Holding(s) in Company

Standard Life Invs Property Inc Tst
23 November 2004


23 November 2004

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

We have been advised that on Friday 19 November 2004, Standard Life Investments
sold 1,000,000 Standard Life Investments Property Income Trust Ordinary GBP0.01
shares on behalf of the Standard Life Group. This decreased the total held as a
material interest to 21,769,609 shares being 21.77% 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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