Portfolio Update

Standard Life Invs Property Inc Tst
05 January 2006


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

5 January 2006

Standard Life Investments Property Income Trust Limited
Re: Listing Rule 15 - Top Ten Holdings

In accordance with paragraph 15.4.11(2) 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 31 December 2005:

All UK Property:

Clough Road Retail Park, Hull

Hollywood Green, London

Wellington House, London

Drakes Way, Swindon

Wellesley House, Harlow

Solution Hall, Welwyn Garden City

The Axys, Nantgarw

Whitebear Yard, London

2 - 4 Bucknall Street, London

Chancellors Place, Chelmesford

All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

END



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