Net Asset Value(s)

Standard Life Invs Property Inc Tst
10 January 2006



STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

10 January 2006 - Net Asset Value

The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 31 December 2005 was 124.00 pence each, calculated on a
capital basis under UK Generally Accepted Accounting Principles and practice for
investment companies. This is an increase of 8.5 percentage points over the last
reported net asset value of 114.31 pence at 30 September 2005. This Net Asset
Value figure incorporates the external portfolio valuation at 29 December 2005.
This Net Asset Value includes a provision for payment of a proposed interim
dividend of 1.625p per ordinary share.

The Property Portfolio will next be valued by an external valuer during March
2006 and the next quarterly Net Asset Value will be published in early April
2006.

The unaudited UK GAAP Net Asset Value is calculated as follows:

                                        31 December 2005     30 September 2005
                                        £                     £

Fixed Assets at Market Value                  202,305,000*          201,027,500
Current Assets                                 15,843,732             7,994,091
Current Liabilities                            (5,852,708)           (6,474,378)
Long Term Liabilities                         (84,432,692)          (84,432,692)
                                            --------------       ---------------
Unadjusted Net Asset Value                     127,863,333          118,064,522

Less Preference Share adjustment                (2,240,007)          (2,131,639)
Less Proposed Dividend                          (1,625,000)          (1,625,000)
                                            ---------------      ---------------
Adjusted UK GAAP Net Asset Value               123,998,325          114,307,883
--------------- ---------------

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

Reclassification of preference shares as debt   (6,756,006)          (6,660,403)
Unrealised loss on interest rate swap           (3,023,911)          (2,699,215)
Preference share adjustment to reflect
capital redemption rights                        2,240,007            2,131,639
Proposed dividend                                1,625,000            1,625,000
                                            ---------------      ---------------
IFRS Net Asset Value                           118,098,742          108,704,904
                                            ---------------      ---------------



* The percentage increase in market values is 4.92% after adjusting for the sale
of a property in quarter 4 (1& 2 Talbot Close, Walsall).

Historical NAV per Ordinary Share are as follows:

            Published UK GAAP     International Financial Reporting Standards

31/12/05     124.00p             118.10p

30/09/05     114.31p             108.74p

30/06/05     111.82p             105.50p

31/03/05     106.63p             102.98p

31/12/04     105.16p             100.62p



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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