Fixing of Cornerstone Rate

UK COMMERCIAL PROPERTY TRUST LIMITED 2 APRIL 2015 CORNERSTONE FACILITY AGREEMENT UPDATE Further to the announcement on 31 March 2015 by the Board of UK CommercialProperty Trust Limited (the "Company"), UK Commercial Property FinanceHoldings Limited (a wholly owned subsidiary of the Company) ("FinanceCo") hasnow executed a conditional 12 year fixed rate term loan facility agreement withCornerstone Real Estate Advisers Europe LLP, a member of the MassMutualFinancial Group, on the terms set out in the Circular dated 4 March 2015.Underthis facility FinanceCo will be entitled, subject to the satisfaction ofcertain minor conditions precedent, to draw down £100 million to finance therepayment of the £80 million term loan facility provided by Lloyds Bank plc,which was due for repayment on 19 June 2015. The remaining £20 million will beused for working capital purposes. The Board further confirms that FinanceCo has today fixed the interest ratethat will be payable over the term of the loan at the all-in rate of 3.03 percent. per annum (including a margin of 125 basis points over the yield on therelevant 12 year UK Gilt). It is the Company's intention that the debt will bedrawn down on or around 8 April 2015. A further announcement will be madearound that time which will include an update on the facility agreement withBarclays and the Company's hedging arrangements. 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