Acquisition

To: Company Announcements

Date: 11 January 2011

Company: Standard Life Investment Property Income Trust Limited

Subject: Acquisition

Standard Life Investments Property Holdings Ltd has completed the purchase of an office investment in Staines for £8.375m.

The 25,650sq ft office was built in 1991 and is let to UB Group Ltd on a FRI lease expiring in 2016 at a current rent of £816,000pa. The purchase price reflects an initial yield of 9.2%.

The purchase enhances the revenue account with the Company expecting a covered dividend in 2011, and provides exposure to a key South East office market. The property has been modernised by the tenant and provides modern good quality accommodation on the Causewayside.

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Renee McIver

Tel: 01481 745324

Fax: 01481 745085