Net Asset Value(s)

Standard Life Invs Property Inc Tst
06 October 2006


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

6 October 2006 - Net Asset Value


The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 30 September 2006 was 129.51 pence each, calculated
under an adjusted International Financial Reporting Standards basis. This is a
decrease of 0.5 percentage points over the adjusted IFRS Net Asset Value of
130.2 pence at 30 June 2006. This decrease is attributable to valuation movement
reflecting a particular change in circumstances on one property. This Net Asset
Value figure incorporates the external portfolio valuation at 27 September 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 December

2006 and the next quarterly Net Asset Value will be published in early January
2007.

The unaudited IFRS Net Asset Value is calculated as follows:

                                          30 September 2006     30 June 2006
                                                            £                £
Property at market value                          230,545,000      218,065,000
Interest rate swap at market value                   (587,645)        (182,313)
Current assets                                     12,310,108       11,218,078
Current liabilities                                (5,778,114)      (5,818,589)
Long term liabilities                            (100,042,718)     (91,391,378)
Deferred taxation*                                 (6,871,553)      (5,898,340)
                                                 --------------    -------------
IFRS Net Asset Value                              129,575,078      125,992,458

Add back deferred taxation                          6,871,553        5,898,340
Proposed dividend for quarter ended                (1,757,600)      (1,690,000)
                                                 --------------    -------------
Adjusted IFRS Net Asset Value                     134,689,031      130,200,798
                                                 --------------    -------------
                                                 --------------    -------------
Number of shares in issue                         104,000,000      100,000,000
                                                 --------------    -------------
                                                 --------------    -------------
IFRS Net Asset Value per share (pence)                 129.51           130.20
                                                 --------------    -------------



Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:
Adjusted IFRS Net Asset Value                      134,689,031    130,200,798

Reclassification of preference shares as equity      7,060,026      6,958,686
Preference share adjustment to reflect              (2,595,101)    (2,469,554)
capital redemption rights
Unrealised loss on interest rate swap                  587,645        182,313
                                                    ------------  -------------
Adjusted UK GAAP Net Asset Value                   139,741,601    134,872,243
                                                    ------------  -------------
                                                    ------------  -------------
Number of shares in issue                          104,000,000    100,000,000
                                                    ------------  -------------
                                                    ------------  -------------
UK GAAP Net Asset Value per share (pence)               134.37         134.87
                                                    ------------  -------------



* 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
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
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


END



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