Net Asset Value(s)

UK Commercial Property Trust Ltd
07 April 2008


Net asset value

The unaudited net asset value per share of UK Commercial Property Trust Limited
as at 31 March 2008 was 89.0p. This represents a decrease of 3.4 per cent. from
the net asset value per share as at 31 December 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 March 2008 of £743
million.

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

The net asset value per share includes all current period income and is
calculated after deduction of all dividends paid prior to 31 March 2008. It does
not include provision for any unpaid dividends for the periods prior to 31 March
2008 including the dividend for the quarter to 31 March 2008 which is expected
to go ex-dividend in May 2008 and to be paid in May 2008. The adjusted net asset
value per share after deducting such quarterly dividend is 87.6p.

The NAV per share at 31 March 2008 is based on 867,126,287 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 31 December 2007 to 31 March
2008.
+-------------------------------------------------+--------+------------+
|                                                 |     Per|Attributable|
|                                                 |   Share| Assets (£m)|
|                                                 |     (p)|            |
+-------------------------------------------------+--------+------------+
|Net assets as at 31 December 2007                |    92.1|       798.8|
+-------------------------------------------------+--------+------------+
|Unrealised decrease in valuation of property     |   (3.0)|      (26.6)|
|portfolio                                        |        |            |
+-------------------------------------------------+--------+------------+
|Realised loss on sales of properties             |   (0.0)|       (0.1)|
|                                                 |        |            |
|                                                 |        |            |
+-------------------------------------------------+--------+------------+
|Income earned over the period                    |     1.5|        12.9|
+-------------------------------------------------+--------+------------+
|Expenses over the period                         |   (0.3)|       (2.2)|
+-------------------------------------------------+--------+------------+
|Dividends paid on 29 February 2008               |   (1.3)|      (11.4)|
+-------------------------------------------------+--------+------------+
|Net assets as at 31 March 2008                   |    89.0|       771.4|
+-------------------------------------------------+--------+------------+




+-----------------------------------------------+---------+----------+
|Net Asset Analysis as at 31 March 2008         |£m       |%         |
+-----------------------------------------------+---------+----------+
|Property Portfolio                             |         |          |
+-----------------------------------------------+---------+----------+
|Office                                         |376.3    |48.8      |
+-----------------------------------------------+---------+----------+
|Retail                                         |234.4    |30.4      |
+-----------------------------------------------+---------+----------+
|Industrial                                     |132.3    |17.1      |
+-----------------------------------------------+---------+----------+
|Total Property                                 |743.0    |96.3      |
+-----------------------------------------------+---------+----------+
|Net Current Assets                             |28.4     |3.7       |
+-----------------------------------------------+---------+----------+
|Total Net Assets as at 31 March 2008           |771.4    |100.0     |
+-----------------------------------------------+---------+----------+


The annualised total expense ratio of the Company for the period 1 January 2008
to 31 March 2008, based on the value of the assets as at 31 March 2008 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 March 2008 the unaudited
net asset value per share calculated under IFRS has decreased by 8.4% from 97.2p
to 89.0p.


Breakdown in valuation movements over the period 31 December 2007 to 31 March
2008


Set out below is a breakdown of the movement in the external valuation of the
property portfolio over the period from 31 December 2007 to 31 March 2008.



+------------------------------------+-------------+----------+----------+
|UK Commercial Property Trust        |  Exposure   |          |          |
|                                    | % as at 31  | Capital  |    £m    |
|                                    |     Mar     |  Value   |          |
|                                    |    2008     | Shift %  |          |
+------------------------------------+-------------+----------+----------+
|External Valuation at 31 December   |             |          |  773.1   |
|2007                                |             |          |          |
|                                    |             |          |          |
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Sub Sector Analysis                 |             |          |          |
|                                    |             |          |          |
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Retail                              |    31.55    |  -3.36   |  -8.14   |
+------------------------------------+-------------+----------+----------+
|High St - South East                |    8.59     |  -2.56   |          |
+------------------------------------+-------------+----------+----------+
|High St - RoUK                      |    2.71     |  -4.74   |          |
+------------------------------------+-------------+----------+----------+
|Shopping Centres                    |    9.37     |  -2.82   |          |
+------------------------------------+-------------+----------+----------+
|Retail Warehouses                   |    10.78    |  -4.09   |          |
+------------------------------------+-------------+----------+----------+
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Offices                             |    50.64    |  -2.48   |  -9.57   |
+------------------------------------+-------------+----------+----------+
|City                                |    3.01     |  -1.46   |          |
+------------------------------------+-------------+----------+----------+
|West End                            |    17.70    |   1.27   |          |
+------------------------------------+-------------+----------+----------+
|South East                          |    12.19    |  -5.84   |          |
+------------------------------------+-------------+----------+----------+
|Rest of UK                          |    17.75    |  -3.84   |          |
+------------------------------------+-------------+----------+----------+
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Industrial                          |    17.81    |  -6.26   |  -8.84   |
+------------------------------------+-------------+----------+----------+
|South East                          |    11.06    |  -6.07   |          |
+------------------------------------+-------------+----------+----------+
|Rest of UK                          |    6.75     |  -6.57   |          |
+------------------------------------+-------------+----------+----------+
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Adjustment for disposals            |      -      |    -     |  -3.55   |
|                                    |             |          |          |
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|Adjustment for acquisitions         |      -      |    -     |   0.0    |
|                                    |             |          |          |
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+
|                                    |             |          |          |
|                                    |             |          |          |
|External valuation at 31 March 2008 |             |  -3.45   |  743.0   |
|                                    |             |          |          |
|                                    |             |          |          |
+------------------------------------+-------------+----------+----------+


Investment Manager Commentary


The impact of the market shift in late summer 2007 has now, by and large, fed
through to valuations. The IPD Monthly index has continued to fall over the
first two months 2008 however, at a much slower rate than in Q4 2007. Forecasts
for the fall in capital values in the index are in the order of 4.0% to 5.0%
with total returns somewhere in the region of -3.5% for the quarter.


For the Company there has been a small decline of -3.45% in its capital value
over the course of the first quarter of 2008. The largest relative decline in
the Company's portfolio in Q1 08 has been its industrial sector, which fell by
slightly over 6.0%. Generally prime distribution shed yields have moved by
approx 1.0% over the last 6 months and this has impacted the Company's
industrial portfolio, which holds three assets in this sub-sector.


On the positive side, the Company's West End stocks increased in value as result
of further rental growth evidence coming through in the Soho office market.



Over the course of the quarter, the Company re-geared the lease of its Hatfield
distribution shed. The lease expiry date is now 2032. The Company also sold the
last of its small shop units in High St, Uxbridge for £3.55m.


Enquiries:

The Company Secretary, Northern Trust International Fund Administration Services
(Guernsey) Limited - 01481 745529

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




                      This information is provided by RNS
            The company news service from the London Stock Exchange