Proposed Placing

13 November 2014

            Standard Life Investments Property Income Trust Limited            

                               Proposed Placing                                

The Board of Standard Life Investments Property Income Trust Limited (the
"Company") announces that,pursuant to the Placing Programme announced on 6 June
2014,the Company is seeking to raise in excess of £12 million through a cash
placing to institutional investors of new ordinary shares of 1 penny each in
the Company (the "New Shares") (the "Placing").

The Placing is expected to close at 2.00 p.m. (London time) today but may close
earlier or later at the absolute discretion of the Company. The issue price per
New Share will be 75.5 pence, representing a 5 per cent. premium to the
Company's net asset value per share as at 30 September 2014 (adjusted for the
dividend payable on 28 November 2014 to which the New Shares will not be
entitled).

The net proceeds of the issue will be invested in acquisitions in accordance
with the Company's investment policy.

Institutional investors wishing to participate in the Placing should contact
Winterflood Investment Trusts, the Company's corporate broker.

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 19 November 2014.

The New Shares will, when issued, be credited as fully paid and rank pari passu
with the existing ordinary shares of no par value in the capital of the
Company, including the right to receive all future dividends and distributions
declared, made or paid save for the dividend payable on 28 November 2014 to
shareholders on the register on 14 November 2014.

Enquiries:

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