Brewin Dolphin Hldgs

Issue and Award of Shares

Brewin Dolphin Holdings PLC
21 December 2004


                         BREWIN DOLPHIN HOLDINGS PLC

     Issue and awards of shares and grants of options over shares under the 
       Brewin Dolphin Holdings PLC Senior Employee Matching Share Scheme


Brewin Dolphin Holdings PLC ('the company') announces that Mourant & Co Trustees 
Limited ('the trustee'), as trustee of the Brewin Dolphin Holdings PLC Employee 
Share Ownership Trust ('the Trust'), has recently acquired by subscription and 
awarded shares and Brewin Dolphin Holdings PLC has granted options under the 
Brewin Dolphin Holdings PLC Senior Employee Matching Share Scheme ('the scheme') 
to employees of companies in the Brewin Dolphin group of companies The scheme, 
which is intended to encourage share retention by the participating employees, 
offers participating employees the opportunity to purchase shares in the company 
at current market value and receive a matching option to acquire shares at 
current market value.

On 20 December 2004, the trustee acquired by subscription and awarded to 
relevant participating employees 914,779 of the company's ordinary shares of 1p 
each ('shares') and on a matching one to one basis the company granted options 
to subscribe for 914,779 shares to relevant participating employees. The shares 
awarded are registered in the name of the trustee and will remain so subject to 
the terms of the scheme.

The shares have been issued to and awarded by the trustee nil paid at a price of 
103.3 pence per share representing the market value of a share at the time of 
the issue and award (the average mid-market price of a share at the close of 
business on the three business days prior to 20 December 2004 was 103.3 pence).
The full purchase price of the shares is payable to the trustee as set out in 
the scheme and in any event no later than 20 December 2011.

The options are over new shares of the company and may be exercised, subject to 
satisfaction of performance conditions, continued employment by a Brewin Dolphin 
company and retention of the related awarded shares until 20 December 2008, and 
otherwise as set out in the scheme, at a price of 103.3 pence per share (no 
payment was made on grant) normally at any time between 20 December 2008 and 
20 December 2011 but otherwise as set out in the scheme including by reason of a 
change of control following a takeover. Save as set out in the scheme, the 
options may not be sold, transferred, charged or otherwise disposed of prior to 
exercise.


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