Net Asset Value(s)

Standard Life Invs Property Inc Tst
05 July 2006


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

05 July 2006 - Net Asset Value


The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 30 June 2006 was 130.27 pence each, calculated under an
adjusted International Financial Reporting Standards basis. This is an increase
of 4.8 percentage points over the adjusted IFRS Net Asset Value of 124.28 pence
at 31 March 2006. This Net Asset Value figure incorporates the external
portfolio valuation at 26 June 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
September 2006 and the next quarterly Net Asset Value will be published in early 
October 2006.


The unaudited IFRS Net Asset Value is calculated as follows:

                                              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                 (1,625,000)        (1,625,000)
                                                ------------      -------------
Adjusted IFRS Net Asset Value                  130,265,798        124,277,027
                                                ------------      -------------


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

Adjusted IFRS Net Asset Value                      130,265,798    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                   134,937,243    130,445,793
                                                    ------------  -------------




* 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 UK GAAP NAV              Adjusted IFRS NAV
30/06/06                                 134.94p                        130.27p
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
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]


END


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