Intention to Issue Equity

12 June 2015

Standard Life Investments Property Income Trust Limited

Intention to issue equity

The Board of Standard Life Investments Property Income Trust Limited (the “Company”) announces that the Company is seeking to raise approximately £9 million through a cash placing to institutional investors of new ordinary shares of 1 pence each in the Company (the “New Shares”) (the “Placing”). The Placing is pursuant to the disapplication of pre-emption rights approved by shareholders at the Company’s AGM on 27 May 2015.

The Company has a number of current opportunities in which to invest the net proceeds of the issue in accordance with the Company’s investment policy.

The Placing is expected to close at 2.00 p.m. (London time) on 19 June 2015 but may close earlier or later at the absolute discretion of the Company.  The issue price per New Share will be 80.25 pence, representing a premium of approximately 6 per cent. to the Company’s unaudited net asset value per share of 75.6 pence as at 31 March 2015 (after adjusting for the dividend paid on 22 May 2015 in respect of the period to 31 March 2015).

The Placing will be made to Qualified Investors (as defined in section 86(7) of the Financial Services and Markets Act 2000 (as amended)) through Winterflood Securities Limited ("Winterflood"). The decision to allot New Shares to any Qualified Investor and the actual issue size shall be at the absolute discretion of the Company and Winterflood.

Application will be made for the New Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Shares will commence at 8.00 a.m. on 25 June 2015.

The New Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of 1 pence each in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid.

Enquiries:

Standard Life Investments Gordon Humphries, Head of Investment Companies	[phone]
Winterflood Investment Trusts Graeme Caton Darren Willis	[phone] [phone]