Net Asset Value(s)

Standard Life Invs Property Inc Tst
10 October 2007


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

30 September 07 - Net Asset Value Announcement


The unaudited net asset value per ordinary share of Standard Life Investments
Property Income Trust Limited at 30 September 2007 was 130.7 pence each. This is
a decrease of 4.7 percentage points over the net asset value of 137.2 pence at
30 June 2007.


The net asset value is calculated under International Financial Reporting
Standards ('IFRS') and includes a provision for payment of a proposed interim
dividend of 1.69p per ordinary share for the quarter to 30 September 2007.


The net asset value incorporates the external portfolio valuation by DTZ
Debenham Tie Leung at 30 September 2007. The property portfolio will next be
valued by an external valuer during December 2007 and the next quarterly net
asset value will be published in early January 2008.



Breakdown of NAV movement


Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period 30 June 2007 to 30 September 2007.



                                                  Pence per share    % of opening NAV

NAV per share as at 30 June 2007                     137.2

Unrealised decrease in valuation of
property portfolio                                    (2.7)                  (2.0%)
Effect of gearing upon unrealised
decrease in valuation of property
portfolio                                             (1.2)                  (0.8%)
Decrease in interest rate swap valuation              (2.2)                  (1.6%)
Other movement in reserves                            (0.4)                  (0.3%)

NAV per share as at 30 September 2007                130.7                   (4.7%)








Historical NAV per Ordinary Share are as follows:

                              Adjusted IFRS NAV              Adjusted UK GAAP NAV
30/09/07                            130.70p                             133.47p
30/06/07                            137.16p                             137.79p
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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