TIDMSLI 
 
For filings with the FCA include the annex 
 
For filings with issuer exclude the annex 
 
 
 
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 
 
1. Identity of the issuer or the underlying issuer                         Standard Life 
of existing shares to which voting rights are                                Investments 
attached:ii                                                              Property Income 
                                                                               Trust Ltd 
2 Reason for the notification (please tick the appropriate box or boxes): 
 
An acquisition or disposal of voting rights                                            X 
 
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                                       X 
 
Other (please specify): 
 
3. Full name of person(s) subject to the                          Brewin Dolphin Limited 
notification obligation:iii 
 
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                                     19th November 2014 
reached:v 
 
6. Date on which issuer notified:                                     20th November 2014 
 
7. Threshold(s) that is/are crossed or                                               15% 
reached: vi, vii 
 
 
 
 
 
8. Notified details: 
 
A: Voting rights attached to sharesviii, ix 
 
Class/type   Situation previous        Resulting situation after the triggering transaction 
of           to the triggering 
shares       transaction 
 
 
if possible  Number        Number      Number        Number of voting          % of  voting rightsx 
using        of            of          of shares     rights 
the ISIN     Shares        Voting 
CODE                       Rights 
                                       Direct        Directxi    Indirectxii   Direct  Indirect 
 
             33,604,527    33,604,527  N/A           N/A         33,613,387    N/A     13.7637% 
ORD GBP0.01 
GB0033875286 
 
 
 
B: Qualifying Financial Instruments 
 
Resulting situation after the triggering transaction 
 
Type of        Expiration    Exercise/                Number of voting             % of voting 
financial      datexiii      Conversion Periodxiv     rights that may be           rights 
instrument                                            acquired if the 
                                                      instrument is 
                                                      exercised/ converted. 
 
 
 
C: Financial Instruments with similar economic effect to Qualifying Financial 
Instrumentsxv, xvi 
 
Resulting situation after the triggering transaction 
 
Type of       Exercise     Expiration Exercise/      Number of voting rights    % of voting 
financial     price        datexvii   Conversion     instrument refers to       rightsxix, xx 
instrument                            periodxviii 
 
 
                                                                                Nominal Delta 
 
 
Total (A+B+C) 
 
Number of voting rights                       Percentage of voting rights 
 
33,613,387                                    13.7637% 
 
 
 
 
 
9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable:xxi 
 
Indirect - Brewin Nominees (Channel Islands) Limited -          200,360  0.0821 % 
Indirect - Brewin Nominees Limited - Individual Designations     64,000  0.0262 % 
Indirect - Brewin Nominees Limited  A/c NOM                   9,186,757  3.7617 % 
Indirect - Brewin Nominees Limited A/c ISA                   10,310,115  4.2217 % 
Indirect - Brewin Nominees Limited  A/c GROSS                 6,110,890  2.5022 % 
Indirect - Brewin Nominees Limited A/c CHARITY                7,741,265  3.1698 % 
 
                                                 GRAND TOTAL 33,613,387 13.7637 % 
 
 
 
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: 
 
 
 
                              Figures based on shares in issue of 244,216,165. 
13. 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:                                                       Graham Brabbs 
 
15. Contact telephone number:                                           0191 230 7190 
 
 
 
 
 
 
END 
 

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