Dividend Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION IN PARTICULAR THE UNITED STATES, CANADA, AUSTRALIA AND JAPAN

To:        RNS

From:    Standard Life Investments Property Income Trust Limited

Date:     16 December 2015

Dividend Announcement

As detailed in the prospectus, announced on 18 November 2015, amended by the supplementary prospectus announced on 15 December 2015, Standard Life Investments Property Income Trust Limited (the "Company") announced its intention to split the final interim dividend in respect of the period to 31 December 2015 into: (i) a fourth interim dividend for the period between 1 October 2015 and 20 December 2015 (the date immediately prior to Admission and the completion of the Acquisition); and (ii) a fifth interim dividend for the period between 21 December 2015 and 31 December 2015. The Company’s existing Shareholders will qualify for the fourth and fifth interim dividends in respect of their existing holdings of Ordinary Shares which together will equal the equivalent of 1.161 pence for the quarter per Share. The New Shares issued pursuant to the Initial Placing and Offer, and which are expected to commence trading on 21 December 2015, will only qualify for the fifth interim dividend.

The Company therefore announces that the fourth interim dividend will be 1.022 pence per share. Given the New Shares will not rank for this fourth interim dividend, the timetable will fall outside the standard dividend procedure timetable. The ex-dividend date, record date and payment date are therefore as follows:

Ex-dividend Date	17 December 2015
Record Date	18 December 2015
Payment Date	31 March 2016

The split of this dividend between a property income dividend and ordinary dividend will be announced at the same time as the announcement of the fifth interim dividend which is expected to be in early March 2016.

All enquiries

Jason Baggaley/Graeme McDonald, Standard Life Investments
Tel: [phone] 245 3151

Graeme Caton, Winterflood Investment Trusts
Tel: [phone]

Douglas Armstrong, Dickson Minto W.S.
Tel:  [phone]