Balanced Commercial Property Trust Regulatory News (BCPT)

F&C Commercial Property Trust Ltd - REIT Conversion

PR Newswire

London, April 23

TO: Company Announcements

FROM: F&C Commercial Property Trust Limited

DATE: 23 April 2019

LEI: 213800A2B1H4ULF3K397

REIT CONVERSION

Further to the announcement on 29 March 2019, the Board is proposing that the Company and its subsidiaries (the "Group") take the necessary steps to enter into the UK REIT regime (the "Proposals").

In order to facilitate the Group qualifying as a REIT, certain changes are required to the Company's articles of incorporation (the "Articles"). These changes take account of the REIT regime, specifically the REIT rules regarding the payment of dividends to Substantial Shareholders (being a shareholder who holds 10 per cent. or more of the Company as more fully described in the circular) and the requirement that the Company and its Group is UK resident for tax purposes.

The Company will shortly publish and send to Shareholders a circular setting out further details of the Proposals and the necessary amendments to the Articles in connection with the Proposals.

The Group's entry into the REIT regime is conditional on the approval of Shareholders of the resolution to be proposed at the Extraordinary General Meeting to be held at 12 noon on 30 May 2019 at Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL. The Company's largest shareholder Aviva Life and Pensions UK Limited, a subsidiary of Aviva plc, has indicated that it intends to support the Proposals.

An expected timetable of the principal events in relation to the Proposals is set out below.

For further information please contact:

Richard KirbyScott MacraeBMO REP Asset Management plcTel: 0207 499 2244

The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernsey GY1 3QLTel: 01481 745001