Portfolio Update

Standard Life Invs Property Inc Tst
02 April 2007


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

02 April 2007

Re: Listing Rule 15 - Top Ten Holdings

In accordance with paragraph 15.4.11 (ii) of the Listing Rules, Standard Life
Investments Property Income Trust Limited announces its ten largest investments,
including all investments with a value greater than 5% of its gross assets, as
at 31 March 2007:

Name                  Location   Capital            Income   Type
                                 Value               Yield
Wellington House      London     £15 - £20m            6.2%  Standard Office
Clough Road Retail    Hull       £15 - £20m            5.4%  Retail Warehouse
Park
Hollywood Green       London     £15 - £20m            6.1%  Leisure
White Bear Yard       London     £10 - £15m            3.5%  Standard Office
Bucknall Street       London     £10 - £15m            5.0%  Standard Office
Drakes Way            Swindon    £5 - £10m             6.8%  Standard
                                                             Industrial
Wellesley House       Harlow     £5 - £10m             6.7%  Standard Office
Enjoyment Hall        Welwyn     £5 - £10m             6.7%  Office Park
Axys Nantgarw         Cardiff    £5 - £10m             5.9%  Office Park
Chancellors Place     Essex      £5 - £10m             6.2%  Standard Office

All UK Property.


The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

END



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