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Rathbone Brothers Plc

Rathbone Brothers Plc. Announcement of Interim Results to 30 June 2007 26 July 2007. The presentation team. “ The six months ended 30 June 2007 has seen Rathbones again produce record results. ” Mark Powell, Chairman. Results highlights . Operating income. Operating expenses.

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Rathbone Brothers Plc

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  1. Rathbone Brothers Plc Announcement of Interim Results to 30 June 2007 26 July 2007

  2. The presentation team

  3. “The six months ended 30 June 2007 has seen Rathbones again produce record results.” Mark Powell, Chairman

  4. Results highlights

  5. Operating income

  6. Operating expenses

  7. Other financial matters • Effective tax rate • Intangible assets – acquisitions/recruitments • Capital Requirements Directive • LSE shares

  8. Profits by segment

  9. Trust and tax • Improved performance (positive contribution of Jersey office) • Continues to secure and retain important investment management mandates • HMRC initiatives • New business in Geneva and UK • Singapore

  10. Investment management

  11. Investment management Growth in segregated funds under management

  12. Investment management – business growth • Value of segregated portfolios under management rose by 8.7% to £11.2 billion (during six months ended 30 June 2007) • £1 billion of charity funds • SIPP panel relationships • 155 investment professionals • Investing for the future

  13. Unit trusts

  14. Unit trusts Growth in funds under management

  15. Unit trusts • Continued growth in funds under management to £2.1 billion as at 30 June 2007 • Cost of distribution • New funds • Third party mandates • The Investment Process continues to deliver results • Change of administrator

  16. Unit trusts Building a strong team

  17. The Investment Process - asset allocation • Emphasis remains long-only equity • Greater availability of quality product that is suitable for private clients: • fund of hedge funds • structured products • private equity vehicles • property • Internal specialists seek to identify the “best in breed” for each asset class

  18. Investment Process - where our clients’ assets are invested • 13% invested in third party collectives • 3% invested in in-house funds

  19. The Investment Process - stock selection • Stock selection remains the centre of the process – across asset classes • Fundamental analysis to identify strong business models • Stock selection draws from unit trust research • More than 500 company meetings a year

  20. Issues for H2 2007 • Market levels and momentum • Organic growth • MiFID • CRD/Basel II

  21. Conclusion and current trading “We continue to experience encouraging levels of enquiry throughout the business and subject to there being no significant deterioration in world markets, Rathbones remains confident of the future.”Mark Powell, Chairman

  22. 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

  23. Appendices

  24. Analysis of investment management operating income Six months to 30 June 2007

  25. Analysis of operating expenses Six months to 30 June 2007 *Other 2006 H1: 6%

  26. Profits before tax* (£m) 2000 - H1 2007 *excluding LSE-related gains and, in 2005, costs of an aborted acquisition 2004 onwards restated for IFRS

  27. Profit before tax (£m) 1Central revenue (mainly interest) included in net central costs which is allocated to the business areas 2 Profit on sale of shares in London Stock Exchange Group plc.

  28. Market movements and growth Group funds under management FTSE 100 and FTSE APCIMS Balanced rebased at 5574 as at 31 December 2000

  29. Consolidated balance sheetas at 30 June 2007

  30. Unit trust performance Data to 01.07.07 118.7% since launch on 15.05.06. 2Size of fund column data as at 01.07.07. Past performance should not be seen as an indication of future performance. 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.

  31. Unit trust performance Data to 01.07.07 Past performance should not be seen as an indication of future performance. 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.

  32. Unit trust performance Data to 01.07.07 Fund launch dates: Rathbone Global Companies Fund launched 14th May 2001. Rathbone High Income Fund launched 15th May 2006. Past performance should not be seen as an indication of future performance. 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.

  33. 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

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