1. www.rathbones.comRathbone Brothers Plc Announcement of Interim Results to 30 June 2005 1 September 2005

2. www.rathbones.com 1 September 2005 Page 2 Rathbone Brothers Plc Interim Results to June 30, 2005 Mark Powell Chairman Andy Pomfret Chief Executive Sue Desborough Finance Director Paul Chavasse Chief Operating Officer The Executive Team

3. www.rathbones.com 1 September 2005 Page 3 Rathbone Brothers Plc Interim Results to June 30, 2005 Rathbone Brothers Plc A more favourable environment in world stock markets has provided the backdrop for solid progress by Rathbones during the first half of 2005. Mark Powell, Chairman

4. www.rathbones.com 1 September 2005 Page 4 Rathbone Brothers Plc Interim Results to June 30, 2005 Results Highlights H1 2005% increase Operating income£53.9m14.0 Operating profit (before Rensburg-related costs) £16.1m21.1 Operating profit (after Rensburg-related costs) £14.7m10.5 Earnings per share (after Rensburg-related costs) 25.46p9.4 Dividend11.5p9.5 Funds under management # £8.4bn*9.1 FTSE APCIMS Balanced Index # 25245.0 FTSE 100 Index # 51136.2 Average FTSE APCIMS Balanced Index on charging dates 24819.0 Average FTSE 100 Index on charging dates502812.4 1 #as at 30 June 2005 *increase since 31 Dec 2004

5. www.rathbones.com 1 September 2005 Page 5 Rathbone Brothers Plc Interim Results to June 30, 2005 Operating Income H1 2005 (£m)% increase Investment management fees18.825.3 Investment management commissions13.4- Bank interest and other income from investment management activity 4.415.8 Total investment management income36.613.7 Unit trust income4.751.6 Trust income10.72.9 Bank interest from non-investment management activity 1.918.8 Operating income53.914.0

6. www.rathbones.com 1 September 2005 Page 6 Rathbone Brothers Plc Interim Results to June 30, 2005 Operating Expenses (excluding Rensburg-related costs) H1 2005 (£m)% increase Fixed staff costs19.24.9 Variable (including profit-related) staff costs5.918.0 Total staff costs25.17.7 Other costs12.718.7 Operating expenses37.811.2

7. www.rathbones.com 1 September 2005 Page 7 Rathbone Brothers Plc Interim Results to June 30, 2005 Other Financial Issues International accounting standards 2004 restatement issued 4 August 2005 Conversion costs around £0.5m Interpretations still developing Transitional effects Pension fund Capital Requirements Directive

8. www.rathbones.com 1 September 2005 Page 8 Rathbone Brothers Plc Interim Results to June 30, 2005 Investment Management Highlights Segregated funds up 7.2% to £7.4bn (APCIMS Balanced up 5.1%) Charity funds over £600 million Pension funds (predominantly SIPP funds) over £400 million New head of pensions Continued increase in average size of account Collectives – increased use demonstrates investment process

9. www.rathbones.com 1 September 2005 Page 9 Rathbone Brothers Plc Interim Results to June 30, 2005 Investment Management Growth in segregated funds under management Six months to 30/6/05 £bn Year to 31/12/04 £bn Opening funds under management6.96.3 Market movement (FTSE APCIMS Balanced) 0.30.4 Inflow of new money – organic0.40.5 Outflow of money(0.2) Effect of performance relative to market-(0.1) Closing funds under management7.46.9 Net new money0.20.3

10. www.rathbones.com 1 September 2005 Page 10 Rathbone Brothers Plc Interim Results to June 30, 2005 Operations: Scaleability Rathbones existing operations and systems have proved efficient and robust and, the Rathbones Directors believe, have the capacity to cope with a significant increase in client numbers and funds under management. Press release: 31 March 2005

11. www.rathbones.com 1 September 2005 Page 11 Rathbone Brothers Plc Interim Results to June 30, 2005 Operations: Scaleability Common/scaleable platform Investment in core fund management systems - Quasar 6 & Rathbone Investment Desk (RID) Automation of basic processes - order flow, cash payments, corporate events Investment in service enhancements - performance measurement (GIPS), compliance with client mandate module Investment in regulatory compliance and tax reporting – SEC, EUSD

12. www.rathbones.com 1 September 2005 Page 12 Rathbone Brothers Plc Interim Results to June 30, 2005 Operations: Flexibility and Client Service Common operational platform allows flexibility in client service: Offshore investment US clients, EU requirements Differing client requirements - SIPPs, ethical investment, charities, loans Flexible range of asset classes - fixed interest, equities, alternatives, property vehicles Deliver individual service to families, trusts, entrepreneurs and intermediaries

13. www.rathbones.com 1 September 2005 Page 13 Rathbone Brothers Plc Interim Results to June 30, 2005 Operational Scaleability Change in value of client cases 1 : December 2001 – June 2005 % change FTSE All Share+0.1% FTSE APCIMS Balanced+0.5% Value of total funds under management (ex-RUTM)+19.6% Number of Rathbones cases banded by value Total number of Rathbones cases+4.7% <£100,000-11.3% £100,000 - £249,999+15.8% £250,000 - £499,999+26.8% £500,000 - £999,999+27.5% £1million ++37.5% Cases: a case may be several accounts that are effectively managed as one mandate. Commonly this is husband and wife, one or two main accounts and two PEP & ISA accounts.

14. www.rathbones.com 1 September 2005 Page 14 Rathbone Brothers Plc Interim Results to June 30, 2005 Trust Division Continuing progress on managing legacy issues Geneva improving with recent profitable underlying trading Continuing solid performance in Jersey Profit of £1.5m, being 7.7% above H2 2004 but 24.8% below H1 2004 Business development opportunities in Jersey and London

15. www.rathbones.com 1 September 2005 Page 15 Rathbone Brothers Plc Interim Results to June 30, 2005 Unit Trusts Continued growth in funds under management to over £1 billion Good medium to long-term performance across the range of funds Maturing team - appointment of two investment managers to sole managership Developing distribution Fund supermarkets/life companies - proportion of gross sales increasing: Zurich Intermediary Group, AMEX, Skandia, other institutional contacts Ratings and awards continue Increased sales in smaller funds

16. www.rathbones.com 1 September 2005 Page 16 Rathbone Brothers Plc Interim Results to June 30, 2005 Conclusion and Current Trading World stock markets have maintained their comparative strength since 30 June, despite the political and economic uncertainties which exist. Levels of new business enquiries are encouraging and we look forward with confidence. Mark Powell, Chairman

17. www.rathbones.com 1 September 2005 Page 17 Rathbone Brothers Plc Interim Results to June 30, 2005 Appendices

18. www.rathbones.com 1 September 2005 Page 18 Rathbone Brothers Plc Interim Results to June 30, 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

19. www.rathbones.com 1 September 2005 Page 19 Rathbone Brothers Plc Interim Results to June 30, 2005 Analysis of Gross Operating Income 6 months to 30 June 2005

20. www.rathbones.com 1 September 2005 Page 20 Rathbone Brothers Plc Interim Results to June 30, 2005 Analysis of Investment Management Operating Income 6 months to 30 June 2005

21. www.rathbones.com 1 September 2005 Page 21 Rathbone Brothers Plc Interim Results to June 30, 2005 Analysis of Expenditure (excluding Rensburg-related costs) 6 months to 30 June 2005

22. www.rathbones.com 1 September 2005 Page 22 Rathbone Brothers Plc Interim Results to June 30, 2005 Operating Profit (£m) (before Rensburg-related costs) 2000 - H1 2005 After IFRS restatement

23. www.rathbones.com 1 September 2005 Page 23 Rathbone Brothers Plc Interim Results to June 30, 2005 Investment Management Market movements and growth in Group funds under management 1 Year3 Years5 Years FTSE 100 Index+14.5%+9.8%-19.1% FTSE APCIMS Balanced Index+11.3%+10.8%-12.8% Funds Under Management+20.0%+42.4%+68.0%

24. www.rathbones.com 1 September 2005 Page 24 Rathbone Brothers Plc Interim Results to June 30, 2005 Investment Management (incl. unit trusts) Market movements and growth Group funds under management FTSE 100 and FTSE APCIMS Balanced rebased at 5574 as at 31 December 2000

25. www.rathbones.com 1 September 2005 Page 25 Rathbone Brothers Plc Interim Results to June 30, 2005 Trust Division Operating profit (£m) H1H2Total 20051.5 20041.91.43.3

26. www.rathbones.com 1 September 2005 Page 26 Rathbone Brothers Plc Interim Results to June 30, 2005 Unit Trusts Growth of business Source: Rathbones. Mid price basis. All other data offer price or mid price as applicable to fund pricing structure.

27. www.rathbones.com 1 September 2005 Page 27 Rathbone Brothers Plc Interim Results to June 30, 2005 Unit Trusts Internal and external FUM Source: Rathbones. Mid price basis. All other data offer price or mid price as applicable to fund pricing structure.

28. www.rathbones.com 1 September 2005 Page 28 Rathbone Brothers Plc Interim Results to June 30, 2005 Awards 2005 – Winner of:- Specialist Unit Trust Group of the Year 2005 –Rathbone Unit Trust Management Ltd – What Investment?² Most Consistent Unit Trust of the Year 2005 – Rathbone Special Situations Fund – What Investment? ² Best Provider for Ethical Investing – Rathbone Investment Management – Euromoney Private Banking Awards 2005¹ Rathbone Income Fund awarded 1 st place in 5 year UK Marketed Funds, UK Equity Income sector – Standard & Poors Investment Funds Performance Awards 2005² Rathbone Smaller Companies Fund awarded 1 st place in 10 year UK Marketed Funds, Smaller Companies sector – Standard & Poors Investment Funds Performance Awards 2005² 2004 - Winner of:- Winner: UK Income awarded to the Rathbone Income Fund by Investment Week Fund Manager of the Year Awards 2004² Small Fund Manager of the Year 2004 awarded to Rathbone Unit Trust Management Ltd in the Financial Adviser Investment Awards 2004² Gold Rating - Fund Manager of the Year UK (Group) awarded to Rathbone Unit Trust Management Ltd in the Financial Adviser Investment Awards 2004² Best UK General Equity Fund 2004 awarded to the Rathbone Special Situations Fund in the UK All Companies sector by Money Observer² Equity UK - Standard & Poors awarded the Rathbone Special Situations Fund 1st place over 5 years in the UK Marketed Funds sector² UK Smaller Companies - Standard & Poors awarded the Rathbone Smaller Companies Fund 1st place over 10 years in the UK Marketed Funds sector² 1 Awarded to Rathbone Investment Management Limited 2 Awarded to Rathbone Unit Trust Management Limited

29. www.rathbones.com 1 September 2005 Page 29 Rathbone Brothers Plc Interim Results to June 30, 2005 Consolidated balance sheet as at 30 June 2005 Assets 30/6/05 £000 31/12/04 £000 Liabilities 30/06/05 £000 31/12/04 £000 Cash and balances at central banks 30615,840Deposits by banks3,7183,243 Settlement balances 32,93911,199Settlements balances26,63015,238 Loans and advances to banks 141,63457,881Derivative financial instruments-19 Loans and advances to customers 38,46541,226Due to customers525,302425,078 Investment securities – available-for-sale 6,2037,219Debt securities in issue170286 Investment securities – held-to-maturity 403,297381,119Accruals, deferred income, provisions23,36023,003 Intangible assets 60,12059,860Current tax liabilities4,8676,067 Property, plant and equipment 4,1854,480Retirement benefit obligations15,60314,983 Deferred tax asset 5,0424,379Called up share capital2,0542,043 Prepayments, accrued income, other assets 28,04422,154Share premium/other reserves69,96669,223 Retained earnings48,56546,174 Equity shareholders funds120,585117,440 Total assets 720,235605,357Total liabilities720,235605,357

30. www.rathbones.com 1 September 2005 Page 30 Rathbone Brothers Plc Interim Results to June 30, 2005 Notes to Consolidated Balance Sheet Equity investments at market value with uplift in Other reserves Pre 1 Jan 2004 goodwill value frozen but must be reviewed for impairment Defined benefit pension scheme net liabilities included on balance sheet 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