Worldwide assets under management at 31 December 2010 were £365bn of which shareholders have direct exposure to 9% or £34.4bn.

The majority of this shareholder exposure relates to £25.1bn of assets backing our annuity business in Legal & General Pensions Limited (LGPL). These assets also represent the majority of the Group’s fixed interest exposure. At the end of 2010, LGPL’s fixed interest portfolio comprised 98% investment grade bonds and was diversified by geography and by sector. LGPL’s exposure to sovereign debt from Portugal, Ireland, Greece and Spain amounted to less than £30m or 0.1% of the total portfolio.