17 January 2017

                Standard Life Investments Property Income Trust Limited            
                               Blocklisting application                            

    Standard Life Investments Property Income Trust Limited (the "Company") has
    made an application to the UK Listing Authority for a blocklisting of
    19,000,000 ordinary shares of 1p each in the Company (the "Shares") to be
    admitted to the premium segment of the Official List and to trading on the Main
    Market of the London Stock Exchange.

    The Company has seen strong demand for its Shares which has been reflected in
    the Shares trading at an average premium to net asset value of 7.1% over the
    last three months. The Company therefore intends to pursue an issuance
    programme through its corporate broker, Winterflood Securities Limited, with a
    view to managing the Company's premium to net asset value. Any Shares issued
    under the issuance programme will only be issued at a premium to net asset
    value (plus costs) and will be accretive to existing shareholders.

    The Shares issued under the blocklisting will be issued pursuant to the
    Company's issuance programme to meet excess market demand for the Shares. The
    net proceeds from the issue of new Shares will be used to reduce the Company's
    borrowings and/or invested in accordance with the Company's investment policy.

    The blocklisting is expected to become effective at 8:00 a.m. on 18 January
    2017.

    For further details please contact:

    Standard Life Investments                           0131 245 3151         
    Graeme McDonald                                                           
                                                                              
    Winterflood Investment Trusts                       020 3100 0000         
    Graeme Caton                                                              
    Neil Langford