Compliance with Model Code

To: Company Announcements

Date: 28 January 2014

Company: Standard Life Investments Property Income Trust Limited

Subject: Compliance with Model Code

In accordance with Listing Rule 15.5.1 (4), Standard Life Investments Property Income Trust Limited ("the Company"), announces that it is satisfied that all inside information which the Directors and the Company may have to 27 January 2014 has previously been notified via a regulatory information service and, therefore, the dealings referred to in LR 15.5.1 (3) during the period until the publication of the Company's annual results for the period ended 31 December 2013 are permitted.

 All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court

Les Banques

St Peter Port Guernsey

GY1 3QL

Claire Cooke

Tel: 01481 745417

Fax: 01481 745051