Issue of Equity - Replacement

3 March 2015 An amendment has been made to the `Issue of Equity' announcement released on 26February 2015 at 12.49 GMT to include the reason for the issue, being`to meetongoing demand for the Company's Ordinary Shares'. All other details remainunchanged. The full amended text is shown below. 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") to meetongoing demand for the Company's Ordinary Shares. The Company has now issued16,070,000 Ordinary Shares pursuant its existing disapplication of pre-emptionrights authorities and no further issuance is permitted without a renewal ofsuch 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 Investments +44 (0) 131 245 2735Gordon Humphries, Head of Investment Companies Winterflood Investment Trusts +44 (0) 20 3100 0268Graeme Caton +44 (0) 20 3100 0160Neil Langford