Legal & General UK Smaller Companies Trust

Report as of 21/11/2008 Legal & General UK Smaller Companies Trust

Latest portfolio data supplied by fund manager. Fund Objective Portfolio Profile 31/10/2008

To provide the potential for long term growth by Asset Allocation % Port Top 10 Holdings % Port investing in a portfolio principally of UK securities, UK Equity 90.93 Dechra Pharmaceuticals PLC 2.89 consisting largely of smaller companies selected from EU Equity 0.76 Victrex PLC 2.82 all economic areas. Other Equity 0.83 Mouchel Parkman 2.57 Bonds 0.00 Axis-Shield PLC 2.55 Company Profile Cash 7.49 Cranswick 2.49

The Legal & General Group, established in 1836, is one Other 0.00 Ultra Electronics Holdings PLC 2.44 of the UK's leading financial services companies. We NCC Group 2.30 are one of the UK's top 50 companies quoted in the FTSE Credit Quality % Bond % Bond Genus PLC 2.13 100 Index. Over 5.8 million people rely on us for life AAA - BBB - Beazley Group 2.03 assurance, pensions, investments and general AA - BB - Domino Printing Sciences 1.96 insurance plans. The Legal & General Group is A - B - Total Holdings 85 responsible for investing over £304 billion worldwide Below B - Total Stock/Bond Holdings 83/0 (as at 30 June 2008) on behalf of investors, Not Rated - Other Holdings 2 policyholders and institutions. (Source: Legal & General Data As Of - % Portfolio in Top 10 Holdings 24.18 Investment Management Ltd). Fund size (million) 82.54 GBP

Fund Manager Profile World Regions % Equity Sector Weightings % Equity Rod Oscroft: Rod is a senior fund manager and Head of Greater Europe 99.11 h Information Economy 8.89 the UK Small Companies Team. He joined Legal & United Kingdom 98.29 r Software 4.21 General in October 2000 after 5 years at Hermes Western Europe - Euro 0.82 t Hardware 3.72 Investment Management where he specialised in small Western Europe - Non Euro 0.00 y Media 0.78 company research. Previously, following graduation Emerging Europe 0.00 u Telecommunications 0.18 from Cambridge University with an Honours degree in Middle East / Africa 0.00 Economics, he worked in the transport asset rental j Service Economy 57.75 Americas 0.62 industry. He is a qualified member of the UKSIP. i Healthcare 13.46 North America 0.62 o Consumer Services 6.60 Central & Latin America 0.00 p Business Services 26.49 Greater Asia 0.28 a Financial Services 11.19 Japan 0.00 k Manufacturing Economy 33.37 Australasia 0.28 s Consumer Goods 6.10 Emerging 4 Tigers 0.00 d Industrial Materials 23.05 Emerging Asia - Ex 4 Tigers 0.00 f Energy 4.21 g Utilities 0.00 - = Information currently unavailable or not captured from the fund manager.

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Legal & General informs you as follows: The information is provided to you by Legal & General and has been sourced by Morningstar. Legal & General has taken reasonable steps to ensure the accuracy of all data.

Data Source - © 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) ® is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is ß no guarantee of future results.

Direct: Legal & General UK Smaller Companies (R) Trust

Morningstar Rating Morningstar Category 27.4K Growth of £10,000 QQQ UK Equity Small Cap 23.8K Fund Funds in category 20.1K

Standardised Performance 16.4K Yr to Yr to Yr to Yr to Yr to 12.7K 30 Sep 04 30 Sep 05 30 Sep 06 30 Sep 07 30 Sep 08 11.39 29.77 21.51 5.55 -22.60 2003 2004 2005 2006 2007 10/08 Performance 12 Months Total Return (mid to mid). Source: Morningstar, basic rate tax, Performance from 31/12/2002 to 31/10/2008. Source: Morningstar, on an offer to bid basis with net income reinvested. Past net income reinvested. This table complies with the FSA's regulations to performance is not a guide to future performance. The value of the investment and the level of income received from it can compare different products from different providers. fall as well as rise, is not guaranteed and you may not get back the amount of your original investment. Performance is based on the full initial charge

Operations

Fund Launch 09/09/1985 Initial Charge 0.03 Minimum Initial Investment 500 GBP IMA Sector UK Smaller Companies Annual Management Charge 1.50% Minimum Top up 100 GBP Domicile United Kingdom Extra Expenses (correct as at Minimum Monthly Investment 50 GBP

Country of Authorisation GBR 01/01/2008) 0.03% Other Operations Fund Currency GBP Savings Schemes UCITS Yes MEXID Acc/Inc LGUSCA/LGUSCD ISA Yes Historic Yield 0.6% (31/10/2008) SEDOL Acc/Inc B032C17/B032C06 Initial charge stated only applicable if bought directly Distribution Yield - ISIN Acc/Inc GB00B032C178/ through Legal & General Underlying Yield - GB00B032C061

Yield Disclosures:

Funds paying a dividend distribution The Historic Yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions.

Funds paying an interest distribution The Distribution Yield reflects the amounts that may be expected to be distributed over the next twelve months as a percentage of the mid-market unit price of the fund as at the date shown. It is based on a snapshot of the portfolio on that day. It does not include any preliminary charge and investors may be subject to tax on distributions.

The Underlying Yield reflects the annualised income net of expenses of the fund (calculated in accordance with relevant accounting standards) as a percentage of the mid-market unit price of the fund as at the date shown. It is based on a snapshot of the portfolio on that day. It does not include any preliminary charge and investors may be subject to tax on distributions.

If the Distribution Yield is higher than the Underlying Yield this is either because the fund distributes coupon income and/or a portion of the fund’s expenses are charged to capital. This has the effect of increasing distributions and constraining the fund’s capital performance. Details on the difference for this fund are available directly from the fund manager.

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