Net Asset Value(s)

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

31 December 2012

Key Highlights

·; Dividend yield of 7.5% based on share price of 60.5p (25 January 2013)

·; Real Estate portfolio total return for 2012 of 4.1% compared to the IPD Monthly index of 2.4%

·; Cash held by the Trust was £13.5m at 31 December 2012

·; Property sold in Q4 for £3.9m excluding costs. Continued active asset management of assets.

·; Net asset value per ordinary share was 56.6p as at 31 December 2012

Net Asset Value

The unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited at 31 December 2012 was 56.6 pence. This is a decrease of 3.2% over the net asset value of 58.5 pence per share at 30 September 2012.

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 31 December 2012.

The net asset value incorporates the external portfolio valuation by Jones Lang LaSalle at 31 December 2012. The property portfolio will next be valued by an external valuer during March 2013 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 September 2012 to 31 December 2012.

The EPRA net asset value measure is to highlight the fair value of net assets on an on going, long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances, such as the fair value of financial derivatives, are therefore excluded.

Investment Manager Commentary

At the end of Q4 the Company took a surrender of the lease on its office investment in Staines. The lease was due to expire in March 2016, and the Company has received all rent due under the lease to that date, as well as dilapidations, as a surrender premium. The Company is about to undertake a refurbishment of the office, prior to marketing for a new lease. The ERV represents 4.7% of the fund income, however the surrender premium provides rental cover and the refurbishment costs until the property is relet, and a longer term tenant is found.

Due to accounting rules the fall in valuation at Staines is reported a capital item, whilst the surrender premium (similar in value to the fall in valuation) is treated as a revenue item.

The Company suffered a fall in the value of its vacant retail warehouse unit in Norwich as a change in legal evidence relating to a change of use to open retail uses has meant a letting to a supermarket now looks less likely. The unit represents just under 3% of rental value of the Company, and we are actively discussing the unit with several other retailers.

The Company has now completed the refurbishment of the 4th floor office in Cheltenham, and has terms out to an interested party. It is also in solicitors hands on the sale of one vacant property, and the letting of another.

As a result of taking back the lease at Staines the Company had a vacancy rate at year end of 10.8%. Of this, 5.6% is under refurbishment, and a further 1.6% is in solicitors hands.

Cash increased over the quarter to £13.5m as a result of the sale in Chislehurst and the surrender premium in Staines. The cash will be used for the next dividend payment ( £1.6m), refurbishment of existing buildings (for example Staines at a cost of circa £2m) and the potential extension and regear of the lease of another office building. The Company also has a couple of attractive investment opportunities under consideration.

The total return for the portfolio over 2012 was 4.1%, which compares favourably to the IPD monthly index 2.4%. The Company has outperformed the IPD monthly index over 1, 3 and 5 years.

Cash position

As at 31 December 2012 the Company had borrowings of £84.4m and a cash position of £13.5m (excluding rent deposits) therefore cash as a percentage of debt was 16.0%.

Loan to value ratio

As at 31 December 2012 the loan to value ratio (assuming all cash is placed with RBS as an offset to the loan balance) was 43.9% (30 September 2012: 45.9%). The covenant level is 65%.

Interest Rate Swaps

The interest rate swaps had a positive impact on the NAV of 0.5p per share or 0.8% over the quarter, and the fair value liability is £(6.9)m as at 31 December 2012. The Company has one interest rate hedge maturing in December 2013 with a current liability of £3.3m. This will have a value of £0 by maturity in December 2013. The other interest rate hedges mature in December 2018, and have a current liability of £3.6m.

Total asset analysis as at 31 December 2012 (unaudited)

Breakdown in valuation movements over the period 30 Sept 2012 to 31 Dec 2012

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: