Shinsei Bank

RIT Capital Partners PLC
09 February 2004


RITCP's largest unquoted holding is its investment in Shinsei Bank, which today
announced its initial public offering on the Tokyo Stock Exchange at a price per
share of Y525. Trading in these shares will begin on 19 February.

RITCP's 1.93% holding in the fully-diluted equity of Shinsei Bank is valued at
£77.4 million at the IPO price of Y525. This compares with its original cost of
£20.8 million in March 2000 and its carrying value of £32.5 million as at 31
January 2004.

The valuation of £77.4 million has been calculated after taking account of the
carried interest payable to Ripplewood Holdings LLC, whose international
consortium of investors acquired Shinsei Bank from the Japanese government in
March 2000. Approximately one third of the shareholding attributable to RITCP is
being sold as part of the IPO. In view of the ongoing restrictions affecting
RITCP's residual holding, we have applied a 10% discount to that holding.

This represents an uplift in RITCP's net asset value of 28.6p per share.




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