Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Standard Life Investment Property Income Trust

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 notification obligation: iii

Standard Life Investments Ltd

4. Full name of shareholder(s)  (if different from 3.):iv

Vidacos Nominees

5. Date of the transaction and date on which the threshold is crossed or reached: v

4th November 2009

6. Date on which issuer notified:

5th November 2009

7. Threshold(s) that is/are crossed or reached: vi, vii

21%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

GB0033875286

21,788,077

21,788,077

21,769,609

21,769,609

20.298/%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/  Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

21,769,609

20.298%

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

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:

13. Additional information:

14. Contact name:

[email protected]

Standard Life Investments Ltd

15. Contact telephone number:

(0131) 245 6565

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name 

(including legal form of legal entities)

Rensburg Sheppards Investment Management Limited

Contact address 

(registered office for legal entities)

Quayside House

Canal Wharf

Leeds LS11 5PU

Phone number & email

0113 236 4171

[email protected]

Other useful information 

(at least legal representative for legal persons)

Mike Rigby

(Head of Compliance)

B: Identity of the notifier, if applicable

Full name

Philip Martin Beardwell

Contact address

2 Gresham Street

London

EC2V 7QN

Phone number & email

020 7597 1356

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

Senior Compliance Manager

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.