Result of Placing

20 February 2015

            Standard Life Investments Property Income Trust Limited            

                               Result of Placing                               

Further to the announcement on 12 February 2015, the Board of Standard Life
Investments Property Income Trust Limited (the "Company") is pleased to
announce that it has raised £24.4 million through the issue of 31,282,600 new
ordinary shares of 1 penny each in the Company (the "New Shares") at a price of
78.1 pence per New Share (the "Issue"). The Company has now issued the entire
100 million ordinary shares available under its placing programme.

The gross proceeds of the Issue are significantly in excess of the initial £16m
target, providing capital for a strong pipeline of near term opportunities in
addition to the imminent acquisition of the freehold retail warehouse property
in Preston, announced on 12 February 2015.

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 25 February 2015.

The New Shares will, when issued, be credited as fully paid and rank pari passu
with the existing ordinary shares of 1 penny each 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 20 February 2015 to
shareholders on the register on 6 February 2015.

Dick Barfield, Chairman of the Company, said:

"We are delighted with the success of the placing programmethat waslaunched in
July 2014, during which time the Company has raised over £85m and has invested
in a number of new attractive opportunities. We would like to thank
shareholders for their ongoing support."

Enquiries:

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