[PPT] - Introduction to Brewin Dolphin August 2020 The opportunity Wealth PowerPoint Presentation

SLIDE 1

Introduction to Brewin Dolphin

August 2020

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The opportunity Wealth management landscape

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A large addressable UK wealth market

435,000 individuals earning over £150k p.a. (+7% yoy)

(1) Source: ONS: Total Wealth: Wealth in Great Britain (2) Source: HM Revenue & Customs: UK Income Tax Liabilities Statistics, includes individuals paying the additional tax rate (data as of 2019)

UK financial and private pension wealth (1)

50,000 (11.5%) East Anglia 36,000 (8.3%) Midlands 4,000 (0.9%) Northern Ireland 22,000 (5.1%) Scotland 5,000 (1.1%) North East 23,000 (5.3%) North West South West and Wales 30,000 (6.9%) Yorkshire 15,000 (3.4%) 150,000 (34.5%) London 100,000 (23.0%) South East

UK individuals earning over £150k p.a.(2)

£4.8trn

£8.2trn

2012 2018 +70%

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Advice gap driving sector opportunities

Onus on individuals to provide for

retirement: shift from employers to employees

Increased demand for financial

planning and expert investment advice: ageing population and generational change

Demand across all segments of

society (mass market, mass affluent, HNW)

6% 3.2m 25% 12.8m 69% 35.1m 9% 4.5m 36% 18.2m 55% 28.3m Source: FCA Interim consumer research to inform FAMR 2018

Number of UK adults that have had regulated financial advice in the last 12 months compared to those that have not had advice in the same period

2017 2018

Had regulated financial advice in the last 12 months Not had regulated financial advice in the last 12 months; might have a need for it Not had regulated financial advice in the last 12 months; less likely to have a need for it OR insufficient information

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Opportunities in the intermediary market 5,246 26,677 3,022,674 501,012

Advice firms Advisers

Source: FCA RMA-B returns for 2018

Continued positive growth characteristics
A highly fragmented advice market in the UK
89% of advice firms have 5 advisers or less

Supply Demand

Retail clients paying for ongoing advice New retail clients paying for ongoing advice

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Investment managers

A fragmented market with diversified business models

Advice Portfolio

Self directed Bespoke Managed Model portfolios Complex needs Non-advised Advised

Mass market <£100k VHNW >£5m Mass affluent £100-250k HNW £1-5m Affluent £250k- £1m

Market opportunity

Private banks Vertically integrated Robo advisers

Market definition

Platforms

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Scale increasingly important in a consolidating market

UK wealth management by AUM (£bn)

112 54 51 49 45 45 42 33 26 25 24 24 22 19 18 15 14 14 14 14 14 13 13 12 Discretionary Advisory & other Source: Latest Company reports and PAM 2019 directory (August), market data as of Sept 2019. (1) Pro forma Lloyds transaction. £13bn Lloyds AuM. (2) Pro-forma Smith & Williamson acquisition. (3) Pro-forma for sale of DFM portfolio. (1) (2) (3)

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Brewin at a glance

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Thinking beyond wealth Individuals and those close to them Clients and colleagues A more rewarding life Doing more of what’s important Wealth as an enabler

Enriching Lives

Our Purpose

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We are focused on growth

Our strategy

Provide more choice for more clients Further develop

ur client

experience Maintain a culture we are proud of Build a platform for growth

and creating shareholder value

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Our scale

Founded in 1762 with over 250 years of experience A large player in the UK and Ireland ➢ £45.0bn* of FuM ➢ £40.1bn* of discretionary FuM A national footprint: local knowledge, national expertise ➢ 34 offices across the UK and Ireland ➢ c.1,800 employees ➢ >300 investment managers ➢ >100 financial planners ‘Introducers’ confident to recommend and use us ➢ 95% of clients would recommend us ➢ >1,700 relationships with firms of IFAs ➢ >500 relationships with professional services firms Robust balance sheet and capital position ➢ Capital adequacy ratio of 291%*

*as at 30th September 2019

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Expanding our distribution and propositions

Distribution Product and proposition

FY 2015 FY 2016 FY 2017 FY 2019 FY 2018 BPS Professional Services Offering WealthPilot 1762 from Brewin Dolphin Mathieson Consulting acquisition Cambridge

ffice

Duncan Lawrie Asset Management acquisition Financial planning academy 8 Waterloo Place Aylwin acquisition Winchester

ffice

Epoch/ Bath office Dundee IFA acquisition ICIIL FY 2013

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Our technology transformation journey

FY 2015 FY 2016 FY 2017 FY 2019 FY 2018 FY 2020

Client Internal

Avaloq custody and settlement system Client engage – CMS system Workspace refresh: move to laptops and Skype / Teams providing staff the ability to work remotely BPS –

nline self

service

ffering

MyBrewin

nline client

portal MyBrewin IOS and android apps WealthPilot financial health tool Eximius: Order Management System True Potential: Financial planning client management tool Integration capability for intermediaries

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Key trends and opportunities

Client needs becoming more complex New digital technologies Increasing demand for alternatives & ESG solutions Enhanced customer reach increasingly important M&A

Continued shift from DB to DC
Pension reforms
Ageing population
Importance of digital interface
Failure of robo-advice to gain scale
Greater demand for alternatives
Growth in ESG products
Ability to reach customers
MPS gaining traction
Cost and regulatory pressures

impacting SME’s

Scale & consolidation

✓ Introduction of new propositions ✓ Expanding advice capability ✓ Mobile app ✓ Digital offerings (BPS, WealthPilot) ✓ MSCI ESG rating of AA1 ✓ Stewardship code embedded ✓ Company wide ESG initiative underway ✓ Branch network expanded to 34 ✓ Growing IFA relationships, +1,700 ✓ Four acquisitions completed in 2019

1 As of November 2019

Trends Brewin Dolphin

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Complexity of client advice needs

More choice for more clients

Wealth advice service
Face-to-face delivery
Advice across all areas of

clients’ financial needs

Broad range of investment

solutions

Headline fee 130bps (IM only)

150bps (integrated)

Simplified financial advice

service

Face-to-face in office & digital

delivery

Pensions, investment &

protection

Active & passive investment

solutions

Fee 100bps
Non advised self select

investment service

Fully automated delivery
£2,000 entry point
GIA, ISA, JISA & Bare Trusts
Risk rated passive portfolios
Fee 70bps
Complex financial advice

service

Face-to-face delivery
Advice across all areas of

complex clients’ financial needs

Broad range of investment

solutions

Headline fee 115-150bps

BPS WealthPilot Wealth Core 1762

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Core offering

Advice-led

Broadening of our direct propositions and services

Advice Portfolio

Self directed Bespoke Managed Model portfolios Complex needs Non-advised Advised

Mass market <£100k UHNW >£5m Mass affluent £100-250k HNW £1-5m Affluent £250k- £1m

Market opportunity

1762

Financial planning-led (more complex needs)

WealthPilot

Managed portfolio (less complex needs)

BPS

Digital self service

Market definition

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Consolidator – inorganic activity

Rationale

Financial Planning led

acquisition combined with

pening of new Winchester
ffice
Increased advice-led capability

in the region Economics + c.£1.2m p.a. income + 2 advisers + c.400 clients Rationale

Expands professional services

distribution channel

Complements core business
Located in Birmingham,

nationwide coverage Economics + c.£1.0m p.a. income + 6 report writers Rationale

Financial Planning led acquisition
Established Bath office
Additional advice-led capability
Expands charity service offering

Economics + c.£4.4m p.a. income + 8 advisers + c.600 clients

Aylwin

Completed Mar 19

Mathieson Consulting

Completed Apr 2019

Epoch

Completed Aug 19

ICIIL

Completed Oct 2019 Rationale

Builds scale in fast-growing

economy

Leverages existing platform
Synergies from completion

Economics + c.€17.0m income + 33 front office staff + c.5,000 clients + c.AuMA €2.9bn

Duncan Lawrie AM

Completed May 17 Economics + c.6.2m p.a. income + c.FUM £735m + 18 investment professionals

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Building our Intermediaries business

Our success has been built on the execution of our distribution strategy and propositional evolution

Distribution People

Hired talent with strong sales track record
Embedded sales management structure
Created sales support function

Accessibility

Worked in partnership with key retail platforms
Leveraged third party sales teams

Proposition Knowledge

Specialist teams
Business consultancy style

Value

Adviser-driven investment solutions
Collateral development

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Investment case and differentiation

✓ Benefit from growing wealth market through organic and inorganic opportunities ✓ Well placed scaled, national and international player ✓ Innovative propositions; further reach and incremental value ✓ Investing in our core systems for growth ✓ Resilient financial results and an attractive dividend

“Confident outlook based on disciplined growth strategy” ✓ Growing wealth market providing organic and inorganic

pportunities

✓ Well placed scaled, national player ✓ A people business focused on relationships ✓ Innovative propositions; further reach and incremental value ✓ Investing in our core systems supporting growth ambitions ✓ Resilient balance sheet and an attractive dividend yield

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Appendix

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Leadership team

Robin Beer

Robin has over 20 years of experience in the financial services industry, and broad knowledge of the wealth management sector, with prior roles at National Australia Bank, Gerrard and Barclays. Robin joined Brewin Dolphin in 2008 to open and run the Nottingham office. He subsequently assumed the role of Regional Director across the Midlands, before taking charge of the intermediaries’ business in 2013, which has become sector-leading under his leadership, and grown funds under management to over £14bn. He joined the Executive Committee in 2016, with further responsibilities for research, investment governance and the development of investment solutions, which has provided him with a deep understanding of Brewin

Dolphin. Robin Beer took over as CEO in

June 2020

Chief Executive Officer

Siobhan Boylan

Siobhan joined Brewin Dolphin in 2019 as Finance Director and a member of the

Board. Siobhan was previously the Chief

Financial Officer of Legal & General Investment Management (LGIM), one of Europe’s leading asset managers, a position she held for over five years. Prior to that, she was at Aviva, the insurance company, for 12 years, where she held several senior roles, including CFO of Aviva North America, and CFO of Aviva Investors from 2007 to 2011. Before Aviva, Siobhan worked for ten years at PricewaterhouseCoopers, where she qualified as a chartered accountant.

Chief Financial Officer

Grant Parkinson

Grant Parkinson joined Brewin Dolphin in 2017 as Chief Operating Officer. Grant has held a number of senior wealth- management roles at other organisations, including Chief Operating Officer of Coutts and Chief Operating Officer of International Private Banking at Barclays Wealth. Following his early career at ANZ in New Zealand, he worked for McKinsey as a management consultant, serving financial services clients across Europe, the Middle East, Asia and Africa. Grant holds a Bachelor of Commerce (Finance, Economics) and Bachelor of Arts (Geography) from the University of Auckland.

Chief Operating officer

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Leadership team

Richard Buxton

Richard joined Brewin Dolphin in February 2015 as Group Human Resources Director. He is responsible for all aspects of HR, learning, development and competence. Prior to joining Brewin Dolphin he was Group Talent Director and HR Director for Wholesale Markets at Lloyds Banking Group. Previously Richard held a number of roles at Bank of America, including EMEA Head of HR and he has also been HR Director of the world’s largest arts centre, Southbank Centre.

Group People and Sustainability Director

Susan Beckett

Susan joined Brewin Dolphin in September 2014 as Group Risk & Compliance Director, with responsibility for compliance, financial crime, information security, data protection, risk and client services. She has been approved by the FCA in the CF28 Controlled Function (Systems and Controls). Previously, Susan worked at BT Pension Scheme Management, where she was Head of Risk and

Compliance. Prior to this, she held

similar senior roles at Kleinwort Benson, Blackrock, Barclays Global Investors, JP Morgan and Schroders.

Chief Risk officer

Charles Ferry

Charlie joined Brewin Dolphin in 2008 as a Divisional Director. Prior to joining Brewin Dolphin, Charlie headed up the London and South East Region for Gerrard following its acquisition by Barclays Wealth. At Brewin Dolphin he led an investment team for six years before becoming Regional Director for London and South East in January 2015. In 2016 he became Co-Head of Private Clients for the group before becoming Managing Director of Private Clients in September 2017. In his role he is responsible for all the offices within the group. He is a Chartered Fellow of the Securities Institute, a graduate of Newcastle University and of the Advanced Management Program at Harvard Business School.

Managing Director of Wealth and Investment

Nick Fitzgerald

Nick has almost 25 years' experience in financial planning, 20 of which have been in management positions. He joined Brewin Dolphin in 2008 from Barclays Wealth, where he was Head

f Financial Planning for the private
bank. He is a member of the board's

executive committee and of the London executive committee.

Managing Director of Advice and Innovation

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Our client propositions

‘The spectrum of yes’

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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 acquisitions 2 Discretionary funds includes £1.0bn from acquisitions 3 Including transfers

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

23.4% in H1 2020

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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

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 +3% +9% 161.8 162.3 175.8 H1 2018 H1 2019 H1 2020 +8% 0%

Total income (£m)

20.8%

4%

34.1 29.7 28.2 H1 2018 H1 2019 H1 2020

13%
5%

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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 tax 2Estimated based on issued number of shares as at 31 March 2020

Capital resources are 204%

f FCA requirements

Interim dividends

est. £13m2

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KPIs

Build a platform for growth Adjusted PBT margin3 (%) 22 23 24 22 21 25 Capital adequacy ratio (%) 232 232 234 291 204 Min 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

ur 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 of Employee engagement (%) 78 82 83 87 n/a 772

1 Annualised 2 Benchmark 3 See adjusted PBT to statutory PBT reconciliation on page 35 4 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

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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

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Disclaimer

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER ANY JURISDICTION IN WHICH SUCH DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL, OR TO ANY RESIDENT THEREOF. The information contained in this presentation has been prepared by Brewin Dolphin Holdings PLC (the "Company"). No representation or warranty, express

r 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 fairness or completeness of this presentation or any other written or oral information made available to or publicly available to any interested party or its advisers, and therefore any liability for any loss arising from any use of this presentation or its contents is expressly

disclaimed. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance

made fraudulently. None of the information in this presentation has been independently verified. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracies which may become apparent, and any opinions expressed in it are subject to change without notice. This presentation 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 presentation. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated. Certain statements in this presentation 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 matters that are not historical facts. These forward-looking statements are subject to 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. The presentation may not be copied, reproduced or further distributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior written consent of the Company. 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 presentation. August 2020

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12 Smithfield Street, London, EC1A 9LA Tel: 020 3201 3900 Email: investor.relations@brewin.co.uk https://www.brewin.co.uk