RNS Number:1753F
Property Fund Management plc
12 November 2004


12 November 2004

                      Property Fund Management plc ("PFM")

                                 Board changes

Following the announcement on 28 October 2004 stating that the offer by British
Linen Advisers on behalf of Teesland plc for the whole of the issued and to be
issued share capital of PFM had become wholly unconditional, PFM announces the
resignations of Glyn Hirsch, Andrew Yates, Robert Bould, Manish Chande, Peter
Hedges and Martin Myers as directors of PFM. John Sims remains a director of
PFM.

In addition, PFM announces that Kevin McCabe, Mickola Wilson and Stephen McBride
have been appointed as directors of PFM.

Kevin McCabe, Mickola Wilson and Stephen McBride are directors of Teesland plc.

The above changes are effective from 11 November 2004.

For further information:

Mickola Wilson                             Jeremy Carey
Property Fund Management plc               Tavistock Communications
Tel: 020 7659 4700                         Tel: 020 7920 3150



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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