presentation - Legal & General

PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 30MARKET EFFICIENCYJAPAN.1yrSector AveFTSE Japan GBP0% 5% 10% 15% 20% 25% 30%Japanese equitymarket appears to beinefficient in short tomedium termSector Ave5yrsFTSE Japan GBP0% 5% 10% 15% 20% 25% 30% 35%Style – Active short tomedium term, butindex longer termSector Ave10yrsFTSE Japan GBP0% 20% 40% 60% 80% 100% 120%Source: Lipper for Investment Management. Pastperformance is not a guide to future performance.FTSE Japan TR GBP and Sector Ave bid to bidbasis, net income reinvested. 30/4/12 – 30/4/13,30/4/08 – 30/4/13, 30/4/03 – 30/4/13