Reduction of Capital

Cancellation of Share Premium Account

F&C PRIVATE EQUITY TRUST PLC

(Registered Number SC179412)

Notice is hereby given that a Petition was presented on 29 March 2006 to the Court of Session, at the instance of F&C Private Equity Trust plc, a company incorporated in Scotland under the Companies Act 1985 with Registered Number SC179412 and having its registered office at 80 George Street, Edinburgh ( the "Company") craving inter alia an order confirming the cancellation of the Company's share premium account resolved upon by special resolution passed on 9 August 2005 in which Petition Lord Clarke by interlocutor dated 29 March 2006 appointed the company to give notice of the dependence of the Petition by advertisement once in each of the Edinburgh Gazette and the Scotsman newspapers and appointed all parties claiming an interest to lodge Answers to the Petition, if so advised, at the Office of Court, Court of Session, 2 Parliament Square, Edinburgh EH1 1RQ, within 21 days of such advertisement; all of which notice is hereby given.

Dundas & Wilson CS LLP, Agent for the Petitioner.

Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN