2014 Results Presentation

1. Investor Presentation – 12 February 2015
Presented by:
Christopher M.W. Hill, Chairman
Robert Boag, Standard Life Investments
Graeme McDonald, Standard Life Investments
Picture: Ocado Distribution Unit, Hatfield – One of the Company’s best performing assets in 2014
This presentation is for professional clients and investment professionals
only and should not be relied upon by retail clients.

2. Overview
 Buoyant growth in UK commercial property market in 2014, with property the strongest performer of all the major asset
classes over the period;
 UKCPT has benefited from a combination of this positive sentiment and asset management initiatives with double digit
percentage growth in NAV and share price in the period;
 Equity issuance of £81.6million* over the year, first equity issuance since 2010;
 Proceeds invested in an efficient and timely manner with £94million of acquisitions in 2014;
 Company continues to have lowest gearing of its peer group**, and is in a strong financial position ahead of Lloyds
refinancing;
 Continued low void rates and strong rent collection performance.
February 2015
UK Commercial Property Trust
2*Source: Standard Life Investments.
** Guernsey based, London listed Property Investment Companies
Past performance is not a guide to the future. The value of investments and the income from them can fall as well as rise and is not guaranteed

3. Financial Highlights

4. Source: Standard Life Investments as at 31 December 2014
Past performance is not a guide to the future. The value of investments and the income from them can fall as well as rise and is not guaranteed
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Financial Highlights as at 31 Dec 2014
■ NAV per share of 83.0p as (31 December 2013: 73.1p);
■ Above benchmark NAV & share price total returns over the year;
■ Shares trading at c.6.3% premium to NAV;
■ Gross gearing of 17.5%, lowest in Company’s peer group and well within investment policy limit of 25%;
■ Cash of £63.4million;
■ Dividend yield of 4.2%.

5. *Source: Standard Life Investments as at 31 December 2014 – based on weighted average number of shares in issue for 2014
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NAV Movement for year to 31 December 2014*
83.0
4.0 0.3 0.2 0.1
10.3
0.3
3.9
73.1
70
72
74
76
78
80
82
84
86
88
90
Opening NAV
(73.1p)
Valuation
Increases
NAV accretive
share issue
Net Revenue Dividends paid CAPEX Stamp Duty Costs SWAP
movements
Closing NAV
(83.0p)
pencepershare

6. *Excluding SWAP liabilities; Source: Standard Life Investments as at 31/12/2014
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Strong Balance Sheet
Portfolio Balance sheet
UKCPT balance sheet composition*
Other net assets
£44m (inc £64m cash
for working capital
and corporate
purposes)
Lloyds
2015 debt
£80m
Barclays 2018 debt
£150m facility
Portfolio
£1,272m Equity
£1,086m

7. Source: Standard Life Investments as at 31 December 2014
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UKCPT Debt
Lloyds Facility
 £80m facility agreed with Lloyds TSB Banking Group in
June 2008;
 Current Margin - 60 bps above Libor;
 Matures June 2015;
 Fully drawn down with interest rates swaps covering full
£80m to mitigate interest rate risk;
 All covenants comfortably met;
 Currently in advanced negotiations to refinance;
 Announcement expected in the near future.
Barclays Facility
 £150m seven year facility agreed in May 2011;
 Ratcheted margin depending on LTV levels of between
160-200 bps above Libor;
 Fully drawn down at a margin of 170 bps above Libor;
 Interest rate swaps covering full £150m to mitigate interest
rate risk;
 All covenants comfortably met.
Overall gearing of 17.5% at blended rate of 3.85%

8. Property Review

9. Source: IPD, Thomson Datastream, Standard Life Investments, January 2015.
February 2015
9
UK Commercial Property Trust
■ The top performing asset class over the course of 2014 was
Property shares with a substantial gain of 24.3%. Direct
property, however, delivered an impressive total return of
17.4% in the year according to the IPD Balanced Monthly &
Quarterly benchmark;
■ Commercial property total returns continued to exceed
equities, gilts and property shares since the start of the
millennium;
■ Overall investment in UK property reached £59.6bn in 2014;
Investment in London is still strong and dominated by
overseas investors with investment improving in the regions
particularly from Institutions;
■ Property has a clear place in a multi-asset portfolio and the
stronger yield, lower correlation characteristics remain
popular – competition for assets will remain intense.
2014
Property Shares (FTSE All-Share REIT Index) 24.3%
Property 17.4%
Equities 15.6%
Gilts 1.2%

10. *Source: Standard Life Investments - Jan 14 to date
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Portfolio Strategy
Sales
 Exit assets where there is significant capital expenditure anticipated
with limited return prospects;
 Moderate Company`s exposure to high street retail, shopping
centres and regional offices.
Purchases
 Acquire selective institutional grade assets which retain an income
focus with minimal capital expenditure;
 Remain focused on industrials and alternative sectors for security
and longevity of portfolio income as well as Central/Greater London
Offices;
 Preferred lot size of £20m to £50m and c5.0% income yield.
Asset Management Activity
 Asset management activity focused on retaining and enhancing
income, particularly in the retail portfolio;
 Reduction of exposure to voids.
Overall
 Retain prime nature of portfolio for long term sustainable
performance;
 Focus on income and asset management;
 Emphasis on growing income.
Sales
 £53m of sales at or above valuation;
 £4.8m Rental Income, 3yrs 4mths average lease length;
 Reduced exposure to regional offices and shopping centres.
Purchases
 £97m invested in prime Industrial and Leisure assets;
 Total Rental Income £6.2m; Income Yield of 5.9%;
 Average Lease length 16yrs 5mths, 53% of income benefiting from
guaranteed fixed uplifts.
Overall
 Void rate fallen to 2.6 % compared to benchmark of 6.8%;
 Average lease length increased;
 Reweighted portfolio mix
 Further successful asset management initiatives highlighted later
Portfolio Strategy Progress made to date*

11. Source: Standard Life Investments as at 31 Dec 2014 (RFP = Rent Free Periods)
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Income Summary
£69.5
£71.3
£2.1
£0.2
£0.3
£4.1
£2.6
£1.0
£5.9
£68.5
£65.0
£66.0
£67.0
£68.0
£69.0
£70.0
£71.0
£72.0
£73.0
Annualised
Income Dec
2013(after RFP)
New Leases Other Contracts
Terminated
Breaks Served Administrations Annualised
Income pre sales
and purchases
Sales Acquisitions Annualised
Income Dec14
(after RFP and
post year end
sales)
£m
87 new leases, including
key lettings at Dolphin
Ind Estate, Sunbury and
Junction 27, Leeds.
Rent reviews, steps
and turnover rent
Number of lease
surrenders/ expiries
linked to successful
asset management
activity at assets such
as The Parade.
Comet at Junction
27 and Tony Roma
at Rotunda both of
which are now re-
let.
Sales at Bristol,
Manchester and
Weston-super-Mare
Purchases at
Aberdeen, Swindon
and Dartford

12. Source: Standard Life Investments
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Asset Management crucial to Income and Values
Retail and Leisure
■ Lettings to Multi York and Betta Living of former Comet unit at Junction 27 Retail Park Leeds;
■ Pre-let to H&M at The Parade, Swindon. Completion March 2015;
■ Flexible lettings in Weston-super-Mare and Shrewsbury improving net operating income;
■ Letting to Five Guys Burgers at Rotunda, Kingston Upon Thames and Yo Sushi, Kensington
High Street.
Office
 Lease renewal at No 15 Great Marlborough Street at £2.1m pa for 5years;
 Lettings and lease re-gears across office portfolio resulting in 100% office occupancy.
Industrial
 Lettings involving £472k of income at Dolphin Industrial Estate, Sunbury, Gatwick Gate,
Crawley and Emerald Park Bristol;
 Rental growth captured at Hatfield and Northampton Distribution Warehouses;
 98% Occupancy in Industrial Portfolio.
Five Guys, Rotunda, Kingston
Dolphin Industrial Estate, Sunbury

13. Source: Standard Life Investments
February 2015
UK Commercial Property Trust
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Portfolio Sales – Portfolio repositioning continues ….
■ Sales totalling £53m of shorter income, capital intensive assets;
■ Opportunity to benefit from improving sentiment in secondary
shopping centre and regional office markets and realise proceeds
from successful asset management;
■ Secondary Shopping Centres - Sovereign Centre, Weston -super -
Mare sold to UK asset manager with US Private Equity client;
■ Regional Offices - Pall Mall Court, Manchester and Freshford/WCA
House, Bristol sold to UK Regional Office Funds;
■ Short term impact on income offset by improved overall return
prospects for portfolio, once proceeds re-invested, and reduction in
capital expenditure requirements.
Pall Mall Court, Manchester
Sovereign Centre, Weston-super-Mare

14. Source: Standard Life Investments 31 Dec 2014
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Acquisitions in line with Portfolio Strategy
Aberdeen Gateway, Aberdeen
■ Purchase of three, fully pre-let, predominantly industrial
properties completed for £46.4million;
■ Combined Valuation uplift as at 31 December absorbed overall
acquisition costs;
■ £3.0million per annum of income from tenants with secure
covenants representing 6.3% net income yield;
■ Average Lease length 18yrs 11 mths with all leases benefiting
from guaranteed fixed uplifts 2.75%-3.0% per annum;
■ Long term investment by landlord and tenants, notwithstanding
current oil price volatility.
Completed Total building at Aberdeen Gateway

15. Source: Standard Life Investments as at 31 Dec 2014
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Aberdeen Gateway – Strong asset despite oil price volatility
Unit Area (sq ft) Use Tenant D&B
Rating
Rent(pa) Term RR
Provisions
Unit A 180,730 Industrial Total E&P Ltd 4A1 £1,837,019 20 years 5yrly Min 3%pa
comp or OMV.
Unit C2 25,633 Office Ensco Services Ltd
(Guaranteed by Ensco
Plc )
5A1 £506,250 15 years 5yrly fixed at
2.75% pa comp.
Unit D1 60,054 Industrial Tetra Technologies
UK Ltd
(Guaranteed by Tetra
Technologies Inc)
5A1 £692,500 20 years 5yrly Min 2.75%
pa comp or
OMV.
266,417 £3,035,769 Av 18yrs 11 mths

16. Source: Standard Life Investments as at 31 Dec 2014
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Acquisitions in line with Portfolio Strategy (cont)
Regent Circus, Swindon
■ Purchase of supermarket and leisure scheme with total
commitment of £40.3million;
■ 97,000 sq.ft purpose built family-orientated leisure and
supermarket development, 86% pre-let;
■ Will generate £2.2million of income after rent free periods from
tenants with secure covenants. Anchored by Morrisons and
Cineworld;
■ Average lease length of 18yrs 8mths with cinema lease also
incorporating fixed rental increases;
■ Increases exposure in favoured leisure sector.
CGI view of Regent Circus

17. Source: Standard Life Investments December 2014
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Portfolio Strategy Progress – Lease Lengths Pushed Out….
25.8%
13.8%
23.9%
21.0%
11.1%
4.3%
25.6%
24.9%
17.4%
24.2%
4.8%
3.1%
0%
5%
10%
15%
20%
25%
30%
0-3yrs 3-5 yrs 5-10yrs 10-15 yrs 15-20 yrs >20 yrs
UKCPT 2014
UKCPT 2013
Average weighted lease length has increased from 7yrs 11mths to 8yrs 9mths

18. Source: Standard Life Investments as at 31 December 2014 (adjusted for post year end sales)
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…..Combined with Portfolio Repositioning in Favoured Sectors
9.7%
2.2%
9.0%
23.0%
0.0%
11.3%
1.7%
8.4%
16.8%
10.4%
7.6%
9.9%
2.5%
12.4%
24.7%
0%
11.2%
1.8%
10.1%
15.0%
7.2%
5.1%
0%
5%
10%
15%
20%
25%
30%
High St Retails
- South East
High St Retails
- Rest of UK
Shopping
Centres
Retail
Warehouses
Offices - City Offices - West
End
Offices - South
East
Offices - Rest
of UK
Industrials -
South East
Industrials -
Rest of UK
Other
Commercial
(incl leisure)
Sub-Sector Breakdown
UKCPT 2014 (Post Year End Sales) UKCPT 2013

19. Source: Standard Life Investments January 2015
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Market Outlook and Forecasts
■ Another buoyant year in prospect from an investment perspective;
■ Expectations for interest rate increases have been pushed out;
■ Falling oil prices are a welcome boost to consumption; inflation expected to remain at low levels despite uncertainty arising
from potential election hiatus and ongoing Eurozone issues;
■ Rental growth momentum has increased as capital growth momentum decelerates – normalisation of returns expected
further out;
■ As we continue to move through the cycle our real estate forecasts reflect ongoing positive returns.

20. Source: Standard Life Investments as at 31 December 2014
Past performance is not a guide to the future. The value of investments and the income from them can fall as well as rise and is not guaranteed
Summary
 Successful year for the Company with above benchmark NAV & share price performance, significant NAV accretive share
issuance while maintaining the Company’s premium rating;
 Notable progress made in implementing the Company’s portfolio strategy with the purchase of properties in the favoured
industrial and leisure sectors, while selling other non-core assets with limited return prospects;
 Positive outlook for UK commercial property in 2015 and beyond, especially given ongoing repositioning of portfolio;
 UKCPT is now in an excellent position with a growing portfolio of prime assets which, together with considerable financial
resources and debt refinancing opportunity, should form the base for future positive performance.
February 2015
UK Commercial Property Trust
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21. Disclosure
This presentation is for professional clients and investment professionals only and should not be relied upon by retail clients.
This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment, nor shall it or the fact
of its distribution form the basis of, or be relied on in connection with, any contract for the same.
Past performance is not a guide to future performance.
The value of the investments and any income from them can fall as well as rise and is therefore not guaranteed.
Property investments are relatively illiquid compared to bonds and equities and can take a significant length of time to trade. The value of property is
determined by external valuers and is based on opinion rather than fact. Its value and any income from it can fall as well as rise and is not
guaranteed.
Ignis Asset Management is the trading name of the Ignis Asset Management Limited group of companies which includes Ignis Asset Management
Limited, *Ignis Investment Services Limited and *Ignis Fund Managers Limited. Issued by Ignis Fund Managers Limited. Registered in Scotland
Number SC101825. Registered Office: 50 Bothwell Street, Glasgow G2 6HR
*Authorised and regulated by the Financial Conduct Authority.
Ignis Asset Management Limited and its subsidiaries are part of the Standard Life Investments group (Standard Life Investments (Holdings) Limited
and its subsidiaries).
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