BREI.L Regulatory News (BREI)

To: Company Announcements

Date: 9 April 2013

Company: IRP Property Investments Limited

Subject: Net Asset Value and update on recommended proposals

Net asset value

The unaudited net asset value per share of IRP Property Investments Limited ("IRP") as at 31 March 2013 was 71.0 pence. This represents a decrease of 1.4 per cent from the net asset value per share as at 31 December 2012 of 72.0 pence.

The net asset value is based on the external valuation of the Group's property portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting Standards ("IFRS").

The net asset value includes all income to 31 March 2013 and is calculated after deduction of all dividends paid prior to that date. It does not include a provision for the dividend for the quarter to 31 March 2013 which is expected to be paid in June 2013.

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 2012 to 31 March 2013.

* The un-geared decrease in the valuation of the property portfolio over the quarter to 31 March 2013 was 0.5%.

The net gearing as at 31 March 2013 was 42.9%#

# Bank debt (less net current assets, excluding swap liability) divided by fair value of investment properties

The property portfolio will next be valued by an external valuer during June 2013 and the net asset value per share as at 30 June 2013 will be announced in July 2013.

Update on recommended proposals

Further to the recommended proposals for the reconstruction and winding up of ISIS Property Trust Limited ("IPT") which were announced on 7 February 2013, the Board confirms the adjusted unaudited net asset values that will be used for the calculation of entitlements under the recommended Scheme (the "Scheme") for the acquisition of IPT's assets by IRP.

The unaudited adjusted net asset value per IRP share is 69.2p.

The unaudited adjusted net asset value per IPT share is 89.2p.

The adjusted net asset values include all income to 31 March 2013 and have been adjusted for any dividends declared with a record date in the period from the date of the calculation of the respective adjusted net asset values to the completion of the Scheme and for any transaction costs already incurred by either IRP or IPT prior to the calculation of the adjusted net asset values.

Based on the adjusted net asset value of IRP and the adjusted net asset value of IPT, set out above, an IPT Shareholder would receive 1.2895 New Shares in respect of each IPT Share held (rounded down to the nearest whole number).

The recommended Scheme is conditional on the passing of resolutions to be proposed at a General Meeting of IRP convened for 11 April 2013. The Scheme is also conditional on the approval of IPT shareholders at a general meeting also convened for 11 April 2013. The Scheme will not become effective unless these resolutions are passed.

Summary timetable

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: 01481 745001

Fax: 01481 745051

Ian McBryde

Scott Macrae

F&C Investment Business Ltd

Tel: 0207 628 8000

Fax: 0131 225 2375