Net Asset Value(s)

To: Company AnnouncementsDate: 13 October 2014Company: F&C Commercial Property Trust Limited Subject: Net Asset Value Net Asset Value The unaudited net asset value (`NAV') per share of the Group as at 30 September2014 was 119.0 pence. This represents an increase of 3.4 per cent from theunaudited NAV per share as at 30 June 2014 of 115.1 pence. The NAV has been calculated under International Financial Reporting Standards(`IFRS'). It is based on the external valuation of the Group's direct propertyportfolio prepared by CBRE Limited. The NAV includes all income to 30 September 2014 and is calculated afterdeduction of all dividends paid prior to that date. As at 30 September 2014 noadjustments were required to the NAV in respect of dividends for which theshare price had gone ex-dividend. Analysis of Movement in NAV The following table provides an analysis of the movement in the unaudited NAVper share for the period from 30 June 2014 to 30 September 2014 (including theeffect of gearing): Pence % of per opening share NAV NAV per share as at 30 June 2014 115.1 Unrealised increase in valuation of property portfolio * 4.4 3.8 Movement in fair value of interest rate swap - - Movement due to share issuance 0.1 0.1 Movement in revenue reserve (0.6) (0.5) NAV per share as at 30 September 2014 119.0 3.4 * the ungeared increase in the valuation of the property portfolio over thequarter to 30 September 2014 was 3.1%, after allowing for capital expenditureand property sales. The net gearing at 30 September 2014 was 17.7%.# # Net gearing: (Secured Bonds and interest bearing bank loan - cash) ÷ totalassets (less current liabilities, excluding borrowings, and cash). Portfolio Analysis Market % of % Value portfolio unrealised as at 30 movement £m Sept 2014 in quarter Offices 456.9 38.8 3.3 West End 176.1 15.0 5.2 South East 91.1 7.7 4.0 Rest of UK 177.2 15.0 0.9 City 12.5 1.1 5.9 Retail 305.4 25.9 2.3 South East 291.1 24.7 2.4 Rest of UK 14.3 1.2 - Industrial 164.4 14.0 2.4 South East 16.7 1.4 1.1 Rest of UK 147.7 12.6 2.6 Retail Warehouse 219.8 18.7 4.0 Other 30.1 2.6 3.6 Total Property Portfolio 1,176.6 100.0 3.1 The next quarterly valuation of the property portfolio will be conducted byCBRE Limited during December 2014 and it is expected that the unaudited NAV pershare as at 31 December 2014 will be announced in January 2015. Enquiries: Richard KirbyF&C REIT Property Asset Management plcTel: 0207 499 2244 Graeme CatonWinterflood Securities LimitedTel: 0203 100 0268