Update on REIT Conversion

F&C COMMERCIAL PROPERTY TRUST LIMITED

LEI: 213800A2B1H4ULF3K397

29 March 2019

UPDATE ON REIT CONVERSION

As noted in the interim report for the period ended 30 June 2018, the Board is proposing that the Company and its subsidiaries take the necessary steps to enter into the UK REIT regime (the "Proposals").

The Board has been progressing the necessary documentation in relation to the Proposals. The completion of the Proposals will be subject to regulatory, bank and shareholder approval.

Whilst positive progress has been made on gaining the necessary approvals, the Company is now aiming for the REIT conversion to take place during the second quarter of 2019.

For further information please contact:

Richard Kirby
Scott Macrae
BMO REP Asset Management plc
Tel: [phone]

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