Directorate Change

Having reached his 65 th year, John Banks has decided to retire and has resigned from the Board of VTR plc as of 3 rd May 2005.

The Board wishes to thank John for his considerable contribution to the business as Managing Director over the past 21 years.

Paul Tracey, Corporate Development Director, has been appointed as Managing Director with effect from today's date.

The Board has reviewed the current trading environment and notes that, consistent with its previous statement at the time of the interim results, conditions remain challenging and market expectations will not be achieved.

The Board has instituted a strategic review of the Group's businesses with a view to considering ways of enhancing shareholder value and will report to shareholders when this has been completed.

Paul Tracey, Managing Director of VTR added,

�Whilst these are difficult times for the group I am proud to succeed John as VTR remains the home for some of the best talent, facilities and clients in the industry. I will be working hard with the Board and senior management to ensure that the group delivers value to our shareholders, staff and clients over the coming months and years�.

For further information please call:

Paul Tracey
Managing Director
VTR plc
020 7565 1000

Lawrence Dore
Mantra PR
020 7907 7800

Philip Davies
Charles Stanley & Co. Limited
020 7739 8200