Publication of Prospectus and Circular

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION IN PARTICULAR THE UNITED STATES, CANADA, AUSTRALIA AND JAPAN

This announcement is for information purposes only and shall not constitute an offer to sell or issue or the solicitation of an offer to buy, subscribe for or otherwise acquire any ordinary shares of Standard Life Investments Property Income Trust Limited in any jurisdiction in which any such offer or solicitation would be unlawful.

To:      RNS
From:  Standard Life Investments Property Income Trust Limited (the "Company")
Date:   17 November 2015

Publication of Prospectus and Circular

Further to the announcement made by the Company on 13 November 2015, the Board of Directors of the Company is pleased to announce that the Prospectus and Circular in respect of the Proposals to raise up to £100 million by way of an Initial Placing and Offer for Subscription in relation to the acquisition of the New Portfolio and a Placing Programme were approved by the UK Listing Authority and have been published.

Words and expressions that are defined in the Prospectus shall have the same meanings where they are used in this announcement, except where the context requires otherwise.

The Circular convenes a General Meeting to be held at 10 a.m. on 11 December 2015 at 30 St. Mary Axe, London EC3A 8EP.

At the General Meeting resolutions will be put to Shareholders to approve the Acquisition and the issue of up to 122 million New Shares in relation to the Initial Placing and Offer on a non pre-emptive basis.

Copies of the Prospectus and Circular will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do.

Copies of the prospectus and circular are also available in electronic form on the Company's website at www.standardlifeinvestments.com/its and are available for collection, free of charge, during normal business hours on any working day (Saturday, Sunday and public holidays excepted) until 16 November 2016 from the offices of Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW and from the offices of Northern Trust International Fund Administration Services (Guernsey) Limited, PO Box 255, Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL.

For further information please contact:

Jason Baggaley/Gordon Humphries, Standard Life Investments
Tel: [phone] 245 2735

Graeme Caton, Winterflood Investment Trusts
Tel: [phone]

Douglas Armstrong, Dickson Minto W.S.
Tel:  [phone]