Dividend Declaration

To: Company Announcements

Date: 31st July 2012

Company: Standard Life Investments Property Income Trust Limited

Subject: Dividend Declaration

Interim Dividend

The Directors of Standard Life Investments Property Income Trust Limited ("the Directors") have declared that an interim dividend be payable in respect of the quarter ended 30 June 2012 as follows;

Ex-Dividend Date - 8 August 2012

Record Date - 10 August 2012

Payment Date - 24 August 2012

Dividend per Share - 1.133 p

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