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Rothschild & Co Merchant Banking

PRI reporting framework 2018

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (C) Implementation: Integration [FI 11 - 13] Fixed income - Engagement [FI 15 - 17] Outputs and outcomes [FI 18 - 19]

Direct – Private Equity

Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]

Assurance

Assurance [CM1 01.1 - 01.7]

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Fund management

% of assets under management (AUM) in ranges

<10%

10-50%

>50%

Fund of funds, manager of managers, sub-advised products

% of assets under management (AUM) in ranges

<10%

10-50%

>50%

Other, specify

Further options for investment managers (may be selected in addition to the above)

Execution and advisory services

Hedge funds

Fund of hedge funds

01.3. Additional information. [Optional]

Five Arrows Managers is is the investment arm of the Rothschild & Co group and sits within the Rothschild Merchant Banking ("RMB") division. Five Arrows Managers manages a series of funds dedicated to corporate and secondary private equity, multi-managers funds as well as debt solutions:

Corporate private equity: Five Arrows Principal Investments ("FAPI") is a pan-European lower mid-market specialist. Comprises FAPI I, a €583m fund raised in 2010 and FAPI II, a €781m fund raised in 2015. In 2017, we've launched a new strategy Five Arrows Capital Partners ("FACP"), a U.S. mid-market specialist.
Secondaries: Five Arrows Secondary Opportunities ("FASO") is a specialist in European small and mid-cap secondary transactions. FASO III is a €259m fund raised in 2012 and FASO IV, a €459m fund raised in 2016.
Multi-managers funds: Arolla is a global multi-manager private equity platform which invests across the private equity asset class: primary fund investments, secondary and direct co-investments. Arolla I is a €195m fund raised in 2017.
Direct Lending: provides debt financing solutions to privately-owned businesses across the European middle-market through
- Five Arrows Credit Solutions ("FACS"): Junior debt opportunities in the European mid-cap segment. FACS I is a €415m fund raised in 2014.
- Five Arrows Direct Lending ("FADL"): Senior-ranking direct lending to mid-market corporates. In Q1 2018, FADL will complete his final close for over €600m.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

France

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

75 FTE

02.4. Additional information. [Optional]

Only comprises Rothschild Merchant Banking strategies which are UN PRI signatories, i.e.: FAPI, FACP, FASO, Arolla, FACS/FADL employees based in Paris, London, Luxembourg and New York.

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

Five Arrows Managers is 100% owned by the Rothschild & Co group.

Rothschild & Cie Gestion Group is also a signatory of the UN PRI.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

04.5. Additional information. [Optional]

Comprises AUM of FAPI I, FAPI II, FACP I, FASO III, FASO IV, Arolla, FACS I and FADL I.

OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

	Internally managed (%)	Externally managed (%)
Listed equity	0 0	0 0
Fixed income	10-50% 27	0 0
Private equity	>50% 73	0 0
Property	0 0	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	0 0	0 0
Other (1), specify	0 0	0 0
Other (2), specify	0 0	0 0

as broad ranges

06.2. Publish asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

Private Equity

 Corporate Private Equity (FAPI & FACP)
 Secondaries (FASO)
 Multi-Managers Funds (Arolla)

Fixed Income

 Direct Lending (FACS & FADL)

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

Developed Markets	0% <10% 10-50% >50 %
Emerging, Frontier and Other Markets	0% <10% 10-50% >50 %
Total100%

09.2. Additional information. [Optional]

Five Arrows Managers funds mainly focus on the European and U.S. mid-market segment.

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