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INTERIM RESULTS July 2007

INTERIM RESULTS July 2007. Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR Ian Gascoigne SALES DIRECTOR. MIKE WILSON Chairman. Agenda. Introduction MIKE WILSON Financials ANDREW CROFT New Business DAVID BELLAMY Partnership IAN GASCOIGNE

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INTERIM RESULTS July 2007

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  1. INTERIM RESULTS July 2007

  2. Mike WilsonCHAIRMAN David BellamyCHIEF EXECUTIVE Andrew CroftFINANCE DIRECTOR Ian GascoigneSALES DIRECTOR

  3. MIKE WILSON Chairman

  4. Agenda Introduction MIKE WILSON Financials ANDREW CROFT New Business DAVID BELLAMY Partnership IAN GASCOIGNE Summary MIKE WILSON

  5. ANDREW CROFT Finance Director

  6. EEV Pre-Tax Profit

  7. Analysis of Life & Unit Trust Pre-Tax Operating Profit

  8. 2007 New Business Contribution • Margin as % of APE expanded to 33.5% from 33% achieved for the 2006 full year and 32% in the first half of 2006 • Margin as % of PVNBP increased to 4.3% the same as the 2006 full year and 4.2% for the first half of 2006 • Further expansion in second half as we continue to grow new business whilst maintaining control of expense growth

  9. Analysis of Life & Unit Trust Pre-Tax Operating Profit

  10. Net Asset Value per Share Net asset value 239.6 pence Fully diluted net asset value 237.7 pence

  11. Dividend • Interim dividend 1.75 pence up 17%

  12. Analysis of Adjusted Post Tax Cashflow

  13. DAVID BELLAMY Chief Executive

  14. 2007 New Business Results - Quarter 2

  15. 2007 New Business Results - Quarter 2

  16. 2007 New Business Results - Quarter 2

  17. 2007 New Business Results – Year to June

  18. 2007 New Business Results – Year to June

  19. 2007 New Business Results – Year to June

  20. 2005 over 2004 +1% +29% +29% +39% 2006 over 2005 +57% +54% +63% +59% 2007 over 2006 +41% +26% Total New Business by Quarter APE (RP + 1/10 SP)

  21. 2005 over 2004 +11% +39% +15% +41% 2006 over 2005 +55% +79% +117% +123% 2007 over 2006 +95% +17% Pension New Business by Quarter APE (RP + 1/10 SP)

  22. Investment Protection Pensions New Business Mix – 2005 & 2007 APE (RP + 10% of single premiums) 2005 2006 2007 Manufactured proportion 83% Manufactured proportion 87% Manufactured proportion 88% 32% 40% 40% 57% 54% 56% 11% 6% 4%

  23. Funds Under Management (£bn) 1998 - 2007 31% 47% 24% 10% -6% 34% 20% 29% 25% 12% (Percentage growth)

  24. Ian McVeigh John Innes Bernie Horn

  25. New Business per Partner +30% +61% +23% +18% *Based on 1st 6 months

  26. 2007 Results to Date Very positive • New business results • Productivity gains • Growth in Funds under Management • Signs on recruitment

  27. IAN GASCOIGNE Sales Director

  28. Recruitment • Recruitment Update • The Academy • Marketing • Partnership Outlook

  29. Recruitment • 2006 recruitment momentum has continued • Establishment up 30 for the half year,+2.6% growth • Application pipeline is ahead of last year • Approximately 50% of applications arefrom IFA’s • Anticipate further interest due to RetailDistribution Review • Continued development of specialist teambearing fruit

  30. Academy • First intake of 20 progressing well through qualifications • Second intake of 20 to start in October • Potential impact on manpower in 2008

  31. …and 2 weekday/workday executions

  32. Marketing • Brand awareness campaign tosupport Partnership • Topical copy and original placement • Aimed at clients with assets and issues but without time, expertise or inclination

  33. Insight Research • High levels of client satisfaction • Clients becoming wealthier and SJP increasing client ‘share of wallet’ • Relationships with Partner and SJPvery strong • Client satisfaction a key driver in Partner productivity

  34. “ From the moment we started with St. James’s Place clients it was obvious that we were experiencing something very unusual and special. Client feedback was much more favourable and positive than we have encountered with any other financial client. Over the years, we have witnessed stronger feedback only once, for Apple Computer (whose customer loyalty is legend). The fact that St. James’s Place enjoy similar levels of client satisfaction is remarkable and almost unknown in the financial sector.”Director of Research Insight 2006 Ledbury

  35. Insight Research • Clients gaining confidence in SJP • Clients needing more and continued advice and value access to range of experts • This is driving an increase in referralsand introductions • 24% of new clients coming fromclient introductions

  36. Partnership • Reporting little competition ‘on the ground’ • Re-framing their own business expectations and capability • Partner morale high

  37. Summary • 2006 joiners making a positive impact • 2007 recruitment ahead of last year • Clear evidence of customer satisfaction assisting increased productivity • Launch of marketing campaign to support Partnership

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