Preliminary Results. For the year to 30 September 2015

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1 Preliminary Results For the year to 30 September 2015

2 Vision To become the UK s leading provider of personalised wealth and investment management services, delivering rewarding careers and sustainable shareholder returns 2

3 Agenda Key messages 2015 results Strategy for organic growth KPIs, conclusion and growth ambitions Q&A 3

4 Key messages 4

5 Key messages Business in great shape, with foundations and resources to pursue ambitions Period of strengthening near completion expansion is on the agenda Focused on and confident about growth Sticking to what we do best personalised wealth and investment management Clear growth strategy to realise our goal 5

6 Leading personalised wealth and investment manager Clear strategy based on core strengths and guiding principles: Value of our people and strength of client relationships Personalised advice and professional investment management delivered through strong network Team approach and local presence personal contact leads to strong client relationships With focus on: Understanding our target clients, through segmentation, and their changing needs Developing products and services to meet those needs Improving brand awareness Focus on distribution and capitalising on our scale in delivery Continue to hire individuals with expertise in investment management and financial planning 6

7 2015 progress on many fronts Progress on growth agenda: Organic growth achieved in discretionary Leading with advice Future strategy is based on our core services client & market segmentation is key Continued strong growth in agent business Foundations in place creating capacity for growth: Delivered client advice process Focus on personalised wealth and investment management Sale of Stocktrade Larger regional hubs in place Larger teams, more efficient portfolio management Lower cost investment solutions 7

8 Key metrics 1 over three years Discretionary FUM ( bn) Adjusted diluted EPS (p) Adjusted PBT ( m) Full year dividend (p) Continuing operations. For details of adjustments see the 2015 Annual Report and Accounts 8

9 2015 results 9

10 2015 results agenda Theme 2015 update Going forward Asset flows Income growth Achieving organic growth in core business Diversified sources of new inflows Outflows from business re-shaping Converting non-core to core Market headwinds negative investment returns and lower volumes Some dilution of margin from mix trend Declining others - trail and interest Looking to accelerate inflows further through growth initiatives: Direct private clients Specialist services Outflows should begin to decline Margin stabilising, activity picking up Accelerating direct inflows to maintain blend Income to track closer to asset growth Other income - continued decline Operating margin Growing efficiency evident Margin progression despite lower markets Affords higher investment capacity for further growth Will achieve 25% as we grow Returns Growing shareholder returns EPS +7% Dividend +21% (payout from 62% to 70%) Strong capital base underpins: Ability to increase dividend in line with accelerating growth Ability to expand and invest further 10

11 Financial headlines 1 good progress FY FY Change (%) bn bn Core FUM Discretionary Execution only m m Above market growth Core income Other income Total income Good growth Total costs (222.0) (223.4) -1 Adjusted operating profit Adjusted profit before tax Costs stable Good growth above market Net cash Capital adequacy 248% 241% Strong financial position Adjusted PBT margin (%) Further improvement Adjusted diluted EPS (p) Dividend (p) Increased pay-out to 70% of adjusted EPS 1 Continuing operations 11

12 Continued positive asset flows into core services FY Total net Growth Investment FY bn 2014 flows % performance 2015 Discretionary (0.3) 24.8 Execution only (0.2) 3.7 Core FUM (0.5) 28.5 Advisory 5.4 (1.7) -31 (0.2) 3.5 Total FUM (0.7)

13 Strong organic inflows and advisory conversions 2015 FY 2015 % bn Inflow Outflow Net Transfers Net flows Inflows Outflows Transfers Discretionary 2.1 (1.3) Execution only 0.4 (0.6) (0.2) Core FUM 2.5 (1.9) Advisory - (0.4) (0.4) (1.3) (1.7) Total FUM 2.5 (2.3)

14 Diversifying sources of gross discretionary inflows bn Agent Agent Agent Agent Direct Direct Direct Direct Total

15 External outflows stable through business reshaping bn (0.9) (1.0) (1.0) (0.1) (0.5) (0.2) (0.3) Direct Agent Discretionary (0.5) (0.6) Execution only (1.0) (0.7) (0.4) Advisory Total

16 Consistent growth record in discretionary Delivered more than 4bn net inflows over three years 7% compound real growth from asset flows Transfers 6% excluding advisory transfers 17% Good base to accelerate with new growth initiatives Agent 58% 25% Aiming for balanced inflows between direct and agent over next five years Direct 11% CAGR achieved 4.1bn net inflows * * 2012 FUM indexed up on market growth (CAGR = 4%) 16

17 Income Yield stable Discretionary (bps) m FY 2015 FY 2014 % Change Commissions Discretionary Fees Financial planning FY 14 H1 15 FY 15 Execution only Core income FP income continued strong growth 17% CAGR Advisory Trail income Interest Other income Total income Other income MiFID II will close out remaining trail end 2016 Interest income c. 2m at current run rates 17

18 Improved quality of business - solid base for accelerated growth Income profile % Asset mix % Fees FP income Discretionary Commissions 41 6 Execution only 16 Trail Interest Advisory

19 Operating costs stable run rate Capacity to grow without adding significant costs Total operating costs Discretionary FUM per F30 m m target m Profit share Discretionary income per CF30 k Fixed staff Non staff Category Category Category Profit share/pre profit share profit (%) Growing efficiency evident Capacity for growth Total staff costs/income (%) Non staff costs/income (%)

20 Margin retaining more of top line growth 25.0 Adjusted PBT Margin (%) 25% Pre 7% drop in H2 market - run rate 23% % Annual % growth Income Costs

21 Shareholder returns underpinned by strengthening capital base Final 4 Interim 2 0 Adjusted EPS (p) Dividend (p) Capital adequacy ratio 123% 226% 241% 248% 21

22 Strategy for organic growth 22

23 Strategy for organic growth Understand our target clients and their changing needs Refine proposition to meet those needs Improve brand awareness and promise Enhance services to deliver that promise Refocus on distribution and leverage our scale in delivery 23

24 A scalable platform for growth Wealth & Investment Management Managed Portfolio Service Brewins Portfolio Service Personal, named adviser (or external IFA) Full advice Caters for all client needs Full suite of solutions Actively managed IM solution only via Platforms No advice Simple needs only IM solution only Direct equities, core funds, alternatives & ETFs Passive & active model portfolios via core funds Private Clients Charities/ Corporates Professional Services Agents Agents Private Clients 24

25 Wealth & Investment Management direct clients Absolute focus, no distractions Private Clients Enhanced goals based advice process is generating significant new business opportunities Financial planning is increasingly the route to new markets and new FUM sources 11% of direct FUM in wealth managed service - we are targeting 30% 20% of new direct FUM in wealth managed service Financial planning income - 21% increase in 2015 Proactive response to RDR around transparency leaves us well positioned for MiFID II Charities Specialist teams created in now 5 th largest player* (7 th in 2014, 11 th in 2011) Consistent marketing & investment approach = increased market share *source Charity Finance Magazine Annual Charity Fund Management Survey 25

26 Wealth & Investment Management Strong agent growth / professional services proposition Professional Services proposition Financial planning is the enabler to this market Two services in pilot for clients of matrimonial lawyers and corporate finance professionals Early feedback positive and on track for rollout in Q Agents 5.6bn of FUM from 1,300 firms, 5.0bn FUM in personalised investment management Record year for the national sales team gross agent inflows increased 22% YOY Investment in Touchstone (shows market share per agent) to drive increased penetration Investment in BITA Risk & ARC to deliver more transparency around risk and return ARC & BITA Risk to provide opportunities for more Nationals and Networks in

27 Managed & Brewins Portfolio Service opportunity & high growth Managed Portfolio Service (MPS) - agents ~350 firms have invested 638m in MPS ( 301m in 2014) via 10 platforms Year end inflows running at c. 35m per month run rate achieves 3bn in 5 years 30 bps revenue, but significant drop through scalable & high margin Passive version of MPS due in 2016 Brewins Portfolio Service (BPS) - direct clients An entry level non-advised proposition - 2,000 clients & 100m AUM Trialling marketing to smaller execution only & advisory clients Significant opportunity to distribute BPS Junior ISA to all clients BPS learnings around digital technology and advice to be leveraged group-wide 27

28 Summary initiatives leading to higher growth New advice process provides platform for new FUM from an advice led proposition Financial planning income +21% YoY Charities now the 5 th largest manager New professional services proposition to launch in 2016 Inflows from agents +22% YoY MPS FUM +212% YoY with new passive range launching 2016 Now focusing on increasing direct growth - specialisation, incentives and direct marketing Initiatives working total gross discretionary inflows of 9% in

29 KPIs, conclusion and growth ambitions 29

30 KPIs: continued progress towards targets Strategic priority KPI FY 2013 FY 2014 FY 2015 Current target Progress Revenue growth Discretionary FUM inflows (%) Revenue growth (%) n/a Adjusted PBT margin (%) Discretionary income per CF30 ( '000) Improved efficiency % of managed FUM in discretionary service Discretionary FUM per CF30 ( m) Average client portfolio ( '000) Capital sufficiency Capital adequacy ratio (%) Min 150 Dividend pay out (%) Dividend growth Adjusted EPS growth (%) - diluted n/a Dividend growth (%) n/a 30

31 Conclusion Reshaping of business is behind us Business is in great shape Able to adapt whilst staying true to our values Depth of talent Stronger financials and higher quality business Expansion on agenda Hiring investment managers and financial planners Integrated into culture and structure Already achieving good growth no distractions in the future Focused on growth Growing the business in both absolute and market share terms Primarily focused on organic opportunities Sticking to what we do best Delivering high quality advice and service through a personalised approach 31

32 Growth ambitions..the next 5 years Aiming to grow discretionary FUM by a third over next five years Agent growth will be a major contributor in the near term Initiatives to accelerate direct client growth Aiming for balanced direct/agent growth by 2020 Targeting 1.5bn direct net inflows per annum by bn is the long run aspiration 32

33 Vision To become the UK s leading provider of personalised wealth and investment management services, delivering rewarding careers and sustainable shareholder returns 33

34 Q&A 34

35 Appendices 35

36 Statutory PBT reconciliation m FY FY Adjusted profit before tax Amortisation of intangibles (9.2) (13.6) Exceptionals 8.0 (38.0) FY FY Statutory PBT from continuing operations Tax (12.7) (1.4) Profit after tax from continuing operations (Loss)/profit after tax from discontinued operations (7.3) 1.3 Profit for the period m Income Expenses (8.4) (8.1) Operating profit Costs of separation (11.7) 0.0 (Loss)/profit before tax (10.4) 1.6 Tax 3.1 (0.3) (Loss)/profit after tax (7.3)

37 Core income FUM & income margin FY 2015 Average FUM bn FY 2014 Average FUM bn FY 2015 Income m FY 2014 Income m FY 2015 Average margin bps FY 2014 Average margin bps Discretionary YoY change % % % 94 Execution only YoY change % % Advisory YoY change % % % 53 37

38 Strong balance sheet, capital and cash flow m Goodwill & client relationships Software Total intangible assets Fixed assets Other non-current assets Total tangible non-current assets Net cash Working capital Provisions Shares to be issued (4) (7) (9) (12) (5) (10) Total net current assets Pension deficit Other non-current liabilities Shares to be issued FY (3) (14) - FY (8) (5) (9) FY FY m Adjusted EBITDA Pension funding Capex Working capital Interest and taxation Exceptional items & discontinued operations Share movements net (3.0) (7.6) (3.3) (10.6) 6.0 (18.1) (3.0) (10.5) (1.4) (6.4) (3.1) (5.0) Cash flow pre dividends Dividends paid (27.0) (23.1) Cash flow Total non- current liabilities 17 (22) Net assets Regulatory capital resources

39 Disclaimer The information contained in these slides 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 these slides or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently. These slides do not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall they or any part of them 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 these slides or the presentation or on the completeness, accuracy or fairness. Certain statements in these slides 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 (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, these slides. December

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