Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Standard Life Investments Property Income Trust Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

No

An event changing the breakdown of voting rights

No

Other (please specify):

No

3. Full name of person(s) subject to thenotification obligation: iii

Heartwood Wealth Management Limited

4. Full name of shareholder(s)  (if different from 3.):iv

Bank of New York (Nominees) Limited A/C 389926

Bank of New York (Nominees) Limited A/C 389927

Bank of New York (Nominees) Limited A/C 389928

Bank of New York (Nominees) Limited A/C 389930

Bank of New York (Nominees) Limited A/C 393555

Bank of New York (Nominees) Limited A/C 393556

Bank of New York (Nominees) Limited A/C 393554

Bank of New York (Nominees) Limited A/C 389858

Bank of New York (Nominees) Limited A/C 389859

Nortrust Nominees Limited A/C TWB01

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

30/07/2014

6. Date on which issuer notified:

31/07/2014

7. Threshold(s) that is/are crossed orreached: vi, vii

8%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct xi

Indirect xii

Direct

Indirect

GB0033875286

20,469

20,469

17,589,627

0

17,589,627

0%

8.347%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

17,589,627

8.347%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Heartwood Wealth Management Limited - 8.347%

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

n/a

12. Date on which proxy holder will cease to holdvoting rights:

n/a

13. Additional information:

n/a

14. Contact name:

Chris Newman

15. Contact telephone number:

01892 701851