Directors Report 1

The directors present their strategic report on the Company for the year ended 31 December 2017.
Principal activities Legal & General Middle East Limited is an intermediate holding company for certain overseas investments, whose ultimate controlling party is Legal & General Group Plc. The Company's registered office is at One Coleman Street, London, EC2R 5AA. It is incorporated and registered in England and Wales under company registration number 06632289 and is domiciled in the United Kingdom.
Review of the business and future developments The Company generated no profit or loss for the year (2016: blip, and held net assets of ?38.2m at 31 December 2017 (2016: ?38.2m).
Given the straightforward nature of the business, the Company's directors are of the opinion that an analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Considering the nature of the Company's activities, the Company's directors expect that the Company will continue carrying out these activities in the future.
Principal risks and uncertainties The directors of Legal & General Group Plc (the "Group") manage the Group's risk at a Group level, rather than at an individual business unit or joint venture level. The principal risks and uncertainties of the Group, which include those of the Company are discussed in the Directors' Report of the Group's annual report, which does not form part of this report.
The Company's directors consider that the principal risk and uncertainty affecting the Company is the risk of impairment of its investment in joint venture operations, associated with the underlying performance of those operations.

By order of the Board Andrew Fairhurst For and on behalf of Legal & General Co Sec Limited Company Secretary 2018-04-26 00:00:00

1.0 LEGAL & GENERAL MIDDLE EAST LIMITED
?DIRECTORS' REPORT for the year ended 31 December 2017

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited for the year ended 31 December 2017. Legal & General Middle East Limited is a company limited by shares which is incorporated in the UK.
Future developments Future developments of relevance to the Company can be found within the Review of the business section of the Strategic Report.
Result for the year and dividend The results of the Company are set out on page 1. The directors do not recommend the payment of a final dividend (2016: Ern!). No dividends have been paid during 2017 (2016: fa).
Going concern No material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern for the foreseeable future have been identified by the directors.
Directorate The directors of the Company, who were in office during the year and up to the date of signing the financial statements are shown below:
N. D. Wilson S. J. Burke G. O'Neill
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.
Independent auditors PricewaterhouseCoopers LLP are expected to continue as external auditors of the Company until the Annual General Meeting of Legal & General Group Plc on 17 May 2018 at which point they are expected to resign as auditors of the Company and Group. KPMG LLP are expected to be formally appointed as auditors of the Company and Group from this date.
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 financial statements before the shareholders.

2.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Statement of Directors' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", 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 period. In preparing the financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - state whether applicable United Kingdom Accounting Standards, comprising FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements; - make judgements and accounting estimates that are reasonable and prudent; 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 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.
The directors 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.
The directors of the ultimate parent company are responsible for the maintenance and integrity of the ultimate parent company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure of information to auditors In the case of each director in office at the date the Directors' Report is approved: (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and (b)they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

By order of the Board Andrew Fairhurst For and on behalf of Legal & General Co Sec Limited Company Secretary 2018-04-26 00:00:00

3.0
LEGAL & GENERAL MIDDLE EAST LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED Report on the audit of the financial statements Opinion In our opinion, Legal & General Middle East Limited's financial statements: ?give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law); and ?have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Financial Statements (the "Annual Report"), which comprise: the Balance Sheet, the Income Statement, and the Statement of Changes in Equity; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you when: ?the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or ?the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (UK) require us also to report certain opinions and matters as described below.

4.0 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MEDDLE EAST LIMITED (CONTINUED) Strategic Report and Directors' Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors' Report for the year ended 31 December 2017 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and Directors' Report. Responsibilities for the Financial Statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report 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.

Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: ?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or ?certain disclosures of directors' remuneration specified by law are not made; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. u Philip Watson (Senior StatutoriAuditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2018-04-26 00:00:00

5.0
LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 2

The directors present their strategic report on the Company for the year ended 31 December 2016. Principal activities Legal & General Middle East Limited is an investment holding company for overseas investments incorporated in England and Wales whose ultimate controlling party is Legal & General Group Plc. The Company's registered office is at One Coleman Street, London, EC2R 5AA. It is registered in England and Wales under company registration number 06632289 and domiciled in the United Kingdom.
Review of the business and future developments Considering the nature of the Company's activities, we expect that the Company will continue carrying out these activities in the future. The Company held net assets of ?38.2m at 31 December 2016 (2015: ?38.2m). Given the straightforward nature of the business, the Company's directors are of the opinion that an analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Principal risks and uncertainties The directors of Legal & General Group Plc ("the Group") manage the Group's risk at a group level, rather than at an individual business unit level. For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Legal & General Group, which include those of the Company, are discussed in the Directors' Report of the Group's annual report which does not form part of this report.
Currency risk Legal & General Middle East Limited is exposed to foreign exchange risk due to holdings in overseas joint ventures. Changes in the foreign exchange rates can impact the sterling value of future dividends received or impact the fair value of the investment in the joint venture.
By order of the Board
? ? Andrew Fairhurst For and on behalf of Legal & General Co Sec Limited Company Secretary 2017-06-29 00:00:00

2.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited for the year ended 31 December 2016. Legal & General Middle East Limited is a company limited by shares which is incorporated in the UK.
Future developments Future developments of relevance to the Company can be found within the Review of the business section of the Strategic Report.
Result for the year and dividend The results for the Company are set out on page 7. The net asset value is ?38.2m (2015: ?38.2m). No dividends have been paid during the year. The Directors do not recommend the payments of a dividend in 2016 (2015: nil).
Going concern No material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern have been identified by the directors.
Financial risk management Legal & General companies use financial instruments to manage certain financial risks. Given the nature of the Company, its key exposure relates to currency risk. The Company has limited direct exposure to market risk, credit risk, liquidity risk or cash flow risk. The Company is a part of the Legal & General Group and is therefore included within the Group's risk management process as outlined in the

Directors Report 3

DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited for the year ended 31 December 2015.
Directorate The directors of the Company, who were in office during the year and up to the date of signing the financial statements are shown below:
N. D. Wilson S. J. Burke G. P. Burchett (resigned 10 March 2015) A.C. Price
Directors' indemnities 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.
Directors' Insurance The ultimate parent company, Legal & General Group Plc, maintains an appropriate level of Directors and Officers' liability insurance which is reviewed annually.
Future developments Future developments of relevance to the Company can be found within the Review of the business section of the Strategic Report.
Result for the year and dividend The results for the Company are set out on page 8. The net asset value is ?34.1m (2014: ?36.1m). No dividends have been paid during the year. The Directors do not recommend the payments of a dividend in 2015 (2014: nil).
Going concern No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Financial risk management Legal & General companies use financial instruments to manage certain financial risks. Given the nature of the Company, its key exposure relates to interest rate risk. The Company has limited direct exposure to market risk, credit risk, liquidity risk or cash flow risk. The Company is a part of the Legal & General Group and is therefore included within the Group's risk management process as outlined in the

Directors Report 4

The directors present their strategic report on Legal & General Middle East Limited ( "the Company") for the year ended 31 December 2014.
Principal activities and business review
Legal & General Middle East Limited is an investment holding company for overseas investments.
Result 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 (2013: ?nil). The Company held net assets of ?36.1m at 31 December 2014 (31 December 2013: ?36.1m).
Share capital The Company's issued share capital is ?1 (2013: ?1).
Principal risks and uncertainties The directors of Legal & General Group Plc ("the Group") manage the Group's risk at a group level, rather than at an individual business unit level. For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Legal & General Group, which include those of the Company, are discussed in the Directors' Report of the Group's annual report which does not form part of this report.
Currency risk Legal & General Middle East Limited is exposed to foreign exchange risk due to holdings in overseas subsidiaries. Where appropriate the Company protects its exposure to exchange rate fluctuations through currency hedging transactions. The Company's exposure to currency risk, through its financial assets and liabilities, is shown in note 5 of the financial statements.
Interest rate risk Interest rate risk is the risk that Legal & General Middle East Limited is exposed to loss as a direct or indirect result of fluctuations in the value of, or income from, specific assets arising from changes in underlying interest rates. The Company has interest bearing loans from a fellow subsidiary. The Company is exposed to interest rate risk as the underlying interest rate fluctuates.

Key performance indicators (ICPD Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
By order of the Board

J. McCarthy For and on behalf of Legal & General Co Sec Limited Company secretary 2015-03-09 00:00:00

I 2.0 , LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited for the year ended 31 December 2014.
Directorate The directors of the Company, who were in office during the year and up to the date of signing the financial statements are shown below:
N. D. Wilson S. J. Burke B. L. Hickman (resigned 1 September 2014) G. P. Burchett (appointed 2 February 2014) A.C. Price (appointed 1 September 2014)
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.

Future developments The Company intends to continue carrying out these activities for the foreseeable future.
Financial risk management Legal & General companies use financial instruments to manage certain financial risks. The Company's exposure to financial risk through its financial assets and liabilities is not considered material to the assessment of the Company's assets, liabilities, financial position and the profit and loss of the company.

Independent auditors The Company has appointed PricewaterhouseCoopers LLP as auditors. ?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 financial statements before the shareholders.

t 3.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Statement of Directors' Responsibilities The directors are responsible for preparing the Strategic Report, 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 prepared 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 period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then 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 material departures disclosed and explained in the financial statements; ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Statement of Disclosure of Information to Auditors 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.
Each of the directors, who held office, at the date the Director's report is approved, confirms that:
(a)so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
(b)he has taken all the steps that he ought to have taken as a director in order 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 in accordance with section 418(2) of the Companies Act 2006.

J. McCarthy For and on behalf of Legal & General Co Sec Limited Company secretary 2015-03-09 00:00:00 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
Report on the financial statements Our opinion In our opinion, Legal & General Middle East's financial statements (the "financial statements"): ?give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its result for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
What we have audited Legal & General Middle East's financial statements comprise: ?the Balance Sheet as at 31 December 2014; ?the Profit and Loss Account and Statement of Total Recognised Gains and Losses for the year then ended; ?the Reconciliation of Movements in Shareholders' Funds for the year then ended; and ?the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion, the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion: ?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
Directors' remuneration Under the Companies Act 2006 we are required to report if, in our opinion, certain disclosures of directors' remuneration specified by law have not been made. We have no exceptions to report arising from this responsibility.

5.0 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
Responsibilities for the financial statements and the audit Our responsibilities and those of the directors As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) ("ISAs (UK & 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.

What an audit of financial statements involves We conducted our audit in accordance with ISAs (UK & Ireland). 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.
We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both.
In addition, we read all the financial and non-financial information in the Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. AA/lid aiLCSUV Amy Ellison (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2015-03-09 00:00:00

6.0
. r. Sheet1 There is no difference between the result on ordinary activities before taxation and the result for the current or prior financial year stated above and their historical cost equivalents. There were no gains or losses in the current or prior financial year other than those included in the above profit and loss account.

7.0 LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 5

The directors present their strategic report on the company for the year ended 31 December 2013. Principal activities and business review Legal & General Middle East Limited is an investment holding company for overseas investments. Result 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 (2012: ?nil). The Company held net assets of ?36.1m at 31 December 2013 (31 December 2012: ?42.8m).
Share capital The Company's issued share capital is ?1 (2012: ?1).
Future developments The Company intends to continue carrying out these activities for the foreseeable future.
Principal risks and uncertainties The directors of Legal & General Group Plc ("the Group") manage the Group's risk at a group level, rather than at an individual business unit level. For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or - position of the Company's business. The principal risks and uncertainties of the Legal & General Group, which include those of the Company, are discussed in the Directors' Report of the Group's annual report which does not form part of this report.
Financial risk management Legal & General companies use financial instruments to manage certain financial risks. The Company's exposure to financial risk through its financial assets and liabilities is not considered material to the assessment of the Company's assets, liabilities, financial position and the profit and loss of the company.
Currency risk Legal & General Middle East Limited is exposed to foreign exchange risk due to holdings in overseas subsidiaries. Where appropriate the Company protects its exposure to exchange rate fluctuations through currency hedging transktiOns. The Company's exposure to currency risk, through its financial assets and liabilities, is shown in note 5 of the financial statements.

Interest rate risk Interest rate risk is the risk that Legal & General Middle East Limited is exposed to loss as a direct or indirect result of fluctuations in the value of, or income from, specific assets arising from changes in underlying interest rates. The Company has interest bearing loans from a fellow subsidiary. The Company is exposed to interest rate risk as the underlying interest rate fluctuates.
Key performance indicators (KPI) Given the straightforward nature of the business, the CoMpany's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
By order of the Board ?"--Ce
J. McCarthy For and on behalf of Legal & General Co Sec Limited Company secretary 2014-03-25 00:00:00
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the year ended 31 December 2013.
Directorate The directors of the Company, who were in office during the year and up to the date of signing the financial statements are shown below:
N. D. Wilson S. J. Burke B. L. Hickman (appointed 1 April 2013) W. St. J. Downing (resigned 1 April 2013) G. C. Towers (appointed 1 April 2013, resigned 3 December 2013) G. P. Burchett (appointed 2 February 2014)
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.

Independent auditors The Company has appointed PricewaterhouseCoopers L,LP as auditors. 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 financial statements before the shareholders.

3.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Statement of Directors' Responsibilities The directors are responsible for preparing the Strategic Report, 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 prepared 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 period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then 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 material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with 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.
Each of the directors, who held office, at the date the Directors' report is approved, confirms that: (a)so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and (b)he has taken all the steps he ought to have taken as a director in order 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 in accordance with section 418(2) of the Companies Act 2006.
.???? ? ""?r
J. McCarthy For and on behalf of Legal & General Co Sec Limited Company secretary 2014-03-25 00:00:00

4.0
LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
Report on the financial statements
Our opinion In our opinion the financial statements: ?give a true and fair view of the state of the Company's affairs as at 31 December 2013 and of its loss for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
This opinion is to be read in the context of what we say below.
What we have audited The financial statements for the year ended 31 December 2013, which are prepared by Legal & General Middle East Limited, comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Movements in Shareholders' Funds and related notes.
The financial reporting framework that has been applied in their preparation comprises applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.

What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (ISAs (UK & Ireland)). 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.
In addition, we read all the financial and non-financial information in the Annual Report and Accounts to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
Opinion on matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception
Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion:
?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Directors' remuneration Under the Companies Act 2006 we are required to report if, in our opinion, certain disclosures of directors' remuneration specified by law have not been made. We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & 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.
A/Mfrtit Thomas Robb (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2014-03-25 00:00:00

6.0
LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 6

DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the year ended 31 December 2012
Principal activities and business review Legal & General Middle East Limited is an investment holding company for overseas investments Considering the nature of the Company's activities, we expect that the Company will continue carrying out these activities in the future During the year, the Company received a capital contribution of nil (2011 ?5 3m) from Legal & General Group Plc, which increased the investment in InchaFirst Life Insurance Company Limited to ?34 1m (2011 ?34 1m)
Principal risks and uncertainties The directors of Legal & General Group Plc manage the Group's risk at a group level, rather than at an individual business unit level For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business The principal risks and uncertainties of the Legal & General Group which include those of the Company are discussed in the Directors' Report of the Group's annual report which does not form part of this report
Key performance indicators (KPI) Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business
Share capital The Company's authorised share capital is ?10m (2011 ?10m) There were no changes to the issued share capital during the reporting year
Financial position and dividend The financial position of the Company is set out on page 7 The directors do not recommend the payment of a dividend (2011 ?nil)
Directorate The directors of the Company, who served during the year and up to the date of signing the financial statements, together with their dates of appointment and resignation, where appropriate, are shown below

T J Breedon (Chairman) resigned 30 June 2012 W St J Downing G J Hoskin resigned 31 October 2012 J D Whorwood resigned 31 October 2012 N D Wilson appointed 30 June 2012 S J Burke appointed 31 October 2012

2.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Financial risk management Legal & General companies use financial instruments to manage certain financial risks The Company's exposure to financial risk through its financial assets and liabilities is not considered material to the assessment of the Company's assets, liabilities, financial position and the profit and loss of the Company
Creditors Legal & General Group Plc agrees terms and conditions for its business transactions with suppliers Payment is made in accordance with these terms provided that the supplier meets its obligations The Company has no trade creditors As at 31 December 2012, the average number of days of payments outstanding for the Legal & General Group of companies was 20 days (2011 36 days)
Directors' indemnities and insurance As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying thud 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
Independent auditors The Company has appointed PricewaterhouseCoopers LLP as auditors 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 MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

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 prepared 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 period In preparing these 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 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 are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with 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
Disclosure of information to auditors Each of the directors in office, at the date the directors' report is approved, confirms that (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and (b)he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information

By order of the Board 661- I- SrL C T Singleton For and on behalf of Legal & General Co Sec Limited Company secretary 2013-03-22 00:00:00

4.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
We have audited the financial statements of Legal & General Middle East Limited for the year ended 31 December 2012 which comprise the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds 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 Statement of Directors' Responsibilities, set out on page 4, 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 and express an opinion on 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 In addition, we read all the financial and non-financial information in the Report and Accounts to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report

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 2012,
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
?have been prepared in accordance with the requirements of the Companies Act 2006

Opinion on other matter 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

5.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
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 been received from branches not visited by us, or
?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

Thomas Robb (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2013-03-22 00:00:00

6.0 LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 7

DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the year ended 2011-12-31 00:00:00
Principal activities and business review Legal & General Middle East Limited is an investment holding company for overseas investments Considering the nature of the Company's activities, we expect that the Company will continue carrying out these activities in the future During the year, the Company received a capital contribution of ?5 3m (2010 ?4 4m) from Legal & General Group Plc which increased the investment in IndiaFirst Life Insurance Company Limited to ?34 1 m (2010 ?28 8m)
Principal risks and uncertainties The directors of Legal & General Group Plc manage the Group's risk at a group level, rather than at an individual business unit level For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business The principal risks and uncertainties of the Legal & General Group which Include those of the Company are discussed in the Directors' Report of the Group's annual report which does not form part of this report
Key performance indicators (KY!) Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using ICPIs is not necessary for an understanding of the development, performance or position of the business
Share capital The Company's authorised share capital is ?10m (2010 ?10m) There were no changes to the issued share capital during the reporting year
Financial position and dividend The financial position of the Company is set out on page 7 The directors do not recommend the payment of a dividend (2010 ?nil)
Directorate The directors of the Company, who served during the year and up to the date of signing the financial statements, together with their dates of appointment and resignation, where appropnate, are shown below

T J Breedon (Chairman) W St J Downing G J Hoskin J D Whorwood

2.0

LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)
Financial risk management Legal & General companies use financial instruments to manage certain financial risks The Company has limited direct exposure to market risk, credit risk, liquidity risk or cash flow risk The Company is a part of the Legal & General Group and is therefore included within the Group's risk settlement process as outlined in the consolidated financial statements
Creditors Legal & General Group Plc agrees terms and conditions for its business transactions with suppliers Payment is made in accordance with these terms provided that the supplier meets its obligations The Company has no trade creditors As at 31 December 2011, the average number of days of payments outstanding for the Legal & General Group of companies was 36 days (2010 34 days)
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
Independent auditors The Company has appointed PricewaterhouseCoopers LLP as auditors 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 MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

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 prepared 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 period In preparing these 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 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 arc responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with 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
Disclosure of information to auditors Each of the directors in office, at the date the directors' report is approved, confirms that (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and (b)each of the directors have taken all reasonable steps they ought to have taken as directors to ascertain any relevant audit information and to ensure that the Company's auditors are aware of such information This confirmation is given in accordance with section 418(2) of the Companies Act 2006.0
By order of the Board

CT Singleton For and on behalf of Legal & General Co Sec Limited Company secretary 2012-07-03 00:00:00 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
We have audited the financial statements of Legal & General Middle East Limited for the year ended 31 December 2011 which comprise the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds 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 Statement of Directors' Responsibilities, set out on page 4, 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 and express an opinion on 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 consistentlyapplied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the Report and Accounts to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report

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 2011,
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
?have been pi epared in accordance with the requirements of the Companies Act 2006

Opinion on other matter 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 arc pi epared is consistent with the financial statements

5.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
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 been received from branches not visited by us, or
?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
rafriyvvia5 ---A"--1

Thomas Robb (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2012-07-03 00:00:00

6.0 LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 8

DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the year ended 2010-12-31 00:00:00
Principal activities and business review Legal & General Middle East Limited is an investment holding company for overseas investments Considenng the nature of the Company's activities, we expect that the Company will continue carrying out these activities in the future
Principal risks and uncertainties The directors of Legal & General Group Plc manage the Group's nsk at a group level, rather than at an individual business unit level For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropnate for an understanding of the development, performance or position of the Company's business The pnncipal nsks and uncertainties of the Legal & General Group which include those of the Company are discussed in the Directors' Report of the Group's annual report which does not form part of this report
Key performance indicators (ICPI) Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business
Share capital The Company's authorised share capital is ?10m (2009 ?10m) There were no changes to the issued share capital dunng the reporting year
Financial position and dividend The financial position of the Company is set out on page 7 The directors do not recommend the payment of a dividend (2009 ail)
Directorate The directors of the Company, who served during the year and up to the date of signing the financial statements, together with their dates of appointment and resignation, where appropnate, are shown below
A M Blance (resigned 2 November 2010) T J Breedon W St J Downing (appointed 2 November 2010) G J Hoskin J D Whorwood

2.0

LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Financial risk management Legal & General companies use financial instruments to manage certain financial risks The Company has limited direct exposure to market nsk, credit nsk, liquidity nsk or cash flow nsk The Company is a part of the Legal & General Group and is therefore included within the Group's risk settlement process as outlined in the consolidated financial statements
Creditors Legal & General Group Plc agrees terms and conditions for its business transactions with suppliers Payment is made in accordance with these terms provided that the supplier meets its obligations The Company has no trade creditors As at 31 December 2010, the average number of days of payments outstanding for the Legal & General Group of companies was 34 days (2009 33 days)
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
Independent auditors The Company has appointed PneewaterhouseCoopers LLP as auditors

3.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Statement of Directors' Responsibilities The directors are responsible for prepanng 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 prepanng these 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 matenal 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 are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with 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 irregulanties
Disclosure of information to auditors Each of the directors in office, at the date the directors' report is approved, confirms that (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and (b)the director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information
By order of the Board

R A Benjamin For and on behalf of Legal & General Co Sec Limited Company secretary 2011-03-30 00:00:00

4.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
We have audited the financial statements of Legal & General Middle East Limited for the year ended 31 December 2010 which compnse the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds 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 Statement of Directors' Responsibilities, set out on page 4, 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 and express an opinion on 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 pnor 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 appropnate 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 2010,
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
?have been prepared in accordance with the requirements of the Companies Act 2006

Opinion on other matter 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

5.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
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 been received from branches not visited by us, or
?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

Thomas Robb (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLI3 Chartered Accountants and Statutory Auditors London 2011-03-30 00:00:00

6.0 LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 9

DIRECTORS' REPORT

The directors present their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the year ended 2009-12-31 00:00:00
Business review Legal & General Middle East Limited is an investment holding company for overseas investments.
Principal risks and uncertainties The directors of Legal & General Group Plc manage the group's risk at a group level, rather than at an individual business unit level For this reason, the Company's directors believe that a discussion of the group's nsks would not be appropriate for an understanding of the development, performance or position of the Company's business The pnncipal nsks and uncertainties of the Legal & General group which include those of the Company are discussed in the Directors' Report of the Group's annual report which does not form part of this report
Key performance indicators (ICPD Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using Mils is not necessary for an understanding of the development, performance or position of the business
Share capital The Company's authorised share capital is ?10m (2008 ?10m) There were no changes to the issued share capital dunng the reporting year
Financial position and dividend The financial position of the Company is set out on page 7 The directors do not recommend the payment of a dividend (2008 ?1?11L)
Directorate The directors of the Company, who served during the period, together with their dates of appointment and resignation, where appropnate, are shown below
A M Blance T J Breedon (Chairman) G J Hoskin J D Whorwood

2.0

LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Financial risk management Legal & General Companies use financial instruments to manage certain financial risks. The Company has limited direct exposure to market nsk, credit nsk, liquidity nsk or cash flow nsk The Company is a part of the Legal & General Group and is therefore included within the Group's risk settlement process as outlined in the consolidated financial statements The Company's exposure to currency nsk through its financial assets and liabilities is provided in detail in note 4 of the financial statements
Creditors Legal & General Group Plc agrees terms and conditions for its business transactions with suppliers Payment is made in accordance with these terms provided that the supplier meets its obligations The Company has no trade creditors As at 31 December 2009, the average number of days of payments outstanding for the Legal & General Group of companies was 33 days (2008 34 days)
Directors' insurance Legal & General Group Plc maintains an appropriate level of Directors and Officers' liability insurance which is reviewed annually
Auditors The Company has appointed PncewaterhouseCoopers LLP as auditors
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 MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

Statement of Directors' Responsibilities The directors are responsible for prepanng 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 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
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 irregulanties
Each of the directors in office, at the date the directors' report is approved, confirms that (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and (b)the director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information
By Order of the Board

For and on behalf of Legal & General Co Sec Limited Company Secretary 2010-07-13 00:00:00

4.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
We have audited the financial statements of Legal & General Middle East Limited for the year ended 31 December 2009 which comprise the Balance Sheet, the Reconciliation of Movements in Shareholders' Funds 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 Statement of Directors' Responsibilities, set out on page 4, 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 pnor 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 appropnate 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,
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
?have been prepared in accordance with the requirements of the Companies Act 2006

Opinion on other matter 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

5.0

LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
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 been received from branches not visited by us, or
?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.

Thomas Robb (Senior Statutory Auditor) For and on behalf of PncewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 2010-07-13 00:00:00

6.0

LEGAL & GENERAL MIDDLE EAST LIMITED

Directors Report 10

DIRECTORS' REPORT

The directors submit their annual report together with the audited financial statements of Legal & General Middle East Limited ("the Company") for the period ended 31 December 2008.
Change of name The Company was incorporated on 27 June 2008 as Marketbold Limited. On 24 July 2008, the name was changed to Legal & General Middle East Limited.
Business review Legal & General Middle East Limited is a vehicle for investing in overseas territories. No such investments had been made at 31 December 2008. A capital contribution of $12.5m (?8.7m) was received from Legal & General Group Plc, the parent company, on 28 November 2008.
Post balance sheet events On 12 February 2009, the Company established a joint venture, Legal & General Gulf BSC, with Ahli United Bank BSC. The Company has a 50% interest for an initial investment of $12.5m.
Principal risks and uncertainties The directors of Legal & General Group Plc ("the Group") manage the Group's risk at a group level, rather than at an individual business unit level. For this reason, the Company's directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Legal & General Group which include those of the Company are discussed in the Directors' Report of the Group's annual report which does not form part of this report.
Key performance indicators (KPI) Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Share capital The Company was incorporated with an authorised share capital of ?1,000. On 31 July 2008, the Company increased its authorised share capital to ?10m by the creation of 9,999,000 ordinary shares of ?1 each. The issued share capital of ?1 has remained unchanged since incorporation.
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.

2.0
LEGAL & GENERAL MIDDLE EAST LIMITED DIRECTORS REPORT (CONTINUED)

Directorate The directors of the Company, who served during the period, together with their dates of appointment and resignation, where appropriate, are shown below:
A. M. [fiance (appointed 23 July 2008) T. J. Breedon (Chairman) (appointed 23 July, 2008) G. J. Hoskin (appointed 23 July, 2008) J. D. Whorwood (appointed 23 July, 2008) Instant Companies Limited (appointed 27 June, 2008; resigned 23 July, 2008) Swift Incorporations Limited (Secretary) (appointed 27 June, 2008; resigned 23 July, 2008) Legal & General Co Sec Limited (Secretary) (appointed 23 July, 2008)
Financial risk management Overall responsibility for the management of financial risks is invested in the Board. The Company has limited direct exposure to market risk, credit risk, liquidity risk or cash flow risk. The Company is a part of the Legal & General Group and is therefore included within the Group's risk settlement process as outlined in the consolidated financial statements. The Company's exposure to currency risk through its financial assets and liabilities is provided in detail in notes 4 and 6 of the financial statements.
Creditors Legal & General Group Plc agrees terms and conditions for its business transactions with suppliers. Payment is made in accordance with these terms provided that the supplier meets its obligations. The Company has no trade creditors. As at 31 December 2008, the average number of days of payments outstanding for the Legal & General Group of companies was 34 days (2007: 32 days).
Directors' insurance Legal & General Group Plc maintains an appropriate level of Directors and Officers' liability insurance which is reviewed annually.
Auditors The Company has appointed PricewaterhouseCoopers LLP as auditors. 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 MIDDLE EAST LIMITED DIRECTORS' REPORT (CONTINUED)

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 period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then 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 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 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 foi taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the directors in office, at the date the directors' report is approved, confirms that: (a)so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and (b)he/she has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

By Order of the Board

For and on behalf of Legal & General Co Sec Limited Company Secretary 2009-08-26 00:00:00

4.0 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED
We have audited the financial statements of Legal & General Middle East Limited for the period ended 31 December 2008 which comprise the Balance Sheet, Reconciliation of Movements in Shareholders' Funds 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' Responsibilties Statement set out on page 4, 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 Sections 495 and 496 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 2008;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
?have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter 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.

5.0 LEGAL & GENERAL MIDDLE EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGAL & GENERAL MIDDLE EAST LIMITED (CONTINUED)
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 been received from branches not visited by us; or
?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 audit.

Richard Keers (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London tctivf X?
LEGAL & GENERAL MIDDLE EAST LIMITED