F&C Event Driven Limited - Result of placing and offer for subscription

The Board of F&C Event Driven Limited (the "Company" ), a new Guernsey-domiciled closed-ended fund of hedge funds, is pleased to announce that monies totalling £75 million (before costs and expenses) have been raised pursuant to the Company's recent Placing and Offer for Subscription.

Shares in the Company will be listed on the Official List of the UK Listing Authority and trading in the shares on the main market of the London Stock Exchange plc is expected to commence at 8.00 a.m. on Friday 22 June 2007.

The ISIN number of the Shares is GG00B1XCBD98 and the SEDOL code is B1XCBD9. The Shares will trade under the mnemonic FCEV.

The investment objective of the Company is to achieve a target return of 8-12 per cent. per annum (net of costs) with a target volatility of 5-8 per cent. per annum. The Company will seek to achieve this objective by primarily investing in a portfolio which is expected, in normal market conditions, to comprise at least twenty listed and unlisted hedge funds each of which primarily follows an event driven investment strategy (i.e. an investment strategy that takes advantage of one-time events such as mergers, takeovers, reconstructions and other such corporate actions).

F&C Management Limited (the "Manager" ) is responsible for the management of the Company's assets. The Manager has delegated day-to-day responsibility for management to F&C Partners LLP. F&C Partners LLP is a limited liability partnership whose sole purpose is to manage portfolios of hedge funds. It is ultimately 60 per cent. owned by F&C Management Limited and 40 per cent. owned by the two partners and portfolio managers, Anthony Culligan and Francois Barthelemy. As at 31 March 2007 it had approximately £504 million in assets under management.

As noted in the Company's prospectus dated 4 June 2007, F&C Balanced Alpha Fund of Hedge Funds Limited (the "Balanced Fund" ), an open-ended investment company managed by F&C Partners LLP, and Friends Provident PLC had indicated that they each intended to subscribe for shares in the Company and that their aggregate shareholding at launch would comprise greater than 50 per cent., and less than 75 per cent., of the Company's initial issued share capital. The final subscription amounts of the Balanced Fund and of Friends Provident PLC were 18.75 million and 35.0 million shares respectively, giving an aggregate shareholding of 53.75 million shares.