Scrip dividend

St. James's Place Capital PLC
27 August 2004





St. James's Place Capital plc ('SJPC')

Scrip dividend: interim dividend



SJPC announces that pursuant to the scrip dividend mandate scheme that was
approved at the Annual General Meeting held on 6 May 2004, the scrip dividend
alternative in respect of the interim dividend for the year ending 31 December
2004 was accepted in respect of 269,782,058 shares, representing approximately
61.8% of SJPC's issued share capital on the interim dividend record date of 6
August 2004.    Application will shortly be made to the UK Listing Authority and
the London Stock Exchange for 1,869,300 additional ordinary shares of 15p each
to be admitted to the Official List and to trading.  It is expected that such
listing will become effective and that dealings in the additional shares will
commence on 14 September 2004.    The above shares will rank pari passu in all
respects with the existing issued ordinary shares in SJPC.








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