Half Yearly Report

To: Company Announcements

Date: 1 October 2010

Company: Standard Life Investments Property Income Trust Limited

Subject: Half Yearly Report

Interim Report and Condensed Financial Statements 1 January 2010 to 30 June 2010

A copy of the above document has been submitted to the National Storage Mechanism and is available for inspection at: www.Hemscott.com/nsm.do"

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