Record Regulatory News (REC)

RECORD PLC

FIRST QUARTER TRADING UPDATE

Record plc ("Record" or the "Company"), the specialist currency manager, announces today that as at 30th June 2013 the Group's assets under management equivalents ("AUME") totalled $36.3 billion (31st March 2013: $34.8 billion).

AUME expressed in Sterling as at 30th June 2013 totalled £23.9 billion (31st March 2013: £22.9 billion).

1. AUME composition

Record saw an overall increase in AUME when expressed in both US Dollars and Sterling during the period between 31st March 2013 and 30th June 2013. The composition of AUME at 30th June 2013 was as follows:

Note 1: This includes $0.8 billion of Emerging Market strategies (31st March 2013: $0.8 billion).

2. AUME Movement

Net client AUME flows in the three months to 30th June 2013 by product were as follows:

Record had 45 clients at 30th June 2013, compared with 44 at 31st March 2013.

The factors other than client flows which have impacted AUME during the quarter, totalling -$0.2 billion, were:

(i) Movements in global stock and other markets: -$0.2bn Substantially all the Passive and Dynamic Hedging, and some of the Currency for Return mandates are linked to stock and other market levels. Consequently AUME is affected by movements in these markets;

(ii) Exchange rate movements: $-bn Exchange rate movements during the period affect the conversion of non-US Dollar mandate sizes into US Dollar AUME.

Our Dynamic Hedging programmes performed as expected for US clients during the quarter. The US Dollar strengthened against the basket of currencies in May and it was sufficient to offset weakness during April and June. The Dynamic Hedging programmes outperformed during the quarter as a result of positive performance in May.

For UK-based Dynamic Hedging clients the programmes also performed as expected. Sterling strengthened during April and gave up most of the gains towards the quarter end. The Dynamic Hedging programmes were able to generate outperformance as Sterling strengthened and allowed clients to capture value as the overseas currencies appreciated towards the quarter end.

Investment performance in Record's established Active Forward Rate Bias (FRB) product was negative during the quarter ending 30th June 2013 and for an ungeared portfolio equated to a negative return of 1.18% over the quarter (3 months to 31st March 2013: positive return of 1.01%). This compares to a negative return in the quarter of 3.87% for the FTSE Currency FRB10 index (excess return in Sterling).

Investment performance in Record's Emerging Market product was negative during the quarter ending 30th June 2013 and for an un-geared portfolio equated to a negative return of 2.04% over the quarter (3 months to 31st March 2013: positive return of 4.22%).

Investment performance in Record's Multi-Strategy product, which reaches its 12 month live track record in July 2013, was marginally negative during the quarter ending 30th June 2013 and for an un-geared portfolio equated to a negative return of 0.15% over the quarter (3 months to 31st March 2013: positive return of 2.00%). Performance since inception (31st July 2012) has been in line with expectations at 3.38% for the eleven months to 30th June 2013.

3. AVERAGE FEE RATES

During the quarter to 30th June 2013, management fee rates for our Passive Hedging and Currency for Return products remained broadly unchanged from the previous quarter.

The average management fee rate for our Dynamic Hedging product fell slightly as a result of the commencement of a new mandate with both management and performance fee components. There have been no changes to fee rates for existing mandates.

4. CHIEF EXECUTIVE'S COMMENT

Chief Executive James Wood-Collins, commenting on trading, said "Overall AUME increased once again during the period, including net inflows of $1.7 billion from a new mandate previously announced in the prior quarter.

"Our selection, subject to contract, for a Passive Hedging mandate of approximately $8 billion to $10 billion in size, as announced on 3rd June 2013, is continuing on-track to start during the fourth calendar quarter, and is a pleasing start to the financial year.

"We continue to engage with prospective clients and investment consultants in North America and Europe, receiving interest across our product range, and participating in procurement processes. We are hopeful that continued progress can be made in the current financial year."

Record will announce its second quarter trading update on 18th October 2013.

For further information, please contact:

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

James Wood-Collins

Steve Cullen

MHP Tel: +44 (0) 20 3128 8100

Nick Denton

John Olsen

Vicky Watkins

Notes to Editors

The Group has three principal product 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; and

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

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.