AGM Statement

Rathbone Brothers PLC
04 May 2005


RATHBONE BROTHERS PLC

4 May 2005

ANNUAL GENERAL MEETING STATEMENT

At the Annual General Meeting of the Company held earlier today, all the
resolutions proposed (and which were contained in the notice of meeting dated
1st March 2005) were passed. Copies of resolutions (other than those concerning
ordinary business) have been submitted to the UK Listing Authority for
publication through its Document Viewing Facility.

Mark Powell, chairman of Rathbone Brothers Plc, commented on trading for the
first quarter of 2005:

'The first quarter of our 2005 financial year has been a busy and encouraging
one throughout Rathbones.

'Some New Year evidence of a growth in confidence in equity markets has
undoubtedly contributed to an upturn in the level of new enquiries for our
segregated investment management service. Our unit trusts have continued to
attract excellent net inflows of new funds, reflecting their outstanding
performance records and some marketing initiatives. Between the end of 2004 and
5th April this year, total funds under management grew by 3.9% to £8.0 billion,
compared with a 2.7% rise in the FTSE 100 and a 1.4% rise in the APCIMS Balanced
Index over the same period.

'During the early months of 2005 we worked hard to obtain from its Board the
recommendation for an offer for Rensburg Plc, a highly regarded private client
investment management firm. Despite some very positive meetings with the
management of Rensburg, it was not possible to obtain their recommendation and
in April we announced that we would not proceed with our offer.

'This approach is consistent with our long held strategy of seeking to grow
Rathbones organically, by recruitment and by selective acquisitions, where such
acquisitions are likely to prove earnings-enhancing within a reasonable
timeframe. That remains our strategy and we will judge any potential
acquisitions in the future against this criterion.

'The importance of the role of independent financial advisers and fund-of-fund
managers in the growth of our funds under management has clearly increased
during recent years. In the second half of 2005 we plan to roll out a stronger
and co-ordinated marketing campaign aimed at this audience, stressing our core
discretionary portfolio management service, our expertise in SIPPs and our unit
trusts.

'We continue to attract new clients to the range of trust and tax services
offered by our trust division. The Jersey Trust Company, the largest part of
this business, continues to do well and we are delighted that contracts have now
been signed for the lease of a new purpose-built head office for that company in
Jersey. Progress is being made with the continuing reorganisation of our Geneva
office.

'With all parts of Rathbones performing well, your Board looks forward with some
confidence, subject as always to an unexpected setback in the level of world
markets and economic activity.

'We continue to believe that being a large and growing independent firm, with a
strong track record of performance and client retention and an increasing
profile, makes us a popular destination for both clients and industry
professionals. Our aim is to build on these strengths.'

- ENDS -

For further information, please contact:

Rathbone Brothers Plc Tel: [phone]
Mark Powell, Chairman
Andy Pomfret, Chief Executive
Emily Morris, Marketing Director

About Rathbones

Rathbone Brothers Plc specialises in providing, through its subsidiaries,
personalised investment management services and wealth management services for
private clients and trustees, including discretionary asset management, tax
planning, trust and company management, and banking services. It manages £8.0
billion of funds, including over £900 million managed by Rathbone Unit Trust
Management.

                                                All figures as at 5th April 2005


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