Net Asset Value(s)

Standard Life Invs Property Inc Tst
05 April 2007


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

05 April 2007

31 March 07 - Net Asset Value

The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 31 March 2007 was 134.42 pence each, calculated under an
adjusted International Financial Reporting Standards basis. This is an increase
of 1.3 percentage points over the adjusted IFRS Net Asset Value of 132.68 pence
at 31 December 2006. This Net Asset Value figure incorporates the external
portfolio valuation at 31 March 2007. The adjusted Net Asset Value includes a
provision for payment of a proposed interim dividend of 1.690p per ordinary
share and also adds back a provision for deferred taxation as the Board believes
this liability will not crystallise.

The property portfolio will next be valued by an external valuer during June
2007 and the next quarterly Net Asset Value will be published in early July
2007.


The unaudited IFRS Net Asset Value is calculated as follows:

                                           31 March 2007      31 December 2006
                                                       £                     £
Property at market value                     240,450,000           239,355,000
Interest rate swap at market value             1,482,908               501,862
Current assets                                 7,551,243             8,719,031
Current liabilities                          (16,226,895)           (7,382,911)
Long term liabilities                        (91,701,478)         (101,444,058)
Deferred taxation*                            (6,895,522)           (6,673,932)
                                            --------------        --------------
IFRS Net Asset Value                         134,660,256           133,074,992

Add back deferred taxation                     6,895,522             6,673,932
Proposed dividend for quarter ended           (1,757,600)           (1,757,600)
                                            --------------        --------------
Adjusted IFRS Net Asset Value                139,798,178           137,991,324
                                            --------------        --------------
                                            --------------        --------------
Number of shares in issue                    104,000,000           104,000,000
                                            --------------        --------------
                                            --------------        --------------
IFRS Net Asset Value per share (pence)            134.42                132.68
                                            --------------        --------------







Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:
Adjusted IFRS Net Asset Value                      139,798,179     137,991,324

Reclassification of preference shares as equity      7,268,786       7,161,366
Preference share adjustment to reflect              (2,862,578)     (2,727,030)
capital redemption rights
Interest rate swap at market value                  (1,482,908)       (501,862)
                                                    ------------   -------------
Adjusted UK GAAP Net Asset Value                   142,721,611     141,923,931
                                                    ------------   -------------
                                                    ------------   -------------
Number of shares in issue                          104,000,000     104,000,000
                                                    ------------   -------------
                                                    ------------   -------------
UK GAAP Net Asset Value per share (pence)               137.23          136.47
                                                    ------------   -------------

* for the purposes of the fund's net asset value announcements, the deferred tax
stated is the value applicable at the previous quarter end. The deferred tax
value has no effect on the adjusted IFRS NAV.


Historical NAV per Ordinary Share are as follows:

                          Adjusted IFRS NAV                Adjusted UK GAAP NAV
31/03/07                            134.42p                             137.23p
31/12/06                            132.68p                             136.47p
30/09/06                            129.51p                             134.37p
30/06/06                            130.20p                             134.87p
31/03/06                            124.28p                             130.46p
31/12/05                            116.46p                             124.00p
30/09/05                            107.12p                             114.31p
30/06/05                            103.88p                             111.82p
31/03/05                            101.34p                             106.63p
31/12/04                             99.00p                             105.16p


All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
GY1 3Q1

Tel: [phone]
Fax: [phone]



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