Net Asset Value(s)

7 May 2015

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)

Unaudited Net Asset Valueas at 31 March 2015

Key Highlights

  * Net asset value per ordinary share was 75.6p as at 31 March 2015 which is
    arrived at after deducting the Q1 dividend due to be paid in May 2015. This
    is an increase of 1.7% from 31 December 2014.
   
  * Successful placing of approximately 31.3m ordinary shares at 78.1p per
    share under the Placing Programme announced on 12 February 2015, following
    this an additional 1.3m ordinary shares were also issued on 4 March 2015 at
    80.2p per share, raising in total gross proceeds of approximately £25.5m.
   
  * One retail property purchased in March 2015 for £15.8m excluding costs and
    one office property sold in January 2015 for £3.2m excluding costs.
   
  * Dividend yield of 5.2% based on share price of88.5p (5May 2015).
   
Net Asset Value ("NAV")

The unaudited net asset value per ordinary share of Standard Life Investments
Property Income Trust Limited ("SLIPIT") at 31 March 2015 was 75.6 pence
including the adjustment for the Q1 dividend payment due in May 2015. This is
an increase of 1.7% over the net asset value of 74.3 pence (including the
adjustment for the Q4 dividend)per share at 31 December 2014. The net asset
value is calculated under International Financial Reporting Standards ("IFRS").

The net asset value incorporates the external portfolio valuation by Jones Lang
LaSalle at 31 March 2015. The property portfolio will next be valued by the
external valuer during June 2015 and the next quarterly net asset value will be
published thereafter.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited NAV per share
calculated under IFRS over the period 31December 2014 to 31 March 2015.

                                                      £m   Pence   % of opening
                                                             per            NAV
                                                           share               
                                                                               
Unaudited Net Asset Value at 31 December 2014      184.4    75.5              -
                                                                               
Gain - valuation increase on the standing            3.7     1.5           2.0%
property portfolio                                                             
                                                                               
Loss - unrealised following the purchase of                                    
investment property                                (0.7)   (0.3)         (0.4%)
                                                                               
Capex receipts                                       0.2     0.1           0.1%
                                                                               
Rent free smoothing                                (0.2)   (0.1)         (0.1%)
                                                                               
Increase in unrealised interest rate swap          (0.3)   (0.1)         (0.1%)
liability                                                                      
                                                     0.2     0.2           0.2%
Other movement in reserves                                                     
                                                                               
Increase in share capital                           25.2                       
                                                                               
Unaudited Net Asset Value at 31 March 2015                                     
before adjustment for dividend                     212.5    76.8           1.7%
                                                                               
Adjustment for Q1 dividend                         (3.2)   (1.2)               
                                                                               
Unaudited Net Asset Value at 31 March 2015 after                               
                                                                               
adjustment for dividend                            209.3    75.6               
                                                                               

European Public Real Estate Association   31 Mar 2015  31 Dec 2014             
("EPRA")*                                                                      
                                                                               
EPRA Net Asset Value before adjustment        £215.5m      £187.0m             
for dividend                                                                   
                                                                               
EPRA Net Asset Value after adjustment         £212.2m      £184.2m             
for dividend                                                                   
                                                                               
EPRA Net Asset Value per share before           77.9p        76.6p             
adjustment for dividend                                                        
                                                                               
EPRA Net Asset Value per share after            76.7p        75.4p             
adjustment for dividend                                                        
                                                                               

The Net Asset Value per share is calculated using 276,779,237 shares of 1p each
being the number in issue on 31 March 2015.

*The EPRA net asset value measure is to highlight the fair value of net assets
on an on-going, long-term basis. Assets and liabilities that are not expected
to crystallise in normal circumstances, such as the fair value of financial
derivatives, are therefore excluded.

Investment Manager Commentary

During Q1 the Company issued new shares under the live prospectus, raising £
25.5m. This fully utilised the capacity of the prospectus, and enabled the
Company to complete on the purchase of a retail warehouse in Preston for £
15.8m. The property is let to DSG (Dixons) for a further 16 years. The purchase
price reflected a yield of 7%. We also completed the sale of a small office in
Weybridge that had a lease expiry in February this year. The sale price was £
3.2m.

During the quarter we started on site with the refurbishment of 6 industrial
units at Ocean Trade Centre in Aberdeen. The total cost will be circa £1.4m and
we are close to completing a new 10 year lease on 4 of the units. We are also
working up a refurbishment and upgrade of our office investment at White Bear
Yard in Farringdon, at a potential cost of £2.5m. This building is in a very
desirable area and we want to capitalise on the strong tenant demand.

We expect the UK real estate market to provide a total return of low double
digits in 2015. Although this is attractive it will fall short of the
exceptional returns experienced in 2014.This growth is in part due to continued
strong investment demand driven by a weight of money in the sector, but with
the continued improvement in occupier demand as well throughout the UK we can
expect to see more rental growth than in 2014. It is not envisaged that the
election will have a material impact on demand, and we intend to continue
investing in good quality real estate that appeals to occupiers. The Company
had an occupation rate of 97.5% as at the quarter end, with solicitors
instructed on two further lettings, and the average unexpired lease term (to
earliest termination) has increased to 7.1 years.

Cash position

As at 31 March 2015 the Company had borrowings of £84.4mand a cash position of
£17.4m (excluding rent deposits) therefore cash as a percentage of debt was
20.6%.

Dividends

The Company paid an interim dividend in respect of the quarter ended 31December
2014, of 1.161p per Ordinary Share, with ex-dividend and payment dates of5
February 2015and 20 February 2015respectively.

Loan to value and interest rate

As at 31 March 2015 the loan to value ratio (assuming all cash is placed with
RBS as an offset to the loan balance) was 23.4% (31December 2014: 29.3%). The
bank covenant level is 65%.As a result of interest rate swaps the weighted
average interest rate on the loan is fixed at 3.7% until the loan matures in
December 2018.

The Company has two interest rate hedges which mature in December 2018 and have
a current liability of £2.9m (31 December 2014: £2.7m).These had a negative
impact on the NAV of 0.1p per share or 0.1% over the quarter.

Net Asset analysis as at 31 March 2015 (unaudited)

                                      £m      %of net
                                               assets
                                                     
Office                             112.8         53.1
                                                     
Retail                              63.4         29.8
                                                     
Industrial                         110.4         51.9
                                                     
Total Property Portfolio           286.6        134.8
                                                     
Adjustment for lease               (2.0)        (0.9)
incentives                                           
                                                     
Fair value of Property             284.6        133.9
Portfolio                                            
                                                     
Cash                                17.4          8.2
                                                     
Other Assets                         3.8          1.8
                                                     
Total Assets                       305.8        143.9
                                                     
Non-current liabilities           (87.0)       (40.9)
                                                     
Current liabilities                (6.3)        (3.0)
                                                     
Total Net Assets                   212.5        100.0


Breakdown in valuation movements over the period 1 Jan 2015 to 31 Mar 2015

                              Exposure as  Capital Value    Capital   
                               at 31 Mar    Movement on      Value    
                               2015 (%)       Standing    Movement on 
                                           Portfolio (%)  Portfolio (£m)     
                                                                      
External Property Valuation                                  270.2    
at 31 Dec 2014                                                        
                                                                      
IPD Sub Sector Analysis:                                              
                                                                      
RETAIL                                                                
                                                                      
South East Retail                 5.7           2.2           0.4     
                                                                      
Retail Warehouses                16.4           0.1          15.9*    
                                                                      
OFFICES                                                               
                                                                      
London City Offices               6.2           5.5           0.9     
                                                                      
London West End Offices           3.3           0.0           0.0     
                                                                      
South East Offices               19.6           1.5          (2.3)*   
                                                                      
Rest of UK Offices               10.3          (0.7)         (0.2)    
                                                                      
INDUSTRIAL                                                            
                                                                      
South East Industrial             8.7           2.8           0.7     
                                                                      
Rest of UK Industrial            29.8           1.3           1.1     
                                                                      
External Property Valuation      100.0          1.5         286.7**   
at 31 Mar 2015                                                        

*Due to purchase of oneretail investment and the sale of one office investment

**Adjusted to exclude sales costs of properties held for sale at 31 March 2015


Top 10 Properties

                                        31 Mar 15 (£m) 
                                                       
White Bear Yard, London                      15-20     
                                                       
DSG, Preston                                 15-20     
                                                       
Chester House, Farnborough                   15-20     
                                                       
Symphony, Rotherham                          15-20     
                                                       
Denby242, Denby                              10-15     
                                                       
Hertford Place, Rickmansworth                10-15     
                                                       
St James's House, Cheltenham                 10-15     
                                                       
Hollywood Green, London                      10-15     
                                                       
3B - C Michigan Drive, Milton Keynes         10-15     
                                                       
Howard Town Retail Park, Glossop             10-15     

The Board is not aware of any other significant events or transactions which
have occurred between 31 March 2015 and the date of publication of this statement
which would have a material impact on the financial position of the Company.

Details of the Company may also be found on the Investment Manager's website
which can be found at:www.standardlifeinvestments.com/its

For further information:-

Jason Baggaley - Real Estate Fund Manager Standard Life Investments
Tel [phone] or [e-mail]

Gordon Humphries - Head of Investment Companies Standard Life Investments
Tel [phone] or [e-mail]

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: [phone]
Fax: [phone]


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