The anti-terrorism court in Rawalpindi sentenced two former police officers to 17 years in prison for failing to protect Bhutto, but the same court acquitted five suspected Pakistani Taliban militants who had confessed to taking part in her 2007 assassination.
Benazir, 54, was killed in a gun-and-bomb attack outside Rawalpindi's Liaquat Bagh on December 27, 2007 when Musharraf was president of Pakistan.
The court also declared former dictator and army chief Gen Pervez Musharraf an absconder in the case and ordered seizure of his property.
Musharraf, 74, has been living in Dubai since last year when he was allowed to leave Pakistan on pretext of medical treatment.
Pakistan Peoples Party Chairman Bilawal Bhutto Zardari said that the "decision is disappointing and unacceptable", adding that the party would explore legal options.
Aseefa Bhutto-Zardari, the youngest of the siblings, said that "they were still awaiting justice".
In another tweet, she said that there would be no justice until "Pervez Musharraf answers for his crimes".
Farhatullah Babar, the spokesman for PPP, expressed "disappointment and shock"over the verdict, saying "justice has not been done."
Babar said the acquittal of the suspected militants "seems a triumph of al-Qaida." He said that while the court convicted the two officers, it did not determine who had ordered them to destroy evidence.
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