Director/PDMR Shareholding

Standard Life Invs Property Inc Tst
03 December 2007



STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

Director / PDMR shareholding

03 December 2007

1. Name of the issuer                                     STANDARD LIFE
                                                          INVESTMENTS PROPERTY
                                                          INCOME TRUST LIMITED

2. The notification relates to                            A TRANSACTION NOTIFIED
                                                          IN ACCORDANCE WITH DTR
                                                          3.1.2 R

3. Name of person discharging managerial responsibilities RICHARD ARTHUR
/director                                                 BARFIELD

4. State whether notification relates to a person         N/A
connected with a person discharging managerial
responsibilities/director named in 3 and identify the
connected person

5. Indicate whether the notification is in respect of a   NOTIFICATION IS IN
holding of the person referred to in 3 or 4 above or in   RESPECT OF PERSON
respect of a non-beneficial interest 1                    REFERRED TO IN 3

6. Description of shares (including class), debentures or ORDINARY SHARES
derivatives or financial instruments relating to shares

7. Name of registered shareholders(s) and, if more than   RICHARD ARTHUR
one, the number of shares held by each of them            BARFIELD

8 State the nature of the transaction                     PURCHASE

9. Number of shares,
debentures or
financial instruments
relating to shares
acquired                                                                15,000

10. Percentage of
issued class acquired
(treasury shares of
that class should not
be taken into account
when calculating
percentage)                                                              0.014%

11. Number of shares, debentures or financial instruments N/A
relating to shares disposed

12. Percentage of issued class disposed (treasury shares  N/A
of that class should not be taken into account when
calculating percentage)

13. Price per share or value of transaction                               81.4P

14. Date and place of transaction                         03/12/07 ALLIANCE
                                                          TRUST SAVINGS
                                                          LIMITED

15. Total holding following notification and total        30,000 / 0.029%
percentage holding following notification (any treasury
shares should not be taken into account when calculating
percentage)

16. Date issuer informed of transaction                   03/12/07

Page 2

If a person discharging managerial
responsibilities has been granted options by
the issuer complete the following boxes

17 Date of grant                                N/A

18. Period during which or date on which        N/A
exercisable

19. Total amount paid (if any) for grant of the N/A
option

20. Description of shares or debentures         N/A
involved (class and number)

21. Exercise price (if fixed at time of grant)  N/A
or indication that price is to be fixed at the
time of exercise

22. Total number of shares or debentures over   N/A
which options held following notification

23. Any additional information                  N/A

24. Name of contact and telephone number for    N/A
queries

Name of authorised official of issuer           NORTHERN TRUST INTERNATIONAL
responsible for making notification             FUND ADMINISTRATION SERVICES
                                                (GUERNSEY LIMITED)

Date of notification                            03/12/07

All Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
GY1 3Q1

Tel: [phone]
Fax: [phone]


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