Portfolio Sale and NAV

Standard Life Invs Property Inc Tst
20 July 2007




STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
30 June 07 - Portfolio Sale and Net Asset Value Announcement


The company has exchanged contracts for the sale of a portfolio of six
properties for the sum of £41.5m, with completion due at the end of July. The
sale price is the same as the June valuation. The sale proceeds will be used in
part to reduce gearing with the remainder to be reinvested as suitable
investment opportunities arise.

The unaudited Net Asset Value per Ordinary Share of Standard Life Investments
Property Income Trust Limited at 30 June 2007 was 137.16 pence each, calculated
under an adjusted International Financial Reporting Standards basis. This is an
increase of 2.0 percentage points over the adjusted IFRS Net Asset Value of
134.42 pence at 31 March 2007. This Net Asset Value figure incorporates the
external portfolio valuation at 30 June 2007. The adjusted Net Asset Value
includes a provision for payment of a proposed interim dividend of 1.69p 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
September 2007 and the next quarterly Net Asset Value will be published in 
early October 2007.


The unaudited IFRS Net Asset Value is calculated as follows:

                                              30 June 2007       31 March 2007
                                                         £                   £
Property at market value                       241,325,000         240,450,000
Interest rate swap at market value               3,715,809           1,482,908
Current assets                                   7,708,493           7,551,243
Current liabilities                            (16,537,062)        (16,226,895)
Long term liabilities                          (91,908,898)        (91,701,478)
Deferred taxation*                              (6,818,148)         (6,895,522)
                                              --------------      --------------
IFRS Net Asset Value                           137,585,194         134,660,256

Add back deferred taxation                       6,818,148           6,895,522
Proposed dividend for quarter ended             (1,757,600)         (1,757,600)
                                              --------------      --------------
Adjusted IFRS Net Asset Value                  142,645,742         139,798,178
                                              --------------      --------------
                                              --------------      --------------
Number of shares in issue                      104,000,000         104,000,000
                                              --------------      --------------
                                              --------------      --------------
IFRS Net Asset Value per share (pence)              137.16              134.42
                                              --------------      --------------





Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:

Adjusted IFRS Net Asset Value                      142,645,742     139,798,178

Reclassification of preference shares as equity      7,376,206       7,268,786
Preference share adjustment to reflect              (3,006,485)     (2,862,578)
capital redemption rights
Interest rate swap at market value                  (3,715,809)     (1,482,908)
                                                    ------------   -------------
Adjusted UK GAAP Net Asset Value                   143,299,654     142,721,478
                                                    ------------   -------------
                                                    ------------   -------------
Number of shares in issue                          104,000,000     104,000,000
                                                    ------------   -------------
                                                    ------------   -------------
UK GAAP Net Asset Value per share (pence)               137.79          137.23
                                                    ------------   -------------

* 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

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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