Proposed Placing

13 November 2014 Standard Life Investments Property Income Trust Limited Proposed Placing The Board of Standard Life Investments Property Income Trust Limited (the"Company") announces that,pursuant to the Placing Programme announced on 6 June2014,the Company is seeking to raise in excess of £12 million through a cashplacing to institutional investors of new ordinary shares of 1 penny each inthe Company (the "New Shares") (the "Placing"). The Placing is expected to close at 2.00 p.m. (London time) today but may closeearlier or later at the absolute discretion of the Company. The issue price perNew Share will be 75.5 pence, representing a 5 per cent. premium to theCompany's net asset value per share as at 30 September 2014 (adjusted for thedividend payable on 28 November 2014 to which the New Shares will not beentitled). The net proceeds of the issue will be invested in acquisitions in accordancewith the Company's investment policy. Institutional investors wishing to participate in the Placing should contactWinterflood Investment Trusts, the Company's corporate broker. 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 19 November 2014. The New Shares will, when issued, be credited as fully paid and rank pari passuwith the existing ordinary shares of no par value in the capital of theCompany, including the right to receive all future dividends and distributionsdeclared, made or paid save for the dividend payable on 28 November 2014 toshareholders on the register on 14 November 2014. 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