Press Release

Legal & General Investment Management appoints Bill Hughes as Managing Director, Property

04/10/2007

Legal & General Investment Management (LGIM) has appointed Bill Hughes as Managing Director of its Property Fund Management business, Legal & General Property (LGP).

Bill has until recently been UK Head of Real Estate at RREEF, the Real Estate Fund Management business of Deutsche Bank, where he took up his role in December 2003. Prior to that, Bill was Chief Operating Officer and then Deputy Managing Director at Schroder Property Investment Management where he worked from 1997 following earlier roles at both DTZ and JLW Fund Management.

He will join LGIM in late November 2007 and will assume his new responsibilities as Managing Director on 1st January 2008, following a handover period with Mark Creedy.

Peter Chambers, Chief Executive of LGIM, said:

“LGP is one of the largest property fund management businesses in the UK with assets under management of approximately £12bn. I am delighted that Bill Hughes will be joining us to deliver the next phase of LGP’s growth strategy. Bill is an experienced property professional who also has extensive managerial experience of running successful, high-performing property businesses and can continue LGP’s growth strategy in this key area.

Since joining as MD in 2002, Mark Creedy has been instrumental in the strong growth and diversification of our property fund management business. I thank him for his contribution over the last five years. The prospect of a continuing role for Mark Creedy within the business will be discussed and will be the subject of a separate announcement in due course.”