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                         STANDARD LIFE
of existing shares to which voting rights are                                INVESTMENTS
attached:ii                                                              PROPERTY INCOME
                                                                           TRUST LIMITED
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                        
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                                         30th July 2014
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                         31st July 2014
                                                                                        
7. Threshold(s) that is/are crossed or                                               20%
reached: vi, vii                                                                        
                                                                                        

8. Notified details:                                                                          
                                                                                              
A: Voting rights attached to shares viii, ix                                                  
                                                                                              
Class/type   Situation previous           Resulting situation after the triggering transaction
of           to the triggering                                                                
shares       transaction                                                                      
                                                                                              
             Number          Number       Number   Number of voting      % of  voting rights x
if possible  of              of           of       rights                                     
using        Shares          Voting       shares                                              
the ISIN                     Rights                                                           
CODE                                      Direct   Direct xi  Indirect   Direct   Indirect    
                                                              xii                             
                                                                                              
ORD GBP0.01                                                                                   
                                                                                              
GB0033875286 32,142,767      32,142,767   N/A      N/A        34,474,313 N/A      16.3611%    
                                                                                              
                                                                                              
                                                                                              
B: Qualifying Financial Instruments                                                           
                                                                                              
Resulting situation after the triggering transaction                                          
                                                                                              
Type of        Expiration        Exercise/          Number of voting             % of voting  
financial      date xiii         Conversion Period  rights that may be           rights       
instrument                       xiv                acquired if the                           
                                                    instrument is                             
                                                    exercised/ converted.                     
                                                                                              
                                                                                              
                                                                                              
                                                                                              
                                                                                              
C: Financial Instruments with similar economic effect to Qualifying Financial                 
Instruments xv, xvi                                                                           
                                                                                              
Resulting situation after the triggering transaction                                          
                                                                                              
Type of       Exercise price Expiration Exercise/  Number of voting rights   % of voting      
financial                    date xvii  Conversion instrument refers to      rights xix, xx   
instrument                              period                                                
                                        xviii                                                 
                                                                                              
                                                                             Nominal Delta      
                                                                                              
                                                                                              
                                                                                              
                                                                                              
Total (A+B+C)                                                                                 
                                                                                              
Number of voting rights                          Percentage of voting rights                  
                                                                                              
34,474,313                                       16.3611%                                     
                                                                                              

 

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 -    315,360  0.1496 %             
                                                                                        
Indirect - Brewin Nominees Limited -                    6,325,185  3.0019 %             
                                                                                        
Indirect - Giltspur Nominees Limited -                  9,550,618  4.5326 %             
                                                                                        
Indirect - BDS  Nominees Limited -                     10,638,435  5.0489 %             
                                                                                        
Indirect - Brewin Nominees Limited A/c Charity -        7,644,715  3.6281 %             
                        
                                                                
GRAND TOTAL                                            34,474,313 16.3611 %             
                                                                                        
                                                                                        
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 210,709,237           
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:                                                            Mark Taylor
                                                                                        
15. Contact telephone number:                                              0191 279 7332