Dividend Declaration

Standard Life Invs Property Inc Tst
04 November 2004


4 November 2004

Standard Life Investments Property Income Trust Limited
Re: Dividend Announcement

The Directors of Standard Life Investments Property Income Trust Limited ('the
Directors') have declared that an interim dividend be payable in respect of the
quarter ended 30 September 2004 as follows:-

     Ex Date                      10 November 2004
     Record Date                  12 November 2004
     Pay Date                     25 November 2004
     Dividend per Share           1.625p


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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