Post-AGM Update

28 July 2020

TR Property Investment Trust plc

Post-AGM Update

As announced on 22^nd June 2020, TRY held the AGM today as a closed meeting in order to protect the health and safety of the Company's shareholders and officers. The results of the voting at the Trust's 2020 Annual General Meeting have been published separately under RNS 3888U. In lieu of the usual AGM presentation, the Investment Manager posted a webcast regarding the Trust's portfolio and performance and this remains available on the Company's website www.trproperty.com

The new financial year ending 31^st March 2021 has started strongly with the NAV total return rising +11.5% against a benchmark total return of +8.1%. Disappointingly the share price performance has risen only +7.6% (data as at 24^th July) as the discount to NAV has increased to a little over 14% offering a dividend yield of 4.2% based on last year's annual dividend of 14p.

David Watson succeeded Hugh Seaborn as Chairman of the Board and expressed his thanks to the outgoing Chair for his sage and insightful advice and leadership of the Company and the Board.

Speaking at the AGM Hugh Seaborn observed "Whilst we are in uncharted waters in many respects, it is important to recognise key points made by the manager in his presentation. The Trust has performed well as a result of its active stock selection approach with significant exposure to Healthcare, Logistics, Industrial, PRS and Supermarkets, all of which have performed well through the COVID 19 crisis. Conversely the Trust remains underweight in Central London offices and all non-food retail sectors. As we approach the Brexit deadline, investors should also recognise that 70% of the Trusts assets are denominated in currencies other than Sterling." At the Board meeting earlier in the day the Board noted and reaffirmed the Chairman's comments in the 2019/20 Annual Report that the company benefited from a healthy level of revenue reserves (equating to approximately 14p per share) that can be used to supplement the company's dividend payments in the event of any short to medium term fall in earnings.

For further information please contact:

Jemima Rail

Link Company Matters

Tel: 020 7954 9797