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 of existing shares to which voting rights are attached: 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
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation: iii		Standard Life Investments (Holdings) Limited (Parent Company) – Below 5%
4. Full name of shareholder(s)  (if different from 3.):iv
5. Date of the transaction and date on which the threshold is crossed or reached: v		19/09/2016
6. Date on which issuer notified:		20/09/2016
7. Threshold(s) that is/are crossed or reached: vi, vii		Standard Life Investments (Holdings) Limited – 5% Standard Life Investments Limited – 5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of  voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB0033875286

22,244,001

22,244,001

Below 5%

Below 5%

Below 5%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

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

Resulting situation after the triggering transaction

Type of financial instrument

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

Below 5%

Below 5%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi
Standard Life Investments (Holdings) Limited – Below 5% Standard Life Investments Limited –Below 5% Ingis Investment Services Limited – Below 5%
Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:	Service Delivery Team [e-mail]
15. Contact telephone number:	[phone]