PRELIMINARY RESULTS

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• PRELIMINARY RESULTS
• February 2008

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Mike WilsonCHAIRMAN David BellamyCHIEF
EXECUTIVE Andrew CroftFINANCE DIRECTOR Ian
GascoigneSALES DIRECTOR David LambBUSINESS
DEVELOPMENT DIRECTOR
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Agenda

• Introduction MIKE WILSON
• Financials ANDREW CROFT
• New Business DAVID BELLAMY
• Partnership IAN GASCOIGNE
• Summary MIKE WILSON

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• ANDREW CROFT
• Finance Director

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EEV Profits
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Analysis of Life Unit Trust Pre-Tax Operating
Profit
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2007 New Business Contribution

• Margin as of APE expanded to 35.2 from 33
  achieved for the 2006 full year
• Margin as of PVNBP increased to 4.5 from 4.3
  for the 2006 full year

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Development of New Business Contribution
m
APE
New business contribution
Margin
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Analysis of Life Unit Trust Pre-Tax Operating
Profit
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Net Asset Value per Share

• Net asset value
• 252.5 pence
• Fully diluted net asset value
• 250.3 pence

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Dividend

• Interim dividend 1.75 pence up 17
• Final dividend 2.55 pence up 19
• Full year dividend 4.3 pence up 18

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Analysis of Post Tax Cashflow
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Analysis of Post Tax Cashflow (continued)
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Movement in Funds Under Management
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• DAVID BELLAMY
• Chief Executive

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• Objective
• New Business Growth 15 - 20pa
• Actual
• Average over last ten years 16pa
• Average over the last five years 23pa

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2007 Full Year New Business

• Highlights
• New Business up 23
• New Single Investments up 27
• New Pension Single Investments up 33
• Funds under Management up 18
• Partnership numbers up 8

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2007 Full Year New Business
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New Business by Quarter

• APE (Annual premiums plus 10 of single premiums)

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Pension New Business by Quarter

• APE (Annual premiums plus 10 of single premiums)

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Investment New Business by Quarter

• APE (Annual premiums plus 10 of single premiums)

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Growth in Single Investments (bn)
28
62
33
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Funds Under Management (bn)
18.2bn
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Investment Management Approach

• 37 Funds
• 15 Fund Managers
• Investment Committee Chair Sir Mark Weinberg
• Stamford Associates leading independent
  consultants

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Investment Management Approach

• Top Quartile Performance in 2007
• THSP, Newton, Jupiter AXA Framlington (Managed
  Funds)
• Invesco Perpetual Schroders (Income Funds)
• MPC (UK Growth Unit Trust)
• Neil Woodford (UK Equity Fund)

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Investment Management Approach

• Over the longer term
• Two thirds of all funds under Management in top
  quartile over 5 years
• Pension funds managed by THSP GAM achieved
  out-performance of 4 pa since launch

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Winner
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• IAN GASCOIGNE
• Sales Director

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The Partnership Develops
2003
2007
77
53
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18
18
5
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The Partnership Develops
Double Partner Qualifiers
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The Partnership Develops
Average APE per Partner (k)
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Impact of the City
2003
2007
93
89
11
7
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The Partnership Grows

• 8 growth in 2007 best result since 1999
• IFAs concerned about interplay between TCF, RDR
  and CAR
• Relationship based top-end bancassurers tired of
  being micro-managed in banking environment
• Increased awareness and acceptance of SJP as a
  proven model and credible alternative
• Brand recognition and Daily Telegraph award
• Business Acquisition Team becoming more effective

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The SJP Academy

• Intake one trained and live
• Intake two in training
• Intake three in selection and assessment
• Intake four will be a succession intake (July)
• At mid year should have circa 50 individuals in
  process
• Anticipate selected graduates moving into
  Partnership in Q4 2008
• Supplement not replacement to normal recruitment

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• MIKE WILSON
• Chairman

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Our Competitive Advantage

• Manufacturer and distributor
• Investment Management Approach
• St. Jamess Place Partnership

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