SLI.L Regulatory News (SLI)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER FOR SALE OR SUBSCRIPTION OF, OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR, ANY SHARES IN STANDARD LIFE INVESTMENT PROPERTY INCOME TRUST LIMITED OR SECURITIES IN ANY OTHER ENTITY, IN ANY JURISDICTION, INCLUDING THE UNITED STATES, NOR SHALL IT, OR ANY PART OF IT, OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION WHATSOEVER, IN ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION REGARDING ANY SECURITIES.

11 July 2011

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

ISSUE PRICE AND CONVERSION RATE

Standard Life Investments Property Income Trust Limited (the "Company") refers to the circular and prospectus sent to shareholders dated 6 June 2011 in relation to the proposed conversion of preference shares and placing and open offer of new ordinary shares in the capital of the Company (the "Proposals"). The Company is pleased to announce that the NAV as at 30 June 2011 was announced earlier today and as such the issue price and conversion rate in respect of the Proposals can now be calculated.

The Company is pleased to announce that the issue price in relation to the placing and open offer shall be 64.69 pence per share which represents a 4 per cent. premium to the adjusted NAV. The conversion rate in relation to the conversion shall be 63.44 pence per share which represents a 2 per cent. premium to the adjusted NAV.

For further information please contact:

James Moseley /Graeme Caton, Winterflood Securities Limited

Tel: 020 3100 0268

Jason Baggaley, Standard Life Investments (Corporate Funds) Limited

Tel: 0131 245 2833

Gordon Humphries, Standard Life Investments (Corporate Funds) Limited

Tel: 0131 245 2735