• How the duration of energy market disruption could be pivotal to the investment outlook
• The potential implications for inflation and central bank policy of higher energy prices
• Why government bond yields have moved higher and credit spreads are largely tighter
• The market backdrop in which the conflict has unfolded, including AI-related concerns
• Signals that might prompt us to make material changes to portfolio positioning

• What’s different about L&G’s latest Endgame Insights report?
• Key highlights from our recent DB scheme survey results
• Is surplus extraction possible with any endgame option?
• Can DB schemes help to address intergenerational fairness?

Collective Defined Contribution (CDC) schemes are being described as the
next evolution in pensions, yet innovation often comes with challenges.
John Southall, Head of Strategic Research within our Asset Allocation team,
offers his perspective on some key issues, including:

· Who stands to gain and who carries the risk
· Key advantages and drawbacks of CDC
· How to think about intergenerational unfairness
· Unique challenges of retirement-only CDC

This podcast was recorded on February 10, 2026 and is hosted by Sarka
Halas, content manager.

For professional investors only. Capital at risk. Views expressed are of L&G
as at February 2026.

What do the next 12 months have in store for private markets? That’s
the question our panel aims to answer on this week’s podcast.
Discussion focused on what influenced private markets in 2025 and
what key themes we see emerging with 2026 already well under way. We
also looked at specific sectors in more detail, delving into real
estate, digital infrastructure and private credit.

On our panel:

• Rob Martin, Global Head of Research and Investment Strategy
• Bill Page, Head of Real Estate Research
• Dr. James Tyrrell, Research Analyst
• Lushan Sun, Head of Cross-Asset Research

This podcast was moderated by Nick Jardine, content manager at L&G,
and was recorded on 4 February, 2026.

All data from Cliffwater, Bloomberg, PMA and Preqin as of 2026,
unless otherwise stated.

Assumptions, opinions, and estimates are provided for illustrative
purposes only. There is no guarantee that any forecast will come to
pass. It should be noted that diversification is no guarantee against
a loss in a declining market.

How important are dividends as a component of overall equity returns? Which countries offer the best prospects? And how can investors seek to avoid dividend traps?

Elisa Piscopiello, Senior Index and ETF Analyst, shares her answers to these questions and more as we delve into the details of dividend income strategy.

This podcast was recorded on 21 January 2026 and is hosted by Luka Lukic.

All data is sourced from LSEG as at 21 January 2026 unless otherwise stated. Dividend standard deviation versus MSCI World statement via Bloomberg data as at October 2025.

For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. Risk management cannot fully eliminate the risk of investment loss. Dividend yield is not guaranteed and can go down as well as up, and the investor’s returns may vary year-on-year. Past yields are not a guide to future issuances.

For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.