1. PRELIMINARY RESULTS February 2009

2. MIKE WILSON Chairman

3. Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR Ian Gascoigne SALES DIRECTOR David Lamb BUSINESS DEVELOPMENT DIRECTOR Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR Ian Gascoigne SALES DIRECTOR David Lamb BUSINESS DEVELOPMENT DIRECTOR

4. Agenda Introduction MIKE WILSON Business Update DAVID BELLAMY Financials ANDREW CROFT Outlook DAVID BELLAMY Q&A

5. DAVID BELLAMY Chief Executive

6. FTSE 100  31%FTSE 100  31% Banking Sector  60%Banking Sector  60% World Stock Markets  20% - 75%World Stock Markets  20% - 75% Interest Rates  60%Interest Rates  60%

7. New Business by Quarter APE APE (Annual premiums plus 10% of single premiums) - £m+54%+63% 2006 over 2005 +57% 2007 over 2006 +41%+26% +5% 2008 over 2007 +1% +20%+59%+10% +0%-15%

8. Investment new business by quarter Single premiums +47%+49% 2006 over 2005 +71% 2007 over 2006 +22%+39% -4% 2008 over 2007 -4% +30%+36%+16% -20%-24%

9. Pensions new business by quarter Single premiums +78%+106% 2006 over 2005 +83% 2007 over 2006 +105%+52% +10% 2008 over 2007 +9% +27% +147% -4% +19%-3%

10. Funds Under Management (£bn) 16% p.a. compound growth over the last 5 years and 18% p.a. over 10 years

11. Number of Partners

12. ANDREW CROFT Finance Director

13. Analysis of Operating Profit £’m20082007 New business contribution 123.5150.9 Profits from existing business –expected 80.577.7 –experience variance 16.916.2 –operating assumption changes (0.9) (0.9) (2.8) (2.8) Investment income 4.96.9 Total Life/Pension & unit trust 224.9248.9 Other(20.6)(4.2) Operating profit 204.3244.7

14. New Business Contributions £’m20082007 Gross margin 250.2272.8(8%) Direct expenses (126.7)(121.9)4% 123.5150.9(18%)

15. New Business Contributions £’m20082003 Gross margin 250.2100.7+148% Direct expenses (126.7)(75.7)+67% 123.525.0+394%

16. Analysis of Operating Profit £’m20082007 New business contribution 123.5150.9 Profits from existing business –expected 80.577.7 –experience variance 16.916.2 –operating assumption changes (0.9) (0.9) (2.8) (2.8) Investment income 4.96.9 Total Life/Pension & unit trust 224.9248.9 Other(20.6)(4.2) Operating profit 204.3244.7

17. Pre-Tax EEV Profit £’m20082007 Total operating profit 204.3244.7 Investment variance (320.6)(14.5) Economic changes 0.40.2 Pre-tax results (115.9)230.4

18. Investment Variance Reflects the capitalised impact of the revised future profit expectationReflects the capitalised impact of the revised future profit expectation But not all funds invested in equitiesBut not all funds invested in equities Benefit from fall in strength of sterlingBenefit from fall in strength of sterling Our funds outperformedOur funds outperformed

19. Pre-Tax EEV Profit £’m20082007 Total operating profit 204.3244.7 Investment variance (320.6)(14.5) Economic changes 0.40.2 Pre-tax results (115.9)230.4

20. Net Asset Value per Share Net asset value 232.4p (2007 : 252.5p)

21. M C E V

22. IFRS Result 2007200896.1m80.7m Profit before shareholder tax 78.1m67.1m Profit after shareholder tax 92.9p105.9p Net asset value per share

23. Analysis of Post Tax Cashflow £’m20082007 Arising on in force business 91.484.7 Arising from new business (67.3)(58.8) Underlying cash result 24.125.9 One offs -7.2 24.133.1

24. Dividend Interim dividend 1.84 pence up 5%Interim dividend 1.84 pence up 5% Maintained final dividend at 2.55 penceMaintained final dividend at 2.55 pence Full year dividend 4.39 pence up 2.1%Full year dividend 4.39 pence up 2.1%

25. Capital Position as at 31 December 2008 £’mLife Other Regulated OtherTotal Solvency position Solvency net assets 151.919.388.8260.0 Solvency requirement 41.114.6 Solvency ratio 370%132%

26. DAVID BELLAMY Chief Executive

27. St. James’s Place Leading UK Wealth Management companyLeading UK Wealth Management company Differentiated business modelDifferentiated business model Own dedicated distribution – the PartnershipOwn dedicated distribution – the Partnership Distinct investment management approachDistinct investment management approach Manufacturer and distributorManufacturer and distributor High brand recognition for trusted adviceHigh brand recognition for trusted advice 286,000 clients286,000 clients Funds under management £16.3 billion at 31 December 2008Funds under management £16.3 billion at 31 December 2008 Our market (mass affluent/high net worth) £2,000 billion at 31 December 2008Our market (mass affluent/high net worth) £2,000 billion at 31 December 2008

28. External Endorsement Sector winner - 2008

29. Delivering Growth But also resilient in more difficult times Target 15 – 20% pa New Business Capacity No of Partners Productivity New Business Per Partner

30. Dedicated distribution High quality wealth management teamHigh quality wealth management team Average experience 17 yearsAverage experience 17 years 97% per annum retention rate97% per annum retention rate No partner accounts for more than 1% APENo partner accounts for more than 1% APE Initiatives to grow partner numbersInitiatives to grow partner numbers Dedicated acquisition teamDedicated acquisition team AcademyAcademy Take advantage of current economic circumstancesTake advantage of current economic circumstances

31. Growing Number of Partners

32. Average APE per Partner (£k)

33. Broad Geographical Distribution 25% 4% 5% 19% 12% 4% 25% 18% 11% 3% 1% Overseas Clients 4% Client FuM 6% 22% 15% 4% 25% 12% 11% 3% 2% Partners Partners

34. Distinct Investment Management Approach No in-house investment managers which means no conflicts of interestNo in-house investment managers which means no conflicts of interest Investment Committee with Stamford Associates adviceInvestment Committee with Stamford Associates advice Ability to appoint the best fund managers with wholesale purchasing powerAbility to appoint the best fund managers with wholesale purchasing power Continuous monitoring plus quarterly reviewsContinuous monitoring plus quarterly reviews Facility to change managers efficiently without churnFacility to change managers efficiently without churn

35. Relative investment performance Funds under Management - Rolling 5 years

36. External Investment Managers - 2003 Core Managers – Managed Funds THSPTHSP Invesco Perpetual - Neil WoodfordInvesco Perpetual - Neil Woodford GAM – Andrew GreenGAM – Andrew Green Schroder – Ted WilliamsSchroder – Ted Williams Selected Managed – VariousSelected Managed – Various Specialist Managers Invesco Perpetual – Neil WoodfordInvesco Perpetual – Neil Woodford Aberdeen – Andrew Preston, Hugh YoungAberdeen – Andrew Preston, Hugh Young Wellington – Louis Chabier, Haluk SoykanWellington – Louis Chabier, Haluk Soykan Bank of Ireland – Des SullivanBank of Ireland – Des Sullivan BGI – Graham Hepher, Christopher SuttonBGI – Graham Hepher, Christopher Sutton GAM – Andrew GreenGAM – Andrew Green Schroder – Nick PurvesSchroder – Nick Purves THSPTHSP

37. External Investment Managers - 2009 Core Managers – Managed Funds THSPTHSP Invesco Perpetual - Neil WoodfordInvesco Perpetual - Neil Woodford GAM – Andrew GreenGAM – Andrew Green Schroder – Nick PurvesSchroder – Nick Purves Jupiter – Ian McVeighJupiter – Ian McVeigh AXA Framlington – Richard PiersonAXA Framlington – Richard Pierson Newton - Alex StanicNewton - Alex Stanic Polaris – Bernard R. Horn JnrPolaris – Bernard R. Horn Jnr Specialist Managers Invesco Perpetual – Neil Woodford Paul Read, Paul CauserInvesco Perpetual – Neil Woodford Paul Read, Paul Causer Aberdeen – Andrew Preston, Hugh YoungAberdeen – Andrew Preston, Hugh Young Wellington – Louis Chabier, Haluk SoykanWellington – Louis Chabier, Haluk Soykan BGI – Graham Hepher, Christopher SuttonBGI – Graham Hepher, Christopher Sutton GAM – Andrew GreenGAM – Andrew Green Schroder – Nick PurvesSchroder – Nick Purves THSPTHSP AXA Framlingon – George LuckcraftAXA Framlingon – George Luckcraft Insight – Takis AnastassopoulosInsight – Takis Anastassopoulos Invista – Duncan OwenInvista – Duncan Owen Oldfield – Richard OldfieldOldfield – Richard Oldfield Thornburg – Vinson WaldenThornburg – Vinson Walden Polaris – Bernard R Horn JnrPolaris – Bernard R Horn Jnr Reed Connor Birdwell – Jeffrey BronchickReed Connor Birdwell – Jeffrey Bronchick RWC - John InnesRWC - John Innes State Street – Michael KarpikState Street – Michael Karpik SW Mitchell – Stuart MitchellSW Mitchell – Stuart Mitchell

38. Simple and Safe No with profitsNo with profits No guaranteed annuity optionsNo guaranteed annuity options No longevity riskNo longevity risk No split level trustsNo split level trusts No derivative-based “precipice” fundsNo derivative-based “precipice” funds No mortgages / sub primeNo mortgages / sub prime

39. Responsive Fund Range 20082008 Alternative Asset Fund - BGIAlternative Asset Fund - BGI High Octane Fund- Oldfield/ThornburgHigh Octane Fund- Oldfield/Thornburg Cash Unit Trust- State StreetCash Unit Trust- State Street 20092009 Corporate Bond Fund - Invesco PerpetualCorporate Bond Fund - Invesco Perpetual (Investment Grade)(Investment Grade) Gilt Unit Trust- WellingtonGilt Unit Trust- Wellington Income Unit Trust- Axa FramlingtonIncome Unit Trust- Axa Framlington

40. New business Target 15 to 20% pa (18% compound growth since inception and 23% over the last 5 years) APE (Annual premiums plus 10% of single premiums)

41. Funds Under Management (£bn) 28% compound growth since inception and 16% over the last 5 years

42. Current Environment Investment markets under real pressureInvestment markets under real pressureBUT Growing need for adviceGrowing need for advice Wealth preservationWealth preservation Planning for retirement still a priorityPlanning for retirement still a priority

43. Average pension fund for 50-65 year olds = £150,000 (£8K pa)Average pension fund for 50-65 year olds = £150,000 (£8K pa) 50% of Final Salary Schemes will close50% of Final Salary Schemes will close 25% of Final Salary Schemes will change25% of Final Salary Schemes will change Public sector pension schemes also unsustainablePublic sector pension schemes also unsustainable

44. Outlook Dedicated advisor-led approachDedicated advisor-led approach Partnership growing whilst competition shrinkingPartnership growing whilst competition shrinking Strong record on retentionStrong record on retention Growing maturity of in-force bookGrowing maturity of in-force book Strong solvency positionStrong solvency position Focused business modelFocused business model St. James’s Place uniquely positioned