EPRA Index Inclusion

Standard Life Invs Property Inc Tst
09 March 2005


9 March 2005

Standard Life Investments Property Income Trust Limited
Re FTSE EPRA/NAREIT Global Real Estate Index

The European Public Real Estate Association (EPRA) has announced, following the
quarterly meeting of the Index Committee, that Standard Life Investments
Property Income Trust Limited will be added to the European region of the FTSE
EPRA/NAREIT Global Real Estate Index. Changes will be effective after close of
business on Friday 18 March 2005 (i.e. on Monday 21 March 2005).

The FTSE EPRA/NAREIT Global Real Estate Indices are calculated by FTSE
International Limited ('FTSE'). All rights in the FTSE EPRA/NAREIT Global Real
Estate Indices vest in FTSE, EURONEXT N.V. ('EURONEXT'), European Public Real
Estate Association ('EPRA') and National Association of Real Estate Investment
Trusts ('NAREIT'). 'FTSE(TM)' is a trademark of the London Stock Exchange Plc 
and The Financial Times Limited and is used by FTSE under licence. 'NAREIT(R)'
is a trademark of NAREIT and is used under license. EPRA is a trademark of EPRA
and is used under license. 'FTSE EPRA/NAREIT Global Real Estate Indices' is a
trade mark of FTSE, EPRA, NAREIT and EURONEXT. Neither FTSE nor EURONEXT nor
EPRA nor NAREIT nor their licensors shall be liable (including in negligence)
for any loss arising out of use of the FTSE EPRA/NAREIT Global Real Estate
Indices by any person.'

For index related enquiries or further information about FTSE EPRA/NAREIT please
contact:

Client Services in UK:         Tel: [phone]
Client Services in US:         Tel: [phone] FTSE (3873) or [phone]
Client Services in Asia        Tel: [phone] or [phone] or +81 3
Pacific:                       3581 2811
EPRA:                          Tel: [phone]
NAREIT:                        Tel: [phone] or +1 800 3 NAREIT

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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