Compliance with Model Code

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 16 July 2012 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 interim results for the period ended 30 June 2012 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

Renee McIver

Tel: 01481 745324

Fax: 01481 745051