Dividend

8 March 2016

Standard Life Investments Property Income Trust Limited

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) which was announced on 16 December 2015; and (ii) a fifth interim dividend for the period between 21 December 2015 and 31 December 2015. The Company’s existing Shareholders who were on the share register on 18 December 2015, the record date of the fourth interim dividend, qualify for the fourth and fifth interim dividends which together equal the equivalent of 1.161 pence for the quarter per Share. The New Shares issued pursuant to the Initial Placing and Offer only qualify for the fifth interim dividend.

The Company therefore announces that the fifth interim dividend will be 0.139 pence per share. The ex-dividend date, record date and payment date for the fifth interim dividend are as follows:

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

The split of this fifth interim dividend between a property income dividend and ordinary dividend is as follows:

Property Income Dividend (“PID”)      0.072 pence per share        
Ordinary Dividend (“Non PID”)            0.067 pence per share  

The split of the fourth interim dividend of 1.022 pence per share, which was announced on 16 December 2015, is as follows:

Property Income Dividend (“PID”)      0.528 pence per share        
Ordinary Dividend (“Non PID”)            0.494 pence per share  

This dividend is also payable on the 31 March 2016.

All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Sharon A Williams
Tel:  [phone]
Fax: [phone]