Offshore Test - Ketan test from offshore

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

RESULTS IN RESPECT OF THE YEAR ENDED 31 DECEMBER 2012

Financial Highlights                                                           
                                                                               
- £84m debt facility extended to 2018                                          
on attractive terms                                                            
                                                                               
- Dividends of 4.532p paid in respect of the 12 months to 31                   
December 2012                                                                  
                                                                               
- Dividend yield of 7.8% based on year end share price of 58.25p               
                                                                               
- Real estate portfolio out performance with total returns of 4.1%             
in 2012 versus quarterly version of the IPD monthly index of 1.6%              
                                                                               
Financial Summary                                                              
                                                                               
                                       31 December    31 December    % Change  
                                       2012           2011                     
                                                                               
                                                                               
                                                                               
Net Asset Value per share 1            57.7p          63.9p          -9.7%     
                                                                               
Published adjusted Net Asset Value per 56.6p          62.7p          -9.7%     
share 2                                                                        
                                                                               
Share Price                            58.25p         51.75p         +12.6%    
                                                                               
                                                                               
                                                                               
Value of total assets                  £176.3m        £181.9m        -3.1%     
                                                                               
Loan to value 3                        43.9%          41.1%          +2.8%     
                                                                               
Cash balance                           £13.5m         £17.8m          -24.1%   
                                                                               
                                                                               
                                                                               
Dividends per share 4                  4.532p         4.466p         +1.5%     
                                                                               
Property Performance                                                           
                                                                               
                                       Year ended     Year ended               
                                                                               
                                       31 December    31 December              
                                       2012           2011                     
                                                                               
Property income return                 9.7%           7.6%                     
                                                                               
IPD property income monthly index 5    6.2%           6.2%                     
                                                                               
Property total return (property only)  4.1%           6.5%                     
                                                                               
Property total return (property and    3.7%           5.9%                     
cash only)                                                                     
                                                                               
IPD property total return 5            1.6%           7.4%                     
                                                                               
1 Calculated under International Financial Reporting                           
Standards.                                                                     
                                                                               
2 Calculated under International Financial Reporting Standards, adjusted for   
the dividend of 1.133p per share                                               
                                                                               
in respect of the quarter ending 31                                            
December 2012.                                                                 
                                                                               
3 Calculated as bank borrowings less full cash balance as a percentage of the  
open market value of the property                                              
                                                                               
portfolio as at 31 December 2012.                                              
                                                                               
4 Dividends paid during the 12 months to 31 December 2012.                     
                                                                               
5 Source: IPD quarterly version of monthly index                               
funds (excludes cash).                                                         

The Chairman, Paul Orchard-Lisle, stated:

`Overview of 2012 for the Company

In last year's report, I wrote that I believed the Company to be well
positioned to maintain an attractive income flow to its investors. I am pleased
to say that my confidence has been justified with shareholders for the 12 month
period to the end of December 2012 receiving a 9.7% income return from the
property portfolio (including surrender premiums). Our dividend yield at the
end of the year was 7.8% on a share price of 58.25p.

While our focus was, and will continue to be, on the receipt and distribution
of income, I am alert that we should also deliver an attractive total return
and growth in our NAV. However, the measurement of capital value is lead by the
market at large as much as by our own assets and is far more subjective than
the actual receipt of cash from tenants. Thus, along with most real estate
investors, we have seen the capital value of our properties decline by 5.2%*
versus a fall in the IPD monthly index of 4.3%. Our property total return was
4.1%* versus the IPD monthly index of 1.6%*.