Net Asset Value(s)

Standard Life Invs Property Inc Tst
09 January 2007


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

31 December 2006 - Net Asset Value

The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 31 December was 132.68 pence each, calculated under an
adjusted International Financial Reporting Standards basis. This is an increase
of 2.5 percentage points over the adjusted IFRS Net Asset Value of 129.51 pence
at 30 September 2006. This Net Asset Value figure incorporates the external
portfolio valuation at 31 December 2006. The adjusted Net Asset Value includes a
provision for payment of a proposed interim dividend of 1.690p 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 March

2007 and the next quarterly Net Asset Value will be published in early April
2007.


The unaudited IFRS Net Asset Value is calculated as follows:

                                        31 December 2006    30 September 2006
                                                        £                    £
Property at market value                      239,355,000          230,545,000
Interest rate swap at market value                501,862             (587,645)
Current assets                                  8,719,031           12,310,108
Current liabilities                            (7,382,911)          (5,778,114)
Long term liabilities                        (101,444,058)        (100,042,718)
Deferred taxation*                             (6,673,932)          (6,871,553)
                                             --------------       --------------
IFRS Net Asset Value                          133,074,992          129,575,078

Add back deferred taxation                      6,673,932            6,871,553
Proposed dividend for quarter ended            (1,757,600)          (1,757,600)
                                             --------------       --------------
Adjusted IFRS Net Asset Value                 137,991,324          134,689,031
                                             --------------       --------------
                                             --------------       --------------
Number of shares in issue                     104,000,000          104,000,000
                                             --------------       --------------
                                             --------------       --------------
IFRS Net Asset Value per share (pence)             132.68               129.51
                                             --------------       --------------



Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:
Adjusted IFRS Net Asset Value                      137,991,324    134,689,031

Reclassification of preference shares as equity      7,161,366      7,060,026
Preference share adjustment to reflect              (2,727,030)    (2,595,101)
capital redemption rights
Interest rate swap at market value                    (501,862)       587,645
                                                    ------------  -------------
Adjusted UK GAAP Net Asset Value                   141,923,931    139,741,601
                                                    ------------  -------------
                                                    ------------  -------------
Number of shares in issue                          104,000,000    104,000,000
                                                    ------------  -------------
                                                    ------------  -------------
UK GAAP Net Asset Value per share (pence)               136.47         134.37
                                                    ------------  -------------



* for the purposes of the fund's net asset value announcements, the deferred tax
stated is the value applicable at the previous quarter end. The deferred tax
value has no effect on the adjusted IFRS NAV.



Historical NAV per Ordinary Share are as follows:

                                    Adjusted IFRS NAV              Adjusted UK GAAP NAV
31/12/06                            132.68p                             136.47p
30/09/06                            129.51p                             134.37p
30/06/06                            130.20p                             134.87p
31/03/06                            124.28p                             130.46p
31/12/05                            116.46p                             124.00p
30/09/05                            107.12p                             114.31p
30/06/05                            103.88p                             111.82p
31/03/05                            101.34p                             106.63p
31/12/04                             99.00p                             105.16p





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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