Dividend Declaration

Standard Life Invs Property Inc Tst
09 August 2006



9 August 2006



Standard Life Investments Property Income Trust Limited
Re: Increased Dividend Announcement


The Directors of Standard Life Investments Property Income Trust Limited ('the
Directors') have declared that an interim gross dividend be payable in respect
of the quarter ended 30 June 2006 as follows:-



Ex Date                        16 August 2006
Record Date                    18 August 2006
Pay Date                       31 August 2006
Dividend per Ordinary Share    1.69p


This represents an increase of 0.065p, or 4%, per Ordinary Share on the previous
quarterly dividend. The Directors expect that, in the absence of unforeseen
circumstances, subsequent quarterly dividends will be maintained at 1.69p per
Ordinary Share.


The Net Asset Value as at the 30 June 2006, announced on the 5 July 2006,
contained a provision for a dividend payment at a rate of 1.625p per share. As a
result of the increased dividend amount a restated Net Asset Value calculation
as at 30 June 2006 is shown below. This shows that the Adjusted IFRS Net Asset
Value falls from 130.27p to 130.20p per Ordinary Share following the increase in
declared dividend.



                                              30 June 2006       31 March 2006
                                                         £                  £
Property at market value                       218,065,000        213,480,000
Interest rate swap at market value                (182,313)        (1,662,768)
Current assets                                  11,218,078         11,217,867
Current liabilities                             (5,818,589)        (5,843,035)
Long term liabilities                          (91,391,378)       (91,290,038)
Deferred taxation                               (5,898,340)        (4,446,297)
                                                ------------      -------------
IFRS Net Asset Value                           125,992,458        121,455,730

Add back deferred taxation                       5,898,340          4,446,297
Proposed dividend 31 March 2006                 (1,690,000)        (1,625,000)
                                                ------------      -------------
Adjusted IFRS Net Asset Value                  130,200,798        124,277,027
                                                ------------      -------------






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

Adjusted IFRS Net Asset Value                      130,200,798    124,277,027

Reclassification of preference shares as equity      6,958,686      6,857,346
Preference share adjustment to reflect              (2,469,554)    (2,351,348)
capital redemption rights
Unrealised loss on interest rate swap                  182,313      1,662,768
                                                    ------------  -------------
Adjusted UK GAAP Net Asset Value                   134,872,243    130,445,793
                                                    ------------  -------------




All Enquiries:


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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