Issue of Equity

22 September 2014

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

ISSUE OF EQUITY

The Board announces that Standard Life Investments Property Income Trust
Limited (the "Company") has raised approximately £5.32 million in new share
capital pursuant to the Placing Programme for the purposes of working capital
and to fund proposed acquisitions through the issue of 7,000,000 ordinary shares
of one pence each ("Ordinary Shares"), conditional only on admission to listing
on the UKLA's Official List and to trading on the London Stock Exchange. The
Ordinary Shares rank paripassu with the existing shares in issue. It is
expected that the new shares will be admitted to listing and to trading at
8.00 a.m. on Thursday 25 September 2014.

Following this issue, the total number of ordinary shares will
be 217,709,237 and the total number of voting rights in the Company will
be 217,709,237.

The above figures 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.

For further information please contact:

Standard Life Investments             0131 245 2735
Gordon Humphries, Investment Director
 
Winterflood Securities Limited
Graeme Caton                          0203 100 0268