Portfolio Update

Standard Life Invs Property Inc Tst
04 April 2008




STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
04 April 2008

Re: Top Ten Holdings as at 31 March 2008


+-----------------------+-------------+------------+-------------------+
|Name                   |Location     |Capital     |Type               |
|                       |             |Value       |                   |
+-----------------------+-------------+------------+-------------------+
|Clough Road Retail Park|Hull         |£15 - £20m  |Retail Warehouse   |
+-----------------------+-------------+------------+-------------------+
|Hollywood Green        |London       |£15 - £20m  |Leisure            |
+-----------------------+-------------+------------+-------------------+
|White Bear Yard        |London       |£5 - £10m   |Standard Office    |
+-----------------------+-------------+------------+-------------------+
|Bucknall Street        |London       |£5 - £10m   |Standard Office    |
+-----------------------+-------------+------------+-------------------+
|Drakes Way             |Swindon      |£5 - £10m   |Standard Industrial|
+-----------------------+-------------+------------+-------------------+
|Ocean Trade Centre     |Aberdeen     |£5 - £10m   |Industrial Park    |
+-----------------------+-------------+------------+-------------------+
|Century Plaza          |Edgware      |£5 - £10m   |High Street Retail |
+-----------------------+-------------+------------+-------------------+
|Bathgate Retail Park   |Bathgate     |£5 - £10m   |Retail Warehouse   |
+-----------------------+-------------+------------+-------------------+
|Chancellors Place      |Chelmsford   |£5 - £10m   |Standard Office    |
+-----------------------+-------------+------------+-------------------+
|Marsh Way              |Rainham      |£5 - £10m   |Standard Industrial|
+-----------------------+-------------+------------+-------------------+


Following the exchange of contracts announced on 21 January 2008, the purchase
of Marsh Way, Rainham completed on 14 March 2008 for a value of £7.5m.


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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