1. www.rathbones.comRathbone Brothers Plc Announcement of Preliminary Results to 31 December 2005 8 March 2006

2. www.rathbones.com 8 March 2006 Page 2 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Mark Powell Chairman Andy Pomfret Chief Executive Sue Desborough Finance Director Andrew Morris Director The executive team

3. www.rathbones.com 8 March 2006 Page 3 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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. www.rathbones.com 8 March 2006 Page 4 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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. www.rathbones.com 8 March 2006 Page 5 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Results highlights 2005 income statement (£m) LSE-related profits (£m) Rensburg- related costs (£m) 2005 Adjusted (£m) 2004* Adjusted (£m) % increase Operating income113.2(2.3)110.993.818.2 Operating expenses77.9(1.4)76.567.014.2 Profit before tax35.334.426.828.4 Earnings per share (p)60.133.36(3.99)59.5045.4430.9 Dividend (p)30.027.59.1 1 *Restated for IFRS

6. www.rathbones.com 8 March 2006 Page 6 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Operating income (adjusted) 2005 (£m)2004* (£m)% increase Investment management income75.063.318.5 Unit trust income10.56.854.4 Trust income21.520.54.9 Other income3.93.221.9 Operating income110.993.818.2 *Restated for IFRS

7. www.rathbones.com 8 March 2006 Page 7 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Operating expenses (adjusted) 2005 (£m)2004* (£m)% increase Fixed staff costs36.935.44.2 Variable (include profit-related) staff costs13.39.343.0 Total staff costs50.244.712.3 Other operating expenses26.322.317.9 Operating expenses76.567.014.2 Adjusted cost/income ratio69%71% *Restated for IFRS

8. www.rathbones.com 8 March 2006 Page 8 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Profits by segment 2005 (£m)2004* (£m)% change Investment management27.422.2+23.4 Unit trusts3.81.3+182.4 Trust3.23.3-2.7 34.426.828.1 *Restated for IFRS

9. www.rathbones.com 8 March 2006 Page 9 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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 Operating profit (£m) H1H2Total 20051.51.73.2 20041.91.43.3

10. www.rathbones.com 8 March 2006 Page 10 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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 & Poors 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. www.rathbones.com 8 March 2006 Page 11 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Unit trusts Operating Income 2005 (£m)2004* (£m) Initial charges net of discounts1.10.9 Annual management charges13.78.8 Net dealing profits1.40.9 Interest & other income0.50.1 16.710.7 Commission payable(0.6)(0.5) Rebates and trail commission(5.6)(3.4) Unit trust operating income10.56.8 *Restated for IFRS

12. www.rathbones.com 8 March 2006 Page 12 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Unit trusts Growth in funds under management 2005 £bn2004 £bn Opening funds under management0.80.5 Market movement (FTSE 100) 0.1- Inflow of new money0.40.3 Outflow of money(0.1) Effect of performance relative to market-0.1 Closing funds under management1.20.8 Net new money0.30.2

13. www.rathbones.com 8 March 2006 Page 13 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management Operating income 2005 (£m)2004* (£m)% increase Fees39.631.027.7 Commission26.424.86.5 Interest9.07.520.0 75.063.318.5 Average FTSE/APCIMS Balanced Index on charging dates 2597231312.3 Basis point return9997 *Restated for IFRS

14. www.rathbones.com 8 March 2006 Page 14 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management Growth in segregated funds under management 2005 £bn2004 £bn Opening funds under management6.96.3 Market movement (FTSE/APCIMS Balanced) 1.00.4 Inflow of new money – organic0.90.5 Outflow of money(0.5)(0.2) Effect of performance relative to market-(0.1) Closing funds under management8.36.9 Net new money0.40.3 Average funds under management7.66.5

15. www.rathbones.com 8 March 2006 Page 15 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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. www.rathbones.com 8 March 2006 Page 16 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: Dexia Dexias UK private banking operations What we are buying: Investment management Banking book Timetable Court approval Date of transfer Accommodation Financial impact

17. www.rathbones.com 8 March 2006 Page 17 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base (1) Funds under management by type of account Source: Internal data.

18. www.rathbones.com 8 March 2006 Page 18 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Funds under management by type of account Investment management: client base (2) Source: Internal data.

19. www.rathbones.com 8 March 2006 Page 19 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base (3) Profile of client numbers by locationProfile of client FUM by location Internal data. Private clients only.

20. www.rathbones.com 8 March 2006 Page 20 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base (4) Profile of client numbers by ageProfile of client FUM by age Internal data. Private clients only.

21. www.rathbones.com 8 March 2006 Page 21 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base (5) Profile of client numbers by gender Internal data. Private clients only. Breakdown by funds under management almost the same

22. www.rathbones.com 8 March 2006 Page 22 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base Change in value of clients: December 2001 – December 2005 % change FTSE All Share+12.8% FTSE APCIMS Balanced+11.0% Value of total funds under management (ex-RUTM)+34.3% Number of clients banded by value Total number of clients+4.3% <£100,000-18.9% £100,000 - £249,999+16.2% £250,000 - £499,999+35.9% £500,000 - £999,999+45.2% £1million ++66.5%

23. www.rathbones.com 8 March 2006 Page 23 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Investment management: client base Private client focus Bias towards discretionary Well-diversified client base Growth potential

24. www.rathbones.com 8 March 2006 Page 24 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Issues for 2006 Market levels and momentum Organic growth Dexia acquisition Pension deficit Pensions – A-day Further consolidation in sector LSE shares

25. www.rathbones.com 8 March 2006 Page 25 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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. www.rathbones.com 8 March 2006 Page 26 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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. www.rathbones.com 8 March 2006 Page 27 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Appendices

28. www.rathbones.com 8 March 2006 Page 28 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Analysis of investment management operating income 12 months to 31 December 2005

29. www.rathbones.com 8 March 2006 Page 29 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Analysis of operating expenses (excl Rensburg-related) 12 months to 31 December 2005

30. www.rathbones.com 8 March 2006 Page 30 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Operating profit (£m) 2000 - 2005 After IFRS restatement

31. www.rathbones.com 8 March 2006 Page 31 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Market movements and growth Group funds under management FTSE 100 and FTSE APCIMS Balanced rebased at 5574 as at 31 December 2000

32. www.rathbones.com 8 March 2006 Page 32 Rathbone Brothers Plc Preliminary Results to December 31, 2005 Consolidated balance sheet as at 31 December 2005 Assets 31/12/05 £000 31/12/04* £000 Liabilities 31/12/05 £000 31/12/04* £000 Cash and balances at central banks 51115,840Deposits by banks1,8533,243 Settlement balances 14,01711,199Settlements balances16,13315,238 Loans and advances to banks 144,97557,881Derivative financial instruments719 Loans and advances to customers 37,52041,226Due to customers493,612425,078 Investment securities – available-for-sale 5,1577,219Debt securities in issue141286 Investment securities – held-to-maturity 396,000381,119Accruals, deferred income, provisions27,52623,003 Intangible assets 60,10159,860Current tax liabilities7,8696,067 Property, plant and equipment 4,2954,480Retirement benefit obligations18,71014,983 Deferred tax asset 8,5994,379Called up share capital2,0632,043 Prepayments, accrued income, other assets 25,09322,154Share premium/other reserves70,50069,223 Retained earnings57,85446,174 Equity shareholders funds130,417117,440 Total assets 696,268605,357Total liabilities696,268605,357 *Restated for IFRS

33. www.rathbones.com 8 March 2006 Page 33 Rathbone Brothers Plc Preliminary Results to December 31, 2005 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