Holding(s) in Company

For filings with the FCA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer STANDARD LIFEof existing shares to which voting rights are INVESTMENTSattached:ii PROPERTY INCOME TRUST LIMITED 2. Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect toqualifying financial instruments An event changing the breakdown of voting rights X Other (please specify): 3. Full name of person(s) subject to the Brewin Dolphin Limitednotification obligation:iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 30th July 2014reached: v 6. Date on which issuer notified: 31st July 2014 7. Threshold(s) that is/are crossed or 20%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of rightsusing Shares Voting sharesthe ISIN RightsCODE Direct Direct xi Indirect Direct Indirect xii ORD GBP0.01 GB0033875286 32,142,767 32,142,767 N/A N/A 34,474,313 N/A 16.3611% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period rights that may be rightsinstrument xiv acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of votingfinancial date xvii Conversion instrument refers to rights xix, xxinstrument period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 34,474,313 16.3611% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi Indirect - Brewin Nominees (Channel Islands) Limited - 315,360 0.1496 % Indirect - Brewin Nominees Limited - 6,325,185 3.0019 % Indirect - Giltspur Nominees Limited - 9,550,618 4.5326 % Indirect - BDS Nominees Limited - 10,638,435 5.0489 % Indirect - Brewin Nominees Limited A/c Charity - 7,644,715 3.6281 % GRAND TOTAL 34,474,313 16.3611 % Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will ceaseto hold: 12. Date on which proxy holder will cease to holdvoting rights: Figures based on shares in issue of 210,709,23713. Additional information: The indirect voting rights under (9) relate to shares held in client portfolios, managed by those firms, under discretionary investment management agreements. 14. Contact name: Mark Taylor 15. Contact telephone number: 0191 279 7332