Net Asset Value(s)

UK Commercial Property Trust Ltd
09 January 2008



Net asset value

The unaudited net asset value per share of UK Commercial Property Trust Limited
as at 31 December 2007 was 92.2p. This represents a decrease of 7.7 per cent.
from the net asset value per share as at 30 September 2007.

The net asset value per share is based on the external valuation of the property
portfolio prepared by CB Richard Ellis Limited as at 31 December 2007 of £773.1
million.

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

The net asset value per share includes all current year income and is calculated
after deduction of all dividends paid prior to 31 December 2007. It does not
include provision for any unpaid dividends for the periods prior to 31 December
2007 including the dividend for the quarter to 31 December 2007 which is
expected to go ex-dividend in February 2008 and to be paid in February 2008. The
adjusted net asset value per share after deducting such quarterly dividend is
90.9p.

The NAV per share at 31 December 2007 is based on 867,126,287 Ordinary shares of
25p each, being the total number of shares in issue at that time. In the period
to 31 December 2007 the Company bought back 12,873,713 Ordinary shares of 25p
each at a total cost of £10.3 million. This resulted in a positive contribution
to the net asset value per share of 0.3p per share.

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 September 2007 to 31
December 2007.

                                   Per Share (p)    Attributable Assets (£m)
Net assets as at 30 September
2007                                         99.9                        879.5
Unrealised decrease in valuation
of property portfolio                        (8.0)                       (70.0)
Realised gains on sales of
properties                                    0.0                          0.1
Income earned over the period                 1.6                         14.1
Expenses over the period                     (0.3)                        (2.8)
Dividends paid on 30 November
2007                                         (1.3)                       (11.4)
Contribution of Share Buybacks
to NAV per share                              0.3                        (10.3)
Net assets as at 31 December 2007            92.2                        799.2




Net Asset Analysis as at 31 December 2007                      £m            %

Property Portfolio
Office                                                      385.9         48.3
Retail                                                      246.1         30.7
Industrial                                                  141.1         17.7
Total Property                                              773.1         96.7
Net Current Assets                                           26.1          3.3
Total Net Assets as at 31 December 2007                     799.2        100.0


The annualised total expense ratio of the Company for the period 30 September
2007 to 31 December 2007, based on the value of the assets as at 31 December
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 31 December 2007 the
unaudited net asset value per share calculated under IFRS has decreased by 5.2%
from 97.2p to 92.2p.

Breakdown in valuation movements over the period 30 September to 31 December
2007

Set out below is a breakdown of the movement in the external valuation of the
property portfolio over the period from 30 September 2007 to 31 December 2007.



UK Commercial Property Trust      Exposure          Capital Value Shift     £m
                                                    %
                                  % as at 31 Dec
                                  2007
External Valuation at 30
September                                                                843.1
2007
Sub Sector Analysis
Retail                                      31.79               -5.95    -15.8
High St - South East                         8.94               -1.61
High St - Rest of UK                         2.73              -12.76
Shopping Centres                             9.22               -1.14
Retail Warehouses                           10.90              -11.07

Offices                                     49.94               -9.33    -39.7
City                                         2.93               -2.45
West End                                    16.81              -13.07
South East                                  12.45               -8.75
Rest of UK                                  17.75               -7.04

Industrial                                  18.27               -9.22    -14.3
South East                                  11.32               -8.03
Rest of UK                                   6.95              -11.11

Adjustment for disposals                        -                   -     -0.9
Adjustment for acquisitions                     -                   -     +0.7
External valuation at 31 December                               -8.26    773.1
2007


Investment Manager Commentary


Whilst there is a general expectation that the economy will slow down in 2008
(current GDP growth forecasts for 2008 are in the region of 1.7 to 1.8 per
cent.), there is no suggestion that the economy will fall back dramatically as
was the case in the early 1990s. Despite this, the direct property market has
witnessed one of the largest downturns/initial yield corrections since the early
1990s with IPD All Property initial yield rising from 4.7 to 5.0 per cent.
Unlike the early 1990s, however, the current capital value falls are against the
background of a reasonably healthy occupational market.


For the Company, there has been a further decline in the capital value of the
portfolio over Quarter 4. The table above indicates that the largest drop in
value, both in absolute and relative terms, was in the Company's office stocks.
The sub-sector where the greatest negative impact was felt was West End offices.
Generally, in the market, initial yields for West End stocks have, on average,
moved out by 1 per cent. and the Company's stocks moved out by approximately the
same margin.

On a positive note, the portfolio was helped by a busy quarter in terms of
letting activity. Approximately £1.8 million of income was let over the course
of Quarter 4, of which roughly £1.2 million was void space. This activity
reduced voids within the portfolio by 50 per cent. and limited the capital
decline. During Quarter 4 the Company sold a small High Street shop in Uxbridge
and acquired a shop/leisure unit in Swindon.





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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