Statement re sale of shares

Standard Life Invs Property Inc Tst
23 August 2004


23 August 2004

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

Standard Life Investments Limited has today informed us that it sold 1,600,000
Standard Life Investments Property Income Trust Limited Ordinary Shares on
Thursday 12 August 2004 and it now holds 27,100,000 Ordinary Shares which
amounts to 27.1% of the issued capital.


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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