Net Asset Value(s)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

31 March 2010

Key Highlights

·; Net asset value per ordinary share was 59.6p as at 31 March 2010, an increase of 5.2% from 31 December 2009

·; Cash held by the Trust of £31.6m as at 31 March 2010, but after recent purchase of B&Q Bury and full cost of Aberdeen development uncommitted cash is £16.6m.

·; Property worth £22.6m purchased in Q1 (and a further £5.3m in April) and disposals worth £23.4m undertaken .

·; Dividend yield of 7.1% using the share price as at 13 April 2010 of 62.25p

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 31 March 2010 was 59.6 pence. This is an increase of 5.2% percentage points over the net asset value of 56.6 pence per share at 31 December 2009.

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and includes a provision for payment of an interim dividend of 1.10p per ordinary share for the quarter to 31 March 2010.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 31 March 2010. The property portfolio will next be valued by an external valuer during June 2010 and the next quarterly net asset value will be published thereafter.

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 31 December 2009 to 31 March 2010.

Cash position

As at 31 March 2010 the Company had borrowings of £84.4m and a cash position of £31.6m (excluding rent deposits) therefore cash as a percentage of debt was 37.4%. The unallocated cash following the purchase of B&Q Bury and undrawn commitment at the development in Aberdeen is £16.6m.

Loan to value ratio

As at 31 March 2010 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 37.7% (31 December 2009: 39.2%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a negative impact on the NAV of 1.4p per share (2.5%) over the quarter, and the fair value is held at £(7.8)m as at 31 March 2010. This will reduce to £nil by Dec 2013, although not on a straight line basis.

Total asset analysis as at 31 March 2010 (unaudited)

Breakdown in valuation movements over the period 31 December 2009 to 31 March 2010

Investment Manager Commentary

Capital values continued to increase in Q1 2010, although at a slower rate than in Q4 2009. The IPD Monthly index showed capital growth of 3.9% for the 3 months to 31 March 2010, giving a total return of 5.7%. The Company's property investments provided a total return of 6.3% for the quarter, with a 4.5% capital gain.

During the quarter the Company completed the sale of Capital Court Uxbridge (£19.2m, a yield of 6.6%) and Century Plaza Edgware (£6.4m, 7.0%) and the purchase of a Focus retail warehouse in Norwich (£5m, 8%), a logistics unit let to Tesco in Bolton (£14.06m, 8%), completed the funding agreement and site purchase for a pre let in Aberdeen with a total commitment of £11.7m (8%) and in April the Company bought a retail warehouse unit let to B&Q for £5.3m, 7%). The purchases are accretive to the revenue account and help to further diversify the Company's income source.

The Company announced its intention to pay a quarterly dividend of 1.1p per share in 2010, showing a 10% increase from 2009, to reflect the income expected from the purchases made and the pre let development.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

GY1 3Q1

Tel: 01481 745324

Fax: 01481 745085

APENDIX 1

Historical adjusted IFRS NAVs per Ordinary Share are as follows:

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