Record Regulatory News (REC)

20 APRIL 2012

RECORD PLC

FOURTH QUARTER TRADING UPDATE

Record plc ("Record" or the "Company"), the specialist currency manager, announces today that as at 31st March 2012 the Group's assets under management equivalents ("AuME") totalled $30.9 billion (31st December 2011: $25.4 billion).

AuME expressed in Sterling as at 31st March 2012 totalled £19.3 billion (31st December 2011: £16.4 billion).

The Board anticipates that pre tax profits for the financial year ended 31st March 2012 will be approximately £6.5 million.

1. AuME composition

Record saw an overall increase in AuME when expressed in both US Dollars and Sterling during the period between 31st December 2011 and 31st March 2012, largely due to an increase in Passive Hedging which includes the start of the Swiss mandate as previously announced. The composition of AuME at 31st March 2012 was as follows:

Note 1: This includes $0.8 billion of Emerging Market strategies (31st December 2011 $0.8 billion).

In early April, the largest remaining investor in the Active Forward Rate Bias Pooled Currency for Return fund (Cash Plus) redeemed its investment. This has led to the closure of the fund as the remaining fund size was unviable, with other investors either redeeming or switching into other pooled funds. Record continues to offer pooled funds in Passive Forward Rate Bias, Emerging Market and Euro Stress strategies, as well as segregated Active Forward Rate Bias mandates that maintain this product's live track record.

2. AuME MOVEMENT

Net client AuME flows in the three months to 31st March 2012 by product were as follows:

Record had 41 clients at 31st March 2012, up a net one in the quarter.

The factors other than client flows which have impacted AuME during the quarter, totalling $1.9 billion, were:

(i) Movements in global stock and other markets: $1.3bn 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: $0.6bn Exchange rate movements during the period affect the conversion of non-US Dollar mandate sizes into US Dollar AuME;

(iii) Pooled fund investment performance: $-bn Investment returns are compounded on a geared basis into the AuME of the pooled funds and so impact AuME.

Our Dynamic Hedging programmes performed as expected for US clients during the quarter. A trend of a strengthening US Dollar that started at the end of 2011 was interrupted at the beginning of the quarter as the US Dollar weakened against most developed market currencies. This weakness was reversed towards the end of the quarter as the US Dollar recovered most of the lost ground. Although the overall performance for the quarter was negative, our Dynamic Hedging programmes captured a substantial portion of the foreign currency strength in January and partially protected against weakness of foreign currencies in March.

For UK-based Dynamic Hedging clients, Sterling appreciated steadily throughout the quarter against the basket of developed market currencies and especially against the US Dollar and Japanese Yen. Our Dynamic Hedging programmes performed as expected generating positive performance and creating protection against the weakness of foreign currencies.

Investment performance in Record's established Active Forward Rate Bias (FRB) product was positive during the quarter ending 31st March 2012 and for an un-geared portfolio equated to a positive return of 1.63% over the quarter (3 months to 31st December 2011: positive return of 0.03%). This compares to a positive return in the quarter of 2.01% for the FTSE Currency FRB10 index (excess return in Sterling). The FRB10 index has outperformed the active FRB product principally because of the index's greater exposure to less liquid currencies and absence of risk management costs.

Investment performance in Record's systematic Emerging Market product was positive during the quarter ending 31st March 2012 and for an un-geared portfolio equated to a positive return of 6.42% over the quarter (3 months to 31st December 2011: negative return of -0.29%). This product will reach the third anniversary of its live track record in November 2012.

3. AVERAGE FEE RATES

During the quarter to 31st March 2012, fee rates for all products remained broadly unchanged from the previous quarter. The increase in AuME is largely due to Passive Hedging and as such the impact on income will be less significant.

4. CHIEF EXECUTIVE'S COMMENT

Chief Executive James Wood-Collins, commenting on trading, said "It is pleasing to see AuME rise in the quarter and we believe that the business is well positioned to secure further hedging mandates in the coming financial year.

"We continue to see heightened interest in Dynamic Hedging in both the UK, albeit in a more competitive environment, and in North America. Whilst it is disappointing not to have yet secured any further mandates, we remain committed to marketing and promoting this product in all these markets. In the US we are optimistic that in the coming financial year we will start to see the benefit of our investment in a local sales executive. We also continue to be confident about the appeal of our Passive Hedging product, in particular to Swiss clients."

Record will announce its financial results for the year ended 31st March 2012 on 12th June 2012 and its first quarter trading update on 17th July 2012.

For further information, please contact:

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

James Wood-Collins

Paul Sheriff

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:

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

- Dynamic Hedging, formerly known as Active 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; and

- 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.

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.