Press Release

Legal & General joins Northern Rock judicial review proceedings as 'interested party'

23/05/2008

Legal & General today confirmed it would become an interested party in the Judicial Review proceedings issued by SRM and the Shareholders Action Group on 8 May and by RAB Capital on 16 May.

Legal & General Investment Management Ltd has been served as an interested party. An interested party is neither claimant nor defendant, but someone who has an interest in the proceedings. Legal & General lodged its acknowledgement of service today for each of the claims.

A Spokesman for Legal & General said:

“Legal & General hold and manage funds which track the FTSE All Share Index. Northern Rock was formerly part of the All Share Index and, consequently, Legal & General was a major shareholder in Northern Rock. Legal & General has been served as an interested party to the judicial review proceedings issued by SRM, RAB Capital and the Shareholders Action Group. Legal & General has a significant interest in the outcome of the judicial review and, therefore, wishes to monitor events closely. Legal & General wishes to ensure that the valuation of shares is conducted on a fair basis and believes that it is right and appropriate for the Court to consider whether the proposed method of valuation is fair. Legal & General considers that the valuation should be independent and transparent without the prescriptive assumptions imposed by the Treasury. We therefore broadly support the substance of the applications brought by the Claimants.”