Holding(s) in Company

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

Standard Life Investments Property Income Trust

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

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

Brewin Dolphin Limited

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 reached: v

23rd September 2009

6. Date on which issuer notified:

25th September 2009

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

10%

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

Ord GBP0.01

5,533,529

5,533,529

11,455,959

10.7821%

GB0033875286

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

11,455,959

10.7821%

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

Indirect - Brewin Nominees Limited - 1,117,654 1.0519%

Indirect - Giltspur Nominees Limited - 4,266,548 4.0156%

Indirect - BDS Nominees Limited - 4,150,585 3.9064%

Indirect - Brewin Nominees Limited A/c Charity - 1,525,550 1.4358%

Indirect - Brewin Nominees Limited A/c Offbond - 138,622 0.1305%

Indirect - Brewin Nominees (Channel Islands) Limited - 257,000 0.2419%

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:

Figures based on shares in issue of 106,250,000

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:

0845 059 6332

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)

Contact address 

(registered office for legal entities)

Phone number & email

Other useful information 

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

Phone number & email

Other useful information

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

C: Additional information

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