1 February 2012

Brewin Dolphin Holdings PLC

Interim Management Statement

Thirteen Week Period ended 31 December 2011

Brewin Dolphin Holdings PLC announces its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules.

Income for the first 13 week quarter to 31 December 2011 was £59.7 million, 6.3% lower than the 14 week period to 31 December 2010. On a like for like (13 weeks) basis, income has increased by 0.8%, representing a resilient performance in the current environment. Funds under management increased by 3.8% since 30 September 2011, with discretionary funds up 5.1%

Market activity was generally subdued in the first quarter and this is reflected in the Group's results by a 24.4% drop in commission income (13 week basis). This trend has continued into January 2012, but other income has held up well benefiting from the scale of the business and our focus on the individual requirements of our clients.

Our strategic initiatives continue to be implemented to plan and the benefits of moving to the new company-wide charging structure will now start to come through.

The Group's cash balances, excluding client balances, as at 31 December 2011 were £36.2 million. The capital adequacy surplus was £18.7million.

The value of clients' funds under the Group's management was as follows at 31 December 2011:

N+1Brewin LLP

As we indicated on 17 January, the disposal of the Group's Corporate and Advisory Broking division completed yesterday and today is its first day of independent trading as N+1Brewin LLP. The team and their clients are in good hands and are well placed to prosper as a key part of N+1's European strategy.  Brewin Dolphin retains a 14% stake in the new N+1Brewin partnership.

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Notes for editors