significant deleveraging of its consolidated balance sheet and the injection of new capital into Honsel to allow for a significant operational restructuring.

The consolidated income statement for the fiscal year ended March 31, 2009, reflected the impact of the economic downturn with consolidated revenue of JPY 397,300 million (EUR 3,028.9 million), 27.8 % lower than the year before. Beside the steep decline in automotive sales, the Companys other consolidated subsidiaries, Phoenix Resort K.K. (Phoenix Seagaia Resort) and Columbia Music Entertainment (CME), faced equally difficult market conditions and saw their sales decrease. The consolidated loss from operations of JPY 154,159 million (EUR 1,175.3 million) for the fiscal year ended March 31, 2009, was largely affected by impairment charges of JPY 123,259 million (EUR 939.7 million), recognized on tangible and intangible assets given the deteriorated financial performance and the uncertainty around economic recovery. Excluding impairment losses for both fiscal years, the consolidated loss from operations amounted to JPY 30,900 million (EUR 235.6 million) compared to JPY 4,662 million (EUR 35.5 million), for the fiscal years ended March 31, 2009 and 2008, respectively. The consolidated net loss of JPY 131,271 million (EUR 1,000.8 million), was favorably affected by the gain of JPY 39,768 million (EUR 303.2 million) on the debt cancellation at Metaldyne and Asahi Tec and the gain of JPY 16,030 million (EUR 122.2 million) on the disposal of D&M and a non-controlling investment. Because of the limited relevance of consolidated financial statements for a diversified holding company, a brief report on the financial results of the individual companies in the portfolio is presented in section 2 of this release.

PRESS RELEASE

1. Portfolio as of March 31, 2009

Evolution of book value

The Companys portfolio consists of 5 controlling ownership interests, 3 investments in associates and several non-controlling minority ownership interests. The interests in Tec, Honsel International Technologies (HIT), Niles, CME, Phoenix Seagaia Resort and Shaklee Global Group, Inc. (Shaklee), were contributed to the Company in connection with the initial offering and listing of its ordinary shares on Euronext Brussels on March 31, 2005. The investment in U-shin Ltd. (U-shin) was made during the fiscal year ended March 31, 2007.

Investments in subsidiaries At cost less impairment Asahi Tec 25,984 CME 7,817 D&M 10,515 HIT 32,993 Niles 16,619 Phoenix Seagaia Resort 21,709 Investments in associates At cost less impairment Shaklee 12,244 SigmaXYZ U-shin 8,038 Other investments - At fair value Total investments Total portfolio 115,637 20,282

(In JPY millions)

Fiscal year ended March 31

2008

Additions

8,769 1,361

Cash and cash equivalents (parent company only) Loans

Book value per share (in JPY)

157,449 210,157 50,347 2,361

21,530

11,027 21,990 8,379 2,584

276 1,085 897

7,769 1,000

Disposals

(10,515)

(10,515) -

Fair value adjustments -

Impairment

0 0

(74,772) (10,888)

(19,753) (4,817) (32,993) (17,209)

(19,545) (19,545)

(9,030)

(5,016) (5,016)

(5,016)

(87,959) (87,959) -

(2,299)

(6,050) (4,838)

39,119 10,755

14,000 3,000 16,619 5,500

2009

Investments in subsidiaries At cost less impairment Asahi Tec CME D&M HIT Niles Phoenix Seagaia Resort Investments in associates At cost less impairment Shaklee SigmaXYZ U-shin Other investments - At fair value Total investments Total portfolio

(In EUR millions)

2,457 2008

257

(229)

(59)

(1,028)

119,627 1,398 2009

55,956 58,726 4,945

6,082

6,470 1,085 3,200

Fiscal year ended March 31

881.6 154.6

198.1 59.6 80.2 251.5 126.7 165.5 93.3 61.3

Additions

66.9 10.4

59.2 7.6 2.1 8.3 -

Disposals

(80.2)

(80.2) -

Fair value adjustments -

Impairment

0.0 0.0

(570.0) (83.0)

(150.6) (36.7) (251.5) (131.2) (46.1) (36.9) -

298.2 82.0

106.7 22.9 126.7 41.9 49.3 8.3 24.4

Cash and cash equivalents (parent company only) Loans

Book value per share (in EUR)

1,200.3 1,602.2 18.7 383.8 18.0

164.1

167.6 2.0

84.1 63.9 19.7

6.8

(149.0) (149.0) (1.7)

(68.8)

0.0

(38.2) (38.2) (0.4)

(38.2)

(670.6) (670.6) (7.8)

(17.5)

426.6 912.0 10.7

2

447.7 37.7

46.4

PRESS RELEASE

Investments and disposals

The evolution in terms of total invested capital of the Companys portfolio during the fiscal year ended March 31, 2009, can be summarized as follows:

The Company increased the capital of Asahi Tec by JPY 7,769 million (EUR 59.2 million) for purposes of (a) curing a breach of covenants by its US based subsidiary Metaldyne (JPY 1,800 million or EUR 13.7 million), (b) providing Metaldyne with additional liquidity (JPY 1,051 million or EUR 8 million) and (c) funding Metaldynes bond tender (JPY 4,918 million or EUR 37.5 million); The Company subscribed to JPY 1,000 million (EUR 7.6 million) of new shares of Phoenix Seagaia Resort to cover scheduled reimbursement of its debt as well as to provide liquidity for working capital requirements; The Company invested JPY 1,085 million (EUR 8.3 million) in SigmaXYZ Inc (SigmaXYZ), a newly formed joint venture in IT consulting with Mitsubishi Corporation; The Company acquired 457,000 additional existing shares of Shaklee for an aggregate consideration of JPY 276 million (EUR 2.1 million), increasing its ownership to 42.5 %; In September, 2008, the Company closed the sale of D&M to K.K. BCJ-2, a corporation owned by investment funds advised by Bain Capital Partners, LLC, for cash consideration of JPY 23,115 million (EUR 176.2 million); The Company disposed of a non-controlling minority investment for JPY 9,030 million (EUR 68.8 million), initially acquired for JPY 5,600 million (EUR 42.7 million). The other investments also include a new investment of JPY 730 million (EUR 5.6 million).

Fair value adjustments Impairment

Other investments consist of several non-controlling ownership interests and certain undisclosed investments. The non-controlling ownership interests are available-for-sale financial assets, and are reported at fair market value. The downward adjustment since March 31, 2008, is attributable to a decrease in the fair market value of the investment in Commercial International Bank (Egypt) SAE (CIB) by JPY 5,016 million (EUR 38.2 million). The company 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 (GAAP). An impairment review was carried out for both the consolidated and the non-consolidated financial statements. It should be noted that there are significant differences in the valuation approach, nature and outcome of these reviews resulting from divergent methodologies of determining an assets recoverable amount between IFRS and Belgian GAAP. IFRS defines the recoverable amount of an asset as the higher of (a) the assets fair value less cost to sell or (b) its value in use. The value in use is based on the discounted cash flows projected to be derived from the assets 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 can be determined using undiscounted cash flow estimates. As a result, the impairment charges in the consolidated and the non-consolidated financial statements for the fiscal year ended March 31, 2009, are different, and amounted to JPY 123,259 million (EUR 939.7 million) and JPY 87,959 million (EUR 670.6 million), respectively.

Non-consolidated Financial Statements

The Company reviewed the carrying value of its investments as reflected in the non-consolidated financial statements for the fiscal year ended March 31, 2009, prepared in accordance with Belgian Generally Accepted Accounting Principles. In particular, the Company assessed whether the carrying value of each individual investment was in excess of their future recoverable amount. The assessment included a review and analysis of (a) publicly observed market prices for the publicly listed investments, (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. It should be noted that the future recoverable amount of the Companys 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 Companys investments in consolidated subsidiaries. The impact of the economic recession on the consolidated subsidiaries financial performance, together with the Companys stance, which it believes to be conservative, on the timing and the extent of the recovery of the global economy, and the current market valuations in general and in the industries relevant to the Companys investments in particular, resulted in the recognition of impairment charges at March 31, 2009, of JPY 87,959 million (EUR 670.6 million) as reflected in the table on the previous page. The Company will continue to monitor the recoverable amount of its investments and in the event that the reasons underlying the

PRESS RELEASE

recognition of the impairment are no longer valid, the impairment charges could be reversed in the future. In addition to the impairment above, the Company adjusted the carrying value in its subsidiary RHJI Services SA by JPY 6,937 million (EUR 52.9 million) to reflect its net asset value of JPY 5,156 million (EUR 39.3 million). RHJI Services SA is a management subsidiary that provides advisory services and engages in intra-group financing.

Consolidated Financial Statements

For purposes of preparing the consolidated financial statements, in accordance with IFRS, as of and for the fiscal year ended March 31, 2009, and in light of the global economic downturn, the Company carefully analysed the performance of its consolidated businesses in order to determine whether or not there was any indication of impairment of their respective long-lived assets. The analysis included a review of the industry perspective, and the impact of lower than expected performance of certain portfolio companies on the recoverable amount of goodwill and other long-lived intangible assets. The analysis resulted in an aggregate impairment charge of JPY 123,259 million (EUR 939.7 million) for the fiscal year ended March 31, 2009. JPY 95,290 million (EUR 726.5 million) was attributable to goodwill and intangible assets and mainly related to Metaldyne and HIT in view of the significant global downturn of the automotive industry. Cumulative impairment of goodwill and intangible assets at March 31, 2009, amounted to JPY 136,491 million (EUR 1,040.6 million). Total intangible assets at March 31, 2009, amounted to JPY 50,808 million (EUR 387.3 million), compared to JPY 161,245 million (EUR 1,229 million) at March 31, 2008. In addition to the impairment of goodwill and intangible assets, underutilized property, plant and equipment, mainly at Phoenix Seagaia Resort, HIT and Metaldyne, were written down by JPY 27,969 million (EUR 213.2 million). Finally, the Company recognized an impairment charge of JPY 10,888 million (EUR 83 million) on its investments in Shaklee and U-shin.

Cash and cash equivalents

(In millions)
Fiscal year ended March 31

Non-consolidated cash flows for the parent holding company for the fiscal year ended March 31, 2009, can be summarized as follows: Condensed non-consolidated cash flow for year ended March 31 Net cash used in operating activities Net cash provided (used) in investing activities Net cash used in financing activities (7,015) 17,599 (392) 50,347 58,726 2009 JPY (1,691) (21,299) (2,329) (25,319) (4,221) 50,347 79,887 2008 (53.5) 134.2 (3.0) (13.8) 447.7 383.8 2009 77.7 EUR (12.9) (162.4) (17.8) (32.2) 2008

Net increase (decrease) in cash and cash equivalents Effect of exchange rate fluctuation on cash held

Cash and cash equivalents at the beginning of the fiscal year Cash and cash equivalents at the end of the fiscal year

(1,813)

10,192

(193.0) 609.0 383.8

Non-consolidated cash-flows from investing activities reflected :

The proceeds from the sale of D&M and a non-controlling minority investment for JPY 32,145 million (EUR 245.1 million) in aggregate; Additional investments in Asahi Tec, Phoenix Seagaia Resort and Shaklee of JPY 9,045 million (EUR 69 million); Funding of the Companys management subsidiary RHJI Services for JPY 4,158 million (EUR 31.7 million), used to, among other things, provide financing to certain consolidated subsidiaries; The formation of SigmaXYZ for JPY 1,085 million (EUR 8.3 million); A new non-controlling investment of JPY 730 million (EUR 5.6 million); The repurchase of 627,247 of its own shares for JPY 459 million (EUR 3.5 million). The Company repurchased the shares to be allocated to the Companys employees under its incentive compensation plan. At March 31, 2009, the Company held 1,145,004 treasury shares. Subsequent to March 31, 2009, the Company bought an additional 1,122,085 shares as part of the purchase of 2% of total outstanding shares, announced on March 17, 2009. Total non-consolidated cash of JPY 58,726 million or EUR 447.7 million is predominantly invested in government and governmentbacked securities in EUR, USD and JPY.

PRESS RELEASE

2. Business Review for the fiscal year ended March 31, 2009
Asahi Tec Corporation
Headquarters: Japan Industry: Automotive Components Cast Auto Parts Segment Tokyo Stock Exchange ticker: 5606.T Total Shares Outstanding: 476,717,658 RHJI ownership as of March 31, 2009: 60.1% (286,314,061 shares) Contribution price per share (March 23, 2005): JPY 250 Closing share price on March 31, 2008: JPY 88 Closing share price on March 31, 2009: JPY 35

The individual companies consolidated financial statements presented below have been prepared in accordance with IFRS and are presented in their respective functional currency. All financial information for the Japanese companies has been translated for convenience into Euros, and for HIT into JPY, using the exchange rate prevailing at March 31, 2009 (EUR/JPY = 131.17).

Geographic distribution of revenue

U.S. 36%

Revenue by operating segment

Japan 35% Europe 18% Asia (excl. Japan) 6% Americas (excl. U.S.) 5%

Chassis 30% Powertrain 31%

Devices & Equipment 5% General Casting & Forging Parts 34%

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 (1) Revenue Gross profit Gross margin EBITDA EBITDA margin Operating loss Loss for the year

(1) Excluding the effect of the purchase price allocation carried out in connection with the contribution of the ownership interests to the Company at March 31, 2005.

Consolidated cash and financial debt for the fiscal year ended March 31

218,815 18,848 8.6 % 13,655 6.2 % (52,294) (23,958)

2009

JPY

315,768 29,528 9.4 % 24,744 7.8 % (25,074) (41,059)

2008

1,668.2 143.7 8.6 % 104.1 6.2 % (368.7) (182.6)

2009

EUR

2,407.3 225.1 9.4 % 188.6 7.8 % (191.2) (313.0)

2008

Cash Financial debt

(In millions)

5,350 79,366

2009

JPY

6,530 117,457

2008

40.8 605.1

2009

EUR

49.8 895.5

2008

PRESS RELEASE

Despite a significant deleveraging of its balance sheet, unprecedented volume declines forced Asahi Tecs US subsidiary Metaldyne into Chapter 11 and Asahi Tec also suffered from collapsing demand

Asahi Tecs consolidated revenue fell by 30.7% from JPY 315,768 million during the fiscal year ended March 31, 2008 to JPY 218,815 million during the fiscal year ended March 31, 2009. The global economic recession had a severe impact on Japans export driven economy. Asahi Tecs Asian activities experienced significant volume declines, particularly driven by decreased export of motorcycles to emerging markets and continuously falling domestic demand for cars and trucks. Despite increased sales of parts for construction machines and electric power transmission equipment, Asian consolidated sales fell by 39% compared to the previous year. In the US, the effect of the downturn was even more devastating. U.S. sales at Asahi Tecs US based subsidiary Metaldyne fell by 41.4%. Sagging customer confidence and the lack of credit availability resulted in continuously falling demand. Metaldynes main customers shut down production for several weeks in an attempt to respond to the contraction of the US auto market that ultimately resulted in Chryslers and General Motors filing for Chapter 11 bankruptcy protection.

price revisions and other measures designed to contain the effects of continuously falling order volumes, but the combination of the unprecedented sales decline and increased material prices resulted in a gross profit of JPY 18,848 million for the fiscal year ended March 31, 2009, compared to JPY 29,528 million a year earlier.

The operating loss for the fiscal year ended March 31, 2009, of JPY 52,294 million, was negatively impacted by an impairment loss of JPY 49,309 million on certain tangible and intangible assets, including goodwill, of Metaldyne in view of their deteriorated financial performance and the uncertainty around its ability to operate as a going concern that existed at March 31, 2009. Excluding impairment losses for both years, the operating loss for the fiscal year ended March 31, 2009, amounted to JPY 2,985 million, compared to an operating profit of JPY 4,175 million for the previous fiscal year. The impairment losses were partly offset by the gain of JPY 39,768 million on the redemption of bonds following the successful bond tender and the cancellation of debt by Chrysler, resulting in a net loss for the fiscal year ended March 31, 2009 of JPY 23,958 million, compared to JPY 41,059 million last year. Despite Asahi Tecs continued support and the resulting reduction of Metaldynes indebtedness, Metaldynes financial performance was heavily affected by car production in the US that continued to fall beyond expectations. Faced with its own challenges, Asahi Tec was no longer in a position to further support Metaldyne, which on May 27, 2009, filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code, shortly after Chrysler, one of its main customers, also filed for protection under Chapter 11.

During the 2nd and 3rd quarter of the fiscal year ended March 31, 2009, Metaldyne responded to the decreasing sales by continuous adjustment of its cost structure, and was able to significantly deleverage its balance sheet following the successful tender for most of its outstanding senior and senior subordinated bonds with an aggregate principal amount of USD 361.3 million (JPY 35,621 million). Metaldyne reduced its outstanding debt from approximately USD 830.2 million (JPY 82,529 million) at March 31, 2008, to USD 536.3 million (JPY 52,878 million), including the cancellation, effective September 26, 2008, of approximately USD 31.0 million (JPY 3,134 million) of secured subordinated notes pursuant to a debt cancellation agreement entered into between Chrysler Corporation and Metaldyne. In addition, upon completion of the tender offer, Chrysler agreed to cancel the 97,098 Class C Preferred shares it held in Asahi Tec worth JPY 6,082 million. The bond tender was financed by a USD 50 million investment from Asahi Tec, funded by the Companys subscription to newly issued shares of Asahi Tec for JPY 4,917 million, increasing its ownership in Asahi Tec from 45.3% to 60.18%. In addition, certain of Metaldynes leading customers provided Metaldyne with USD 60 million funding for the bond tender offer, in the form of loans to Metaldyne. From the total proceeds of USD 110 million, Metaldyne used USD 60.1 million to pay for the tendered bonds. Previously, on July 15, 2008, the Company, via a capital subscription of JPY 1,800 million in Asahi Tec, also funded a cure of Metaldynes breach of financial covenants at June 30, 2008. On October 14, 2008, a capital injection of JPY 1,051 million by the Company into Asahi Tec further supported Metaldynes liquidity. Throughout the fiscal year ended March 31, 2009, Asahi Tec and Metaldyne increased their efforts to maintain profitability through cost reductions, plant closures, successfully negotiated

Given that its assets and capital structure are completely ringfenced from Metaldyne, Asahi Tec will now focus on its own needs and opportunities. Without Metaldyne, which will be deconsolidated, Asahi Tec projects net sales of JPY 60,200 million and an operating loss of JPY 300 million, based on its management forecast prepared under J-GAAP for the fiscal year ending March 31, 2010.

Asahi Tec is likely to breach certain financial covenants under its credit agreements in the course of the fiscal year ending March 31, 2010. Asahi Tec is currently seeking a waiver of covenants from its lenders. In the event that Asahi Tec would not be successful in obtaining such a waiver, it would be in default of its obligations under its credit agreements, which would cast significant doubt on Asahi Tecs ability to operate as a going concern.

PRESS RELEASE

RHJI, subject to further diligence, entered into a purchase agreement to buy certain assets from Metaldyne

Given that Asahi Tec was not in a position to further support Metaldyne as it requires focus on its own needs in a continuously challenging automotive industry, the Company entered into an agreement to purchase a majority of Metaldynes assets under a court-supervised sales process pursuant to Section 363 of the U.S. Bankruptcy Code. Under the Section 363 process, interested parties will have an opportunity to submit higher and better offers for the Metaldyne assets. The proposed transaction is also subject to the execution of a definitive asset purchase agreement, court approval, and other customary conditions. Under the terms of the purchase agreement, the Company proposed to purchase certain North American assets of Metaldynes Sintered Products, Vibration Control Products and Powertrain Products business units, as well as the European assets of those business units and the European Forging Products business unit. The transaction is valued at approximately USD 100 million, consisting of (a) USD 25 million

cash, (b) the issuance of a new USD 50 million term note, (c) the roll over of an existing demand note of approximately USD 20 million, owed by Metaldyne to the Company and (d) the assumption of some liabilities. In addition, the Company agreed to inject additional cash into the newly formed entity that will acquire the Metaldyne assets to help ensure that it can meet its short-term liquidity needs.

To fund its continuing operations during the restructuring, Metaldyne has secured a USD 19.85 million debtor-inpossession (DIP) financing facility from certain customers. The DIP credit facility will be used for the company's normal working capital requirements, including employee wages and benefits, supplier payments, and other operating expenses during the reorganization process.

PRESS RELEASE

Honsel International Technologies SA

Headquarters: Belgium Industry: Automotive Components Cast Auto Parts Segment Privately Held RHJI ownership as of March 31, 2009: 81.8%

Geographic distribution of revenue

Europe 93%

Revenue by operating segment

Die Casting 56% Others 18%

Permanent Mold Casting 17% Rolling 1% Extrusion 8%

Americas 7%

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 Revenue Gross profit Gross margin EBITDA (1) EBITDA margin Operating loss Loss from continuing operations Profit (loss) from discontinued operations (net of tax) Loss for the year
(1) Adjusted for non-recurring restructuring costs

Consolidated cash and financial debt for the fiscal year ended March 31

93,577 1,246 1.3 % 1,823 1.9 % (46,539) (49,267) 1,758 (47,011)

2009

JPY

115,193 10,454 9.1 % 11,425 9.9 % (380) (2,400) (2,768) (5,207)

2008

713.4 9.5 1.3 % 13.9 1.9 % (354.8) (375.6) 13.4 (358.4)

2009

EUR

878.2 79.7 9.1 % 87.1 9.9 % (2.9) (18.3) (21.1) (39.7)

2008

Cash Financial debt

(In millions)

1,876 71,631

2009

JPY

5,194 61,322

2008

14.3 546.1

2009

EUR

39.6 467.5

2008

PRESS RELEASE

Plummeting sales and delayed cost rationalization result in standstill agreement

Starting in August, 2008, and reaching its full scale towards the end of the calendar year 2008, the crisis in the European automotive industry caused HITs revenue to decrease from EUR 878.2 million during the fiscal year ended March 31, 2008, to EUR 713.4 million for the fiscal year ended March 31, 2009. The revenue for the fiscal year ended March 31, 2009, included EUR 50.2 million from Tafime, acquired in December 2007. Excluding Tafime for both fiscal years, revenue decreased by 29.8 %.

Proposed capital restructuring designed to allow Honsel to overcome the economic crisis and confirm its position as a key supplier of light metal components to the automotive industry
During the standstill, the Company and a committee of HITs senior lenders agreed to a capital restructuring proposal that was approved by HITs lenders on May 25, 2009. As part of the restructuring, the Company will invest EUR 50 million in exchange for a controlling 51% stake in Honsel. The remaining 49% of the group will be held by Honsels current senior term lenders following a debt-for-equity swap, which should result in HITs and Honsels total outstanding secured term debt of approximately EUR 510 million being reduced to EUR 140 million, consisting of EUR 110 million senior term loan and EUR 30 million mezzanine term loan, all of which will, following completion of the debt-for-equity swap, be held by Honsels current senior term lenders. Honsels existing EUR 40 million revolving credit facility, as well as EUR 50 million of financing from the Company and certain of Honsels key customers and suppliers, will remain in place. Honsels short term liquidity needs until the completion of the restructuring will be bridged by up to EUR 10 million of further financing provided by the Company or another third party investor. To date, the Company provided EUR 5 million of such financing.

HITs operating subsidiaries, hereafter collectively referred to as Honsel, were unable to adjust their variable costs quickly enough to adjust to the rapidly declining order volumes, and incurred higher than expected labor costs resulting from delays in the implementation of its restructuring program Plan4Growth. As a result, gross profit amounted to EUR 9.5 million for the fiscal year ended March 31, 2009, compared to EUR 79.7 million during the previous fiscal year. In addition to the effects of declining demand and unachieved labor savings, increasing costs of energy, maintenance and waste disposal caused EBITDA, adjusted for EUR 49 million of non-recurring restructuring and other costs, to decrease from EUR 87.1 million for the fiscal year ended March 31, 2008, to EUR 13.9 million for the fiscal year ended March 31, 2009.

Given the significantly deteriorated financial performance and the continuing weak economic outlook, HIT recorded an impairment loss on certain intangible assets and goodwill for the fiscal year ended March 31, 2009 of EUR 199 million. As a result of the under-utilization of certain manufacturing equipment, EUR 46.6 million impairment losses were recognized on tangible assets. Excluding all impairment losses, the operating loss for the fiscal year ending March 31, 2009, amounted to EUR 109.2 million, compared to an operating loss of EUR 2.9 million a year earlier. The net loss for the fiscal year ended March 31, 2009, increased to EUR 358.4 million, compared to EUR 39.7 million for the fiscal year ended March 31, 2008. On December 29, 2008, HIT reached several agreements in view of the liquidity shortfall that resulted from collapsing demand. HITs lenders agreed to a standstill, originally until March 31, 2009, but extended twice and currently still in place. Furthermore, certain of HITs main customers provided for additional liquidity and compensation for reduced volumes. Finally, the Company provided secured financing up to EUR 20 million, in the form of factoring - and sale and lease back arrangements.

In the event that Honsel would not be able to secure the financing of potential future liquidity needs, the Company further committed to a new secured backstop facility of EUR 10 million. The successful closing of the restructuring is dependent upon agreements being reached, on terms acceptable to the Company and HITs lenders, with several other constituencies, in order to enable Honsel to conduct its business in an ongoing and profitable manner. Conditions precedent to the closing of the restructuring include the receipt of certain tax clearances, the conclusion of agreements regarding future business and support with Honsels key customers and suppliers, the absence of certain insolvency events in respect of Honsel and certain other industry participants and the successful completion of Honsels operational restructuring negotiations, including, in particular, those relating to labor and manufacturing cost reductions. Assuming satisfaction of these conditions precedent, closing is expected in early July.

PRESS RELEASE

Niles Co., Ltd.

Headquarters: Japan Industry: Automotive Components Electronics Components Segment Privately Held RHJI ownership as of March 31, 2009: 96.4%

Geographical distribution of revenue (single operating segment)

Japan 75% US 17% Asia 8%

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 (1) Revenue Gross profit Gross margin EBITDA EBITDA margin Operating profit (loss) Profit (loss) for the year

(1) Excluding the effect of the purchase price allocation carried out in connection with the contribution of the ownership interests to the Company at March 31, 2005.

Consolidated cash and financial debt for the fiscal year ended March 31

45,444 6,040 13.3 % 2,846 6.3 % (1,265) (5,771)

2009

JPY

59,318 10,278 17.3 % 6,299 10.6 % 2,351 1,887

2008

346.5 46.0 13.3 % 21.7 6.3 % (9.6) (44.0)

2009

EUR

452.2 78.4 17.3 % 48.0 10.6 % 17.9 14.4

2008

Cash Financial debt

(In millions)

2,078 28,326

2009

JPY

2,957 27,741

2008

15.8 215.9

2009

EUR

22.5 211.5

2008

10

PRESS RELEASE

Niles successfully strengthens its capital structure

During the fiscal year ended March 31, 2009, Niles suffered from the US auto market slowdown that gradually expanded to Asia, forcing some of Niles main customers into reducing and even temporarily halting production. In addition to the downturn in the automotive industry, Niles saw demand for contact switches decrease in a challenging global cellular handset market. Niles revenue for the fiscal year ended March 31, 2009, consequently decreased by 23.4 %, from JPY 59,318 million during the previous fiscal year, to JPY 45,444 million. Especially in the US, the volume decline was so significant that Niles US operations ran at negative gross profit margins, bringing down the overall gross profit margin from 17.3% during the fiscal year ended March 31, 2008 to 13.3% during the fiscal year ended March 31, 2009. Niles designed and started the implementation of a series of drastic short term restructuring measures focused on mitigating the impact from the volume shortfall on its financial performance. By the end of March 31, 2009, Niles had significantly reduced headcount, cut salaries and bonuses, and limited capital expenditures. Notwithstanding those cost saving measures, Niles reported an operating loss of JPY 1,265 million for the fiscal year ended March 31, 2009, compared to an operating profit of JPY 2,351 million a year earlier. Consequently EBITDA for the fiscal year ended March 31, 2009, amounted to JPY 2,846 million, down from JPY 6,299 million a year earlier.

In addition to the short term restructuring measures, Niles decided to (a) reduce its manufacturing footprint, mainly in the US, by transferring production to Japan and Thailand, (b) further reduce headcount and (c) scale down capital expenditure to production levels that are not expected to significantly increase during the next twelve months. Despite the operational restructuring efforts, Niles faced a liquidity shortfall and engaged in discussions with the Company, its main customer and its lenders with a view to securing sufficient liquidity and strengthening its financial position. On May 20, 2009, Niles bolstered its capital structure through a total capital injection of JPY 6 billion of which JPY 3.5 billion was provided by the Company and JPY 2.5 billion by a third party, which resulted in its ownership being reduced from 96.4% to 77.3%. Part of the proceeds was used to repay JPY 2.5 billion of short-term debt that was previously secured by a cash deposit from the Company. Furthermore, syndicate lenders agreed on a refinancing of the existing debt structure with new bullet loans maturing in June 2011.

11

PRESS RELEASE

Columbia Music Entertainment, Inc.

Headquarters: Japan Industry: Media and Entertainment Music Entertainment Segment Tokyo Stock Exchange ticker: 6791.T Total Shares Outstanding: 260,870,117 RHJI ownership as of March 31, 2009: 25.5% (66,503,000 shares) Contribution price per share (March 23, 2005): JPY 118 Closing share price on March 31, 2008: JPY 60 Closing share price on March 31, 2009: JPY 23

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 (1) Revenue Gross profit Gross margin EBITDA EBITDA margin Operating loss Loss from continuing operations Profit from discontinued operations (net of tax) Loss for the year

(1) Excluding the effect of the purchase price allocation carried out in connection with the contribution of the ownership interests to the Company at March 31, 2005.

Consolidated cash and financial debt for the fiscal year ended March 31

18,170 7,061 38.9 % (43) (0.2)% (693) (707) 188 (519)

2009

JPY

18,569 6,920 37.3 % (984) (5.3)% (1,508) (1,627) 292 (1,335)

2008

138.5 53.8 38.9 % (0.3) (0.2)% (5.3) (5.4) 1.4 (4.0)

2009

EUR

141.6 52.8 37.3 % (7.5) (5.3)% (11.5) (12.4) 2.2 (10.2)

2008

Cash Financial debt

(In millions)

1,832 1,457

2009

JPY

2,506 517

2008

2009 14.0 11.1

EUR

2008 19.1 3.9

12

PRESS RELEASE

The continuous contraction of CMEs music entertainment market requires further structural reform under a revitalized management structure

During the fiscal year ended March 31, 2009, CME reported revenue of JPY 18,170 million, compared to JPY 18,569 million a year earlier. Excluding sales from Creative Core, acquired in November 2007, and contributing for a full fiscal year for the first time, CMEs revenue for the fiscal year ended March 31, 2009, amounted to JPY 15,046 million, down 11.2% compared to the previous fiscal year. Increased sales of CMEs custom sales business and the growing digital business were offset by decreasing sales from J-Pop titles as CME considerably reduced the number of J-Pop artists in an attempt to eliminate unprofitable business in a shrinking CD market. The operating loss of JPY 693 million during the fiscal year ended March 31, 2009, compared to JPY 1,508 million a year earlier, was favorably affected by the reversal of estimated royalty payments (JPY 456 million). CMEs net loss for the fiscal year ended March 31, 2009, amounted to JPY 519 million and included JPY 434 million restructuring costs associated with early termination of artist contracts and retirement allowances.

business. Finally, CME is implementing a new voluntary retirement program and cutting back on its temporary work force to reduce staff by 78 people.

In addition to the net loss reported in the table on the previous page, the Company reviewed the recoverable amount of certain intangible assets recorded in its consolidated financial statements following the purchase price allocation upon the contribution of CME in March 2005. In view of the deteriorated financial performance, the reduced scale of CMEs business and the uncertainty around the economic recovery and the impact thereof on CMEs business, the Company recorded an impairment charge of JPY 7,645 million in its consolidated income statement for the fiscal year ended March 31, 2009, on certain intangible assets recognized as a result of the initial purchase price allocation. This impairment charge is only recorded in the Companys consolidated financial statements and not reflected in the table on the previous page.

Throughout the fiscal year ended March 31, 2009, CME continued to implement cost rationalization measures to mitigate the effects of a declining CD market. Several structural reform measures were initiated and will continue to be implemented during the fiscal year ending March 31, 2010. Among such measures, the number of J-Pop artists was drastically reduced and the J-Pop organization was downsized accordingly. CME further sharpened its focus on historically profitable segments such as Enka music products and future growth areas such as digital music and the games business. CME rationalized its organizational structure to the scale of its business by consolidating its sales-and marketing organization and radically downsizing Creative Cores educational software

CMEs management expects to return to profitability and publicly disclosed forecasts for the fiscal year ending March 31, 2010, prepared under J-GAAP, including sales of JPY 18,500 million, operating profit of JPY 100 million and net profit of JPY 400 million. The projected net income includes a settlement gain of JPY 590 million, associated with planned relocation of CMEs head office in September, 2009.

13

PRESS RELEASE

Phoenix Seagaia Resort K.K.

Headquarters: Japan Industry: Hospitality Segment Privately Held RHJI ownership as of March 31, 2009: 100.0%

Revenue by operating segment (single geographic segment)

Hotel 76% Golf 21%

Others 3%

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 (1) Revenue Gross profit Gross margin EBITDA EBITDA margin Operating loss Loss for the year

(1) Excluding the effect of the purchase price allocation carried out in connection with the contribution of the ownership interests to the Company at March 31, 2005.

Consolidated cash and financial debt for the fiscal year ended March 31

12,327 1,530 12.4 % 297 2.4 % (701) (517)

2009

JPY

14,478 2,260 15.6 % 989 6.8 % (112) (547)

2008

94.0 11.7 12.4 % 2.3 2.4 % (5.3) (3.9)

2009

EUR

110.4 17.2 15.6 % 7.5 6.8 % (0.9) (4.2)

2008

Cash Financial debt

(In millions)

455 7,144

2009

JPY

644 7,777

2008

2009 3.5 54.5

EUR

2008 4.9 59.3

14

PRESS RELEASE

Reduced foreign travel and a weak domestic tourist market drive hotel occupancy significantly lower

Phoenix Seagaia Resort recorded revenue of JPY 12,327 million for the fiscal year ended March 31, 2009, a decrease of 14.9% compared to the previous fiscal year. The global economic downturn resulted in deferred spending in all tourist market segments. The number of foreign visitors to Japan fell drastically and Phoenix Seagaia Resort was particularly exposed to the impact of the weak Korean Won on the number of Korean visitors. Phoenix Seagaia Resort also saw domestic travel reduced significantly as companies cut back on budgets for corporate events, which are critical to the occupancy of Phoenix Seagaia Resorts five star hotel. The lower occupancy also resulted in a decreasing number of golf rounds.

Phoenix Seagaia Resort refinances entire debt

Phoenix Seagaia Resort started the implementation of a drastic cost rationalization program to mitigate the impact of low sales and to ensure compliance with the financial covenants under its credit agreements at March 31, 2009. The program reduced costs by approximately JPY 1,500 million on an annualized basis, and identified several additional actions to address the impact from a potential further decline of the resorts occupancy rates. EBITDA for the fiscal year ended March 31, 2009, amounted to JPY 297 million, compared to JPY 989 million during the previous fiscal year. The decreased hotel occupancy and lower average daily rates account for most of the shortfall. Furthermore, the Ocean Dome contributed positively to Phoenix Seagaia Resorts overall EBITDA for the first half of the previous fiscal year ended March 31, 2008. Although the Ocean Dome was loss making, the announcement of the closure had a beneficial, non-recurring impact on the number of visitors. The Ocean Dome was closed on October 1, 2007, and other attractions, such as the newly developed beach concept, have only gradually contributed to room sales and will need additional marketing to grow into key attraction points for the resort.

On September 29, 2008, Phoenix Seagaia Resort entered into an agreement with its lenders to amend certain terms and conditions of its existing credit facility of JPY 7,508 million. The term of the amended loan is 3 years. The amendment provides for quarterly repayments of JPY 195 million and a bullet payment of JPY 5,497 million on September 30, 2011. In addition to this amended loan agreement, the Company extended the revolving credit facility from JPY 500 million to JPY 1,000 million until September 30, 2011. The outstanding balance of this intragroup loan at March 31, 2009 amounted to JPY 400 million. The Company guarantees the quarterly repayments and the total interest up to an aggregate amount of JPY 3,400 million. At March 31, 2009, Phoenix Seagaia had already repaid JPY 390 million of the guaranteed principal, and had outstanding financial indebtedness of JPY 7,144 million, compared to JPY 7,777 at March 31, 2008.

At March 31, 2009, Phoenix Seagaia Resort reviewed the recoverable amount of its property, plant and equipment. The recoverable amount was determined using the income approach, and revealed to be below the the carrying value by JPY 13,993 million. Of this impairment loss, JPY 13,640 million is recognized on the asset values resulting from the initial purchase price allocation, and therefore only recorded in the Companys consolidated financial statements. As a result of the deteriorated financial performance and in order to allow Phoenix Seagaia Resort to make scheduled repayments under its credit facility, the Company injected JPY 300 million in June, 2008, JPY 400 million in September, 2008, and JPY 300 million in January, 2009. The Company expects to make further capital contributions to Phoenix Seagaia Resort during the fiscal year ending March 31, 2010, to the extent they do not exceed the corresponding reduction of the debt guaranteed by the Company.

15

PRESS RELEASE

INVESTMENTS IN ASSOCIATES

Shaklee Global Group, Inc.

Industry: Consumer Products Nutrition Products Segment Jasdaq Stock Exchange ticker: 8205.Q Total Shares Outstanding: 25,920,000 RHJI ownership as of March 31, 2009: 42.5% (10,531,000 shares) Contribution price per share (March 23, 2005): JPY 1,269 Closing share price on March 31, 2008: JPY 709 Closing share price on March 31, 2009: JPY 635

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended March 31 Revenue Operating profit EBITDA EBITDA margin Profit for the year

Consolidated cash and financial debt for the fiscal year ended March 31 Cash Financial debt

24,685 3,652 4,241 17.2 % 1,705

2009

JPY

27,322 2,945 3,499 12.8 % 1,441

2008

188.2 27.8 32.3 17.2 % 13.0

2009

EUR

208.3 22.5 26.7 12.8 % 11.0

2008

(In millions)

5,273 18,529

2009

JPY

4,699 18,177

2008

40.2 141.3

2009

EUR

35.8 138.6

2008

Shaklee's net revenue for the fiscal year ended March 31, 2009 amounted to JPY 24,685 million, 9.7% lower than the previous fiscal year virtually entirely due to appreciation of the JPY. At constant exchange rates, net sales declined only 0.9%. Operating profit, for the fiscal year ended March 31, 2009 increased 24% to JPY 3,652 million from JPY 2,945 million principally due to tight management over selling and general administrative expenses in all markets. The net profit for the fiscal year ended March 31, 2009 increased 51.6% excluding JPY 120 million benefit from changes made to the U.S. Retiree Medical Benefit Plan compared to JPY 1,125 million for the previous fiscal year that excludes non-recurring pre-tax gains from changes to the U.S. pension plan of JPY 846 million partly offset by the accelerated amortization of an intangible asset relating to the purchase of technology and distribution rights. Based on its management projections under J-GAAP, Shaklee expects revenue to decrease from JPY 24,685 million for the fiscal year ended March 31, 2009 to JPY 23,013 million for the fiscal year ending March 31, 2010. Operating income in accordance with J-GAAP is projected to increase from JPY 3,086 million for the fiscal year ended March 31, 2009, to JPY 3,132 million, for the fiscal year ending March 31, 2010.

16

PRESS RELEASE

U-shin Ltd.

Headquarters: Japan Industry: Automotive Components - Electronics Components Segment Tokyo Stock Exchange ticker: 6985.T Total Shares Outstanding: 31,995,502 RHJI ownership as of March 31, 2009: 20.0% (6,400,000 shares) Acquisition price per share (April 13, 2006): JPY 1,244 Closing share price on March 31, 2008: JPY 401 Closing share price on March 31, 2009: JPY 259

Key figures
(In millions)

Condensed consolidated income statement for the fiscal year ended February 28 Revenue Operating profit EBITDA EBITDA margin Profit (loss) for the year

Consolidated cash and financial debt for the fiscal year ended February 28 Cash Financial debt

70,772 3,258 7,343 10.4 % (282)

2009

JPY

77,963 3,357 7,584 9.7 % 339

2008

539.5 24.8 56.0 10.4 % (2.1)

2009

EUR

594.4 25.6 57.8 9.7 % 2.6

2008

(In millions)

15,997 24,888

2009

JPY

9,290 22,472

2008

122.0 189.7

2009

EUR

70.8 171.3

2008

As U-shins fiscal year ends on November 30, the Company used financial information for the twelve months ended February 28, 2009, compiled from publicly disclosed unaudited quarterly financial information, for the purposes of preparing the Companys consolidated financial statements as of and for the fiscal year ended March 31, 2009. Financial information for the twelve months ended February 28, 2008, has been compiled on the same basis for comparative purposes.

U-shin reported revenue of JPY 70,772 million for the twelve months ended February 28, 2009, compared to JPY 77,963 million for the same period last year, as a result of difficult market conditions in both the automotive industry and the industrial equipment market. The net loss for the twelve months ended February 28, 2009 of JPY 282 million compared to a net profit of JPY 339 million for the same period a year earlier, which was favorably impacted by gains on the disposal of investment securities of JPY 1,136 million. Based on its management projections under J-GAAP, and following a difficult 1st quarter of the fiscal year ending November 30, 2009, U-shin lowered its outlook for the first half of the fiscal year, projecting revenue of JPY 24,000 million versus JPY 29,000 million previously. U-shins full year outlook includes revenue of JPY 60,000 million and a break-even net result.

17

PRESS RELEASE

3. Condensed Consolidated Financial Statements for the fiscal year ended March 31, 2009
Results of operations
Continuing operations Revenue Cost of sales Gross profit Consolidated income statement for fiscal year ended March 31

(In millions)

Selling, general and administrative expenses Amortization of intangible assets Impairment of property, plant, equipment and intangible assets Other income and expenses Finance income Finance expenses Loss from operations Net financial income (expense) Loss before income tax Income tax benefit Loss for the year Loss for the year

(154,159)

(47,961) (6,718) (123,259) (11,041) 53,969 (38,700) (10,605) 15,269

397,300 (362,480) 34,820

2009

JPY

550,066 (488,741) (52,878) (8,515) (29,444) (4,594) 5,869 (32,881) 61,325

2008

3,028.9 (2,763.4) (365.6) (51.2) (939.7) (84.2) 411.4 (295.0) (80.8) 116.4 47.5 91.4 265.5

2009

EUR

4,193.5 (3,726.0) (403.1) (64.9) (224.5) (35.0) 44.7 (250.7) 6.5 1.4 467.5

2008

(34,106) (27,012) (60,260) (60,074) (61,251) (61,251)

(1,175.3)

Share of profit (loss) of equity accounted investees (net of income tax) Loss from continuing operations

(149,495) (143,263) (131,271) (131,271)

Discontinued operations Profit (loss) from discontinued operations (net of income tax) Attributable to: Equity holders of the parent Minority interest

(116,043) (15,228) (1,378) (1,522)

11,992

6,232

858 186

(1,139.7) (1,092.2) (1,000.8) (1,000.8)

(205.9)

(260.0)

(459.4) (458.0) (467.0) (467.0) (9.0)

(33,221) (28,030) (390) (369)

(1,177)

(884.7) (116.1) (10.5) (11.6)

(253.3) (213.7) (3.0) (2.8)

Revenue for the fiscal year ended March 31, 2009 amounted to JPY 397,300 million, compared to JPY 550,066 million for the previous fiscal year, a 27.8% decrease, illustrating the severity of the economic downturn that particularly affected the Companys consolidated automotive subsidiaries. Gross profit for the fiscal year ended March 31, 2009 amounted to JPY 34,820 million, representing 8.8% of revenue, compared to 11.1% for the fiscal year ended March 31, 2008. The decrease in gross profit margin is driven by the significant decline in production volumes of the car manufacturers and the inability to reduce variable costs accordingly. Selling, general and administrative expenses amounted to JPY 47,961 million for the fiscal year ended March 31, 2009, compared to JPY 52,878 million during the previous fiscal year. The selling, general and administrative expenses partly reflected the impact from ongoing restructuring efforts that were deployed towards the end of the fiscal year ended March 31, 2009, including at the level of the Companys operating cost structure, which is being gradually reduced to approximately JPY 3,500 million, compared to JPY 4,935 million for the fiscal year ended March 31, 2009.

Earnings per share (in JPY and EUR) Basic and diluted Basic and diluted from continuing operations

18

PRESS RELEASE

Net other operating expenses amounted to JPY 11,041 million for the fiscal year ended March 31, 2009, compared to JPY 4,594 million during the previous fiscal year. The increase mainly results from non-recurring restructuring expenses of JPY 5,118 million at HIT and Metaldyne and JPY 1,403 million losses on disposal of certain of Metaldynes assets.

Loss from operations for the fiscal year ended March 31, 2009 of JPY 154,159 million, included amortization and impairment charges of JPY 123,259 million, of which JPY 38,096 million were recognized in the consolidated financial statements only and which are not reflected in the consolidated subsidiaries income statement. Excluding those non-cash charges for both periods, the operating loss of JPY 30,900 million for the fiscal year ended March 31, 2009, compared to an operating loss of JPY 4,662 million for the fiscal year ended March 31, 2008, again clearly reflecting the magnitude of the impact the economic recession had on the operating performance across all consolidated subsidiaries. Assuming successful closing of the restructuring of Honsel and the purchase of certain assets from Metaldyne, the Company will record significant gains associated with the waiver of Honsels debt and the deconsolidation of Metaldyne. These gains are currently estimated at approximately JPY 57 billion or EUR 434.5 million. Net financial income of JPY 15,269 million for the fiscal year ended March 31, 2009 included (a) a gain of JPY 30,552 million following Metaldynes bond tender, (b) a gain of JPY 3,134 million resulting from the agreement between Chrysler and Metaldyne to cancel USD 31.0 million of Metaldynes secured subordinated notes, (c) the gain of JPY 6,082 million from the cancelation of some of the preferred C shares at Asahi Tec and (d) a gain of JPY 3,370 million on the sale of a non-controlling minority investment. These gains were offset by financial costs including (a) net interest expense of JPY 19,154 million from consolidated subsidiaries, (b) net foreign exchange losses of JPY 7,345 million, and (c) JPY 1,136 million of fair value adjustments on certain financial assets. Last year, financial costs amounted to JPY 32,881 million, and included (a) interest expense of JPY 22,301 million, (b) foreign currency exchange losses of JPY 7,438 million and (c) the write-off of previously deferred financing fees of JPY 2,526 million. Income tax benefit for the fiscal year ended March 31, 2009 amounted to JPY 6,232 million, compared to JPY 186 million for the previous fiscal year, and mainly resulted from the reversal of deferred tax liabilities of JPY 7,761 million following the impairment of certain tangible and intangible assets. Discontinued operations reflect D&M and HITs Canadian operations. The result from D&M includes the net loss of JPY 999 million from operations for the six months ended September 30, 2008 and the gain on disposal of JPY 11,073 million. The gain on disposal as reflected in the Companys consolidated income statement consists of the gain of JPY 12,600 million over the acquisition cost less JPY 1,527 million of income contributed by D&M to consolidated reserves from April 1, 2005 through the date of effective disposal. The gain from the liquidation of HITs Canadian subsidiary, Amcan, amounted to JPY 1,918 million. The breakdown of discontinued operations for the fiscal years ended March 31, 2009 and 2008 is as follows: Discontinued operations for year ended March 31 Revenue Cost of sales Gross profit

(In millions)

Selling, general and administrative expenses Other income (expense) Gain on sale Profit from operations Profit before income tax

Net financial expense Share of loss of equity accounted investees (net of income tax) Income tax expense Profit (loss) for the year

(17,948) (1,502) 12,991 12,722 11,993 (1) 11,992 (729) -

49,553 (30,372) 19,181

2009

JPY

(36,817) (4,333) (1,090) (55) 1,771 2,916

120,206 (76,140) 44,066

2008

(136.8) (11.5) 99.0 (5.6) 91.4 97.0

377.8 (231.5) 146

2009

EUR

(280.7) (33.0) (8.3) (0.4) 13.5 22.2

916.4 (580.5)

335.9

2008

(2,948) (1,177)

(0.0) 91.4

(22.5) (9.0)

19

PRESS RELEASE

Loss for the fiscal year ended March 31, 2009 amounted to JPY 131,271 million, of which JPY 116,043 million is attributable to the equity holders of the parent company, compared to JPY 33,221 million for the fiscal year ended March 31, 2008. JPY 10,598 million of losses applicable to the minority shareholders of HIT and Asahi Tec were attributed to the equity holders of the parent pursuant to the provisions of IAS 27 that prevent losses to be allocated to the minority shareholders, except if they would have a binding obligation to cover such losses.

Liquidity and capital resources

Non-current assets Current assets Total assets

Condensed consolidated balance sheet as of March 31

(In millions)

Equity Minority interest Non-current liabilities Current liabilities

357,617 357,617

Condensed consolidated cash flow statement for fiscal year ended March 31

Total equity and liabilities

40,320 7,146 145,818 164,333 2009

220,496 137,121

2009

JPY

673,024 673,024

166,898 38,328 263,648 204,150

405,729 267,295

2008

2,726.4 2,726.4

307.4 54.5 1,111.7 1,252.8

1,681.0 1,045.4

2009

EUR

5,130.9 5,130.9 1,272.4 292.2 2,010.0 1,556.4

3,093.2 2,037.8

2008

(In millions)

Cash from operating activities Cash from investing activities Cash from financing activities

Continuing Discontinuing (12,213) 7,430 7,686 (3,026) 72,335 72,458 2,903

Effect of exchange rate fluctuation on cash held Exit of consolidation scope Cash and cash equivalents at March 31, 2009

Net variance in cash and cash equivalents

Cash and cash equivalents at April 1, 2008

(6,037) 1,712 7,288 (12) (2,770) 2,963 (181)

JPY

(18,250) 9,142 14,974 (3,039) (2,770) 72,335 72,277 5,866

Total

Continuing Discontinuing (93.1) 56.6 58.6 (23.1) 552.4 22.1

(46.0) 13.1 55.6 (0.1) (21.1) (1.4) 22.6

EUR

(139.1) 69.7 114.2 (23.2) (21.1) 551.0 551.5 44.7

Total

(In millions)

Cash from operating activities Cash from investing activities Cash from financing activities

Continuing Discontinuing 13,575 (42,225) (5,154) 106,570 72,458 (33,804) (308)

Net variance in cash and cash equivalents

Cash and cash equivalents at April 1, 2007

2,672 (10,922) 5,200 (3,050) 2,981 (181) (112)

JPY

16,247 (53,147) 46 (36,854) 109,551 72,277 (420)

Total

2008

551.5

Continuing Discontinuing 103.5 (321.9) (39.3) (257.7) 812.5 552.4 (2.3)

20.4 (83.3) 39.6 (23.3) (1.4) (0.9) 22.7

EUR

123.9 (405.2) 0.4 (281.0) 835.2 551.0 (3.2)

Total

Effect of exchange rate fluctuation on cash held Cash and cash equivalents at March 31, 2008

20

PRESS RELEASE

Cash flows

Consolidated cash flow from investing activities of continuing operations for the fiscal year ended March 31, 2009, included:

Cash flow from financing activities for the fiscal year ended March 31, 2009, mainly reflected the:

(a) the proceeds from the sale of assets, including D&M and a non-controlling minority investment (JPY 33,196 million); (b) dividends received amounting to JPY 916 million; (c) investments of JPY 3,153 million, including JPY 1,085 million in the newly formed joint venture in IT consulting with Mitsubishi Corporation; and (d) net capital expenditures of JPY 22,885 million. (a) increase of HITs debt by JPY 11,369 million resulting from (a) liquidity provided by certain of its customers and (b) the full draw down of the revolving credit facility; (b) the repurchase of the Companys own shares (JPY 536 million).

Debt

Consolidated financial debt at March 31, 2009 amounted to JPY 189,011 million, compared to JPY 228,148 million on March 31, 2008. The decrease primarily resulted from (a) the successful bond tender at Metaldyne, reducing debt by JPY 30,422 million, net of customer loans, (b) the cancellation of JPY 3,133 million senior subordinated notes of Metaldyne held by Chrysler and (c) the cancellation of JPY 6,082 million of preferred shares of Asahi Tec, also held by Chrysler.

(In JPY millions)

Consolidated financial debt at March 31, 2009 and 2008, can be summarized as follows:
Payments due by period as of March 31
Less than 1 year 92,983 2,251 Between 1 and 5 years 79,848 2,575 2009 More than 5 years 11,264 90 184,095 4,916 Total

Loans and borrowings. including the current portion Finance lease liabilities Total Total in EUR millions

Less than 1 year

95,234

726.0

82,423

628.4

11,354

86.6

189,011

1,441.0

31,379

29,261 2,118

Between 1 and 5 years

239.2

104,550

101,467 3,083

2008

More than 5 years

797.1

92,219

92,010 209

703.0

228,148

222,738 5,410 1,739.3

Total

Asahi Tec CME HIT Niles Phoenix Seagaia Resort Others Total Total in EUR millions

(In JPY millions)

Consolidated financial debt at March 31, 2009 and 2008, broken down by company, is as follows:
Payments due by period as of March 31 broken down by company
Less than 1 year 5,765 1,240 68,992 18,502 733 2 726.0 Between 1 and 5 years 62,388 217 2,639 9,683 6,411 1,085 628.4 2009 More than 5 years 11,213 141 86.6 79,366 1,457 71,631 28,326 7,144 1,087 Total Less than 1 year 7,329 220 136 23,019 671 4 239.2

Between 1 and 5 years

95,234

82,423

11,354

189,011

1,441.0

31,379

104,550

44,520 297 46,888 4,662 7,106 1,077 797.1

2008

More than 5 years

92,219

65,608 26,551 60 703.0

228,148

117,457 517 73,575 27,741 7,777 1,081 1,739.3

Total

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PRESS RELEASE

Statement of KPMG, the Companys Auditor

The statutory auditor, KPMG Bedrijfsrevisoren - Rviseurs dEntreprises, represented by Benoit Van Roost, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material adjustments which would have to be made to the accounting data included in the Companys annual announcement.

About RHJ International:

RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring and operating businesses. For further information visit: www.rhji.com.

For further information please contact: Arnaud Denis Investor Relations Director Tel: +32 2 643 60 13 E-mail: adenis@rhji.com

This press release contains certain forward-looking statements concerning the Company's operations, economic performance and financial condition. Such forward-looking statements are based on managements current expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company has no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release.

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