Independent auditors’ report to the directors of Legal & General Group Plc on the Supplementary Financial Statements – European Embedded Value Basis.

Independent auditors’ report to the directors of Legal & General Group Plc on the Supplementary Financial Statements – European Embedded Value Basis.

Our Opinion

In our opinion, the supplementary financial statements for the year ended 31 December 2013 have been properly prepared in all material respects in accordance with the EEV basis set out in Note 1 – Methodology.

What we have audited

We have audited the supplementary financial statements - European Embedded Value Basis of Legal & General Group Plc (‘the Group’) for the year ended 31 December 2013 which comprise the Group Embedded Value – Summary as at 31 December 2013 and the related notes (‘the supplementary financial statements’) which have been prepared in accordance with the European Embedded Value (‘EEV’) basis set out in Note 1 – Methodology and which should be read in conjunction with the Group’s financial statements.

What an audit of supplementary financial statements involves

An audit involves obtaining evidence about the amounts and disclosures in the supplementary financial statements sufficient to give reasonable assurance that the supplementary financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:

  • whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed;
  • the reasonableness of significant accounting estimates made by the directors; and
  • the overall presentation of the supplementary financial statements.

In addition, we read all the financial and non-financial information in the annual report and accounts to identify material inconsistencies with the audited supplementary financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

RESPONSIBILITIES FOR THE SUPPLEMENTARY FINANCIAL STATEMENTS

Our responsibilities and those of the directors

The directors are responsible for preparing the supplementary financial statements on the EEV basis in accordance with the EEV basis set out in Note 1 – Methodology.

Our responsibility, as set out in our letter of engagement agreed with you dated 19th December 2013, is to audit and express an opinion on the supplementary financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinion, has been prepared for and only for the Group’s directors as a body in accordance with our letter of engagement dated 19th December 2013 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Signature PricewaterhouseCoopers LLP, Chartered Accountants (handwriting)

PricewaterhouseCoopers LLP
Chartered Accountants
London
4 March 2014

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