Legal & General Retail deep dive Highly Confidential Forward looking statements This document may contain certain forward -looking statements relating to L&G, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward -looking statements involve uncertainty because they relate to future events and circumstances which are beyond L&G's control, including, among others, UK domestic and global economic and business conditions, marke ...

Core Viewpoint - The transformation of fund distribution institutions towards a client experience-focused "buy-side advisory" model is becoming an inevitable trend in the industry [1][6]. Group 1: Industry Trends - The performance of public funds in China continues to improve, with several funds achieving significant returns, such as the Yongying Medical Innovation Mixed Fund, which has seen a net value increase of 112.7% this year [2][3]. - Fund distribution platforms are increasingly emphasizing long-term profitability over short-term performance, with many platforms showcasing funds that have consistently generated positive returns over five years [4][5]. Group 2: Institutional Changes - Fund distribution institutions are adopting a more restrained marketing approach, focusing on metrics such as investor experience and long-term performance rather than just short-term gains [5][6]. - The regulatory framework is evolving, with the introduction of a classification evaluation mechanism for fund sales institutions, which includes metrics related to investor profitability and holding periods [5].