Rathbone Brothers Plc Preliminary Announcement of Results 31st December 2003

Introduction Mark Powell Chairman Andy Pomfret Finance Director Richard Lanyon Director - Investment Management

The Executive Team Mark Powell Chairman Roy Morris Chief Executive Andy Pomfret Finance Director Richard Lanyon Director - Investment Management James Lifford Director - Regional Offices Paul Egerton-Vernon Director - Trust Division Paul Chavasse Director - IT & Operations Ian Buckley Director - Trust Division

Results Highlights £81.8 million £19.7 million Operating Income Pre-Tax Profits (pre-goodwill and exceptional gains) + 2.4% + 7.5% 38.11p 24.07p Earnings Per Share (pre-goodwill) (post-goodwill) % + 0.7% 26pDividendsMaintained £6.8 billionFunds Under Management+ 28.2% 4477FTSE 100 Index+ 13.6% 4103Average FTSE 100 Index on Charging Dates- 6.5%

Strategy To be the leading 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 to account for 80% of activity Continuing development of the Investment Process

Key Issues and Developments Growth in Funds under Management Investment performance Back office productivity improvement Potential for corporate acquisitions Trust Division:- New management structure Savings made Business rationalisation Timescale for improvement Updates on:- Stock Exchange shares Pension fund deficit Splits Basel II IFRS

Investment Management

Growth in Funds Under Management Organic growth in 2003 Rathbone Unit Trust Management success Growth of Bespoke Funds Charities Demonstration of Investment Process Performance

Market Movements & Funds Under Management -35.4% -23.9% 35.1% 13.6% 12.1% 28.2% 11.1% 7.8% 15.1% FTSE 100 Index APCIMS Balanced Index Funds under Management 5 Years 1 Year 6 months

Growth in Funds Under Management Opening FUM Market Movement (FTSE 100) Effect of Performance Relative to Market Closing FUM Inflow of New Money - Acquired Outflow of Money (1.4) (0.2) Year to 31/12/03£bn 31/12/02£bn Inflow of New Money - Organic Net New Money0.7

Unit Trust Sales (£m) Net of Discounts and Redemptions

Unit Trust Performance Source: Standard & Poors Micropal Bid to Bid, net reinvestment. Data to The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance is not necessarily a guide to future performance. Rathbone Income Fund Rathbone Income and Growth Fund Rathbone Smaller Companies Fund Rathbone Special Situations Fund Rathbone Capital Growth Fund ** ***** ** ***** 11 Rathbone Unit Trust Management Ltd Quartile Performance 1 yr3 yrs5 yrs S&P Fund Stars m Rathbone Technology Fund24N/A * 3 Rathbone Global Companies Fund (launched April 2001) 1N/A 1 Rathbone Ethical Bond Fund (launched May 2002) 4N/A 3 Standard & Poors awarded the Rathbone Income Fund 1st place over 5 years for UK-Marketed funds in the Equity UK Income sector. The Rathbone Special Situations Fund won Best UK General Equity Fund (Money Observer magazine) 2004 to follow up winning the award in 2002 and 2003 and the fund retained its Standard & Poors Fund Rating of A. The fund was awarded 1st place in the Standard & Poors UK-Marketed Equity UK funds sector over 5 years. The Rathbone Smaller Companies Fund won 1st place in the Standard & Poors UK-Marketed UK Smaller Companies funds sector over 10 years.

Bespoke Fund Performance Performance vs Benchmark 2003

Investment Process Combination of sector and stock selection Growing ability to manage larger portfolios Use of collectives (over £1 billion), hedge funds and private equity Small clients less than £100,000

Investment Management - Conclusion A consolidator - management team with track record of integration Respected name with strong client retention Robust systems infrastructure Improving markets and demographics

Trust

Trust Division Results 0.4 UK 0.4Exceptional Gains 1.6Segmental Analysis (per accounts) 1.5Jersey (0.7)International (0.4) (1.1) (0.2) 3.6 H12003£mH22003£mTotal2003£mTotal2002£m Pre-Goodwill

Trust Division Strategic Challenges The changing client base Offshore jurisdictions Regulatory changes Strategic fit with Investment Management Implementation New management in place £1.2m of cost savings in International Business (ex Jersey) but £2.2m drop in income Strengthened review processes

Conclusion & Current Trading

Conclusion and Current Trading Demographic potential Strong Investment Performance National presence Improved markets

Appendices

Investment Management - Our Market £100,000 - £10 million + Domestic private individuals and trusts £100,000 - £10 million + £100,000 - £10 million + International private individuals and trusts £100,000 - £10 million + UK Unit Trusts (including Bespokes) £500,000 - £50 million Charities £500,000 - £50 million Pension Funds - mainly in SIPP form Competitors GAM Cazenove Kleinworts NM Rothschild HSBC

Market Movements & Funds Under Management

Productivity Based on Number of Core Discretionary Clients (Rebased to 100)

Quarter by Quarter Analysis Pre-Tax, Pre-Goodwill Profit (£m) Investment Management Trust Total Q1Q2Q Q4 FTSE 100 Index Total 4103* * Average

Location of Funds Under Management & Profitability London Liverpool Regional Offices Q1Q Q Q Total 18.1 Funds under Management at 31st December 2003 £bnPre-Tax Pre-Goodwill Profit by Quarter 2003 £m

Quarter by Quarter Analysis Pre-Tax, Pre-Goodwill Profit (£m) (As per segmental analysis) FTSE 100 Index (rebased)

Pre-Tax Profits (before goodwill and exceptional items) (£ million)

Analysis of Expenditure (excluding Goodwill) for 12 months to 31st December 2003£38.1m£4.0m£4.7m£3.1m£3.0m£2.9m£2.6m£3.6m

Analysis of Gross Income for 12 months to 31st December 2003£66.0m£20.2m£5.8m

Analysis of Investment Management Income for 12 months to 31st December 2003 £27.0m £27.0m£20.7m£10.0m

Consolidated Balance Sheet as at 31st December 2003