Holding(s) in Company

Standard Life Invs Property Inc Tst
12 September 2007



TR-1(i): NOTIFICATION OF MAJOR INTERESTS IN SHARES 

+------------------------------------------------+------------------------------+
|1. Identity of the issuer or the underlying     |Standard Life Property Income |
|issuer of existing shares to which voting rights|        Trust Limited         |
|are attached(ii):                               |                              |
+------------------------------------------------+----------------------+-------+
|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 financial instruments which may result in|       |
|the acquisition of shares already issued to which voting rights are    |       |
|attached                                                               |       |
+-----------------------------------------------------------------------+-------+
|An event changing the breakdown of voting rights                       |       |
+-----------------------------------------------------------------------+-------+
|Other (please specify):____Disclosure for purposes of                  |       |
|transparency_______                                                    |       |
+------------------------------------------------+----------------------+-------+
|3. Full name of person(s) subject to the        |  ING Real Estate Investment  |
|notification obligation(iii):                   |          Management          |
+------------------------------------------------+------------------------------+
|4. Full name of shareholder(s) (if different    |             N/A              |
|from 3.)(iv):                                   |                              |
+------------------------------------------------+------------------------------+
|5. Date of the transaction (and date on which   |      5th September 2007      |
|the threshold is crossed or reached if          |                              |
|different)(v):                                  |                              |
+------------------------------------------------+------------------------------+
|6. Date on which issuer notified:               |      6th September 2007      |
+------------------------------------------------+------------------------------+
|7. Threshold(s) that is/are crossed or reached: |              9%              |
+------------------------------------------------+------------------------------+
|8. Notified details:                            |                              |
+------------------------------------------------+----------------------+-------+
+------------------------------------------------+----------------------+-------+







+--------------------------------------------------------------------------------+
|A: Voting rights attached to shares                                             |
+------------+------------------+------------------------------------------------+
|Class/type  |Situation previous|Resulting situation after the triggering        |
|of shares   |to the Triggering |transaction(vii)                                |
|            |transaction (vi)  |                                                |
|if possible +----------+-------+----------+--------------------+----------------+
|using the   |Number of |Number |Number of |Number of voting    |% of voting     |
|ISIN CODE   |Shares    |of     |shares    |rights ix           |rights          |
|            |          |Voting +----------+---------+----------+-------+--------+
|            |          |Rights |Direct    |Direct x |Indirect  |Direct |Indirect|
|            |          |viii   |          |         |xi        |       |        |
+------------+----------+-------+----------+---------+----------+-------+--------+
|Ord GBP 0.01|10,013,228|9.628% |   N/A    |   N/A   |9,013,228 |       | 8.667% |
|            |          |       |          |         |          |       |        |
|GB0033875286|          |       |          |         |          |       |        |
+------------+----------+-------+----------+---------+----------+-------+--------+

+----------------------------------------------------------------------------------+
|B: Financial Instruments                                                          |
+----------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction xii                          |
+----------------+-----------+-------------------+--------------------+------------+
|Type of         |Expiration |Exercise/          |Number of voting    |% of voting |
|financial       |date xiii  |Conversion Period/ |rights that may be  |rights      |
|instrument      |           |Date xiv           |acquired if the     |            |
|                |           |                   |instrument is       |            |
|                |           |                   |exercised/          |            |
|                |           |                   |converted.          |            |
+----------------+-----------+-------------------+--------------------+------------+
|                |           |                   |                    |            |
+----------------+-----------+-------------------+--------------------+------------+

+-------------------------------------------------------------------------------+
|Total (A+B)                                                                    |
+--------------------------------------+----------------------------------------+
|Number of voting rights               |% of voting rights                      |
+--------------------------------------+----------------------------------------+
|              9,013,228               |                 8.667%                 |
+--------------------------------------+----------------------------------------+







+-----------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or   |
|the financial instruments are effectively held, if applicable xv:            |
+-----------------------------------------------------------------------------+
|                                                                             |
+-----------------------------------------------------------------------------+

+-----------------------------------------------------------------------------+
|Proxy Voting:                                                                |
+------------------------------------------------+----------------------------+
|10. Name of the proxy holder:                   |N/A                         |
+------------------------------------------------+----------------------------+
|11. Number of voting rights proxy holder will   |N/A                         |
|cease to hold:                                  |                            |
+------------------------------------------------+----------------------------+
|12. Date on which proxy holder will cease to    |N/A                         |
|hold voting rights:                             |                            |
+------------------------------------------------+----------------------------+

+--------------------------------+--------------------------------------------+
|13. Additional information:     |                                            |
+--------------------------------+--------------------------------------------+
|14. Contact name:               |                                            |
+--------------------------------+--------------------------------------------+
|15. Contact telephone number:   |                                            |
+--------------------------------+--------------------------------------------+





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