Interim Management Statement

SHAFTESBURY PLC

Interim Management Statement

For the period 1 October 2012 to 8 February 2013

SHAFTESBURY REPORTS CONTINUING GOOD DEMAND AND LETTING ACTIVITY ACROSS ITS WEST END VILLAGES

Current trading

The successful staging of the London 2012 Olympics and Paralympics has enhanced the reputation of London and the West End across the world. In an already popular West End, domestic and overseas visitor numbers and spending have been good leading up to Christmas and throughout the New Year period.

With continuing good demand across all our villages and uses, available vacant space is at an exceptionally low level. We have sustained interest from retailers, particularly from Europe and America, seeking shops in our centrally-located villages. Similarly there are many interesting new restaurant concepts seeking space in the West End.

Vacant commercial space at 31 January 2013 (wholly owned portfolio)

* Based on estimated rental value ("ERV") at 30 September 2012 of wholly owned commercial space at that date, and ERV of acquisitions in the period. Total: £83.0 million

Both our major schemes in Carnaby are now underway. These important schemes, which together are estimated to cost £18.0 million should, when fully let, produce an additional £2.0 million of rental income.

The first scheme, which is on the north side of Foubert's Place, will provide three shops totalling 10,800 sq. ft. Completion is anticipated in early summer 2013 and we are encouraged by the interest we already have in the distinctive space we are creating. The selection of retailers will be particularly important for our long term strategy for this busy pedestrian route linking Regent Street and Carnaby.

Our second major scheme in Carnaby, to create 7,500 sq. ft. of retail space on the south side of Foubert's Place and a new 6,500 sq. ft. restaurant on Kingly Street, has now commenced. Upper floors will include 10,000 sq. ft. of offices, (an addition of 3,000 sq. ft. following recent changes to our scheme) and twelve apartments. Completion of the extended scheme is anticipated by the end of 2014.

The ERV of other schemes across our portfolio amounted to £2.3 million, equivalent to 2.8% of wholly owned commercial ERV. Of the four restaurants under construction (ERV £0.7 million), the two largest (ERV £0.5 million) are already under offer.

The ERV of wholly owned commercial space available to let at 31 January 2013 amounted to £2.0 million (2.4% of wholly owned commercial ERV) of which £1.2 million was under offer. This low level of available space reflects a particularly busy period for enquiries and letting activity since September. However, we do expect an increase in the number of vacant shops in the early months of 2013. This is in line with normal seasonal patterns of activity and allows us to introduce new concepts to our villages.

In the Longmartin joint venture the ERV of our share of vacant commercial space amounted to £0.1 million.

Acquisitions

The West End's stability and prosperity means owners are always reluctant to sell assets which they would find hard to replace. Similarly the area, with its unique features, attracts considerable interest from others who are keen to invest.

We are clear about the specific locations in which we seek to invest and the type of investments which interest us. Our focus is on properties which complement our existing ownerships, which have or have the potential for principally retail and leisure uses, and which we believe will deliver long term growth in income and capital values.

Against this background of limited supply and our specific investment criteria, our acquisitions in the period since 1 October 2012 totalled £12.4 million. They comprised two restaurants extending to 7,900 sq. ft., three shops (2,700 sq. ft.) and offices totalling 1,700 sq. ft. on upper floors. Both restaurants are situated on busy streets close to Leicester Square and the larger one (5,100 sq. ft.) has been recently acquired with vacant possession.

Finance

Total debt at 31 January 2013 was £557.0 million, a net increase of £0.3 million since 30 September 2012 and our undrawn committed bank facilities totalled £139.0 million (30.9.2012: £139.3 million). Debt will increase by £23.7 million in February 2013 following completion of recent property acquisitions and payment of the 2012 final dividend.

Taking into account the Group's £360.0 million long term interest rate hedging, the average cost of debt at 31 January 2013, including margin and non-utilisation costs in respect of the undrawn facilities, was 5.39% (30.9.2012: 5.43%). Our marginal cost of borrowing remains around 1.7%.

With long dated sterling swap rates rising in the period, the non-cash mark-to-market deficit attributable to our interest rate swaps fell £17.0 million to £115.8 million at 31 January 2013 (30.9.2012: £132.8 million).

Board changes

As previously announced, John Manser retires as Chairman at the conclusion of the 2013 Annual General Meeting being held today, 8 February 2013. He is to be succeeded as non-executive Chairman by Jonathan Lane, whose current role as executive Deputy Chairman will cease.

Contacts:

8 February 2013

Shaftesbury PLC

Forward-looking statements

This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of Shaftesbury PLC speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Shaftesbury PLC does not undertake to update forward-looking statements to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

Ends.