Holding(s) in Company

Standard Life Invs Property Inc Tst
28 March 2007



TR-1(i): notification of major interests in shares

+--------------------------------------------+--------------------------------+
|1. Identity of the issuer or the underlying |       Std Life Inv Prop        |
|issuer of existing shares to which voting   |                                |
|rights are attached(ii):                    |                                |
+--------------------------------------------+----------------------+---------+
|2. Reason for the notification (please tick the appropriate box or |         |
|boxes)                                                             |         |
+-------------------------------------------------------------------+---------+
|An acquisition or disposal of voting rights                        |         |
+-------------------------------------------------------------------+---------+
|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):Initial disclosure under the Financial      |    X    |
|Services Authority's Disclosure Transparency Rules.                |         |
+--------------------------------------------+----------------------+---------+
|3. Full name of person(s) subject to the    | Standard Life Investments Ltd  |
|notification obligation(iii):               |                                |
+--------------------------------------------+--------------------------------+
|4. Full name of shareholder(s) (if different|        Vidacos Nominees        |
|from 3.)(iv):                               |                                |
+--------------------------------------------+--------------------------------+
|5. Date of the transaction (and date on     |         23 March 2007          |
|which the threshold is crossed or reached if|                                |
|different)(v):                              |                                |
+--------------------------------------------+--------------------------------+
|6. Date on which issuer notified:           |         23 March 2007          |
+--------------------------------------------+--------------------------------+
|7. Threshold(s) that is/are crossed or      |Direct voting rights exceed 21% |
|reached:                                    | and total voting rights exceed |
|                                            |              21%               |
+--------------------------------------------+------------------------------+-+
|8. Notified details:                        |Initial disclosure under the  | |
|                                            |Financial Services Authority's| |
|                                            |Disclosure Transparency Rules.| |
+--------------------------------------------+----------------------+-------+-+
+--------------------------------------------+----------------------+-------+-+


+------------------------------------------------------------------------------------+
|A: Voting rights attached to shares                                                 |
+------------+---------------------+-------------------------------------------------+
|Class/type  |Situation previous to|Resulting situation after the triggering         |
|of shares   |the Triggering       |transaction(1)                                   |
|            |transaction (vi)     |                                                 |
|if possible +----------+----------+----------+--------------------+-----------------+
|using the   |Number of |Number of |Number of |Number of voting    |% of voting      |
|ISIN CODE   |Shares    |Voting    |shares    |rights ix           |rights           |
|            |          |Rights    +----------+----------+---------+-------+---------+
|            |          |viii      |Direct    |Direct x  |Indirect |Direct |Indirect |
|            |          |          |          |          |xi       |       |         |
+------------+----------+----------+----------+----------+---------+-------+---------+
|GB0033875286|Initial   |Initial   |21,788,077|21,788,077|Below 3% |21.788%|Below 3% |
|            |disclosure|disclosure|          |          |         |       |         |
+------------+----------+----------+----------+----------+---------+-------+---------+

+------------------------------------------------------------------------------+
|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                      |
+--------------------------------------+----------------------------------------+
|21,788,077                            |21.788%                                 |
+-+------------------------------------+--------------------------------------+-+
| |9. Chain of controlled undertakings through which the voting rights and/or | |
| |the financial instruments are effectively held, if applicable xv:          | |
+-+---------------------------------------------------------------------------+-+
| |Standard Life Investments Ltd                                              | |
+-+------------------------------------+--------------------------------------+-+
+-+------------------------------------+--------------------------------------+-+

+-----------------------------------------------------------------------------+
|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:               |Dave Sauvarin                               |
+--------------------------------+--------------------------------------------+
|15. Contact telephone number:   |01481 745529                                |
+--------------------------------+--------------------------------------------+



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