Record Regulatory News (REC)

21 SEPTEMBER 2020

RECORD PLCBUSINESS UPDATE

Record plc ("Record" or the "Company"), the specialist currency manager, announces that interests over a total of 2,375,000 ordinary shares of 0.025 pence each in the capital of the Company ("Ordinary Shares") have today been granted to eligible employees pursuant to the Company's recently launched Joint Share Ownership Plan ("JSOP").

The Board considers that the launch of the JSOP will help the Company to retain and incentivise eligible employees, further aligning their interests with those of the Company's shareholders, and is in the best interests of the Company. No executive directors of the Company will participate in the JSOP.

In connection with the JSOP launch, the Company announces that Apex Financial Services (Trust Company) Limited ("Trustee"), which administers the Record plc Employee Benefit Trust (the "EBT"), has entered into a trading plan with the Company pursuant to which the EBT has acquired 4 million Ordinary Shares from Neil Record (Non-Executive Chairman of the Company) at a price of 37.3 pence per Ordinary Share, representing the middle market price in the Company's Ordinary Shares as at 9.00am today. The total consideration for the Ordinary Shares is therefore approximately £1.49 million.

The Ordinary Shares acquired by the EBT will be used to satisfy grants under the JSOP. Pursuant to the terms of the JSOP, the beneficial interest in the Ordinary Shares is jointly held between the relevant participant and the EBT. Participant's interests will vest in four equal tranches over one to four years followed by a holding period of two years post vesting. The JSOP interests are subject to clawback provisions.

The Board considers that the launch of the JSOP provides an appropriate opportunity for Neil Record to reduce his overall holding of Ordinary Shares, while supporting the Company's focus on planning for generational change through increased share ownership.

Neil Record is deemed to be a related party of the Company, and the loan from the Company to the EBT to fund the above transaction is therefore classified as a smaller related party transaction as defined in LR 11.1.10 R.

For further information, please contact:

Record plc Tel: +44 (0) 1753 852 222

Leslie Hill, Chief Executive Officer

Steve Cullen, Chief Finance Officer

Buchanan Tel: +44 (0) 20 7466 5000

Giles Stewart record@buchanan.uk.com

Victoria Hayns

Henry Wilson

Notes to Editors

Record plc

Founded in 1983, Record is an independent, specialist currency manager and has established a market leading position in managing Currency Hedging and Currency for Return for institutional clients.

The Group has four principal reporting lines:

- Dynamic Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain;

- Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies;

- Currency for Return, in which Record enters into currency contracts for clients with the objective of generating positive returns; and

- Multi-Product, where the client mandate includes combined hedging and return-seeking objectives.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.