Net Asset Value(s)

To: Company AnnouncementsDate: 21 January 2015Company: 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 31 December 2014 was 90.8 pence. This represents anincrease of 4.2 per cent from the net asset value per share as at 30 September2014 of 87.1 pence. 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 31 December 2014 and is calculatedafter deduction of all dividends paid prior to that date. It does not include aprovision for the dividend for the quarter to 31 December 2014 which isexpected to be paid in March 2015. 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 September 2014 to 31December 2014. Pence % of per opening share NAV Net asset value per share as at 30 September 2014 87.1 Unrealised movement in valuation of property portfolio 3.9 4.4*(including the effect of gearing) Movement in revenue reserves (0.2) (0.2) Net asset value per share as at 31 December 2014 90.8 4.2 * The un-geared increase in the valuation of the property portfolio over thequarter to 31 December 2014 was 3.0%. The net gearing as at 31 December 2014 was 30.7%# # Bank debt (less net current assets, excluding swap liability) divided by fairvalue of investment properties Portfolio Analysis £m % of % capital portfolio value as at 31 movement December in quarter 2014 Offices 90.8 28.3 2.8 West End 23.7 7.4 3.2 South East 34.9 10.9 4.1 Rest of UK 32.2 10.0 1.0 Retail 69.5 21.7 1.3 West End 5.7 1.8 2.7 Rest of London 6.5 2.0 2.7 South East 19.4 6.1 1.3 Rest of UK 37.9 11.8 0.9 Industrial 83.9 26.2 4.2 South East 82.8 25.8 4.2 Rest of UK 1.1 0.4 - Retail Warehouse 76.2 23.8 3.4 Rest of London 7.9 2.5 6.1 Rest of UK 68.3 21.3 3.1 Total Property 320.4 100.0 3.0 The property portfolio will next be valued by an external valuer during March2015 and the net asset value per share as at 31 March 2015 will be announced inApril 2015. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLTel: 01481 745001Fax: 01481 745051 Ian McBrydeScott MacraeF&C Investment Business LtdTel: 0207 628 8000Fax: 0131 225 2375