Net Asset Value(s)

UK Commercial Property Trust Ltd
09 October 2007



Net asset value

The unaudited net asset per share of UK Commercial Property Trust Limited as at
30 September 2007 was 99.9p. This represents a decrease of 3.4 per cent. from
the net asset value as at 30 June 2007.

The net asset value is based on the external valuation prepared by CB Richard
Ellis Limited as at 30 September 2007 of £843.1 million.

The net asset value is calculated under International Financial Reporting
Standards ('IFRS').

The net asset value includes all current year income and is calculated after
deduction of all dividends paid prior to 30 September 2007. It does not include
provision for any unpaid dividends for the periods prior to 30 September 2007
including the dividend for the quarter to 30 September 2007 which is expected to
go ex-dividend in November 2007 and will be paid in November 2007. The adjusted
net asset value after deducting such quarterly dividend is 98.6p.

The NAV per share at the 30 September 2007 is based on 880,000,000 Ordinary
shares of 25p each, being the total number of shares in issue at that time.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period from 30 June 2007 to 30 September
2007.
+-------------------------------------------------+--------+------------+
|                                                 |     Per|Attributable|
|                                                 | Share p|   Assets £m|
+-------------------------------------------------+--------+------------+
|Net assets as at 30 June 2007                    |   103.4|       909.9|
+-------------------------------------------------+--------+------------+
|Unrealised decrease in valuation of property     |   (3.1)|      (27.2)|
|portfolio                                        |        |            |
+-------------------------------------------------+--------+------------+
|Realised losses on sales of properties           |   (0.1)|       (0.8)|
+-------------------------------------------------+--------+------------+
|Income earned over the period                    |     1.3|        11.7|
+-------------------------------------------------+--------+------------+
|Expenses over the period                         |   (0.3)|       (2.5)|
+-------------------------------------------------+--------+------------+
|Dividends paid on 31 August 2007                 |   (1.3)|      (11.6)|
+-------------------------------------------------+--------+------------+
|Net assets as at 30 September 2007               |    99.9|       879.5|
+-------------------------------------------------+--------+------------+




+-----------------------------------------------+---------+----------+
|Net Asset Analysis as at 30 September 2007     |£m       |%         |
+-----------------------------------------------+---------+----------+
|Property Portfolio                             |         |          |
+-----------------------------------------------+---------+----------+
|Office                                         |425.6    |48.4      |
+-----------------------------------------------+---------+----------+
|Retail                                         |262.0    |29.8      |
+-----------------------------------------------+---------+----------+
|Industrial                                     |155.5    |17.7      |
+-----------------------------------------------+---------+----------+
|Total Property                                 |843.1    |95.9      |
+-----------------------------------------------+---------+----------+
|Net Current Assets                             |36.4     |4.1       |
+-----------------------------------------------+---------+----------+
|Total Net Assets as at 30 September 2007       |879.5    |100.0     |
+-----------------------------------------------+---------+----------+


The annualised total expense ratio of the Company for the period 30 June 2007 to
30 September 2007, based on the value of the assets as at 30 September 2007 and
on the basis of annualised expenses was 0.8% of the average total assets of the
Company. For the purposes of this calculation, 'expenses' includes the costs of
running the Group, including the investment management fee, administration fees,
Directors fees, insurance costs, board costs, registrar costs and any
irrecoverable VAT, but excludes issue costs, capital expenditure and
refurbishment and irrecoverable property running costs.

Over the period the Company has had no borrowings.

Over the period from 22 September 2006 (launch) to 30 September 2007 the
unaudited net asset value per share calculated under IFRS has increased by 2.8%
from 97.2p to 99.9p.


Breakdown in valuation movements over the period 30 June 2007 to 30 September
2007

Set out below is a breakdown of the movement in the external valuation of the
property portfolio over the period from 30 June 2007 to 30 September 2007.
+-----------------------------------+----------+------------+---------+
|UK Commercial Property Trust       | Exposure |  Capital   |   £m    |
|                                   |          |Value Shift |         |
|                                   | % as at  |     %      |         |
|                                   |          |            |         |
|                                   | 30 Sept  |            |         |
|                                   |   2007   |            |         |
+-----------------------------------+----------+------------+---------+
|External Valuation at 30 June 2007 |          |            |  879.9  |
+-----------------------------------+----------+------------+---------+
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|Sub Sector Analysis                |          |            |         |
+-----------------------------------+----------+------------+---------+
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|Retail                             |  31.10   |   -4.25    |  -11.5  |
+-----------------------------------+----------+------------+---------+
|High St - South East               |   8.44   |   -1.40    |         |
+-----------------------------------+----------+------------+---------+
|High St - Rest of UK               |   2.87   |   -2.91    |         |
+-----------------------------------+----------+------------+---------+
|Shopping Centres                   |   8.55   |   -4.42    |         |
+-----------------------------------+----------+------------+---------+
|Retail Warehouses                  |  11.24   |   -6.44    |         |
+-----------------------------------+----------+------------+---------+
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|Offices                            |  50.46   |   -1.99    |  -8.6   |
+-----------------------------------+----------+------------+---------+
|City                               |   2.75   |   -3.13    |         |
+-----------------------------------+----------+------------+---------+
|West End                           |  17.71   |   -1.92    |         |
+-----------------------------------+----------+------------+---------+
|South East                         |  12.50   |   -3.41    |         |
+-----------------------------------+----------+------------+---------+
|Rest of UK                         |  17.50   |   -0.83    |         |
|                                   |          |            |         |
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|Industrial                         |  18.44   |   -4.42    |  -7.2   |
+-----------------------------------+----------+------------+---------+
|South East                         |  11.27   |   -5.27    |         |
+-----------------------------------+----------+------------+---------+
|Rest of UK                         |   7.17   |   -3.85    |         |
|                                   |          |            |         |
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|Adjustment for disposals           |    -     |     -      |  -9.3   |
+-----------------------------------+----------+------------+---------+
|                                   |          |            |         |
+-----------------------------------+----------+------------+---------+
|External valuation at 30 September |          |   -3.10    |  843.1  |
|2007                               |          |            |         |
+-----------------------------------+----------+------------+---------+


Investment Manager Commentary

The property market has not been insulated from the turmoil of the financial
markets. However, even before these events, sentiment towards the market was
waning. A number of transactions in the market were either re-negotiated or
collapsed over the summer period as purchasers 'drew back'.


For the Company the impact has been an overall decline in the value of the
portfolio of slightly in excess of 3%. This movement reflects a general outward
shift in yields for all stocks. The most pronounced negative impact was on the
retail warehouse portfolio where investment sentiment is currently weak,
particularly for bulky goods parks and solus units. The high weighting to office
stocks has been beneficial. This sector's capital value decline was less
pronounced than other parts of the market. In addition, asset management
initiatives (Colmore Row and Temple Gate, Bristol) also helped to restrict the
decline in the offices stocks relative to the rest of the portfolio.


During the quarter the Company also disposed of a number of smaller stocks,
including 5/12 High St, Uxbridge and 87 Princes St, Edinburgh. Proceeds of the
disposals are currently held in cash.



Enquiries:

The Company Secretary, Northern Trust International Fund Administration Services
(Guernsey) Limited - 01481 745338

Gary Hutcheson/Gerry Brady, Resolution Investment Services Limited - 0141 222
8000

Important Note:

The above information is unaudited and has been calculated by Resolution
Investment Services Limited



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