SLI.L Regulatory News (SLI)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

30 September 2011

Key Highlights

·; The Company has completed the purchase of an office property in Southampton let to Grant Thornton and Michael Page to show the fund a return of 7.9%

·; The Company has also bought an office property in Crawley off a yield of 9.25% with tenants including Amey and Grant Thornton

·; Cash held by the Trust was £7.3m at 30 September 2011

·; Off a share price of 57.5p (19 October 2011) the dividend yield is 7.9%

·; Net asset value per ordinary share was 61.5p as at 30 September 2011, a decrease of 1.2% from 30 June 2011

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 30 September 2011 was 61.5 pence. This is a decrease of 1.2% percentage points over the net asset value of 62.2 pence per share at 30 June 2011.

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and includes a provision for payment of an interim dividend of 1.133p per ordinary share for the quarter to 30 September 2011.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 30 September 2011. The property portfolio will next be valued by an external valuer during December 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 June 2011 to 30 September 2011.

Cash position

As at 30 September 2011 the Company had borrowings of £84.4m and a cash position of £7.3m (excluding rent deposits) therefore cash as a percentage of debt was 8.6%.

Loan to value ratio

As at 30 September 2011 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 44.5% (30 June 2011: 42.7%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a negative impact on the NAV of 0.1p per share or 0.2% over the quarter, and the fair value liability is £(6.9)m as at 30 September 2011. This fair value will reduce to £nil by Dec 2013, although not on a straight line basis.

Total asset analysis as at 30 September 2011 (unaudited)

Breakdown in valuation movements over the period 30 June 2011 to 30 Sept 2011

Investment Manager Commentary

During Q3 2011 the Company completed two purchases for a total of £13.5m from cash resources.

Dorset St Southampton is a Grade A office built in 2007 and let to Grant Thornton, Santander and Michael Page. The purchase price reflected a yield of 7.9%. The second purchase, completed at the end of the quarter, is a modern office in Crawley, located close to Gatwick airport, built in 2002, and let to Grant Thornton, Amey, and Trade Skills for you ltd. The purchase price reflected a yield of 9.25%.

The two purchases will provide the Company with a good quality income stream that is accretive to the revenue account and secured against strong covenants on good quality assets, however, for Q3 the impact of purchase costs (stamp duty and fees) had a negative impact on the Company's NAV.

The IPD Monthly Index for Q3 (which excludes purchases or sales) showed a total return of 1.9% for the quarter. Over the same period the FTSE All Share Index saw a capital decline of 13.5%. This compares to a total return of 1.4% for the Company's portfolio, and a fall of 14.8% in its share price.

* 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

Appendix 1

Historical adjusted IFRS NAVs per Ordinary Share are as follows: