1

Results for the half year ended 31 March 2020

2

Leadership team

David NicolChief Executive

Siobhan BoylanChief Financial Officer

Robin BeerManaging Director of Investment

Solutions & Distribution

3

AgendaAgenda

1

2

3

Highlights and COVID-19 update

Financial results

Strategic progress

4 Q&A

4 – 6

8 – 18

20 – 24

5 Appendix

25

27 – 41

4

H1 2020 highlights

➢ Resilient financial performance

➢ Strong total flows, 2.7% annualised

growth rate

➢ Income growth supported by acquisitions,

MPS and advice-led services

➢ Swift integration of BDCIIL1

➢ Strong balance sheet and cash of

£144.1m

➢ Capital adequacy ratio of 204%

➢ Dividend held at 4.4p Interim dividend

4.4p

Discretionary inflows

£1.5bn

Adjusted PBT2

£36.5m

Adjusted diluted EPS3

9.5p

1 Rebranded from Investec Capital & Investments (Ireland) Limited (“ICIIL") 2 See adjusted PBT to statutory PBT reconciliation on page 353 See note 8 of the interim results to 31 March 2020

Total funds

£41.4bn

Total income

£175.8m

5

Our response to COVID-19

Moved rapidly to a remote business model

Investment in our

people

Agile processes

Resilient systems

• Values-led decision making

• 99% of our people working from home

• Multiple wellbeing initiatives provided to employees

• Daily calls with leadership team; governance and

oversight for real-time decision making

• Increased frequency of engagement with clients, shift to

digital comms

• All employees set up for remote-working

• Robust systems and controls to mitigate risks prior to

COVID-19

Business continuity maintained

6

Our brand is recognised and known for trusted advice

Recent client survey1 Feedback from clients…

IFA: “Great catch up with Brewin - our regular market

updates are a great way for us to stay informed on

the current approach being taken... allows our clients

to be in the best possible position in this evolving

market”

“Thank you very much for all the letters I have

received. The information is comforting and I really

appreciate it. I’m sure that you are doing your best

for me”

“It's times like this, that we are glad that we are with

Brewin - hopefully your forward planning and

investment in technology will make a real difference

going forward.”

95% would

recommend

Brewin Dolphin

to a friend

1 Survey of Brewin Dolphin clients, April 2020. Q. “Would you recommend Brewin Dolphin to a close friend?” (Y / N). 2,000 responses

7

Financial resultsSiobhan Boylan

8

Strong fund flows despite volatile markets…

34.3

37.5 35.7

H1 2018 H1 2019 H1 2020²

-5%

Total funds (£bn) Discretionary funds (£bn) Discretionary organic net flows3 (£bn)

1.3

0.8

0.5

H1 2018 H1 2019 H1 2020

7.7% 4.3% 2.5%

39.7

42.4

41.4

H1 2018 H1 2019 H1 2020¹

+7% -2%

+9%

Annualised

growth rate

1 Total funds includes £2.7bn from acquisitions2 Discretionary funds includes £1.0bn from acquisitions3 Including transfers

• MSCI PIMFA Private Investor Balanced Index fell by 14.5% and the FTSE 100 Index fell by

23.4% in H1 2020

9

4.4 4.4 4.4

H1 2018 H1 2019 H1 2020

…supporting resilient financial results

38.8 35.6 36.5

H1 2018 H1 2019 H1 2020

-8% +3%

10.8 9.9 9.5

H1 2018 H1 2019 H1 2020

Adjusted1 PBT (£m)

Adjusted1 diluted EPS (p) Interim dividend (p)

1. See adjusted PBT to statutory PBT reconciliation on page 35

21.9%Adjusted margin1 24.0%

-8%

(123.3) (127.6)(138.6)

H1 2018 H1 2019 H1 2020

Total costs1 (£m)

+3%

+9%

161.8 162.3175.8

H1 2018 H1 2019 H1 2020

+8%0%

Total income (£m)

20.8%

-4%

Statutory PBT (£m)

34.1 29.7 28.2

H1 2018 H1 2019 H1 2020

-13%

-5%

10

0.4

0.3

0.3

Direct

➢ Discretionary direct net new flows £0.2bn continue to

benefit from growth of integrated service and 1762 from

Brewin Dolphin. Irish business adding to organic inflows

➢ H1 2020 includes a one-off outflow from a low margin

large institutional client

➢ 60% of new private client business taking advice-led

wealth management services

Indirect

➢ Indirect channel annualised net new flows of 8.7% with

net flows in-line with H1 2019 despite challenging

investor sentiment

➢ Defaqto satisfaction survey: Brewin Dolphin, most used

DFM

MPS0.2

0.2

0.4

Positive net flows supported by MPS and 1762

£bn

H1

2019

H1

2020

Opening discretionary funds 37.6 40.1

Inflows 1.4 1.5

Outflows (0.4) (0.7)

Net new flows 1.0 0.8

Transfers (0.2) (0.3)

Net flows including transfers 0.8 0.5

Acquired - 1.0

Investment performance (0.9) (5.9)

Closing discretionary funds 37.5 35.7

Execution only & BPS 4.0 3.9

Advisory 0.9 1.8

Total closing funds 42.4 41.4

MSCI PIMFA Private Investor

Balanced Index1,587 1,423

H1 2019 H1 2020Direct

Intermediaries

Discretionary net flows excl. transfers (£bn)

11

➢ Acquisitions have contributed £9.3m to total income;

representing 69% of the growth

➢ Increase in direct income driven by higher trading volumes

from market volatility in Q2 20 with commission income up

£3.3m (excl. acquisitions)

➢ Indirect income driven by strong MPS growth

➢ Financial planning income growth largely due to recent

acquisitions (£1.9m) and continued growth from 1762 from

Brewin Dolphin

➢ Other income includes £0.5m contribution from our recent

acquisition of Mathieson Consulting

H1

2019

H1

2020

Change

(%)

£m

Direct 103.5 111.1 +7

Intermediaries

MPS

Indirect

32.9

4.2

37.1

33.2

5.2

38.4

+1

+24

+4

Total discretionary 140.6 149.5 +6

Financial planning

Other income1

12.6

9.1

16.4

9.9

+30

Total income 162.3 175.8 +8

£bn (quarter end)

Average total funds 41.3 45.0 +9

Average discretionary funds 36.5 38.8 +6

Average direct funds 24.2 25.4 +5

Average indirect funds 12.3 13.4 +9

Quarterly average MSCI

PIMFA index2 1,536 1,551 +10

62.4 62.1

8.1 9.1

H1 2019 H1 2020

70.5 71.2

Direct fee margin (bps)3

71.1 69.9

H1 2019 H1 2020

Growth driven by integrated services & acquisitions

IM

Advice

1 Other income includes interest, report writing, XO, advisory and rental income2 Average MSCI PIMFA Private Investor Series Balanced Index3 Revenue margin calculated using funds value as at each quarter’s fee strike date

Intermediaries margin (bps)3

12

Fixed operating costs

➢ Increase of £6.2m resulting from acquisitions:

➢ Staff cost increase of £3.9m

➢ Non-staff cost increase of £2.3m

➢ Non-staff costs (ex. acquisitions) flat compared to H1 2019

Profit share

➢ Profit share 6% higher largely due to acquisitions. H1 2020 discretionary

profit share provided for on an accrual basis

➢ Down 4% per capita in H1 2020 compared to H1 2019

Increase in costs largely driven by acquisitions

£m

H1

2019

H1

2020

Change

(%)

Staff costs 63.2 70.2 +11

Non-staff costs 37.8 40.3 +7

Fixed operating costs 101.0 110.5 +9

Profit share 26.6 28.1 +6

Total costs1 127.6 138.6 +9

Headcount 1,768 1,950 +10

Total staff cost / income (%) 55.3 55.9

Non-staff costs / income (%) 23.3 22.9

Total costs / income (%) 78.6 78.8

Profit share / pre profit

share profit (%)43.4 43.0

66.3

70.2

(1.4)

63.2

1.4 2.0

1.1

3.9

H1 2019 Pay inflation Temp staff Hiring Other² BAU Acquisitions H1 2020

+5% BAU

Staff costs (£m)

1 See adjusted PBT to statutory PBT reconciliation on page 352 Other increase in cost of sales and holiday pay accrual

13

72%

16%

8%4%

Investing in our infrastructure and technologyH1 2020 capex spend of £17.2m (H1 2019: £5.6m)

Client Engage and custody and

settlement systemTechnology

enhancement

(user-experience)

Property1

IT hardware

Normal run rate capex c.£10m per year

• Client Engage £2.5m (FY 2019: £4.6m)

• Custody and settlement systems £9.9m

(FY 2019: £5.6m)

Amortisation of both projects expected to

increase opex by £4m-£5m from FY 2021

1 Property includes office equipment and leasehold improvements

14

Strong cash position, cyclical low in H1

229.2

144.1

9.7

13.0

10.8 6.5

32.0

14.1

23.1 3.3

35.4 2.3

13.3

8.2

138.8

43.9

28.1

58.4

46.6

H1 2

019

Ad

juste

d E

BIT

DA

Capex

Work

ing

cap

ital

Inte

rim

div

ide

nd

M&

A

Pe

nsio

n fundin

g,

inte

rest, tax &

oth

er Pla

cin

g

FY

2019

Ad

juste

d E

BIT

DA

Acquis

itio

ns

(net cash)

Capex

Work

ing

cap

ital

Renta

l paym

ent

Fin

al div

idend

Acquis

itio

n c

osts

Pe

nsio

n fundin

g,

inte

rest, tax &

oth

er

Net share

purc

hases

H1 2

020

£m

15

Balance sheet

£m

FY

2019

H1

2020

Goodwill & client relationships

Software

104.5

12.7

134.1

27.9

Total intangible assets 117.2 162.0

Fixed assets

Defined benefit pension

Other non-current assets

Right of use assets

10.7

17.4

-

-

10.9

23.2

3.0

40.9

Total other non-current assets 28.1 78.0

Net cash

Working capital

Provisions

229.2

(10.2)

(4.4)

144.1

8.0

(4.3)

Total net current assets 214.6 147.8

Lease liabilities

Other non-current liabilities

-

(22.2)

(48.8)

(20.8)

Total non-current liabilities (22.2) (69.6)

Net assets 337.7 318.2

Regulatory capital resources

Capital adequacy (%)

216.0

291

151.6

204

Movement in intangibles:

• Acquisition of BDCIIL £35.0m

• Technology/ system development £15.2m

• Amortisation (£5.4m)

£44.8m

Pension scheme investment strategy

de-risked in December 2019

Impact of IFRS 16 lease accounting-

gross up the balance sheet

16

Sufficient regulatory capital supporting outlook

Net assets

£318.2m

as at 31

March 2020

Capital

deductions

£166.6m

Regulatory

capital

resources

£130.1m

Unaudited

reserves

£21.5m1

Regulatory

capital

resources

£151.6m

Capital

adequacy

204%

Capital

requirement

including

group risk

appetite

(150%)

£111.5m

Surplus

capital

£27.1m

1Unaudited reserves is profit after tax2Estimated based on issued number of shares as at 31 March 2020

Capital resources are 204%

of FCA requirements

Interim dividends

est. £13m2

17

Interim dividend held

3.55 3.65 3.75 3.85 4.25 4.40 4.40 4.40

5.056.25

8.259.15

10.7512.00 12.00

2013 2014 2015 2016 2017 2018 2019 2020

Interim dividend (p)

Final dividend (p)

Total dividend (p)8.6 9.9 12.0 13.0 15.0 16.4 16.4

12.00

1.0 0.2 1.5 1.1 1.1 1.2 1.0 Dividend cover

Dividend policy is to pay 60-80% of annual adjusted diluted earnings per share

18

Updated FY 2020 guidance

Opex

Values-led decision making

addressing the cost base in

anticipation of potential COVID-

19 impacts in H2

Continued progress on large

scale strategic projects. On track

for completion in calendar year

2020

1 Majority of costs relate to non-staff costs and realised in H2

Capex

FY 2020 capex of £30-£33m

(H1 2020: £17.2m)

Operating cost savings of £6-8m

in FY 20201

• Close monitoring of impact on

operations and any change in client

behaviours so we can adapt

appropriately

• Have flexibility to take further action

• FY 2020 capex for Client Engage &

custody and settlement system

expected to be c.£25m (H1 2020:

£12.4m)

• FY 2020 capex of c.£2m for property

(H1 20: £0.9m)

19

Strategic progress

Robin Beer

20

Well positioned in a challenging environment

Diversified

products and

services

People and

cultureInfrastructure

• Enhancing range of

propositions

• Broad investment choices

• 1/3 of all UK intermediaries

use our service

• Focus on investment in our

IT and systems

infrastructure; resilient and

flexible

• New systems enable cost

benefits and support growth

ambitions

• Client focused/people-

centric culture

• Responsive leadership team

• Values-led decision making

• Experienced financial

professionals

• Integrated wealth teams

across the UK and Ireland

Strong brand and loyal clients

Ability to adapt to a changing environment at pace, with a strong balance sheet

and good cash generation

21

Core offeringAdvice-led

Broadening of our direct propositions and services

Advice

Port

folio

Self

directed

Bespoke

Managed

Model

portfolios

Complex

needsNon-advised Advised

Mass market

<£100kVHNW

>£5m

Mass

affluent

£100-250kHNW

£1-5m

Affluent

£250k-

£1m

Market opportunity

1762Financial

planning-led

(more complex

needs)WealthPilotManaged portfolio

(less complex

needs)

BPSDigital self

service

Market

definition

22

H1 progress: delivering on our strategic objectives

• Broadened 1762 proposition

• Launched user-experience technology for WealthPilot

• BPS opened c.900 new accounts in H1 (total accounts >5700)

Opportunity to service more client needs

• Client Engage: final testing phase, go live by early summer

• Launched new ‘Client Valuation Data Service’ designed to

deliver automated client valuations to intermediaries

• Ireland business, completed end of Oct 19

− Migrated clients, people and systems within 6 months

• Custody and settlement system: on track for calendar H2

completion

Creating better user-experience

Opportunity to drive growth and system efficiencies

Provide more

choice for more

clients

Further develop our

client-centric

experience/

proposition

Build a platform for

growth

23

H2 priorities: smooth transition into CEO role

• Successful systems implementation:

− Client Engage

− Custody and settlement system

• Prioritisation of innovation and growth:

− Rollout of new user-experience technology for WealthPilot

− Review the growth drivers, including continued implementation

of Ireland’s business plan

• More focus on our ESG initiatives

Close monitoring of changing environment and client behaviour

due to COVID-19 and adapting at pace

24

Conclusion

✓ Strong balance sheet with good cash generation

✓ Strong and loyal client relationships

✓ Broad range of service offerings to meet changing clients’

needs

✓ Technology investments supporting growth and innovation

Well placed to capture growth in challenging markets

25

Q&A

26

Appendix

27

COVID-19 support to charities and communities

• Donations:

• £22,500 to National Emergencies Trust

• €3,000 to Community Foundation for Ireland

• Volunteering days increased from 1 to 5 days per year (for permanent employees)

• Launch of the ‘Brewin Dolphin Community Relief Fund’: £25,000 made available for

employees to apply for £250 donations for small local charities in their communities

responding to the Covid-19 crisis

• Donations to office charity partners: 16 offices have selected a charity partner this

year and we have made a donation to each

• Volunteering for charity partners: reaching out to charity partners to offer any sort of

remote volunteering support

28

KPIs

Build a platform for

growth

Adjusted PBT margin3 (%) 22 23 24 22 21 25

Capital adequacy ratio (%) 232 232 234 291 204Min

150

Provide more

choice for more

clients

Discretionary fund inflows (%) 4 8 7 4 21 5

Net promoter score (-100% /

+100%)+45 +48 +44 +51 n/a +462

Further develop

our client centric

experience/

proposition

Overall client satisfaction

(n/10)8.4 8.5 8.5 8.6 n/a 8.52

Discretionary funds per

CF30 (£m)64 75 80 81 72 100

Maintain a culture

we are proud ofEmployee engagement (%) 78 82 83 87 n/a 772

1 Annualised2 Benchmark3 See adjusted PBT to statutory PBT reconciliation on page 354 See note 8 of the interim results to 31 March 2020

RG

RG

RG

CS

IE

IE

IE

CS

RG

IE

CS

Revenue growth

Improved efficiency

Capital efficiency and shareholder return

Adjusted EPS4 16.8 19.6 21.7 20.5 9.5 n/a

Dividends (p)

Dividend payout ratio

13.0

(77%)

15.0

(77%)

16.4

(76%)

16.4

(80%)n/a

60% -

80%CS

29

Continued improvement in quality

38

71 68

4

89

41

20 2217

1 1

2010 H1 2019 H1 2020

Discretionary 51

89 87

16

99

33

24

Execution

only

Advisory

Asset mix % Income profile %

FY

2010

H1

2019

H1

2020

H1

2019

H1

2020

Fees

FP income

Commissions

Other Income

FY

2010

30

Funds summary

£bn

H1

2019

FY

2019

H1

2020

6

month

change

%

12

month

change

%

Private clients

Charities and corporates

Direct discretionary

Intermediaries

MPS

Indirect discretionary

20.1

4.7

24.8

9.5

3.2

12.7

21.4

4.9

26.3

10.0

3.8

13.8

18.9

4.3

23.2

8.8

3.7

12.5

-12

-12

-12

-12

-3

-9

-6

-9

-6

-7

+16

-2

Discretionary 37.5 40.1 35.7 -11 -5

BPS

Execution only

0.2

3.8

0.2

3.9

0.2

3.7

Advisory 0.9 0.8 1.8

Total funds 42.4 45.0 41.4 -8 -2

MSCI PIMFA Private Investor

Balanced Index1,587 1,665 1,423 -15 -10

FTSE 100 Index 7,279 7,408 5,672 -23 -22

31

H1 2020 fund flows and transfers

£bn

Private clients

Charities and corporates

Direct discretionary

Intermediaries

MPS

Indirect discretionary

Discretionary funds

BPS

Execution only

Advisory

Total funds

Inflows OutflowsNet new

flows

0.5

0.2

(0.3)

(0.2)

0.2

-

0.7

0.4

0.4

0.8

(0.5)

(0.2)

-

(0.2)

0.2

0.2

0.4

0.6

1.5 (0.7) 0.8

-

0.1

-

(0.3)

-

(0.2)

0.1 (0.1) -

1.7 (1.1) 0.6

Net flows

-

-

-

0.1

0.4

0.5

0.5

-

0.1

-

0.6

Annualised growth rate %

Inflows Outflows

Net new

flows

+5

+8

-3

-8

+2

-

+5

+8

+21

+12

-4

-4

-

-3

+2

+4

+21

+9

+7 -3 +4

+5 -15 -10

+8 -5 +3

Transfers

(0.2)

-

(0.2)

(0.1)

-

(0.1)

(0.3)

-

0.3

-

-

32

Fees and commissions

£m

H1

2019

H1

2020

Change

(%)

Fees

Commissions

112.2

28.4

115.8

33.7

+3

+19

Discretionary 140.6 149.5 +6

BPS (Fees only) 0.6 0.7 +17

Fees

Commissions

2.2

3.1

2.2

3.5

-

+13

Execution only 5.3 5.7 +8

Fees

Commissions

1.1

0.2

1.6

0.6

+45

+200

Advisory 1.3 2.2 +69

Total fees

Total commissions

116.1

31.7

120.3

37.8

+4

+19

Total fees and commissions 147.8 158.1 +7

Financial planning

Other income

12.6

1.9

16.4

1.3

+30

-32

Total income 162.3 175.8 +8

33

Total funds and income margin

H1 2019

Average

funds1

£bn

H1 2020

Average

funds1

£bn

H1 2019

Income

£m

H1 2020

Income

£m

H1 2019

Average

margin1

bps

H1 2020

Average

margin1

bps

Discretionary 36.5 38.6 140.6 149.5 77.0 77.9

YoY change 6% 6% 1%

0. 0.

BPS 0.2 0.2 0.6 0.7 69.5 71.5

Execution only 3.7 4.1 5.3 5.7 28.6 28.0

YoY change 11% 8% (2%)

Advisory 0.9 1.9 1.3 2.2 29.4 26.1

YoY change 111% 69% (11%)

Total 41.3 44.8 147.8 158.1 71.5 71.1

YoY change 8% 7% (1%)

1Calculated using funds value as at quarter end fee strike dates. Following the completion of the acquisition on 31st October 2019, BDCIIL contributed

income to the group for five months during H1 20. The revenue margins provided are calculated on the basis that income from BDCIIL was generated for

the full six months of the period

34

Discretionary funds and income margin

H1 2019

Average

funds1

£bn

H1 2020

Average

funds1

£bn

H1 2019

Income

£m

H1 2020

Income

£m

Change

%

H1 2019

Average

margin1

bps

H1 2020

Average

margin1

bps

Direct 24.2 25.2 Fees 75.6 78.0 3% 62.4 62.1

YoY change 4% Commissions 27.9 33.1 19% 23.1 26.5

103.5 111.1 7% 85.5 88.6

Intermediaries 9.2 9.5 Fees 32.4 32.6 1% 70.1 68.6

YoY change 3% Commissions 0.5 0.6 20% 1.0 1.3

32.9 33.2 1% 71.1 69.9

MPS 3.1 3.9 Fees 4.2 5.2 24% 27.5 27.2

YoY change 26%

Total discretionary 36.5 38.6 Fees 112.2 115.8 3% 61.4 60.3

YoY change 6% Commissions 28.4 33.7 19% 15.6 17.6

140.6 149.5 6% 77.0 77.9

1Calculated using funds value as at quarter end fee strike dates. Following the completion of the acquisition on 31st October 2019, BDCIIL contributed income to the

group for five months during H1 20. The revenue margins provided are calculated on the basis that income from BDCIIL was generated for the full six months of the

period

35

Statutory PBT reconciliation

£m

H1

2019

H1

2020

Change

(%)

Profit before tax and adjusted items 35.6 36.5 +3

Defined benefit pension scheme past service costs

Acquisition costs

Incentivisation awards

Adjusted items

Amortisation of client relationships & brand

(1.9)

(0.5)

(0.2)

(2.6)

(3.3)

-

(2.3)

(0.6)

(2.9)

(5.4)

Statutory profit before tax 29.7 28.2 -5

Tax (6.9) (6.8)

Statutory profit after tax 22.8 21.4 -6

Statutory diluted earnings per share (p) 8.1 7.1 -12

36

Regional network

£bn

H1

2019

H1

2020

Change

(%)

London / South East 12.1 10.9 -10

Scotland / Northern England 8.4 7.5 -11

Central and Islands1 5.6 6.1 +9

Midlands and South West 8.2 7.5 -9

Models 3.2 3.7 +16

Total discretionary funds 37.5 35.7 -5

1includes Brewin Dolphin Ireland 1.3 2.1 +62

37

Brewin Dolphin Ireland - combined business profile

BDI1 BDCIIL1 Combined

AuMA (£bn) £1.3bn £2.6bn £3.9bn

Clients (#) c.1,600 c.4,400 c.6,000

Revenue (£m) £5.1m £6.1m £11.2m

Number of staff 38 49 87

1 Figures as at 31 March 2020, revenue for BDI is for six months, revenue for BDCIIL is for five months (November 2019 – March 2020)

38

Complexity of client advice needs

Well positioned with broad spectrum of choice

• Wealth advice service

- Face-to-face delivery

- Advice across all areas of

clients’ financial needs

- Broad range of investment

solutions• Simplified financial advice

service

- Face-to-face in office & digital

delivery

- Pensions, investment & protection

- Active & passive investment

solutions

• Non advised self select

investment service

- Fully automated delivery

- £2,000 entry point

- GIA, ISA, JISA & Bare Trusts

- Risk rated passive portfolios

• Complex financial advice

service

- Face-to-face delivery

- Advice across all areas of

complex clients’ financial needs

- Broad range of investment

solutions

BPS

WealthPilot

Wealth Core

1762

“More choice for more

people”

“Spectrum of yes”

39

Asset allocation (balanced) as at 31 March 2020

Asset class

MSCI

PIMFA

Balanced

%

BD

Balanced

%

Cash 5.0 4.5

Gilts

Corporate bonds

UK index linked bonds (O/B)

5.0

10.0

2.5

6.0

8.5

1.5

Bonds 17.5 16.0

UK

North America

Dev’d Europe ex UK

Japan

Asia

Emerging

Overseas

30.0

20.3

4.7

2.3

4.2

1.0

32.5

30.0

22.5

6.0

2.5

4.0

1.0

36.0

Equities 62.5 66.0

Hedge funds / Absolute return (O/B)

UK commercial property

10.0

5.0

10.0

3.5

Alternatives 15.0 13.5

Total 100.0 100.0

40

Major shareholders as at 1 May 2020

% holding

Royal London Asset Management 5.18

Aberforth Partners 5.05

BlackRock 4.66

Kabouter Management 4.44

Janus Henderson 3.91

Vanguard group 3.88

M&G Investment Management 3.86

Kames Capital 3.68

Legal and General Investment Management 3.61

Other1 61.73

1 of which Brewin Dolphin staff and former staff

including Employee Benefit Trust 14.04

41

Disclaimer

The information contained in this document has been prepared by Brewin Dolphin Holdings PLC (the "Company"). No representation or warranty, express or

implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Company or by any of its affiliates or agents as

to or in relation to, the accuracy or completeness of this document or any other written or oral information made available to or publicly available to any

interested party or its advisers, and any liability therefore is expressly disclaimed. Notwithstanding the aforesaid, nothing in this paragraph shall exclude

liability for any undertaking, representation, warranty or other assurance made fraudulently.

This document does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities in the Company nor shall it

or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. No

reliance may be placed for any purpose whatsoever on the information or opinions contained in this document, the presentation or on the completeness,

accuracy or fairness.

Certain statements in this document are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its

future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such

as "aim", "anticipates", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-

looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the

development of the industry in which the Company's business operates to differ materially from the impression created by the forward-looking statements.

These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause

actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective

investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements

and, except as required by the FCA, the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any

forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the content of the Company's website: www.brewin.co.uk (or any other website), nor the content of any website accessible from hyperlinks on such

websites, is incorporated into, or forms part of this document.

13 May 2020

42

12 Smithfield Street, London, EC1A 9LA

Tel: 020 3201 3900

Email: investor.relations@brewin.co.uk

https://www.brewin.co.uk