F&C COMMERCIAL PROPERTY TRUST LIMITED

    21 JUNE 2016

    UPDATE ON GROUP FINANCING

    The Board is pleased to announce that it has agreed amended financing
    arrangements with Barclays Bank PLC ("Barclays") to the existing £50 million
    term loan facility between SCP Estate Holdings Limited, a wholly owned
    subsidiary of the Company, and Barclays which was repayable in June 2017. The
    amended arrangements extend the repayment date of the £50 million term loan
    facility to 21 June 2021.  In addition the Board has agreed an additional
    revolving credit facility of £50 million with Barclays over the same period, to
    be used for ongoing working capital purposes and to provide the Group with the
    flexibility to acquire further property should the opportunity arise.

    Following this refinancing, the Group's available borrowings comprise a £260
    million term loan with Legal & General Pensions Limited, with a maturity date
    of 31 December 2024, and the £50 million term loan facility provided by
    Barclays together with the undrawn £50 million revolving credit facility. The
    current drawn down borrowings amount to £310 million and represent 22.3 per
    cent of the total assets of the Group as at 31 March 2016.

    The Group terminated its existing interest rate hedging arrangements entered
    into in connection with the Barclays facility (which had previously been
    accounted for as a liability, net of accrued interest, of £1.4 million as at 31
    March 2016) at a cost of £1.4 million. The Group has entered into a new £50
    million interest rate swap in connection with the extended Barclays term
    facility which has fixed interest payable at 2.5 per cent. per annum, a
    reduction on the interest rate of the previous Barclays facility which was 4.9
    per cent per annum.

    The weighted average interest rate on the Group's total current borrowings is
    3.3 per cent. The weighted average interest rate on the Group's total
    borrowings has therefore fallen by 0.3 per cent. following the refinancing.

    All enquiries to:

    Richard Kirby
    Scott Macrae
    F&C Investment Business Limited
    Tel: 0207 628 8000

    The Company Secretary
    Northern Trust International Fund Administration Services (Guernsey) Limited
    Trafalgar Court
    Les Banques
    St Peter Port
    Guernsey GY1 3QL
    Tel:  01481 745001