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REG-UK Comm Prop REIT Ltd: Holding(s) in Company

TR-1: Standard form for notification of major holdings

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) (i)                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                    
 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):                                                                                              UK Commercial Property REIT Limited (“ UKCPR ”)                                      
 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)                                                                                                                                                                                                      
 Non-UK issuer                                                                                                                                                                                                                                                                        X             
 2. Reason for the notification (please mark the appropriate box or boxes with an “X”)                                                                                                                                                                                                              
 An acquisition or disposal of voting rights                                                                                                                                                                                                                                          X             
 An acquisition or disposal of financial instruments                                                                                                                                                                                                                                                
 An event changing the breakdown of voting rights                                                                                                                                                                                                                                                   
 Other (please specify) (iii):                                                                                                                                                                                                                                                                      
 3. Details of person subject to the notification obligation (iv)                                                                                                                                                                                                                                   
 Name                                                                                                                                                                      Phoenix SPV2 Limited                                                                                                     
 City and country of registered office (if applicable)                                                                                                                     Birmingham, United Kingdom                                                                                               
 4. Full name of shareholder(s) (if different from 3.) (v)                                                                                                                                                                                                                                          
 Name                                                                                                                                                                                                                                                                                               
 City and country of registered office (if applicable)                                                                                                                                                                                                                                              
 5. Date on which the threshold was crossed or reached (vi):                                                                                                               29 November 2018                                                                                                         
 6. Date on which issuer notified (DD/MM/YYYY):                                                                                                                            3 December 2018                                                                                                          
 7. Total positions of person(s) subject to the notification obligation                                                                                                                                                                                                                             
                                                                            % of voting rights attached to shares (total of 8. A)    % of voting rights through financial instruments (total of 8.B 1 + 8.B 2)    Total of both in % (8.A + 8.B)  Total number of voting rights of issuer (vii)     
 Resulting situation on the date on which threshold was crossed or reached  8.75%                                                                                                                                 8.75%                           113,640,139                                       
 Position of previous notification (if applicable)                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                    

   

                     8. Notified details of the resulting situation on the date on which the threshold was crossed or reached (viii)                                                                                                                                                                                                                                                  
                     A: Voting rights attached to shares                                                                                                                                                                                                                                                                                                                              
                     Class/type of                                                                Number of voting rights (ix)                                                                                                               % of voting rights                                                                                                                       
                     shares ISIN code (if possible)                                                                                                                                                                                                                                                                                                                                   
                                                                         Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)                     Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)                             Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)                         Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)             
                                                                                                  113,640,139                                                                                                                                8.75%                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                     SUBTOTAL 8. A                                                                                                                               113,640,139                                                                                                                                  8.75%                                                                   
                                                                                                                                                                                                                                                                                                                                                                                      
                     B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))                                                                                                                                                                                                                                                                  
                     Type of financial instrument                                                 Expiration                 Exercise/                                                                               Number of voting rights that may be acquired if the instrument is  exercised/converted.           % of voting rights                                             
                                                                                                  date (x)                   Conversion Period (xi)                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                             SUBTOTAL 8. B 1                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                      
                     B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))                                                                                                                                                                                                                                     
                     Type of financial instrument  Expiration                                                                Exercise/                                                        Physical or cash  settlement (xii)                                     Number of voting rights                           % of voting rights                                             
                                                   date (x)                                                                  Conversion Period (xi)                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                              SUBTOTAL 8.B.2                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                      
 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)                                                                                                                                                                                                                                                         
 Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (xiii)                                                                                                                                                     
 Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (xiv)(please add additional rows as necessary)                                                                                                            X                        
                               Name (xv)                                         % of voting rights if it equals or is higher than the notifiable threshold                  % of voting rights through financial instruments if it equals or is higher than the notifiable threshold            Total of both if it equals or is higher than the notifiable threshold                
 Phoenix Life Limited                                                  34.98% (indirect)                                                                               34.98%                                                                                                                34.98% (see section 11)                                                                  
 A. Phoenix SPV1 Limited                                               8.75%                                                                                                                                                                                                                 8.75%                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
 B. Phoenix SPV2 Limited                                               8.75%                                                                                                                                                                                                                 8.75%                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
 C. Phoenix SPV3 Limited                                               8.75%                                                                                                                                                                                                                 8.75%                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
 D. Phoenix SPV4 Limited                                               8.74%                                                                                                                                                                                                                 8.74%                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
 10. In case of proxy voting, please identify:                                                                                                                                                                                                                                                                                                                                        
 Name of the proxy holder                                                                                                                                                                                                                                                                                                                                                             
 The number and % of voting rights held                                                                                                                                                                                                                                                                                                                                               
 The date until which the voting rights will be held                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                      
 11. Additional information (xvi)                                                                                                                                                                                                                                                                                                                                                     
 Note that Phoenix SPV2 Limited’s direct voting rights are held via a stock lending arrangement under which Phoenix SPV2 Limited has borrowed shares in UKCPR from Phoenix Life Limited. The shares may be recalled by Phoenix Life Limited at any time.                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                      

   

 Place of completion  London           
 Date of completion   3 December 2018  



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