SLI.L Regulatory News (SLI)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

30 June 2010

Key Highlights

·; Net asset value per ordinary share was 61.3p as at 30 June 2010, an increase of 2.9% from 31 March 2010

·; Cash held by the Trust of £23.7m as at 30 June 2010, but after full cost of Aberdeen development uncommitted cash is £16.7m

·; Property worth £5.3m purchased in Q2 and disposal worth £8.6m to be completed in Q3

·; Dividend yield of 6.9% using the share price as at 7 July 2010 of 63.75p

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 30 June 2010 was 61.3 pence. This is an increase of 2.9% percentage points over the net asset value of 59.6 pence per share at 31 March 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 30 June 2010.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 30 June 2010. The property portfolio will next be valued by an external valuer during September 2010 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 31 March 2010 to 30 June 2010.

Cash position

As at 30 June 2010 the Company had borrowings of £84.4m and a cash position of £23.7m (excluding rent deposits) therefore cash as a percentage of debt was 28.1%. The unallocated cash following the undrawn commitment at the development in Aberdeen is £16.7m.

Loan to value ratio

As at 30 June 2010 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 40.1% (31 March 2010: 37.7%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a negative impact on the NAV of 0.8p per share (1.3%) over the quarter, and the fair value is held at £(8.8)m as at 30 June 2010. This will reduce to £nil by Dec 2013, although not on a straight line basis.

Total asset analysis as at 30 June 2010 (unaudited)

Breakdown in valuation movements over the period 31 March 2010 to 30 June 2010

Investment Manager Commentary

Although capital values increased over Q2 2010 the rate of increase slowed, with many commentators expecting a slight fall in values over 2H 2010. On a more positive note, the decline in rental values is also slowing, and in June stood at -1.5% pa according to the IPD Monthly Index, as compared to -12.2% pa in April 2009.

During the quarter the Company completed on the purchase of a B&Q unit in Bury for £5.3m, and also instructed solicitors on a retail and office investment in Victoria London for £8m. Contracts were also exchanged for the sale of an office in Bucknall St London for £8.6m, with completion due 29 Sept 2010. Several lease renewals were also completed, and solicitors instructed on the letting of an industrial unit which the previous tenant vacated in June.

All Enquiries:

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:

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