4th Quarter New Business

St. James's Place Capital PLC
19 January 2006




                                 PRESS RELEASE

                                                                 19 January 2006

                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2005


St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures to 31 December 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
                              TO 31 DECEMBER 2005

                        2005 NEW BUSINESS GROWTH OF 25%
                       (GROWTH OF 39% FOR FINAL QUARTER)

                                    Twelve months                        Change
                                    to 31 December 2005

• Long Term Savings

New Business*
   Investment                       £125.2 million                         +31%
   Pensions                          £71.4 million                         +27%
   Protection                        £24.4 million                         - 5%

   Total                            £221.0 million                         +25%
* see note 1

• Wealth Management Services

  Gross fees generated               £28.3 million                         +33%

• Funds under Management at £12.3 billion up 29% since the start of the year

• The size of the St. James's Place Partnership increased from 1,131 to 1,148
  over the twelve months



  Mark Lund, Chief Executive, commented:

  'This is a great set of figures and we are particularly pleased with the 39%
  growth in the final quarter of 2005.

  'We are delighted to have achieved new single premiums and unit trust sales
  of £1.6 billion, up 33% on the previous year.  Other highlights include a
  27% increase in Pensions business and a 29% increase in Funds under
  Management, up £2.8 billion at £12.3 billion.

  'We continue to see a growing demand for high quality pensions and investment
  advice.  Our successful wealth management proposition combined with our 
  distinctive approach to investment means that, through the St.James's  Place
  Partnership, we are very well placed to help clients take advantage of the
  opportunities arising from Pensions 'A' Day and beyond.

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





                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 31 DECEMBER 2005
                                LONG TERM SAVINGS

                                Unaudited                                Unaudited
                               3 Months to                             12 Months to
                            31 December 2005                         31 December 2005
    NEW PREMIUMS    2005        2004        Change            2005        2004        Change
                     £'m         £'m             %             £'m         £'m             %
    New Regular
    Premiums
      Pensions       9.1         7.5            21%           35.5        29.9            19%
      Protection     6.6         6.8            (3%)          24.4        25.8            (5%)

                    15.7        14.3            10%           59.9        55.7             8%

    New Single
    Premiums
      Investment   284.8       190.1            50%          877.3       675.8            30%
      Pensions     115.9        71.6            62%          359.4       264.5            36%

                   400.7       261.7            53%        1,236.7       940.3            32%

    Unit Trust
    Sales           92.5        62.3            48%          374.8       275.3            36%
    (including
    PEPs and ISAs)


                               Unaudited                                  Unaudited
                              3 Months to                               12 Months to
                           31 December 2005                           31 December 2005
    NEW              2005       2004        Change              2005        2004        Change
    BUSINESS
    (RP + 1/10th      £'m        £'m             %               £'m         £'m             %
    SP)

    Investment       37.7       25.2            50%            125.2        95.3            31%
    Pensions         20.7       14.7            41%             71.4        56.2            27%
    Protection        6.6        6.8            (3%)            24.4        25.8            (5%)
                     ------     ------       -------           ------      ------        -------
    Total            65.0       46.7            39%            221.0       177.3            25%
                     ------     ------       -------           ------      ------       --------

                              ST. JAMES'S PLACE GROUP
                             WEALTH MANAGEMENT SERVICES
                              KEY BUSINESS HIGHLIGHTS
                                TO 31 DECEMBER 2005
                                     Unaudited

    Gross fees generated from additional            £28.3m up 33% (2004: £21.2m)
    wealth management services

                                                                   12 Months to
                                                               31 December 2005

    New Mortgage Advances                                             £4,981.1m

    St. James's Place Bank                                              £486.1m
    Other lenders                                                     £4,495.0m

    Portfolio Management Services

    New portfolios                                                       £41.9m

    Trust and Estate Planning Services

    Number of cases                                                         807

    St. James's Place Bank - in force business

    *Number of facilities                                                60,000
    Number of accounts                                                   25,229
    Credit balances                                                     £674.2m
    Mortgages                                                         £1,330.4m
    Average mortgage value                                              £171.4k
    Loans                                                                 £9.4m

    *Number of facilities denotes the number of individual mortgages, personal
    loans, current accounts and savings accounts, where one client may hold a
    number of facilities. The average number of facilities per client is 2.4.



                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 31 DECEMBER 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 twelve months
        were 83% of the total reported (2004: 81%).

        Sales of non-manufactured pensions including stakeholder by St. James's
        Place Partnership have been included in the reported figures under
        Pensions. These amount to £15.6 million regular premiums (2004: £16.5
        million) and £23.8 million single premiums (2004: £24.2 million) for the
        twelve months to 31 December 2005. This equates to £18.0 million new
        business premiums (2004: £18.9 million).

        Sales of annuities by St. James's Place Partnership have been included
        for the first time in the reported figures under Pensions. These amount
        to £34.2 million single premiums for the twelve months to 31 December 2005
        and equate to £3.4 million new business premiums. The equivalent figure
        for the 2004 sales of annuities was £22.7 million single premiums
        (£2.3 million new business premiums).

        Sales of protection business by St. James's Place Partnership through a
        panel of providers have been included in the reported figures under New
        Regular Premiums Protection. These amount to £15.1 million of new regular
        premiums (2004: £13.9 million) for the twelve months to 31 December 2005.
        This equates to £15.1 million new business premiums (2004: £13.9 million).







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