Change of Benchmark Provider

TR Property Investment Trust PLC
21 March 2007


TR PROPERTY INVESTMENT TRUST PLC

21 MARCH 2007


                        TR PROPERTY INVESTMENT TRUST PLC

                          Change of Benchmark Provider

The Board of TR Property Investment Trust announces that, from the financial
year commencing April 1st 2007, the Trust will use the FTSE/EPRA/NAREIT European
Property Index (EPRA Index) in Sterling as the Benchmark, replacing the S&P/
Citigroup European Property Index (S&P Index) in Sterling.

The Trust adopted the S&P Index in September 2001, when the Board decided to
expand the Trust's investment mandate into Europe. At that time the S&P Index,
then known as the Salomon Smith Barney European Property Index, was deemed more
suitable than the EPRA Index as it was longer established and was available on
Bloomberg and Reuters.

The S&P Index has ceased to be available to market information providers and is
not calculated real time. In the meantime, FTSE has assumed responsibility for
the calculation of the EPRA Index which has been renamed accordingly. The EPRA
Index has become available real time on both Bloomberg and Reuters and has
become a well known and widely used Benchmark Index in Pan European property
securities.

The performance, composition and size of the two indices is extremely similar.
Over the last ten years the sterling total returns of the two indices have
varied by an average of only 0.14% per annum.

The EPRA Index has a slightly wider geographical spread as it includes all the
countries within the S&P Index plus Poland, Hungary, the Czech Republic and the
Channel Islands. It also varies from the S&P Index in having a liquidity test
and in demanding that Index members produce their Report and Accounts in the
English language. The current market capitalization of the Indices is £104
billion for EPRA and £106 billion for the S&P Index.



                                     - END-

For further information, please call:


Chris Lunn
Cenkos Securities plc
020 7397 1912

Peter Salsbury
Chairman
020 7360 1335


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