2014 Results Presentation

1. 2014 Results
Data Pack
Picture: Great Marlborough Street, Soho, London,W1
This presentation is for professional clients and investment professionals
only and should not be relied upon by retail clients.

2. February 15
UK Commercial Property Trust
2Source: IPD Quarterly Digest, 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
Capital Gain Moderated while Rental Growth Improved in Q4
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Investmentperformanceperquarter(%)
Yield Impact Rental Value Growth Income Return Total Return

3. Source: IPD and Standard Life Investment, February 2015
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
February 15
UK Commercial Property Trust
3
Income will remain an important component of returns
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015F
2017F
%
Income Return Capital Growth
Forecasts
Forecasts

4. Source: Standard Life Investment, February 2015
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
4
Rental growth forecasts improve in line with the economic recovery
With office markets ahead of retail and industrial
-2
-1
0
1
2
3
4
5
SecondaryShoppingCentres
RetailWarehouseSolusUnits
Secondary/SmallTownShops
Supermarkets
MediumTownPrimeShops
DistrictShoppingCentres
RetailWarehouseBulkyParks
MajorCityPrimeShops
RegionalShoppingCentres
RetailWarehouseFashionParks
Retail
OtherRoUKOffices
2ndHandCityOffices
RoSEOffices
GradeARoUKOffices
GradeACityOffices
WestEnd
Office
RoUKIndustrial
DistrWarehouses(exclLondon)
SEIndustrial
DistrWarehouses(London)
Industrial
Rental Value Growth
All Property
Rental Value Growth %
p.a. 2015-2017
Retail: 1.1%
Industrial: 1.5%
Offices: 3.3%
RentalValueGrowthForecast
February 15
UK Commercial Property Trust

5. Source: Standard Life Investments
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.
February 15
UK Commercial Property Trust
5
SLI Forecasts

6. Source: IPD/Standard Life Investments
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
February 15
UK Commercial Property Trust
6
The asset class demonstrates a stable track record
38 of last 44 years delivered positive total returns
<-20 -20 to -10 -10 to -5 -5 to 0 0 to 5 5 to 10 10 to 20 >20
1990
1992
2007
1995
1982
1983
1984
1985
1991
2001
2002
1981
1986
1989
1994
1996
1997
1998
1999
2000
2003
2004
2005
2006
1988
1993
1987
2008 1974 1976
1975
1980
1971
1978
1979
1973
1977
1972
2009
2012
2014
2015
IPD UK Annual Index Returns
forecast
2011
2010
2013

7. Source: Standard Life Investments as at 31 December 2014, Datastream 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.
February 15
UK Commercial Property Trust
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NAV & share price performance
19.7
34.2
56.9
44.5
22.3
44.6
90.0
44.9
22.0
35.9
60.7
-7.7
23.7
93.3
88.4
-17.2
1.2
37.3
51.8 54.7
17.4
33.1
63.6
31.6
-40
-20
0
20
40
60
80
100
1 Year 3 Year 5 Year Inception
UKCPT FCPT
GIC (ex UKCPT and FCPT) FTSE REITs
FTSE All-Share Index IPD Quarterly Benchmark
20.4
55.2
55.6
50.6
18.8
57.7
101.3
69.1
19.2
87.9
74.9
5.5
23.7
93.3
88.4
-17.2
1.2
37.3
51.8
54.7
17.4
33.1
63.6
31.6
-40
-20
0
20
40
60
80
100
120
1 Year 3 Year 5 Year Inception
UKCPT FCPT
GIC (ex UKCPT and FCPT) FTSE REITs
FTSE All-Share Index IPD Quarterly Benchmark
UKCPT NAV total return v comparators UKCPT Share Price total return v comparators

8. * After Rent Free Periods **Reversionary income: A change in income that will arise following a rent review or renewal of a lease or re-letting
of a property***Reversionary yield is the anticipated yield which the initial income yield will move to once the rent reaches the estimated
rental value; it is calculated by dividing the ERV by the valuation (allowing for 5.8% Costs)
# Source: all figures Standard Life Investments at Q4 2014 and IPD Quarterly & Monthly Benchmark Report Sep 2014
8
Portfolio Structure
Dec 2013 Dec 2014
 Direct portfolio value £1048.7m £1,272.3m
 No of properties 41 44
 No of tenancies 341 347
 Annualised Rental income* £68.5m £71.3m
 Estimated rental value (ERV) ** £70.0m £76.0m^
 Net Initial Yield 5.8% 5.1%
 Reversionary yield*** 6.3% 5.0%
 Void levels (% of income and excl dev) 4.4% 2.6%
 Gearing (Investment Policy limit 25%) 20.7% 17.5%
 Weighted Average Lease Length 7yrs 11 mths 8 yrs 9 mths
February 15
UK Commercial Property Trust
8
31.6%
24.6%
17.4%
7.8%
5.6% 5.4% 5.4%
2.2%
32.0%
27.7%
6.9%
4.2%
5.7%
4.4%
6.5% 7.1%
0%
5%
10%
15%
20%
25%
30%
35%
London South East South West East Midlands Scotland Yorks/Humber West Midlands North West
Geographical Breakdown
UKCPT
Benchmark
11.2%
5.9%
8.8%
13.8%
23.9%
21.0%
11.1%
4.3%
8.9%
6.5% 6.9%
12.6%
30.1%
15.7%
7.1%
12.1%
0%
5%
10%
15%
20%
25%
30%
35%
0-1 yr 1-2 yrs 2-3yrs 3-5 yrs 5-10yrs 10-15 yrs 15-20 yrs >20 yrs
Lease Expiry Profile
UKCPT
Benchmark
22.1%
11.4% 11.0%
22.2%
26.1%
7.3%
17.5%
19.1%
6.9%
28.3%
18.9%
9.1%
0%
5%
10%
15%
20%
25%
30%
Retail
Warehouses
Retail High Street Shopping Centres Offices Industrial Other
Sector Breakdown
UKCPT
Benchmark

9. Source: All figures Standard Life Investments at Q4 2014 and IPD Quarterly & Monthly Benchmark Report Sep 2014
February 15
UK Commercial Property Trust
9
Portfolio Sub-Structure
9.7%
2.2%
9.0%
23.0%
0.0%
11.3%
1.7%
8.4%
16.8%
10.4%
7.6%
9.9%
9.3%
6.9%
17.5%
4.6%
8.0%
9.9%
5.9%
11.2%
7.8%
9.1%
0%
5%
10%
15%
20%
25%
St Retails -
South East
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
UKCPT 2014 (Post Year End Sales) Benchmark 2014

10. Source: Standard Life Investments as at 31 Dec 2014
February 15
UK Commercial Property Trust
10
Top Ten Assets by Market Value
Top Ten Properties Sector Value Range
Junction 27, Birstall, Leeds Retail Warehouse £60-70m
176/206 Kensington High Street, London South East High Street Retail £60-70m
The Parade, Swindon Shopping Centres £60-70m
Great Lodge Retail Park, Tunbridge Wells Retail Warehouse £60-70m
The Rotunda Leisure Scheme, Kingston upon Thames Leisure £50-60m
15 Great Marlborough Street, London Office – West End £50-60m
Kew Retail Park, Richmond, London Retail Warehouse £50-60m
Ocado Distribution Unit, Hatfield Distribution Warehouse £50-60m
Dolphin Estate, Sunbury-on-Thames Industrial £40-50m
St George’s Retail Park, St George’s Way, Leicester Retail Warehouse £30-40m

11. Source: Standard Life Investments as at 31 Dec 2014
February 15
UK Commercial Property Trust
11
Top Ten Tenants
Ranking Tenant Contracted Rent (after
rent free periods
%
1 B & Q PLC 3,984,543.90 5.5%
2 GOVERNMENT 3,667,148.00 5.1%
3
SONY COMPUTER ENTERTAINMENT
EUROPE LTD 2,775,488.00 3.8%
4 OCADO LIMITED 2,706,104.62 3.7%
5 DSG RETAIL LIMITED 2,570,868.00 3.6%
6 ARGOS LIMITED 1,926,181.00 2.7%
7 ODEON CINEMAS LIMITED 1,854,839.00 2.6%
8 TOTAL E & P UK LIMITED 1,837,019.30 2.5%
9 MARKS & SPENCER PLC 1,780,000.00 2.5%
10 BRITISH TELECOMMUNICATIONS PLC 1,538,500.00 2.1%

12. 12
Rent collection performance & covenant strength
*Source : JLL, ** Within 28 days ***IPD IRIS 30 Sept 2014
November 14
UK Commercial Property Trust
Portfolio ranked in
top quartile for
covenant
strength***
Average rent
collection over last
24 months –
99.7%**
UKCPT*
Q4 Dec
12
Q1 Mar
13
Q2 Jun
13
Q3 Sept
13
Q4 Dec
2013
Q1 Mar
2014
Q2 Jun
2014
Q3 Sep
2014
Q4 Dec
14
Within 7 Days 97.8% 97.3% 95.6% 99.2% 99.5% 98.6% 96.7% 99.3% 98.4%
Within 28 Days 99.9% 99.7% 99.5% 99.5% 99.6% 99.9% 99.7% 99.8% 99.7%
0
10
20
30
40
50
60
70
Maximum High Med-High Low-Med Low Negligible Unscored Ineligible
%ofcontractedrent
Fund Benchmark

13. February 15
UK Commercial Property Trust
13
Directors & Advisors
 Christopher Hill, Chairman
 Ken McCullagh, Audit Committee Chairman
 Sandra Platts
 John Robertson
 Andrew Wilson, Senior Independent Director
Investment Manager
Ignis Fund Managers Limited (a Standard Life Investments company)
 Robert Boag
robert_boag@standardlife.com – Telephone 0131 245 3272
 Graeme McDonald
graeme_mcdonald@standardlife.com Telephone 0131 245 3151

14. February 15
UK Commercial Property Trust
14
Directors & Advisors (Continued)
Administrator, Secretary and Registrar Investment Manager Property Valuer
Northern Trust International Fund
Administration Services (Guernsey) Limited
Standard Life Investments CBRE Limited
Independent Auditors Guernsey Legal Advisors UK Legal Advisors
Ernst & Young LLP Ozannes Dickson Minto W.S.
Maples Teesdale
Principal Banker Principal Lenders Corporate PR Advisor
Barclays Bank Plc Barclays Bank Plc and Lloyds Banking Group FTI Consulting
Corporate Broker Marketing Advisors Registered Office
JP Morgan Cazenove GR Consulting Trafalgar Court
Les Banques
St Peter Port
Guernsey

15. 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).
February 15
UK Commercial Property Trust
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