Issue of Equity

26 February 2015 Standard Life Investments Property Income Trust Limited Issue of Equity Standard Life Investments Property Income Trust Limited (the "Company") hasissued 1,280,472 new ordinary shares of 1 penny each in the Company (the"Ordinary Shares") at a price of 80.2 pence per New Share (the "Issue"). TheCompany has now issued 16,070,000 Ordinary Shares pursuant its existingdisapplication of pre-emption rights authorities and no further issuance ispermitted without a renewal of such authorities. Application will be made for the new Ordinary Shares to be admitted to thepremium segment of the Official List and to trading on the Main Market of theLondon Stock Exchange. It is expected that dealings in the new Ordinary Shareswill commence at 8.00 a.m. on 4 March 2015. The new Ordinary Shares will, when issued, be credited as fully paid and rankparipassu with the existing Ordinary Shares, including the right to receive allfuture dividends and distributions declared, made or paid. The total number of Ordinary Shares in issue stands at 276,779,237 followingthe Issue, and the total number of voting rights in the Company is 276,779,237.There are no shares held in Treasury. The above figure may be used by shareholders as the denominator for thecalculations by which they will determine if they are required to notify theirinterest in, or a change to their interest in, the Company under the FCA'sDisclosure and Transparency Rules. Enquiries: Standard Life InvestmentsGordon Humphries, Head of Investment Companies +44 (0) 131 245 2735 Winterflood Investment TrustsGraeme Caton +44 (0) 20 3100 0268Neil Langford +44 (0) 20 3100 0160