LCSS Lewis Charles (See LSE:SPFL)

    LEWIS CHARLES SOFIA PROPERTY FUND LTD (the "Company")

The published net asset value (the "NAV") of the Company as at close of business
30 June 2008 was as follows:

Ordinary shares of no par value       GBP 1.22 per share
(GBP)

The NAV will be calculated calendar half yearly in Euros and then converted to
Sterling at the prevailing exchange rate at the valuation point.

International Accounting Standards (IAS) dictate the basis on which investment
properties are valued within financial statements. The nature of the central
Sofia and suburbs property development in conjunction with BuySell is such that
the disclosure of value for this development is governed by the rules laid out
in IAS 2 "Inventories". Under IAS 2, our investments made in partnership with
BuySell are treated as inventory and therefore recorded at the lower of cost and
market value. This is contrary to our policy for the calculation of the
valuation NAV where we record the fair value of the property based on the
valuations prepared by Forton International JSCo and Dominus Bulgarian Property
Advisers, independent valuers not connected with the Group. A full
reconciliation between the accounting NAV and our published valuation NAV is
provided below.

                                         EUR            EUR        GBP
                                        (NAV)            (NAV/SHARE)
Net Asset Value
per financial statements               65,317,826       1.35       1.07

Add back:
Adjustment to value of properties       6,957,181       0.14       0.11
Adjustment to performance fee           1,131,869       0.02       0.02
Preliminary expenses                    1,057,241       0.02       0.02
           
Published Net Asset Value              74,464,117       1.54       1.22
           
The Company's principal documents require the dealing valuation of the Company's
net assets (NAV) to include preliminary expenses incurred in the establishment
of the Company, such expenses to be amortised over the expected life of the
Company. However, this accounting treatment is not permitted for financial
reporting purposes and was adjusted accordingly within the financial statements.


For further information contact:

Bachmann Fund Administration Limited, Company Secretary,
Tel + 44 (0)1481 723573

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