Portfolio Update

Standard Life Invs Property Inc Tst
04 July 2005



STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

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 30th June 2005:

All UK Property:

Clough Road Retail Park, Hull
Wellington House, London
Hollywood Green, London
Drakes Way, Swindon
Wellesley House, Harlow
Green Lane Industrial Estate, Walsall
Solution Hall, Welwyn Garden City
The Axys, Nantgarw
2-4 Bucknall Street, London
Bathgate Retail Park, Bathgate


                              - ENDS -


For further information, please call:

Andrew Jackson

Standard Life Investments Ltd

Telephone: [phone]


Guernsey International Fund Managers Limited
Company Secretary


4 July 2005



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