Report of the Directors and Financial Statements for the year ended 31 December 2020 Business Model and Strategic Objectives Rothschild & Co Continuation Finance PLC ( the Company ) is a wholly-owned subsidiary of N M Rothschild & Sons Limited ( NMR ) and was incorporated on 30 August 2000 to operate as a finance vehicle for the benefit of NMR and its subsidiaries. The principal activity of the Company is the raising of finance for the purpose of lending it to NMR and other companies in the Rothschild & Co Group ( the Group ). The only current debt securities in issue are the perpetual subordinated notes guaranteed by NMR. Business Update and Key Performance Indicators