X0306 4 2015-06-05 0 0001537667 Select Income REIT NYSE: SIR 0001273871 PORTNOY ADAM C/O REIT MANAGEMENT & RESEARCH LLC TWO NEWTON PL., 255 WASH. ST., STE. 300 NEWTON MA 02458 1 0 1 0 Common Shares of Beneficial Interest 2015-06-05 4 A 0 3586.5 23.34 A 271754.1 I See Footnotes Common Shares of Beneficial Interest 2015-06-05 4 J 0 396000 23.41 A 667754.1 I See Footnotes Common Shares of Beneficial Interest 99035 D These Common Shares were issued as a portion of the management fee paid by the Issuer pursuant to the business management agreement between the Issuer and Reit Management & Research LLC ("RMR LLC") in effect as of the date of the transaction at $23.34, the average of the closing prices of the Common Shares on the New York Stock Exchange for each trading day during the month of May 2015. On May 19, 2015, RMR LLC distributed all of the Common Shares of the Issuer it then directly owned to Reit Management & Research Trust ("RMR Trust"), then its sole member. Mr. Portnoy is the President and Chief Executive Officer, a beneficial owner and a trustee of RMR Trust. Represents the pecuniary interest of Mr. Portnoy in Common Shares owned by RMR Trust. RMR Trust may, under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), be deemed to beneficially own 24,918,421 Common Shares of the Issuer that are owned by Government Properties Income Trust ("GOV"), and therefore due to his relationships with RMR Trust and RMR LLC, Mr. Portnoy may be considered a beneficial owner of a portion of such Common Shares, constituting more than ten percent of the Common Shares of the Issuer under Rule 16a-1(a)(1) under the Exchange Act, but Mr. Portnoy disclaims such beneficial ownership of the Common Shares owned by GOV. On June 5, 2015, RMR Trust, RMR LLC, Reit Management & Research Inc. and the Issuer entered into a Transaction Agreement for an Up-C transaction pursuant to which, among other things, RMR Trust acquired 880,000 newly issued Common Shares valued at $23.41 per share, the volume weighted average trading price per Common Share on the New York Stock Exchange during the 20 business days prior to the closing of the transactions contemplated by the Transaction Agreement. /s/ Adam Portnoy 2015-06-09