Issue of Equity

RIS ANNOUNCEMENT

31 October 2013

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (the "Company")

ISSUE OF EQUITY

The Company is pleased to announce that it has issued 1,110,000 ordinary shares of 1p each, which rank pari passu with the existing shares in issue, at a price of 67.5p per share in order to satisfy market demand. An application has been made to the UK Listing Authority and the London Stock Exchange for the listing of 1,110,000 ordinary shares of 1 pence each in the capital of the Company which rank pari passu with the existing ordinary shares of the Company. It is expected that Admission will become effective and dealings in the ordinary shares will commence on the London Stock Exchange at 8.00 a.m. on 4 November 2013.

The total number of ordinary shares with voting rights in the Company immediately following Admission will be 153,629,237 ordinary shares.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

All Enquiries

Gordon Humphries

Standard Life Investments Limited

Tel: 0131 245 2735