Net Asset Value(s)

To: Company AnnouncementsDate: 28 April 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 March 2015 was 93.3 pence. This represents an increaseof 2.7 per cent from the net asset value per share as at 31 December 2014 of90.8 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 March 2015and is calculated afterdeduction of all dividends paid prior to that date. It does not include aprovision for the dividend for the quarter to 31 March 2015 which is expectedto be paid in June 2015. Share Price The share price was 102.5 pence per share at 31 March 2015, which represented apremium of 9.9 per cent to the NAV per share announced above. The share pricetotal return for the quarter was 10.4 per cent. 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 from 31 December 2014 to 31 March2015. Pence % of per opening share NAV Net asset value per share as at 31 December 2014 90.8 Unrealised movement in valuation of property portfolio 2.4 2.6*(including the effect of gearing) Movement in interest rate swap valuation 0.4 0.4 Movement in revenue reserves (0.3) (0.3) Net asset value per share as at 31 March 2015 93.3 2.7 * The un-geared increase in the valuation of the property portfolio over thequarter to 31 March 2015 was 1.8%. The net gearing as at 31 March 2015 was 30.2%# # Bank debt (less net current assets, excluding swap liability) divided by fairvalue of investment properties Portfolio Analysis £m % of % capital portfolio value as movement at 31 in quarter March 2015 Offices 95.2 28.9 1.4 West End 24.0 7.3 1.1 South East 35.9 10.9 2.6 Rest of UK 35.3 10.7 0.6 Retail 70.7 21.5 1.7 West End 5.8 1.8 3.1 Rest of London 6.7 2.0 2.3 South East 19.8 6.0 2.0 Rest of UK 38.4 11.7 1.3 Industrial 86.5 26.2 3.1 South East 85.4 25.9 3.1 Rest of UK 1.1 0.3 - Retail Warehouse 76.9 23.4 1.0 Rest of London 7.9 2.4 1.3 Rest of UK 69.0 21.0 1.0 Total Property 329.3 100.0 1.8 Property Purchases and Sales On 27 March 2015, IPT Property Holdings Limited, a subsidiary of FCRE,purchased an office in Nottingham for £3.25 million, at a net initial yield of7.14 per cent. The property is let to three separate tenants for 10 years at£246,858 per annum. There were no other purchases or sales in the quarter. Summary Balance Sheet £m Pence % of per Net share Assets Property Portfolio per Valuation Report 329.3 140.8 151.0 Adjustment for lease incentives (5.5) (2.4) (2.5) Fair Value of Property Portfolio 323.8 138.4 148.5 Cash 5.1 2.2 2.3 Trade and other receivables 6.4 2.7 2.9 Trade and other payables (6.4) (2.7) (2.9) Interest-bearing loan (103.0) (44.0) (47.2) Interest rate swap (7.8) (3.3) (3.6) Net Assets at 31 March 2015 218.1 93.3 100.0 The property portfolio will next be valued by an external valuer duringJune 2015 and the net asset value per share as at 30 June 2015 will be announcedin July 2015. Enquiries:The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt PeterPortGuernseyGY1 3QLTel: 01481 745001Fax: 01481 745051 Ian McBrydeScott MacraeF&C Investment Business LtdTel: 0207 628 8000Fax: 0131 225 2375