Net Asset Value(s)

Standard Life Invs Property Inc Tst
06 October 2005


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

Net Asset Value

The Net Asset Value per Ordinary Share of Standard Life Investments Property
Income Trust Limited at 30 September 2005 was 114.31 pence each, calculated on a
capital basis under UK Generally Accepted Accounting Principles and practice for
investment companies. This is an increase of 2.2 percentage points over the last
reported net asset value of 111.82 pence at 30 June 2005. This Net Asset Value
figure incorporates the external portfolio valuation at 29 September 2005 and
the costs of acquiring five properties during the quarter. 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 December
2005 and the next quarterly Net Asset Value will be published in early January
2006.


Historical NAV per Ordinary Share are as follows:

                     Published UK GAAP        International Accounting Standards

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) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]




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