Standard Life Aberdeen plc

("the Company")

On 9 January 2019, Aberdeen Standard Investments - the global asset management division of the Company - announced that it had signed legal agreements in respect of a new investment and pensions joint venture with Virgin Money.  The joint venture, which is subject to regulatory approval, is expected to complete in Q3 2019.

In advance of the completion of the joint venture, on 21 March 2019, Aberdeen Standard Investments took on the discretionary management of certain investment portfolios of Virgin Money Unit Trust Managers Limited (the "New Management Mandates").  The New Management Mandates increased the AUM of Aberdeen Standard Investments by approximately £3.5bn.

The New Management Mandates resulted in the Company being deemed by the Panel on Takeovers and Mergers (the "Takeover Panel") to have acquired interests in 663,082 ordinary shares in the capital of UK Commercial Property REIT Limited ("UKCPR"), representing approximately 0.05% of UKCPR's entire issued share capital as at 21 March 2019.

Prior to the New Management Mandates, the Company (together with those persons that the Takeover Panel deems to be acting in concert with the Company) was regarded by the Takeover Panel as being interested in 606,155,957 ordinary shares in the capital of UKCPR, representing approximately 46.65% of UKCPR's entire issued share capital as at 21 March 2019.

At the request of the Takeover Panel, the Company announces that the Takeover Panel has confirmed that it regards the New Management Mandates as a "coming together" pursuant to Note 1 to Rule 9.1 of the Takeover Code, and that neither the Company nor any other person that the Takeover Panel deems to be acting in concert with the Company will be required to make a general offer to all of UKCPR's shareholders under Rule 9 of the Takeover Code as a result.

22 March 2019

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