Capital Reorganisation

Standard Life Invs Property Inc Tst
06 September 2004


                                RNS Announcement

            Standard Life Investments Property Income Trust Limited

                                6 September 2004

On Friday, 3 September 2004, the Royal Court of Guernsey confirmed the reduction
of capital by way of a cancellation of the share premium account of Standard
Life Investments Property Income Trust Limited (the 'Company'). The amount
cancelled, being £103,500,000, has been credited as a distributable reserve
established in the Company's books of account and shall be available as
distributable profits to be used for all purposes permitted under the law of 
the Island of Guernsey, including the buyback of shares and the payment of
dividends.

All Enquiries:

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]




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