Net Asset Value(s)

To:       Company Announcements
Date:     29 October 2014
Company:  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 Investments
Limited ("FCRE") as at 30 September 2014 was 87.1pence. This represents an
increase of 4.4per cent from the net asset value per share as at 30 June2014 of
83.4pence.

The net asset value is based on the external valuation of the Group's property
portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting
Standards ("IFRS").

The net asset value includes all income to 30 September 2014and is calculated
after deduction of all dividends paid prior to that date. It does not include a
provision for the dividend for the quarter to 30 September 2014 which is
expected to be paid in December2014.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period from30 June 2014 to 30 September
2014.

                                                          Pence     % of
                                                            per  opening
                                                          share      NAV
                                                                        
Net asset value per share as at 30 June 2014               83.4         
                                                                        
Unrealised movement in valuation of property portfolio      3.8     4.6*
(including the effect of gearing)                                       
                                                                        
Movementin interest rate swap valuation                     0.2      0.2
                                                                        
Movement in revenue reserves                              (0.3)    (0.4)
                                                                        
Net asset value per share as at 30 September 2014          87.1      4.4

* The un-geared increase in the valuation of the property portfolio over the
quarter to 30 September2014 was 3.0%.

The net gearing as at 30 September 2014 was 31.6%#

# Bank debt (less net current assets, excluding swap liability) divided by fair
value of investment properties

Portfolio Analysis                                £m          % of  % capital
                                                      portfolio as      value
                                                             at 30   movement
                                                     September2014 in quarter
                                                                             
Offices                                         88.4          28.3        4.1
                                                                             
West End                                        23.0           7.4        4.3
                                                                             
South East                                      33.6          10.7        3.2
                                                                             
Rest of UK                                      31.8          10.2        4.8
                                                                             
Retail                                          69.8          22.3        0.7
                                                                             
West End                                         5.5           1.8        5.8
                                                                             
Rest of London                                   6.4           2.0        3.5
                                                                             
South East                                      19.1           6.1        1.8
                                                                             
Rest of UK                                      38.8          12.4      (1.0)
                                                                             
Industrial                                      80.5          25.8        4.3
                                                                             
South East                                      79.4          25.4        4.4
                                                                             
Rest of UK                                       1.1           0.4          -
                                                                             
Retail Warehouse                                73.6          23.6        2.4
                                                                             
Rest of London                                   7.4           2.4          -
                                                                             
Rest of UK                                      66.2          21.2        2.7
                                                                             
Total Property                                 312.3         100.0        3.0

The property portfolio will next be valued by an external valuer during
Decembe r2014 and the net asset value per share as at 31 December 2014 will be
announced in January 2015.

Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St PeterPort
Guernsey
GY1 3QL
Tel: [phone]
Fax: [phone]

Ian McBryde
Scott Macrae
F&C Investment Business Ltd
Tel: [phone]
Fax: [phone]