Quarterly Fact Sheet

Insight Foundation Property Tst Ltd
04 February 2005


Insight Foundation Property Trust Limited
Quarterly Fact Sheet - number three, February 2005

NAV (31/12/04)                          103.65 pence per share
Total shares issued                     260,000,000
Mid share price                         112 pence (31/01/05)
Gross property value                    £355.05m (31/12/04)
Number of properties                    73
Average lot size                        £4.86m
Average lease length                    9 years

Next Ex Dividend date                   29 April 05
                                        27 July 05
Financial year end                      31 March 05
Current debt                            £98m
Arranger                                NM Rothschild
Current gearing                         27% 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

Since inception IFPT's share price has risen to 112 pence as at 31 January 2005.
In addition to the growth in the value of the shares IFPT has declared two 
quarterly dividends of 1.6875 pence per share. Between 30 September 2004 and 
31 December 2004, IFPT's NAV increased 2.2%, from 101.37p to 103.65p as a 
result of further increases in property values.

IFPT activity

IFPT sold one property during the quarter for £3.55m at a significant premium to
purchase price. An industrial property was acquired in December for £2.15m at a
yield of 7.17%. During the quarter terms have been agreed to acquire two further
investments totalling approximately £31.5m, reflecting an average yield of over
7%. These acquisitions are in line with IFPT's objectives set at launch and if
successful, will bring the Company close to its aim of being fully invested
within the first 12 months. Over the quarter progress has also been made in the
securitisation facility to re-finance the Company's exiting debt and we expect 
to complete this during February.

Portfolio structure

The portfolio remains well diversified with the sector balance changing slightly
due to the transaction and valuation movements over the quarter. The new
acquisitions are expected to reduce the weighting in the relatively lower
yielding retail sector in favour of the South East and Central London office
sectors, which are expected to experience stronger rental growth over the medium
term. Overall IFPT remains well diversified across all regions and sectors of
the UK commercial property market.

Retail                                    35%
Office                                    33%
Industrial                                32%

Property market performance

The commercial property market continues to perform well in comparison to other
asset classes recording a total return of 19% during 2004, as compared with
12.8% for equities and 6.6% for bonds. The retail sector remained the strongest
performing sector as a result of good rental growth and strong investor demand.

Central London                             4%
South East excl. CL                       34%
Rest of South                             19%
Midlands and Wales                        24%
North and Scotland                        19%

Asset Management highlights


Disposals

IFPT disposed of its distribution unit in Newton Aycliffe for a price of £3.55m,
equating to an 18% capital uplift over the purchase price in September 2004.
Hemel Hempstead is still in the process of being sold, and further disposals are
being considered for the first half of 2005.

Acquisitions

IFPT acquired one industrial property in South Manchester for £2.15 million. The
property is let to a good distribution covenant on a ten year lease and the
price reflects a yield of 7.17%. IFPT is under offer to acquire two good quality
investments, totaling £31.5 million. These comprise a good quality South East
office with the potential to re-gear the occupational lease, and an opportunity
to acquire a prime Central London office building.

Active management

Due to continued improvements in the immediate locality, negotiations concerning
a potential disposal of the office building in Wembley have been suspended. In
the intervening period significant letting activity has occurred, to the extent
that the property is now fully let, as compared with 20% let on acquisition.

At the Gate Centre, Brentford, an Agreement for Lease is being exchanged to
lease two existing industrial units to a good tenant on a 20 year lease. This
involves applying for the buildings change of use from industrial to a car
showroom. The transaction increases the rental value of the two units by 50% and
should result in a significant valuation improvement.

Ten largest holdings

Reynard Business Park, Brentford          4.9%
20/22, Tudor Street, London,EC4           4.4%
The Albion Centre, Ilkeston               3.7%
Union Park, Fifers Lane, Norwich          3.5%
Olympic Office Centre, Wembley            3.3%
Recticel Unit, Alfreton                   2.9%
Victoria Plaza, Bolton                    2.8%
106, Oxford Road, Uxbridge,UB9 4DW        2.6%
The Gate Centre, Brentford                2.5%
The Quadrant, Bradley Stoke, Bristol      2.5%
                                         -----
Percentage of total gross value          33.1%

Ten largest tenants

Freshfields Services Company              5.4%
The British Broadcasting Corporation      3.4%
Grand Metropolitan Estates Ltd            3.4%
Reciticel SA                              3.0%
Jarvis Porter (Property Holdings) Ltd     2.9%
Concept Automotive Services Ltd           2.2%
Partners of Irwin Mitchell                2.1%
Parametric Technology (UK) Ltd            2.0%
CRP Print & Packaging Ltd                 2.0%
Clinton Cards (Essex) Ltd                 2.0%
                                         -----
Percentage of total income               28.4%



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 31 December 2004. Past performance is not a guide to
the future.

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.


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