Acquisition

Rathbone Brothers PLC
23 March 2006


23 March 2006


                             Rathbone Brothers Plc

Acquisition of Dexia's UK private banking business sanctioned and is expected to
                            complete on 5 April 2006

Rathbones is pleased to announce that the scheme pursuant to Part VII of the
Financial Services and Markets Act 2000 to transfer the investment management
and private banking business of Dexia Banque Internationale a Luxembourg S.A.,
London Branch (the 'Business') from Dexia to Rathbone Investment Management
Limited was approved at a hearing in the High Court earlier today.


The proposed acquisition, originally announced on 13 January 2006, is expected
to complete on 5 April 2006 and Rathbones will be responsible for the Business
from 6 April 2006. A further announcement will be made following completion.


The Business being purchased consists of the former business of Ely Fund
Managers, which was originally acquired by the Dexia group in 2001 and which has
been integrated with the personal banking business of Dexia-BIL, London Branch.
The maximum total consideration for the investment management part of the
Business will therefore not exceed £14 million and the deferred consideration
period will be six months after closing. The UK private banking loan and deposit
book is being purchased at net book value.

Mark Powell, chairman of Rathbones, commented:

'Following completion our new colleagues will move to our offices and we greatly
look forward to welcoming them and their clients to Rathbones.'

The Business will be integrated into Rathbone Investment Management Limited
which is responsible, within Rathbones, for the bespoke management of
discretionary investment portfolios for individuals, their trusts, charities and
pension funds. Rathbones manages £10 billion of funds, including £1.3 billion
managed by Rathbone Unit Trust Management Limited (as at 2 March 2006).

The acquisition will expand Rathbones' role as a manager of investment
portfolios for charities and increase its business in the management of pension
accounts for private individuals. In addition, it is expected that economies of
scale will be generated for the discretionary managed portfolio being acquired
through the use of Rathbones' operations platform. Overall, the acquisition is
expected to be earnings-enhancing in 2007.

Enquiries:

Rathbone Brothers Plc                               www.rathbones.com
Mark Powell, Chairman                               020 7399 0000
Andy Pomfret, Chief Executive
Emily Morris, Marketing Director

Notes for editors:


Rathbone Brothers Plc

Rathbone Brothers Plc specialises in providing, through its subsidiaries,
personalised investment management and wealth management services for private
clients and trustees, including discretionary asset management, tax planning,
trust and company management, and banking services. It manages £10 billion of
funds, including £1.3 billion managed by Rathbone Unit Trust Management Limited
(as at 2 March 2006).

Dexia Private Banking UK

Dexia Private Banking UK is the product of the integration of the personal
banking activities of Dexia-BIL's branch in London and Ely Fund Managers, which
was established in 1983 and acquired by Dexia-BIL in 2001.

Ely Fund Managers acquired Pembroke Asset Management (a multi manager operation)
in 1995 and Independent Investment Management (a charity fund management
business) in 2000.

Dexia Banque Internationale a Luxembourg is one of the major subsidiaries of the
Dexia Group, one of the top-15 banking groups in Europe. Founded in 1856,
Dexia-BIL is specialised in private banking, asset management and fund
administration, and it operates in several countries worldwide.







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