Issue of Equity

22 September 2014 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED ISSUE OF EQUITY The Board announces that Standard Life Investments Property Income TrustLimited (the "Company") has raised approximately £5.32 million in new sharecapital pursuant to the Placing Programme for the purposes of working capitaland to fund proposed acquisitions through the issue of 7,000,000 ordinary sharesof one pence each ("Ordinary Shares"), conditional only on admission to listingon the UKLA's Official List and to trading on the London Stock Exchange. TheOrdinary Shares rank paripassu with the existing shares in issue. It isexpected that the new shares will be admitted to listing and to trading at8.00 a.m. on Thursday 25 September 2014. Following this issue, the total number of ordinary shares willbe 217,709,237 and the total number of voting rights in the Company willbe 217,709,237. The above figures may be used by shareholders as the denominator for thecalculations by which they will determine if they are required to notify theirinterest in, or a change to their interest in, the Company under the FCA'sDisclosure and Transparency Rules. For further information please contact: Standard Life Investments 0131 245 2735Gordon Humphries, Investment Director Winterflood Securities LimitedGraeme Caton 0203 100 0268