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Publications and Forms

For the period 1 April to 30 June 2008

Brewin Dolphin Ltd produces research from two departments, BD Equity Sales and Research, and Private Client Equity Research. The table below combines the research statistics from both divisions.

Recommendation Numbers % Proportion of Clients that we have had a Corporate relationship with in previous 12 months %
Buy1 161 54% 15%
Sell2 22 7% 0%
Hold 118 39% 2%
Total 301 100% 17%

* Includes AIM and Official List companies.

The definitions for the three departments recommendations are summarised below:

Private Client Equity Recommendation Parameters:

  • Buy - Market forecast plus 10% total return or more
  • Sell - Market forecast minus 10% total return or more
  • Hold - Market forecast plus factor of between nil and 10% total return or minus factor of between nil and 10% total return

Market Forecast - 12 months percentage change in the FTSE100 plus expected dividend yield from the most recent quarter ending.

BD Research Recommendation definition - 10th July 2006 onwards

Expected absolute performance over next 12 months

  • Buy - 20%+ upside to BD 12m Price Target
  • Add - 10% - 20% upside to BD 12m Price Target
  • Hold – minus 10% to +10% to BD 12m Price Target
  • Reduce – minus 10% to 20% downside to BD 12m Price Target
  • Sell - minus 20% or more downside to BD 12m Price Target

BD Research Recommendation definition - before 10th July 2006

Expected absolute performance over next 12 months

  • Strong Buy – 20%+ upside to BD fair value
  • Buy – 5% - 20% upside to BD fair value
  • Hold – minus 5% to + 5% to BD fair value
  • Take Profits – minus 5% to 20% downside to BD fair value
  • Sell – minus 20% or more downside to BD fair value

Bell Lawrie (a division of BD) Research Recommendation definition

Based on expected absolute movement in share price over 12 months (unless otherwise stated)

  • Buy – Expected increase > 15%
  • Add – Expected increase in range 5% to 15%
  • Hold – Expected movement in range -5% to + 5%
  • Reduce – Expected movement in range -5% to -15%
  • Sell – Expected decrease > 15%

Notes

  1. “Buy” includes “Strong Buy”, "Add" and “Buy” recommendations.
  2. “Sell” includes “Take Profits”, "Reduce" and “Sell” recommendations.