Legal & General Investment Funds ICVC Final Authorised

Distribution Number 2 Legal & General Investment Funds ICVC

Final Authorised Corporate Director’s Report for the period ended 28 November 2014

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Contents Page Number

Authorised Corporate Director’s (‘ACD’) Investment Report* 2

Authorised Status* 5

Directors’ Statement 5

Statement of the Authorised Corporate Director’s Responsibilities 6

Statement of the Depositary’s Responsibilities 6

Report of the Depositary 7

Independent Auditors’ Report 8

Legal & General UK Property Fund

Portfolio Statement* 11

Statement of Total Return 16

Statement of Change in Net Assets attributable to Shareholders 16

Balance Sheet 17

Cash Flow Statement 18

Notes to the Financial Statements 19

Distribution Tables 32

Fund Facts 38

Performance Record 39

General Information* 42

* These collectively comprise the Authorised Corporate Director’s Report.

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Legal & General Investment Funds ICVC

Authorised Corporate Director’s (‘ACD’) Investment Report Investment Objective and Policy Legal & General UK Property Fund The Sub-fund will be a PAIF at all times, and, as such, its investment objective is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In so doing, the objective of the Sub-fund is to achieve income and capital growth through investing generally in commercial property.

The investment policy is to invest a minimum of 60% of its assets in commercial property. The Sub-fund will aim to diversify risk by seeking exposure across a range of sectors of the UK commercial property market (including but not limited to retail, offices, industrial, leisure and healthcare). The Sub-fund may, from time to time, seek diversification by investing in the Isle of Man and the Channel Islands but predominantly properties will be situated in the United Kingdom.

The intention of the ACD is to invest at least 80% of the Sub-fund’s assets directly in property but it may reduce this level (to no lower than 60% in commercial property) from time to time if it believes it is in the interest of maintaining scheme liquidity and performance.

The Sub-fund may invest to a lesser extent in residential properties, and may develop properties with the intention of enhancing their capital value and/or income return. The Sub-fund may also invest in other property-related assets (including property-related UK transferable securities and UK property-related collective investment schemes), in money-market instruments, deposits, money-market-related collective investment schemes and government and public securities.

The Sub-fund may use derivatives only for the purpose of efficient portfolio management.

Authorised Corporate Director’s Investment Report During the period under review, the bid price of the Fund’s R-Class accumulation units rose by 7.53%. Past performance is not a guide to future performance.

The value of investments and any income from them may go down as well as up.

Market/Economic Review Since November 2013 the commercial property market has experienced very strong returns. The IPD Monthly Index to November 2014 showed 12 month returns of 19.9%.

The buoyancy seen in the investment markets in 2013 has continued throughout 2014 with demand for investment product supported across the risk spectrum and from a diverse range of capital sources, from defensive government wealth funds to opportunistic private equity funds. A loosening of property lending conditions has also helped provide access and therefore demand for product.

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Authorised Corporate Director’s (‘ACD’) Investment Report continued Where the property market has really improved compared with 2013 is in the strength of the underlying occupational market conditions. The combination of an improving economy and a low level of development activity has resulted in upwards pressure on rents in all sectors.

All three of the principle commercial property sectors are now providing positive returns and positive rental value growth. However, there is still a consistent and distinct difference in performance between the business space sectors (offices and industrial) and the retail sector. Rolling 12 month total returns to the end of November 2014 are now 25.3% for offices, 24.8% for industrial property and then 14.6% for retail.

Fund Review At the end of May the Legal & General UK Property Trust was converted to a Property Authorised Investment Fund following an investor vote. This is a far more efficient structure for those investors that are exempt from tax.

Over the period to the end of November 2014, the Fund provided a return of +7.53% for R-Class accumulation units.

The Fund has continued to grow rapidly in size with net flows of over £258m since becoming a PAIF and over £527m since last November. As such the primary activity undertaken during the period has been identifying and acquiring new investments. Over the last year a total of £319 million has been invested into the following:

• Hodge House, Cardiff - a multi-let retail and office building backing on to The Millennium Stadium and let to Serco and Hugh James Solicitors.

• 120 Aldersgate Street, London - a multi-let office building in close proximity to the eastern entrance to the proposed Farringdon Crossrail station.

• Argos Distribution Centre, Stafford –a regional distribution warehouse close to Junction 13 of the M6 and let for 12 years.

• St.James Retail Park, Dumbarton – a dominant retail park including Asda, M&S Simply Food, Homebase, Argos, Halfords and Carpetright. Rents are considered to be affordable and are secure for an average of 9 years.

• Ramco, Aberdeen – a sale and leaseback transaction to provide the Fund with a 20 year lease commitment from Ramco with rent indexation provisions.

• 15 Bonhill Street, London – a multi-let office building in the heart of Shoreditch and expected to benefit from the popularity of the area with new media and hi-tech companies.

• 19-31 Piccadilly Gardens, Manchester – a newly refurbished prime leisure property in the centre of Manchester let on long leases to Travelodge, Morrisons, Zizzi and Nandos.

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Authorised Corporate Director’s (‘ACD’) Investment Report continued • SAP, 5 Vanwall Business Park, Maidenhead – a good quality office

let for 6 years to SAP.

• Care UK Portfolio – a portfolio of 3 recently built care homes let to Care UK on 30 year leases with rent indexation provisions. The homes are located in Kidderminster, Stratford on Avon and Stansted Mountfitchet.

• 55 Strand, London – a mixed use building on the southern side of Strand that has recently been refurbished and relet. Rents in the area are expected to grow further due to a shortage of available space.

The Fund has not undertaken any sales since November 2013 but is under offer to sell 31-33 Bedford Street in London as at the year end date.

Active management of the direct property portfolio has been very successful during the period. The Fund has commenced the conversion of 67 Tufton Street in London from an office into apartments. At Garden House on Throgmorton Avenue in London the Fund agreed to extend the lease to Deutsche Bank by 5 years with a net benefit to the value of £2.5 million. In Redhill, the Fund renegotiated a lease with Aquila group, committing them to the building for a further 10 years. The added value created was £1.7 million, an increase in value of over 45%.

Outlook The short term prospects for commercial property remain attractive with increasingly positive sentiment in the occupational markets prompting a return to rental growth.

The medium term prospects are considered to be robust but will ultimately be determined by the performance of the wider UK economy and the interest rate policy of the Bank of England. Legal & General Investment Management Limited (Investment Adviser) 23 December 2014

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Authorised Status Authorised Status This Company is an Investment Company with Variable Capital (‘ICVC’) as defined in section 243 of the Financial Services and Markets Act 2000 and is a non-UCITS Retail Scheme and a PAIF within the meaning of the FCA Collective Investment Schemes sourcebook.

Directors’ Statement We hereby certify that this ACD’s Report has been prepared in accordance with the requirements of the FCA Collective Investment Schemes sourcebook.

A. J. C. Craven S. D. Thomas (Director) (Director) Legal & General (Unit Trust Managers) Limited 21 January 2015

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Statement of Responsibilities Statement of the Authorised Corporate Director’s Responsibilities The ACD of the Company is required by the FCA Collective Investment Schemes sourcebook (COLL) to prepare financial statements for each accounting period which give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the net revenue and the net gains or losses on the Company property for the accounting period, and the financial position of the Company at the end of that period. In preparing these financial statements, the ACD is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are prudent and reasonable;

• state whether applicable Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; and

• prepare the financial statements on the basis that the Company will continue in operation unless it is inappropriate to presume this.

The ACD is also required to manage the Company in accordance with the Article of Incorporation, the Prospectus and the COLL, maintain proper accounting records to enable them to ensure that the financial statements comply with the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association (IMA) in October 2010 and the COLL and take in these respects reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of the Depositary’s Responsibilities The Depositary is responsible for the safekeeping of all the property of the Company (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property.

It is the duty of the Depositary to take reasonable care to ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Scheme sourcebook (COLL), as amended, the Company’s Article of Incorporation and Prospectus, in relation to the pricing of, and dealings in, shares in the Company; the application of the revenue of the Company; and the investment and borrowing of the Company.

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Report of the Depositary Report of the Depositary to the Shareholders of Legal & General Investment Funds ICVC (“the Company”) Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Company, it is our opinion that, based on the information available to us and the explanations provided, that, in all material respects, the ACD:

• has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s revenue in accordance with the COLL, the Article of Incorporation and Prospectus, and

• has observed the investment and borrowing powers and restrictions applicable to the Company.

London National Westminster Bank Plc 21 January 2015 Trustee and Depositary Services

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Independent Auditors’ Report Independent Auditors’ Report to the Shareholders of Legal & General Investment Funds ICVC (“the Company”)

Report on the financial statements Our opinion In our opinion the financial statements, defined below:

• give a true and fair view of the financial position of the Company as at 28 November 2014 and of the net revenue and the net capital gains of the scheme property of the Company for the period then ended; and

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes sourcebook and the Article of Incorporation.

This opinion is to be read in the context of what we say in the remainder of this report. What we have audited The financial statements of Legal & General Investment Funds ICVC (the “Company”), which are prepared by Legal & General (Unit Trust Managers) Limited (the “Authorised Corporate Director’’), comprise:

• the balance sheet of the Company as at 28 November 2014;

• the statement of total return of the Company for the period then ended;

• the statement of change in net assets attributable to shareholders of the Company for the period then ended;

• the notes to the Company’s financial statements, which include a summary of significant accounting policies and other explanatory information; and

• the cash flow statement; and

• the distribution tables.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice ‘Financial Statements of Authorised Funds’ issued by the Investment Management Association (the “Statement of Recommended Practice for Authorised Funds”), the Collective Investment Schemes sourcebook and the Article of Incorporation.

In applying the financial reporting framework, the Authorised Corporate Director has made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.

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Independent Auditors’ Report continued What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:

• whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed;

• the reasonableness of significant accounting estimates made by the Authorised Corporate Director; and

• the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the Annual ACD’s Report (the “Annual Report”) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinions on matters prescribed by the Collective Investment Schemes sourcebook In our opinion:

• we have obtained all the information and explanations we consider necessary for the purposes of the audit; and

• the information given in the Authorised Corporate Director’s Report for the financial period for which the financial statements are prepared is consistent with the financial statements.

Other matters on which we are required to report by exception Propriety of accounting records and information and explanations received Under the Collective Investment Schemes sourcebook we are required to report to you if, in our opinion:

• proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

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Independent Auditors’ Report continued Responsibilities for the financial statements and the audit Our responsibilities and those of the Authorised Corporate Director As explained more fully in the Authorised Corporate Director’s Responsibilities Statement set out on page 6, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Company’s shareholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook and for no other purpose.

We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 21 January 2015

Notes:

a) The maintenance and integrity of the Legal & General website is the responsibility of Legal & General; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Portfolio Statement Portfolio Statement as at 28 November 2014

Market % of Value Net Investment £’000 Assets

REAL ESTATE INVESTMENT TRUSTS — 6.72% 3,239,397 British Land 24,749 1.46 295,904 Derwent London 9,001 0.53 1,101,341 Great Portland Estates 7,880 0.46 2,511,442 Hammerson 15,546 0.92 2,975,870 Intu Properties 10,579 0.62 2,519,195 Land Securities 29,953 1.76 2,375,018 Segro 9,339 0.55 891,213 Shaftsbury 7,143 0.42 --------------------------------------------------------------------------------------------------------------------------------------- 114,190 6.72 --------------------------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT & SERVICES — 0.16% 746,823 Capital & Counties Property 2,782 0.16 --------------------------------------------------------------------------------------------------------------------------------------- INVESTMENT IN IMMOVABLE PROPERTY — 69.13%

Market value between £47,000,001 and £65,500,000 15 Bonhill Street, London Total Market value between £47,000,001 and £65,500,000 65,492 3.85

Market value between £38,200,001 and £47,000,000 St. James Retail Park, Dumbarton Total Market value between £38,200,001 and £47,000,000 46,957 2.76

Market value between £37,400,001 and £38,200,000 Units 214, 216, 220, 230, 240 Cambridge Science Park, Cambridge Total Market value between £37,400,001 and £38,200,000 38,103 2.24

Market value between £37,350,001 and £37,400,000 55 The Strand, London Total Market value between £37,350,001 and £37,400,000 37,387 2.20

Market value between £30,000,001 and £37,350,000 Argos National Distribution Centre, Stafford Total Market value between £30,000,001 and £37,350,000 37,300 2.20

Market value between £29,000,001 and £30,000,000 Garden House, London Total Market value between £29,000,001 and £30,000,000 30,000 1.76

Market value between £28,000,001 and £29,000,000 120 Aldersgate Street, London Bulls Bridge Centre, Hayes Total Market value between £28,000,001 and £29,000,000 57,600 3.39

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Portfolio Statement continued Market % of Value Net Investment £’000 Assets Market value between £26,000,001 and £28,000,000 Fife Leisure Park, Dunfermline Ramco Premises Badentoy Industrial Estate, Portlethen Aberdeen Total Market value between £26,000,001 and £28,000,000 53,590 3.15

Market value between £25,000,001 and £26,000,000 31-33 Bedford Street, London Walter House, London Total Market value between £25,000,001 and £26,000,000 51,621 3.04

Market value between £23,500,001 and £25,000,000 1-7 Upper Street, Islington John Lewis Unit, Northampton Total Market value between £23,500,001 and £25,000,000 48,218 2.84

Market value between £23,000,001 and £23,500,000 5 Vanwall Business Park, Maidenhead, Berkshire 19-31 Piccadilly Gardens, Manchester Total Market value between £23,000,001 and £23,500,000 46,365 2.73

Market value between £22,000,001 and £23,000,000 Malmaison, Manchester Ralli Quays, Salford Total Market value between £22,000,001 and £23,000,000 45,100 2.66

Market value between £21,000,001 and £22,000,000 Redcliff Quay, Bristol Hodge House, Cardiff Total Market value between £21,000,001 and £22,000,000 42,789 2.51

Market value between £19,000,001 and £21,000,000 St. Stephen's Place Development Site, Trowbridge Tesco Superstore, Market Deeping Total Market value between £19,000,001 and £21,000,000 40,366 2.38

Market value between £17,750,001 and £19,000,000 Burghmuir Retail Park, Stirling BMI Woodlands Hospital, Darlington Waitrose Supermarket, Greenwich Total Market value between £17,750,001 and £19,000,000 55,828 3.28

Market value between £16,975,001 and £17,750,000 Alphington Road Retail Park, Exeter Hams Hall 28 and 170, Coleshill Tesco Superstore, Ludlow Total Market value between £16,975,001 and £17,750,000 52,050 3.06

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Portfolio Statement continued Market % of Value Net Investment £’000 Assets

Market value between £14,400,001 and £16,975,000 Royal Buildings, 2 Moseley Street, Manchester Tower Fields Leisure Park, Huntingdon 1 Whitehall Place, Leeds Total Market value between £14,400,001 and £16,975,000 48,836 2.87

Market value between £11,700,001 and £14,400,000 66-67 Newman Street, London Tradeteam Distribution Unit, Coleshill Tesco Superstore, Quinton Spa Park, Leamington Spa Total Market value between £11,700,001 and £14,400,000 54,024 3.18

Market value between £10,200,001 and £11,700,000 Homebase Unit, Romford Unit 8 Nexus Point, Birmingham Connections Industrial Estate, Sevenoaks Wildermere Industrial Estate, Banbury Audi Showroom, 4 Bankhead Drive, Edinburgh Total Market value between £10,200,001 and £11,700,000 53,552 3.15

Market value between £8,760,001 and £10,200,000 118 Princes Street, Edinburgh Libra Industrial Estate, Milton Keynes Plot 5, Sherwood Park, Annesley 51 Lincoln's Inn Fields, London Tradeteam Unit, Knowlsey Industrial Park, Liverpool Mercedes Benz, Leeds Total Market value between £8,760,001 and £10,200,000 57,378 3.38

Market value between £8,000,001 and £8,760,000 Royal Arcade, Norwich Chase Point, Coventry Station Retail Park, Carlisle Mountfitchet House, Corner Of Coltsfield & High Lane, Stansted Mountfitchet Ambleside, Evesham Road, Dodwell, Stratford-Upon-Avon Brook Court 37/38 Oldnall Road, Kidderminster, Worcestershire Total Market value between £8,000,001 and £8,760,000 51,208 3.01

Market value between £6,100,001 and £8,000,000 20:20 Mobile Unit, Weston Road, Crewe Units 1-4, Sovereign Park, Luton Three Bridges Retail Park, Hazelwick Avenue, Crawley Honda/Ford Showrooms, Bedford Vauxhall, Edinburgh Riverside Retail Park, Leven

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Market value between £6,100,001 and £8,000,000 — (cont.) Castle Place Shopping Centre, Trowbridge Unipart Unit, Cavalry Hill Industrial Park, Weedon Total Market value between £6,100,001 and £8,000,000 55,699 3.28

Market value between £3,400,001 and £6,100,000 39/55 High Street, Clacton-on-Sea, Essex Transpennine 62, Manchester Aquila House, Redhill Land Rover, Solihull Unit E, Stafford Park 1, Telford 991 Doddington Road, Lincoln Gordano 19, Bristol The Wolvey Campus, Hinkley Bridgemeadow Retail Park, Haverfordwest Tavistock Industrial Estate, Twyford, Berkshire Unit 1, Tamian Way, Hounslow Crown Business Park, Tredegar Total Market value between £3,400,001 and £6,100,000 57,337 3.38

Market value between £300,001 and £3,400,000 Mercedes Benz, Ayr Nissan Unit, Sunderland Mercedes Benz, Glasgow 740 Waterside Drive, Aztec West, Bristol Inwood Business Park, Whitton Road, Hounslow Waun-Y-Pound Industrial Estate, Ebbw Vale 133 Princes Street, Edinburgh 145-147 Commercial Road, Portsmouth, Hampshire Units 1 & 2, 18 Toll Gavel, Beverley, Humberside Renault Showroom, Doncaster St. Augustine Court, St Augustine, Bristol The Clockhouse, 22-28 Ock Street, Abingdon, Oxfordshire 153/155 Commercial Road, Portsmouth, Hampshire 23/25 Toll Gavel, Beverley, North Humberside 9/11 King Street, Huddersfield, West Yorkshire Mini Showroom, Harrogate Technology House, Waterside Drive, Langley Business Park, Langley, Berkshire Units 7-12 Manor Court, Barnes Wallis Road, Segensworth, East Fareham, Hampshire 35 Cornhill, Bury St. Edmunds, Suffolk 39A/43 Linthorpe Road, Middlesbrough, Cleveland Dominions House, St. Augustines Parade, Bristol 192 High Street, Yiewsley, West Drayton, Middlesex 28 Park Street, Walsall Total Market value between £300,001 and £3,400,000 48,066 2.83 --------------------------------------------------------------------------------------------------------------------------------------- 1,174,866 69.13 ---------------------------------------------------------------------------------------------------------------------------------------

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SPECIAL PURPOSE VEHICLES — 1.29% 1,000,000 67 Tufton Street, London 21,889 1.29 --------------------------------------------------------------------------------------------------------------------------------------- LIQUIDITY INSTRUMENTS — 8.78% 149,259,489 LGIM Sterling Liquidity Fund 149,259 8.78 --------------------------------------------------------------------------------------------------------------------------------------- FUTURES — 0.16% 700 IPD UK Annual All Property Index Future March 2015 2,800 0.16 --------------------------------------------------------------------------------------------------------------------------------------- Portfolio of investments 1,465,786 86.24

Net other assets 233,921 13.76 --------------------------------------------------------------------------------------------------------------------------------------- Total net assets £1,699,707 100.00% ---------------------------------------------------------------------------------------------------------------------------------------

Total purchases for the period: £397,583,724.

Total sales for the period: £35,428,909.

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Financial Statements Statement of Total Return for the period ended 28 November 2014

23/05/14 to 28/11/14*

Notes £’000 £’000

Income

Net capital gains 2 76,344

Revenue 3 36,163

Expenses 4 (4,087)

Finance costs: Interest 6 — ------------------------------------------------------------------- Net revenue before taxation 32,076

Taxation 5 — ------------------------------------------------------------------- Net revenue after taxation for the period 32,076 ------------------------------------------------------------------- Total return before distributions 108,420

Finance costs: Distributions 6 (32,076) ------------------------------------------------------------------- Change in net assets attributable to Shareholders from investment activities £76,344 -------------------------------------------------------------------

Statement of Change in Net Assets attributable to Shareholders for the period ended 28 November 2014

23/05/14 to 28/11/14*

£’000 £’000 Opening net assets attributable to Shareholders —

Amounts received on creation of shares 397,523

Amounts transferred in from predecessor Fund** 1,347,404

Amounts paid on cancellation of shares (140,042) ------------------------------------------------------------------- 1,604,885

Change in net assets attributable to Shareholders from investment activities 76,344

Retained distribution on accumulation shares 18,478 ------------------------------------------------------------------- Closing net assets attributable to Shareholders £1,699,707 -------------------------------------------------------------------

* There are no comparative figures as the Sub-fund launched on 23 May 2014.

** Legal & General UK Property Trust ceased investment activity on 23 May 2014 and the net assets were transferred to the Legal & General UK Property Fund.

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Financial Statements continued Balance Sheet as at 28 November 2014

28/11/14*

Notes £’000 £’000

ASSETS

Investment assets 1,465,786

Debtors 7 20,831

Cash and bank balances 8 238,730

Amounts held at futures clearing houses and brokers 8 608 ------------------------------------------------------------------- Total other assets 260,169 ------------------------------------------------------------------- Total assets 1,725,955 ------------------------------------------------------------------- LIABILITIES

Investment liabilities —

Creditors 9 (19,872)

Bank overdrafts 8 (64)

Distribution payable on distribution shares (6,312) ------------------------------------------------------------------- Total other liabilities (26,248) ------------------------------------------------------------------- Total liabilities (26,248) ------------------------------------------------------------------- Net assets attributable to Shareholders £1,699,707 -------------------------------------------------------------------


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Financial Statements continued

Cash Flow Statement for the period ended 28 November 2014

23/05/14 to 28/11/14*

Notes £’000 £’000

Net cash inflow from operating activities 16 38,373

Taxation —

Capital expenditure:

Payments to acquire investments (397,584)

Receipts from sales of investments 35,035 ------------------------------------------------------------------- (362,549)

Servicing of finance:

Bank interest —

Distributions paid (6,814)

Financing:

Amounts received on creation of shares 390,870

Amounts paid on cancellation of shares (141,133) ------------------------------------------------------------------- 249,737 ------------------------------------------------------------------- Net increase/(decrease) in cash in period 17 £(81,253) -------------------------------------------------------------------


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Notes to the Financial Statements 1. Accounting Policies (a) Basis of accounting

The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments and in accordance with UK Generally Accepted Accounting Practice and the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010. The principal accounting policies which have been applied consistently are set out below. As the only sub-fund currently launched, the financial statements of the Legal & General Investment Funds ICVC are also the aggregated financial statements of the Company.

(b) Recognition of revenue Revenue from quoted equities is recognised net of attributable tax credits when the security is quoted ex-dividend. Rental revenue, deposit interest, interest from financing provided to site developers and other revenue is accounted for on an accruals basis. Rental revenue received in advance is deferred and recognised as revenue over the period to which it relates. Rental revenue from properties which have been let subject to an initial rent free period, or rent inducement, is accounted for on a straight line basis over the terms of the lease, or until the next review date in accordance with UITF Abstract 28. Additional revenue arising from rent reviews will be recognised by accruing rent at the lower of a counter offer received from the tenant and the expected rental value at the time of review.

(c) Treatment of expenses All expenses (other than those relating to the purchase, sale and improvement of investments and Stamp Duty Reserve Tax arising on sales and purchases of shares in the Sub-fund) are charged against revenue. Regular charges are recognised on an accruals basis. Other expenses are recognised on a paid basis.

Within expenses, non-recoverable expenses relate primarily to property maintenance, provision for bad and doubtful debts and ground rent.

Transaction costs associated with failed investment property purchases are charged against revenue and transaction costs associated with failed investment property sales are charged against capital when it becomes clear the transaction has failed.

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Notes to the Financial Statements (d) Distribution Policy

The policy is to distribute all available revenue, after deduction of those expenses which are chargeable in calculating the distribution. In order to conduct a controlled dividend flow, interim distributions will be at the ACD’s discretion, up to a maximum of the distributable revenue for the period. All remaining revenue is distributed at the final distribution in accordance with the COLL.

The ordinary element of stock dividends is treated as revenue and forms part of the distribution. In the case of an enhanced stock dividend, the value of the enhancement is treated as capital and does not form part of the distribution.

Where fees cannot be recovered from tenants, they are deducted from revenue for the purposes of calculating the distribution.

The ACD’s periodic fee is deducted from revenue for the purpose of calculating the distribution.

Capital allowances claimed are deducted from the distribution as these relate to tax credits as a result of capital expenditure.

Distributions which have remained unclaimed by Shareholders for over six years are credited to the capital property of the Sub-fund.

(e) Basis of valuation of investments The direct property investments of the Sub-fund are valued monthly on an open market value basis by independent valuation in accordance with the Prospectus. Development properties are valued on a cost plus expenditure basis. The property investments were last valued by Roger Norman (BSc MRICS) of Knight Frank LLP on 28 November 2014 being the last working day of the accounting period.

In accordance with accounting standard SSAP 19, no depreciation is provided for on investment properties that are held as freeholds or on leases having more than 20 years unexpired.

The value at which a property is stated in the Balance Sheet will make allowance for any amounts treated as a separate asset in respect of UITF Abstract 28.

All indirect property investments are valued at their fair value as at close of business on 28 November 2014, being the last working day of the accounting period. The fair value for these securities is bid market price.

The fair value for derivative instruments is the cost of closing out the contract at the balance sheet date.

Where values cannot be readily determined, the investments are valued at the ACD’s best assessment of their fair value.

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Notes to the Financial Statements (f) Taxation

Provision is made for Taxation at current rates on the excess of investment revenue over expenses.

Deferred tax is provided for on all timing differences that have originated but not reversed by the balance sheet date, other than those differences that are regarded as permanent. Any liability to deferred tax is provided for at the average rate of tax expected to apply. Deferred tax assets and liabilities are not discounted to reflect the time value of money.

(g) Derivative instruments Financial derivative instruments may be used by the Sub-fund for

efficient portfolio management, for example to hedge investment exposure or to adjust exposure in a cost effective manner. Derivative instruments held within the Sub-fund have been accounted for in accordance with the Statement of Recommended Practice for Authorised Funds (IMA SORP 2010) and taxed in accordance with the applicable tax legislations. Derivative transactions have been treated as either revenue or capital depending on the motives and circumstances on acquisition.

2. Net capital gains

23/05/14 to 28/11/14

£’000

The net capital gains during the period comprise:

Non-derivative securities 10,974

Derivative contracts 1,656

Immovable properties 63,730

Transaction charges (16) --------------------------------------------------------------------

Net capital gains 76,344 --------------------------------------------------------------------

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Notes to the Financial Statements 3. Revenue

23/05/14 to 28/11/14

£’000

Rental revenue 32,788

Property related revenue 82

Franked UK dividends 138

Property income distributions 1,012

Off-shore interest distributions 369

Franked stock dividends 57

Unfranked stock dividends 57

Term deposit interest 473

Bank interest 42

Margin interest 1

Futures revenue 1,144 -------------------------------------------------------------------- 36,163 --------------------------------------------------------------------

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Notes to the Financial Statements continued 4. Expenses

23/05/14 to 28/11/14

£’000

Payable to the ACD, associates of the ACD and agents of either of them:

ACD’s periodic fee 1,752

Registration fees 129 -------------------------------------------------------------------- 1,881 -------------------------------------------------------------------- Payable to the Depositary, associates of the Depositary and agents of either of them:

Depositary’s fees 106 -------------------------------------------------------------------- 106 -------------------------------------------------------------------- Other expenses:

Audit fee 32

Valuation fees 219

Abortive purchase costs (62)

Professional fees 64

Maintenance & repairs 104

Bad & doubtful debts 276

Service charges 284

Marketing 48

Other property expenses 1,135 -------------------------------------------------------------------- 2,100 -------------------------------------------------------------------- Total expenses 4,087 --------------------------------------------------------------------

24


Notes to the Financial Statements continued 5. Taxation (a) Analysis of taxation charge in period

23/05/14 to 28/11/14

£’000

Corporation tax — -------------------------------------------------------------------- Current tax [note 5(b)] —

Deferred tax [note 5(c)] — -------------------------------------------------------------------- Total taxation — --------------------------------------------------------------------

(b) Factors affecting taxation charge for the period The current tax charge excludes capital gains and losses for the

reason that ICVC’s are not subject to Corporation Tax on these items. Current tax differs from taxation assessed on net revenue before taxation as follows:

Net revenue before taxation 32,076 -------------------------------------------------------------------- Net revenue before taxation multiplied by the applicable rate of Corporation Tax at 20% 6,415

Effects of:

Interest distributions utilised (1,315)

Property income distributions to Feeder Class (5,061)

Revenue not subject to taxation (39) -------------------------------------------------------------------- Current tax — --------------------------------------------------------------------

(c) Provision for deferred tax Whilst properties in which the Sub-fund invests may have capital allowances attributable to them, these allowances are dependent on the relevant properties being held at the Sub-fund’s period end. Since the properties are principally held for investment purposes, there is no certainty that they will be held at the period end and as such, the Sub-fund only recognises these allowances as they crystallise and therefore no deferred tax asset and corresponding charge is provided for.

25


Notes to the Financial Statements continued 6. Finance costs Distributions The distributions take account of revenue received on the creation

of shares and revenue deducted on the cancellation of shares and comprise:

23/05/14 to 28/11/14

£’000

1st Interim distribution 15,341

Final distribution 16,085

Income tax withheld 1,309 -------------------------------------------------------------------- 32,735

Add: Revenue deducted on cancellation of shares 1,436

Less: Revenue received on creation of shares (2,095) -------------------------------------------------------------------- Distributions for the period 32,076

Interest

Bank overdraft interest — -------------------------------------------------------------------- Total finance costs 32,076 --------------------------------------------------------------------

26


Notes to the Financial Statements continued 7. Debtors

28/11/14

£’000

Amounts receivable for creation of shares 8,748

Trade debtors 1,171

Sundry property debtors 81

Service charges 1

Accrued rental revenue 9,755

Other accrued revenue 336

Recoverable VAT 737

Recoverable PID income tax 2 -------------------------------------------------------------------- 20,831 --------------------------------------------------------------------

8. Net uninvested cash

28/11/14

£’000

Amounts held at futures clearing houses and brokers 608

Cash and bank balances* 31,645

Bank overdraft (64)

Term deposits 207,085 -------------------------------------------------------------------- Net uninvested cash 239,274 --------------------------------------------------------------------

* Included within cash and bank balances are tenant rent deposits of £5,014,484.

9. Creditors

28/11/14

£’000

Amounts payable for cancellation of shares 345

Rental revenue received in advance 6,004

Accrued expenses 485

Service charges 1,022

Income tax payable 1,131

Sundry property creditors 1,985

VAT payable 2,636

Tenant rent deposits 5,014

Purchases awaiting settlement 1,250 -------------------------------------------------------------------- 19,872 --------------------------------------------------------------------

27


Notes to the Financial Statements continued 10. Contingent liabilities and outstanding commitments As at the balance sheet date, the Sub-fund had the following

outstanding commitments in relation to properties under development:

28/11/14

£’000

Aztec West, Bristol 5,953 67 Tufton Street, London 8,119

Tower Fields Leisure Park, Huntingdon 600

St. Stephens Place Development Site, Trowbridge 182 -------------------------------------------------------------------- 14,854 --------------------------------------------------------------------

11. Risk in relation to financial instruments and Property The Sub-fund’s investment objective is stated on page 2. In

pursuing its objective, the Sub-fund holds financial instruments which expose it to various types of risk. The main risks, and the ACD’s policy for managing these risks, which were applied consistently throughout the current period, are set out below.

(a) Credit and liquidity risk Credit risk is the risk of suffering loss due to another party not

meeting its financial obligations. The primary source of this risk to the Sub-fund is for trade counterparties to fail to meet their transaction commitments. This risk is managed by appraising the credit profile of financial instruments and trade counterparties.

Liquidity risk relates to the capacity to meet liabilities. The primary source of this risk to the Sub-fund is the liability to Shareholders for any cancellation of shares. This risk is minimised by holding cash and readily realisable securities and via access to overdraft facilities.

(b) Market risk Market Liquidity Risk All property investments are relatively illiquid compared to bonds and equities. Liquidity is a function both of the time to effect a sale and the extent to which it is possible to trade at the market price. Property is slow to transact in normal market conditions and hence is illiquid. In poor market conditions it will take even longer to find a buyer to pay an acceptable price.

28


Notes to the Financial Statements continued (b) Market risk continued

Market Valuation Risk The value of a property, except where it is bought or sold, is generally a matter of a valuer’s opinion rather than fact and may go down as well as up. The simplest yardstick of property valuation is initial yield, which is current annual rent divided by the value of the property, including purchase costs. Property yields will fluctuate through time and may reflect the general economic cycle.

At any time, the market value of a property will, broadly, reflect market expectations for rental growth. If an investment is made in the expectation that a certain level of rental growth will be achieved and that growth fails to materialise, then the returns from holding that property are likely to be lower than anticipated. Rental growth is affected by many things: general economic conditions, local trading conditions, relative scarcity of alternative space and so on.

(c) Foreign currency risk Foreign currency risk is the risk of movements in the value of

overseas financial instruments as a result of fluctuations in exchange rates. At the balance sheet date the Sub-fund had no significant exposure to currencies other than Sterling.

(d) Interest rate risk Interest rate risk is the risk of movements in the value of financial

instruments as a result of fluctuations in interest rates. The Sub-fund’s only interest bearing financial instruments were its bank balances, term deposits and overdraft facilities as disclosed in note 8. Cash is deposited, and overdraft facilities utilised, on normal commercial terms and earn or bear interest based on LIBOR or its overseas equivalent.

(e) Derivative risk — Sensitivity analysis Derivative risk arises from uncertainty about future market

movements. This risk is managed by the policies shown within Market risk.

The Sub-fund utilised futures contracts to gain exposure to the properties market.

The effective exposure of the futures contracts at the balance sheet date and the effects of an increase or decrease in the underlying security values on the net asset value of the Sub-fund are shown below.

Impact on Net Assets of Effective Sub-fund from movement in underlying Derivative Exposure value of below percentage 28/11/14 £’000 (20%) (10%) 10% 20% IPD UK

All Property 41,300 (0.49%) (0.24%) 0.24% 0.49%

Total 41,300 (0.49%) (0.24%) 0.24% 0.49%

29


Notes to the Financial Statements continued (f) Fair value The fair value of a financial instrument is the amount for which it

could be exchanged between knowledgeable, willing parties in an arm’s length transaction. There is no significant difference between the value of the financial assets and liabilities, as shown in the financial statements, and their fair value.

12. Portfolio transaction costs

28/11/14

£’000 £’000

Analysis of total purchase costs:

Purchases before transaction costs 384,598

SDLT 7,848

Legal 448

Agent 1,877

Survey 21

Environmentals 1

Minor works 309

Miscellaneous expenses 1,631

Main contract 964

Capital provisions (113) ---------------------------------------------------

Total purchase costs 12,986 ---------------------------------------------------

Gross purchases total 397,584 ---------------------------------------------------

Analysis of total sale costs:

Sales before transaction costs 35,429

Agent —

Survey —

Other — ---------------------------------------------------

Total sales costs — ---------------------------------------------------

Total sales net of transaction costs 35,429 ---------------------------------------------------

13. Share classes The Sub-fund currently has six share classes: R-Class, I-Class, F-Class, L-Class, Feeder and C-Class. The annual management charge on each share class can be found on page 42. The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the comparative table on page 39. The distributions per share class are given in the distribution tables on pages 32 to 37. All classes have the same rights on winding up.

30


Notes to the Financial Statements continued 14. Ultimate controlling party and related party

transactions The ACD and Depositary are regarded as controlling parties of the Sub-fund by virtue of having the ability to act in concert in respect of Sub-fund operations. The ultimate controlling parties of the ACD and Depositary are Legal & General Group Plc and The Royal Bank of Scotland Plc, respectively. These entities and their subsidiaries are also related parties of the Sub-fund.

Legal & General (Unit Trust Managers) Limited acts as principal on all the transactions of shares in the Sub-fund. The aggregate monies received through creations or paid on cancellations are disclosed in the Statement of Change in Shareholders’ Net Assets.

At the period end, the ACD and its associates held 1.88% of the Sub-fund’s shares in issue. There were no shares held by the Depositary or its associates. Details of all other material related party transactions during the period and any payment amounts outstanding at the balance sheet date are disclosed in notes 4, 6, 7 and 9 to the financial statements and the Statement of Change in Shareholders’ Net Assets. Within note 9, accrued expenses and bank overdraft interest (including amounts due to associates and agents) of £349,874 are due to the ACD.

15. Post balance sheet market movements As at the close of business on the balance sheet date the R-Class distribution Net Asset Value per share was 46.31p. The R-Class distribution Net Asset Value per share as at 12 noon on 19 January 2015 was 46.70p. This represents an increase of 0.84% from the period end value.

31


Notes to the Financial Statements continued 16. Reconciliation of net revenue before taxation to net

cash inflow from operating activities

28/11/14

£’000

Change in net assets attributable to Shareholders 76,344

Finance costs: Distributions 32,076

Net capital gains

Non-derivative gains (10,974)

Immovable properties (63,730)

Derivative contracts (1,656)

Increase in debtors (12,083)

Increase in creditors 18,396 -------------------------------------------------------------------- Net cash flow from operating activities £38,373 --------------------------------------------------------------------

17. Analysis of change in cash

28/11/14

£’000

Cash and bank balances transferred from predecessor Fund* 320,527

Net cash flows (81,253) -------------------------------------------------------------------- Cash and bank balances at the end of the period 239,274 --------------------------------------------------------------------

* Legal & General UK Property Trust ceased investment activity on 23 May 2014 and the net assets were transferred to the Legal & General UK Property Fund.

32


Distribution Tables Distribution Tables for the period from 23 May 2014 to 28 November 2014 Group 1: shares purchased prior to a distribution period

Group 2: shares purchased during a distribution period

Equalisation is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to the holders of these shares as a return of capital. As capital it is not liable to Income Tax but must be deducted from the cost of shares for Capital Gains Tax purposes.

1st Interim distribution in pence per share* Period 23/05/14 to 28/08/14

Gross Income Net Distribution Revenue Tax Revenue Equalisation 28/10/14

R-Class Distribution Shares

Property Income Dividend Stream Group 1 0.3408 0.0682 0.2726 — 0.2726 Group 2 0.3222 0.0645 0.2577 0.0149 0.2726

PAIF Interest Stream Group 1 — — — — — Group 2 — — — — —

PAIF Dividend Stream Group 1 n/a n/a 0.0208 — 0.0208 Group 2 n/a n/a 0.0197 0.0011 0.0208

R-Class Accumulation Shares




I-Class Distribution Shares




* There are no comparative figures as the Sub-fund launched 23 May 2014.

33


Distribution Tables continued 1st Interim distribution in pence per share* Period 23/05/14 to 28/08/14


I-Class Accumulation Shares




F-Class Distribution Shares




F-Class Accumulation Shares




L-Class Distribution Shares





34


Distribution Tables continued 1st Interim distribution in pence per share* Period 23/05/14 to 28/08/14


Feeder Distribution Shares

Property Revenue Stream** Group 1 0.4575 — 0.4575 — 0.4575 Group 2 0.4575 — 0.4575 — 0.4575

PAIF Interest Stream** Group 1 — — — — — Group 2 — — — — —

PAIF Dividend Stream Group 1 n/a n/a 0.0350 — 0.0350 Group 2 n/a n/a 0.0350 — 0.0350

Feeder Accumulation Shares

Property Income Dividend Stream** Group 1 0.6861 — 0.6861 — 0.6861 Group 2 0.6861 — 0.6861 — 0.6861



C-Class Distribution Shares

Property Income Dividend Stream Group 1 0.4640 0.0928 0.3712 — 0.3712 Group 2 — — — 0.3712 0.3712


PAIF Dividend Stream Group 1 n/a n/a 0.0284 — 0.0284 Group 2 n/a n/a — 0.0284 0.0284

C-Class Accumulation Shares





** The Property Income Dividend and PAIF Interest streams on the Feeder classes are paid gross.

35


Distribution Tables continued Final distribution in pence per share* Period 29/08/14 to 28/11/14


R-Class Distribution Shares




R-Class Accumulation Shares




I-Class Distribution Shares




I-Class Accumulation Shares





36




F-Class Distribution Shares




F-Class Accumulation Shares




L-Class Distribution Shares




Feeder Distribution Shares






37




Feeder Accumulation Shares




C-Class Distribution Shares




C-Class Accumulation Shares






38


Fund Facts Ongoing Charges Figures*

28 Nov 14

R-Class 1.42% I-Class 0.63% F-Class 0.92% L-Class 0.03% Feeder 0.02% C-Class 0.58%

Property Expense Ratios**

28 Nov 14

R-Class 0.27% I-Class 0.27% F-Class 0.27% L-Class 0.27% Feeder 0.27% C-Class 0.27%


** The Property Expense Ratio shows the ratio of operating costs that relate to the management of the property assets to the average net assets of the Sub-fund.

The Ongoing Charges Figure (OCF) is the ratio of the Sub-fund’s total discloseable costs (excluding overdraft interest) to the average net assets of the Sub-fund.

The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a fund and is calculated based on the last period’s figures.

39


Performance Record Net Asset Values*

Net Asset Net Asset Number Of Value Of Value Per Shares Accounting Date Sub-fund Share In Issue

28 Nov 14 R-Class Distribution Shares £7,725,561 46.31p 16,682,628 Accumulation Shares £143,591,750 60.72p 236,474,119 I-Class Distribution Shares £181,265,293 48.65p 372,581,772 Accumulation Shares £164,322,736 67.16p 244,689,584 F-Class Distribution Shares £147,208 48.26p 305,034 Accumulation Shares £571,260 63.80p 895,397 L-Class Distribution Shares £14,130,464 48.67p 29,030,620 Feeder Distribution Shares £480,169,499 48.74p 985,249,990 Accumulation Shares £707,780,958 67.47p 1,049,088,426 C-Class Distribution Shares £1,057 50.53p 2,092 Accumulation Shares £1,074 69.79p 1,539


Past performance is not a guide to future performance. The price of shares and any income from them may go down as well as up.

40


Performance Record continued Share Price Range and Revenue R-Class Shares

Highest Lowest Net Year Offer Bid Revenue

Distribution Shares

2014(1) 50.92p 43.48p 0.2934p 2015(2) — — 0.2644p

Accumulation Shares

2014(1) 66.39p 56.31p 0.3793p 2015(2) — — 0.3460p

I-Class Shares


Distribution Shares

2014(1) 51.03p 45.69p 0.3814p 2015(2) — — 0.3593p

Accumulation Shares

2014(1) 69.93p 62.09p 0.5176p 2015(2) — — 0.4906p

F-Class Shares


Distribution Shares

2014(1) 50.59p 45.32p 0.3512p 2015(2) — — 0.3279p

Accumulation Shares

2014(1) 66.43p 59.05p 0.4535p 2015(2) — — 0.4299p

The Sub-fund’s shares were launched on 23 May 2014. (1) The above tables show the highest offer and lowest bid prices

from 23 May 2014 to 28 November 2014.

(2) The above tables show the revenue per share to 28 January 2015.


41


Performance Record continued Share Price Range and Revenue continued L-Class Shares


Distribution Shares

2014(1) 51.10p 45.71p 0.4308p 2015(2) — — 0.4150p

Feeder Shares

Highest Lowest Gross Year Offer Bid Revenue

Distribution Shares

2014(1) 50.89 45.70p 0.4925p 2015(2) — — 0.4878p

Accumulation Shares

2014(1) 69.91p 62.11p 0.7386p 2015(2) — — 0.7386p

C-Class Shares


Distribution Shares

2014(1) 53.02p 45.69p 0.3996p 2015(2) — — 0.3780p

Accumulation Shares

2014(1) 72.64p 62.09p 0.5431p 2015(2) — — 0.5178p

The Sub-fund’s shares were launched on 23 May 2014. (1) The above tables show the highest offer and lowest bid prices

from 23 May 2014 to 28 November 2014.

(2) The above tables show the revenue per share to 28 January 2015.


42


General Information Constitution Launch date: 23 May 2014

Period end dates for distributions: 28 February, May, August and November

Distribution dates: 28 April, July, October and January

Minimum initial lump sum investment: R-Class £500 I-Class £1,000,000 F-Class* £500 L-Class £500,000 Feeder N/A C-Class £100,000,000

Minimum monthly contributions: R-Class £50 I-Class N/A F-Class* £50 L-Class N/A Feeder N/A C-Class N/A

Valuation point: 12 noon

Management charge: R-Class 1.25% I-Class 0.60% F-Class* 0.75% L-Class 0.00% Feeder 0.00% C-Class 0.55%

Initial charge: R-Class 5% I-Class Nil F-Class* Nil L-Class Nil Feeder Nil C-Class Nil

* F-Class shares are only available for investment through authorised intermediaries, platforms or to investors having received advice.

Pricing and Dealing The prices are published on the internet at www.legalandgeneral.com/investments/fund-information/daily-fund-prices immediately after they become available.

Dealing in shares takes place on a forward pricing basis, from 8:30am to 6:00pm, Monday to Friday.

43


General Information continued Buying and Selling Shares The number of shares created and cancelled during the period under review was:

R-Class R-Class I-Class Distribution Accumulation Distribution

Shares at start of period 7,446,225 221,637,688 203,254,159

Shares created 13,154,407 19,237,282 169,864,814 Shares converted (301,846) (87,658) 44,259 Shares cancelled (3,616,158) (4,313,193) (581,460)

Shares at end of period 16,682,628 236,474,119 372,581,772

I-Class F-Class F-Class Accumulation Distribution Accumulation

Shares at start of period 63,768,302 75,980 378,713

Shares created 183,424,180 197,161 502,497 Shares converted 205,153 31,893 30,796 Shares cancelled (2,708,051) — (16,609)

Shares at end of period 244,689,584 305,034 895,397

L-Class Feeder Feeder Distribution Distribution Accumulation

Shares at start of period 2,478 943,309,999 1,041,064,257

Shares created 29,028,142 341,831,272 1,966,245 Shares converted — (299,891,281) 218,388,010 Shares cancelled — — (212,330,086)

Shares at end of period 29,030,620 985,249,990 1,049,088,426

C-Class C-Class Distribution Accumulation

Shares at start of period — —

Shares created 2,092 1,539 Shares converted — — Shares cancelled — —

Shares at end of period 2,092 1,539

ISA Status This Company may be held within this tax advantaged savings arrangement. The favourable tax treatment of ISAs may not be maintained. For full written information, please contact your usual financial adviser or ring 0370 050 0955.

Call charges will vary. We may record and monitor calls.

Stamp Duty Reserve Tax Stamp Duty Reserve Tax suffered on the surrender of shares where applicable, has been charged against the capital assets of the Company.

44


General Information continued Prospectus and ACD’s Reports The ACD will send to all persons on the Shareholder Register annual and interim short form reports.

Copies of the Prospectus and the most recent annual or interim reports are available free of charge by telephoning 0370 050 0955 or by writing to the ACD.

Do you have difficulty in reading information in print because of a disability? If so, we can help. We are able to produce information for our clients in large print and braille. If you would like to discuss your particular requirements, please contact us on 0370 050 0955.


Significant Changes Fund Conversion As at 23 May 2014, the Legal & General UK Property Trust ceased to exist. The net assets of the Legal & General UK Property Trust have been transferred into the Legal & General UK Property Fund, which is a Property Authorised Investment Fund (PAIF). The PAIF offers a more efficient structure for those investors that are exempt from tax.

To accommodate the conversion, the Sub-fund’s period end date, previously 28 May, was changed to 23 May.

Management Structure of the Legal & General UK Property Share Company Matt Jarvis is the Fund Manager for the UK Property Fund.

He joined Legal & General Property as Asset Manager in November 2004 and is currently responsible for the UK Property Fund, having previously been a Commercial Valuer with Jones Lang LaSalle.

Matt holds a degree in Land Management from Reading University and is a Member of the Royal Institution of Chartered Surveyors (MRICS).

Association of Real Estate Funds The Company aims to comply with the Association of Real Estate Funds (AREF) Code of Practice, which is a voluntary Code whose aim is to encourage members of AREF to adopt best practice wherever possible.

The Code is publicly available and published on the Association’s website: www.aref.org.uk.

45


General Information continued Alternative Investment Fund Managers Directive (AIFMD) As of 1 September 2014, Legal & General (Unit Trust Managers) Limited was authorised by the Financial Conduct Authority (FCA), in the UK, as a full scope UK Alternative Investment Fund Manager (AIFM), in accordance with the newly created, European wide, Alternative Investment Fund Managers Directive (AIFMD) with permission to manage Alternative Investment Funds (AIFs). As such, at this time the L&G UK Property Fund (a sub-fund of Legal & General Investment Funds ICVC), as a non-UCITS scheme, became an AIF. The Alternative Investment Fund Managers Directive is intended to strengthen the monitoring of companies managing Alternative Investment Funds and enhances transparency towards investors and as such Legal & General (Unit Trust Managers) Limited complies with all the relevant requirements of the Directive in full.

Remuneration Disclosure In accordance with the Alternative Investment Fund Managers Directive (AIFMD) change noted above, the L&G UK Property Fund (a sub-fund of Legal & General Investment Funds ICVC), as an Alternative Investment Fund (AIF), is required to disclose the total amount of remuneration for the financial year, split into fixed and variable remuneration, paid by the Alternative Investment Fund Manager (AIFM) to its staff, the number of beneficiaries, and, where relevant, carried interest paid by the AIF. Authorisation as an AIFM was granted on the 1st September 2014 and as such did not span the entire reporting period covered by this report. Due to sufficient information of this nature not being available prior to authorisation, the AIFM has taken the decision not to disclose the part year figures, instead waiting to disclose full year, meaningful figures in next year’s annual report.

Leveraging Disclosure The Legal & General UK Property Fund (a sub-fund of Legal & General Investment Funds ICVC) is an Authorised Investment Fund ('AIF') and Legal & General (Unit Trust Managers) Limited is its AIFM. In accordance with the requirements of the directive, the AIFM must set a maximum level of leverage for the Sub-fund and report to shareholders the total amount of leverage employed by the Sub-fund. These are:

Gross Commitment

Maximum Limits 110% 102%

Exposure at 28.11.2014 78.93% 78.93%

46


General Information continued Authorised Corporate Director (‘ACD’) Legal & General (Unit Trust Managers) Limited Registered in England and Wales No. 01009418 Registered office: One Coleman Street, London EC2R 5AA Telephone: 0370 050 3350 Authorised and regulated by the Financial Conduct Authority

Directors of the ACD A. J. C. Craven S. R. Pistell S. D. Thomas M. J. Zinkula

Secretary D. Gilbert

Registrar Legal & General (Portfolio Management Services) Limited P.O. Box 6080 Wolverhampton WV1 9RB Authorised and regulated by the Financial Conduct Authority

Dealing: 0370 050 0956 Enquiries: 0370 050 0955 Registration: 0370 050 0955


Depositary National Westminster Bank Plc Trustee and Depositary Services 135 Bishopsgate London EC2M 3UR Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT

Investment Adviser Legal & General Investment Management Limited One Coleman Street, London EC2R 5AA Authorised and regulated by the Financial Conduct Authority

47


General Information continued Standing Independent Valuer Knight Frank LLP 55 Baker Street London W1S 1HZ

Solicitors In England and Wales: Eversheds LLP Senator House 85 Queen Victoria Street London EC4V 4JL

In Scotland: Dundas &Wilson LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EN

Authorised and regulated by the Financial Conduct Authority

Legal & General (Unit Trust Managers) Limited Registered in England and Wales No. 01009418 Registered office: One Coleman Street, London EC2R 5AA www.legalandgeneral.com

Documents

Legal & General Investment Funds ICVC Final Authorised