Dividend Declaration

To: Company Announcements

Date: 4 July 2014

Company: Standard Life Investments Property Income Trust Limited

Subject: Dividend Declaration

Interim Dividend

The Directors of Standard Life Investments Property Income Trust Limited (the "Directors") have declared that an interim dividend be payable in respect of the quarter ended 30 June 2014 as follows;

Ex-Dividend Date - 23 July 2014

Record Date - 25 July 2014

Payment Date - 22 August 2014

Dividend per Share - 1.161 p

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Claire Cooke

Tel: 01481 745417

Fax: 01481 745051