Pre-conditional proposal

Rathbone Brothers PLC
17 January 2005


17 January 2005
                             For Immediate Release

                             RATHBONE BROTHERS PLC


            Pre-conditional offer proposal for Rensburg plc - update


Further to the announcement made by Rathbone Brothers Plc ('Rathbones') on 14
January 2005, the Board of Rathbones is seeking the agreement of the Rensburg
board. Following certain press comment over the weekend, Rathbones confirms that
in its announcement of 14 January 2005 relating to its pre-conditional offer
proposal for Rensburg it reserved the right to reconsider its requirement for a
number of its pre-conditions, including the recommendation of the Rensburg
board.  This remains the position.  There is no certainty that any offer will be
made.

Rathbones is a leading provider of discretionary fund management and wealth
management services for private clients and trustees.  Rathbones had £7.7
billion in funds under management as at 31 December 2004.  Rathbones'
preliminary results announcement for the year ended 31 December 2004 is
currently expected to be released on 2 March 2005.

                                      Ends


Dresdner Kleinwort Wasserstein Limited ('DrKW'), which is authorised and
regulated in the United Kingdom by the Financial Services Authority, is acting
for Rathbones and no one else in connection with this matter and will not be
responsible to anyone else other than Rathbones for providing the protections
afforded to customers of DrKW or for giving advice in relation to this matter or
in relation to the contents of this announcement.

Hawkpoint Partners Limited ('Hawkpoint'), which is authorised and regulated in
the United Kingdom by the Financial Services Authority, is acting for Rathbones
and no one else in connection with this matter and will not be responsible to
anyone else other than Rathbones for providing the protections afforded to
customers of Hawkpoint or for giving advice in relation to this matter or in
relation to the contents of this announcement.

Bridgewell Securities Limited ('Bridgewell'), which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is acting for
Rathbones and no one else in connection with this matter and will not be
responsible to anyone else other than Rathbones for providing the protections
afforded to customers of Bridgewell or for giving advice in relation to this
matter or in relation to the contents of this announcement.


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