Quarterly Factsheet

Insight Foundation Property Tst Ltd
31 August 2005


                 Quarterly Factsheet - Number Five, August 2005

                   Insight Foundation Property Trust Limited

NAV                             106.4 pence (30 June 2005)*
Total Shares Issued             260,000,000**
Mid share price                 114 pence (30 June 2005)
Gross property Value            £384.48 million (30 June 2005)
Number of properties            72 (30 June 2005)
Average lot size                £5.34 million
Average lease length            8.2 years
Ex dividend dates               28 October 2005
                                25 January 2006
Next financial year end         31 March 2006
Current Debt                    £152.5 million
Arranger                        NM Rothschild
Gearing                         39.6% loan to value
Currency                        GBP
Registered Office               Guernsey

* Prior to the dividend payment.
**Prior to new equity issue.

Investment objective
To provide investors with an attractive level of income together with potential
for income and capital growth from investing in UK commercial property.

IFPT performance overview
The Net Asset Value ('NAV') of the Company increased to 106.4 pence per share,
reflecting an uplift of 1.09 pence per share, or 1.04% over the previous
quarter. In accordance with new accounting standards, the NAV of 106.4 pence per
share includes for the first time the possible negative impact of approximately
2 pence per share for marking the cost of fixing the loan to current interest
rates ('mark to market').

The 11.5 months to the end of June have seen the underlying NAV increase by 9.1%
from 97.5 pence per share at launch. The June 2005 quarterly property portfolio
valuation was £384.48 million, reflecting a 2.83% capital uplift over the March
valuation. The Company paid a fourth dividend on the 12 August increasing the
total dividends paid to 6.75 pence per share. As at 11 August the Company's
share price was 116 pence per share, reflecting a premium to NAV of 10.9%.

C Share Issue
The Company has raised £100 million of additional equity through the issue of a
new class of C Shares. The issue was substantially over-subscribed and closed on
the 15 July. The issue enables the Company to retain core assets but also
tactically shift its bias towards London and South East offices with new
acquisitions. Following the successful investment in new properties, the new C
Shares have been converted into Ordinary Shares. The conversion rate was set at
0.9356 Ordinary Shares for each C Share. This increases the total number of
shares to 353,560,000. The Company's ranking in the FTSE Small Cap Index is now
317, potentially resulting in future entry into the FTSE 350 in September.

Portfolio Activity
There has been considerable transactional and asset management activity since
the last Factsheet. In particular London office properties totalling over £52
million have been acquired and two properties totalling £13.9 million have been
sold for material premiums to purchase price.

Property market performance
The second quarter of 2005 witnessed acceleration in the performance of the
commercial property market with lower interest rates underpinning a further
strengthening. The IPD Monthly Index reported annualised total returns in the
three months to June of 19.2%; relative to 11.1% for the period to March. Rental
growth is modest but now evident across all the sectors with the retail sector
remaining the strongest. However, we now anticipate future rental growth being
strongest in the London and South East office sectors.

Portfolio structure
The portfolio structure incorporates valuation data as at June 2005, but also
includes the new acquisitions of Minerva House and Mid City Place, and excludes
recent disposals.

Central London 16%
South Eastern 39%
Rest of South 10%
Midlands and Wales 22%
North and Scotland 13%

The Company maintains a balanced and diversified profile with 73 (as at 26
August 2005) assets spread across the UK in the retail, office and industrial
sectors. Recent acquisitions have tactically increased the London office
weighting.

Retail 27%
Retail Warehouse 2%
Office 44%
Industrial 27%

Asset management highlights

Acquisitions
The Company completed the acquisition of Minerva House, London SE1 in July.
Located on the south bank close to London Bridge Station, the high quality
office property comprises 91,000 sq ft and is let to ANZ Bank and Reed Smith
(solicitors). It offers excellent potential for rental growth off low rents of
£30 per sq ft. The purchase price of £42.13 million reflects an attractive net
initial income yield of 6.3%. The Company has also invested £10 million to
aquire a 19.5% stake in a multi-let Mid Town office building, Mid City Place,
London WC1. Mid City Place comprises 350,000 sq ft of prime office accommodation
let to 11 tenants on 15 leases. Tenants include Towers Perrin, EDF Trading,
Halifax plc and Mitsubishi Corporation.

Disposals
Following an earlier than anticipated completion of the asset business plan, the
Company has sold its industrial property in Corby. A pro-active letting policy
enabled an opportunistic sale whilst fully let at £9.29 million, reflecting a
premium of over £1 million relative to the July
2004 acquisition price. The Company also sold its retail property on Foregate
Street, Chester for £4.59 million, a premium of 10% over the acquisition price.

Active Management
At St Ann's Road, Harrow, a lease re-structuring with the Chelsea Building
Society has been completed the term from 5 years to 20 years, increasing the
rent by 7% over the previous estimate. At Kingston-upon-Thames, a new lease to
Edinburgh Woollen Mill has extended that
extends the lease length from 11 years to 15 years at a rent that is 11% over
the previous level. Both of these initiatives are significantly value enhancing.

At the Company's multi-let industrial estate in Bristol, a re-branding and
targeted marketing campaign has resulted in agreeing two new lettings at record
rents for the location reflecting a 20% premium to the valuation assumption.

Largest Ten Holdings Value %
Minerva House, 5&6 Montague Close, London £42,130,000 9.86%
Victory House, Trafalgar Place, Brighton £17,350,000 4.06%
Reynard Business Park, Brentford £17,300,000 4.05%
20/22, Tudor Street, London, EC4 £16,800,000 3.93%
The Albion Centre, Bath Street, Ilkeston £14,200,000 3.32%
Olympic Office Centre, 8 Fulton Road, Wembley £12,950,000 3.03%
Union Park, Fifers Lane, Norwich £12,715,000 2.98%
The Gate Centre, Syon Gate Way, Brentford £10,400,000 2.43%
Recticel Unit, Bluebell Close, Alfreton £10,150,000 2.38%
Mid City Place, London £9,730,000 2.28%
Total gross value £163,725,000 38.32%

Largest Ten Tenants Rent %
ANZ Banking Group Ltd £1,460,000 5.32%
Mott MacDonald Ltd £1,307,148 4.76%
Reed Smith Services £1,295,374 4.72%
Freshfields Sevices Company £1,279,600 4.66%
The British Broadcasting Corporation £826,000 3.01%
Grand Metropolitan Estates Ltd £795,975 2.90%
Recticel SA £713,538 2.60%
Jarvis Porter (Property Holdings) Ltd £700,000 2.55%
Concept Automotive Services Ltd £515,970 1.88%
Tucker, Crossland Darke (Irwin Mitchell) £506,638 1.85%
Total rent £9,400,243 34.25%

Contacts
                                     Broker
JP Morgan Cazenove
20 Moorgate
London
EC2R 6DA
Tel: [phone]
Richard Cotton
(Managing Director, Corporate Finance)
Angus Gordon Lennox
(Managing Director, Corporate Finance)

Fund Administration
RBSI Fund Services (Guernsey) Limited
St Andrews House
Le Bordage
St Peter Port
Guernsey
GY11BR
Tel: [phone]
Paul Smith
(Managing Director, RBSI Guernsey)

Investment Manager
Insight Investment Management (Global) Limited
33 Old Broad Street
London
EC2N 1HZ
Tel: [phone]
Duncan Owen
(Managing Director, Property)


Issued in accordance with Section 21 of the Financial Services and Markets Act
2000 by Insight Investment Management (Global) Limited. The price of shares and
the income from them may go down as well as up and investors may not get back
the full amount invested on disposal of the shares. Investments in property are
relatively illiquid and more difficult to realise than equities or bonds. Yields
may vary, and are not guaranteed. The use of gearing is likely to lead to a
volatility in the Net Asset Value (NAV), meaning that a relatively small
movement either down or up in value of the trust's total assets, will result in
a magnified movement in the same direction, of that NAV. There is no guarantee
that the market price of shares in Investment Trusts will fully reflect their
underlying NAV. This Investment Trust should be considered only as part of a
balanced portfolio, of which it should not form a disproportionate part. Under
no circumstances should this newsletter be considered as an offer, or
solicitation, to deal in the shares of the company. All figures correct as at
30th June 2005. Past performance is not a guide to the future.

Insight Investment Management (Global) Limited. Registered office 33 Old Broad
Street, London EC2N 1HZ.
Registered in England and Wales. Registered number 827982. Authorised and
regulated by the Financial Services Authority.
03166-08-05




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