1TIGHTROPE WALKING IN THE FOG. TIME FOR BEVERIDGE 2.0 AND SCHUMPETER 2.0?

BofA MERRILL LYNCH CONFERENCENIGEL WILSON, 24 SEPTEMBER 2013

EVERY DAY MATTERS

2

TITANS OF ECONOMICS AND INNOVATION.

Keynes Beveridge

BevanJobs Gates

Schumpeter

1. No great economic problem solvers and policy makers delivering Beveridge 2.0 and Schumpeter 2.0 solutions that drive economic prosperity and efficiency.

2. No major leaders of innovation – western corporates under investing capital and hoarding cash. Banks deleveraging.

3. Government policy makers finding it hard to deliver: economic “targets”, appropriate economic and welfare infrastructures.

Legal & General can accelerate growth through greater provision of our core products and core capabilities.

Berners-Lee

3

0

50

100

150

200

250

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

p

1.11 1.332.41.962.011.87 1.66

2007 2008 2009 2010 2011 2012 2013 Analystconsensus

2014 AnalystconsensusInterim Final

LEGAL & GENERAL’S FINANCIAL PERFORMANCE HAS BEEN STRONG 2009-2013.

4.75p

6.40p

4.06p 3.84p

7.65p

9.00p10.10p

Source: Bloomberg as at 19th September 2013.

Source: Datastream as at 17th September 2013.

5.97p

Dividend per share

2007 2008 2009 2010 2011 2012 2013

4

LGIM flows Up 66% to £25bn, net flows up 100% to £8bn

Bulk annuity premiums Up 900% to £670m

Individual annuity premiums Up 44% to £754m

Net cash Up 23% to £500m

Operational cash Up 14% to £537m

Operating profit Up 10% to £571m

Profit after tax Up 15% to £464m

Earnings per share Up 13% to 7.82p

Interim dividend Up 22% to 2.40p per share

IFRS return on equity Up to 16.8%

OUR FINANCIAL RESULTS REMAIN STRONG. FINANCIAL HIGHLIGHTS 30 JUNE 2013.

5

MANY ECONOMIC PROBLEMS – BUT FEW REALISTIC SOLUTIONS……

1. Real wages falling – record jobs but at lower wages (UK, US, Germany).2. Productivity falling –lack of investment, low risk, low paid labour instead of

risk capital.3. Asset prices rising – driven by QE monetary methadone, Bernanke and

Draghi “puts”, record profit margins and inappropriate housing policies. The rich and old are getting richer, the poor and young are getting poorer.

4. Government spending and borrowing unsustainable – driven by demographic changes, unfunded pension liabilities, election social contracts – inefficient spend on education, housing, welfare risk products etc.

5. Yield curves jumping (mainly upwards) in all economies – reflecting QE uncertainty, structural economic imbalances and current account deficits.

No one understands how we will exit QE – is the ‘market’ pricing the associated risk?

6

….DISTORTIONS CAUSED BY MONETARY POLICY ACTIONS WITHOUT SUPPLY SIDE REFORM.

6. Corporates under investing in Capital, hoarding cash – “risk off” after being “buried” in 2000/1 and 2007/8. China has adopted opposite strategy.

7. Technology gains remain low – Apple and Microsoft buying back shares, inefficient investment in “green” technology, infrastructure and education.

8. Banks are deleveraging and lending remains low – reflecting regulatory risk, rules and uncertainty coupled with lack of investment demand from companies and minimal innovation.

9. Goods price inflation – Expectations uncertain as benefits from Asian manufacturing decline and China focuses on domestic consumption and Indian outsourcing benefits reduce.

10. Unemployment is increasingly complex - participation rates declining in US, unacceptable unemployment in GIIPS, increasing global issues amongst student populations.

Globalisation is still occurring, but consequences are now rarely analysed.

7

BERNANKE, OSBORNE AND MERKEL: “MISSION ACCOMPLISHED”?

LGIM Forecasts US UK GERMANY

2013 2014 2015 2013 2014 2015 2013 2014 2015

Real GDP Growth (%) 1.6 2.6 2.8 1.4 2.4 2.8 0.6 1.7 1.9

Inflation (%) 1.6 2.4 3.0 2.7 2.4 2.2 1.5 1.5 1.5

Unemployment (%) 7.5 7.0 6.5 7.7 7.9 7.6 5.4 5.6 5.4

Budget balance (bn) $(700) $(700) $(650) £(110) £(95) £(80) €(3) €1 €4

Employment (million) 136 138 141 32.3 32.5 32.8 41.8 41.9 42.1

8

UK inflation

0

1

2

3

4

5

6

Jan-

08May

-08

Sep-0

8Ja

n-09

May-0

9Sep

-09

Jan-

10May

-10

Sep-1

0Ja

n-11

May-1

1Sep

-11

Jan-

12May

-12

Sep-1

2Ja

n-13

May-1

3

%

BoE target

Forecast error

-12

-10

-8

-6

-4

-2

0FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

% o

f GD

P

Mar 13 forecast Nov 10 forecast

Forecast error

HOW USEFUL ARE GOVERNMENT TARGETS IN AN UNCERTAIN ECONOMY?

OBR forecasts of UK public sector financial balance% of GDP (excluding Royal Mail, BoE coupon payments)

UK INFLATION

42618797108115121Borrowing

723694658633612587573Gov’ntincome

765755745730720701694Gov’ntExpend

17/1816/1715/1614/1513/1412/1311/12£’bn

42618797108115121Borrowing

723694658633612587573Gov’ntincome

765755745730720701694Gov’ntExpend

17/1816/1715/1614/1513/1412/1311/12£’bn

9

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

1Y 18M 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 12Y 15Y 20Y 25Y 30Y

HOW LONG CAN FINANCIAL REPRESSION LAST?

% of stock of gilts in 2012 by duration in years

0

1

2

3

4

5

6

7

8

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50

% o

f sto

ck b

y ye

ar

0

10

20

30

40

50

60

70

80

90

100

Stock by maturity (LHS)

Cumulative stock by maturity (RHS)

Excluding QE

August 2013January 2013

% of stock of gilts in 2012 by duration in years

10

US: OBSESSED ABOUT FINANCIAL MARKETS AND S&P PERFORMANCE. CHINA: OBSESSED ABOUT CAPITAL INVESTMENT AND 7% GROWTH.

Source: Bloomberg

40%

60%

80%

100%

120%

140%

160%

01/01/2010 01/01/2011 01/01/2012 01/01/2013

S&P 500 Shanghai

15%

20%

25%

30%

35%

40%

45%

50%

78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12

GFCF % GDP

ChinaEM G20 ex ChinaG20US-EU-Japan

GROSS FIXED CAPITAL INVESTMENT IN G20.S&P 500 V SHANGHAI STOCK EXCHANGE

Source: Barclays

US

China

China

EM G20 ex China

G20

US-EU- Japan

11

 

420430440450460470480490500510520

00 01 02 03 04 05 06 07 08 09 10 11 12 13

£ per week, 2012 prices

Real average weekly earnings

QE: BY THE RICH, FOR THE RICH?

100

120

140

160

180

200

220

65 70 75 80 85 90 95 00 05 10

1965

=100

REAL AVERAGE WEEKLY EARNINGS AT A 12-YEAR LOW

UK REAL WAGES PER WORKER (WEEKLY EARNINGS/RPI)

Source: Barclays

Declining

1%-2% real growth per annum

1212

ECONOMIC AUSTERITY LEADS TO POLITICAL UNEMPLOYMENT.

Pre 2010 2012 2014

Sarkozy 55% 35% 34% Exit

Hollande Elected 51% 30% 2014 Euro elections.27% approval rating

Obama 65% 50% Re-electedSenate and House of

Representatives elections. 44% approval rating

Merkel 60% 63% 60% Sept 2013 General ElectionRe-elected with 41.5%

Abe 30% Resigns 2007

76%Elected 62% 62% approval rating

Cameron 54% 36% 28%2014 Euro Elections.

General Election May 201532% approval rating

Austerity casualties: Zapatero (Spain), Berlusconi & Monti (Italy), Papandreou & Papademos (Greece), Cowen (Ireland), Sócrates (Portugal), Stoltenberg (Norway)

13

UK JOBS: HARDWORKING, MOBILE LABOUR FORCE…..IMMIGRATION ACCOUNTS FOR ALL NEW JOBS.

Source: Reuters EcoWin

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

04 05 06 07 08 09 10 11 12 13

mill

ions

Overseas born, overseas national

Overseas born, UK national

UK born

CUMULATIVE CHANGE IN UK EMPLOYMENT SINCE 2004

14

US PARTICIPATION RATES DECLINING – WHERE ARE THE REAL JOBS?

60

61

62

63

64

65

66

67

68

Jan-78

Jan-81

Jan-84

Jan-87

Jan-90

Jan-93

Jan-96

Jan-99

Jan-02

Jan-05

Jan-08

Jan-11

Perc

ent

US UK

% OF CIVILIAN POPULATION ECONOMICALLY ACTIVE (WORKING OR LOOKING FOR WORK).

Source: Reuters EcoWin

15

UNDER-INVESTMENT AND POOR INFRASTRUCTURE PUSHING UK PRODUCTIVITY DOWN.

-2

-1

0

1

2

3

4

5

Agriculture

Manufacturing

Construction

Wholesale/retail

Finance/insurance

Publicadm

in/defence

Education

Health/social

work

%

Change 97-07 Change Jan 07-13

16

Graduate employment

66%

34%

Unemployed or do low-skill jobs Graduate Job

SCHUMPETER 2.0: DO WE NEED CREATIVE DESTRUCTION IN FURTHER EDUCATION?

Student Loans in England 2005-2013

15

30

47

0

5

10

15

20

25

30

35

40

45

50

2005-2006 2009-2010 2012-2013

£bn

US student loans now exceed $1trillion For the top 100 employers the average starting salary is £25,000 and it has been unchanged from 2011.Other employers offer entry - level candidates with first degrees between £17,000 to £25,000, which has also remained unchanged for the past three years.

China now has 7-8 million graduates per year.

STUDENT LOANS IN ENGLAND 2005-2013 GRADUATE EMPLOYMENT

17

EXCESSIVE HOUSING INFLATION, INSUFFICIENT HOUSING SUPPLY – A POLICY FAILURE.

Source: Shelter

HOUSE BUILDING, HOUSE PRICES AND GROWTH IN ENGLAND

18

HOUSING VICIOUS CIRCLE: UNDERBUILDING PUSHES UP RENTS, DIVERTS CAPEX TO WELFARE, SUPPLY DIMINISHES FURTHER.

£95bn

£5bn

Housing Benefit House Building

In 1975, more than 80% of public expenditure directed to housing was spent on supply-side capital funding. By the end of the century this balance has more than entirely reversed.

HOUSING EXPENDITURE (CURRENT 5 YEAR CYCLE)

RELATIVE GROWTH IN HOUSING BENEFIT EXPENDITURE AND CASELOAD

Source: IPPR: Together at home: A Strategy for housing (index 100 = 1978/79)

19

UK, US AND EUROPE NEED BEVERIDGE 2.0. WELFARE EXPECTATIONS UNREALISTIC.

0

5

10

15

20

25

2000 2010 2020 2030 2040 2050

% of GDP

Healthcare

Social security

Interest

Discretionary

Current taxes

2007-08 (£bn)

2011-12 (£bn)

% change

Pensions 99 127 28

Welfare 90 115 28

Health 102 121 19

Education 79 92 16

Total 370 455 23

Total Expenditure 583 695 19

Source: Congressional Budget Office, Citi research Source: HM Treasury - Public Expenditure, Statistical Analyses 2012

US GOVERNMENT SPENDING V REVENUE UK PUBLIC SECTOR EXPENDITURE ON SERVICES

20

SOCIAL SPENDING % OF GDP.

“If Europe today accounts for just over 7 percent of the world’s population, produces around 25% of global GDP and has to finance 50% of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life.” – Angela Merkel

21

Source: United Nations Population Division, 2010 projections. Total projected world population in 2050 is 9.3 billion.

WORLD POPULATION GROWTH 1950-2050

LONG TERM DEMOGRAPHIC TRENDS ARE FAVOURABLE FOR LEGAL & GENERAL.

“The world is becoming grey. Over 60s rising from 600 million to 2 billion by 2050”

ASIA

0

1

2

3

4

5

6

1950 1970 1990 2010 2030 2050

Billi

ons

0-19 20-49 50-59 Over 60

NORTH AMERICA

0

0.1

0.2

0.3

0.4

0.5

1950 1970 1990 2010 2030 2050

Billi

ons

0-19 20-49 50-59 Over 60

AFRICA

0

0.5

1

1.5

2

2.5

1950 1970 1990 2010 2030 2050

Bill

ions

0-19 20-49 50-59 Over 60

EUROPE

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

1950 1970 1990 2010 2030 2050

Billi

ons

0-19 20-49 50-59 Over 60

22

41% of British adults believe that public spending on welfare benefits should be cut, while 31% think the state welfare provision should stay as at present levels; which leaves only less than a third of adults to believe that government should increase expenditure on welfare benefits.

Almost 70% of the pre-war generation, and 61% of baby-boomers, believe that the creation of the welfare state is one of Britain’s proudest achievements. Under 30% of those born after 1979 agree.

THE NEED FOR BEVERIDGE 2.0.

BENEFIT SPENDING NOMINAL BENEFIT SPENDING REAL TERMS

23

FALLING UK DEPENDENCY RATIOS BOOST NEED FOR RETIREMENT SOLUTIONS.

Dependency Ratio 1950 2030 (Est)Japan 12.2 1.8

Germany 7.1 2.1

Italy 8.0 2.3

France 5.8 2.4

UK 5.9 2.9

US 8.1 3.0

UK 2000 UK 2025

Sources: ONS, United Nations Population Division.

24

RISK SHARING: TIME FOR ‘BEVERIDGE 2.0’.

1942: 5 Giants – “Want, Disease, Ignorance, Squalor, Idleness”“must be achieved by co-operation between the state and the individual”Compulsion via National Insurance and Contributory benefits, but….“should not stifle incentive, opportunity, responsibility, leaving room and encouragement for voluntary action by each individual to provide more than the national minimum.”

2013: State pension plus auto-enrolment in Defined ContributionUnemployment benefits plus Income Protection Disability Benefits/Statutory Sick Pay plus Group Protection

Public Sector

Private Sector

35%

65%

98%

2%

95%

5%

100%

Individual & Occupational pensions

Accident & Health Income Protection

MotorSource: ABI & HM Treasury Public Expenditure Statistical Analyses and Deloitte calculations

25

AGEING POPULATIONS

DIGITAL LIFESTYLES

WELFARE REFORMS

HOMOGENOUS ASSET

MARKETS

RETRENCHING BANKS

GROWTH DRIVERS

RETIREMENT SOLUTIONS

DIGITAL SOLUTIONS

PROTECTION

LGIM INTERNATIONAL

DIRECT INVESTMENT

GROUP RESPONSE

PROGRESS

MACRO DRIVERS OF LEGAL & GENERAL’S GROWTH.

Over 60s will grow from 600m today to over 2 billion by 2050, Corporates move to DC and derisking. Individual accountability for pensions.

Platforms likely to double in 5 years. Guided solutions coupled with click through purchasing. D2E substantial growth replacing the Government.

UK Government deficit is £120bn, US around $1trillion – risk transfer from Government to Corporates and individuals.

Index, income and solutions businesses playing a key role in global growth markets.

Replacement of Bank and Government capital by long term debt and equity institutional funding.

KEY TRENDS

5 MACRO TRENDS – 5 WINNING STRATEGIES.

26

2009 and Ongoing 2012 2013 and beyond

STRATEGIC AND FINANCIAL EVOLUTION.

CASH PLUS ORGANIC GROWTH PLUS SELECTIVE ACQUISITONS

CASH: CERTAINTY AND SUSTAINABILITY CASH PLUS ORGANIC GROWTH

ORGANISATIONAL PROGRESS

OUTCOMES

STRATEGIC PROGRESS

• Industrialised and automated processes

• Cost of new business reduced

• Capital efficiency increased

• Identification of five key macro drivers of growth

• Banks and governments excessive leverage create “white spaces” to expand into

• No burning platforms

• Accelerated growth in annuities, direct investment and LGIM

• Three selective acquisitions• Measured international expansion• Increased digital capacity

• One firm: shared culture, beliefs and values

• Expansion of key roles - Improving talent

• 5 major profit centres in our new operational structure.

• Becoming a destination for talent

• Net cash: 2008: £320m2012: £865m H1 2013: £500m up 23%

• Dividend:2008: 4.06p2012: 7.65pH1 2013: 2.40p up 22%

2012• UK Individual annuities up 26%• UK Protection up 25%• US Protection up 28%• Direct investments £1.2bn• Workplace net inflows £1.6bn

2013• LGIM International AUM: £52bn• Largest UK longevity insurance

deal £3.2bn • UK Savings AUA £111bn including

Cofunds acquisition• UK Bulk Annuities at £670m

plus Lucida acquisition• CALA equity purchased with no

goodwill

Return on Equity 15.4% Return on Equity 16.8%

2727

LGIM INTERNATIONAL AND LDI EXPANSION.

2008 2010 2012 H1 2013Internal External

32% CAGR

INTERNATIONAL AUM

£52bn

£15bn

2008 2010 2012 H1 2013

29% CAGR

LDI AUM

£23bn

£71bn

International:

• Europe: Record sales in H1 with 9 new clients from the region. We plan to launch our first SICAV by the end of the year.

• Gulf: Strong inflows in the first half. We have a healthy pipeline for both Index and Property products.

• Asia: LGIM Hong Kong has received regulatory approval. Significant opportunities to sell Index and Fixed Income in the region.

• US: AUM increased to £22bn (FY £20bn) with momentum expected to continue with a strong pipeline in H2.

UK:

• Strong flows of £4bn into our market leading LDI strategies.

• We rolled out, on a targeted basis, our digital solution to help smaller DB clients de-risk, ahead of its official launch later in the year.

• We continue to expand our growing range of multi- asset products to provide innovative solutions for our DB and DC clients.

2828

PROVIDING UK RETIREMENT SOLUTIONS.

DE-RISKING JOURNEY

• UK net inflows were driven by strong flows of £4bn into our market leading LDI strategies

• We rolled out, on a targeted basis, our digital solution to help smaller DB clients de-risk, ahead of its official launch later in the year

• We continue to expand our growing range of multi-asset products to provide innovative solutions for our DB and DC clients

• LGP awarded two property mandates by NEST

• We are repositioning our Active Equity strategy away from “index plus” objectives towards funds designed for DC and other target markets

Diversify InsureHedge

2929

ANNUITIES: RESPONDING TO DEMAND.FINANCIAL HIGHLIGHTS £m H1 2013 H1 2012

Operational cash generation 130 121

New business surplus 17 1

Net cash generation 147 122

Operating profit 151 139

Individual Annuities single premiums 754 522

Bulk Annuities single premiums 670 67

Total Annuities premiums 1,424 589

Annuities EEV margin (%) 8.4 8.5

INDIVIDUAL ANNUITIES GROWTH

2008 2012 H1 2013

CAGR 11%

Tied11%

Internal21%

IFA63%

Direct5% £754m

2013: INDIVIDUAL ANNUITIES - EXTERNAL = 79%

£868m

£1,320m

£754m

+44%

30

ANNUITIES: STRONG GROWTH POTENTIAL.

MARKET DEMAND

Corporates looking to de-risk DB pension schemes

L&G offer LDI, bulk purchase annuities and longevity insurance

Ability to export UK expertise internationally

Over 65 UK population expected to grow by 28% by 2025

Growth of defined contribution schemes and assets

Trend towards more shopping around

0

3

6

9

12

15

18

21

24

27

2000 2002 2004 2006 2008 2010 2012 2020

£bn

new

bus

ines

s

Internal VestingAnnuities

Open MarketAnnuities

Total Annuities2 8% CAGR

Open Market Annuities2 11% CAGR

1. Source: company estimates 2. Source: ABI

£400bn

£2,000bn

£1,000bn

£600bn

US UK Canada Netherlands

DEFINED BENEFIT PENSION LIABILITIES1

UK MARKET INDIVIDUAL ANNUITY VOLUMES

1

31

DIRECT INVESTMENTS.

Banking austerity has expanded opportunityReady to play a bigger role in funding economic and social development

• £116m accommodation project in Clapham for Imperial College

• Unite Group• £121m, 10-year facility

• National Football Centre, St George’s Park at Burton- on-Trent

• Purchased alongside private equity £210m

• Hyde Housing Group• £102m, 15-year facility

• University of Hertfordshire student accommodation project

• £145m infrastructure debt and equity investment for a 50 year concession period

31

• Sentinel Housing, private placement (registered social housing provider in Hampshire)

32

INFRASTRUCTURE INVESTMENT.

• Tesco distribution hub at Reading

32

• Road, Rail and Airports• No recent investment

• Solaris direct debt investment

• Financing of 4 operational UK ground mounted solar parks

The supply and quality of infrastructure projects is too low.

• Education• Accommodation only

• Health• No recent investment

• Energy• No recent sizeable

investment

33

FURTHER UPSIDE FROM EXECUTING WELL IN BUSINESSES WE’RE NOT BIG IN: BUT CAN BE.

BUSINESS AREA LOGIC ACTION PROGRESS

International Index Funds

• Global homogenous customer market• Regulatory approval received from US

in 2012, Asia in 2013

• Launch in US in 2013• Asia in 2013• Accelerate growth in the Gulf

and Asia

• £9.3bn of gross International inflows, mainly in index.

Digital platforms • Platform growth level to be substantial• UK £214bn in 2012, £500bn in 5 years

• Bolt-on acquisitions • Acquisition of Cofunds

Enhanced annuities • High customer demand• Closeness to our existing products

• Investing in new system for 2013

• Premiums up to £123m from £57m

Digital Guided Solution

• Auto enrolment• Part of digital platform offering

• Make loss making IPS and Workplace platforms breakeven then profitable

• Workplace sales up around 100%

Private Wealth (including potential new products)

• Strong customer pull for our capability• Part of our digital platform offering• New products, such as ETFs, would be

close to our existing products

• Expansion in 2013

Defined Contribution Pensions, Unit Trust and Retail

• Underperformance• Strong customer pull for our capability

• Transfer of Unit trust from Savings to LGIM –focus on DC in 2013 increased

Equity release • Huge market • In “regulatory research lab”

34

2001 2005 2012Group Protection Retail Protection

£1,268m

£782m

£291m

2001 2005 2012

Unit Linked Term

$922m

$597m

$397m

PROTECTION MARKET LEADERSHIP. WELL PLACED IN RISK SHARING.

STRATEGIC SUMMARY

• UK: Increased digital engagement, expand link with housing

• Europe: Expand footprint building both Retail Protection and Group Protection

• US: Expand distribution network and evaluate new product opportunities

• Evaluate new geographies such as Australia and Canada

• Bolt-on acquisitions

US GROSS PREMIUMS

UK GROSS PREMIUMS

35

CONCLUSIONS.

1. Five major macro trends underpin delivery of five winning strategies.

2. We can reduce costs, we can employ capital more efficiently – technology, talent and regulatory certainty will drive change.

3. Accelerating the “path to profitability” in our new business model means focusing on cost effective socially and economically useful products and services for our customers.

4. Risk: learning lessons from the past, anticipating and adapting for the future.

36

FORWARD LOOKING STATEMENTS.

This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward- looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.