Fourth Quarter Trading Update

Record PLC
22 April 2008

                                                                
                                                                 22nd April 2008
                                   
                                    RECORD PLC

                         FOURTH QUARTER TRADING UPDATE


Record plc ('Record' or the 'Company'), the specialist currency investment
manager, announces today that as at 31st March 2008 its assets under management
equivalents ('AuME') totalled $55.7 billion (31st December 2007: $54.8 billion).


1 AuME composition

The composition of the AuME at 31st March 2008 was as follows:

                                   AuME $ bn
                                          31 March 2008       31 December 2007
Absolute Return
Segregated                                14.1                  13.3
Pooled                                    14.9                  15.4
                                        -------               -------
Absolute Return Sub Total                             29.0                28.7
Active Hedging                                         5.0                 4.3
Passive Hedging                                       18.3                18.5
Cash & futures                                         3.4                 3.3
Total                                                 55.7                54.8


2 AuME Growth

Record continued to grow AuME and client numbers during the period between 31st
December 2007 and 31st March 2008. Net client inflows in the three months to
31st March 2008 by product were as follows:

                         Net AuME Inflows - $ millions
                        3 mths to 31 March 2008     3 mths to 31 December 2007
Absolute Return
Segregated                 875                              744
Pooled                   1,098                            1,571
                        -------                          ------- 
Absolute Return Sub
Total                                       1,973                       2,315
Active Hedging                                434                          83
Passive Hedging                               697                        (321)
Cash & futures                                229                         245
Total                                       3,333                       2,322

Record had 141 clients as at 31st March 2008, compared to 127 at 31st December
2007.

The growth in client numbers and the net AuME inflows set out above have been
significantly offset by other movements in AuME. The offsetting amount is the
result of three factors:


(i)  Record's AuME is affected by falls in the levels of global stock and other 
     markets, as substantially all the Passive and Active Hedging, and some of 
     the Absolute Return, mandate sizes are linked to stock and other market 
     levels;

(ii) investment performance in the Company's pooled funds, which is compounded 
     on a geared basis into the AuME in those funds; and

(iii)changes in exchange rates over the period, which affect the
     conversion of non-US dollar mandate sizes into US dollar AuME.

Of these factors, which were broadly equal in absolute terms, (i) and (ii) had a
negative impact on the Company's AuME set out above over the period; and (iii)
contributed positively.

Two new Active Hedging clients were gained during the period. Indications are
that certain groups of potential client may seek to protect existing gains or
limit currency risk on portfolios denominated in currencies other than their
base currencies by choosing to hedge their currency exposures actively rather
than passively. If these indications are sustained and translated into new
client business for Record, this is likely to alter the overall mix of AuME in
Record's business by increasing Active Hedging AuME both absolutely and as a
proportion of the total.


3 INVESTMENT PERFORMANCE

Investment performance in the Company's absolute return product in the three
months to 31st March 2008 remained weak, as currency markets continued to
exhibit the patterns of behaviour of the previous six months, which are
challenging for Record's systematic strategies. However, while this environment
has now lasted longer than on many previous occasions, it is not unprecedented,
and Record's directors continue to have confidence in the investment process.
The Company continues to keep its clients and their investment consultants
closely informed.


4 AVERAGE FEE RATES

During the three months to 31st March 2008 a higher proportion than formerly of
the new client inflows to Absolute Return AuME have had fee structures with
performance fees. Consequently, the average level of management fees on new
Absolute Return mandates is lower than the average level of management fees on
existing Absolute Return mandates. This will benefit the Company when
performance returns.

Management fees:

Realised fee rates by product and by fee structure were maintained during the
fourth quarter. Fee rates on aggregate AuME reflect the mix of product AuME
contained in the total. In the quarter ended 31st March 2008, growth in both
Active Hedging AuME and in AuME of Segregated Absolute Return funds has offset
the combined downward impact of falling AuME of Pooled Absolute Return funds and
the increasing preference for fee structures with performance fees on new
Absolute Return mandates. The net effect of these developments is that overall,
average fee rates achieved during the quarter on aggregate AuME were in line
with management expectations and with the rates historically achieved.

Performance fees:

No significant performance fees were earned during the quarter to 31st March
2008. Since clients will not be charged performance fees until fund valuations
exceed the high water mark at which performance fees were last charged, Record
does not expect to earn significant performance fees in the year to 31st March
2009 from existing clients last charged on the highs of mid year 2007.
Performance fees will be charged earlier in the case of more recent and future
clients adopting performance fee structures, as high water marks are set at
inception, rather than historic levels.


5 CHAIRMAN'S COMMENTS

Chairman and CEO Neil Record, commenting on trading and the Company's prospects,
said 'We are continuing to develop the business with new clients and additional
AuME, despite the challenging environment and this period of weak performance in
our absolute return investment process. We are supported by the strength of our
five-year absolute return track record, by the high quality relationships we
have developed with investment consultants and with our clients, and by the
ongoing secular growth of currency management amongst our institutional client
base.'

The announcement of Record's preliminary results for the year to 31st March 2008
will be made on 3rd June.

For further information, please contact:

Record plc                                          Tel: [phone]
Neil Record
Mike Timmins

Hogarth                                             Tel: [phone]
Nick Denton
Julian Walker


Notes to Editors

Record plc

Record plc is a specialist currency investment manager and provider of currency
hedging services for institutional clients. Founded in 1983, Record has
established a market leading position as a currency asset manager. Specifically,
the Group has a leading position in managing currency for absolute return for
institutional clients, a new asset class which the Directors expect to continue
to increase in popularity with institutional investors, including defined
benefit pension schemes, both in the United Kingdom and overseas.

The Group has three principal product lines:

    - currency for absolute return, in which Record enters into currency
      contracts for clients with the objective of generating positive returns;

    - active hedging, where Record seeks to eliminate the impact of currency
      movements on elements of clients' investment portfolios that are 
      denominated in foreign currencies when these movements are expected to 
      result in an economic loss to the client, but not to do so when they are 
      expected to result in an economic gain; and

    - passive hedging, where Record seeks to eliminate fully the economic impact 
      of currency movements on elements of clients' investment portfolios that
      are denominated in foreign currencies.


Record (LSE: REC) was listed on the London Stock Exchange on 3rd December 2007.

This announcement includes information with respect to Record's financial
condition, its results of operations and business, strategy, plans and
objectives. All statements in this document, other than statements of historical
fact, including words such as 'anticipates', 'expects', 'intends', 'plans',
'believes', 'seeks', 'estimates', 'may', 'will', 'continue', 'project' and
similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of the Company's future
performance and are subject to risks, uncertainties and assumptions that could
cause the actual future results, performance or achievements of the Company to
differ materially from those expressed in or implied by such forward-looking
statements.

The forward-looking statements contained in this document are based on numerous
assumptions regarding Record's present and future business and strategy and
speak only as at the date of this announcement.

The Company expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained in this
announcement whether as a result of new information, future events or otherwise.



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