Completion of Group Refinancing

UK COMMERCIAL PROPERTY TRUST LIMITED ("UKCPT" or the "Company") 8 APRIL 2015 COMPLETION OF GROUP REFINANCING Further to the announcements made by the Company on 31 March and 2 April 2015,the Board is pleased to announce that earlier today UK Commercial PropertyFinance Holdings Limited (a wholly owned subsidiary of the Company) drew downin full the £100 million available under the 12 year, fixed rate, term loanfacility agreement with Cornerstone Real Estate Advisers Europe LLP, a memberof the MassMutual Financial Group (the "New Facility"). As previously announced, the New Facility was provided to the Group for thepurpose of refinancing the £80 million term loan facility provided by LloydsBank plc, which was due for repayment on 19 June 2015 (the "Lloyds Facility").The balance of the New Facility will be used for working capital purposes. In addition,UK Commercial Property Estates Holdings Limited(another whollyowned subsidiary of the Company) has now entered into an amended facilityagreement with Barclaysin relation to the extension of the term of the ExistingBarclays Facility to 2020 (the "Extended Barclays Facility") and the provisionof a five year additional revolving credit facility of up to £50 million (the"Barclays Revolving Credit Facility"). There are no plans to drawdown on theBarclays Revolving Credit Facility at the current time;it is to be availablefor general purposes and may be utilised to fund the acquisition of assetsanywhere in the Group. The Extended Barclays Facility and the Barclays Revolving Credit Facility havebeen entered into on the terms set out in the circular sent to shareholders on5 March 2015 (the "Circular"). The interest payable on the Extended BarclaysFacility will be at the rate of 1.5 per cent. per annum over LIBOR. The Group has also terminated its existing interest rate hedging arrangementsentered into in connection with the Lloyds Facility and terminated and replacedits existing interest rate hedging arrangements with Barclays. The cost ofterminating these hedge positions was £8.06 million,all of which was fullyreflected in the 31 December 2014 NAV. Following the refinancing and the related hedging transactions, the Group hasborrowings of £300 million available, of which £250 million has been drawndown. The Group's total current borrowings of £250 million represent 18.7 percent. of the Group's total assets as at 31 December 2014 (adjusted for thebalance of the New Facility). The weighted average interest rate on the Group'stotal current borrowings is now 2.89per cent per annum. compared to 3.85 percent per annum.as at 31 December 2014 and the weighted average debt maturityhas been extended by 5.6 years to 7.8 years. Definitions Terms used and not defined in this announcement have the meanings given in theCircular. Christopher Hill, Chairman of the Company, commented: "The new and extended facilities, which have been secured at exceptionallyattractive interest rates, will deliver a significant contribution to UKCPT'songoing objective to provide shareholders with an attractive level of incomefrom a diversified commercial property portfolio with the potential for capitaland income growth over the long term. "Following the steps taken by management to reposition the portfolio, thisrefinancing will enable the team to invest further in prime, institutionalgrade assets and undertake tactical asset management that will support thecontinued success of the Company over the coming years. "We also look forward to developing our new relationship with Cornerstone andthe continued relationship with Barclays Bank." For further information please contact: Robert Boag/Will Fulton/Graeme McDonald, Standard Life InvestmentsTel: 0131 245 3272/0131 245 2799/0131 245 3151 Edward Gibson-Watt /Oliver Kenyon, J.P. Morgan CazenoveTel: 020 7742 4000 Richard Sunderland /Claire Turvey/Clare Glynn, FTI ConsultingTel: 020 3727 1000