Net Asset Value(s)

RNS Number : 1630D

F&C Commercial Property Trust Ld

26 November 2009

To: Company Announcements

Date: 26 November 2009

Company: F&C Commercial Property Trust Limited

Subject: Net Asset Value

Net Asset Value

As a consequence of the acquisition of the Company's majority shareholder, Friends Provident Group plc, by Resolution Holdings (UK) Limited, a subsidiary undertaking of Resolution Limited, the Company is required to provide accounting information to Friends Provident Group plc as at 31 October 2009, including a valuation of the direct property portfolio at that date.

Accordingly, the Company announces that its unaudited net asset value ('NAV') per share as at 31 October 2009 was 80.9 pence. This represents an increase of 5.1 per cent from the published NAV per share as at 30 September 2009 of 77.0 pence.

The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited.

The NAV includes all income to 31 October 2009 and is calculated after deduction of all dividends paid prior to that date. As at 31 October 2009 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend.

The next valuation of the direct property portfolio is expected to be conducted by an external valuer during December 2009 and the NAV per share as at 31 December 2009 will be announced in January 2010.