1. INTERIM RESULTS July 2007

2. Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR Ian Gascoigne SALES DIRECTOR Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR Ian Gascoigne SALES 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 £m20072006 Life96.764.3 Unit trust 28.018.1 Combined life and unit trust 124.782.4 Other operations (4.0)(2.1) Operating profit 120.780.3 +50% Investment variance 24.311.9 Economic changes (11.4)(7.6) Pre-tax profit 133.684.6 Normalised tax (32.7)(22.7) Tax rate change 20.1- Post-tax profit 121.061.9

7. Analysis of Life & Unit Trust Pre-Tax Operating Profit £m20072006 New business contribution 71.551.5 +39% Profits from existing business –expected 43.634.5 –experience variance 6.3(1.8) –operating assumption charges (0.2)(4.2) Investment income 3.52.4 Operating profit 124.782.4

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 2006Margin 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 2006Margin 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 growthFurther 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 £m20072006 New business contribution 71.551.5 +39% Profits from existing business –expected 43.634.5 –experience variance 6.3(1.8) –operating assumption charges (0.2)(4.2) Investment income 3.52.4 Operating profit 124.782.4

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%Interim dividend 1.75 pence up 17%

12. Analysis of Adjusted Post Tax Cashflow £m20072006 Net annual management fee 60.343.8 Unwind of surrender penalties (21.8)(15.9) Loss/profit arising on new business (4.7)2.8 Establishment expenses (32.5)(29.7) Investment income 4.52.8 Miscellaneous7.32.9 Underlying cashflow 13.16.7 Tax relief on b/fwd expenses -22.6 13.129.3

13. DAVID BELLAMY Chief Executive

14. 2007 New Business Results - Quarter 2 New business 3 months to 30 June % Change –Investments £66.2m +39% –Pensions £44.5m +17% –Protection £5.0m -15% Total (RP + 1/10 SP) £115.7m +26%

15. 2007 New Business Results - Quarter 2 New business - Investments 3 months to 30 June % Change –New Single Premiums £430.4m +44% –New Unit Trusts £67.7m +44% –New ISAs £163.6m +27% Total£661.7m +39%

16. 2007 New Business Results - Quarter 2 New business - Pensions 3 months to 30 June % Change –New Single Premiums £247.5m +54% –New Regular Premiums £19.7m -10% Total (RP + 1/10 SP) £44.5m +17%

17. 2007 New Business Results – Year to June New business - Pensions 6 months to 30 June % Change –New Single Premiums £479.8m +75% –New Regular Premiums £36.7m +18% Total (RP + 1/10 SP) £84.7m +45%

18. 2007 New Business Results – Year to June New business - Investments 6 months to 30 June % Change –New Single Premiums £781.2m +33% –New Unit Trusts £136.2m +33% –New ISAs £272.3m +25% Total£1,189.7m +31%

19. 2007 New Business Results – Year to June New business 6 months to 30 June % Change –Investments £119.0m +31% –Pensions £84.7m +45% –Protection £9.8m -15% Total (RP + 1/10 SP) £213.5m +33%

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

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

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

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

24. Bernie Horn John InnesIan McVeigh

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

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

27. IAN GASCOIGNE Sales Director

28. Recruitment Recruitment UpdateRecruitment Update The AcademyThe Academy MarketingMarketing Partnership OutlookPartnership Outlook

29. Recruitment 2006 recruitment momentum has continued2006 recruitment momentum has continued Establishment up 30 for the half year, +2.6% growthEstablishment up 30 for the half year, +2.6% growth Application pipeline is ahead of last yearApplication pipeline is ahead of last year Approximately 50% of applications are from IFAsApproximately 50% of applications are from IFAs Anticipate further interest due to Retail Distribution ReviewAnticipate further interest due to Retail Distribution Review Continued development of specialist team bearing fruitContinued development of specialist team bearing fruit

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

32. …and 2 weekday/workday executions

33. Marketing Brand awareness campaign to support PartnershipBrand awareness campaign to support Partnership Topical copy and original placementTopical copy and original placement Aimed at clients with assets and issues but without time, expertise or inclinationAimed at clients with assets and issues but without time, expertise or inclination

34. Insight Research High levels of client satisfactionHigh levels of client satisfaction Clients becoming wealthier and SJP increasing client share of walletClients becoming wealthier and SJP increasing client share of wallet Relationships with Partner and SJP very strongRelationships with Partner and SJP very strong Client satisfaction a key driver in Partner productivityClient satisfaction a key driver in Partner productivity

35. From the moment we started with St. Jamess 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. Jamess Place enjoy similar levels of client satisfaction is remarkable and almost unknown in the financial sector. Director of Research Insight 2006 Ledbury

36. Insight Research Clients gaining confidence in SJPClients gaining confidence in SJP Clients needing more and continued advice and value access to range of expertsClients needing more and continued advice and value access to range of experts This is driving an increase in referrals and introductionsThis is driving an increase in referrals and introductions 24% of new clients coming from client introductions24% of new clients coming from client introductions

37. Partnership Reporting little competition on the groundReporting little competition on the ground Re-framing their own business expectations and capabilityRe-framing their own business expectations and capability Partner morale highPartner morale high

38. Summary 2006 joiners making a positive impact2006 joiners making a positive impact 2007 recruitment ahead of last year2007 recruitment ahead of last year Clear evidence of customer satisfaction assisting increased productivityClear evidence of customer satisfaction assisting increased productivity Launch of marketing campaign to support PartnershipLaunch of marketing campaign to support Partnership