Change of Adviser

Insight Foundation Property Tst Ltd
31 August 2006


This document is not for release, publication or distribution in or into the
United States, Canada, Australia or Japan

    Insight Investment, the manager of the Insight Foundation Property Trust
    announces its intention to IPO its real estate fund management business.
                                       &
  The Insight Foundation Property Trust announces its agreement to novate the
Investment Management contract to the newly created property investment manager.


                                                                31st August 2006

Insight Investment Management ('Insight'), the asset management business of HBOS
plc ('HBOS'), today announced its decision to spin-off and IPO its real estate
fund management division on AIM to become an independently listed Real Estate
Fund Manager. It is intended that the IPO will be completed before the end of
September 2006. The new company will be called Invista Real Estate Investment
Management Holdings plc ('Invista' or the 'Company').

While HBOS will retain a significant ownership stake, this move is designed to
give the Manager greater opportunities for further development and growth, while
also providing a good platform to retain key members of the investment team. The
Board has satisfied itself that the Manager will enjoy at least the same level
of resources as previously, and that it will therefore be able to perform its
duties as effectively as before. The Board has therefore agreed to novate the
Investment Management Agreement to the newly formed entity.



Contacts:

Invista Real Estate Holdings plc      Duncan Owen      [phone]

JPMorgan Cazenove                     Richard Cotton   [phone]
                                      Conor Hillery

Insight Foundation Property Trust     Andrew Sykes     [phone]

JPMorgan Cazenove is acting exclusively for the Company in relation to the IPO
and no one else and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of JPMorgan Cazenove nor for
providing advice in relation to the contents of this announcement or any other
matter.

This announcement does not constitute or form of any offer of securities, or
constitute a solicitation of any offer to purchase or subscribe for securities,
and any acquisition of or application for shares in the IPO shall only be made
on the basis of information contained in the admission document to be issued in
due course in connection with the IPO, and any supplement or amendment thereto.

This announcement is not for publication or distribution to persons in the
United States of America, its territories or possessions or to any US person
(within the meaning of Regulation S under the US Securities Act of 1933, as
amended). Neither this announcement nor any copy of it may be taken or
transmitted into Australia, Canada or Japan or to Canadian persons or to any
securities analyst or other person in any of those jurisdictions. Any failure to
comply with this restriction may constitute a violation of United States,
Australian, Canadian or Japanese securities law. The distribution of this
announcement in other jurisdictions may be restricted by law and persons into
whose possession this announcement comes should inform themselves about, and
observe, any such restrictions.

The Company's shares have not been, and will not be, registered under the United
States Securities Act of 1933, as amended, or under the securities legislation
of any state of the United States. The relevant clearances have not been, and
will not be, obtained from the Securities Commission of any province or
territory of Canada; no document in relation to the IPO has been, or will be,
lodged with, or registered by, the Australian Securities and Investments
Commission; and no registration statement has been, or will be, filed with the
Japanese Ministry of Finance in relation to the IPO. Accordingly, subject to
certain exceptions, the Company's shares may not, directly or indirectly, be
offered or sold within the United States, Canada, Australia or Japan or offered
or sold to a resident of Canada, Australia or Japan.

This announcement includes statements that are, or may be deemed to be,
'forward-looking statements'. These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms 'believes',
'estimates', 'anticipates', 'projects', 'expects', 'intends', 'may', 'will',
'seeks' or 'should' or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans, objectives, goals,
future events or intentions. These forward-looking statements include all
matters that are not historical facts. They appear in a number of places
throughout this announcement and include statements regarding the IIM's or the
Company's intentions, beliefs or current expectations concerning, amongst other
things, the Company's results of operations, financial condition, liquidity,
prospects, growth, strategies and the industry in which the Company and IIM
operate. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may
or may not occur in the future. Forward-looking statements are not guarantees of
future performance. The Company's actual results of operations, financial
condition and liquidity, and the development of the business sector in which the
Company and IIM operate, may differ materially from those suggested by the
forward-looking statements contained in this document. In addition, even if the
Company's results of operations, financial condition and liquidity, and the
development of the industry in which the Company and IIM operate, are consistent
with the forward-looking statements contained in this document, those results or
developments may not be indicative of results or developments in subsequent
periods. Other than in accordance with the Company's obligations under the AIM
Rules, the Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.

The contents on this announcement, which have been prepared by the Company and
are the sole responsibility of the Company have been approved solely for the
purposes of Section 21 of the Financial Services and Markets Act 2000 of the
United Kingdom by JPMorgan Cazenove of 20 Moorgate, London EC2R 6DA.




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