Results of Placing

13 November 2014 Standard Life Investments Property Income Trust Limited Result of Placing Further to the announcement earlier today, the Board of Standard LifeInvestments Property Income Trust Limited (the "Company") is pleased toannounce that,it has raised £20 million through the issue of 26,506,928 newordinary shares of 1 penny each in the Company (the "New Shares") at a price of75.5 pence per New Share (the "Issue"). The gross process of the Issue are significantly in excess of the initial £12mtarget and provides greater scope to the management team to deliver on thestrong pipeline of near term opportunities available to the Company. 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 paripassuwith 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. Richard Barfield, Chairman of the Company, said: "We are delighted by the response from investors and would like to thankexisting shareholders for their support as well as to welcome several newinvestors to the Company." 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