Legal & General Property Feeder Fund R Class Distribution

The Fund is currently undergoing a portfolio transition to reduce its direct holdings in UK property from approximately 80% of its portfolio to approximately 45%-50% of its portfolio. The transition period commenced on 12 April 2024 and is expected to be completed by July 2025 but may take longer due to the illiquid nature of real assets and varying market conditions. Potential investors should be aware that, for a period from 12 April 2024, the Fund’s investment in direct UK property will exceed the typical investment of 45% as stated in the investment policy. Investors can view an updated breakdown of the Fund’s holdings by visiting http://www.lgim.com/paif and reviewing the factsheet or call 0370 050 0634 for more information. The objective of the Fund is to provide a combination of income and capital growth by investing solely in the Legal & General Property Fund (the "Master Fund"). It may also hold cash where necessary to enable the making of payments to unit holders or creditors. The Fund aims to achieve investment returns very similar to those of the Master Fund. The Master Fund will invest at least 60% of its assets in property and property-related assets. Although the Master Fund’s investment in property and property-related assets is typically expected to be in the region of 80% - 90% of the Master Fund’s assets, this may vary as a result of factors such as market conditions. The Master Fund may obtain its exposure to property through a combinationof direct and indirect holdings with exposure across industry sectors(including but not limited to retail, offices, industrial, leisure, healthcare and residential) and geographies. The Master Fund’s direct property holdings, which will consist of typically 45% of the funds assets, will be in property located in the UK. The Master Fund intends to purchase, hold and, where relevant, develop such propertieswith the intention of enhancing their capital value and/or income return. The Master Fund may obtain indirect exposure to property located worldwide through listed transferable securities (such as real estate investment trusts) and collective investment schemes including those managed or operated by Legal & General. The Fund will aim to diversify risk by seeking exposure across a range of industry sectors (as above) and geographies. The Master Fund may also invest In money market instruments (such as treasury bills), permitted deposits, bonds (issued by governments and public bodies), money market funds and cash. The Master Fund may use derivatives (contracts which have a value linked to the price of another asset) to: reduce risk or cost; or generate additional capital or income with no, or an acceptably low, level of risk. Other information: The Master Fund is actively managed as the Manager uses their expertise to select investments to achieve the Fund's objectives. The benchmark used as a performance comparator of the Master Fund is a composite, comprised of 45% MSCI UK Monthly Property Index, 45% FTSE EPRA NAREIT Developed Index and 10% Bank of England Base Interest Rate. See Past Performance section for further details. Your units will be accumulation units. Income from the Fund's investments (dividends) will be reinvested back into the value of your units. You can buy or sell units in the Fund on any business day, although instructions to sell class N units will be subject to a 90 day notice period. You need to contact us with your instruction before 12 noon. This is the time we calculate unit prices for the Fund. If you contact us after 12 noon, the units will be bought or sold at the next business day's price. The Fund's base currency is denominated in GBP. The Master Fund incurs transaction costs relating to buying and selling properties and other assets which are likely to impact returns from your investment. These costs are paid from the Master Fund's assets and are in addition to the entry or ongoing fund charges shown overleaf. The Fund is designed for investors looking for a daily dealing option that provides the potential for income and growth from an investment in a balanced portfolio of UK properties and global property-related assets. Although investors can take their money out at any time (subject to a 90 day notice period for class N units), the Fund may not be appropriate for those who plan to withdraw their money within five years. This Fund is not designed for investors who cannot afford more than a minimal loss of their investment. If you do not understand this document we recommend you seek additional information to help you decide if the Fund is right for you.