Result of Placing

20 February 2015 Standard Life Investments Property Income Trust Limited Result of Placing Further to the announcement on 12 February 2015, the Board of Standard LifeInvestments Property Income Trust Limited (the "Company") is pleased toannounce that it has raised £24.4 million through the issue of 31,282,600 newordinary shares of 1 penny each in the Company (the "New Shares") at a price of78.1 pence per New Share (the "Issue"). The Company has now issued the entire100 million ordinary shares available under its placing programme. The gross proceeds of the Issue are significantly in excess of the initial £16mtarget, providing capital for a strong pipeline of near term opportunities inaddition to the imminent acquisition of the freehold retail warehouse propertyin Preston, announced on 12 February 2015. 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 penny 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. Dick Barfield, Chairman of the Company, said: "We are delighted with the success of the placing programmethat waslaunched inJuly 2014, during which time the Company has raised over £85m and has investedin a number of new attractive opportunities. We would like to thankshareholders for their ongoing support." 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