Re Joint Venture

St. James's Place Capital PLC
4 December 2001



St. James's Place Capital plc

Re: Joint Venture

Paul Bradshaw leaves joint venture



It was announced today that Paul Bradshaw has left the Nascent joint venture
with Securitas Capital and GS Capital Partners, in which St. James's Place
Capital has an interest, fully diluted for proposed options, of just under
20%.



It will be recalled that the original concept had been to sell the products of
an Irish life company cross-border through banks and independent advisers in
various countries in Europe, starting in Italy.



Under the leadership of Patrizia Misciatelli, the Italian operation has
developed into a sales organisation closely modelled on the St. James's Place
Partnership with branches established at locations throughout Italy and about
150 financial advisers and managers in place, after little over a year in
business.



In the light of the progress made by Nascent, the three shareholders have
decided to concentrate the whole of the resources of the joint venture on the
development of the Italian operation.



Paul Bradshaw has successfully completed his responsibility for building the
management team and infrastructure for the Italian operation.  As his core
interest in the venture was to build a pan-European company, he has decided to
pursue other interests.



Enquiries:

Nitya Bolam, Brunswick Group Limited

Tel: [phone]