Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

F&C Commercial Property Trust Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Friends Life Group Limited

4. Full name of shareholder(s)  (if different from 3.):iv

Full list of shareholders is set out in response to Question 9 below.

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

25 June 2014

6. Date on which issuer notified:

27 June 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

25%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares of 1p each

189,773,871

189,773,871

189,378,871

189,378,871

-

24.96%

-

GG00B4ZPCJ00

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

189,378,871

24.96%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Friends Life Limited - 24.41% (185,195,018 shares)

Held by other Group subsidiaries - 0.55%

- Friends Life Limited is controlled by Friends Life FPL Limited

- Friends Life FPL Limited is controlled by Friends Life FPG Limited

- Friends Life FPG Limited is controlled by Friends Life Holdings plc

- Friends Life Holdings plc is controlled by FLG Holdings Limited

- FLG Holdings Limited is controlled by Resolution Holdco No.1 LP

- Resolution Holdco No.1 LP is controlled by Friends Life Group Limited

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

Notification using the total voting rights figure of 758,715,702

14. Contact name:

Victoria Hames, Company Secretary

15. Contact telephone number:

0845 6417844