Announcement of Sale of James Hay to IFG

15 December 2009

Press Release

Santander in the UK has been completing a full review of its activities to assess and establish the core areas of focus for the businesses moving forward. As a result of this review, James Hay as a business does not sit with Santander's long term plans and as a result they have announced their intentions to sell the business to IFG. IFG already operate in the SIPP market and their strategic plans are focused on growing in this area.

It is envisaged that the sale will be completed and transfer to its new owner at the end of January, beginning of February. The sale of the business is also conditional on approval from the FSA and other concerned regulators.

For the time being, James Hay will continue to operate business as usual.