Distribution Number 11

Legal & General UK Index Trust Annual Manager’s Report for the year ended 6 October 2 010

Contents

Page Number

Manager’s Investment Report* 2

Authorised Statu s* 5

Directors’ Statement 5

Statement of the Manager’s Responsibilities 6

Statement of the Trustee’s Responsibilities 6

Report of the Trustee 7

Portfolio Statement* 8

Independent Auditors’ Report 27

Statement of Total Return 29

Statement of Change in Net Assets attributable to Unitholders 29

Balance Sheet 30

Notes to the Financial Statements 31

Distribution Tables 41

Trust Facts 42

Performance Record 43

General Informatio n* 45

*These collectively comprise the Manager’s Report.

1 Manager’s Investment Report

Investment Objective and Policy The objective of this Trust is to track the capital performance of the UK equity market, as represented by the FTSE All-Share Index, by investment in a representative sample of stocks selected from all economic sectors. Securities in the FTSE All-Share Index will be held with weightings generally proportionate to their company’s market capitalisation. From time to time non-index constituents may be held as a result of a corporate action and these holdings will be sold or transferred as soon as reasonably practical. Manager’s Investment Report During the year from noon on 6 October 2009 to noon on 6 October 2010, the price of the Trust’s R-Class distribution units rose by 11.7%. In order to provide an appropriate comparison, the Trust has been revalued at closing prices, the same basis as used for the Index. Over the year from close of business on 6 October 2009 to close of business on 6 October 2010 the R-Class distribution units rose by 11.3%, matching the FTSE All-Share Index (capital only) over the year (Source: Bloomberg). Past performance is not a guide to future performance. The value of investments and income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. The FTSE All-Share Index is calculated by FTSE International Limited (“FTSE”). FTSE does not sponsor, endorse or promote this product. All copyright in the Index values and constituent list belongs to FTSE. Legal & General has obtained full licence from FTSE to use such copyright in the creation of this product. “FTSE™”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited (“FTSE”) under licence. “All-Share®” is a trade mark of FTSE. Market/Economic Review The FTSE All-Share Index is comprised of the FTSE 250 Index (up 17.4% over the review year ), the FTSE 100 Inde x (up 10.6%) and the FTSE SmallCap Index (down 0.5% ) (Source: Datastream). The market rose strongly for the first half of the review year before dropping significantly for two months until early July 2010. The remainder of the review year saw a steady market rise as economists became more optimistic. Major sectors such as Leisure Goods (up 91.5%), Personal Goods (up 90.2%) and Technology Hardware & Equipment (up 78.2%) showed the largest positive returns. While Construction & Materials (down 5.4%), Oil & Gas Producers (down 1.5%) and Banks (down 1.1%) were the only sectors to perform negatively.

2 Manager’s Investment Report continued

Trust Review At the December 2009 FTSE All-Share Index quarterly review, there were eight additions, including Booker Group and Clinton Cards, and two deletions: STV Group and Directors Dealing Investment Trust. Other activity during the quarter included Emerald Energy and Spring Group, which were both acquired by non constituent companies. Also, following its acquisition of the insurer Friends Provident Group, Resolution was added to the Index. The quarterly Index review in March 2010 witnessed five companies that were added; Oil & Gas producer Afren, energy supplier Hansen Transmissions International, asset management firm Gartmore Group and real estate investors Hansteen Holdings and Invista European Real Estate Trust. No companies were deleted. The Index’s annual review in June saw 18 companies added including Oil & Gas producer Essar Energy, African Barrick Gold, Retailer SuperGroup and the computer hardware company Promethean World. There were 16 companies deleted including Charles Stanley Group, Central Rand Gold and French Connection Group. The September 2010 quarterly Index review added life insurance company Phoenix Group Holdings, asset manager Jupiter Fund Management and food retailer Ocado Group, which were among the 11 new companies added. Real Estate Opportunities was the only deletion. Companies raised substantial amounts of new capital during the review year to rebuild balance sheets and to capitalise on growth opportunities. This included Lloyds Banking Group raising £13.5 billion to avoid participating in the government’s asset protection scheme. Other noteworthy issues were Barratt Development ( £720 million), National Express (£360 million) and National Grid (£3.2 billion), while Resolution raised £2 billion to fund the acquisition of AXA’s UK life assurance business. Other weighting increases included Lloyds Banking Group and Barclays who both had conversions to equity, from debt. Corporate action activity included Cadbury being acquired by Kraft Foods (USA) for stock and cash totalling £13.6 billion. Demergers included Cable & Wireless Worldwide from Cable & Wireless Communications (formerly Cable & Wireless) and TalkTalk Telecom Group from Carphone Warehouse Group, resulting in the latter receiving a standard listing and becoming ineligible for inclusion in the Index. Also, the Oil & Gas Exploration & Production company EnQuest spun off from Petrofac.

3 Manager’s Investment Report continued

Takeovers included the Oil & Gas company Dana Petroleum for £1.8 billion cash, the diversified industrial Tomkins for £2.9 billion, and the UK transport group Arriva, which was acquired by Deutsche Bahn, for £2.4 billion in cash. Other companies acquired include Chloride, Trafficmaster, VT Group, Care UK, Delta and Scott Wilson. Corporate activity included property services group Connaught entering administration and Alphameric transferring to AIM and both subsequently being removed from the Index. Outlook Expectations of a market setback from the recent highs will be inevitable as VAT increases in January 2011 to 20% and the deficit-cutting programme starts to bite. Recent meetings among the Bank of England’s Monetary Policy Committee have shown growing disagreement, resulting in any future action by the Bank concerning increasing rates or additional Quantitative Easing being unreadable. We retain the view that global economic uncertainty and the prospect of deep cuts to UK government spending are set to apply the brakes to the UK’s recovery, though we believe that a ‘double dip’ should be avoided. The Trust is well positioned to capture the movements of a positive market.

Legal & General Investment Management Limited (Investment Adviser) 9 November 2010

4 Authorised Status

Authorised Status This Trust is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and is a UCITS Retail Scheme within the meaning of the FSA Collective Investment Schemes sourcebook. Directors’ Statement We hereby certify that this Manager’s Report has been prepared in accordance with the requirements of the FSA Collective Investment Schemes sourcebook.

M. B. Boardman S. D. Thomas (Director) (Director) Legal & General (Unit Trust Managers) Limited 23 November 2 010

5 Statement of Responsibilities

Statement of the Manager’s Responsibilities The Manager of the Trust is required by the FSA 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 Scheme property for the accounting period, and the financial position of the Trust at the end of that period. In preparing these financial statements, the Manager 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 Trust will continue in operation unless it is inappropriate to presume this. The Manager is also required to manage the Trust in accordance with the Trust Deed, 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 IMA in October 2 010 and the COLL and take in these respects reasonable steps for the prevention and detection of fraud and other irregularities. Statement of the Trustee’s Responsibilities The Trustee is responsible for the safekeeping of all the property of the Scheme (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 Trustee to take reasonable care to ensure that the Scheme is managed in accordance with the Financial Services Authority’s Collective Investment Scheme sourcebook (COLL), as amended, the Scheme ’s Trust Deed and Prospectus, in relation to the pricing of, and dealings in, units in the Scheme; the application of the revenue of the Scheme; and the investment and borrowing powers of the Scheme.

6 Report of the Trustee

Report of the Trustee to the Unitholders of Legal & General UK Index Trust (“the Trust”) Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the Manager: • has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s units and the application of the Scheme’s revenue in accordance with the COLL, the Trust Deed and Prospectus, and • has observed the investment and borrowing powers and restrictions applicable to the Scheme.

London The Royal Bank of Scotland Plc 23 November 2 010 Trustee and Depositary Services

7 Portfolio Statement

Portfolio Statement as at 6 October 2 010 All investments are in ordinary shares unless otherwise stated. The percentages in brackets show the equivalent sector holdings at 6 October 20 09.

Holding/ Market % of Nominal Value Net Value Investment £ Assets UNITED KINGDOM — 96. 34% (95.79% ) Oil & Gas Producers — 15. 45% (17.17%) 2,155,120 Afren 2,508,560 0.06 8,227,442 BG Group 95,479,464 2.23 46,010,363 BP 198,810,779 4.65 3,411,608 Cairn Energy 15,410,233 0.36 222,932 Dana Petroleum 4,010,547 0.09 1,356,951 Enquest 1,644,625 0.04 984,226 Essar Energy 4,796,133 0.11 3,352,038 Fortune Oil 268,163 0.01 517,300 Heritage Oil 1,713,298 0.04 310,207 JKX Oil & Gas 967,536 0.02 232,510 Melrose Resources 747,055 0.02 290,786 Premier Oil 4,870,665 0. 12 370,372 Royal Dutch Shell (A) 7,275,958 0.17 8,558,952 Royal Dutch Shell (A) (Dutch listing) 168,192,806 3.93 6,376,725 Royal Dutch Shell (B) 121,667,913 2.84 358,086 Salamander Energy 980,798 0.02 819,624 SOCO International 3,652,245 0.09 2,159,096 Tullow Oil 27,852,338 0.65

660,849,116 15. 45

Oil Equipment, Services & Distribution — 0.40% (0.32%) 320,753 Hunting 2,092,913 0.05 630,685 Petrofac 8,993,568 0.21 254,178 Wellstream Holdings 1,917,773 0.04 985,974 Wood Group (John) 4,217,997 0.10

17,222,251 0.40

Alternative Energy — 0.01% (0.01%) 490,159 PV Crystalox Solar 252,432 0.01

Chemicals — 0. 45% (0.33%) 100,000 Carclo 180,000 — 343,228 Croda International 5,169,014 0.12 1,078,914 Elementis 1,086,466 0.03 523,491 Johnson Matthey 9,380,959 0.22 201,855 Victrex 2,654,393 0.06 262,034 Yule Catto 636,219 0. 02

19,107,051 0. 45

Forestry & Paper — 0.11% (0.08%) 897,046 Mondi (UK) 4,767,799 0.11

8 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Mining — 11 .59% (9.45%) 297,830 African Barrick Gold 1,889,731 0.04 3,237,627 Anglo American 88,613,851 2.07 263,256 Anglo Pacific Group 813,461 0.02 973,237 Antofagasta 12,846,728 0.30 5,389,094 BHP Billiton 114,518,247 2.68 943,076 Eurasian Natural Resources 8,756,461 0.20 459,858 Ferrexpo 1,513,393 0.04 525,169 Fresnillo 6,911,224 0.16 417,037 Hochschild Mining 1,935,052 0.05 520,499 Kazakhmys 7,666,950 0.18 493,604 Lonmin 8,702,239 0.20 477,802 Petropavlovsk 5,461,277 0.13 219,711 Randgold Resources 14,687,680 0.34 3,736,448 Rio Tinto 145,721,472 3.41 734,400 UK Coal 257,040 0.01 326,120 Vedanta Resources 7,230,080 0.17 5,337,678 Xstrata 68,242,213 1.59

495,767,099 11 .59

Construction & Materials — 0. 23% (0.24%) 163,914 Aga Rangemaster Group 157,685 — 1,701,910 Balfour Beatty 4,559,417 0.11 92,821 Clarke (T) 111,385 — 116,034 Costain Group 237,870 0.01 207,753 Galliford Try 634,685 0. 02 118,016 Gleeson (MJ) 136,899 — 158,166 Keller 930,016 0.02 90,111 Kier Group 1,075,925 0.03 642,043 Low & Bonar 243,976 0.01 486,956 Marshalls Group 525,912 0.01 79,027 Morgan Sindall 517,627 0.01 399,533 ROK 77,909 — 224,528 Severfield-Rowen 460,282 0.01

9,669,588 0. 23

Aerospace & Defence — 1.82% (1.88%) 8,318,518 BAE Systems 29,322,776 0.69 90,231 Chemring Group 2,729,488 0.06 2,864,513 Cobham 6,625,619 0.15 663,854 Hampson Industries 215,753 0.01 1,727,468 Meggitt 5,327,511 0.12 1,494,982 QinetiQ 1,611,591 0.04 4,521,015 Rolls-Royce 27,261,720 0.64 961,402 Senior 1,323,851 0.03 166,234 Ultra Electronics Holdings 2,912,420 0.07 111,357 UMECO 485,739 0.01

77,816,468 1.82

General Industrials — 0. 58% (0.60%) 65,256 British Polythene Industries 145,847 — 698,068 Cookson Group 3,944,084 0.09

9 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets General Industrials — (cont.) 2,140,756 Rexam 6,698,426 0.16 235,879 RPC Group 705,278 0.02 1,063,785 Smith (David S) Holdings 1,681,844 0.04 942,704 Smiths Group 11,783,800 0. 27

24,959,279 0. 58

Electronic & Electrical Equipment — 0. 32% (0.25%) 69,423 Dialight 315,875 0.01 265,817 Domino Printing Sciences 1,435,412 0. 04 512,206 E2V Holdings 472,254 0.01 950,676 Halma 3,070,683 0.07 665,571 Laird Group 985,045 0.02 668,508 Morgan Crucible 1,525,535 0.04 173,988 Novae Group 586,340 0.01 146,153 Oxford Instruments 781,919 0.02 83,167 Renishaw 901,530 0.02 100,000 Sepura 42,000 — 284,300 Spectris 3,061,911 0.07 392,337 TT Electronics 559,865 0.01

13,738,369 0. 32

Industrial Engineering — 0.66% (0.42%) 443,045 Bodycote 1,201,981 0.03 477,767 Fenner 1,169,574 0.03 6,000 Goodwin 70,800 — 180,027 Hill & Smith Holdings 517,578 0.01 795,661 IMI 6,309,592 0.15 1,189,339 Melrose 3,377,723 0.08 209,185 Rotork 3,790,432 0.09 191,358 Spirax-Sarco Engineering 3,457,839 0.08 104,581 Vitec Group 523,428 0.01 513,806 Weir Group 7,676,262 0.18

28,095,209 0.66

Industrial Transportation — 0. 15% (0.15%) 1,060,414 BBA Aviation 2,005,243 0.05 49,193 Braemar Seascope Group 266,134 — 31,333 Clarkson 312,547 0.01 123,241 Fisher (James) & Sons 624,832 0.01 113,642 Forth Ports 1,551,213 0.04 595,409 Stobart Group 905,022 0.02 50,059 UK Mail Group 190,224 — 314,436 Wincanton 724,775 0.02

6,579,990 0. 15 Support Services — 3. 01% (2.84%) 667,641 Aggreko 10,562,081 0.25 807,169 AMEC 8,103,977 0.19 739,479 Anite 374,916 0.01 1,220,376 Ashtead Group 1,379,025 0.03 238,552 Atkins (WS) 1,767,670 0.04 870,860 Babcock International Group 5,003,091 0.12

10 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Support Services — (cont.) 260,402 Brammer 469,244 0.01 277,269 BSS Group 1,233,847 0.03 801,595 Bunzl 6,148,234 0.14 1,495,641 Capita Group 11,740,782 0.27 971,484 Carillion 3,168,981 0.07 396,705 Connaught* — — 422,201 Davis Service Group 1,739,890 0.04 244,601 De La Rue 1,581,345 0.04 281,500 Diploma 810,720 0.02 1,091,446 Electrocomponents 2,609,647 0.06 315,300 Fiberweb 235,529 0.01 471,130 Filtrona 1,167,931 0.03 3,437,697 G4S 8,652,683 0.20 3,462,162 Hays 4,047,267 0.09 801,145 Homeserve 3,709,301 0.09 83,109 Hyder Consulting 298,943 0.01 353,167 Interserve 721,167 0.02 387,220 Intertek Group 7,074,509 0.17 395,098 Lavendon Group 216,119 — 826,833 Management Consulting Group 204,228 — 52,097 Management Consulting Group (Warrants 31/12/2011) 1,407 — 187,084 Mears Group 553,769 0.01 109,718 Menzies (John) 493,731 0.01 807,988 Michael Page International 3,799,968 0.09 843,661 Mitie Group 1,611,393 0.04 275,174 Mouchel Parkman 376,988 0.01 113,271 PayPoint 315,120 0.01 1,040,454 Premier Farnell 2,899,745 0.07 4,538,881 Rentokil Initial 4,684,125 0.11 125,549 Ricardo 370,370 0.01 187,041 Robert Walters 537,182 0.01 482,915 RPS Group 917,539 0.02 1,193,050 Serco Group 7,271,640 0.17 915,065 Shanks Group 1,042,259 0.02 1,490,814 SIG 1,517,649 0.04 1,267,350 Speedy Hire 287,688 0.01 974,960 Spice 677,597 0.02 249,866 St. Ives 199,893 — 215,418 SThree 662,626 0.02 512,465 Travis Perkins 4,466,132 0.10 151,438 Tribal Group 86,320 — 49,491 Vp 76,711 — 693,125 Wolseley 11,464,287 0.27 156,173 WSP Group 582,838 0.01 559,828 Xchanging 788,798 0.02

128,706,902 3. 01

Automobiles & Parts — 0.15% (0.11%) 3,785,582 GKN 6,469,560 0.15

Beverages — 3.04% (2.78%) 87,016 Barr (AG) 1,047,673 0.02 615,141 Britvic 2,875,784 0.07

11 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Beverages — (cont.) 6,147,452 Diageo 67,929,345 1.59 2,879,392 SABMiller 58,221,306 1.36

130,074,108 3.04

Food Producers — 1. 92% (2.70%) 49,141 Anglo-Eastern Plantations 285,509 0.01 968,092 Associated British Foods 10,164,966 0.24 3,683,300 Booker Group 1,845,333 0.04 117,670 Cranswick 990,193 0.02 324,947 Dairy Crest Group 1,223,101 0.03 406,668 Devro 1,003,657 0.02 260,250 Greggs 1,218,490 0.03 81,700 Hilton Food Group 226,309 — 1,121,100 Northern Foods 512,343 0.01 5,907,514 Premier Foods 998,370 0.02 58,000 R.E.A. Holdings 379,900 0.01 2,900 R.E.A. Holdings (Preference Shares) 3,277 — 86,031 Robert Wiseman Dairies 273,407 0.01 1,139,000 Tate & Lyle 5,436,447 0.13 3,135,292 Unilever 57,783,432 1.35

82,344,734 1. 92

Household Goods & Home Construction — 1. 81% (1.89%) 2,410,847 Barratt Developments 2,413,258 0.06 304,301 Bellway 1,816,677 0.04 320,840 Berkeley Group 2,688,639 0.06 295,566 Bovis Homes Group 1,137,929 0.03 203,235 Headlam Group 604,624 0.01 406,072 McBride 747,172 0.02 746,205 Persimmon 2,925,124 0.07 1,773,248 Reckitt Benckiser Group 61,779,960 1. 45 804,587 Redrow Group 1,008,952 0.02 7,836,594 Taylor Wimpey 2,256,939 0.05

77,379,274 1. 81

Leisure Goods — 0. 04% (0.05%) 100,160 Hornby 167,267 — 724,262 Pace 1,397,826 0. 04

1,565,093 0. 04

Personal Goods — 0. 44% (0.26%) 1,052,828 Burberry Group 10,528,280 0.25 514,468 PZ Cussons 1,929,255 0. 04 544,874 SSL International 6,309,641 0.15

18,767,176 0. 44

Tobacco — 3.82% (3.70%) 4,880,552 British American Tobacco 115,864,304 2.71 2,479,824 Imperial Tobacco 47,389,437 1.11

163,253,741 3.82

12 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Health Care Equipment & Services — 0. 33% (0.38%) 64,217 Consort Medical 287,821 0.01 122,602 Optos 128,732 — 2,169,857 Smith & Nephew 12,520,075 0.29 483,721 Southern Cross Healthcare 145,116 — 130,598 Synergy Healthcare 976,873 0. 03

14,058,617 0. 33

Pharmaceuticals & Biotechnology — 7.10% (7.32%) 3,521,705 AstraZeneca 114,050,416 2.67 122,725 Axis-Shield 353,448 0.01 631,652 BTG 1,464,801 0.03 162,531 Dechra Pharmaceuticals 731,389 0.02 144,435 Genus 1,156,924 0.03 12,814,652 GlaxoSmithKline 163,066,447 3.81 353,927 Hikma Pharmaceuticals 2,495,185 0.06 1,307,393 Oxford Biomedica 122,895 — 367,868 Prostrakan Group 261,186 0.01 400,793 Renovo Group 118,234 — 1,364,014 Shire 19,355,359 0.45 798,423 Vectura 423,164 0.01

303,599,448 7.10

Food & Drug Retailers — 2. 90% (2.85%) 6,486,319 Morrison (Wm) Supermarkets 19,478,416 0.46 1,012,000 Ocado Group 1,330,780 0.03 4,509,052 Sainsbury (J) 17,359,850 0.41 69,462 SuperGroup 834,933 0.02 19,456,489 Tesco 84,927,574 1. 98 154,847 Thorntons 141,685 —

124,073,238 2. 90

General Retailers — 1. 58% (1.81%) 538,932 Ashley (Laura) Holdings 94,313 — 501,961 Brown (N) Group 1,219,263 0.03 124,022 Carpetright 964,271 0.02 343,300 Clinton Cards 118,438 — 3,256,785 Debenhams 2,182,046 0.05 154,706 Dignity 1,055,868 0. 03 8,871,125 DSG International 2,350,848 0. 06 182,696 Dunelm Group 785,227 0.02 1,117,395 Findel 128,500 — 1,471,732 Galiform Furniture 1,121,460 0.03 849,086 Game Group 585,869 0.01 520,829 Halfords Group 2,306,231 0.05 1,095,741 HMV Group 511,711 0.01 2,039,281 Home Retail Group 4,260,058 0.10 1,131,421 Inchcape 3,675,987 0.09 57,179 JD Sports Fashion 469,725 0.01 1,511,495 JJB Sports 126,966 — 1,305,180 Kesa Electricals 1,972,127 0.05 5,718,310 Kingfisher 12,951,972 0.30 764,918 Lookers 456,656 0.01

13 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets General Retailers — (cont.) 3,868,892 Marks & Spencer Group 15,022,908 0.35 224,512 Mothercare 1,145,011 0.03 450,169 Next 10,074,782 0.24 1,621,975 Pendragon 364,944 0.01 612,697 Photo-Me International 447,269 0.01 640,700 Sports Direct International 934,141 0.02 72,860 Ted Baker 447,725 0.01 353,879 Topps Tiles 212,327 — 365,335 WH Smith 1,614,415 0.04

67,601,058 1. 58

Media — 1. 97% (1.82%) 2,832,955 Aegis Group 3,549,693 0.08 174,154 Bloomsbury Publishing 214,209 — 3,209,152 BSkyB 22,688,705 0.53 321,658 Centaur Holdings 189,778 — 155,513 Chime Communications 314,136 0.01 117,811 Chrysalis Holdings 117,811 — 679,354 Daily Mail & General Trust (A) 3,576,799 0.08 68,865 Euromoney Institutional Investor 414,912 0.01 543,406 Huntsworth 434,725 0.01 636,535 ITE Group 1,129,213 0.03 9,524,916 ITV 5,781,624 0. 13 1,752,751 Johnston Press 254,149 0.01 291,995 Mecom Group 791,306 0.02 538,204 Moneysupermarket.com 431,640 0.01 1,963,750 Pearson 19,529,494 0.46 2,962,673 Reed Elsevier 16,265,075 0.38 295,279 Rightmove 2,198,352 0.05 439,186 Smiths News 481,787 0.01 648,276 Trinity Mirror 667,724 0.02 598,420 United Business Media 3,719,180 0.09 200,104 UTV Media 292,152 0.01 217,281 Wilmington Group 329,181 0.01 5,827,499 Yell Group 891,607 0.02

84,263,252 1. 97

Travel & Leisure — 2. 61% (2.53%) 229,324 888 Holdings 103,654 — 289,383 Arena Leisure 95,496 — 237,110 Avis Europe 503,859 0.01 2,800,617 British Airways 7,396,429 0.17 517,008 Carnival 13,349,147 0.31 347,596 Cineworld 683,721 0.02 4,601,395 Compass Group 23,881,240 0.56 402,393 Domino's Pizza UK & Ireland 1,881,187 0.04 805,105 easyJet 3,420,086 0.08 1,207,977 Enterprise Inns 1,459,236 0.03 1,206,666 FirstGroup 4,517,757 0.11 78,620 Fuller Smith & Turner 455,996 0.01 96,236 Go-Ahead Group 1,073,031 0.03 532,368 Greene King 2,269,485 0.05 743,600 Hogg Robinson Group 208,208 — 183,336 Holidaybreak 544,508 0.01 691,987 InterContinental Hotels 8,110,088 0.19

14 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Travel & Leisure — (cont.) 2,217,898 Ladbrokes 3,025,213 0.07 1,258,857 Marston's 1,236,198 0.03 369,362 Millennium & Copthorne Hotels 1,940,997 0.05 1,094,529 Mitchells & Butlers 3,237,617 0.08 1,256,633 National Express 2,992,043 0.07 332,403 Northgate 756,217 0.02 790,362 PartyGaming 2,268,339 0.05 1,528,750 Punch Taverns 1,365,174 0.03 896,360 Rank Group 1,080,114 0.03 433,659 Restaurant Group 1,197,332 0.03 261,729 Sportech 108,618 — 1,122,000 Sportingbet 912,186 0.02 1,750,391 Stagecoach 3,208,467 0. 08 2,087,788 Thomas Cook 3,737,141 0.09 1,356,154 Tui Travel 2,990,320 0.07 72,318 Wembley* —— 323,820 Wetherspoon (JD) 1,480,829 0.03 435,062 Whitbread 7,274,237 0.17 1,721,152 William Hill 2,962,103 0.07

111,726,273 2. 61

Fixed Line Telecommunications — 0. 93% (0.90%) 18,823,775 BT Group 28,630,962 0.67 6,650,847 Cable & Wireless Communications 3,790,983 0.09 6,428,676 Cable & Wireless Worldwide 4,821,507 0.11 1,240,941 KCOM Group 632,880 0. 02 924,789 TalkTalk Telecom Group 1,328,922 0.03 122,170 Telecom Plus 464,857 0.01

39,670,111 0. 93

Mobile Telecommunications — 5. 05% (4.88%) 1,112,439 Inmarsat 7,130,734 0. 16 128,608,307 Vodafone Group 208,859,891 4.88 92,000 Volex Group 276,920 0.01

216,267,545 5. 05

Electricity — 1.03% (1.09%) 894,159 Drax Group 3,456,819 0.08 425,330 eaga 467,863 0.01 3,704,707 International Power 14,804,009 0.35 2,246,521 Scottish & Southern Energy 25,116,105 0.59

43,844,796 1.03

Gas, Water & Multiutilities — 2.66% (2.28%) 12,497,014 Centrica 40,327,864 0.94 8,505,922 National Grid 48,058,459 1.12 950,466 Northumbrian Water Group 3,169,804 0.07 873,680 Pennon Group 5,032,397 0.12 575,277 Severn Trent 7,587,904 0.18 1,648,255 United Utilities 9,634,050 0.23

113,810,478 2.66

15 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Banks — 13.29% (13.76%) 29,407,739 Barclays 91,016,952 2.13 43,042,332 HSBC Holdings 286,618,889 6.70 98,044,065 Lloyds Banking Group 74,513,489 1.74 42,482,574 Royal Bank of Scotland 21,028,874 0.49 5,068,659 Standard Chartered 95,468,192 2.23

568,646,396 13.29

Nonlife Insurance — 0.63% (0.75%) 483,016 Admiral Group 7,684,785 0.18 1,209,088 Amlin 4,844,816 0.11 1,344,686 Chaucer Holdings 645,449 0.02 188,000 CPP Group 485,040 0.01 391,550 Jardine Lloyd Thompson Group 2,196,595 0.05 8,344,617 RSA Insurance Group 10,931,448 0.26

26,788,133 0.63

Life Insurance — 2.69% (2.92%) 6,909,515 Aviva 27,651,879 0.65 232,521 Chesnara 495,735 0.01 14,434,382 Legal & General Group 15,127,232 0.35 12,984,901 Old Mutual 18,347,665 0.43 6,208,011 Prudential 39,669,190 0.93 485,381 St. James's Place Capital 1,368,774 0.03 5,378,861 Standard Life 12,301,455 0.29

114,961,930 2.69

Real Estate Investment & Services — 0. 28% (0.23%) 1,645,125 Capital & Counties Properties 2,263,692 0.05 867,655 Capital & Regional 303,679 0.01 58,288 CLS Holdings 295,812 0.01 11,138 Daejan Holdings 290,702 0.01 309,575 Development Securities Capital 752,886 0.02 247,400 DTZ Holdings 113,804 — 776,211 Grainger Trust 854,608 0.02 1,085,000 Hansteen Holdings 824,600 0.02 255,165 Helical Bar 803,259 0.02 196,563 ISIS Property Trust 2 162,164 — 172,124 LSL Property Services 390,721 0.01 465,000 Metric Property Investments 495,225 0.01 423,400 Minerva 398,843 0.01 293,172 MWB Group Holdings 105,542 — 1,370,828 Quintain Estates & Development 596,310 0. 02 347,400 Safestore 461,000 0.01 322,364 Savills 973,539 0.02 400,184 St. Modwen Properties 707,125 0.02 410,285 Unite Group 918,218 0.02 2,593,600 Wichford 194,520 —

11,906,249 0. 28

16 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Real Estate Investment Trusts — 1.23% (1.34%) 309,303 Big Yellow Group 1,053,486 0.02 2,164,131 British Land Co 10,610,734 0.25 1,513,132 Capital Shopping Centres 5,821,019 0.14 244,877 Derwent London 3,839,671 0.09 815,674 Great Portland Estates 2,942,136 0.07 1,725,446 Hammerson 6,984,605 0.16 1,848,755 Land Securities Group 12,358,927 0.29 81,895 McKay Securities 102,369 — 54,187 Mucklow (A&J) Group 153,458 — 143,940 Primary Health Properties 448,373 0.01 1,786,255 SEGRO 5,153,346 0.12 541,728 Shaftesbury 2,435,609 0.06 89,765 Town Centre Securities 143,624 — 3,121,256 Workspace Group 677,313 0.02

52,724,670 1.23 Financial Services — 1.77% (1.83%) 38,185 3i European Technology* —— 2,345,212 3i Group 6,756,556 0.16 2,713,372 Aberdeen Asset Management 4,512,338 0.11 703,197 Ashmore Group 2,444,313 0.06 365,575 BlueBay Asset Management 1,275,126 0.03 503,763 Brewin Dolphin 707,787 0.02 3,477 Camellia 337,095 0.01 92,353 Charles Taylor Consulting 181,935 — 352,670 Close Brothers Group 2,590,361 0.06 678,914 Collins Stewart 571,646 0.01 538,504 Evolution Group 448,035 0.01 1,383,990 F&C Asset Management 864,994 0.02 334,691 Hargreaves Lansdown 1,558,991 0.04 677,169 Helphire Group 247,167 0.01 1,640,242 ICAP 7,297,437 0.17 887,081 IG Group 4,674,917 0.11 995,965 Intermediate Capital Group 3,039,685 0.07 644,329 International Personal Finance 1,769,972 0.04 1,297,267 Investec 6,629,034 0.15 609,133 IP Group 199,186 — 419,538 Jupiter Fund Management 1,042,132 0.02 488,439 Leo Capital 237,870 0.01 499,542 London Stock Exchange 3,366,913 0.08 4,165,264 Man Group 9,755,048 0.23 729,104 Paragon Group 1,193,543 0.03 338,828 Provident Financial 2,780,084 0.06 97,480 Rathbone Brothers 827,605 0.02 806,000 RSM Tenon Group 448,942 0.01 415,243 Schroders 5,991,956 0.14 154,351 Schroders (Non-voting) 1,793,559 0.04 530,786 Tullett Prebon 2,097,135 0.05

75,641,362 1.77 Equity Investment Instruments — 2. 61% (2.50%) 1,470,983 3I Infrastructure 1,673,979 0.04 238,000 Aberdeen Asian Income Fund 385,560 0.01 78,956 Aberdeen Asian Smaller Companies Investment Trust 515,977 0.01

17 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Equity Investment Instruments — (cont.) 55,696 Aberdeen New Dawn Investment Trust 503,492 0.01 318,213 Aberforth Smaller Companies Trust 1,829,725 0.04 1,615,571 Alliance Trust 5,444,474 0.13 140,964 Anglo & Overseas Trust 138,145 — 71,600 Artemis Alpha Trust 186,876 — 144,861 Baillie Gifford Japan Trust 234,313 0.01 262,171 Bankers Investment Trust 996,512 0.02 87,130 Baring Emerging Europe 736,248 0.02 88,312 Bioscience Investment Trust* —— 45,744 BlackRock Greater Europe Investment Trust 8,920 — 109,600 Blac kRock New Energy Investment Trust 1,644 — 712,768 British Assets Trust 919,471 0.02 388,492 British Empire Securities & General Trust 1,860,100 0.04 85,736 Brunner Investment Trust 333,942 0.01 107,207 Caledonia Investments 1,777,492 0.04 51,705 Candover Investments 367,105 0.01 151,492 City Merchants High Yield Trust 262,839 0.01 150,200 City Natural Resources High Yield Trust 401,034 0.01 502,681 City of London Investment Trust 1,392,426 0.03 177,143 Dexion Equity Alternative 178,472 — 67,597 Dunedin Enterprise Investment Trust 191,300 — 364,528 Dunedin Income Growth Investment Trust 744,548 0.02 110,417 Eastern European Trust 323,522 0.01 22,083 Eastern European Trust (Subscription Shares) 3,533 — 493,200 Ecofin Water & Power Opportunities 627,597 0.01 481,026 Edinburgh Dragon Trust 1,205,451 0.03 478,126 Edinburgh Investment Trust 2,054,507 0.05 252,688 Edinburgh UK Tracker Trust 646,881 0.02 83,370 Edinburgh US Tracker Trust 482,295 0.01 121,684 Edinburgh Worldwide Investment Trust 334,023 0.01 92,522 Electra Investment Trust 1,311,037 0.03 154,366 Electric & General Investment Trust 583,118 0.01 196,703 F&C Capital and Income Investment Trust 417,010 0.01 95,403 F&C Eurotrust 529,964 0.01 1,548,355 F&C Investment Trust 4,505,713 0. 10 122,600 F&C Private Equity Trust 152,024 — 98,793 F&C Smaller Companies 469,761 0.01 47,000 F&C US Smaller Companies 172,020 — 144,720 Fidelity Asian Values 283,651 0.01 28,944 Fidelity Asian Values (Subscription shares) 9,696 — 1,095,000 Fidelity China Specia l Situations 1,251,585 0.03 122,517 Fidelity European Values 1,302,356 0.03

18 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Equity Investment Instruments — (cont.) 136,904 Fidelity Special Values 775,561 0.02 157,000 Finsbury Emerging Biotechnology Trust 244,920 0.01 120,092 Finsbury Growth & Income Trust 359,075 0.01 187,601 Finsbury Worldwide Pharmaceutical Trust 1,275,687 0.03 67,153 Framlington Innovative Growth Trust 171,039 — 87,063 Gartmore European Investment Trust 514,542 0.01 43,681 Gartmore Fledgling Trust 166,425 — 95,826 Gartmore Global Trust 324,850 0.01 20,393 Gartmore Irish Growth Fund 139,080 — 312,000 Glasgow Income Trust 150,540 — 494,968 Goldman Sachs Dynamic Opportunities Fund 444,234 0.01 177,012 Graphite Enterprise Trust 504,484 0.01 5,460 Hansa Trust 47,202 — 36,699 Hansa Trust (A) 310,474 0.01 59,781 Henderson EuroTrust 303,986 0.01 199,495 Henderson High Income Trust 239,893 0.01 183,387 Henderson Smaller Companies Investment Trust 509,816 0.01 378,105 Henderson TR Pacific Investment Trust 704,221 0.02 194,601 Herald Investment Trust 879,597 0.02 74,305 HG Capital Trust 639,023 0.01 14,861 HG Capital Trust (Subscription shares) 8,768 — 1,064,148 HSBC Infrastructure 1,211,000 0.03 254,400 Impax Asian Environmental Markets Trust 318,000 0.01 254,400 Impax Asian Environmental Markets Trust (Subscription shares) 11,563 — 696,761 Impax Enviromental Markets Trust 811,727 0.02 931,934 ING UK Real Estate Income Trust 430,554 0.01 202,961 Invesco Asia Trust 302,919 0.01 140,719 Invesco Income Growth Trust 258,923 0.01 179,200 Invesco Perpetual UK Smaller Companies Investment Trust 309,568 0.01 797,204 Invista Foundation Property Trust 342,798 0.01 103,239 JPMorgan American Investment Trust 762,936 0.02 464,381 JPMorgan Asian Investment Trust 1,068,076 0.02 177,400 JPMorgan Chinese Investment Trust 275,413 0.01 134,364 JPMorgan Claverhouse Investment Trust 591,202 0.01 294,037 JPMorgan Emerging Markets Investment Trust 1,770,103 0.04

19 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Equity Investment Instruments — (cont.) 113,247 JPMorgan European Fledgeling Investment Trust 848,220 0.02 293,747 JPMorgan European Investment Trust 514,792 0.01 114,000 JPMorgan Global Emerging Markets Income Trust 127,680 — 259,349 JPMorgan Indian Investment Trust 1,266,401 0.03 380,436 JPMorgan Japanese Investment Trust 614,404 0.01 91,981 JPMorgan Japanese Smaller Companies Investment Trust 124,174 — 246,252 JPMorgan Mercantile Investment Trust 2,403,420 0.06 62,614 JPMorgan Mid Cap Investment Trust 257,970 0.01 62,029 JPMorgan Overseas Investment Trust 508,638 0.01 131,637 JPMorgan Russian Securities 830,629 0.02 49,602 JPMorgan Smaller Companies Investment Trust 207,460 — 195,404 Jupiter European Opportunities Trust 493,395 0.01 32,606 Keystone Investment Trust 386,381 0.01 283,458 Law Debenture 920,388 0.02 65,000 Lowland Investment Company 468,000 0.01 59,602 Majedie Investments 114,436 — 22,000 Manchester & London Investment Trust 78,540 — 105,645 Martin Currie Pacific Trust 269,395 0.01 296,025 Martin Currie Portfolio Investment Trust 349,309 0.01 308,742 MedicX Fund 226,925 0.01 250,536 Merchants Trust 962,058 0.02 109,835 Merrill Lynch British Smaller Companies Trust 472,290 0.01 187,400 Merrill Lynch Commodities Income 249,242 0.01 228,722 Merrill Lynch Greater Europe Investment Trust 416,274 0.01 105,120 Merrill Lynch Latin American Investment Trust 756,864 0.02 591,800 Merrill Lynch New Energy Technology 226,363 0.01 447,129 Merrill Lynch World Mining Trust 2,942,109 0.07 641,970 Monks Investment Trust 2,097,316 0.05 83,000 Montanaro UK Smaller Companies Investment Trust 260,620 0.01 344,843 Morant Wright Japan Income Trust 144,834 — 156,820 Murray Income Trust 950,329 0.02 245,172 Murray International Trust 2,240,872 0.05 115,600 New India Investment Trust 303,450 0.01 65,521 New Star Investment Trust 45,537 —

20 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Equity Investment Instruments — (cont.) 36,032 North Atlantic Smaller Companies Investment Trust 372,931 0.01 292,133 Pacific Assets Trust 359,324 0.01 185,000 Pacific Horizon Investment Trust 295,075 0.01 90,073 Pantheon International Participations Fund 529,629 0.01 481,504 Perpetual Income & Growth Investment Trust 1,145,980 0.03 2,229 Personal Assets Trust 675,387 0.02 307,840 Polar Capital Technology Trust 982,625 0.02 382,131 RIT Capital Partners 4,394,507 0.10 401,244 Schroder Asia Pacific Fund 835,591 0.02 164,040 Schroder Income Growth Fund 319,878 0.01 289,098 Schroder Japan Growth Fund 229,110 0.01 370,904 Schroder Oriental Income Fund 554,501 0.01 369,221 Schroder UK Growth Fund 458,757 0.01 84,004 Schroder UK Growth Fund (Subscription shares) 10,501 — 80,000 Schroder UK Mid & Small Cap Fund 184,200 — 314,676 Scottish American Investment Trust 703,301 0.02 300,379 Scottish Investment Trust 1,373,333 0.03 653,151 Scottish Mortgage & Trust 4,252,013 0.10 73,300 Scottish Oriental Smaller Companies Trust 415,611 0.01 246,806 Securities Trust of Scotland 252,976 0.01 65,521 Shires Income 122,524 — 93,916 Standard Life Equity Income Trust 274,704 0.01 189,118 Standard Life European Private Equity Trust 215,595 0.01 234,784 Standard Life Investment Property Income Trust 147,914 — 157,600 Standard Life UK Smaller Companies Trust 280,528 0.01 854,060 SVG Capital 1,518,519 0. 03 118,216 SVM Global Fund 315,637 0.01 100,173 SVM UK Active Fund 166,287 — 143,129 Temple Bar Investment Trust 1,151,473 0.03 815,025 Templeton Emerging Markets Investment Trust 5,224,310 0.12 417,700 Thames River Multi Hedge PCC 477,222 0.01 182,490 Throgmorton Trust 290,159 0.01 32,718 Throgmorton Trust (Subscription shares) 5,562 — 132,634 TR European Growth Trust 494,062 0.01 626,549 TR Property Investment Trust 1,021,275 0.02 310,274 TR Property Investment Trust (SIGMA) 237,360 0.01 790,276 UK Commercial Property Trust 619,576 0.01 133,941 Value & Income Trust 219,663 0.01 485,570 Witan Investment Trust 2,301,602 0.05 163,509 Witan Pacific Investment Trust 325,383 0.01

111,761,837 2. 61

21 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Nonequity Investment Instruments — 0.00% (0.02%) 188,000 Polar Capital Global Healthcare Growth & Income Trust 192,700 —

Software & Computer Services — 1 .20% (1.11%) 131,800 Alterian 264,259 0.01 587,459 Autonomy 9,434,592 0.22 164,563 Aveva Group 2,359,833 0.06 320,703 Computacenter 1,031,381 0.02 203,955 Dicom Group 516,414 0.01 4,281,811 Dimension Data Holdings 5,108,201 0.12 81,999 Fidessa Group 1,277,544 0.03 2,165,200 Innovation Group 259,824 0.01 746,106 Intec Telecom Systems 557,714 0.01 1,966,183 Invensys 6,059,776 0.14 210,300 Kewill Systems 212,824 — 3,905,870 LogicaCMG 5,030,761 0.12 498,641 Micro Focus International 1,849,459 0.04 1,355,021 Misys 3,907,881 0.09 83,100 NCC Group 358,992 0.01 139,286 Phoenix IT Group 306,708 0.01 228,507 RM 319,910 0.01 3,183,931 Sage Group 8,953,214 0.21 184,207 SDL 1,052,743 0. 03 491,517 Telecity 2,319,960 0.05

51,181,990 1.20

Technology Hardware & Equipment — 0. 47% (0.25%) 3,193,279 ARM Holdings 12,584,713 0.29 482,824 CSR 1,672,020 0.04 569,207 Imagination Technologies 2,200,554 0.05 232,000 Promethean World 278,400 0.01 321,199 Psion 310,599 0.01 1,722,501 Spirent Communications 2,516,574 0. 05 289,768 Wolfson Microelectronics 747,601 0.02

20,310,461 0. 47

Futures — 0.01% (-0.01%) 325 FTSE 100 Index Future Expiry December 2010 381,285 0.01

AUSTRALIA — 0.11% (0.01%) Industrial Metals & Mining — 0.01% (0.01%) 999,330 International Ferro Metals (UK Listing) 329,779 0.01

Mining — 0.10% (0.00%) 2,525,000 Centamin Egypt 4,259,675 0.10

BERMUDA — 0.30% (0.24%) Mining — 0.09% (0.08%) 1,140,258 Aquarius Platinum 4,063,880 0.09

22 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Nonlife Insurance — 0.21% (0.16%) 901,554 Catlin Group 3,037,335 0.07 129,579 Hardy Underwriting Bermuda 278,595 0.01 921,347 Hiscox 3,252,355 0.08 394,211 Lancashire Holdings 2,245,032 0.05

8,813,317 0.21

BELGIUM — 0.01% (0.00%) Industrial Engineering — 0.01% (0.00%) 1,212,000 Hansen Transmissions International 626,604 0.01

BRITISH VIRGIN ISLANDS — 0.08% (0.02%) Mining — 0.02% (0.02%) 340,137 Gem Diamonds 659,866 0.02

Life Insurance — 0.06% (0.00%) 403,941 Phoenix Group 2,764,976 0.06

CAYMAN ISLANDS — 0.02% (0.00%) Financial Services — 0.02% (0.00%) 645,500 Gartmore Group 710,050 0.02

Equity Investment Instruments — 0.00% (0.00%) 600 BH Macro 8,792 —

CHANNEL ISLANDS — 1 .84% (1.41%) Real Estate Investment & Services — 0. 02% (0.01%) 714,451 Assura Group 317,931 0.01 1,377,800 Raven Russia 692,345 0. 01

1,010,276 0. 02

General Industrials — 0.07% (0.07%) 408,973 Charter International 3,007,996 0.07

Support Services — 0.43% (0.39%) 2,495,637 Experian Group 17,107,592 0.40 1,766,069 Regus 1,467,603 0.03

18,575,195 0.43

Media — 0 .66% (0.56%) 1,453,685 Informa 6,202,874 0.15 115,027 Tarsus Group 143,784 — 3,071,997 WPP 21,596,139 0. 51

27,942,797 0.66

23 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets Nonlife Insurance — 0.03% (0.00%) 1,262,873 Beazley 1,447,252 0.03

Financial Services — 0.27% (0.07%) 2,099,774 Henderson Group 2,759,103 0.06 3,615,923 Resolution 8,902,402 0.21

11,661,505 0.27

Equity Investment Instruments — 0.36% (0.27%) 519,334 Absolute Return Trust 584,251 0.01 158,461 Advance Developing Markets Fund 720,998 0.02 472,863 Alternative Investment Strategies Hedged 481,138 0.01 1,071,293 Babcock & Brown 1,188,064 0.03 113,600 BH Global 1,280,272 0.03 153,091 BH Macro 2,666,845 0.06 138,000 Cazenove Absolute Equity 149,730 — 1,239,104 Close AllBlue Fund 2,096,564 0.05 1,260,985 Dexion Absolute 1,752,769 0.04 252,600 Dexion Trading 290,490 0.01 635,304 F&C Commercial Property Trust 589,562 0.01 312,019 Genesis Emerging Markets Fund 1,630,299 0.04 227,927 Henderson Far East Income 745,321 0.02 401,700 ING Global Real Estate 308,305 0.01 90,700 ISIS Property Trust 87,979 — 118,344 JZ Capital Partners 366,866 0.01 240,000 Ruffer 471,600 0.01

15,411,053 0.36

Nonlife Insurance — 0.00% (0.04%)

FINLAND — 0.05% (0.03%) Industrial Metals & Mining — 0.05% (0.03%) 430,452 Talvivaara Mining 2,212,523 0.05

IRELAND — 0.02% (0.00%)

Mining — 0.02% (0.00%) 4,350,000 Kenmare Resources 900,015 0.02

Nonequity Investment Instruments — 0.00% (0.00%) 1,477 Marshall Wace Developed Europe TOPS Fund E EUR (Acc) 129,235 — 1,787 Marshall Wace Developed Europe TOPS Fund E GBP (Acc) 179,670 —

308,905 0.00

24 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets ISLE OF MAN — 0.02% (0.03%) Oil & Gas Producers — 0.01% (0.02%) 172,666 Hardy Oil & Gas 360,354 0.01

Life Insurance — 0.01% (0.01%) 172,336 Hansard Global 298,572 0.01

ISRAEL — 0.00% (0.01%) Software & Computer Services — 0.00% (0.00%) 357,851 Emblaze 169,085 —

Technology Hardware & Equipment — 0.00% (0.01%) 730,909 BATM Advanced Communications 168,109 —

LUXEMBOURG — 0.02% (0.03%) Fixed Line Telecommunications — 0.02% (0.03%) 860,297 Colt Telecom 1,021,173 0.02

Equity Investment Instruments — 0.00% (0.00%) 525,000 Invista European Real Estate Trust 139,125 —

NETHERLANDS — 0.05% (0.00%)

Nonlife Insurance — 0.05% (0.00%) 201,394 Brit Insurance Holdings 2,078,386 0.05

SINGAPORE — 0.01% (0.00%)

Electronic & Electrical Equipment — 0.01% (0.00%) 39,090 XP Power 391,682 0.01

SOUTH AFRICA — 0.00% (0.00%)

Mining — 0.00% (0.00%) 271,390 Namakwa Diamonds 111,270 —

UNITED ARAB EMIRATES — 0.04% (0.02%) Oil & Gas Producers — 0.01% (0.00%) 125,848 Exillon Energy 260,505 0.01

Oil Equipment, Services & Distribution — 0.03% (0.02%) 356,700 Lamprell 1,235,965 0.03

25 Portfolio Statement continued

Holding/ Market % of Nominal Value Net Value Investment £ Assets UNITED STATES — 0.00% (0.00%) Industrial Transportation — 0.00% (0.00%) 88,334 Goldenport Holdings 101,584 —

Portfolio of investment s 4,231,847,334 98.91

Net other assets 46,514,398 1.09

Net assets £4,278,361,732 100.00%

* These are delisted securi ties and have been valued at the Manage r’s best assessment of their fair value. Total purchases for the year £317,785,1 22. Total sales for the year £123,882,741.

26 Independent Auditors’ Report

Independent Auditors’ Report to the Unitholders of Legal & General UK Index Trust (“th e Trust”) We have audited the financial statements of Legal & General UK Index Trus t for the year ended 6 October 2 010 which comprise the statement of total return, the statement of change in net assets attributable to unitholders, the balance sheet, the related notes and the distribution tables. These audited financial statements have been prepared under the accounting policies set out therein. Respective responsibilities of the Manager and Auditors The Manager’s responsibilities for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of the Manager’s responsibilities . Our responsibility is to audit the financial statements in accordance with relevan t legal and regulatory requirements and International Standards on Auditing (UK and Ireland) and the requirements of the FSA Collective Investment Schemes sourcebook. This report, including the opinion , has been prepared for and only for the unitholders of the Trust as a body in accordance with paragraph 4.5.12 of the FSA Collective Investment Schemes sourcebook and for no other purpose. We do not, in giving this opinion, 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 . We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010, the FSA Collective Investment Schemes sourcebook and the Trust Deed. We also report to you whether, in our opinion, proper accounting records for the Trust have not been kept or whether the financial statements are not in agreement with those records, and whether the information given in the Manager’s Report is consistent with the financial statements. In addition, we state whether we have obtained all the information and explanations necessary for the purposes of our audit. We read the other information contained in the annual report and consider whether it is consistent with the financial statements. This other information comprises only the Manager’s Report and the other items set out on the contents page. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.

27 Independent Auditors’ Report continued

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Manager in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Trust’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the audited financial statements: • give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the financial position of the Trust at 6 October 2 010 and of the net revenue and the net capital gai ns of the property of the Trust for the year then ended; and • have been properly prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010, the Collective Investment Schemes sourcebook and the Trust Deed. We have obtained all the information and explanations we consider necessary for the purposes of the audit. In our opinion the information given in the Manager’s Report is consistent with the financial statements.

London PricewaterhouseCoopers LLP 23 November 2 010 Chartered Accountants & Statutory Auditors

The accounts are published at: http ://www.legalandgeneral .co m/ investment s/ managers-reports, which is a website maintained by the Manager. The maintenance and integrity of the Legal & General website is the responsibility of the Manager; 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 accounts since they were initially presented on the website. Visitors to the website need to be aware that legislation in the United Kingdom governing the preparation and dissemination of the accounts may differ from legislation in their jurisdiction.

28 Financial Statements

Statement of Total Return for the year ended 6 October 2 010

06/10 /10 06/10/ 09 Notes ££ ££ Income Net capital gain s2 443,274,340 414,410,036 Revenue 3 132,336,885 122,523,725 Expenses 4 (16,384,919) (11,323,719) Finance costs: Interest 6 —(89)

Net revenue before taxation 115,951,966 111,199,917 Taxation 5 (1,455,136) (1,266,807)

Net revenue after taxation for the year 114,496,830 109,933,110

Total return before distributions 557,771,170 524,343,146 Finance costs: Distributions 6 (114,496,830) (109,933,110)

Change in net assets attributable to Unitholders from investment activities £443,274,340 £414,410,036

Statement of Change in Net Assets attributable to Unitholders for the year ended 6 October 2 010

06/10 /10 06/10/ 09 ££ ££ Opening net assets attributable to Unitholders 3,683,472,019 3,028,536,674 Amounts received on creation of units 318,910,669 555,555,147 In-specie creations 40,028,621 12,822,409 Amounts paid on cancellation of units (271,406,446) ( 387,542,286)

87,532,844 180,835,270 Stamp Duty Reserve tax (1,941,684) (1,929,006) Change in net assets attributable to Unitholders from investment activities 443,274,340 414,410,036 Retained distribution on accumulation units 66,016,801 61,631,982 Unclaimed distributions 7,412 (12,937)

Closing net assets attributable to Unitholders £4,278,361,7 32 £3,683,472,019

29 Financial Statements continued

Balance Sheet as at 6 October 2 010

06/10 /10 06/10/ 09 Notes ££ ££ ASSETS Investment assets 4,231,847,334 3,594,781,276 Debtors 7 12,211,762 23,742,498 Cash and bank balances 8 63,452,899 101,292,181 Amounts held at broker houses 8 875,941 4,226,564

Total other assets 76,540,602 129,261,243

Total assets 4,308,387,936 3,724,042,519

LIABILITIES Investment liabilities —(190,920) Creditors 9(4,808,435) (12,553,038) Distribution payable on distribution units (25,217,769) (27,826,542)

Total other liabilities (30,026,204) (40,379,580)

Total liabilities (30,026,204) (40,570,500)

Net assets attributable to Unitholders £4,278,361,732 £3,683,472,019

30 Notes to the Financial Statements as at 6 October 2 010

1. Accounting policies (a) Changes in accounting policies The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010 (‘the IMA SORP 2010’). Previously the financial statements were prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in November 2008. There has been no impact on the financial statements or on disclosure for the year. (b) Recognition of revenue Revenue from quoted equities and non-equity shares is recognised net of attributable tax credits when the security is quoted ex-dividend. Revenue from unquoted equity investments is recognised net of attributable tax credits when the dividend is declared. All other revenue is recognised on an accruals basis. Underwriting commission is taken to revenue and recognised when the issue takes place, except where the Trust is required to take up all or some of the shares underwritten, in which case an appropriate proportion of the commission is deducted from the cost of those shares. Overseas revenue received after the deduction of Withholding tax is shown gross of taxation, with the taxation consequences shown within the taxation charge. Special dividends are treated as either revenue or capital depending on the facts of each particular case. Revenue from derivative instruments is treated in accordance with Note 1(h). (c) Treatment of expense s All expenses other than those relating to the purchase and sale of investments and Stamp Duty Reserve Tax, are charged against revenue on an accruals basis.

31 Notes to the Financial Statements continued

(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 Manager’s discretion, up to a maximum of the distributable revenue for the year. All remaining revenue is distributed in accordance with the COLL. The Manager’s periodic fee is deducted from revenue for the purpose of calculating the distribution. The ordinary element of stock dividends is treated as revenue and forms part of the distribution, which is in accordance with COLL. 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. Distributions which have remained unclaimed by Unitholders for over six years are credited to the capital property of the Trust. (e) Basis of valuation of investments All investments are valued at their fair value as at close of business on 6 October 2010, being the last working day of the accounting year. The fair value for non-derivative securities is bid market price, excluding any accrued interest and 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 securities are valued at the Manager’s best assessment of their fair value. (f) Taxation Provision is made for taxation at current rates on the excess of investment revenue over expenses, with relief for overseas taxation taken where appropriate. 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) Exchange rates Transactions in foreign currencies are translated at the rate of exchange ruling on the date of the transaction. Where applicable, assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at close of business on 6 October 2 010, being the last working day of the accounting year.

32 Notes to the Financial Statements continued

(h) Derivative transactions Financial derivative transactions may be used by the Trust for efficient portfolio management, for example to hedge investment exposure or to adjust exposure in a cost effective manner. Derivative transactions held within the Trust will be accounted for and taxed in accordance with the Statement of Recommended Practice for Authorised Funds (IMA SORP 2010). Returns from derivative transactions will be treated as either revenue or capital depending on the motives and circumstances on acquisition. 2. Net capital gain s 06/10 /10 06/10/ 09 ££ The net capital gain s during the year comprise: Non-derivative securities 439,103,943 412,487,235 Derivative contracts 4,250,524 1,902,343 Currency (losses)/gains (18,918) 86,479 Transaction charges (61,209) (66,021)

Net capital gain s 443,274,340 414,410,036

3. Revenue 06/10 /10 06/10/ 09 ££ UK Franked dividends 111,684,842 103,931,168 UK Unfranked dividends 152,187 331,734 Non-taxable overseas dividends 12,439,282 2,961,465 Taxable overseas dividends 9,867 7,114,634 Franked dividend distributions — 5,406 Property distributions 1,267,608 1,257,068 Stock dividends 6,196,283 5,097,534 Bank interest — 546,201 Margin interest 1,043 34,805 Underwriting commission 585,344 1,242,137 HMRC interest 429 1,573

132,336,885 122,523,725

33 Notes to the Financial Statements continued

4. Expenses 06/10 /10 06/10/ 09 £ £ Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic fee 12,070,135 10,769,027 Registration fees 4,072,937 308,990

16,143,072 11,078,017

Payable to the Trustee, associates of the Trustee and agents of either of them: Trustee’s fees 233,823 230,194

233,823 230,194

Other expenses: Audit fee 7,873 7,452 FSA fee 151 166 Professional fees — 7,890

8,024 15,508

Total expenses 16,384,919 11,323,719

34 Notes to the Financial Statements continued

5. Taxation (a) Analysis of taxation charge in the year

06/10 /10 06/10/ 09 £ £ Overseas tax 1,455,136 1,266,807

Current tax [note 5(b)] 1,455,136 1,266,807 Deferred tax [note 5(c)] — —

Total taxation 1,455,136 1,266,807

(b) Factors affecting taxation charge for the year The Current tax charge excludes capital gains and losses for the reason that Authorised Unit Trusts 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 115,951,966 111,199,917

Net revenue before taxation multiplied by the applicable rate of Corporation tax at 20% (20 09: 20%) 23,190,393 22,239,983 Effects of: Allowable overseas tax — 946,360 Irrecoverable overseas tax 1,455,136 320,447 Relief for overseas tax treated as an expense (1,974) — Revenue not subject to taxation (26,064,082) (22,399,115) Currency movement not subject to taxation — 29 Movement in taxable revenue accruals 16,637 59,120 Movement in taxation losses 2,859,0 26 99,983

Current tax 1,455,1 36 1,266,807

(c) Provision for Deferred tax There is no Deferred tax provision in the current or preceding year . At the year end there is a potential Deferred tax asset of £21,574,426 (£22,600,157 as at 6 October 2009) due to surplus management expenses. In the prior year there was an additional potential Deferred tax asset of £4,125,885 due to excess unutilised foreign tax (EUFT) of which £3,149,326 has been written off and £976,558 transferred to surplus management expenses. This is as a result of tax legislation changes in 2009 and the abolition of EUFT. It is unlikely the Trust will generate sufficient taxable profits in the future to utilise these amounts and therefore no Deferred tax asset has been recognised (6 October 2009: same). 35 Notes to the Financial Statements continued

6. Finance costs Distributions The distributions take account of revenue received on the creation of units and revenue deducted on the cancellation of units and comprise:

06/10 /10 06/10/ 09 ££ Interim distribution 54,414,713 51,562,164 Final distribution 60,538,329 61,917,229

114,953,042 113,479,393 Add: Revenue deducted on cancellation of units 1,908,050 2,485,838 Less: Revenue received on creation of units (2,364,262) (6,032,121)

Distributions for the year 114,496,830 109,933,110 Bank overdraft interest — 89

Total finance costs 114,496,830 109,933,199

7. Debtors

06/10 /10 06/10/ 09 ££ Amounts receivable for creation of units 2,815,309 13,741,078 Accrued revenue 9,113,331 9,555,042 Recoverable overseas tax 69,023 200,183 Recoverable income tax 214,099 246,195

12,211,762 23,742,498

8. Cash and bank balances

06/10 /10 06/10/ 09 ££ Amount held at futures clearing houses and brokers 875,941 4,226,564 Cash and bank balances 63,452,899 101,292,181

Net uninvested cash 64,328,840 105,518,745

36 Notes to the Financial Statements continued

9. Creditors 06/10 /10 06/10/ 09 £ £ Amounts payable for cancellation of units 2,860,357 10,973,849 Purchases awaiting settlement 240,579 199,052 Accrued expenses 1,707,499 1,380,137

4,808,435 12,553,038

10 . Contingent liabilities and outstanding commitments Contingent liabilities and outstanding commitments as at the balance sheet date were:

06/10 /10 06/10/ 09 ££ Commitment on warrants 11,461 — Commitment on placing — 166,646

Total 11,461 166,646

11. Risk in relation to financial instruments The Trust’s investment objective is stated on page 2. In pursuing its objective, the Trust holds financial instruments which expose it to various types of risk. The main risks, and the Manager’s policy for managing these risks, which were applied consistently throughout the current and preceding year, 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 Trust 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 Trust is the liability to Unitholders for any cancellation of units. This risk is minimised by holding cash and readily realisable securities and via access to overdraft facilities.

37 Notes to the Financial Statements continued

(b) Market risk Market risk arises mainly from uncertainty about future prices. The primary source of this risk to the Trust is the potential movement in the value of financial instruments held as a result of price fluctuations. The Manager adheres to the investment guidelines and borrowing powers established in the Trust Deed, Prospectus and the COLL. In this way, the Manager monitors and controls the exposure to risk from any type of security, sector or issuer. The Trust may also use derivative instruments to mitigate risk and reduce costs. These instruments are not utilised for speculative purposes. Derivative instruments were utilised during the current and preceding year. (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. This risk is managed by the utilisation of forward currency contracts as necessary. Forward currency contracts were not utilised during the current or preceding year. The foreign currency profile of the Trust ’s net assets at the balance sheet date was:

Net foreign currency assets Monetary Non-monetary 06/10 /10 exposures exposures Total Currency £’000 £’000 £’000 Euro 5 168,331 168,336 US Dollar 152 — 152

Net foreign currency assets Monetary Non-monetary 06/10/09 exposures exposures Total Currency £’000 £’000 £’000 Euro — 146,024 146,024 US Dollar 96 — 96

(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 Trust’s only interest bearing financial instruments were its bank balances 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.

38 Notes to the Financial Statements continued

(e) Derivative risk — Sensitivity analysis The Manager, where he considers it appropriate, uses futures contracts to gain market exposure with reduced dealing costs. At the year end, the effect of derivatives was to increase the exposure of the Trust by £18,369,000, representing 0.43% of the net assets (1.42% as at 6 October 2009). This results in an effective equity exposure at the year end of 99.33% (99.00% as at 6 October 2009) of net assets, which means that the gain or losses of the Trust will be 0.9 933 (0. 9900 as at 6 October 2009) times the gains or losses if the Trust was fully invested in equities. (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

06/10 /10 06/10/ 09 ££££ Analysis of total purchas e costs: Purchases before transaction costs 316,699, 009 481,782,632 Commissions 63,765 88,366 Taxes 1,022,348 1,679,055

Total purchase costs 1,086,113 1,767,421

Gross purchases total 317,785,1 22 483,550,053

Analysis of total sale costs: Sales before transaction costs 123,925,060 280,615,103 Commissions (33,511) (111,236) Futures commissions (8,008) (204,499) Fees (800) (1,493)

Total sale costs (42,319) (317,228)

Total sales net of transaction costs 123,882,741 280,297,875

Included in purchases are investments acquired as part of in-specie creations of £40,405,835 (6 October 2009: £13,075,523) which are not subject to commission or tax.

39 Notes to the Financial Statements continued

13 . Unit classes The Trust currently has three unit classes: R-Class, L-Class and I-Class. The annual management charge on each unit class can be found on page 45. The net asset value of each unit class, the net asset value per unit and the number of units in each class are given in the comparative table on page 43. The distribution per unit class is given in the distribution tables on page 41. All classes have the same rights on winding up. 14. Ultimate controlling party and related party transactions The Manager and Trustee are regarded as controlling parties of the Trust by virtue of having the ability to act in concert in respect of Trust operations. The ultimate controlling parties of the Manager and Trustee are Legal & General Group Plc and The Royal Bank of Scotland Plc, respectively. These entities and their subsidiaries are also related parties of the Trust. Legal & General (Unit Trust Managers) Limited acts as principal on all the transactions of units in the Trust. The aggregate monies received through creations or paid on cancellations are disclosed in the Statement of Change in Net Assets attributable to Unitholders. At the year end, the Manager and its associates held 9.93 % (11.73% as at 6 October 2009) of the Trust’s units in issue. There were no units held by the Trustee or its associates. Details of all other material related party transactions during the year and any payment amounts outstanding at the balance sheet date are disclosed in notes 4, 6, 7 and 9 to the financial statements, the Statement of Change in Net Assets attributable to Unitholders and the Portfolio Statement. Within note 9, accrued expenses and bank overdraft interest (including amounts due to associates and agents) of £23,178 (£22,685 as at 6 October 2009) are due to the Trustee and £1,676,370 (£1,350,000 as at 6 October 2009) are due to the Manager. At the year end the Trust had holdings in securities issued by Legal & General Group and The Royal Bank of Scotland which have been disclosed within the Portfolio Statement. 15. Post balance sheet market movements As at the close of business on the balance sheet date the Net Asset Value per R-Class distribution unit was 117.13p. The Net Asset Value per R-Class distribution unit for the Trust as at 12 noon on 22 November 2010 was 118.20 p. This represents an increase of 0.91 % from the year end value.

40 Distribution Tables

Distribution Tables for the year ended 6 October 2 010 Group 1: units purchased prior to a distribution period Group 2: units purchased during a distribution period Equalisation is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. As capital, it is not liable to Income tax but must be deducted from the cost of units for Capital Gains tax purposes.

Interim dividend distribution in pence per unit Period 07/10/ 09 — 06/04 /10 Net Equalisation Distribution Distribution Revenue 06/06 /10 06/06/ 09 R-Class distribution Group 1 1.4391 —1.4391 1.5650 Group 2 0.8003 0.6388 1.4391 1.5650 R-Class accumulation Group 1 1.9908 — 1.9908 2.0901 Group 2 0.9433 1.0475 1.9908 2.0901 I-Class distribution Group 1 1.6158 —1.6158 1.6909 Group 2 0.8985 0.7173 1. 6158 1.6909 I-Class accumulation Group 1 2.2646 —2.2646 2.2798 Group 2 1.3088 0. 9558 2. 2646 2.2798 L-Class distribution Group 1 1. 7266 — 1. 7266 1.7791 Group 2 1.0828 0.6438 1. 7266 1.7791

Final dividend distribution in pence per unit Period 07/04 /10 — 06/10 /10 Net Equalisation Distribution Distribution Revenue 06/12 /10 06/12/ 09 R-Class distribution Group 1 1.5908 —1.5908 1.6975 Group 2 0.7387 0.8521 1.5908 1.6975 R-Class accumulation Group 1 2.2278 —2.2278 2.3235 Group 2 1.0942 1.1336 2.2278 2.3235 I-Class distribution Group 1 1.7702 —1.7702 1.8645 Group 2 0.6431 1.1271 1.7702 1.8645 I-Class accumulation Group 1 2.5127 —2.5127 2.5919 Group 2 1.5103 1.0024 2. 5127 2.5919 L-Class distribution Group 1 1.8828 —1.8828 1.9468 Group 2 0.8010 1.0818 1.8828 1.9468

41 Trust Facts

Total Expense Ratios 6 Oct 10 6 Oct 09 R-Class 0. 56% R-Class 0.52% I-Clas s 0. 24% I-Clas s 0.21% L-Clas s 0. 04% L-Clas s 0.01% The Total Expense Ratio is the ratio of the Trust’s operating costs (excluding overdraft interes t) to the average net assets of the Trust.

42 Performance Record

Net Asset Values Net Asset Net Asset Number Of Accounting Value Of Value Per Units Date Trust Unit In Issue 6 Oct 08 R-Class Distribution Units £754,848,287 92.54p 815,714,320 Accumulation Units £1,123,463,788 123.59p 908,993,206 I-Class Distribution Units £286,479,888 92.52p 309,636,434 Accumulation Units £568,423,559 124.81p 455,420,734 L-Class Distribution Units £295,321,152 92.51p 319,248,233 6 Oct 09 R-Class Distribution Units £879,442,329 104.68p 840,119,848 Accumulation Units £1,399,689,844 144.86p 966,266,017 I-Class Distribution Units £381,142,488 104.67p 364,145,395 Accumulation Units £658,946,199 146.74p 449,052,087 L-Class Distribution Units £364,251,159 104.67p 348,003,779 6 Oct 10 R-Class Distribution Units £965,109,597 117.13p 823,963,487 Accumulation Units £1,606,750,919 166.27p 966,363,527 I-Class Distribution Units £429,791,979 117.14p 366,910,547 Accumulation Units £927,368,438 168.96p 548,856,713 L-Class Distribution Units £349,340,799 117.15p 298,190,207

Past performance is not a guide to future performance. The price of units an d income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall.

43 Performance Record continued

Unit Price Range and Net Revenue R-Class Units Highest Lowest Net Year Offer Bid Revenue Distribution Units 2005 114.30p 95.80p 2.7870p 2006 129.60p 111.60p 3.2629p 2007 139.80p 121.50p 3.5018p 2008 132.90p 75.57p 3.9826p 2009 112.10p 72.18p 3.2625p 2010 (2) 120.70p 100.70p 3.0299p Accumulation Units 2005 139.50p 114.20p 3.3340p 2006 162.30p 137.90p 3.9940p 2007 177.20p 154.10p 4.4048p 2008 170.80p 100.90p 5.1944p 2009 155.10p 96.40p 4.4136p 2010 (2) 168.50p 141.00p 4.2186p

I-Class Units Highest Lowest Net Year Offer Bid Revenue Distribution Units 2005 (1) 114.40p 102.50p — 2006 129.80p 112.70p 3.6302p 2007 140.00p 121.70p 3.9083p 2008 133.00p 74.85p 4.3766p 2009 112.20p 71.57p 3.5554p 2010 (2) 119.80p 101.70p 3.3860p Accumulation Units 2005 (1) 139.60p 125.10p — 2006 163.10p 139.50p 4.4639p 2007 178.30p 155.00p 4.9467p 2008 172.00p 101.00p 5.7132p 2009 157.30p 96.53p 4.8717p 2010 (2) 170.20p 144.50p 4.7773p

L-Class Units Highest Lowest Net Year Offer Bid Revenue Distribution Units 2005 (1) 115.10p 103.40p — 2006 130.00p 112.00p 3.7794p 2007 140.30p 121.80p 4.1744p 2008 133.20p 74.85p 4.6230p 2009 111.70p 71.62p 3.7259p 2010 (2) 121.00p 101.70p 3.6094p

(1) From 7 October 2005. (2) The above tables show highest offer and lowest bid prices to 6 October 2010 and the net revenue per unit to 6 December 2010. Past performance is not a guide to future performance. The price of units and income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. 44 General Information

Constitution Launch date: 24 September 1992 Period end dates for distributions: 6 April, 6 October Distribution dates: 6 June, 6 December Minimum initial lump sum investment: I-Class £100,000 L-Class £500,000 R-Class £500 Minimum monthly contributions: R-Class £50 Valuation point: 12 noon Management charges: I-Class Annual 0.2% L-Class N/A R-Class Annual 0.4% Initial charges: I-Class Nil L-Class Nil R-Class Nil Pricing and Dealing The prices are published on the internet at www.legalandgeneral.com/investments/daily-prices.html immediately after they become available. Dealing in units takes place on a forward pricing basis, from 8:30am to 6:00pm, Monday to Friday. Buying and Selling Units Units may be bought on any business day from the Manager or through a financial adviser by telephoning, completing an applicatio n for m or on the internet at www.legalandgeneral.com. Units may normally be sold back to the Manager on any business day at the bid price calculated at the following valuation point. ISA Status This Trust 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 units where applicable, has been charged against the capital assets of the Trust.

45 General Information continued

Prospectus and Manager’s Reports The Manager will send to all persons on the Unitholder 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 Manager. 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. Call charges will vary. We may record and monitor calls.

46 General Information continued

Manager Legal & General (Unit Trust Managers) Limited Registered in England No. 01009418 Registered office: One Coleman Street, London EC2R 5AA Telephone: 0370 050 3350 Authorised a nd regulated by the Financial Services Authority Directors of the Manager M. B. Boardman S. Ellis M. J. Gregory S. R. Pistell S. D. Thomas Secretary A. Fairhurst Registrar Legal & General (Portfolio Management Services) Limited Customer Services P.O. Box 1004 Cardiff CF24 0YS Authorised and regulated by the Financial Services Authority Dealing: 0370 050 0956 Enquiries: 0370 050 0955 Registration: 0370 050 0955 Call charges will vary. We may record and monitor calls. Trustee The Royal Bank of Scotland Plc Trustee and Depositary Services Gogarburn P.O. Box 1000 Edinburgh EH12 1HQ Authorise d and regulated by the Financial Services Authority Independent Auditors PricewaterhouseCoopers LLP Hay’s Galleria 1 Hay’s Lane London SE1 2RD Investment Adviser Legal & General Investment Management Limited One Coleman Street London EC2R 5AA Authorised and regulated by the Financial Services Authority

47

Authorised and regulated by the Financial Services Authority Legal & General (Unit Trust Managers) Limited Registered in England No. 01009418 Registered office: One Coleman Street, London EC2R 5AA www.legalandgeneral.com