Results for the half year ended 31 March 2020 1 Leadership team - - PowerPoint PPT Presentation

1

Results for the half year ended 31 March 2020

2

Leadership team

David Nicol

Chief Executive

Siobhan Boylan

Chief Financial Officer

Robin Beer

Managing Director of Investment Solutions & Distribution

3

Agenda Agenda

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 35 3 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
• versight 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 results Siobhan 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 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

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% 161.8 162.3 175.8

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

MPS

0.2 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 Index 1,587 1,423

H1 2019 H1 2020

Direct 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 income 2 Average MSCI PIMFA Private Investor Series Balanced Index 3 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 35 2 Other increase in cost of sales and holiday pay accrual

13

72% 16% 8% 4%

Investing in our infrastructure and technology

H1 2020 capex spend of £17.2m (H1 2019: £5.6m)

Client Engage and custody and settlement system

Technology 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 2019 Adjusted EBITDA Capex Working capital Interim dividend M&A Pension funding, interest, tax &

• ther

Placing FY 2019 Adjusted EBITDA Acquisitions (net cash) Capex Working capital Rental payment Final dividend Acquisition costs Pension funding, interest, tax &

• ther

Net share purchases H1 2020

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

Capital resources are 204%

• f 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 5.05 6.25 8.25 9.15 10.75 12.00 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
• perations 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 culture Infrastructure

• 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 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 VHNW >£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

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

• f 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 (%) 232 232 234 291 204 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

29

Continued improvement in quality

38 71 68 4 8 9 41 20 22 17 1 1

2010 H1 2019 H1 2020

Discretionary 51 89 87 16 9 9 33 2 4 Execution

• nly

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 Index 1,587 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 Outflows Net 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%

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

• r 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