1st Quarter Results

St. James's Place PLC
29 April 2008


                              ST. JAMES'S PLACE plc
                      27 St. James's Place, London SW1A 1NR
                 Telephone [phone] Facsimile 020 7493 2382

                                  PRESS RELEASE

                                                                   29 April 2008

                       ST. JAMES'S PLACE WEALTH MANAGEMENT
                          INTERIM MANAGEMENT STATEMENT
                        FOR THREE MONTHS TO 31 MARCH 2008

             TOTAL SINGLE INVESTMENTS REMAIN STRONG AT £759 MILLION

St. James's Place plc ('SJP'),  the wealth  management  group,  today issues its
interim management statement for the three months ended 31 March 2008.

Highlights for the three months are:
          
     •    New total single investments at £759 million in line with 2007

     •    Pension single investments of £252 million up 8%

     •    Funds under management at £17.2 billion down 5% since the start of the
          year and up 6% over the last twelve months

     •    Total new business (on an annual premium  equivalent) of £98.7 million
          up 1%

Mike Wilson, Chairman, commented:

'We are very pleased that, despite  challenging market conditions,  new business
is ahead of the same  period  last  year,  which was  itself up 41% on the prior
year.

'We are confident that we will increase our market share in the current year and
our new business target remains 15-20% over the longer term.

'Last week St.  James's  Place won the Financial  Times and Investors  Chronicle
Wealth Manager of the Year Award,  having won The Daily Telegraph Wealth Manager
of the Year Award last year. Both awards are a tribute to the quality of the St.
James's Place Partnership.'

The details of the announcement are attached.

Enquiries:


Mike Wilson         Chairman                             Tel:     [phone]

Anita Scott         Brunswick                            Tel:     [phone]
Anna Jones

                                   Commentary

During  the first  quarter  of 2008 we have seen a  continuation  of the  credit
crisis  witnessed  in the later part of 2007,  continued  volatile  world  stock
markets and growing concerns about a global downturn.

We always viewed the first quarter of 2008 as challenging  due to the 41% growth
achieved in the corresponding period last year.

Given  these  factors  we are very  pleased to have  achieved  growth in overall
business which demonstrates the resilience of the St. James's Place Partnership.

Review of new business

Pension  investments  increased by 8% across both regular and single investments
as clients  continue to invest for their long term future and to utilise the tax
advantages to pension savings.

Investment  bond business at £349 million  remained strong and in line with last
year whilst unit trust sales were down by 11% to £158 million.

Finally protection business, which represents less than 5% of the total APE, was
some 6% lower than the  corresponding  quarter last year,  partly as a result of
the slowing housing market.

Funds under management

Despite global  markets  having fallen around 10% over the first quarter,  funds
under management at 31 March 2008 were £17.2 billion, down only 5% over the same
period, and up 6% over the last twelve months.

The table below  provides an analysis of the movement in funds under  management
during the quarter.
                                                                     Unaudited
                                                                   3 Months to
                                                                 31 March 2008
                                                                          £'bn

Opening funds under management                                            18.2
New money invested                                                         0.7
Net investment return                                                     (1.4)
                                                                          17.5
                                                                       
Regular income withdrawals & maturities                                   (0.1)
Surrenders & part surrenders                                              (0.2)
                                                                        
Closing funds under management                                            17.2

Annualised surrender rate as a % of average funds under management         5.0%

Capital

There have been no material  changes to capital  during the first  quarter.  The
investment  policy for the surplus assets remains on a prudent basis,  which has
immunised the capital base from both stock market falls and credit write downs.

Outlook

We are  confident we will  increase our market share in the current year despite
the more  challenging  market  conditions  and are also  confident  of achieving
strong growth in the size of the Partnership for the third consecutive year.

Our new business growth target remains 15-20% per annum over the longer term.

                             ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                               FIRST QUARTER 2008
                                LONG TERM SAVINGS


                                          Unaudited
                                         3 Months to
                                         31 March 2008

NEW PREMIUMS                     2008             2007              Change
                                  £'m              £'m                 %
New Regular Premiums
      Pensions                   18.3             17.0                8%
      Protection                  4.5              4.8               (6%)

                                 22.8             21.8                5%
New Single Premiums
      Investment                349.2            350.8                0%
      Pensions                  251.8            232.3                8%

                                601.0            583.1                3%

Unit Trust Sales                158.2            177.2              (11%)
(including PEPs and ISAs)


NEW BUSINESS                     2008             2007              Change

(RP + 1/10th SP)                  £'m              £'m                 %


Investment                       50.7             52.8                (4%)
Pensions                         43.5             40.2                 8%
Protection                        4.5              4.8                (6%)

Total                            98.7             97.8                 1%


                             ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                               FIRST QUARTER 2008

                                      Notes
     
     
1.   New business from long term savings is  calculated  in accordance  with the
     standard  industry  measure of adding  together  new regular  premiums  and
     one-tenth of single premiums and unit trust sales ('APE').

2.   Sales of manufactured business on an APE basis for the three months was 85%
     of the total reported (2007: 89%).

     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 £5.2 million new regular  premiums  (2007:  £4.1
     million) and £5.6 million  single  premiums  (2007:  £6.2  million) for the
     three  months to 31 March 2008.  This  equates to £5.8 million new business
     premiums (2007: £4.7 million).

     Sales of annuities by St. James's Place  Partnership  have been included in
     the reported  figures under Pensions.  These amount to £18.3 million single
     premiums  (2007:  £15.7  million) for the three months to 31 March 2008 and
     equate to £1.8 million new business premiums (2007: £1.6 million).

     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  Premium  Protection.  These  amount to £2.7 million of new regular
     premiums  (2007:  £2.8 million) for the three months to 31 March 2008. This
     equates to £2.7 million new business premiums (2007: £2.8 million).

     Sales of  non-manufactured  single premium investment business amounting to
     £40.7 million (2007: £16.5 million) have been included in the figures under
     investments  for the three  months to 31 March 2008.  This  equates to £4.1
     million new business premiums (2007: £1.6 million).

3.   Gross fees generated from other wealth management services amounted to £6.2
     million for the three months to 31 March 2008 (2007: £7.9 million).



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