SLIPIT Purchase

To: Company Announcements Date: 12 November 2014 Company: 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 mixed use retail and leisure investment in Glossopfor £10.15m. The purchase price reflects an initial yield of 6.1% and an equivalent yield of7.5%. The property has two vacant units, one of which is in solicitors handsand the other has good interest. On letting these the income yield will go to7.3%. The investment has 10 tenants, the largest being M&S Simply foods in a purposebuilt unit constructed in 2012 and let on a 15 year lease. Other significanttenants include Travelodge, Weatherspoons and Peacocks. Jason Baggaley, fund manager of SLIPIT said "The investment provides SLIPITwith a diverse income stream with opportunity for asset management in anengaging development in Glossop. The scheme has become the focus for leisureprovision in the town centre and we look forward to letting the vacant space tofurther improve vibrancy. The purchase will be funded out of existing cashresources and leaves the Company effectively fully invested". All enquiries: Jason BaggaleyStandard Life Investments LimitedTel: 01312452833