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( BW)(ROTHSCHILDS-CONTINUATION)(BP34) Capital Reorganisation 

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--July 9, 2003--

Rothschilds Continuation Holdings AG: Restructuring

-- XS0126649077
-- XS0145120043

The English and French Rothschild families announce that they have
agreed to consolidate their respective shareholdings in the Group in a
new holding company, Concordia BV, which will be owned in equal shares
by the English Rothschild family and Paris Orleans SA, a public
company through which the French family's interests are held.

Concordia BV will own a controlling interest in Rothschilds
Continuation Holdings AG, and it will acquire from Paris Orleans SA a
significant interest in Rothschild & Cie Banque. As part of the
restructuring Rothschilds Continuation Holdings AG will acquire full
ownership of Rothschild North America Inc and N M Rothschild & Sons
Canada Holdings Limited.

Rothschilds Continuation Holdings AG is the parent company of the
Rothschild international investment banking group.  The Group has
offices in more than 30 countries, and its subsidiaries include N M
Rothschild & Sons Limited.

To complement this restructuring, a number of changes are to be made
in the way in which the Group is managed.  After 21 years as Chairman,
Sir Evelyn de Rothschild has decided to leave the Board of Rothschilds
Continuation Holdings AG and to hand over the chairmanship of the
company to David de Rothschild.

Sir Evelyn will remain Chairman of N M Rothschild & Sons Limited.
David de Rothschild, who will continue to be Deputy Chairman of N M
Rothschild & Sons Limited, will have management responsibility for
running the Bank.

It is anticipated that the restructuring will be completed by the
early Autumn, and the management changes will take place very shortly.

Announcing the restructuring, Sir Evelyn de Rothschild said:

"We have for several years now been strengthening the links between
the English and French Rothschild families so that the Rothschild
Group is better able to operate in a co-ordinated way and thus to
compete effectively in international markets.  We have already had
considerable success in following this path but have concluded that
we now need to take the process a major step further."

Commenting on the announcement, David de Rothschild said:

"We firmly believe that these measures to consolidate the various
Rothschild shareholder and business interests will create a stronger,
more unified Group and serve us well in maintaining our standing as a
leading independent international banking house.

"The sustained growth of the Group over the past 21 years under
Evelyn's Chairmanship has been a remarkable success story.  I am
honoured to succeed him as Chairman of Rothschilds Continuation
Holdings and even though these are clearly challenging times for
investments banks, we look to future with confidence."

   Short Name: Rothschilds Contin
   Category Code: CAR
   Sequence Number: 00006776
   Time of Receipt (offset from UTC): 20030709T112055+0100

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    CONTACT: Rothschilds Continuation Finance PLC
 
    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Rothschilds Contin

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