Result of Annual General Meeting

Standard Life Investments Property Income Trust Limited            

 (an authorised closed-ended investment company incorporated in Guernsey with  
                          registration number 41352)                           

                                (the "Company")                                

                                  27 May 2015                                  

                       Result of Annual General Meeting                        

At the Annual General Meeting (the "AGM") of the Company held on 27 May 2015,
all Ordinary Resolutions set out in the AGM Notice sent to shareholders dated
31 March 2015 were duly passed. Details of the proxy voting results which
should be read alongside the Notice are noted below:

Ordinary                   Discretion                                     
Resolution For             (voted in       Against         Abstain        
                           favour)                                        
                                                                          
1          98,967,426      105,577         90,781          2,876          
                                                                          
2          98,989,710      105,577         72,766          9,740          
                                                                          
3          98,899,747      105,577         119,433         41,903         
                                                                          
4          99,000,545      105,577         18,635          41,903         
                                                                          
5          98,988,629      105,577         63,060          7,876          
                                                                          
6          98,872,479      105,577         161,225         27,379         
                                                                          
7          98,993,061      105,577         60,146          7,876          
                                                                          
8          99,033,410      105,577         11,477          16,196         

At the same AGM noted above, the following business was passed by Special
Resolution and is detailed below:

RESOLUTION 9

To authorise the Company, in accordance with The Companies (Guernsey) Law,
2008, as amended (the "Law") to make market acquisitions of its own shares of 1
pence each (either for retention as treasury shares for future resale or
transfer or cancellation) provided that;

                                                                        
   (99,051,156 in favour / 105,577 discretionary (voted in favour) /    
   9,927 against / 0 abstain)                                           

RESOLUTION 10

That the Directors of the Company be and they are hereby generally empowered,
to allot ordinary shares in the Company or grant rights to subscribe for, or to
convert securities into, ordinary shares in the Company ("equity securities"),
including by way of a sale of ordinary shares held by the company as treasury
shares as if any pre-emption rights in relation to the issue of shares as set
out in the listing rules made by the Financial Services Authority under part VI
of the Financial Services and Markets Act 2000 (as amended) did not apply to
any such allotment of equity securities, provided that this power:

 1. expires at the conclusion of the next Annual General Meeting of the Company
    after the passing of this resolution or on the expiry of 15 months from the
    passing of this resolution, whichever is the earlier, save that the Company
    may, before such expiry, make an offer or agreement which would or might
    require equity securities to be allotted after such expiry and the
    Directors may allot equity securities in pursuance of any such offer or
    agreement as if the power conferred hereby had not expired; and
   
 2. shall be limited to the allotment of equity securities up to an aggregate
    nominal value £276,779 being approximately 10 per cent of the nominal value
    of the issued share capital of the Company, as at 31 March 2015.
   
(97,626,521 in favour / 105,577 discretionary (voted in favour) / 1,434,562
against / 0 abstain)



Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: [phone]
Fax: [phone]