Conversion to UK REIT

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED To: RNS From: Standard Life Investments Property Income Trust Limited Date: 29 October 2014 CONVERSION TO UK REIT As noted in the annual report and financial statements for the year ended 31December 2013 the Board of Standard Life Investments Property Income TrustLimited (the "Company") recently completed a review of the tax efficiency ofthe Company's present structure and concluded that it would be in the bestinterests of the vast majority of Shareholders if the Company becomes a UK basedreal estate investment trust (a "REIT"). Accordingly, the Company has today published a circular to Shareholders (the"Circular")in connection with the proposals for the Company to become taxresident in the UK for the purposes of entering into the UK REIT regime (the"Proposals") and proposing a resolution to make the necessary amendments to theCompany's articles of incorporation (the "Articles") in connection with theProposals. The Proposals are conditional on Shareholders approving the amendments to theArticles and are expected to become effective on 1 January 2015. The GeneralMeeting will be held at 10.00 a.m. on 20 November 2014 at Trafalgar Court, LesBanques, St. Peter Port, Guernsey GY1 3QL. A copy of the Circular has been submitted to the National Storage Mechanism andwill shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. For further information please contact: Standard Life Investments 0131 245 2735Gordon Humphries, Investment Director Winterflood Securities LimitedGraeme Caton 0203 100 0268