Director Declaration

In accordance with the requirements of the London Stock Exchange Listing Rule 9.6.14, Standard Life Investments Property Income Trust Limited announces that Mr John Hallam, a non-executive director, has informed the company that NB Distressed debt Investment Fund Limited, of which he is also a non-executive director, was listed on the Specialist Fund Market - London Stock Exchange on 10 June 2010.

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 745051