BREI.L Regulatory News (BREI)

To: Company AnnouncementsDate: 29 October 2014Company: F&C UK Real Estate Investments Limited Subject: Net Asset Value Net asset value The unaudited net asset value per share of F&C UK Real Estate InvestmentsLimited ("FCRE") as at 30 September 2014 was 87.1pence. This represents anincrease of 4.4per cent from the net asset value per share as at 30 June2014 of83.4pence. The net asset value is based on the external valuation of the Group's propertyportfolio prepared by DTZ Debenham Tie Leung Limited. The net asset value is calculated under International Financial ReportingStandards ("IFRS"). The net asset value includes all income to 30 September 2014and is calculatedafter deduction of all dividends paid prior to that date. It does not include aprovision for the dividend for the quarter to 30 September 2014 which isexpected to be paid in December2014. Breakdown of NAV movement Set out below is a breakdown of the change to the unaudited net asset value pershare calculated under IFRS over the period from30 June 2014 to 30 September2014. Pence % of per opening share NAV Net asset value per share as at 30 June 2014 83.4 Unrealised movement in valuation of property portfolio 3.8 4.6*(including the effect of gearing) Movementin interest rate swap valuation 0.2 0.2 Movement in revenue reserves (0.3) (0.4) Net asset value per share as at 30 September 2014 87.1 4.4 * The un-geared increase in the valuation of the property portfolio over thequarter to 30 September2014 was 3.0%. The net gearing as at 30 September 2014 was 31.6%# # Bank debt (less net current assets, excluding swap liability) divided by fairvalue of investment properties Portfolio Analysis £m % of % capital portfolio as value at 30 movement September2014 in quarter Offices 88.4 28.3 4.1 West End 23.0 7.4 4.3 South East 33.6 10.7 3.2 Rest of UK 31.8 10.2 4.8 Retail 69.8 22.3 0.7 West End 5.5 1.8 5.8 Rest of London 6.4 2.0 3.5 South East 19.1 6.1 1.8 Rest of UK 38.8 12.4 (1.0) Industrial 80.5 25.8 4.3 South East 79.4 25.4 4.4 Rest of UK 1.1 0.4 - Retail Warehouse 73.6 23.6 2.4 Rest of London 7.4 2.4 - Rest of UK 66.2 21.2 2.7 Total Property 312.3 100.0 3.0 The property portfolio will next be valued by an external valuer duringDecembe r2014 and the net asset value per share as at 31 December 2014 will beannounced in January 2015. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt PeterPortGuernseyGY1 3QLTel: 01481 745001Fax: 01481 745051 Ian McBrydeScott MacraeF&C Investment Business LtdTel: 0207 628 8000Fax: 0131 225 2375