1st Quarter Results

St. James's Place Capital PLC
11 May 2005



                                 PRESS RELEASE

                                                                     11 May 2005

         New business figures for the three months ended 31 March 2005

St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures for the three months ended 31 March 2005.

The text of the announcement is attached:

Enquiries:

Mark Lund, Chief Executive               Tel:        [phone]

Nitya Bolam, Brunswick                   Tel:        [phone]







                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                               FIRST QUARTER 2005

                 SJPC REPORTS CONTINUED GROWTH IN NEW BUSINESS

                                       3 months to                 Change
                                     31 March 2005

• Long Term Savings

  New Business*
       Investment                      £25.3 million                - 2%
       Pensions                        £13.3 million                +11%
       Protection                       £5.6 million                - 3%

       Total                           £44.2 million                + 1%
  * see note 1

• Wealth Management Services

  Gross fees generated                  £4.6 million                +12%

• Funds under management at £9.9 billion up 4% since the start of the
  year and up 21% over the previous twelve months


  Mark Lund, Chief Executive, commented:

  'Against the backdrop of a 39% increase in new business during the first
  quarter of 2004, we are encouraged to report continued growth in 2005. We
  are particularly pleased that funds under management and income from wealth
  management services have shown further increases.

  'As stated in our full year results announcement, prior year comparatives
  become less challenging as the year progresses. The second quarter has
  started very well with April showing strong new business growth compared
  with the same month last year.

  'Our longer term growth target for new business remains 15 to 20 % per
  annum.'








                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                 FIRST QUARTER 2005
                                 LONG TERM SAVINGS

                                                         Unaudited
                                                        3 Months to
                                                       31 March 2005
    NEW PREMIUMS
                                                   2005       2004     Change
                                                    £'m        £'m        %

    New Regular Premiums
        Pensions *                                  7.1        7.3       (3%)
        Protection                                  5.6        5.8       (3%)

                                                   12.7       13.1       (3%)

    New Single Premiums
        Investment                                166.9      184.6      (10%)
        Pensions                                   61.8       48.1       28%

                                                  228.7      232.7       (2%)

    Unit Trust Sales                               86.3       73.1       18%
    (including PEPs and ISAs)
                                                 

    NEW BUSINESS                                   2005       2004     Change

    (RP + 1/10th SP)                                £'m        £'m         %

    Investment                                     25.3       25.9       (2%)
    Pensions                                       13.3       12.0       11%
    Protection                                      5.6        5.8       (3%)
                                                   ------     ------   ------

    Total                                          44.2       43.7        1%
                                                   ------     ------   ------

    * see note 3
                                                 




                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                 FIRST QUARTER 2005

                                       Notes

    1.  New business from long term savings is calculated in accordance with the
        life assurance industry convention by adding together new regular
        premiums and one-tenth of single premiums and unit trust sales.

    2.  Sales of manufactured business on an APE basis for the three months was
        84% of the total reported.

        Sales of stakeholder pensions by St. James's Place Partnership have been
        included in the reported figures. These have been included under
        'Pensions' and amount to £3.5 million new regular premiums (2004: £3.9
        million) and £6.0 million single premiums (2004: £5.1 million). This
        equates to £4.1 million new business premiums (2004: £4.4 million).

        Sales of protection business through a panel of providers have been
        included in the reported figures under 'New Regular Premiums
        Protection'. These amount to £2.9 million of new regular premiums (2004:
        £3.5 million) for the three months to 31 March 2005. This equates to
        £2.9 million new business premiums (2004: £3.5 million).

    3.  The comparative figures for pensions regular premiums include £0.1
        million of investment regular premiums.




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