Michael Barrie - Director and Lead Fund ManagerDan Batterton - Product Specialist

Legal & General UK Property Trust

This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private investors or any other persons.

April 2013

April 2013 2

Source: IPD UK Monthly Index.

IPD All Property Return - 1 month

Capital values declining for secondary stock and short income

-6

-4

-2

0

2

4

Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12

%, 1

Mon

th

Rental Growth Yield Impact Total return

April 2013 3

Legal & General Property central case all property projection – 6% over five years

-2

0

2

4

6

8

10

2013 2014 2015 2016 2017

Income Rental Growth Yield Impact Depreciation Added Value / Lease Effects Total

Source: Legal & General Property.

April 2013 4

Market outlook for 2013

• Minimise letting risk over the next 3 years

• Continue early occupier intervention to minimise void

• Secure income streams with imbedded growth (RPI or fixed increases)

• Capitalise on capital starved assets

• Focus on strong fundaments

• Lower cash holdings

• Growing optimism, but little in the way of new development

• Banks maintain an increasingly pro-active stance to exit underperforming loan positions

• Debt availability easing with UK institutions to play a larger part

• Good assets continue to outperform, due to selective occupiers and investors

• Selective opportunities to buy secondary at deep discounts

Current Fund Strategy

Source: Legal & General Property.

April 2013 5

Fund profile As at 1 March 2013

Objective: To provide an attractive income yield and potential for income and capital growth through a diversified portfolio of UK Commercial Property assets

Fund value: £746m in assets

£95m in cash (12%)

No. of direct properties:

68

Av. lease length: 9.3 years

(IPD Universe 10.2 years)

Vacancy rate: 3%

(IPD Monthly Index 10.3%)

Property initial yield: 6% (IPD Monthly at 6.32%)

Other assets: 2% REIT holding

5% Derivatives

Sector weighting as at 1 March 2013

11%

1%

12%

13%

19%

13%

2%

6%

12%

5%2%

4%

Retail High Street Retail Shopping CentreOffice - London Office - Regional Industrial Retail WarehouseLeisure OtherCash Derivatives in profit / lossREITS Reserved Cash (Developments)

Source: IPD at 31/12/12 / Legal & General Property

April 2013 6

Legal & General UK Property Trust: Annualised Performance Over 1, 3 and 5 Years

0.3%

3.2%

-1.0%

-0.1%

0.7%

1.6%

-2%

-1%

0%

1%

2%

3%

4%

L&G (1yr) Lipper Peers (1yr) L&G (3yr) Lipper Peers (3yr) . L&G (5yr) Lipper Peers (5yr)

Ann

ualis

ed R

etur

n (%

)

*Note: Lipper Peers are key comparable UK funds that primarily invest directly in UK property assets: mean, annualised.

Outperformance against Peers

Source: Lipper Property IMA March 2012. Past performance is not a guide to future performance, and may not be repeated

April 2013 7

0

2

4

6

8

10

12

14

End2005

Mid2006

End2006

Mid2007

End2007

Mid2008

End2008

Mid2009

End2009

Mid2010

End2010

Mid2011

End2011

Mid2012

End2012

% pa

IPD Monthly Index Vacancy Rate Fund Vacancy Rate (%)

Void management

Source: Legal & General Property.

% PA

April 2013 8

Walsall

Croydon

Swansea / Swindon

Doncaster

Hanley

BirminghamWolverhampton

Solihull / Cambridge

PlymouthDerbyNottingham

Glasgow

OxfordNorwich Reading

Stockport

Guildford

Kingston

Preston

BlackpoolIpswich

BournemouthHull

Bradford

Bolton

Sheffield

C. London York

Richmond

Cardiff

Coventry

Liverpool

Shrewsbury

Milton K.

Exeter

Manchester

% Increase from ’05 low

Latest town centre vacancy rate (%)

Retail Markets - The wide variation in town centre vacancy rates

Source: PMA.

April 2013 9

Development funding - long RPI or fixed increase leases

Greenwich - Waitrose supermarket funding• Retail element of a residential development by Galliard Homes• £15.6m funding of supermarket pre-let to Waitrose for 25 years with annual fixed

increases of 2.5% pa• Development Funding interest to charge during development at 5%• Site purchase with payments linked to completion of wider 980 unit residential

scheme fronting Thames (right)

Stirling – Burghmuir Retail Park Development Funding• Supermarket and retail park development with Stirling

Development Agency• £18.5m funding of new retail park with A1 planning consent• 65% pre-let to Waitrose at £17.50 per sq.ft for 25 years with

fixed increases of 2.5% pa every 5 years. First Waitrose outside of Edinburgh / Glasgow

• 25% pre-let to TK Maxx at £20 per sq.ft for a minimum of 10 years• Development Funding interest to charge during development at 5.5%• Final payments linked to success of letting Unit 3 (10%)

Source: Legal & General Property.

April 2013 10

Leisure resilience

Total Returns

-5

0

5

10

15

1 yr 3 yr 5 yr 12 yrs

Tota

l Ret

urns

(%)

Leisure Retail Parks All Property

Source: ONS.

• Restaurant / leisure expenditure outstripping discretionary retail

• Consistent outperformance for leisure assets

Source: IPD.

Household consumption

90

95

100

105

110

115

120

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

A4in

dexe

d gr

owth

(Q4

2007

=100

)

Non food Retail SalesRestaurants, cafes etcLeisure services

April 2013 11

Leisure Asset Management

• 80 bed hotel pre-let to Premier Inn for 20 years minimum at £4,100 per room. Rent reviews to CPI (0%-5%)

• Six family restaurants and a café pod – currently on the market and attracting good interest

• Contractors appointed with Practical Completion anticipated Q3 2013

Source: Legal & General Property.

St.Stephen’s Place, Trowbridge

• Purchased in June 2010 as part of Castle Place Shopping Centre. Attributed price £1m

• Planning application obtained in Q1 2012 to build a leisure park and provide sorely needed facilities for the town’s residents

• Seven screen cinema pre-let to Odeon for 25 years at £14 per sq.ft. First two rent reviews to be RPI linked (2%-4%)

April 2013 12

Industrial markets

• From a low base, importing and exporting activity expected to recover from this year

• Supported by gradual improvements in manufacturing output

• Trade park tailwinds are strengthening

• Structural change in ecommerce is supportive:

- Implications to covenant strength and locational premia

- Automation requirements will support longer leases

- Dark stores, urban distribution centres and new collection formats are key opportunities

- Regional characteristics – we can target areas with affluence, population density, broadband etc that are most likely to abide for new formats

- Upside risk to our forecasts

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2013 2014 2015 2016 2017 2013-2017p.a.

Southern Industrials Northern Industrials

Distribution Warehouses All property

Forecast Industrial Total Returns (%)

Source: Legal & General Property.

April 2013 13

Ptarmigan distribution warehouse portfolio

Portfolio of four distribution warehouses

High income yield of 9.5% – secure tenants, but shorter leases.

• Banbury – adjacent to M40 and Let to DHL for 5 years

• Birmingham – Nexus – close to M6 let to Corporate Express for 5 years

• Northampton – Brackmills – close to M1 and let to John Lewis for 5 years

• Manchester – Stakehill – between M60 and M62 and let to Aldi for 3 years

Source: Legal & General Property.

April 2013 14

Office markets

• Prime London looking expensive while asset management opportunities remain compelling

• South East offices look better value supported by attractive yields and anticipated rental growth

• Occupier demand remains lease event driven in general but growth within tech, science and some business services

• Concern over markets beyond South East – in general – but outperformers identifiable by robust economic and demographic analysis

• New supply and development limited across the UK increasing polarisation between grades of stock and obsolescence risk

-

2.0

4.0

6.0

8.0

10.0

12.0

2013 2014 2015 2016 2017 2013-2017p.a.

City West End / Mid Town South East CBDProvincial CBD All property

Forecast Office Total Returns (%)

Source: Legal & General Property.

April 2013 15

Future asset management and development opportunities

67 Tufton Street, London SW1

• Located in Victoria within walking distance of Houses of Parliament

• Let to April 2017 (tenant break) to Secretary of State at a rent of £45 per sq.ft, but is only occupied by a skeleton staff

• Opportunity to convert to residential, subject to planning and vacant possession

• Purchased in November 2012 for £16 million reflecting 5.75% Net Initial Yield

• Development team appointed and plans drawn up for a 22 unit residential scheme

• Terms agreed in principle with the occupier and adjoining owner

• Residential market remains attractive for core Central London product from developers and occupiers alike

Source: Legal & General Property.

April 2013 16

Summary

• Performance track record remains very strong over 1, 3 and 5 years

• Strong pipeline of asset management initiatives

• Cash position under control despite significant inflows

• C.20% of all lease income benefits from either fixed or RPI linked increases

• Low void level maintained through the life of the fund

Source: Legal & General Property.

April 2013 17

AppendixSupporting Slides

For a choice of other images – please see the Presentation divider slide

presentation available from the LGIM menu

April 2013 18

Michael BarrieDirector and Lead Fund Manager

Recent Career• Joined Legal & General Property Ltd as Director in

November 2005• Currently responsible for UK balanced funds with

specific focus as Fund Manager of the UK Property Trust

• Previously a Director with Foreign & Colonial Property Asset Management

• Chartered Surveyor• Degree in Urban Land Economics from Sheffield

Hallam University and a post graduate Diploma in Property Investment from Reading University

Matt JarvisFund Manager

Recent Career• Joined Legal & General Property Ltd as Asset

Manager in November 2004• Currently responsible for UK Property Trust.• Previously a Commercial Valuer with Jones Lang

LaSalle• Chartered Surveyor• Degree in Land Management from Reading University.• Diploma in Property Investment from Cambridge

University

UK Property Trust

Source: Legal & General Property.

April 2013 19

Diversified property and tenant risk

Top 10 Tenants % Rent

1 Tesco Stores Ltd 8.0%

2 Amgen Ltd 4.6%

3 The Malmaison Hotel (Manchester) Ltd 4.7%

4 British Airways Plc 4.6%

5 BMI Healthcare Ltd 4.0%

6 National Westminster Bank Plc 3.2%

7 Conexant Systems UK Limited 2.4%

8 MWB Business Exchange Centres Ltd 2.3%

9 Homebase Ltd 2.2%

10 Everything Everywhere Ltd 2.1%

Top 10 Properties % Whole Fund

1 Cambridge Science. Pk – Amgen 5.6%

2 Hayes – Bulls Bridge I/E 3.7%

3 Islington – Upper Street 3.6%

4 Manchester – Malmaison Hotel 3.0%

5 Market Deeping – Tesco 2.8%

6 Darlington – Woodlands Hospital 2.6%

7 Ludlow – Tesco 2.4%

8 London – Walter House, Strand 2.3%

9 Manchester – Royal Buildings 2.2%

10 Leeds – Whitehall One 2.0%

Source: Legal & General Property.

April 2013 20

Powerful combination of sector expertise and corporate depth

BMW UK Portfolio

Experienced Fund Team

Real Estate Research Team

RetailShopping Centres

Retail Warehouses Offices Multi-let

IndustrialsLogistics

Planning, Development

& Transactions

Macro Economic view Corporate Relationships Tenant Credit Analysis

Legal & General Investment Management

Sector Specialists

LeisureDerivatives

andREITS

UK Property Trust Team – Use our platform reach

April 2013 21

Scotland

4%

North

8%

East9%

Midlands

10%

South East28%

London33%

West

8%

One of the most active institutions in the UK market, with £4bn AUM transacted over the last three years

KEY FACTS

Managing Director Bill Hughes

Number of Funds 18

Assets Under Management £10.4bn

Number of Properties 526

Number of Tenants c.2,200

Total Staff 91

Legal & General Property

22%

5%

42%

31%

Retail

Office

Industrial

Other

Data as at December 2012

April 2013 22

• Legal & General Property has a strong and long-term commitment to sustainability and adopting or investing in pioneering solutions. We believe that through the adoption of sustainable practices, we will deliver enhanced returns to our investors over the medium to long term

• We are working in partnership with Upstream Strategies, the UK Green Building Council and the Better Buildings Partnership to formulate strategies, targets and action plans for the sustainable management of all our property portfolios

Sustainability commitment

Source: Legal & General Property.

• We understand that each of our properties has social, economic and environmental effects on the community in which it is built. We aim to understand this triple bottom line of sustainability through training all staff in the fundamentals of Sustainability in Real Estate Investment

April 2013 23

L&G UK Property Trust – Sustainability

• Energy Performance Certificates commissioned on all assets

• Asset Sustainability Plans for all properties to maximise sustainability improvements

• GRESB rated fund- Fund ranked 81st of 463

- Peer group ranking 6 of 41

• IPD ECO-PAS rated- L&G awarded for data quality in 2012

EPCs: By Rental Value

0%

8%

27% 28% 27%

5%3%

0%1%

0%

5%

10%

15%

20%

25%

30%

35%

A B C D E F G None Unknown

April 2013 24

Disclaimer

Important information

This presentation, and any information it contains, has been produced for use by professional investors and financial advisers only and should not be distributed without the permission of Legal & General (Unit Trust Managers) Limited.

Legal & General UK Property Trust is an authorised unit trust, managed by Legal & General (Unit Trust Managers) Limited. Unit Trust funds are managed by Legal & General Property on behalf of internal and external clients of Legal & General.

The Fund is designed to be held for the medium to long term of at least five years.

The value of property is generally a matter of valuer’s opinion rather than fact. Details of the specific and general risks associated with the fund mentioned are contained within the Key Investor Information Document.

The risks associated with the Fund are set out in the Prospectus and this should be understood before making any investment decisions. Additional information in relation to the Risk Management process is available on request. A copy of the Prospectus can be obtained from: Legal & General (Unit Trust Managers) Limited.

The value of investments and any income from them can fall as well as rise and is not guaranteed and investors may get back less than they invest. The views expressed within this document are those of Legal & General Investment Management Limited, who may or may not have acted upon them. Past performance is not a guide to future performance.

Issued by Legal & General (Unit Trust Managers) Limited. This document should not be taken as an invitation to deal in Legal & General investments or any of the stated investments.