LEGAL & GENERAL CAPITAL LEADING LONG-TERM INVESTMENT INTO THE UK

Transcription

1 LEGAL & GENERAL CAPITAL LEADING LONG-TERM INVESTMENT INTO THE UK

2 WELCOME TO LEGAL & GENERAL CAPITAL We are part of Legal & General Group which is a FTSE100 company and one of the UK s leading investment firms, with a rich legacy stretching back to We created Legal & General Capital in 2013 to invest the Group s capital, at an early stage, in the heart of industries where there has been a shortage of investment and innovation. This makes efficient use of Group s capital and drives competitive risk-adjusted returns for shareholders. Our capital in turn acts as a catalyst for further, long-term investment. We have identified key investment areas that not only offer strong returns potential but also the chance to make a positive social and economic contribution to the UK. We have a clear aim to redress the chronic underinvestment in UK housing, back new investment in infrastructure and fund small and medium-sized enterprises (SMEs) the backbone of the nation s commercial heritage. We collaborate with like-minded businesses and organisations at a local, national and international level. I invite you to read on, discover more about what we do and hear from those we are already working alongside perhaps you could be a partner in the future. Paul Stanworth Chief Executive Officer, Legal & General Capital

3 LEGAL & GENERAL CAPITAL 1 CONTENTS WHAT DEFINES US 3 CORE FOCUS 4 INVESTING ACROSS THE UK 7 SECTORS IN FOCUS 10 OUR PEOPLE 18 OUR PARTNERS 20 Thorpe Park, Leeds

4 2 LEGAL & GENERAL CAPITAL Bracknell, town centre

5 LEGAL & GENERAL CAPITAL 3 WHAT DEFINES US OUR TEAM COMBINES DEEP-ROOTED SECTOR KNOWLEDGE AND INVESTMENT EXPERTISE Capital commitment We invest 6bn from Legal & General Group s principal balance sheet which gives us the flexibility to select the best investment opportunities available We invest our capital in sectors where there are significant funding shortfalls Whilst targeting attractive risk-adjusted returns, many of our investments also have a positive social impact Through our investments we create revenuegenerating assets for long-term investors How we work Our Legal & General Capital team have in-depth expertise and experience in our chosen sectors We bring experience, financial expertise and the ability to scale and grow businesses to meet our aims Local, national and international partnerships are key to our success Clear focus We operate in three specific sectors: Housing, Infrastructure and SME Finance As a leading early-stage investor, we target our chosen sectors where a clear funding need has been identified We focus on developing aligned partnerships based on shared objectives and specific goals Socially beneficial outcomes are a key part of our investment ethos

6 4 LEGAL & GENERAL CAPITAL CORE FOCUS Drawing on 6bn of Legal & General Group s balance sheet for our direct investments, we have identified key areas of UK life which offer strong returns potential whilst supporting businesses and projects which are critical to the country s future success. Our ambition is to be a leader in UK housing, a source of capital for growth businesses and a support to some of the UK s most important infrastructure projects, with a focus on urban regeneration and clean energy. Laura Mason Managing Director of Investments Bracknell, town centre

7 LEGAL & GENERAL CAPITAL 5 HOUSING We see the UK s housing market investment opportunities in: Build-to-Sell; Build-to-Rent; Modular Construction; Retirement Living; Student Accommodation; Social Housing UK housing market worth 5tn House building lagging 50% behind the required target of 250,000 new homes per year Rise of Generation Rent Build-to-Rent market expansion, bringing total to 5.7m private renters by 2018 Only 7.2m households will have a mortgage by 2025 Innovation is required in construction and housing to tackle chronic skills shortages INFRASTRUCTURE Infrastructure at Legal & General Capital currently focuses on Regeneration and Clean Energy opportunities, including: early-stage development of Commercial and Residential Real Estate; On-shore Wind; Solar; Digital and Disruptive Technology UK Government debt totals 1.56tn Between , over 100bn infrastructure projects earmarked by HMT require financing National Infrastructure Pipeline: 430 projects and programmes worth > 383bn of investment to 2020 and beyond Government committed to providing up to 40bn in guarantees for UK infrastructure projects 15% public/private funding and 60% privately funded UK clean energy market in transformation and a modern, flexible, low carbon and digital energy system is emerging SME FINANCE SME Finance opportunities include: Mid-market Corporate Debt; Asset-Backed Lending; Trade Finance; Property Finance; Infrastructure Debt; Leasing; Venture Capital & Growth Equity Traditional SME financing sources challenged European SMEs have historically been overreliant on bank funding Banks retrenching and growing institutional investor appetite for direct financing of capitalintensive asset classes UK SME financing market worth 76bn and growing rapidly Opportunity to institutionalise both equity and debt financing of SMEs as the UK's engine for growth and employment PragmatIC Printing Ltd

8 6 LEGAL & GENERAL CAPITAL CLEAN ENERGY INFRASTRUCTURE URBAN REGENERATION INFRASTRUCTURE HOUSING SME FINANCE

9 LEGAL & GENERAL CAPITAL 7 INVESTING ACROSS THE UK Our capital investments are reaching all corners of the UK as we tackle Legal & General Capital s crucial target sectors. Here are some of our recent investments: NTR, ACROSS THE UK AND IRELAND In Clean Energy, Legal & General Capital joined forces with NTR to create an onshore wind fund which closed at 246m in February 2016, with new commitments made by the Ireland Strategic Investment Fund and Strathclyde Pension Fund. Almost 70% of the fund is now deployed into ten onshore wind farms with a capacity of 170MW. NTR is managing the construction of the portfolio with assets becoming operational in 2016 and PEMBERTON, ACROSS THE UK AND EUROPE Legal & General Capital acquired 40% of Pemberton Asset Management in August Pemberton is an independent alternative asset manager, focused on direct lending to European mid-market corporates. Our capital has enabled the development of a new institution-ready direct lending platform, aimed at providing senior term finance to SMEs across Europe. Legal & General Capital seeded 250m of Pemberton s inaugural mid-market loan fund in August 2015, which has now reached 1.2bn. MEDIACITYUK, SALFORD MediaCityUK, a 1.6m sq. ft. mixed-use scheme, covers an area of c.37 acres and is the largest purpose-built creative, digital and technology community in Europe. Anchored by the BBC on longterm leases, it also includes other tenants such as ITV, the University of Salford and University Technical College. Legal & General Capital acquired a 50% stake alongside the site s developers, Peel Group, in March The scheme has planning permission for further office, retail and leisure space and 1,800 residential units. L&G MODULAR HOMES, YORKSHIRE Legal & General Capital launched a business in 2016 to deliver precision-engineered homes through the largest modular housing factory in the world, based in Sherburn, Yorkshire. The UK has been building homes the same way for decades, primarily on-site, but labour shortages and a constant undersupply of new homes means modern techniques are required. The facility, which has more similarities to car production, aims to deliver 3500 homes per year.

10 8 LEGAL & GENERAL CAPITAL LONG-TERM INVESTMENT IS MUTUALLY BENEFICIAL TO OUR SHAREHOLDERS AND TO THE ECONOMY Injecting new capital into areas of the economy where there are structural funding gaps presents investment opportunities underpinned by longterm growth in returns. With our flexible capital, we can unlock those opportunities for our own balance sheet, our customers and our partners, creating attractive long-term returns. We also facilitate much-needed institutional investment into key sectors like Housing, Infrastructure and SME Finance. Central Square, Cardiff

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12 10 LEGAL & GENERAL CAPITAL SECTORS IN FOCUS CLEAN ENERGY INFRASTRUCTURE OUR STAKE % TYPE STAGE NTR Wind Management <50 Onshore Wind Asset Manager Established Operator NTR Fund 1 <50 246m Onshore Wind Construction Fund in UK and Ireland Early Tokamak <50 Developer of Nuclear Fusion Technology Early Oxford Photovoltaics <50 Developer of Solar Power Cell Technology Early Dublin, Ireland

13 LEGAL & GENERAL CAPITAL 11 TARGETING 5% OF THE UK CLEAN ENERGY MARKET BY 2021 The next five to ten years will see transformational change in energy as technological advances and innovation deliver clean, affordable and reliable heat, power and transportation. We believe that electric vehicles, energy storage, smart grids and connected devices will optimise the use of low cost wind and solar power, while improvements in the energy efficiency of our buildings and local generation will reduce reliance on large expensive power stations. We are investing in the energy future in modern and digital technologies that can be deployed locally and at scale, and will support UK jobs, skills and expertise. As we look ahead, we have a target to provide up to 5% of the UK clean energy market by John Bromley Clean Energy Infrastructure IN CONVERSATION WITH ROSHEEN McGUCKIAN CHIEF EXECUTIVE OFFICER, NTR NTR is a sustainable energy investment management group which acquires, constructs and manages assets directly and on behalf of third parties. It has previously built and operated 1.75GW of wind projects across the US, UK and Ireland and developed over 600MW of solar in the US. In December 2015, Legal & General Capital partnered with NTR to invest in NTR Wind Management to build onshore wind assets in the UK and Ireland. We spoke with Rosheen McGuckian, CEO of NTR. Q WHY DID YOU PARTNER WITH LEGAL & GENERAL CAPITAL? A With a rapidly growing pipeline of constructionready onshore wind assets, we launched a fund providing institutional investors access to this asset class. Partnering with Legal & General Capital helped us to gain scale and momentum; the fund reached its hard cap of 246m just weeks after the initial commitment. Q WHAT DOES THIS MEAN IN TERMS OF ENERGY GENERATION? A Clean energy is part of the solution to keep the lights on. The British Isles are blessed with favourable characteristics making it a potential global leader and exporter of clean energy solutions. The fund will build new assets totalling up to 270MW in electricity generation capacity, enough to power up to 170,000 homes and avoid more than 300,000 tonnes of CO 2 annually across the UK and Ireland. Onshore wind is also good for UK consumers, delivering the lowest cost of clean energy production. Investment in technology and building assets at scale will also help to deliver substantial capacity growth. Q HOW DOES THE PARTNERSHIP WORK? A We are matching Legal & General Capital s patient capital with our own funds and track record in acquiring, constructing and operating wind projects. The fund is well deployed and construction is underway. Our sites include large wind assets in Scotland, Northern Ireland and the Republic of Ireland. Once constructed, these will power homes with sustainable energy for up to 25 years. Q WHAT HAS LEGAL & GENERAL CAPITAL GOT OUT OF IT? A As investors seek investments with social, environmental as well as economic benefits, Legal & General Capital can use its capital to pave the way for institutional investment by taking on projects and technologies in their development stage.

14 12 LEGAL & GENERAL CAPITAL SECTORS IN FOCUS URBAN REGENERATION INFRASTRUCTURE OUR STAKE % TYPE STAGE Strategic Fund Investments <50 Real estate fund investments into the development and improvement of UK real estate MediaCity, Salford 50 1bn redevelopment of Salford Quays, in partnership with Peel Group driving the continued success of the UK's largest purpose-built creative, digital and technology community Bracknell Town Centre 50 Complete renewal of the town centre retail and leisure offering, with a development value over 400m English Cities Fund <50 Development of five key UK regeneration sites delivering thousands of new homes and commercial space Central Square, Cardiff 100 First phases of a 400m Central Square regeneration scheme with developer RightAcres, to be anchored by the new BBC Wales HQ (also owned by L&G) Thorpe Park, Leeds 50 Creation of a new retail and leisure destination to the east of Leeds with a development value of 350m, in partnership with Scarborough Group Newcastle 100 Delivery of first commercial office phase as part of the 350m Science Central development with Newcastle City Council and Newcastle University Mature Mid Mid Mid Early Early Early MediaCityUK, Salford

15 LEGAL & GENERAL CAPITAL 13 REGENERATING TEN UK CITIES BY 2021 With a growing population which is increasingly living and working in major towns and cities, the UK needs urban centres that are fit for purpose. Infrastructure investment will be key, not least urban regeneration, to boost these areas and support the national and local economy. Such projects thrive when they are built on strong, long-term and progressive public and private sector partnerships. We are already involved in some of the UK s biggest projects and aim to become the market leader in UK regeneration funding through real estate led investments. We aim to invest in major schemes in at least ten UK cities by Rachel Dickie Regeneration Infrastructure IN CONVERSATION WITH PAUL DENNETT MAYOR OF SALFORD In March 2015, when Legal & General Capital acquired a 50% stake in MediaCityUK alongside developers Peel Group, the scheme consisted of 1.6m sq. ft., covering an area of around 37 acres at Salford Quays in Greater Manchester. Just 15 months since that investment, MediaCityUK is set to double in size within the next decade. We catch up with Paul Dennett, Mayor of Salford, to hear his thoughts. Q HOW DID MEDIACITYUK COME ABOUT? A Back in 2004, the BBC was searching for a new home in the north of England and by January 2006 Salford Quays was selected as the location. In less than two decades, a derelict port was transformed into a creative portal, now a centre of learning and a visitor destination with digital, creativity and learning at its heart. It s a proactive policy of the council to bring in the kind of businesses we want to see in the city. These are ones that pay well, with good conditions and career progressions. Q WHO ELSE IS BASED AT MEDIACITYUK? A It s already home to almost 500 businesses including the BBC, ITV, dock10, Ericsson and SIS, as well as the University of Salford and University Technical College. MediaCityUK is now the largest purpose-built creative, digital and technology community in Europe and the first of its kind in the UK. It is also the UK s most successful regeneration project. Q SO WHAT WILL PHASE TWO CONSIST OF? A Up to ten new buildings are planned as part of a 1bn expansion of the site. Key features will include 50,000 m² (540,000 sq ft) of offices, 1,800 apartments plus retail and leisure outlets, public spaces and a promenade. Q HOW ELSE IS LEGAL & GENERAL CAPITAL SUPPORTING SALFORD? A Legal & General Capital is developing hundreds of new homes in the area as part of its Build-to-Rent platform. These high quality yet attainable homes will provide much-needed accommodation. Legal & General Capital has also backed the mixed-use scheme at New Bailey in Salford Central, showing tremendous commitment to the area.

16 14 LEGAL & GENERAL CAPITAL SECTORS IN FOCUS SME FINANCE OUR STAKE % TYPE STAGE Pemberton Asset Management <50 SME Credit Asset Manager Established Operator Pemberton Funds <50 Closed 1.2bn Euro Fund 1, fundraising a 500m UK Sterling Fund 1 Committed AUM LGV Ltd 100 Asset Manager Established Operator LGV Fund 6 <50 Fund Committed AUM Cambridge Innovation Capital <50 Investor in High-growth Technological SMEs Early Accelerated Digital Ventures (ADV) <50 Venture Capital Investor Early PragmatIC Printing Ltd

17 LEGAL & GENERAL CAPITAL 15 TARGETING 10BN OF FUNDING FOR UK SMEs UK economic growth relies on the success of small and medium sized businesses. Whether companies are looking to expand, launch new products, acquire another business or invest in new talent, growth can only come when there s investment. Despite technology and digital representing the UK's fastest growing sectors in recent years, UK start-ups, university spinouts and scale-ups have suffered acute equity funding gaps, disadvantaging them versus global peers, particularly, US ones. We see an opportunity to leverage our patient capital to provide alternative debt and equity financing solutions to SMEs, whilst generating attractive and diversified risk adjusted returns to shareholders. Over the coming years we are seeking to enable over 10bn of funding into SMEs. Matteo Colombo SME Finance Image copyright Geber86/iStock IN CONVERSATION WITH SYMON DRAKE-BROCKMAN MANAGING PARTNER, PEMBERTON ASSET MANAGEMENT In 2014, Pemberton Asset Management launched its direct lending platform for institutional investors, providing much-needed loans to mid-market companies in the UK and Europe. At the same time, Legal & General Capital became a strategic investor, taking a 40% stake in Pemberton and making an initial commitment to invest 250m in Direct Lending. Two years on, we speak with Symon Drake- Brockman, Managing Partner at Pemberton, to hear how the partnership has evolved. Q WHAT PROMPTED YOU TO TEAM UP WITH LEGAL & GENERAL CAPITAL? A We developed an independent platform to enable mid-market enterprises to access funds from established institutional investors at a time when bank loans were in decline. Legal & General Capital was the ideal partner due to its collaborative approach and focus on supporting the real economy. Q WHAT ELSE DID LEGAL & GENERAL CAPITAL BRING TO THE TABLE? A As well as similar values and strong client relationships, a key attribute was brand recognition not just among the institutional investor community but also with banks and borrowers. We see ourselves as connecting institutional capital to key borrowers and we couldn t do that alone. Borrowers and banks have known the brand for a long time and that brings them comfort. Q WHY HAS THE PARTNERSHIP BEEN SO EFFECTIVE? A It brings together Legal & General Capital s financial and investment resources with our specialist skills. Together, we ve been able to create an institutional private placement market for developing mid-caps. Q WHAT FUNDS HAVE YOU RAISED SO FAR? A Following Legal & General Capital s initial investment, we ve now raised 1.2bn for our pan-european fund and we ve already invested 600m, of which 180m has gone to UK firms. Legal & General Capital also backed our second fund which plans to lend 500m to mid-sized enterprises specifically in the UK. Q WHAT HAS LEGAL & GENERAL CAPITAL GOT OUT OF IT? A The partnership has enabled Legal & General Capital to accelerate its participation in the direct lending market at a time when balance sheets are constrained and there is a real need for a new channel to deploy longer-dated institutional money in the mid-market sector.

18 16 LEGAL & GENERAL CAPITAL SECTORS IN FOCUS HOUSING OUR STAKE % TYPE STAGE CALA <50 Residential Build-to-Sell with Patron Capital PGGM Build-to-Rent JV m Residential Build-to-Rent JV with PGGM Crowthorne 100 1,000 unit Residential, Build-to-Sell and Affordable scheme L&G Homes Modular Homes 100 3,500 unit capacity Modular Homes Factory Strategic Land 100 4,120 acres Residential Build-to-Rent, and Build-to-Sell, Retirement Land Portfolio Inspired Villages 100 Developer and operator of later living accommodation Established Operator Early Early Early Early Early Albert Dock, Leith, Edinburgh

19 LEGAL & GENERAL CAPITAL 17 VISION TO BECOME A TOP TEN UK HOMES PROVIDER There is currently a severe housing shortfall in the UK. The country needs 250,000 new homes each year, a target that has been missed by 100,000 units annually in recent years. City living, modern working trends and the fact that people are living for longer is only exacerbating the problem. Already, through Legal & General Capital s housing platform, we are developing more homes to buy, introducing a new standard in modern rental accommodation and tackling housebuilding supply through modular construction. Looking ahead, we see retirement living and affordable accommodation as further areas for development to participate in. Overall, we have a vision to be a top ten homes provider by James Lidgate Housing IN CONVERSATION WITH JAMES MURRAY LONDON S DEPUTY MAYOR FOR HOUSING AND RESIDENTIAL DEVELOPMENT James Murray joined the Mayor's Office in 2016 from Islington Council, where he was Executive Member for Housing & Development. James now focuses on bringing together a broad alliance including councils, housing associations, developers and businesses to support plans to build more new and affordable homes in London. We catch up with James Murray, Deputy Mayor for Housing and Residential Development. Q WHAT ARE YOUR PRIORITIES WHEN IT COMES TO HOUSING? A We need to build more homes of all types and tenures in London homes to buy, homes to rent, open market homes and affordable homes using all possible models of delivery. We are committed to making London a city for all Londoners, and access to housing is a key part of making this a reality. Q HOW DO YOU GO ABOUT BUILDING MORE HOMES? A There is no single silver bullet when it comes to building more homes but it s clear we can help with clearer planning rules, greater investment and by bringing forward more land for development. We also need to invest in skills in the construction sector and new models of delivery. Q WHERE DO YOU STAND ON RENTING VERSUS BUYING? A With a need for more homes of all tenures in London we require new homes both to rent and to buy. Most people want to buy at some point in their lives and so we want to make sure we re helping them. But many people also rent, whether short term or long term, and so increasing the supply of rented housing is essential too. Build-to-rent offers an attractive way to boost the supply of well-run rented housing and we are keen to support its development. Q DO YOU HAVE A VIEW ON LEGAL & GENERAL CAPITAL S MODULAR BUSINESS? A I was very pleased to be able to visit the factory and it impressively showed the business s commitment to modular construction. Anything that helps to speed up supply of homes is a good thing. And when innovation is high quality, economically viable, and energy efficient, that has to be a win-win for all.

20 18 LEGAL & GENERAL CAPITAL OUR PEOPLE Below are some of the people behind Legal & General Capital (LGC), part of a dedicated team of roughly 50 experienced professionals. The senior investment team has an average of 20 years industry experience. PAUL STANWORTH CHIEF EXECUTIVE OFFICER, LGC Paul established LGC in 2013, having joined Legal & General in 2009 to manage the principal investment strategy for the Group. Paul has extensive experience in investment and finance, spanning a decade in investment banking with RBS, Deutsche Bank, Merrill Lynch, and a decade in fund management with Prudential M&G. LAURA MASON MANAGING DIRECTOR OF INVESTMENTS Laura joined Legal & General in 2011 and heads LGC s Direct Investment team, responsible for repositioning the Group s principal portfolio to create new institutional asset classes and generate improved earnings. Laura is also Head of Infrastructure, including Regeneration and Clean Energy. STEPHEN HALLIWELL CHIEF FINANCIAL OFFICER Stephen joined Legal & General in 2016 to manage the full finance function of LGC, whilst also supporting the sustained growth of LGC. Before joining LGC, Stephen was CFO of 3i Infrastructure Plc., the FTSE 250-listed infrastructure business. NATASHA MORA GENERAL COUNSEL As General Counsel (Corporate and LGC), Natasha provides corporate and commercial law, governance and company secretarial services to LGC. Natasha is a qualified solicitor with over 16 years legal and company secretarial experience and has been with Legal & General since JAMES LIDGATE CEO, L&G HOMES James joined LGC in 2015 and is responsible for housing investments, including residential development, strategic land and build-to-rent. Previously James spent two years as Head of Residential within Legal & General s property team having joined from Bellway Homes. KAREN JEFFERY CHIEF OPERATING OFFICER Karen joined Legal & General in 2009 and joined LGC in Experience includes managing the Shared Service Financial Reporting Centre and leading the Solvency II Programme for Legal & General. Karen was previously COO for Barclays Wealth IT. SIMON GLEDHILL CHIEF RISK OFFICER Simon joined LGC in 2014 and provides independent feedback, challenge and oversight on LGC s business, focusing on the strategic drive to increase Direct Investments in the LGC portfolio. Simon previously worked at Lloyds Banking Group for 26 years. ROSIE TOOGOOD CEO, L&G MODULAR HOMES Rosie joined L&G in June and is leading the modular business in developing the product portfolio, creating engineering & production capability and establishing our market position. Previously Rosie worked at Rolls-Royce where she held senior roles in Product Development & Supply Chain.

21 LEGAL & GENERAL CAPITAL 19 MATTEO COLOMBO DIRECTOR OF SME FINANCE Matteo joined LGC in 2015 and is responsible for SME Finance, whilst working across other sectors. He is a non-executive director of Pemberton Asset Management, CALA Homes and Accelerated Digital Ventures. Before LGC, Matteo worked for nine years at Terra Firma. RACHEL DICKIE HEAD OF URBAN REGENERATION Rachel is responsible for LGC s investments in Regeneration Infrastructure, including major commitments to MediaCityUK in Salford and Cardiff s Central Square. Prior to joining LGC in 2016, Rachel worked at Tishman Speyer and has 10 years real estate experience. JOHN BROMLEY HEAD OF CLEAN ENERGY John leads on Clean Energy Infrastructure, including NTR, Oxford Photovoltaics Ltd and Tokamak Energy Ltd. Prior to joining LGC in 2015 John managed an institutional equity fund of clean energy assets and has over 10 years infrastructure investment experience. HANNAH GORE-RANDALL HEAD OF BUSINESS DEVELOPMENT Hannah leads LGC s Business Development, and works on investments in SME Finance and Clean Energy. She is nonexecutive director of Pemberton Asset Management and NTR Wind Management. Hannah joined LGC in 2013 and has 9 years experience in private equity and management consultancy. PHIL BAYLISS HEAD OF SENIOR LIVING Phil joined LGC in 2013 and focuses on LGC s Housing sector, responsible for retirement housing and other housing acquisitions. Phil previously worked for five years in Legal & General s property team, and prior to that for AMP Capital in Australia and Asia. LAUREN AITCHISON HEAD OF STRATEGIC LAND Lauren works in LGC s Housing team, responsible for strategic land opportunities aligned to LGC s residential investments. Prior to joining LGC in 2016, Lauren worked at Lands Improvement Holdings and was previously Partner at Strutt & Parker in its national development team. SIMON CENTURY HEAD OF AFFORDABLE HOUSING Simon joined LGC in 2016 and focuses on LGC s Housing sector with responsibility for Affordable Housing. Simon has over 10 years experience in corporate finance having previously worked at the affordable housing provider, bpha Group and the investment and advisory firm, TradeRisks. CHRIS JEWEL-CLARK CHIEF ACCOUNTANT Chris joined LGC in 2015 and plays a leading role in the Finance team, including reporting and valuation for new and existing direct investments. Previously Chris worked with Grant Thornton s financial due diligence team, focusing on private equity across Europe.

22 20 LEGAL & GENERAL CAPITAL OUR PARTNERS We want to make long term, sustainable and socially useful investments in the UK's underlying infrastructure. Our approach is collaborative and we seek to work in partnership with experts, while establishing joint ventures and co-investing alongside forward thinking businesses and institutions with aligned interests.

23 FUNDING THE FUTURE In a constantly changing world, partnering with organisations who take a long-term view will mean the biggest challenges the UK faces can be addressed head on. At Legal & General Capital, we believe that when it comes to the homes we need, the cities we live in, the energy we require and the future prospects of UK enterprise, we can all play our part. Together, we can support growth, create jobs, enhance our living environment and improve the fabric of society. MediaCityUK, Salford

24 CONTACT US T F LGC@group.landg.com legalandgeneralcapital.com Legal & General Capital is a division of Legal & General Group plc (company registered number ) and invests funds on behalf of Legal & General Capital Investments Limited (company registered number ) and Legal & General Assurance Society Limited (company registered number ). Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered number The Registered Office of all of the above companies is in England and Wales at: One Coleman Street, London, EC2R 5AA. Regulated companies are entered on the Financial Services Register, which you can check by visiting the Financial Conduct Authority s website or by contacting the Financial Conduct Authority on