
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

February 2008
European Real Estate enjoyed a second positive month - outperforming both North American and Asian Real Estate markets again. The principal driver for performance was a series of better than expected final results on the Continent especially from companies in France, Sweden and the Netherlands. UK stocks declined slightly as good final results from Liberty and Hammerson were also accompanied by warnings that their NAVs would be falling further in the first half of 2008. Overall, the Benchmark rose 3.52% in Sterling terms, the NAV rose 2.56% and share price increased by 3.25%. There is now good two way sentiment in the Sector. Optimists are pointing to the opportunities provided by the sell-off in both direct and indirect markets and the continued stability of tenant demand. Pessimists believe that the full impact of the credit crisis will eventually lead to greater problems in both finance and rental markets and that we are merely in the lull before the storm. In terms of activity, we were net investors for around £5m over the month, adding to holdings in Unibail, Icade and Prologis European. The largest sale was in Sponda, the Finnish office owner. At the end of the month the Trust had net cash of £4m.