TR Property Investment Trust : March 2022

Ordinary Shares

March 2022 - all data as of 31/03/2022 unless otherwise stated

Fund Objective: The investment objective is to maximise shareholders' total returns by investing in the shares and securities of property companies and property related businesses internationally and also in investment property located in the UK.

Fund manager(s): Marcus Phayre-Mudge	Initial charge:	0.00%	Year end:	31 March
Fund type: UK Investment Trust	Ongoing charge:	0.62%	ISIN:	GB0009064097
Ann. Mgmt fee:	£3.745m plus 0.20%	FATCA:	ML6PKQ.99999.SL.826
of net assets p.a.
Administrator:	BNP Paribas
Ann. Return 5 Years:	10.27%
Tel:	+ 44 (0)20 7011 4444
Price frequency:	Daily
Email:	[e-mail]
www.trproperty.com

AIC Property Securities

Sector: Benchmark:

FTSE EPRA/NAREIT Developed Europe Capped TR Net GBP

Fund currency: Fund size: Share price: Historic Yield: Net gearing:

GBP £1563.1m

Performance fee: 15% of outperformance of benchmark plus 1% hurdle

• 456.5p Distribution policy:

• 3.1% Share currency:

• 9.2% Payment date(s):

Semi-annual

GBP January, August

Top holdings (% NAV)

VONOVIA 9.6

ARGAN 5.1

SEGRO 4.9

KLEPIERRE 3.9

SAFESTORE HOLDINGS 3.9

LEG IMMOBILIEN 3.6

INDUSTRIALS REIT 3.4

PHOENIX SPREE 3.3

MERLIN PROPERTIES SOCIMI 3.1

LAND SECURITIES GROUP 2.9

Fund performance (%)

%

80

70

FundBenchmarkShare Price

60

50

40

30

20

10

0

-10

1 month

3 months

6 monthsYear to date

1 Year

3 Years

5 Years

Cumulative performance as at 31.03.2022 (%)

1 Month

3 Months

6 MonthsYTD

1 Year

3 Years

5 Years

NAV Benchmark Share price

2.88 2.28 0.00

-2.22 -4.19 -7.68

5.01 1.07 -1.79

-2.22 -4.19 -7.68

21.57 12.16 19.94

29.52 11.82 28.04

63.09 30.16 70.59

Discrete performance as at 31.03.2022 (%)

NAV Benchmark Share price

Mar-21 - Mar-22

Mar-20 - Mar-21

21.57 12.16 19.94

20.59 15.88 28.32

Source: BMO Global Asset Management, Lipper

Mar-19 - Mar-20

Mar-18 - Mar-19

Mar-17 - Mar-18

-11.66 -13.97 -16.81

9.07 5.61 6.21

15.45 10.23 25.45

Performance data is in GBP £ terms. Investors should be aware that past performance should not be considered a guide to future performance. All fund performance data is net of all fees and expenses.

Sector allocation (% NAV)

AUSTRIAN DIVERSIFIED 0.4

BENELUX DIVERSIFIED 0.5

EUROPEAN HEALTHCARE 2.4

EUROPEAN SHOPPING CENTRES 8.9

FRENCH OFFICES 5.3

GERMAN OFFICES 3.2

GERMAN RESIDENTIAL 18.0

INDUSTRIALS 22.5

NORDIC RESIDENTIAL 3.7

NORWEGIAN OFFICES 0.4

SELF STORAGE 3.9

SPANISH DIVERSIFIED 4.5

STOCKHOLM OFFICES 1.3

STUDENT HOUSING 1.9

SUPERMARKETS 2.5

SWEDISH DIVERSIFIED 4.6

SWEDISH RESIDENTIAL 0.1

SWISS DIVERSIFIED 4.6

UK DIVERSIFIEDS 5.3

UK HEALTHCARE 0.8

UK LONDON OFFICES 3.5

UK MAJORS 2.9

UK RETAIL 1.6

UK/IRELAND RESIDENTIAL 0.1

UK DIRECT PROPERTY 6.2

TOTAL 109.2

Risk warning

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The market value of the shares of TR Property may not reflect the underlying net asset value of the investments held by TR Property. TR Property is able to borrow to raise further funds for investment purposes if the fund manager and the board of directors consider that it may be commercially advantageous to do so. This is generally described as "gearing". An investment trust which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets.

Strategic allocation (% NAV)

Continental Shares 66.1

Shares are based on Country of Domicile

Ordinary Shares

March 2022 - all data as of 31/03/2022 unless otherwise stated

Dividend history (pence per share)

16 14 12 10 8 6 4 2 0

InterimFinal

05/06

06/07

07/08

08/09

09/10

10/11

11/12

12/13

13/14

14/15

15/16

16/17

17/18

18/19

19/20

20/21

21/22

Historical Performance

250%

200% 150% 100% 50% 0% -50%

Mar'12

Mar'13

Mar'14

Mar'15

Mar'16

Mar'17

Mar'18

Mar'19

Mar'20

Mar'21

Mar'22

TR Property Investment Trust (NAV with Income)

FTSE EPRA Nareit Developed Europe Capped Index (Net, GBP)

This financial promotion is issued for marketing and information purposes only by BMO Global Asset Management in the UK.

English language copies of the key information document (KID) can be obtained from BMO Global Asset Management, Exchange House, Primrose Street, London EC2A 2NY, telephone: Client Services on 0044 (0)20 7011 4444, email:[e-mail] electronically at www.bmogam.com. Please read before taking any investment decision.

The information provided does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the Funds. An investment may not be suitable for all investors and independent professional advice, including tax advice, should be sought where appropriate. The manager has the right to terminate the arrangements made for marketing.

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©2022 BMO Global Asset Management. BMO Global Asset Management is a registered trading name for various affiliated entities of BMO Global Asset Management (EMEA) that provide investment management services, institutional client services and securities products. Financial promotions are issued for marketing and information purposes in the United Kingdom by BMO Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. This entity is a wholly owned subsidiary of Columbia Threadneedle Investments UK International Limited, whose direct parent is Ameriprise Inc., a company incorporated in the United States. It was formerly part of BMO Financial Group and is currently using the "BMO" mark under licence.