Holding(s) in Company

Standard Life Invs Property Inc Tst
30 September 2004


30 September 2004

Standard Life Investments Property Income Trust Limited

Standard Life Investment Property Ord GBP0.01 Shares

We have been advised that on 27 September 2004, Standard Life Investments sold
2,830,391 shares on behalf of Standard Life Group. This decreased the total held
as an interest (including material and non-material interest) to 24,269,609
shares being 24.27% 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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