For the 5th year running we are attending the "Living in Bangkok" Exhibition, so if you are in Bangkok on September 13th, 2003, please visit Global's booth on the 14th Floor of Bumrungrad Hospital, in Sukhumvit Soi 1/3. By visiting our stand you could also win dinner for two with wine at Club 87 in The Conrad Hotel, Bangkok.



Overview
Following the successful acquisition of the government office building mentioned in last months report, the Funds team of property specialists are now actively pursuing four new properties with a combined value of approximately £ 12.5 m.

All of these new properties have first class covenants, which include another government department and major public companies. All the leases have considerably in excess of 10 years remaining and are all Full Repairing and Insuring (FRI) with upward only rent reviews.

More particulars will be made available over the next few months and in the meantime colour photographs of all properties together with covenant details are available on the Fonds' web site or, if preferred, in hard copy by mail.

On the performance front, the Fund continues to make progress with the Sterling OEIC option now having achieved growth of + 8% and the Euro option + 7.9% in just ten months.

Bearing in mind the targeted returns for these options are between 8 - 10% p.a. and 7 - 9% p.a. respectively, it is very encouraging that the targets have been achieved with two months to spare, particularly bearing in mind the major property acquisitions that have been made.

It is also worth noting that all of the Fund options have grown every month since launch - which is something that very few, if any, of its competitors can boast.

Given the prevailing commercial property market, the Directors remain confident that investors and their advisers can look forward to continued positive growth in a non-volatile, low correlated environment.

Monthly percentage growth and price - The Premier Diversified Property Fund plc
FUND	YEAR	1 Nov	1 Dec	1 Jan	1 Feb	1 Mar	1 Apr	1 May	1 Jun	1 Jul	1 Aug	1 Sep	TOTAL
STG	2002/03	Launch	2.70%	0.39%	1.84%	0.10%	0.38%	0.76%	0.19%	0.85%	0.10%	0.47%	+8.00%
		1.000	1.027	1.031	1.050	1.051	1.055	1.063	1.065	1.074	1.075	1.080	-
EURO	2002/03	Launch	2.90%	0.29%	1.65%	0.10%	0.38%	0.76%	0.19%	0.85%	0.10%	0.47%	+7.90%
		1.000	1.029	1.032	1.049	1.050	1.054	1.062	1.064	1.073	1.074	1.079	-

The Premier Diversified Property Fund EUT
FUND	YEAR	1 Nov	1 Dec	1 Jan	1 Feb	1 Mar	1 Apr	1 May	1 Jun	1 Jul	1 Aug	1 Sep	TOTAL
STG	2002/03	N/A	Launch	0.40%	1.89%	0.10%	0.38%	0.78%	0.19%	0.77%	0.10%	0.48%	+5.20%
		N/A	1.000	1.004	1.023	1.024	1.028	1.036	1.038	10.46	1.047	1.052	-

*The value of investments can fall as well as rise. Past performance is not necessarily a guide to future returns.