Unaudited Statement of Results – Half Year ended 30.06.2021

SEE ATTACHMENT FOR FULL RESULTS F&C INVESTMENT TRUST PLC Unaudited Results for the half-year ended 30 June 2021 Legal Entity Identifier: 213800W6B18ZHTNG7371 Information disclosed in accordance with Disclosure Guidance and Transparency Rule 4.2 26 July 2021 F&C Investment Trust PLC ('FCIT' /the 'Company') today announces its results for the six months ended 30 June 2021. o The share price was 846.0 pence representing a total return of 8.3% while also reflecting a widening of the discount during the period. o The Net Asset Value ("NAV") per share was 927.41 pence representing a NAV total return of 12.3%; ahead of the 11.1% return of its benchmark, the FTSE All-World Index. o Our private equity exposure, which is a strong differentiator for FCIT, posted a gain of 14.2%; ahead of the returns from listed markets. o Gearing and adjustments to the fair value of debt added to the strong performance from the investment portfolio overall. Gearing was 8.8% at the end of the period. o Making use of our investment trust structure and ability to borrow to enhance returns, advantage has again been taken of low interest rates to fix ?140m of borrowings through long-term private placement loans in tranches of maturities ranging between 15 to 35 years. The average rate on structural borrowings is now below 2.4%. o Over one year's worth of dividends is held in revenue reserves and the Board is committed to a further increase in the total dividend this year. The first interim dividend of 3.0 pence for 2021 will be paid on 2 August. The Chairman, Beatrice Hollond, said: "Our revenue reserves have enabled us to withstand both the Global Financial Crisis and recent pandemic-induced restrictions on dividend pay-outs. Increases in our dividend income can be expected in the years ahead as corporates recover from the pandemic. The Board is therefore committed to a further rise in our dividend this year, which will be the 51st consecutive rise in dividends for shareholders." Commenting on the markets, Paul Niven, Fund Manager of FCIT, said: "Growth rates in the global economy and in corporate earnings are likely to exceed many of the most optimistic forecasts in 2021, as the recovery accelerates following one of the sharpest downturns in history. Growth momentum is broadening globally and, while there remain risks, the backdrop should remain favourable. The recovery in earnings growth will result, with a lag, in an upturn in corporate dividends which should help our revenue account. Beyond the near term, it seems likely that the balance of risks has shifted in favour of somewhat higher inflation. This will present challenges but modest rises in inflation, slightly higher interest rates, but still good rates of growth, present a favourable backdrop for our portfolio. In addition, while markets have been narrowly focused in terms of geographic, sectoral and stock leadership, the recovery should deliver more balanced performance." The full results statement is attached. Past performance should not be seen as an indication of future performance. The value of investments and income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. Contacts Paul Niven - Fund Manager 0207 011 4385 Campbell Hood campbell.hood@bmogam.com Tel: +44 (0)20 7011 4243 FTI Consulting bmo@fticonsulting.com Tel: +44 (0) 20 3727 1888 About FCIT: o Founded in 1868 - the oldest collective investment trust o A diversified portfolio provides exposure to most of the world's stock markets, with exposure to over 450 individual companies across the globe o Its aim is to generate long-term growth in capital and income by investing primarily in an international portfolio of listed equities Chairman's Statement Markets and performance Optimism over vaccine efficacy and the speed of its deployment during the first six months of the year led to a positive reassessment of the prospects for the global economy and corporate sector. Disappointing growth in emerging markets, including China, was in sharp contrast to the developed economies however, where positive sentiment buoyed equity markets. Against that background, we delivered a Net Asset Value ('NAV') total return of 12.3%, which was ahead of the 11.1% return of our benchmark, the FTSE All World Index. A widening in the Company's discount from 5.4% to 8.8% however, resulted in a lower share price total return of 8.3%. The NAV per share closed at 927.41 pence by comparison with 831.78 pence at the end of 2020. Our underlying investment portfolio delivered a strong return of 10.7%, though this slightly lagged the market benchmark. A strong feature of our investment trust structure is the ability to use borrowings to enhance returns and it is pleasing to report that the impact of our gearing and adjustments to the fair value of our debt were accretive; adding 1.2% and 0.6% respectively. We had started the year with a gearing level of 8.0% and ended the first half at 8.8% having once again taken advantage of historically low interest rates to fix an additional ?140m of borrowings through long-term private placement loans. These have maturities ranging between 15 and 35 years and were drawn down in late June. The blended rate of this latest issue of debt is 2.2% and it takes the average rate on our borrowings below 2.4%. Our private equity holdings posted strongly positive returns, gaining by 14.2%, exceeding returns from our listed assets. This exposure offers differentiated investments into unlisted opportunities and, having continued to make selective commitments, our allocation to this area was 9.3% at 30 June 2021. Our new programme with Pantheon, focusing on leading growth and venture opportunities globally, is progressing well with over half of the planned $180m commitment now invested. Income and Dividends We paid a third interim dividend of 2.9 pence per share for the year ended 31 December 2020 in February 2021, and a final dividend of 3.4 pence in May. In helping to fund the full-year dividend payment of 12.1p, we drew down 2.4 pence per share from our Revenue Reserve. We envisage increases in our dividend income in the years ahead as companies recover from the pandemic and have already seen some recovery in our revenue. Indeed, for the first six months of the year our net revenue return rose by 2.1% to 5.86p in comparison to 5.74p over the same period last year; despite the detrimental impact of ?2.2m from the rise in sterling in the period (half year to 30 June 2020: positive impact of ?0.5m). Special dividends were ?0.6m; down from ?0.7m. While we expect our income to rise over the year as a whole, there is still significant uncertainty over the timing and magnitude of recovery in corporate dividend payments and, as in 2020, it is unlikely that our income will cover the full annual dividend payment to the shareholders. For 2021, we therefore expect to fund a portion of the annual payment from our Revenue Reserve which holds over one full year's worth of annual dividends. This reserve has enabled us to withstand many an economic downturn, including the Global Financial Crisis, and holds us in very good stead in continuing to deliver growth in dividends for our shareholders. It is a unique advantage, amongst others, which investment trust companies hold over open ended funds. The Board is therefore committed to a further rise in our dividend this year, which will be the 51st consecutive rise in total dividend for shareholders. Responsible Investing Earlier in the year we announced our commitment to transition our portfolio to net zero carbon emissions by 2050 and recognise the need to deliver on this even earlier, where we can, by way of stretching but realistic targets. We are currently working with our Manager on a roadmap that will incorporate shorter term metrics to ensure that, over the medium term, the Company makes measurable progress towards its objective. As a general rule, we believe that engaging with companies is best in the first instance rather than simply divesting or excluding investment opportunities, not least as withdrawal of capital may simply transfer underlying challenges to investors who are less willing, or able, to engage effectively with companies. Our Manager will therefore continue to carry out strong engagement with investee companies and hold them to account for commitments they make and press them on having clear and credible pathways to meet their interim and longer term targets. Thus far, we have imposed only limited investment exclusions but will keep this under review in cases where engagement does not produce the outcomes that meet with our own net zero expectations quickly enough. Shareholders can expect an even greater focus from us on responsible investment in all aspects of the portfolio as we move forward. The Board Sir Roger Bone retired at the conclusion of this year's AGM. I would like to thank him for the significant contribution that he made throughout his time on the Board and we wish him well. Roger was replaced by Rain Newton-Smith and this change continues our planned Board refreshment, reflecting our continuing focus on maintaining the highest level of skills and knowledge on the Board. BMO/Columbia Threadneedle You may be aware that the Bank of Montreal, the ultimate parent company of your Company's Manager, BMO Investment Business Limited, has announced an intention to sell its asset management business covering Europe, the Middle East and Africa to Ameriprise Financial Inc., the parent company of Columbia Threadneedle. Details have not yet been finalised and published but both companies have confirmed that they expect little change for most clients. The Board welcomes that assurance of continuity and will, of course, ensure that shareholders are kept informed as further details become available. Outlook Despite ongoing disruption to daily life and to many segments of the economy, a strong recovery is now underway, with many of the major developed economies expected to recoup lost output by the end of this year. With hopes for a return to normality growth rates should settle to a more sedate level next year. While equity markets and the global economy have recovered quickly from the effects of the global pandemic, there will be longer lasting implications for investors. Thus far, increasing inflationary pressures have been largely attributed to bottlenecks, a number of which relate to disruptions in the global supply chain. The prospect of higher inflation and interest rates present both risks to equity market valuations and opportunities through a broadening of performance within the market. As ever, our flexible and diversified approach and our long term perspective leaves us well placed to continue to deliver growth in both capital and income for shareholders. Beatrice Hollond Chairman 26 July 2021 End CA:00376150 For:FCT Type:HALFYR Time:2021-07-26 08:30:33