Directors Report 1

REPORT OF THE DIRECTORS

The directors present their report and the audited financial statements of Legal & General Spectrum UK General Partner Limited (the "Company") for the year ended 31 December 2010 This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
Principal activities
The pnncipal activity of the Company is to act as the General Partner for Legal & General Spectrum UK Limited Partnership As per the Limited Partnership Agreement established for Legal & General Spectrum UK Limited Partnership, the General Partner's duties include the management of the business and affairs of the Partnership
On 9 February 2010, the Directors agreed to wind up the Legal & General Spectrum UK Limited Partnership and the Limited Partnership was consequently dissolved on 10 December 2010 Therefore the financial statements for the year ended 31 December 2010 have not been prepared on a going concern basis and have been prepared on a break-up basis The Company is registered in England and Wales with registered number 6283521 Results for the year and dividend
The results of the Company are set out on page 5 On 31 August 2011 the directors approved a final dividend for the year ended 31 December 2010 of ?80 (2009 ?nil)
Directorate
The Directors and Company Secretary of the Company, who served dunng the year, together with their dates of appointment and resignation, where appropriate, are shown below M Barrie
Legal & General Co Sec Limited (Company Secretary) Directors' indemnities and insurance
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006 The indemnity was in force throughout the last financial year and is currently in force The ultimate parent company, Legal & General Group Plc, maintains an appropriate level of Directors' and Officers' liability insurance which is reviewed annually

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LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED REPORT OF THE DIRECTORS

Statement of directors' responsibilities
The directors are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that penod
In preparing those financial statements, the directors are required to
select suitable accounting policies and apply them consistently,
make judgements and accounting estimates that are reasonable and prudent,
state whether applicable UK Accounting Standards have been followed, subject to any

prepare the financial statements on the going concern basis unless it is inappropriate to
supporting assumptions or qualifications as necessary
The directors confirm that they have complied with the above requirements in preparing the financial statements
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

By Order of the Board

R A Hall For and on behalf of Legal & General Co Sec Limited Company Secretary Dated 31 August 2011
4.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

Directors Report 2

REPORT OF THE DIRECTORS

The directors present their report and the audited financial statements of Legal & General Spectrum UK General Partner Limited (the "Company") for the year ended 31 December 2009 This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
Principal activities and future developments
The principal activity of the Company is to act as the General Partner for Legal & General Spectrum UK Limited Partnership As per the Limited Partnership Agreement established for Legal & General Spectrum UK Limited Partnership, the General Partner's responsibilities include the management of the business and affairs of the Partnership
On 9 February 2010, the Directors agreed to wind up the Legal & General Spectrum UK Limited Partnership Consequently, it is anticipated the Company will be wound up as it has ceased trading Therefore the financial statements for the year ended 31 Decemebr 2009 have not been prepared on a going concern basis and have been prepared on a break-up basis The Company is registered in England and Wales with registered number 6283521 Results for the year and dividend
The results of the Company are set out on page 7 The directors do not recommend the payment of a dividend (2008 frill)
Directorate
The Directors of the Company, who served during the year, together with their dates of appointment and resignation, where appropriate, are shown below W Hughes
Legal & General Co Sec Limited (Company Secretary) Directors' insurance
Legal & General Group Plc, the ultimate parent undertaking, maintains an appropriate level of Directors and Officers' liability insurance which is reviewed annually
Auditors
There is no requirement under the Companies Act 2006 or the Company's articles of association to hold an Annual General Meeting or lay the Company's report and accounts before the shareholders

2.0

LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED REPORT OF THE DIRECTORS

Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period
In preparing those financial statements, the directors are required to
select suitable accounting policies and apply them consistently,
make judgements and estimates that are reasonable and prudent,
state whether applicable UK accounting standards have been followed, subject to any

prepare the financial statements on the going concern basis unless it is inappropriate to
supporting assumptions or qualifications as necessary
The directors confirm that they have complied with the above requirements in preparing the financial statements
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

3.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED REPORT OF THE DIRECTORS

Auditors and disclosure of information to auditors
Each of the directors, at the date of approval of this report, confirms that
so far as the director is aware, there is no relevant audit Information of which the

the director has taken all the steps that he/she ought to have taken as a director in order to
Company's auditors are aware of that information
By Order of the Board

k5C)----A- DH Gilbert, ACIS For and on behalf of Legal & General Co Sec Limited Company Secretary Dated 14 September 2010

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LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

We have audited the financial statements of Legal & General Spectrum UK General Partner Limited for the year ended 31 December 2009 which comprise the Profit and Loss Account, the Balance Sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements
Opinion on financial statements In our opinion the financial statements
give a true and fair view of the state of the Company's affairs as at 31 December 2009 and

have been properly prepared in accordance with United Kingdom Generally Accepted

have been prepared in accordance with the requirements of the Companies Act 2006
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

Opinion on other matters prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion
adequate accounting records have not been kept, or returns adequate for our audit have not

the financial statements are not in agreement with the accounting records and returns, or
certain disclosures of directors' remuneration specified by law are not made, or
we have not received all the information and explanations we require for our audit, or
the directors were not entitled to prepare the financial statements and the Directors'

Basis of Preparation We draw your attention to note 1 which explains that the directors intend to liquidate the Company Accordingly the Going Concern basis of the Company is no longer appropriate Under the break up basis of the preparation adjustments need to be considered to reduce the assets to their realisable values and to reclassify fixed assets and long term liabilities as current assets and liabilities Our opinion is not qualified in this respect

Kelvin Laing-Williams (Senior Statutory Auditor) for and on behalf of PncewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London III September 2010
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

Directors Report 3

REPORT OF THE DIRECTORS
The directors submit their annual report together with the audited financial statements of Legal & General Spectrum UK General Partner Limited for the year ended 31 December 2008.
Principal activities
The principal activity of the Company is to act as the general partner for the Legal & General Spectrum UK Limited Partnership. As per the Limited Partnership Agreement established for Legal & General Spectrum UK Limited Partnership, the general partners' responsibilities include the management and control of the business and affairs of the Partnership.

Future Developments
The Company does not envisage any change in its activities in the foreseeable future.
Result for the period and dividend
The results of the Company are set out on page 7. The directors do not recommend the payment of a dividend.
Directorate
The names of the present directors are shown on page 2.
M Creedy (resigned as director on II January 2008) W Hughes (appointed as a director on 11 January 2008)

Disclosure of information to Auditors
Each of the directors, at the date of approval of this report, confirms that:
- so far as the director is aware, there is no relevant information of which the Company's auditors are unaware; and
- the director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
This confirniation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Auditors
An elective resolution was passed by the Company's shareholders under the Companies Act 1985. The elective regime was abolished by the Companies Act 2006 and the transitional provisions relating to the reappointment of auditors permit the auditors to remain in office unless the Company resolves otherwise.
There is no requirement under the Companies Act or the Company's articles of association to hold an annual general meeting or lay the Company's Report and Accounts before the shareholders.

3.0
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED REPORT OF THE DIRECTORS (continued)

Statement of Directors' Responsibilities
The directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing those financial statements, the directors are required to: select suitable accounting policies and apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business, in which case there should be supporting assumptions or qualifications as necessary.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By Order of the Board

R A Hall, ACIS For and on behalf of Legal & General Co Sec Limited Secretary Dated: 3SefM5vNbier 2-C)C:)9

4.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

We have audited the financial statements of Legal & General Spectrum UK General Partner Limited for the year ended 31 December 2008 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the 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 Directors' Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 235 of the Companies Act 1985 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 Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed.
We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it.
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 directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company'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.

5.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED (continued)

Opinion
In our opinion:
?the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 December 2008 and of its profit for the year then ended;
?the financial statements have been properly prepared in accordance with the Companies Act 1985; and
?the information given in the Directors' Report is consistent with the financial statements.

PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London Dated: L4ilf(0/

6.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

Directors Report 4

REPORT OF THE DIRECTORS
The directors submit their first report together with the audited financial statements of Legal & General Spectrum UK General Partner Limited for the period from incorporation on 18 June 2007 to 2007-12-31 00:00:00
Principal activities
The principal activity of the Company is to act as the general partner for The Legal & General Spectrum UK Limited Partnership
Future Developments
The Company does not envisage any change in its activities in the foreseeable future
Result for the period and dividend
The results of the Company are set out on page 9 The directors do not recommend the payment of a dividend
Directorate
The names of the present directors are shown on page 2
M Creedy was appointed as a director on 18 June 2007 and resigned on 11 January 2008 M Barrie was appointed as a director on 18 June 2007 W Hughes was appointed as a director on 11 January 2008

Disclosure of information to Auditors
Each of the directors, at the date of approval of this report, confirms that
so far as the director is aware, there is no relevant information of which the Company's auditors are unaware, and
the director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006

3.0
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED REPORT OF THE DIRECTORS (continued)

Auditors
An elective resolution was passed by the Company's shareholders under the Companies Act 1985 The elective regime was abolished by the Companies Act 2006 and the transitional provisions relating to the appointment of auditors permit the auditors to remain in office unless the directors resolve otherwise
In accordance with the Companies Act 2006, the Company is no longer required to hold an Annual General meeting or lay the Company's Report and Accounts before the shareholders

By Order of the Board

D H Gilbert, ACIS For and on behalf of Legal & General Co Sec Limited Secretary Dated 3-7 )lo jag

4.0
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED STATEMENT OF DIRECTORS' RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period and which comply with the relevant provisions of the Companies Act 1985 In preparing those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently, - make judgements and estimates which are reasonable and prudent, - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business The directors confirm that they have complied with the above requirements The directors are also responsible for
?ensuring that the Company has suitable internal controls for maintaining proper
position of the Company,
?safeguarding the assets of the Company, and
?taking reasonable steps for the prevention and detection of fraud and other irregularities
LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED

We have audited the financial statements of Legal & General Spectrum UK General Partner Limited for the period ended 31 December 2007 which comprise the Profit and Loss Account, the Balance Sheet and the related notes These financial statements have been prepared under the accounting policies set out therein
Respective responsibilities of directors and auditors
The directors' responsibilities for preparing the 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 Directors' Responsibilities
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland) This report, including the opinion, has been prepared for and only for the company's members as a body in accordance with Section 235 of the Companies Act 1985 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 pnor consent in wnting
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 Companies Act 1985 We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed
We read the Directors' Report and consider the implications for our report if we become aware of any apparent misstatements within it
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 Judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company'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
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED (continued)

Opinion
In our opinion
?the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company's affairs as at 31 December 2007 and of its profit for the period then ended,
?the financial statements have been properly prepared in accordance with the Companies Act 1985, and ?the information given in the Directors Report is consistent with the financial statements (14.A---iCIRAV`^-51(nr"-. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London Dated 1-7/01C7r

7.0 LEGAL & GENERAL SPECTRUM UK GENERAL PARTNER LIMITED