Holding(s) in Company

Standard Life Invs Property Inc Tst
25 October 2004


22 October 2004

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

We have been advised that on Wednesday 20 October 2004, Standard Life
Investments sold 500,000 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 22,769,609 shares being 22.77% 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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