SLI.L Regulatory News (SLI)

Standard Life Investments Property Income Trust Limited (the "Company")

(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)

Director Declaration

28 May 2014

In accordance with requirements of the London Stock Exchange Listing Rule 9.6.11, the Company announces the retirement of Mr Paul Orchard-Lisle as Chairman and non-executive Director of the Board with effect from 28 May 2014. As indicated in the Company's Annual Report (31 December 2013), Paul has been a Director of the Company for over 10 years and following his retirement, Mr Richard Barfield has been appointed as Chairman.

The Board wish to thank Paul for all his work and notes that he has been a great asset to the Company during his tenure as Chairman and that they are grateful to him for his guidance, insight and expertise.

In addition, the Company announces the appointment of Robert Peto as a non-executive Director of the Company with effect from 28 May 2014.

Mr Peto is part time Chairman of DTZ Investment Management Ltd. In 1992, Mr. Peto founded the real estate investment management arm of DTZ. Mr Peto chairs a number of investment committees for property funds and is a non-executive director of Lend Lease Europe GP Limited (Retail Fund), Western Heritable Investment Company Ltd. and the commercial subsidiary of the Royal Bath & West Society and non-executive chairman of GCP Student Living Plc. Mr. Peto was Global President of RICS in 2010 - 2011, a member of the Bank of England Property Advisory Group from 2007 to 2011, chairman of DTZ UK from 1998 to 2008 and a member of the board of DTZ Holdings Plc from 1998 to 2009.

There is no additional information regarding Robert Peto that is required to be disclosed pursuant to Listing Rule 9.6.13.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: 01481 745417