Director Dealing

To: Company Announcements Date: 1st August 2014 Company: Standard Life Investments Property Income Trust Limited Subject: Director Dealing Pursuant to Section 3.1 of the Disclosure and Transparency Rules, Standard LifeInvestments Property Income Trust Limited announces that the followingbeneficial holdings of ordinary shares were acquired by Mr Robert Peto, aDirector of the Company, Mr Huw Evans, a Director of the Company, Mrs SusieFarnon, a Director of the Company and Mr Richard Barfield, the Chairman of theCompany, on 30 July 2014. Mr Peto purchased 27,435 ordinary shares at 72.9p representing 0.0130% of theCompany's issued share capital. Mr Peto is the beneficial holder of a total of 13,717 ordinary sharesrepresenting 0.0065% of the Company's issued share capital. Mrs Peto is thebeneficial holder of a total of 13,718 shares. Mr Evans purchased 15,000 ordinary shares at 72.9p representing 0.0071% of theCompany's issued share capital. Mr Evans is the beneficial holder of a total of 30,000 ordinary sharesrepresenting 0.0142% of the Company's issued share capital. Mr Barfield purchased 20,000 ordinary shares at 72.9p representing 0.0095% ofthe Company's issued share capital. Mr Barfield is the beneficial holder of 70,128 ordinary shares representing0.0333% of the Company's issued share capital. Ms Farnon purchased 15,000 ordinary shares at 72.9p representing 0.0071% of theCompany's issues share capital. Ms Farnon is the beneficial owner of 30,000 ordinary shares representing0.0142% of the Company's issued share capital. All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Claire CookeTel: 01481 745417Fax: 01481 745085