Conversion to UK REIT

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

To: RNS

From: Standard Life Investments Property Income Trust Limited

Date: 29 October 2014

CONVERSION TO UK REIT

As noted in the annual report and financial statements for the year ended 31
December 2013 the Board of Standard Life Investments Property Income Trust
Limited (the "Company") recently completed a review of the tax efficiency of
the Company's present structure and concluded that it would be in the best
interests of the vast majority of Shareholders if the Company becomes a UK based
real estate investment trust (a "REIT").

Accordingly, the Company has today published a circular to Shareholders (the
"Circular")in connection with the proposals for the Company to become tax
resident in the UK for the purposes of entering into the UK REIT regime (the
"Proposals") and proposing a resolution to make the necessary amendments to the
Company's articles of incorporation (the "Articles") in connection with the
Proposals.

The Proposals are conditional on Shareholders approving the amendments to the
Articles and are expected to become effective on 1 January 2015. The General
Meeting will be held at 10.00 a.m. on 20 November 2014 at Trafalgar Court, Les
Banques, St. Peter Port, Guernsey GY1 3QL.

A copy of the Circular has been submitted to the National Storage Mechanism and
will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.


For further information please contact:

Standard Life Investments 0131 245 2735
Gordon Humphries, Investment Director

Winterflood Securities Limited
Graeme Caton 0203 100 0268