RIS ANNOUNCEMENT

3 August 2012

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

ISSUE OF EQUITY

The Board announces that Standard Life Investments Property Income Trust Limited (the "Company") has allotted 700,000 ordinary shares of 1p each, which rank pari passu with the existing shares in issue, under the Company's blocklisting facility at a price of 62.50p per share.

Following this issue, the Company has the ability to issue a further 8,989,998 ordinary shares under its blocklisting facility.

As a result of this allotment, the total number of ordinary shares in issue now stands at 138,081,746, and the total number of voting rights in the Company is 138,081,746.

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 FSA's Disclosure and Transparency Rules.

All Enquiries

Gordon Humphries

Standard Life Investments Limited

Tel: 0131 245 2735