SLIPIT change of fees on Cash

RNS Number : 2916X

Standard Life Invs Property Inc Tst

23 June 2008

Standard Life Investments Property Income Trust Limited

Statement re SLIPIT change of fees on Cash

23 June 2008

The Board and Manager of the Standard Life Investments Property Income Trust are pleased to announce a revised fee for the management of cash holdings in the Company, with effect from 1st July 2008.

The revised fee will be calculated as 20bps of cash holdings above 10% of total assets at the relevant quarter end date. The fee reduction was proposed by the Manager to reflect the difficult times that the sector and UK commercial property have faced, and the prudence of holding cash in the current cycle.

The Company currently holds circa £48m in a Triple A cash account, representing approximately 23% of the investment portfolio at end March 2008. The high level of cash follows the successful sale of a portfolio in July 2007 and a central London office in January 2008, both of which have proved timely given subsequent market falls.

The Manager continues to focus on securing a strong future income stream and is keeping a close eye on opportunities to re-invest the cash. Its current view is that the commercial property market in the UK will show further capital falls in 2008, with the best buying opportunities not being for several months yet.

Enquiries:

Jason Baggaley - Fund Manager 0131 245 2833

Gordon Humphries - Head of Investment Companies 0131 245 2735

Euan Baird - Client Fund Manager 0131 245 6114

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: 01481 745529