Dividend Declaration

Standard Life Invs Property Inc Tst
08 February 2005


8 February 2005

Standard Life Investments Property Income Trust Limited

Re: Dividend Announcement

The Directors of Standard Life Investments Property Income Trust Limited ('the
Directors') have declared that an interim dividend be payable in respect of the
quarter ended 31 December 2004 as follows:-

     Ex Date                 16 February 2005
     Record Date             18 February 2005
     Pay Date                28 February 2005
     Dividend per Share      1.625p



All Enquiries:

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

Tel: [phone]
Fax: [phone]

END

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