REIT Conversion

To: Company Announcements Date: 05 January 2015 Company: Standard Life Investments Property Income Trust Limited Subject:REIT Conversion The Company announces that it is now compliant with the UK REIT regime and was resident in the UK for tax purposes with effect from 1 January 2015. All enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited PO Box 255 Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Claire Louise Cooke Tel: 01481 745417 Fax: 01481 745085