Issue of Equity - Replacement

3 March 2015

An amendment has been made to the `Issue of Equity' announcement released on 26
February 2015 at 12.49 GMT to include the reason for the issue, being`to meet
ongoing demand for the Company's Ordinary Shares'. All other details remain
unchanged. The full amended text is shown below.

            Standard Life Investments Property Income Trust Limited            

                                Issue of Equity                                

Standard Life Investments Property Income Trust Limited (the "Company") has
issued 1,280,472 new ordinary shares of 1 penny each in the Company (the
"Ordinary Shares") at a price of 80.2 pence per New Share (the "Issue") to meet
ongoing demand for the Company's Ordinary Shares. The Company has now issued
16,070,000 Ordinary Shares pursuant its existing disapplication of pre-emption
rights authorities and no further issuance is permitted without a renewal of
such authorities.

Application will be made for the new Ordinary 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 Ordinary Shares
will commence at 8.00 a.m. on 4 March 2015.

The new Ordinary Shares will, when issued, be credited as fully paid and rank
paripassu with the existing Ordinary Shares, including the right to receive all
future dividends and distributions declared, made or paid.

The total number of Ordinary Shares in issue stands at 276,779,237 following
the Issue, and the total number of voting rights in the Company is 276,779,237.
There are no shares held in Treasury.

The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.

Enquiries:

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