Property Income Trust - Standard Life Investments

Dec Standard Life Investments 2012 Property Income Trust 31 December 2012 Investment Objective: To provide an attractive level of income along with the prospect of income and capital UK - Investment growth from investing in a diversified UK commercial property portfolio. The Company invests in the three Trust principal commercial property sectors: office, retail (including leisure) and industrial but may also invest up to 10 per cent in other commercial property and undertake property development (including speculative property development) up to 10 per cent of gross assets. The Company can invest up to 10 per cent in indirect property vehicles or funds. Property Income Company Description: Standard Life Investments Property Income Trust Limited is a closed-ended, Guernsey registered investment company

managed by Standard Life Investments with an independent Board of Directors. • Dividend yield of 7.5% based on share price of 60.5p (25 January 2013) Quarterly • Real Estate portfolio total return for 2012 of 4.1% compared to the IPD Monthly index of 2.4% • Cash held by the Trust was £13.5m at 31 December 2012 • Property sold in Q4 for £3.9m excluding costs. Continued active asset management of assets. • Net asset value per ordinary share was 56.6p as at 31 December 2012 Fund Manager Jason Baggaley Ordinary Share Price 58.25 pence (as at 31/12/2012) Launch Date 19 Dec 2003 NAV per Ordinary Share 56.60 pence (as at 30/09/2012) Portfolio Market Value £175.1m (at 31/12/2012) Loan to Value** 43.9% Market Capitalisation £81.3m (at 31/12/2012) * Dividend payable quarterly in May, Aug, Nov, Feb Management Fee 0.75% of property market ** Debt less cash on deposit as a percentage of the market value of values per annum 0.20% on cash above 10% of assets the properties Dividend* Annual gross dividend 4.53 pence per share This communication is intended for investment professionals only and must not be relied on by anyone else. Fund Information Lease Expiry/Break Profile 5555 4444 Average unexpired lease term to earliest of break or lease expiry is 6.1 years. 3333 2222 1111 0 VVaaccaanntt Less than between 55 years 55 -- 1100 yyrrss 1100 -- 1155 yyrrss 1155 -- 2200 yyrrss UK Sub-Sector Weighting (total assets) Top Ten Holdings Stocks Fund % Property/Direct Investment Location Value Band % Standard Office 31 Hydrasun Aberdeen Aberdeen £10 - 15m Retail Warehouse 16 Tesco Wingates Bolton £10 - 15m Office Park 14 Hollywood Green London £10 -15m Distribution Warehouses 11 Clough Road, Kingston Upon Hull Hull £5 -10m Standard Industrial 9 White Bear Yard , Clerkenwell London £5 -10m Cash 8 St James’s House Cheltenham £5 -10m High Street Retail 6 Ocean Trade Centre Aberdeen £5 -10m Industrial Park 5 Monck Street, London London £5 -10m Explorer House Crawley £5 -10m Bathgate Retail Park Bathgate £5 -10m Investment Review & Outlook Market Commentary According to the latest data from index this time frame compared to an increase of tertiary stock and it is these type of assets provider IPD, total returns have reduced to 3.2% for the FTSE All Share. that continue to be most vulnerable to a 2.4% p.a. for the period up to the end...

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