Doc re. Chairman Succession

Shaftesbury PLC (the "Company")

Chairman Succession

John Manser, the Chairman of the Company, has advised the Board of his intention to retire at the conclusion of the 2013 Annual General Meeting expected to be held on 8 February 2013. The Board is pleased to announce that Jonathan Lane, presently the executive Deputy Chairman, will succeed him as non-executive Chairman.

The Board believes Jonathan is well placed to lead the Board and ensure its continued effectiveness. He has a long experience with the Company and has been instrumental in the evolution of its very specific and successful investment strategy. In his 25 year tenure as Chief Executive, which ended in 2011, the Group's property portfolio has developed its renowned West End villages and the business has delivered consistent out-performance in returns to shareholders. The Board considers that, in this unique and successful business, continuity is essential whilst its composition continues to evolve.

The roles of Chairman and Chief Executive and, in particular, the separation of responsibilities are and will remain clearly defined and the Chairman's role will continue to be non-executive. The Board is entirely satisfied that the separate roles of Chairman and Chief Executive will be respected.

The provisions of the UK Corporate Governance Code state if a board decides that a chief executive should become chairman, the board should consult major shareholders in advance and set out its reasons to shareholders. The Nomination Committee has already consulted shareholders representing almost 50% of the Company's issued share capital in advance of the recommendation to the Board and ascertained that there would be considerable support should Jonathan Lane be appointed non-executive Chairman.

The Board unanimously approved the recommendation of the Nomination Committee to appoint Jonathan as Chairman and considers his appointment to be in the best interests of shareholders.

As part of the Board's succession planning, the Company is already well advanced in its search for two additional non-executive directors to augment the experience and balance of independence of the Board.

The Board remains committed to continuing its regular and close contact with shareholders on matters concerning the Company's business and governance.

Shaftesbury PLC 020 7333 8118

Brian Bickell, Chief Executive

Gordon McQueen, Senior Independent Director

City Profile 020 7448 3244

Simon Courtenay

23 May 2012