Extension to the Initial Placing and Offer

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:  10 December 2015

Extension to the Initial Placing and Offer

The Board announces that the Company is extending the timetable for the Initial Placing and Offer until 11 a.m. on 18 December 2015.  On the basis that the Investment Manager is in advanced legal negotiations in relation to the sale of one of the properties in the Company's Property Portfolio, which is expected to complete prior to Admission, the Board is also amending the Minimum Issue Proceeds that are required to be raised prior to Admission to be either £80 million, or if the sale of the property is completed, £65 million.  This amendment is being made in order to avoid the Company having surplus cash following the completion of these transactions.

It is expected that the Company will publish a supplemental prospectus early next week in relation to these proposed changes to the terms of the Initial Placing and Offer.

Words and expressions that are defined in the Prospectus shall have the same meanings where they are used in this announcement.

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]