Balanced Commercial Property Trust Regulatory News (BCPT)

To: Company AnnouncementsDate: 26 January 2015Company: F&C Commercial Property Trust Limited Subject: Net Asset Value Net Asset Value The unaudited net asset value (`NAV') per share of the Group as at 31 December2014 was 122.1 pence. This represents an increase of 2.6 per cent from theunaudited NAV per share as at 30 September 2014 of 119.0 pence. The NAV has been calculated under International Financial Reporting Standards(`IFRS'). It is based on the external valuation of the Group's direct propertyportfolio prepared by CBRE Limited. The NAV includes all income to 31 December 2014 and is calculated afterdeduction of all dividends paid prior to that date. As at 31 December 2014 noadjustments were required to the NAV in respect of dividends for which theshare price had gone ex-dividend. Analysis of Movement in NAV The following table provides an analysis of the movement in the unaudited NAVper share for the period from 30 September 2014 to 31 December 2014 (includingthe effect of gearing): Pence % of per opening share NAV NAV per share as at 30 September 2014 119.0 Unrealised increase in valuation of property portfolio * 4.4 3.7 Movement in fair value of interest rate swap - - Movement due to costs of refinancing (0.9) (0.8) Movement in revenue reserve (0.4) (0.3) NAV per share as at 31 December 2014 122.1 2.6 * the ungeared increase in the valuation of the property portfolio over thequarter to 31 December 2014 was 3.0%, after allowing for capital expenditureand property sales. The net gearing at 31 December 2014 was 17.9%.# # Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities,excluding borrowings, and cash). Portfolio Analysis Market % of Value portfolio % as at 31 unrealised £m December movement 2014 in quarter Offices 463.8 38.2 1.5 West End 178.2 14.7 1.2 South East 92.5 7.6 1.6 Rest of UK 179.5 14.8 1.3 City 13.6 1.1 9.0 Retail 323.9 26.7 5.9 South East 308.8 25.5 5.9 Rest of UK 15.1 1.2 5.6 Industrial 171.9 14.2 4.5 South East 17.1 1.4 1.7 Rest of UK 154.8 12.8 4.8 Retail Warehouse 222.7 18.4 1.3 Other 30.3 2.5 0.6 Total Property Portfolio 1,212.6 100.0 3.0 The next quarterly valuation of the property portfolio will be conducted byCBRE Limited during March 2015 and it is expected that the unaudited NAV pershare as at 31 March 2015 will be announced in April 2015. Enquiries: Richard KirbyF&C REIT Property Asset Management plcTel: 0207 499 2244 Graeme CatonWinterflood Securities LimitedTel: 0203 100 0268