SAR 5 - UK BALANCED PROPERTY TRUST

Lloyds TSB - Securities Administration
                  

FORM SAR 5

DISCLOSURE OF DISPOSALS

(Rule 5 of The Rules Governing Substantial Acquisitions of Shares)

Name of seller                              LLOYDS TSB GROUP PLC
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Beneficial owner, if different from above
                                            N/A
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Names of any other persons acting by
 agreement or understanding (see SAR 5)     N/A
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Company dealt in                             UK BALANCED PROPERTY TRUST (UBR)
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Class of voting shares (eg ordinary shares) ORDINARY SHARES
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Date of disposal                            03/06/2006
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Number of shares disposed of                164,840
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Number of rights over shares disposed of #  N/A
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Nature of rights over shares                N/A
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Total holding of voting shares (and
 percentage of total voting shares in issue)                   34,380,311 (17.989 % )
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Total holding of rights over shares (and
 percentage of total voting shares in issue)                            N/A
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Combined total holding (and percentage) of
 voting shares and rights over shares                                   N/A
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Date of disclosure                          06/03/2006
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Contact name                                MATTHEW SHIRCORE
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Telephone number                            0207 921 3132
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# See the definition of "rights over shares" in the Definitions Section of the
SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.