Net Asset Value(s)

Standard Life Invs Property Inc Tst
07 April 2006


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

06 April 2006 - Net Asset Value


The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 31 March 2006 was 124.28 pence each, calculated under an
adjusted International Financial Reporting Standards basis. This is an increase
of 6.7 percentage points over the adjusted IFRS Net Asset Value of 116.46 pence
at 31 December 2005. This Net Asset Value figure incorporates the external
portfolio valuation at 24 March 2006. The adjusted Net Asset Value includes a
provision for payment of a proposed interim dividend of 1.625p 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 June

2006 and the next quarterly Net Asset Value will be published in early July
2006.



The unaudited IFRS Net Asset Value is calculated as follows:

                                        31 March 2006      31 December 2005
                                                       £                     £
Property at market value                     213,480,000           202,305,000
Interest rate swap at market value            (1,662,768)           (3,023,911)
Current assets                                11,217,867            15,843,732
Current liabilities                           (5,843,035)           (5,852,708)
Long term liabilities                        (91,290,038)          (91,188,698)
Deferred taxation                             (4,446,297)           (4,446,297)
                                              ------------         -------------
IFRS Net Asset Value                         121,455,730           113,637,119

Add back deferred taxation                     4,446,297             4,446,297
Proposed dividend 31 March 2006               (1,625,000)           (1,625,000)
                                              ------------         -------------
Adjusted IFRS Net Asset Value                124,277,027           116,458,416
                                              ------------         -------------


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

Adjusted IFRS Net Asset Value                      124,277,027    116,458,416

Reclassification of preference shares as equity      6,857,346      6,756,006
Preference share adjustment to reflect              (2,351,348)    (2,240,007)
capital redemption rights
Unrealised loss on interest rate swap                1,662,768      3,023,911
                                                    ------------  -------------
Adjusted UK GAAP Net Asset Value                   130,445,793    123,998,326
                                                    ------------  -------------







Historical NAV per Ordinary Share are as follows:

              Adjusted UK GAAP NAV                Adjusted IFRS NAV

31/03/06                                 130.46p                        124.28p
31/12/05                                 124.00p                        116.46p
30/09/05                                 114.31p                        107.12p
30/06/05                                 111.82p                        103.88p
31/03/05                                 106.63p                        101.34p
31/12/04                                 105.16p                         99.00p





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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