SLI.L Regulatory News (SLI)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

31 December 2010

Key Highlights

·; Net asset value per ordinary share was 63.0p as at 31 December 2010, an increase of 2.65% from 30 September 2010

·; Cash held by the Trust of £21.2m as at 31 December 2010, but after full cost of Aberdeen development, and purchase completed after quarter end uncommitted cash is £11.5m

·; Property worth £6.6m purchased in Q4 2010, and £8.375m in January 2011.

·; Dividend yield of 6.8% using the share price as at 17 January 2011 of 64.5p

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 31 December 2010 was 63.0 pence. This is an increase of 2.65% percentage points over the net asset value of 61.4 pence per share at 30 September 2010.

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and includes a provision for payment of an interim dividend of 1.10p per ordinary share for the quarter to 31 December 2010.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 31 December 2010. The property portfolio will next be valued by an external valuer during March 2011 and the next quarterly net asset value will be published thereafter.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period 30 September 2010 to 31 December 2010.

The property portfolio, ignoring the impact of debt, benefited from capital growth over the quarter of 0.5%.

Cash position

As at 31 December 2010 the Company had borrowings of £84.4m and a cash position of £21.2m (excluding rent deposits) therefore cash as a percentage of debt was 25.1%. The unallocated cash following the undrawn commitment at the development in Aberdeen and purchase completed after the quarter end is £11.5m.

Loan to value ratio

As at 31 December 2010 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 40.8% (30 September 2010: 37.0%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a positive impact on the NAV of 1.2p per share or 2.0% over the quarter, and the fair value liability is £(7.4)m as at 31 December 2010. This fair value will reduce to £nil by Dec 2013, although not on a straight line basis.

Total asset analysis as at 31 December 2010 (unaudited)

Breakdown in valuation movements over the period 30 Sept 2010 to 31 Dec 2010

Investment Manager Commentary

During the 4th Quarter of 2010 the Company maintained its active investment record. It completed the purchase of a commercial mixed use investment in Westminster London, and exchanged on the purchase of an office in Staines (which completed on 7th January 2011), along with completing the pre let development in Aberdeen with a new 20 year lease to Hydrasun, thus reducing the Company's cash to £11.5m (6.5% of gross assets).

As a result of the investment activity the Company expects a fully covered dividend for 2011, and has revenue reserves of £3.9m to utilise when required (calculated under IFRS and includes a provision for payment of the interim dividend for the quarter ending 31 December 2010).

The Company's total return on its property portfolio for the quarter was 2.3%, slightly ahead of the monthly index return of 2.2%. Over the 12 months to 31 December 2010 the Company's property portfolio had a total return of 16.4%* against the IPD Monthly Index 14.5%.

* Source:- Standard Life Investments

All Enquiries:

Jason Baggaley - Real Estate Fund Manager Standard Life Investments

Tel 0131 245 2833

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

GY1 3Q1

Tel: 01481 745324

Fax: 01481 745085

APENDIX 1

Historical adjusted IFRS NAVs per Ordinary Share are as follows: