29 August 2016
Standard Life Investments UK Real Estate Fund (PAIF) - Market Value Adjustment Announcement
We believe that valuations for the UK commercial property market continue to be negatively affected by the
uncertain outlook for the UK economy.
The fluidity in the current market environment, however, means that the Standard Life Investments Fair
Value Pricing Committee (FVPC) continues to review the appropriateness of the market value adjustment
(MVA) it originally applied to the underlying property assets of the Standard Life Investments UK Real Estate
Fund on 27 June 2016.
As more information regarding property valuations comes to light and in the interest of treating customers
fairly, the FVPC has taken the decision to again reduce the MVA from its current level of 3.5% to 3% and this
was implemented on the 29 August 2016 at the 12 noon valuation point.
The Fund’s independent valuers continue to carry out weekly valuations of the underlying real estate assets.
This decision will also be kept under review as to when a return to monthly valuations is appropriate and in
our clients’ best interests.
If you require any further information or have any questions, please do not hesitate to get in touch with your
normal point of contact at Standard Life Investments.