Quarterly Fact Sheet

Insight Foundation Property Tst Ltd
02 November 2004


Insight Foundation Property Trust Limited

Quarterly Fact Sheet

NAV (30/9/04)                                   101.37 pence per share
Total shares issued                             260,000,000
Mid share price                                 110.5 pence (30/9/04)
Gross property value                            £349.68m (30/09/04)
Number of properties                            73
Average lot size                                £4.79m
Average lease length                            9 years
Next Ex Dividend date                           27 October 04
                                                26 January 05
Financial year end                              31 March 05
Current debt                                    £98m
Arranger                                        NM Rothschild
Current gearing                                 28% loan to value
Currency                                        GBP
Registered office                               Guernsey

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

IFPT share overview
The Trust's shares have risen from a launch value of 100p to 110.5p on 30
September 2004, a 13% premium to the launch NAV. The IFPT is delighted to
announce that the net asset value has risen to 101.37 pence per share as a
result of an increase in the value of the Trust's properties. The uplift in the
share price over the period to 30 September is 10.5%.

Share performance analysis
Portfolio activity
Nine further properties were acquired by the Trust in September which have been
valued at £49.5m and produce an initial yield of 7%. These properties enhance
the income yield and improve the weighted unexpired lease length of the
portfolio. The Trust expects to complete the purchase of one further asset in
November and is actively seeking to invest the remaining funds. All future
purchases will be expected to meet or exceed the performance criteria set out in
the prospectus.

Portfolio structure
The sector balance of the Trust has changed little as a result of the new
acquisitions which comprised a diverse portfolio of retail, office and
industrial investments.

Retail                                          33%
Offices                                         32%
Industrial                                      35%

Sector weightings
Regionally the new properties have slightly reduced the Trust's bias towards
Southern markets in favour of the Midlands and the North. Overall the Trust
remains well diversified across all regions and sectors of the UK commercial
property market.

Central London                                   4%
South East excl. CL                             32%
Rest of South                                   22%
Midlands and Wales                              23%
North and Scotland                              19%


Property market performance
The commercial property market continues to outperform both equities and bonds
producing an annualised total return of 20.5% over the three months to the end
of August 2004 as compared to 6.4% for the All-Share index and 12.1% for 5-15
year gilts. Investor demand for the asset class remains very strong which
continues to increase prices. The last few months have seen a moderation in the
rate of capital growth, possibly as a result of higher interest rates. The
retail sector remains the strongest performing sector as a result of good rental
growth and strong investor demand.

Portfolio highlights

Acquisitions

Portfolio
The Trust acquired 9 properties let to 32 tenants producing a total annual rent
of £3.65 million that reflect an initial yield of approximately 7%. There are a
number of immediate opportunities to add value through asset management.

Manchester Industrial
Contracts have been exchanged in connection with the acquisition of a new
warehouse / distribution unit in South Manchester let to a good covenant. The
price of £2.15m reflects a net initial yield of 7.17% and the property offers
good prospects for future rental growth.

Disposals

Hemel Hempstead
Terms have been agreed to sell three retail units. We will confirm the price at
exchange of contracts.

Wembley Office
Negotiations are continuing with potential purchasers for the Trust's office
investment in Wembley. In light of these sensitive discussions further detail
will be provided in due course.

Active management

Brentford Industrial
At the Gate Centre, Brentford, terms have been agreed to let two prominent units
to a car showroom operator on a longer lease at a materially higher rent. The
proposed transaction is subject to planning but in the intervening period the
proposed tenant will take a lease of one of the units. A short-term lease
extension has been agreed on the other unit during the planning period.

Ten largest holdings

Reynard Business Park, Brentford               4.9%
20/22 Tudor Street, London, EC4                4.4%
The Albion Centre, Ilkeston                    3.8%
Union Park Industrial Estate, Norwich          3.5%
Olympic Office Centre, Wembley                 2.9%
Rectical Unit, Alfreton                        2.9%
Victoria Plaza, Bolton                         2.8%
106 Oxford Road, Uxbridge                      2.5%
The Quadrant, Bristol                          2.5%
The Gate Centre, Brentford                     2.5%
                                              -----
Percentage of total gross value               32.7%

Ten largest tenants

Freshfields Services Company                   5.5%
BBC                                            3.4%
Grand Metropolitan Estates Ltd                 3.4%
Reciticel SA                                   3.0%
Jarvis Porter (Property Holdings) Ltd          3.0%
Concept Automotive Services Ltd                2.2%
Tucker, Crossland Darke (Irwin Mitchell)       2.2%
Parametric Technology (UK) Ltd                 2.1%
Clinton Cards (Essex) Ltd                      2.0%
Veale Wasbrough Solicitors                     2.0%
                                              -----
Percentage of total income                    28.8%

Contacts:

Broker
Cazenove & Co. Ltd.
20 Moorgate
London
EC2R 6DA
Tel: [phone]
FAO: 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]
FAO: Paul Smith (Managing Director, RBSI Guernsey)

Investment Manager
Insight Investment Management (Global) Limited
33 Old Broad Street
London
EC2N 1HZ
Tel: [phone]
FAO: 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 investments.

All figures correct as at 30 September 2004. Past performance is not necessarily
a guide to the future.

Part of the Halifax and Bank of Scotland Group

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.

END




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