REIT Status and PID

To:                Company Announcements

Date:              26 June 2015

Company:           Standard Life Investments Property Income Trust Limited

Subject:           REIT Status and PID

On 1 January 2015, Standard Life Investments Property Income Trust (the “Company”) became resident in the UK for tax purposes and will now be compliant with the UK REIT regime.

Following the conversion to a UK REIT, the Company can pay dividends as property income distribution (PID).

The Board have resolved that the first three dividend payments this year will be by way of PID, and will be paid net of UK tax unless the registered owner of the shares has completed a HMRC declaration.

The Company’s Registrar have provided the necessary HMRC declaration forms to all qualifying registered owners of the Company’s shares however the Board are aware that a number of investors hold shares via execution-only platforms or with ISA/SIPP providers and may not have been advised of the requirement to complete a declaration in order to receive dividend gross.

Investors are advised to seek independent tax advice and to contact their nominee company to receive the necessary declaration forms should they be deemed eligible to do so.

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

Sharon Ann Williams
Tel:        [phone]
Fax:        [phone]