Record Regulatory News (REC)

RECORD PLC

FOURTH QUARTER TRADING UPDATE

Record plc ("Record" or the "Company"), the specialist currency manager, announces today that as at 31st March 2013 the Group's assets under management equivalents ("AUME") totalled $34.8 billion (31st December 2012: $34.0 billion).

AUME expressed in Sterling as at 31st March 2013 totalled £22.9 billion (31st December 2012: £20.9 billion).

1. AUME composition

Record saw an overall increase in AUME when expressed in both US Dollars and Sterling during the period between 31st December 2012 and 31st March 2013. The composition of AUME at 31st March 2013 was as follows:

Note 1: This includes $0.8 billion of Emerging Market strategies (31st December 2012: $0.8 billion).

Since 31st March 2013, Record has started a new combined passive and dynamic hedging programme for a UK client with AUME totalling approximately $1.7 billion, including a performance fee element. The combination of strategies across this new programme ensures the blended management fee rate is at a small premium to Record's average passive hedging management fee rate.

2. AUME Movement

Net client AUME flows in the three months to 31st March 2013 by product were as follows:

Record had 44 clients at 31st March 2013, compared with 45 at 31st December 2012.

The factors other than client flows which have impacted AUME during the quarter, totalling $0.6 billion, were:

(i) Movements in global stock and other markets: +$1.8bn 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: -$1.2bn 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 continued strengthening during the quarter especially against the Japanese Yen and as a result the quarterly performance was positive.

For UK-based Dynamic Hedging clients the programmes also performed as expected. Sterling reversed its previously established trend and weakened during the quarter and the Dynamic Hedging programmes were able to capture most of the overseas currencies' strength.

Investment performance in Record's established Active Forward Rate Bias (FRB) product was positive during the quarter ending 31st March 2013 and for an ungeared portfolio equated to a positive return of 1.01% over the quarter (3 months to 31st December 2012: positive return of 1.20%). This compares to a positive return in the quarter of 2.25% for the FTSE Currency FRB10 index (excess return in Sterling).

Investment performance in Record's Emerging Market product was positive during the quarter ending 31st March 2013 and for an un-geared portfolio equated to a positive return of 4.22% over the quarter (3 months to 31st December 2012: positive return of 3.57%).

3. AVERAGE FEE RATES

During the quarter to 31st March 2013, fee rates for all products remained broadly unchanged from the previous quarter.

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 $0.2 billion from existing mandates. In total AUME have increased by $3.9 billion (13%) over the 12 month period to 31st March 2013.

"It is pleasing to be able to report an additional UK hedging mandate since the period end. Furthermore, we continue to participate in a number of formal procurement processes, particularly for Passive Hedging in Switzerland, as highlighted in the third quarter trading update. Although such processes in general are taking longer to conclude than has historically been the case, and the environment continues to be competitive, we are hopeful that we will be successful in securing additional mandates in the first half of the new financial year.

"Encouraging engagement also continues with prospective clients and investment consultants in North America across our product range. Whilst the timing of any formal procurement processes is uncertain we are hopeful that further progress can also be made in this market in the new financial year."

Record will announce its financial results for the year ended 31st March 2013 on 11th June 2013 and its first quarter trading update on 19th July 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

Record plc

Record is a specialist currency manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency manager. Specifically, the Group has a leading position in managing Dynamic Hedging and Currency for Return for institutional clients.

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.