Director Declaration

To: Company Announcements

Date: 31 August 2010

Company: Standard Life Investment Property Income Trust Limited

Subject: Directors Dealing

Pursuant to Listing Rule DTR3.1, Standard Life Investments Property Income Trust Limited announces that the following beneficial holding of ordinary shares was acquired by Mrs Susie Farnon, a Director of the Company, on 25 August 2010.

15,000 ordinary shares at 65.19p representing 0.0131% of the Company's issued share capital. The shares are registered in the name of Cenkos Nominees.

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