continued - St James's Place

Interim Management ReportFinancial CommentarycontinuedAnalysis of Liquid AssetsAs noted in the table above the Group has liquid assets of £415.3 million and these amounts are held inGovernment backed debt, AAA rated money market funds and bank deposits. A further analysis of theholdings is provided below.Holding Name £ million £ millionUK government gilts2.5% UK Treasury Index Linked 26/07/2016 11.72.5% UK Treasury Index Linked 17/07/2024 15.72% UK Treasury Index Linked 26/01/2035 18.84.25% UK Treasury 07/12/2055 3.73.5% War Loan 12.6 62.5AAA rated money market fundsBlackRock 43.0HSBC 45.0Insight 57.7Invesco AIM 31.0RBS 49.9 226.6Bank balancesBarclays 28.1BNP Paribas 7.0HSBC 29.3LBG/Bank of Scotland 39.6RBS/NatWest 21.4Others 0.8 126.2415.3Solvency IIWe continue to prepare for the adoption of the EU Solvency II requirements. Whilst it is looking increasinglylikely that the implementation date will be revised to 1 January 2014, we will continue to aim to complete therequirements by the end of 2012.As commented on in the 2010 full year Financial Commentary, the results from Quantitative Impact Study 5confirmed that, based on the proposed rules, the Group will not be adversely impacted by these newrequirements and might expect to see a reduction in the solvency capital we are currently required to hold.24St. James’s Place plc Registered No. 3183415