
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

March 2009
A big rollercoaster month in which Pan European property shares fell 16% in the first six trading days, and rose 20% in the next twelve trading days, then dropped back to finish the month roughly all square. Within the benchmark, the UK saw even greater volatility dropping 20% then rising 25% before finishing slightly down on the month. These huge price changes reflect huge shifts in the underlying sentiment for the local and global economic outlook. They also reflect the successful outcome to the four major rights issues by Land Securities, British Land, Segro and Hammerson and the increased demand from UK investors for bond like property investment. The IPD UK monthly index is now indicating that rental values are declining at 1% or more per month, hitting at the future earnings capacity of the Sector. Over the month the Ordinary share class NAV declined by 1.4% while the share price rose by 2.17%. The end month NAV included the result of the six monthly external property valuations, which showed a deficit of £8.6m or 15% and reduced the NAV by 3.37p or 2.5%. During the month some £8m net was invested into stocks, chiefly through the take-up of the UK REIT rights issues. The full year results for the year are due to be announced on Wednesday 27 May.