Allotment of Shares

Standard Life Invs Property Inc Tst
15 September 2006


Standard Life Investments Property Income Trust Limited

15 September 2006


Allotment of Shares


The Board of Directors of Standard Life Investments Property Income Trust
Limited announces the allotment of 4,000,000 ordinary shares of 1p each in the
capital of the Company each fully paid under its block listing facility. These
shares were issued for cash on 15 September 2006 at a price of 133.0 pence per
share. The Company now has 104,000,000 ordinary shares in issue.





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]


Gordon Humphries
Head of Investment Companies
Standard Life Investment Companies

0131 245 2735


Robbie Robertson/Tom Harris
Dresdner Kleinwort
020 7623 8000


END



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