Holding(s) in Company

Standard Life Invs Property Inc Tst
11 October 2004


11 October 2004

Standard Life Investments Property Income Trust Limited
Re: Sale of Shares by Standard Life Investments Limited

We have been advised that on Friday 8 October 2004, Standard Life Investments
sold 500,000 Standard Life Investments Property Income Trust Ordinary GBP0.01
shares on behalf of the Standard Life Group. This decreased the total held as an
interest (including material and non-material interests) to 23,769,609 shares
being 23.77% of the issued stock of that class.


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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