Sale of Assets by SLIPIT

To: Company AnnouncementsDate: 25th September 2014Company: Standard Life Investments Property Income Trust Limited Subject: Sale of Assets by SLIPIT Standard Life Investments Property Income Trust is pleased to confirm that ithas exchanged contracts on the sale of two adjacent office buildings inChelmsford for £3.5m. The two offices are over rented, with lease expiries inDecember 2015. The sale is at the end June valuation figure. Completion is notdue until December 2015, on lease expiry, with the Company retaining all incometo that date. Jason Baggaley, fund manager of SLIPIT, commented "This transaction is slightlyunusual due to the long delay between exchange and completion, but that meanswe have de-risked a lease expiry on a building where cap ex would have beenrequired whilst maintaining an attractive income stream through to the leaseend. The sale price is at our current valuation, but we will receive a further£600,000 of income before completion. All enquiries: Jason BaggaleyStandard Life Investments LimitedTel: 0131 245 2833