Investment Policy

TR Property Investment Trust PLC
22 October 2003


HENDERSON GLOBAL INVESTORS


TR PROPERTY INVESTMENT TRUST PLC


22 OCTOBER 2003



                        TR PROPERTY INVESTMENT TRUST PLC

                               Investment Policy





The Board of TR Property Investment Trust PLC (the 'Company') notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it has no present or forseeable intention to
invest more than 15% of its gross assets in other listed investment companies
(including listed investment trusts). The Board intends to keep the investment
policy under review in the light of market developments including the possible
introduction of UK Real Estate Investment Trusts.



                                    - END -




For further details please contact:

Chris Turner

Fund Manager

TR Property Investment Trust plc

Tel: [phone]


Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: [phone]


Stephen Phillips

Associate Director

Henderson Global Investors

Telephone: [phone]



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