Interim Management Statement

To: Company Announcements

Date: 19 May 2010

Company: Standard Life Investments Property Income Trust Limited

Subject: Interim Management Statement

Standard Life wishes to announce that all relevant matters relating to the current Interim Management Statement have been included in the 31 March 2010 NAV announcement that was made on 20 April 2010.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: 01481 745324

Fax: 01481 745085