Issue of Equity

Standard Life Invs Property Inc Tst
19 December 2003


            Standard Life Investments Property Income Trust Limited

On 5 December 2003, Standard Life Investments Property Income Trust Limited (the
'Company') announced that it had published a prospectus in relation to a placing
by Collins Stewart Limited and an offer for subscription of up to 100 million
ordinary shares of 1p each at 100p per share (the 'Ordinary Shares').

The Company wishes to announce that it has issued 100 million Ordinary Shares
and that such Ordinary Shares were admitted to the Official List of the UK
Listing Authority and to trading on the London Stock Exchange's market for
listed securities at 8.00 am this morning, 19 December 2003.

90,373,762 Ordinary Shares have been issued pursuant to the Placing and
9,626,238 Ordinary Shares have been issued pursuant to the Offer for
Subscription. The number of Ordinary Shares issued under the Placing includes
the subscription of 28,700,000 Ordinary Shares by The Standard Life Assurance
Company ('SLAC'), the parent company of the Company's manager, representing 28.7
per cent. of the total number of Ordinary Shares issued.

The prospectus published on 5 December 2003 stated that it was expected that
SLAC would own up to 49.9 per cent. of the issued ordinary share capital of the
Company. However, due to demand from investors for Ordinary Shares under both
the Placing and Offer for Subscription, SLAC's participation has been scaled
back to 28,700,000 Ordinary Shares (28.7 per cent. of the Ordinary Shares in
issue). Accordingly, the relationship agreement, which was entered into between
SLAC and the Company in order to ensure that the Company was at all times
capable of carrying on its business independently of SLAC should SLAC hold 30
per cent. or more of the Company's Ordinary Shares, will not become effective as
SLAC's holding is below 30 per cent.. Accordingly, SLAC will not be a
controlling shareholder of the Company as defined in the Listing Rules of the UK
Listing Authority.

Enquiries:

Neil Cable/Andrew Jackson
Standard Life Investments Tel: [phone]

Paul Richards
Collins Stewart Limited Tel: [phone]



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