Intention to issue equity

To: Company Announcements Date: 12 February 2015 Company: Standard Life Investments Property Income Trust Limited Subject: Intention to issue equity The Board of Standard Life Investments Property Income Trust Limited (the"Company") announces that, pursuant to the Placing Programme announced on 6June 2014 and the Company's ability to issue shares under its existingdisapplication of pre-emption rights authority, the Company is seeking to raisein excess of £16 million through a cash placing to institutional investors ofnew ordinary shares of 1 pence each in the Company (the "New Shares") (the"Placing"). The Company has entered into an agreement that provides it with exclusivity topurchase a modern freehold retail warehouse property, located in Preston, for£16m (excluding costs) subject to an equity fund raise. This retail warehouseoffers a yield of 7 per cent. with 16 years remaining on the lease and islocated adjacent to a major foodstore and next to the dominant retail warehousepark in Preston. The tenant is DSG and the lease is subject to fixed increasesevery 5 years. The Placing is expected to close at 2.00 p.m. (London time) on 19th February2015 butmay close earlier or later at the absolute discretion of the Company.The issue price per New Share will be 78.1 pence, representing a 5 per cent.premium to the Company's unaudited net asset value per share as at 31 December2014 (adjusted for the dividend payable on 20 February 2015 to which the NewShares will not be entitled). The Placing will be made to Qualified Investors (as defined in section 86(7) ofthe Financial Services and Markets Act 2000 (as amended)) through WinterfloodSecurities Limited ("Winterflood").The decision to allot New Shares to anyQualified Investor and the actual issue size shall be at the absolutediscretion of the Company and Winterflood. Application will be made for the New Shares to be admitted to the premiumsegment of the Official List and to trading on the Main Market of the LondonStock Exchange. It is expected that dealings in the New Shares will commence at8.00 a.m. on 25 February 2015. The New Shares will, when issued, be credited as fully paid and rank pari passuwith the existing ordinary shares of 1 pence each in the capital of theCompany, including the right to receive all future dividends and distributionsdeclared, made or paid save for the dividend payable on 20 February 2015 toshareholders on the register on 6 February 2015. Any remaining net proceeds of the issue after the proposed acquisition will beinvested in accordance with the Company's investment policy. Enquiries: Standard Life Investments +44 (0) 131 245 2735Gordon Humphries, Head of Investment Companies Winterflood Investment Trusts +44 (0) 20 3100 0268Graeme Caton +44 (0) 20 3100 0258Darren Willis