SLIPIT Purchase

To: Company AnnouncementsDate: 24 November 2014Company: Standard Life Investments Property Income Trust Limited Subject: SLIPIT Purchase Standard Life Investments Property Income Trust is pleased to confirm it hascompleted the purchase of a portfolio of five industrial and logistics unitsfor a total of £23.75m, reflecting an initial yield of 7.25%. The purchase wasfunded from the equity raised on 13th November, is accretive to the net assetvalue as the equity was raised on a 5% premium, and the purchase was undertakenby way of a corporate purchase of an SPV. The five assets are located inManchester, Birmingham, Cheltenham and two in Milton Keynes. All are singlelet, and total 390,490sq ft. The units are let on leases from 1 year to 21years term certain, and are considered reversionary, giving scope for furtherasset management. Jason Baggaley, fund manager for SLIPIT said "We are delighted to havecompleted this purchase, 2014 has been a very busy year for the Company, as weraised new equity and invested it for clients. This transaction continues ourstrategy of raising money at a sufficient premium to protect existinginvestors, and investing in good quality assets that are accretive to therevenue account, and without undue cash drag to the Company." All enquiries: Jason BaggaleyStandard Life Investments LimitedTel: 01312452833