Quarterly Factsheet

Insight Foundation Property Tst Ltd
05 August 2004

Insight Foundation Property Trust Limited

Quarterly Factsheet

Launch NAV                         97.5 pence per share
Total shares issued                260,000,000
Mid share price                    107 pence (3/08/04)
Gross property value               £293.25m
Number of properties               64
Average lot size                   £4.58m
Average lease length               9 years
Next Ex Dividend date              27 October 04
Financial year end                 31 March 05
Current debt                       £45m
Arranger                           NM Rothschild
Current gearing                    15% 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.


Trust Launch
The Insight Foundation Property Trust was launched on 16 July 2004 with the 260
million share offer oversubscribed. The Trust has acquired 64 properties valued
in total at £293m, with the total Trust set up costs estimated to be 2.5 pence
per issued share. We are pleased to report that since inception the Trust's
shares have risen to 107 pence, a premium to NAV. Total debt in the portfolio is
currently £45m. It is the intention to acquire up to an additional £100m of
property which we expect to enhance performance and further diversify the
portfolio.


Trust Overview
Retail                             36.4%
Offices                            30.3%
Industrial                         33.3%
(Source: Insight Investment)

The portfolio is well diversified by region and sector. In comparison to its
direct property benchmark the portfolio has a higher proportion of its assets in
the high yielding industrial sector and a lower proportion in the retail sector.
Geographically the South East (excluding Central London) accounts for the
largest share of portfolio value and the Central London market accounts for the
smallest share of value.

Central London                     5.2%
South East                         34.1%
Rest of South                      25.7%
Midlands and Wales                 17.9%
North and Scotland                 17.1%
(Source: Insight Investment)


Property Market in 2004
According to the IPD Monthly Index, total returns on UK commercial property
accelerated over the three months to June 2004 recording an annualised return of
21.3%, up from 14.8% over the previous three months. The comparable figures for
Equities and Gilts were 9.1% and -5.0% respectively. Over the longer term,
property remains the strongest performing asset over 3, 5 and 10 years (Source:
IPD). One of the key drivers of the acceleration in performance has been the
marked improvement in sentiment towards future occupier demand, especially
within the South East office market. Strong investor demand for commercial
property has also resulted in higher prices.


Portfolio Investment Activity
We are optimistic that we will acquire more properties soon. New properties will
be projected to either meet or exceed our objectives for forecast returns.
Purchases will be funded by a senior debt facility arranged with NM Rothschild
and will ultimately bring the gross asset value of the Trust close to £400m. New
acquisitions will fulfil the strategic objectives of the Trust to acquire
properties with above average income yield and the potential to add value
through active management, in order to underpin future dividends and capital
growth. We have already identified a number of potential purchases which, if we
are successful in acquiring, should also increase the portfolio running yield.


Asset Management Highlights


Bolton (Retail)
The Trust is in advanced negotiations with a tenant to occupy part of the
property. This could significantly enhance the asset and result in a longer
occupational lease.


Wembley (Office)
An offer has been received from a special purchaser. We are reviewing the offer,
taking into consideration the current asset management activity at the property
and the wider redevelopment of the area.


Hemel Hempstead (Retail)
We are currently considering the disposal of this asset.


Scunthorpe (Retail)
Direct discussions are being held with the proposed new sub-tenant of this
property with a view to negotiating a new lease for a longer term than is
currently in place. If agreed this is likely to result in an uplift in the value
of this property.


Havant (Industrial)
The lease of unit 2 has been completed in line with the business plan.


Ten Largest Holdings
Reynard Business Park, Brentford               5.9%
20/22 Tudor Street, London, EC4                5.2%
Union Park, Fifers Lane, Norwich               4.1%
Rectical Unit, Alfreton                        3.5%
Victoria Plaza, Bolton                         3.4%
106 Oxford Road, Uxbridge                      2.9%
The Quadrant, Woodlands Lane, Bristol          2.9%
Olympic Office Centre, Wembley                 2.8%
Weldon North Industrial Estate, Corby          2.8%
Horton Park Industrial Estate, Telford         2.7%
Percentage of total gross value                36.2%


Ten Largest Tenants
Freshfields                                    6.3%
BBC                                            3.9%
Grand Metropolitan Estates Ltd                 3.9%
Reciticel SA                                   3.5%
Jarvis Porter (Property Holdings) Ltd          3.4%
Concept Automotive Services Ltd                2.5%
Parametric Technology (UK) Ltd                 2.4%
Veale Wansbrough Solicitors                    2.3%
TW Osbourne & MR Fullerlove                    2.2%
CRP Print & Packaging Ltd                      2.1%
Percentage of total income                     32.5%




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 3 August 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.




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