Directorate Change

TR Property Investment Trust PLC
26 July 2004


TR PROPERTY INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

26 JULY 2004

                        TR PROPERTY INVESTMENT TRUST PLC

                             Retirement of Chairman


Following the Annual General Meeting held today, Mr Alastair Ross Goobey CBE has
retired as Chairman and from the Board of TR Property Investment Trust plc,
having served the Company for 10 years. He is succeeded by Mr Peter Salsbury.

Alastair Ross Goobey was appointed to the Board in May 1994, and succeeded Grant
Cochrane as Chairman on 1 January 2002.

The original announcement of his retirement, and the appointment of his
successor, was made on 27 November 2003.

                                    - ENDS -

Enquiries to:

Chris Turner
Fund Manager, TR Property Investment Trust PLC
Telephone: [phone]

Stephen Westwood
Head of Investment Trusts
Henderson Global Investors
Telephone: [phone]

Stephen Phillips
Investor Relations Manager
Henderson Global Investors
Telephone: [phone]


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