BPET.L Regulatory News (BPET)

F&C Private Equity Trust plc

F&C Private Equity Trust plc today announces its unaudited financial results for the year ended 31 December 2014.

· NAV total return for the year of 7.3 per cent for the Ordinary Shares.

· Total dividends of 10.84p per Ordinary Share.

· Dividend yield of 5.0 per cent based on the year-end share price.

· Simplified capital structure following maturity of ZDP Shares.

· Proposed increase in limit for co-investments.

Chairman's Statement

Introduction

Your Company made further good progress during the year ended 31 December 2014. Its net assets at the year-end were £203.5 million giving a diluted net asset value ('NAV') per Ordinary Share of 277.55p. Taking into account dividends paid during the year, which total 10.75p per share, the NAV total return was 7.3 per cent. The Ordinary Share price total return for the year was 10.3 per cent and the share price at the year-end was 217.88p, representing a discount to the NAV of 21.5 per cent. However, the share price has increased by 4.0 per cent since the end of the year and the current discount to the NAV is 18.4 per cent.

During the year the Company made new investments, either through funds or as co-investments, totalling £29.1 million. Realisations and associated income totalled £54.9 million. At the year-end the Company had net debt of £31.9 million, equivalent to gearing of 13.5 per cent. Outstanding undrawn commitments at the year-end were £64.2 million of which £18 million were to funds where the investment period has expired.

The Company's performance fee arrangements contain a hurdle rate, calculated over rolling three year periods, of an IRR of 8.0 per cent per annum. The annual IRR of the NAV for the three year period ended 31 December 2014 was 8.2 per cent and, consequently, a performance fee of £1.1 million is payable to the Manager, F&C Investment Business Limited, in respect of 2014. This is the second consecutive year that a performance fee has been payable, demonstrating consistent performance and providing shareholders with an attractive total return which includes capital growth and an above average dividend yield.

Dividends

A semi-annual dividend of 5.39p per Ordinary Share was paid on 7 November 2014. In accordance with the Company's stated dividend policy, the Board recommends a final dividend of 5.45p per Ordinary Share, payable on 29 May 2015 to shareholders on the register on 1 May 2015. The total dividend for the year amounts to 10.84p per Ordinary Share, equivalent to a dividend yield of 5.0 per cent at the year-end.

Alternative Investment Fund Managers' Directive ('AIFMD')

The Company has appointed F&C Investment Business Limited, a subsidiary of F&C Asset Management plc, as the Company's AIFM and it has also appointed a depositary as required under the regulations. The Company was fully compliant with all requirements of the AIFMD by the end of the transition period on 22 July 2014.

Annual General Meeting

The Annual General Meeting will be held at 12 noon on Wednesday 27 May 2015 at the offices of F&C Asset Management plc, Exchange House, Primrose Street, London EC2A 2NY.

Change in Investment limits for Co-investments

At present, the Company has a portfolio which is a mix of fund positions and co-investments. The Board believes that this mixed approach serves shareholders well by capturing the best of private equity at moderate levels of risk. Under the Company's investment policy, co-investments are limited to no more than 33 per cent of its total assets at the time of investment.

The Company's record in co-investments is good, with more than 30 investments completed since 2003 and the net IRR on these at approximately 23 per cent. With the year-end exposure at 23.2 per cent of the portfolio, the Company is close to its short term target of rebuilding the proportion in co-investments to 25 per cent and, with the strong deal flow from our investment partners, we would expect to move towards the current 33 per cent limit fairly soon.

Having considered the benefits of co-investments, the Manager's record in this area, and the diversification of the current portfolio of both funds and co-investments, the Board believes that increasing exposure in this area would be in shareholders' interests. Accordingly it is proposed to raise the upper limit for co-investments from 33 per cent to 50 per cent of total assets (at the time of investment). This would allow the Manager to maintain a predominantly funds-based portfolio but for the Company to benefit more substantially from co-investments. We are also recommending the formal adoption of a maximum percentage which could be invested in individual co-investments, at 5 per cent of total assets at the time of investment. Usually, co-investments are well below this level. Although these changes are an extension of our current activities, they do represent a material adjustment to the investment policy and hence will be subject to approval by shareholders at the Annual General Meeting.

Financing

Following the maturity of the Zero Dividend Preference ('ZDP') Shares in December 2014, the Company has, for the first time ever, a simple capital structure, with one class of Ordinary Shares representing a permanent pool of capital. Our dividend policy, which returns the equivalent of 4 per cent of the NAV to shareholders each year, is straightforward and predictable, allowing for planning. Our gearing, through a combination of a €30 million term loan and a revolving multi-currency credit facility of up to £45 million (partially drawn down in Euros at the year-end - Sterling equivalent of £15.5 million), should allow returns to be enhanced without taking undue risks.

There has been a gradual improvement in the rating of the Company's shares with a contraction in the discount. The last year has witnessed a strong flow of realisations. These have contributed to the portfolio gains and have allowed the Company to refresh its portfolio of funds and co-investments whilst also replacing the ZDP Shares with cheaper and more flexible borrowings. During 2014, the Euro weakened by 6.7 per cent against Sterling which, along with a more pronounced weakness of the Norwegian Krone, and after taking the benefit of the US Dollar strengthening by approximately 6 per cent, left an adverse impact from foreign exchange movements of nearly 4 per cent. Since the replacement of the Sterling denominated ZDP Shares with Euro denominated borrowings, the Company is hedged approximately 45 per cent in respect of its Euro and Euro-linked exposures, so the recent further weakening of the Euro has been partially mitigated. The Company is better placed than it has ever been from a financing and structural point of view.

Outlook

2014 was another year of growth for the Company with good progress achieved notwithstanding the need to refinance and the currency headwinds noted above. Recovery in the private equity markets of Europe and further afield is well established with the problems of the banking sector having receded substantially and fund raising of new private equity funds in full swing. The provision of debt to buy-outs is being facilitated by healthier banks and non-bank lenders such as unitranche debt funds. In all parts of the private equity market the price of new deals is now approaching historic highs when enterprise value is measured as a multiple of earnings. Whilst this should give pause to investors, as acquisition price is the key determinant of the success of an investment, with prospects of future profits growth improving in most markets the most skilled and perceptive investors will continue to find value. It is the task of your Manager to identify and form mutually beneficial partnerships with such astute investors with diligence and selectivity of the managers and the co-investments being the core of successful private equity funds management.

Mark Tennant

Chairman

Manager's Review

Introduction

There are over 6,000 private equity firms globally which raise and manage money on behalf of third parties. At present, over 2,000 of these are raising money, seeking between them almost $800 billion. The stock of existing private equity assets under management is estimated at just under $4,000 billion. Whilst the median returns for private equity comfortably exceed stockmarket returns over nearly all periods, there is a wide dispersion in returns between the best and worst funds. In summary, the best funds are superb but the worst are truly awful. Distinguishing between these two categories at the start of a fund is not as easy as it may seem and even sifting the good from the mediocre can be very demanding. The sheer number of fund raisings is a challenge in itself. Given that private equity is inherently risky and that the structures in which it is accessed are generally illiquid, the breadth of the market and this difficulty in differentiating has deterred and perplexed generations of otherwise confident investors. The fund of funds tier of the market was established to streamline and focus the process of selection allowing non-expert investors to participate in the strong returns of private equity whilst avoiding the worst hazards. The benefits of a fund of funds approach are more relevant now than ever. The listed private equity funds sector, to which your Company belongs, performs a vital role in attracting a remarkably wide range of investors to private equity.

Specifically, a well-diversified portfolio of funds and associated co-investments reduces risk, which is relatively high at the level of an individual investment or fund portfolio, to more moderate levels. In a fund of funds structure, where there is underlying exposure to hundreds of companies, investors gain representation in a wide spread of geographies and sectors. Importantly, there is exposure to many different private equity managers, so that when one team's style or skillset is unequal to the challenge posed by a particular investment or portfolio of investments, there will be others who are faring more successfully. Experience suggests that manager risk is one of the greatest hazards in private equity investment and that a poor fund can undo much of the benefit of previously successful funds.

There is clear persistence of performance of private equity managers from fund to fund but it can be quite difficult to benefit from this as decisions on backing new funds are often required whilst the current fund remains a 'work in progress', where its performance cannot be assessed easily. So backing established successful managers from fund to fund is not a straightforward exercise. It is also the case that newer or so called emerging managers can do very well with the strong incentive to make their mark, providing the energy and focus that may have reduced or dissipated somewhat in the case of more established managers running a long sequence of very large funds. Our experience has been that carefully selected emerging managers can provide excellent returns both through funds and co-investments and consequently we have deliberately invested most of the portfolio with emerging managers. Looking at new private equity fund raising in the recent past, there is evidence that a smaller proportion of capital is being allocated to emerging managers and most is flowing to large 'household' names who are raising ever larger funds. Whilst past performance is a useful guide to the future, an ever rising fund size can make it progressively more difficult to replicate a strong record.

Fashion is currently running against private equity fund of funds but as a guide and partner in an attractive yet complex asset class they retain a logical and well justified role.

New Investments

During the year five new fund commitments were made and five co-investments were made.

Three of the new funds were UK focused. £3 million was committed to lower mid-market specialist Primary Capital IV which targets companies with enterprise values between £20 million and £100 million. £4.4 million was committed to Inflexion Buyout IV and £2.6 million was committed to Inflexion Partnership Capital I. These funds are £650 million and £400 million in size respectively. The Partnership Capital Fund will allow Inflexion more scope to take advantage of the minority investment opportunities that it finds, where previously it was limited in the proportion that could be invested in these due to mandate restrictions.

In Spain, €2 million was committed to Portobello III. This will increase the Company's exposure to one of the stronger mid-market buy-out firms in this recovering market. In the US, we made a fresh commitment of $7 million to our principal buyout firm relationship, Blue Point Capital, for their Fund III. This will keep a foothold for the Company in the US mid-market.

The proportion of the portfolio invested in co-investments was increased deliberately through the year and at the year-end stood at 23.2 per cent. As noted in the Chairman's Statement, this has been a good contributor to the Company's overall returns and we are planning to increase the exposure further so that shareholders may benefit to a greater degree than previously. The portfolio of co-investments is diverse by sector, geography and manager but the common factor is that each deal is led by a private equity team in whom we have confidence. Apart from enhancing returns through taking a concentrated exposure to an individual company and the advantageous economics, co-investing also gives us a hugely valuable insight into the inner workings of several different private equity firms at any given point in time. It is our contention that, over time, this insight improves our fund selection.

As previously reported, the Company invested £3.3 million alongside Caledonia Investments plc in Park Holidays, the country's fourth largest caravan holiday park operator. This company has had an excellent year and is well ahead of the original investment plan. Ticketscript, in which we invested £2 million alongside Fleming Family and Partners, is the market leader in the Netherlands in cloud based, self-serve event ticketing, promotion and management software. The company's planned international expansion and build-out of its sales team is well underway. Fox International, the Essex based fishing tackle company, in which we invested £1.6 million with Next Wave Partners, is trading very well. Ambio Holdings, a pharmaceutical company involved in the manufacture of API (Active Pharmaceutical Ingredient) peptides and development of complex peptide generic pharmaceuticals, in which we invested £3.8 million alongside life science specialists MVM, is making good progress to date.

The final co-investment of the year was Ionisos, a French based leading provider of cold sterilisation services in France and Spain. We committed €4 million, of which €2.2 million (£1.8 million) has been drawn initially, for a 7 per cent stake in the company. The deal was led by emerging manager Agilitas, with whom we have previously invested. Cold sterilisation relies on using the irradiating isotope Cobalt 60 and, to a lesser extent, Beta irradiation and Ethylene Oxide. It has applications in a number of industries for health, safety, regulatory and economic reasons. This is a sector which is technically complex and where there are significant barriers to entry. The management, with Agilitas' guidance, plans to use its expertise to gain market share in a growing market.

Drawdowns

Drawdowns from funds during the year totalled a relatively modest £16.8 million. The larger and more recent investments are noted.

Capvis, through Funds III and IV, called £1.1 million for each of VAT Holdings AG (high end vacuum valves used in semiconductor and photo-voltaic industries) and Arena (swimwear). Inflexion, through its 2010 Fund and 2012 Co-Investment Fund, called £0.7 million for holiday company On the Beach. Stirling Square Capital Partners II called £0.7 million for helicopter company OHI as part of the financing to acquire Brazil based Senior Taxi Aereo.

There was a typically wide range of drawdowns from funds in the final quarter. Inflexion 2010 and the 2012 Co-Investment Fund together called £1.5 million for investment in PD&MS Energy, a specialist provider of engineering, procurement and construction services for the global oil and gas industry, serving drilling, production and marine services. Much of the business is focused on extending asset life and innovative infrastructure upgrades. Stirling Square Capital Partners II called £0.4 million for a follow-on investment in the super senior credit line for Italian security business Axitea. This is likely to be syndicated down to co-investors, including the Company, over the next few weeks. The expectation is that the return on this latest investment will enable at least a breakeven position on the whole investment which has so far suffered considerably from poor payment practices by its predominantly public sector clients in Italy. Primary Capital IV made its first investment in Leeds-based recruitment agency Gatenby Sanderson where the Company's share is £0.3 million. In the US, Blue Point Capital III called £0.4 million for an investment in Handi Quilter, a supplier of quilting machines and other equipment for the quilting industry. Lastly, Procuritas Capital V, one of our more recent Nordic-oriented investments, called £0.2 million for investment in Finnish company Fidelix, a product and system supplier of building management systems for HVAC (heating ventilation and air conditioning) and security purposes.

Realisations

Total realisations for the year, including associated income, were £54.9 million, 29 per cent ahead of last year. The largest and most recent exits are noted below.

As already reported in detail, in the first nine months of 2014 the UK mid-market delivered some very notable realisations. The largest exit was August Equity Partners II's excellent sale of Independent Vetcare to Summit Partners which yielded proceeds of £3.8 million (multiple 4.0x, IRR 70 per cent). The most spectacular, in terms of multiple, was Inflexion 2006 Fund's sale of IT consultancy FDM, via a stockmarket listing, achieving a remarkable 16.2x investment multiple and an IRR of 100 per cent. Having reduced the Company's position in this fund in 2009, the participation was modest, yielding £1.2 million. Coffee shop chain, Caffe Nero, was refinanced allowing Hutton Collins III to return £1.3 million (multiple 1.6x, IRR 17 per cent).

There were also many exits in Continental Europe. In France, our key relationship, Chequers Capital, had an active phase for exits. Chequers Capital XV returned £1.3 million through a recapitalisation of transport industry IT services company Accelya (multiple 5.2x, IRR 30 per cent). Later in the year, the fund returned £1.1 million from the sale of nursing homes company Silver Care to the French market leader Orpea (multiple 2.4x, IRR 26 per cent). Gilde Buyout III returned £1.1 million on the sale of German frozen food company Hofmann Menu (multiple 2.9x, IRR 20 per cent). In the Nordics, amongst other deals, Procuritas Capital IV distributed £1.2 million following the recapitalisation of supported living services company Olivia. Hutton Collins II exited Spanish consultancy Everis through a sale to Japanese corporate NTT, returning £1.9 million (multiple 1.8x, IRR 10 per cent). These, in addition to many other smaller exits, illustrate the broadly based activity across Europe.

This exit activity was maintained and increased into the fourth quarter with no fewer than 24 separate realisation events occurring in the portfolio. Noting only the 13 where net proceeds to the Company exceeded £0.5 million gives a good impression of the exit surge taking place across the international private equity markets.

The largest realisation in the fourth quarter was £2.9 million coming from the sale of Norwegian helicopter company Blueway. The Company's investment was through a convertible loan note where the conversion had not taken place and the redemption date of the loan note had been extended three times. The company was sold to NHV, a Dutch helicopter operator backed by Ardian, and the Company's loan notes were redeemed. Due to the nature of the investment, there was only a small uplift of 1.5 per cent on exit, but the overall return during this five year investment was 1.7x cost with an IRR of 12.1 per cent which, considering the investment thesis was not completely fulfilled, was a respectable outcome.

In Sweden, Procuritas Capital IV exited canned seafood company King Oscar through its sale to the Thai Union frozen products company. The Company's share of the proceeds was £1.5 million, the multiple was 4.0x and the IRR was 43 per cent. The last remaining investment of August Equity Partners I, kitchens company Rixonway, was sold to Nobia AB of Sweden. The Company's proceeds were £1.3 million giving a multiple of cost of 2.4x and a net IRR of 12 per cent. Primary Capital III sold Amtech Group (software for building services) to US company Trimble. This netted £1.0 million achieving a multiple of 2.5x and an IRR of 22.6 per cent.

In Italy, Argan Capital sold Faster, the manufacturer of quick release hydraulic couplings, to Capvis. The Company's proceeds were £1.6 million, representing 3.1x cost and an 18.2 per cent IRR. In Germany, DBAG IV and V exited wood machinery company Homag via a sale to larger listed company Durr. Homag had already achieved a listing but the Company's proceeds for this final exit were £0.9 million representing a multiple of 2.8x cost and an IRR of 96 per cent. TDR Capital II sold down some of its holding in debt collection company Lowell to Ontario Teachers. The Company's share of the proceeds were £0.7 million, which returns the investment in the company. TDR Capital II retains a 48 per cent stake and there should be more upside from the current valuation of 2.2x cost. Mezzanine Management IV exited the high acuity residential care business, The Regard Partnership, through a sale to the Montreux Healthcare Fund yielding proceeds of £1.1 million, a multiple of 2.5x cost and an IRR of 13.2 per cent for this mezzanine investment. RJD Partners II exited Character World, the licensed textiles company, through a secondary buyout. The Company's share of the proceeds was £0.6 million (multiple 2.9x cost, 18 per cent IRR).

As already noted above, even in the relatively depressed environment of France there have been exits. Chequers Capital and Chequers Capital XV sold their holding in Salins, the third largest producer of raw salt in Europe to its new CEO. Combined proceeds were £0.6 million. For the original investor, Chequers Capital, the multiple was 1.8x and the IRR a modest 7 per cent but for the other fund, Chequers Capital XV, which invested later and more cheaply, the return was a much more respectable multiple of 4.4x and an IRR of 36 per cent. Hutton Collins II and III returned an aggregate £0.6 million from the sale of Italian synthetic fibre manufacturer Aquafil. This represented a multiple of 2.7x cost and an IRR of 24 per cent, excellent for a mezzanine investment.

In the US, Blue Point Capital II exited snack foods company JTM for a multiple of 6.4x cost and an IRR of 71 per cent. The Company's proceeds were £1.1 million. Blue Point Capital I exited architecture firm Callison yielding £0.5 million (multiple 4.7x cost, IRR of 25 per cent).

Valuation Changes

In an improving year, with profits rising and many realisations taking place, or being actively contemplated, uplifts in value outnumber downgrades significantly. The Company's co-investment portfolio, where individual developments tend to have more impact, has been influential this year. The longstanding holding in the Newcastle-based unmanned submarine manufacturer, SMD Hydrovision, has benefited from the signing of a sale agreement with Chinese company Zhuzhou CSR Times Electric and the proceeds are expected imminently. Reflecting progress towards this exit, the holding was uplifted by £3.7 million over the year. Another longstanding holding, Whittan, the pallet racking systems company where the deal is led by Stirling Square Capital Partners, has been uplifted by £1.7 million with the final valuation reflecting the proceeds received in early March on the company's sale which recovered the cost of the investment. The more recent co-investments have also contributed strongly, principally through excellent progression in profits, in many cases ahead of the original investment plan. Fishing tackle company Fox International has been uplifted by £2.8 million, Avalon (funeral plans) by £1.3 million, David Phillips (furniture distribution) by £1.3 million and Park Holidays by £1.3 million. Strong fundamental performances and the exit activity noted above have helped several of the fund valuations. Notably, August Equity Partners II (+£2.5 million), Blue Point Capital II (+£2.0 million), N+1 Private Equity II (+£1.4 million), Inflexion 2012 Co-Investment Fund (+£1.4 million) and Life Science Partners III (+£1.2 million).

There have also been some downgrades, although these have been far less material. The co-investment in security products company 3SI was down by £1.4 million. The co-investment in Swiss based chemicals company Schaetti was down by £0.4 million. In both cases this reflects slightly weaker trading conditions. In the fund investments, Environmental Technologies Fund was been reduced by £0.9 million reflecting some setbacks with portfolio companies. Mezzanine Management IV was down by £0.6 million due to difficult trading for one of the remaining holdings.

As noted in the Chairman's Statement, 2014 saw some very significant swings in currencies. The impact of this on the value of the portfolio was negative to the extent of almost 4 per cent. The principal detracting factor was the notable weakness of the Euro by 6.7 per cent against Sterling and the even weaker Norwegian Krone. These have only been partially mitigated by Dollar strength. With the Company's borrowings denominated in Euros, the influence of this unpredictable factor will be considerably reduced going forward.

Outlook

The prevailing popular assessment is that current conditions comprise a sellers' market for private equity backed companies. Whilst exits have been and continue to be healthy, it is a mistake to believe that it is not possible to deploy capital into new deals at attractive prices. There are clearly some areas and geographies where securing an attractively growing company at a 'low' price is very difficult, but there are other niches defined by geography, size or sector where skilled and diligent private equity investors can continue to deal well. We have traditionally focused on the European mid-market for a reason. Namely that it is a very broadly diversified market comprising many attractive niche companies which often fall below the 'radar screen' of larger private equity houses and even trade buyers. If anything, current conditions tend to reinforce our enthusiasm for this market tier. We have established relationships with many talented investment partners and we continue to seek out new ones in what is an inherently dynamic and competitive form of investment management. Despite the obvious threats to economic stability posed in certain quarters by political or geo-political events, the background is of improving and increasingly healthy economies which is a good portent for producing the constructive growth which, through our partners, we are striving to capture.

Hamish Mair

Investment Manager

F&C Investment Business Limited

F&C Private Equity Trust plc

Consolidated Statement of Comprehensive Income for the

year ended 31 December 2014

F&C Private Equity Trust plc

Consolidated Statement of Comprehensive Income for the

year ended 31 December 2013

F&C Private Equity Trust plc

Consolidated Balance Sheet

F&C Private Equity Trust plc

Consolidated Statement of Changes in Equity

F&C Private Equity Trust plc

Notes (unaudited)

1. The unaudited financial results, which were approved by the Board on 27 March 2015, have been prepared in accordance with the Companies Act 2006 and International Financial Reporting Standards ('IFRS') as adopted by the European Union. Where presentation guidance set out in the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" ('SORP') issued by the Association of Investment Companies in January 2009 is consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

The accounting policies adopted are consistent with those of the previous financial year, except that the following new standards have been adopted in the current year:

· In May 2011, the IASB issued IFRS 10 'Consolidated Financial Statements'. IFRS 10 established a single control model that applies to all entities including special purpose entities. The changes introduced by IFRS 10 require management to exercise significant judgement to determine which entities are controlled and therefore are required to be consolidated by a parent, compared with the requirements that were in IAS 27. The Group concluded that this does not change the companies consolidated within the Group and therefore has no impact on the financial statements as presented.

· In May 2011, the IASB issued IFRS 12 'Disclosure of Involvement with Other Entities'. IFRS 12 includes all the disclosures which were previously required by IAS 27 relating to consolidated financial statements, as well as all of the disclosures that were previously included in IAS 31 and IAS 28. These disclosures relate to interests in subsidiaries, joint arrangements, associates and structured entities. The Group concluded that this has no significant impact on the Group accounts method of consolidation or disclosures presented.

· In October 2012, the IASB issued amendments to IFRS 10 'Consolidated Financial Statements', IFRS 12 'Disclosure of Interests in Other Entities' and IAS 27 'Separate Financial Statements' - Investment Entities. The amendments define an investment entity and introduce an exception to consolidating particular subsidiaries for investment entities. These amendments require an investment entity to measure those subsidiaries at fair value through profit or loss in accordance with IFRS 9 'Financial Instruments' in its consolidated and separate financial statements. The amendments also introduce new disclosure requirements for investment entities in IFRS 12 and IAS 27.

2. Returns per Ordinary Share are based on the following weighted average number of shares in issue during the year:

Basic: 72,282,273 (2013: 72,282,273)

Diluted: 74,241,429 (2013: 74,241,429)

Returns per Restricted Voting Share are based on the weighted average number of shares in issue during the year of nil (2013: 67,084,807).

3. The Board has proposed a final dividend of 5.45p per Ordinary Share, payable on 29 May 2015 to those shareholders on the register on 1 May 2015.

4. This results announcement is based on the Group's unaudited financial statements for the year ended 31 December 2014 which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('IFRS').

5. This announcement is not the Group's statutory accounts. The full audited accounts for the year ended 31 December 2013, which were unqualified, have been lodged with the Registrar of Companies. The statutory accounts for the year to 31 December 2014 (on which the audit report has not been signed) will be delivered to the Registrar of Companies following the Company's Annual General Meeting which will be held at the offices of F&C Asset Management plc, Exchange House, Primrose Street, London, EC2A 2NY on 27 May 2015 at 12 noon.

6. The Annual Report and Accounts for the year will be sent to shareholders and will be available for inspection at the Company's registered office, 80 George Street, Edinburgh EH2 3BU and the Company's website www.fcpet.co.uk

For more information, please contact: