Director/PDMR Shareholding

Director 's Interests

Duncan Budge , an executive d irector of RIT Capital Partners plc ('RITCP') ha s exercised Share Appreciation Rights ('SARs') over notional 90,000 £1 ordinary shares of RITCP at 980 p per share , the RITCP ordinary share price at close of business , 25 November 2009 . The exercise is in accordance with the terms of the J. Rothschild Capital Management Share Appreciation Rights Plan, and is in respect of SAR s grant ed on 26 March 2003 at 381p.

SAR grants entitle the holder to the payment of a cash bonus between the third and tenth anniversaries of the relevant date of grant, calculated by reference to a notional number of RITCP £1 ordinary shares. The bonus equates to the increase since the date of grant in the RITCP share price multiplied by the notional number of shares , net of income tax and National Insurance . RITCP's liability for this SAR exercise payment has been fully recognised in its net asset valuation announcements.

Following the above SAR exercise , the outstanding SARs held by Duncan Budge are as follows:

Notional no. of RITCP ord. shares	SAR price	Dates exercisable
17 2,467	381.0p	26 Mar 20 06 - 25 Mar 20 13
101,781	786.0p	19 Jul 20 08 - 18 Jul 20 15
95,846	939.0p	15 Mar 2010 - 14 Mar 2017
75,912	1,122p	27 Mar 2011 - 26 Mar 2018
111,283	796.0p	13 Mar 2012 - 12 Mar 2019

Duncan Budge's direct interests in the ordinary shares of RITCP remain as follows:

4 0 ,139 shares ( 0.03 % of issued) held beneficially; and

10 ,000 shares ( 0.01 % of issued) held non-beneficially.

30 November 2009

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