RNS Number:7188S
Scottish Widows Inv.Partnership Ltd
01 December 2003

                                                                      FORM SAR 5



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are being sold.



Date of disclosure

1/12/2003............................................................



DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")



Date of sale

28th November 2003............................................................



Sale of (name of company)

UK Balanced Property Trust plc................................................



1. Class of voting shares (eg ordinary shares)

Ordinary 25p shares............................................................



Number of shares/rights over shares sold

250,000.00........................Shares........................Rights



If rights over shares sold, as opposed to the shares themselves, specify nature
of rights

...............................................................



2. Resultant total holding of voting shares (and % of total voting shares in
issue)

49,591,451..........         25.947..........%



Resultant total holding of rights over shares (and % of total voting shares in
issue)

..........         ..........%



Total percentage

..........%



3. Party making disclosure

Scottish Widows Investment Partnership Ltd....................................



4. (a) Name of person selling shares or rights over shares

...............................................................



and, if different, beneficial owner

...............................................................



(b) Names of any other persons acting by agreement or understanding

...............................................................



Signed, for and on behalf of the party named in (3) above

...............................................................



(Also print name of signatory)

George Stephen Brice............................................................



Telephone and extension number

020 7718 4253...............................................................



Note. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk




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