Director/PDMR Shareholding

To: Company Announcements

Date: 12 March 2012

Company: Standard Life Investment Property Income Trust Limited

Subject: Directors Dealing

Further to an announcement released on 12 August 2011, under reference 3021M14, and pursuant to Listing Rule DTR3.1, Standard Life Investment Property Income Trust Limited would like to amend the number of ordinary shares that were acquired by Dick Barfield, a Director of the Company via the open offer and allotments made on 21 July 2011.

The previous notification advised that Mr Richard Barfield purchased 10,000 ordinary shares at 64.69p, representing 0.0073% of the Company's issued share capital, the Company would like to amend this as follows:

Mr Barfield purchased 10,128 ordinary shares at 64.69p, representing 0.0074% of the Company's issued share capital.

Mr Richard Barfield is now the beneficial holder of a total of 40,128 ordinary shares representing 0.0294% of the Company's issued share capital.

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