Portfolio Update

Standard Life Invs Property Inc Tst
05 July 2004



STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

In accordance with paragraph 21.20 (l) (ii) of the Listing Rules, Standard Life
Investments Property Income Trust Limited announces its ten largest investments,
including all investments with a value greater than 5% of its gross assets, as
at 30 June 2004:

All UK Property:

Wellington House, London

Hollywood Green, London

Clough Road, Hull

Wellesley House, Harlow

Solution Hall, Welwyn Garden City

Units 1&2 Green Lane Industrial Estate, Walsall

Drakes Way, Swindon

2-4 Bucknall Street, London

Century Plaza, Edgeware

Bathgate Retail Park, Bathgate



- ENDS -


For further information, please call:

Andrew Jackson

Standard Life Investments Ltd

Telephone: [phone]




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