Interim Results - Brewin Dolphin

Interim ResultsFor the half year ended 31 March 201619 May 20161

Agenda1Highlights2Financial results3Progress on growth plans4Q&ADavid NicolChief ExecutiveAndrew WestenbergerFinance Director2

Results highlights3

Highlights Overall business performance resilient despite market headwinds: Growth in discretionary funds and core income Decline in other income in line with expectations Continued organic inflows into discretionary funds Growth in financial planning income Strong contribution from the intermediaries business Executive Committee expanded with broader client facing representation Progress across new growth initiatives Belief in long-term growth prospects stronger than ever4

Results highlightsDiscretionary funds ( bn)Income ( m)18.4-40%24.8FY 201511.1Otherincome126.1Coreincome25.9 4%125.0H1 2016Adjusted* PBT margin (%)22.6 1%H1 2015H1 2016Adjusted* diluted EPS (p)32.4-12%H1 201528.4H1 2016Interim dividend (p)9.020.7H1 2015Adjusted* PBT ( m)H1 2016-12%H1 20157.9H1 20163.75H1 20153.85 3%H1 2016* These figures have been adjusted to exclude redundancy costs, FSCS levy rebate, onerous contracts, one-off migration costs, disposal of available-for-sale investment and amortisation of client relationships.5

Financial highlights6

Financial 18.4 1-40251.332.4137.2143.4-4283.7Fixed staff costsOther operating costs(53.1)(33.2)(52.6)(33.3) 1 0(104.0)(69.0)Total fixed operating costs(86.3)(85.9) 0(173.0)50.957.5-11110.7Variable staff costs(22.7)(25.4)-11(49.0)Adjusted operating profit28.232.1-1261.7Adjusted profit before tax28.432.4-1262.2Adjusted PBT margin (%)Adjusted diluted EPS (p)Interim dividend (p)Final dividend (p)20.77.93.85n/a22.69.03.75n/a-12 4 mCore incomeOther incomeTotal incomeProfit pre variable staff costsAverage FTSE 100 IndexAverage WMA Balance Index7

Funds summaryChange (%)H12015FY2015H12016H1 2016 vFY 2015H1 2016 vH1 201526.224.825.9 4-13.83.73.6-3-5Core funds30.028.529.5 4-2Advisory4.53.53.3-6-27Total funds34.532.032.8 3-53,6843,4213,556 4-3 bnDiscretionaryExecution onlyFTSE WMA Private Investor SeriesBalanced Portfolio Index8

H1 funds movementFY2015Totalnet flowsInvestmentperformanceH12016Annualisednet flows%24.80.40.725.9 33.70.2(0.3)3.6 11Core funds28.50.60.429.5 4Advisory3.5(0.4)0.23.3-23Total funds32.00.20.632.8 1 bnDiscretionaryExecution only9

H1 funds flow summaryH12016 bnH12016InflowsOutflowsNetTransfersNet flowsDiscretionary1.1(0.7)0.40.0Execution only0.2(0.3)(0.1)Core funds1.3(1.0)Advisory0.0Total funds1.3Annualised flow rates (%)InflowsOutflowsTransfersTotal0.4 9-6 0 30.30.2 11-16 16 110.30.30.6 9-7 2 4(0.1)(0.1)(0.3)(0.4) 0-6-17-23(1.1)0.20.00.2 8-7 0 110

H1 discretionary funds movement in detail 0.2bn elevatedoutflows due torestructuredbranches 0.1bn FP led bn260.50.4September 2015(0.6)0.7(0.1)March tember2015DirectInflowsIntermediaries – BespokeOutflowsInvestmentperformanceIntermediaries – MPSMarch2016D to C – BPS11

H1 core incomeDiscretionary m1.00.80.3(1.0)126.1125.0H12015 mDiscretionaryfunds anningChange(%)ExecutiononlyH12016Discretionary revenue margin (bps)DirectDiscretionary income112.7112.7 0Financial planning7.38.1 11Execution only5.05.3 6125.0126.1 1IntermediariesMPSCore income92BPS77307012

H1 other income visory est2.11.2-43Other income18.411.1-40 mAdvisory incomeH12016Change(%)13

H1 cash flow m35.1(1.5)(3.4)(26.4)(2.7)(6.4)(22.4)(2.2)149.8FY gCapexWorkingcapitalInterest& taxNet perationsH1 2016cashDiscontinuedoperationsH1 2016Total cash14

Progress on growthplans15

Direct Continued focus on organic discretionary funds inflows Expanded Financial Planning resource and capability Launched first two specialised professional service propositions with more to come Entry level non-advised (BPS) opened to new clients ( 2,500 clients, 120m funds),with full on-line product roll out scheduled for H2 New client goal-focused brand positioning implemented. Backed by structured contentand events-based campaigns to drive new prospect and client conversations16

Intermediaries 6.4bn of discretionary funds from 1,600 intermediary relationships 0.9bn in managed solution (MPS) from 361 intermediary relationships, including 94new relationships Passive version of MPS built for launch in H2 In-house platform ready for H2 launch ARC risk metric adoption in progress Online access portal under further development in H217

Expansion Cambridge office opened as part of South East growth strategy Firmly back in hiring mode – talented IMs / FPs approaching us Operating model capable of scaling to allow growth Aiming for balanced direct/agent net growth by 2020 Aiming to grow discretionary funds by a third over next five years18

ncyDividendgrowthDiscretionary fund inflows (%)67535Revenue growth (%)521-4n/aAdjusted PBT margin (%)18.520.821.920.725 Discretionary income per CF30( ’000)370443502517490% of managed funds in discretionaryservice7682888990Discretionary funds per CF30 ( m)4149555975Average client portfolio ( ’000)420478498537500Capital adequacy ratio (%)226241248230Min 150Dividend pay out (%)606270n/a60-80Adjusted EPS growth (%) – diluted15117-12n/aDividend growth (%)201521n/an/a19

Q&A20

Appendices21

Regional networkDiscretionary fundsSept2015March2016London / South East7.98.3 5Scotland / Northern England7.07.3 4North West / Midlands4.14.2 2South / West & Wales3.43.4-Other1.71.7-Models0.71.0 4324.825.9 4 bnTotal fundsChange%22

Statutory PBT reconciliation mH12016H12015Adjusted profit before tax28.432.4-9.7Exceptional costs(3.6)0.3Amortisation of client relationships(3.3)(5.2)Statutory profit before tax21.537.2Tax(4.3)(7.6)Exceptional gainProfit after taxProfit/(loss) after tax fromdiscontinued operationsProfit for the period17.229.6-0.517.230.1 mOperating profitCosts of separationProfit/(loss) before taxTaxProfit/(loss) after tax fromdiscontinued .1)0.2(11.1)0.7(0.2)3.4(0.2)-(7.7)0.5 14m sales proceeds received on 29 April 2016from the sale of Stocktrade23

Dividend history12.009.908.608.257.156.255.053.60Final dividend (p)Interim dividend (p)3.553.553.653.753.852012201320142015H1 201624

Balance sheetH12016FY2015Goodwill & client relationshipsSoftware7410789Total intangible assets8487Fixed assetsDefined benefit schemeOther non-current assets6111811Total other non-current assets1819Net cashWorking capitalProvisionsShares to be issued11718(9)-150(4)(7)(9)Total net current assets126130Defined benefit schemeOther non-current liabilities(6)(3)(14)Total non-current liabilities(6)(17)Net assets222219Regulatory capital resources140145 m25

Shareholders as at 10 May 2016% holdingRoyal London Asset Mgmt6.36Kames Capital5.42FIL Investment Int'l5.17Aberforth Partners5.15JO Hambro4.22Aviva Investors4.21Henderson Global Investors3.24Unicorn Asset Mgt3.15Other63.0826

Board and Executive CommitteeExecutive CommitteeBoardDavid NicolCEOAndrewWestenbergerFinance DirectorNON-EXECUTIVE DIRECTORSSimon MillerChairmanKath CatesCaroline TaylorAngela KnightSenior IndependentDirectorIan DewarPaul WilsonDavid NicolCEOAndrewWestenbergerFinance DirectorSusan BeckettGroup Risk andCompliance DirectorRobin BeerGroup Head ofIntermediaries andInstitutionalRichard BuxtonGroup HumanResources DirectorCharlie FerryCo-head of PrivateClientsNick FitzgeraldHead of FinancialPlanningPaul JonesChief of StaffStephen JonesCo-head of PrivateClientsThomas LackCOO27

DisclaimerThe information contained in this document has been prepared by Brewin Dolphin Holdings PLC (the "Company"). No representation or warranty, express orimplied, 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 inrelation 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 orits 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 orany 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 reliancemay be placed for any purpose whatsoever on the information or opinions contained in this document, the presentation or on the completeness, accuracy orfairness.Certain statements in this document are forward-looking statements which are based on the Company's expectations, intentions and projections regarding itsfuture 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 forwardlooking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and thedevelopment of the industry in which the Company's business operates to differ materially from the impression created by the forward-looking statements. Thesestatements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual resultsto differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautionednot to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required bythe 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 (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or anyother website) is incorporated into, or forms part of this document.19 May 201628

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Contact Us12 Smithfield Street, London, EC1A 9BDTel: 020 3201 3900Email: london@brewin.co.ukhttps://www.brewin.co.uk30

Results highlights 125.0 126.1 18.4 11.1 H1 2015 H1 2016 9.0 7.9 H1 2015 H1 2016 Discretionary funds ( bn) Income ( m) Adjusted* PBT ( m) Adjusted* PBT margin (%) Adjusted* d iluted EPS (p) Interim dividend (p) 32.4 28.4 H1 2015 H1 2016 3.75 3.85 H1 2015 H1 2016 24.8 25.9 FY 2015 H1 2016