Publication of Prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM CANADA, AUSTRALIA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA.

This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in Standard Life Investments Property Income Trust Limited (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the final prospectus published by the Company and any supplement thereto.

1 July 2014

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

Publication of prospectus in relation to the issue of up to 100 million New Shares including an Initial Placing and Offer for Subscription and a Placing Programme

Standard Life Investments Property Income Trust Limited (the "Company") is pleased to announce that it has today received approval from the UK Listing Authority to publish its prospectus in relation to an initial placing and offer for subscription and a placing programme of up to 100 million new ordinary shares in the capital of the Company and that applications will be made for the admission of these new ordinary shares to the premium segment of the Official List and to trading on the London Stock Exchange's main market.

Expected timetable of principal events

Event

Initial Placing and Offer opens

1 July 2014

Announcement of second interim dividend

4 July 2014

Publication of Initial Placing and Offer Price

16 July 2014

Latest time and date for receipt of Application Forms under the Offer

11.00 a.m. on 24 July 2014

Latest time and date for commitments under the Initial Placing

3.00 p.m. on 25 July 2014

Results of the Initial Placing and Offer announced

29 July 2014

Admission and dealings in New Shares commence

8.00 a.m. on 30 July 2014

Crediting of CREST accounts in respect of the New Shares

30 July 2014

Share certificates in respect of the New Shares despatched(if applicable)

On or around 4 August 2014

Placing Programme

Placing Programme opens

30 July 2014

Admission and dealings in New Shares commence

4 August 2014 to 30 June 2015

Publication of Placing Programme Price in respect of each Issue

As soon as practicable following each issue

Crediting of CREST in respect of New Shares

8.00 a.m. on each day New Shares are issued

Share certificates in respect of New Shares despatched (if applicable)

Approximately one week following the issue of any New Shares

Further information

Copies of the Prospectus are available from the Company's website: www.standard lifeinvestments.com/its and from the offices of Dickson Minto W.S., which is situated at Broadgate Tower, 20 Primrose Street, London EC2A 2EW. In addition, a copy of the Prospectus will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do.

Enquiries

Standard Life Investments

Gordon Humphries, Investment Director

0131 245 2735

Winterflood Securities Limited

Graeme CatonDarren Willis

0203 100 02680203 100 0258

*Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of, this announcement.