continued - St James's Place

Independent Review Report byPricewaterhouseCoopers LLP toSt. James’s Place PlcIntroductionWe have been engaged by the Company to review:–– the condensed consolidated set of financial statements in the half year report, which comprises theCondensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement ofChanges in Equity, the Condensed Consolidated Statement of Financial Position, the CondensedConsolidated Statement of Cash Flows and related notes;–– the European Embedded Value Basis Supplementary Information for the six months ended 30 June 2011which comprises the Consolidated Statement of Income, the Consolidated Statement of Changes in Equity,the Consolidated Statement of Financial Position and the related notes (‘the Supplementary Information’).We have read the other information contained in the half year report and considered whether it contains anyapparent misstatements or material inconsistencies with the information in the condensed consolidated set offinancial statements.Directors’ responsibilitiesThe half year report is the responsibility of, and has been approved by, the Directors. The Directors areresponsible for preparing the half year report in accordance with the Disclosure and Transparency Rules of theUnited Kingdom’s Financial Services Authority.As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs asadopted by the European Union. The condensed consolidated set of financial statements included in this halfyear report has been prepared in accordance with International Accounting Standard 34, ‘Interim FinancialReporting’, as adopted by the European Union.The Directors are responsible for preparing the Supplementary Information in accordance with the EEV basisset out in note I.Our responsibilityOur responsibility is to express to the Company a conclusion on the condensed consolidated set of financialstatements in the half year report based on our review. This report, including the conclusion, has beenprepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of theFinancial Services Authority and for no other purpose.Our responsibility on the Supplementary Information in the half year report is to express to the Company aconclusion based on our review. This report on the Supplementary Information, including the conclusion, hasbeen prepared for and only for the Company in accordance with our letter of engagement dated 3 June 2011and for no other purpose.We do not, in producing this report, accept or assume responsibility for any other purpose or to any otherperson to whom this report is shown or into whose hands it may come save where expressly agreed by ourprior consent in writing.60St. James’s Place plc Registered No. 3183415