F&C UK REAL ESTATE INVESTMENTS LIMITED To: RNS From: F&C UK Real Estate Investments Limited Date: 25 November 2014 CONVERSION TO UK REIT As noted in the annual report and financial statements for the year ended 30 June 2014 the Board of F&C UK Real Estate Investments Limited (the "Company") recently completed a review of the tax efficiency of the Company's present structure and concluded that it would be in the best interests of Shareholders taken as a whole ifthe Company becomes a UK based real estate investment trust (a "REIT"). Accordingly, the Company has today published a circularto Shareholders (the "Circular")in connection with the proposals for the Company to become tax resident in the UK for the purposes of entering into the UK REIT regime (the "Proposals") and proposing resolutions to approve the necessary amendments to the Company's articles of incorporation (the "Articles") in connection with the Proposals and a related party transaction in relation to Friends Life Limited's substantial shareholding in the Company under the REIT regime. The Proposals are conditional on Shareholders approving the resolutions to be proposed at the General Meeting and are expected to become effective in January 2015. The General Meeting will be held at 9.00 a.m. on 19 December 2014 at Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL. A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. All enquiries to: The Company Secretary Northern Trust International Fund Administration Services (Guernsey)Limited Trafalgar Court Les Banques St. Peter Port Guernsey GY1 3QL Tel: 01481 745324 Fax: 01481 745051
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