Net Asset Value(s)

RNS Number:5825Z
UK Balanced Property Trust Ltd(The)
03 July 2007



                     THE UK BALANCED PROPERTY TRUST LIMITED
                     (Registered in Guernsey - Number 39171)

                             Administrative Office:
                C/o BUTTERFIELD FUND SERVICES (GUERNSEY) LIMITED
        P.O. BOX 211, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,
                      GUERNSEY, GY1 3NQ, CHANNEL ISLANDS.
                          ___________________________

                        TELEPHONE:  + 44 (0) 1481 720321
                        FACSIMILE:  + 44 (0) 1481 716117
                            e-mail:  [e-mail]


Immediate Announcement                                              3 July 2007

Net Asset Value

The unaudited Net Asset Value per share of The UK Balanced Property Trust
Limited as at 30 June 2007 was 160.35 pence each.  This Net Asset Value figure
incorporates the portfolio valuation conducted on 12 June 2007 and includes a
provision for the first interim dividend in respect of the period to 30 June
2007 of 1.875p.  The Net Asset Value is otherwise calculated under International
Financial Reporting Standards ("IFRS").

As set out in the Chairman's statement in the preliminary statement of results
announced on 29 June 2007, subject to the resolutions requisitioned by Scottish
Widows Unit Funds Limited ("SWUF") being rejected by shareholders at the
extraordinary general meeting convened for 31 July 2007, the directors intend to
proceed as quickly as possible to implement suitable proposals that will offer
shareholders the opportunity to realise their investment in the Company for an
amount above net asset value and/or the opportunity to retain or roll-over their
investment in a tax efficient manner in or into a vehicle that offers a similar
investment objective to that of the Company.  The Directors believe that it is
likely that any proposals that will be implemented will involve the winding up
of the Company and therefore it is unlikely that the Company will continue as a
going concern.  Accordingly, the Net Asset Value calculation has been prepared
on a break up basis.

Interim Management Statement

The Property Portfolio was valued at #399.4 million by external valuers on 12
June 2007.  On 1 May 2007, the Company sold a property at Crewe for #1.7 million
(the value at which it was included in the 31 March 2007 NAV calculation). On a
like for like basis, the value of the Property Portfolio has therefore increased
by #205,000 since the valuation at the end of March 2007.

As set out in the preliminary results for the year ended 31 March 2007, the Net
Asset Value of an ordinary share as at 31 March 2007 was 160.77p. After
adjustment to include a provision for the final interim dividend of 1.78125p per
share in respect of the quarter to 31 March 2007, the adjusted Net Asset Value
per share as at 31 March 2007 was 158.99p.  The adjusted Net Asset Value per
share has therefore increased by 1.36p per share between 31 March 2007 and 30
June 2007.  The principal changes in the financial position of the group
influencing the Net Asset Value of an ordinary share since 31 March 2007 have
been an increase in the realisable value of the interest rate swap in relation
to the Company's borrowings and the inclusion of a provision for liquidation
costs.

As you will be aware, on 18 May 2007, SWUF announced that it had served a
requisition on the Company requiring the Company to convene an extraordinary
general meeting to propose resolutions to remove the current Directors, appoint
directors nominated by SWUF and instruct those new directors to put forward the
SWUF proposals which would involve the liquidation of the Company.

The Company published a circular to shareholders on 8 June 2007 responding to
that requisition and the SWUF proposals and convening an extraordinary general
meeting for 31 July 2007.  The Board unanimously recommends that Shareholders
vote against the resolutions requisitioned by SWUF at the extraordinary general
meeting to be held on 31 July 2007.

The Company continues to have borrowings of #120 million, structured through the
issue by UK Balanced Property Finance Limited of listed floating rate secured
loan notes due 2017.

There have been no other material changes to the Company's group in the period
since 31 March 2007.

The above announcement constitutes an interim management statement for the
purposes of rule 4.3 of the Disclosure and Transparency Rules.


All Enquiries:

The Company Secretary
Butterfield Fund Services (Guernsey) Limited
PO Box 211
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3NQ

Tel: [phone]
Fax: [phone]








                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
NAVUUUWPMUPMGAW