Rathbone Brothers Plc

1. Rathbone Brothers Plc Announcement of Preliminary Results to 31 December 2005 8 March 2006

2. The executive team

3. Rathbone Brothers Plc “2005 has proved to be a year of considerable growth in UK and overseas stock markets. This has provided the backdrop for an increase in the rates of organic growth within Rathbones and has helped us to make real progress.”Mark Powell, Chairman

4. Highlights • Funds under management as at 2 March 2006 are £10 billion • Profits before tax, aborted acquisition costs and LSE-related profits increased 28.4% to £34.4 million (2004: £26.8million) • Profits before tax increased 23.9% to £35.3 million (2004: £28.5 million) • Unit trust profits increased 182.4% to £3.8 million (2004: £1.3 million) • Basic earnings per share rose by 22.7% to 60.13p (2004: 48.99p) • Recommended final dividend is 18.5p, making a total of 30.0p (2004: 27.5p) for the year – an overall increase of 9.1% • New non-executive appointments and Paul Egerton-Vernon steps down from the Plc Board • Court hearing in relation to the approval of the acquisition of Dexia UK private banking business

5. Results highlights 1 *Restated for IFRS

6. Operating income (adjusted) *Restated for IFRS

7. Operating expenses (adjusted) *Restated for IFRS

8. Profits by segment *Restated for IFRS

9. Trust • Jersey business profits increased by 5.2% • Three Jersey sites will combine into a single, purpose-built site on the Esplanade in St. Helier • Geneva returned to operating profitability during 2005 • Our operations in the UK continue to perform in line with expectations • Trust division helps to secure and retain investment management mandates and works closely with some key investment management clients

10. Unit trusts • Continued growth in funds under management since the year end to over £1.3 billion as at 2 March 2006 • Rathbone Income Fund top quartile over one, two, three and five year periods • Recent awards from Citywire, What Investment and Standard & Poor’s • Growing level of support from over 2,000 IFAs • New sources of business from life companies, further fund supermarket links and fund of fund managers • Internal sales now account for only 5% of total gross sales

11. Unit trusts Operating Income *Restated for IFRS

12. Unit trusts Growth in funds under management

13. Investment management Operating income *Restated for IFRS

14. Investment management Growth in segregated funds under management

15. Investment management • New investment managers joining • The value of segregated portfolios under management rose by 20.6% to £8.3 billion (31 December 2005) • £700 million of charity funds • £300 million of SIPP funds • The Rathbone SIPP • SEC registration • Fees and commission unbundling • Further development of the Rathbones Investment Process

16. Investment management: Dexia • Dexia’s UK private banking operations • What we are buying: • Investment management • Banking book • Timetable • Court approval • Date of transfer • Accommodation • Financial impact

17. Investment management: client base (1) Funds under management by type of account Source: Internal data.

18. Investment management: client base (2) Funds under management by type of account Source: Internal data.

19. Investment management: client base (3) Profile of client numbers by location Profile of client FUM by location Internal data. Private clients only.

20. Investment management: client base (4) Profile of client numbers by age Profile of client FUM by age Internal data. Private clients only.

21. Investment management: client base (5) Profile of client numbers by gender Breakdown by funds under management almost the same Internal data. Private clients only.

22. Investment management: client base Change in value of clients: December 2001 – December 2005

23. Investment management: client base • Private client focus • Bias towards discretionary • Well-diversified client base • Growth potential

24. Issues for 2006 • Market levels and momentum • Organic growth • Dexia acquisition • Pension deficit • Pensions – A-day • Further consolidation in sector • LSE shares

25. Conclusion and current trading “These are record results for Rathbones. We are busy and facing the future in all three of our activities with enthusiasm and confidence.”Mark Powell, Chairman

26. Rathbone Brothers Plc: strategy • To be the leading, independent provider of discretionary investment management services to the private client in the UK and to provide trust services internationally • Primary focus will remain on private clients • Encourage and reward organic growth • Further acquisitions of businesses and people if demonstrably earnings enhancing in the medium-term, or add to service offered to clients • Investment management and unit trusts to account for over 80% of activity • To grow our unit trust business • Continuing development of the investment process

27. Appendices

28. Analysis of investment management operating income 12 months to 31 December 2005

29. Analysis of operating expenses (excl Rensburg-related) 12 months to 31 December 2005

30. Operating profit (£m) After IFRS restatement 2000 - 2005

31. Market movements and growth Group funds under management FTSE 100 and FTSE APCIMS Balanced rebased at 5574 as at 31 December 2000

32. Consolidated balance sheetas at 31 December 2005 *Restated for IFRS

33. Rathbone Brothers Plc 159 New Bond Street London W1S 2UD Telephone +44 (0)20 7399 0000 Facsimile +44 (0)20 7399 0011 marketing@rathbones.com www.rathbones.com