4th Quarter New Business

St. James's Place Capital PLC
22 January 2004



                                 PRESS RELEASE

                                                                 22 January 2004

                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2003


St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures to 31 December 2003.

The text of the announcement is attached:

Enquiries:

Sir Mark Weinberg, Chairman                          Tel: [phone]
Mike Wilson, Chief Executive                         Tel: [phone]
Andrew Croft, Group Finance Director                 Tel: [phone]

Nitya Bolam, Brunswick                               Tel: [phone]



                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2003

                        4th QUARTER NEW BUSINESS UP 24%

                                                       Three months to       Change
                                                           31 December
                                                                2003
•Long Term Savings

     New Business (annual premium equivalent)
           Investment                                  £26.1 million          + 44%
           Pensions                                    £12.3 million           - 8%
           Protection                                   £7.5 million          + 32%
           Total                                       £45.9 million          + 24%

•Wealth Management Services

     Gross fees generated                               £7.2 million          + 100%

•Funds under Management £7.9 billion at 31 December 2003 up 34% for the year

•The size of the St. James's Place Partnership increased from 1,101 to 1,124 over the twelve months


Mike Wilson, Chief Executive, commented:

'We are delighted to announce the substantial growth of new business seen in
September continued throughout the fourth quarter resulting in Long Term Savings
business for the quarter being up 24% over last year. Particularly pleasing was
the 44% growth in Investment business.

'Highlights for the year include a 22% increase in Protection Business,
strong growth in Wealth Management Services and Funds under Management up £2
billion at £7.9 billion.'







                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2003
                               LONG TERM SAVINGS

                          Unaudited                       Unaudited
                         3 Months to                     12 Months to
                       31 December 2003                31 December 2003
NEW PREMIUMS      2003      2002      Change        2003      2002       Change
                   £'m       £'m          %         £'m       £'m             %
New Regular
Premiums
  Pensions*        6.9       7.9        (13%)      25.5      29.7        (14%)
  Protection       7.5       5.7         32%       24.9      20.4          22%

                  14.4      13.6          6%       50.4      50.1           1%

New Single
Premiums
  Investment     202.1     140.1         44%      586.9     578.8           1%
  Pensions        54.0      54.8         (1%)     189.4     224.9        (16%)

                 256.1     194.9         31%      776.3     803.7         (3%)

Unit Trust
Sales             58.7      40.2         46%      207.8     242.3        (14%)
(including PEPs
and ISAs)


                          Unaudited                         Unaudited
                         3 Months to                       12 Months to
                       31 December 2003                  31 December 2003
New Business       2003     2002     Change          2003      2002       Change
(RP + 1/10th SP)    £'m      £'m          %           £'m       £'m            %

Investment         26.1     18.1         44%         79.8      82.5         (3%)
Pensions           12.3     13.3         (8%)        44.1      51.8        (15%)
Protection          7.5      5.7         32%         24.9      20.4          22%

Total              45.9     37.1         24%        148.8     154.7         (4%)

* see note 2 to the New Business figures


                            ST. JAMES'S PLACE GROUP
                     ADDITIONAL WEALTH MANAGEMENT SERVICES
                            KEY BUSINESS HIGHLIGHTS
                              TO 31 DECEMBER 2003
                                   Unaudited

Gross fees generated from additional wealth                         £20.8m up 78%(2002: £11.7m)
management services

                                                                     12 Months to
                                                                      31 December
                                                                             2003
New Mortgage Advances (up 44%)

St. James's Place Bank                                                   £664.1m
Other lenders                                                          £2,472.4m

Portfolio Management Services

New portfolios                                                            £38.6m

Trust and Estate Planning Services

Number of cases                                                            3,148

St. James's Place Bank - in force business

*Number of facilities                                                     49,094
Number of accounts                                                        17,515
Credit balances                                                          £456.6m
Mortgages                                                              £1,163.3m
Average mortgage value                                                   £166.2k
Loans and credit cards                                                    £26.5m

*Number of facilities denotes the number of individual mortgages, personal
loans, credit cards, current accounts and savings accounts, where one client may
hold a number of facilities. The average number of facilities per client is
2.84.

                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2003

                                     Notes

1.  New Business from Long Term Savings is calculated as annual premium
    equivalent following the convention in the life assurance industry, by
    adding together new regular premiums and one-tenth of single premiums.

2.  Pensions regular premiums include £0.3 million of investment regular
    premiums for the twelve months to 31 December 2003 (2002: £0.4 million).

3.  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 £12.0 million regular premiums (2002: £10.7 million) and £21.2
    million single premiums (2002: £17.5 million) for the twelve months to 31
    December 2003. This equates to £14.1 million New Business premiums (2002:
    £12.4 million).

4.  Sales of protection business through a panel of leading providers have been
    included in the reported figures under 'Regular Premium Protection'.  These 
    amount to £10.4 million of new regular premiums (2002: £0.6 million) for 
    the twelve months to 31 December 2003 which equate to £10.4 million New 
    Business premiums (2002: £0.6 million).

5.  Strong recruitment in the last six months of the year with 147 appointments
    (up 71% over the first half of the year) offset the higher level of leavers
    forecast in the Chairman's Interim Statement. As a result, the size of the
    Partnership ended the year at 1,124 up 2%.

    Appointments for the full year of 233 were some 50% higher than 2002, with
    44% of joiners coming from the IFA market.







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