Portfolio Update

Standard Life Invs Property Inc Tst
06 April 2005



Standard Life Investments Property Income Trust Limited
Ten Largest Investments

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 31 March 2005:

All UK Property:

Wellington House, London

Hollywood Green, London

Clough Road, Hull

Wellesley House, Harlow

Green Lane Industrial Estate, Walsall

Solution Hall, Welwyn

Drakes Way, Swindon

The Axys, Nantgarw

2-4 Bucknall Street, London

Whitebear Yard, Clerkenwell, London

For further information, please call Andrew Jackson, Standard Life Investments
Limited on 0131 245 2717.

The Company Secretary
Guernsey International Fund Managers Limited
Trafalgar Court
Les Banques
GY1 3Q1

Tel: [phone]
Fax: [phone]

Ends


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