Interim Management Statement

SHAFTESBURY PLC

Interim Management Statement

For the period 1 October 2009 to 11 February 2010

Shaftesbury PLC is a specialist Real Estate Investment Trust, investing exclusively in properties at the heart of London's West End. 70% of our investments comprise shops, restaurants and leisure uses.

As has been widely reported, London's West End experienced excellent trading over the Christmas and New Year period, with an unprecedented number of visitors from home and overseas. Attendances and takings at theatres, cinemas and museums have also been at record levels, benefitting our shops, restaurants and leisure properties, all of which are close by.

These buoyant conditions, which are reflected in continuing healthy tenant demand in the West End, especially for shops and restaurants, currently extend to our offices. This is evident throughout our villages and consequently we continue to secure lettings at or above our valuers' last estimated rental values.

The progress that we have made in letting wholly owned commercial space since 30 September 2009 is reflected in the reduction in wholly owned vacant commercial space in the period to 31 January 2010, shown in the table below.

Wholly owned vacant commercial space at 31 January 2010

The total estimated rental value of commercial vacancies, including space under refurbishment, is now only £2.5 million per annum, of which £1.0 million per annum is vacant and ready to let.

Since 30 September 2009, through conversion, refurbishment and active management, we now have three large shops vacant in Carnaby. With a combined rental value of £0.8 million per annum, these shops (representing 45% of our wholly owned retail vacancies) offer an unusual opportunity to introduce significant new retail concepts into the village.

Restaurant and leisure vacancies remain nominal. Of the three small units that are vacant, two are under offer and one is being refurbished.

The increase in demand for our small offices, together with further planning consents to change the use of poorer offices, mainly to residential accommodation, has continued into 2010. As a consequence, the rental value of our vacant offices at 31 January 2010 was at an historically low level of only £0.5 million per annum (30 September 2009: £1.3 million per annum), Totalling 18,000 sq. ft., this represented only 3.5% of the estimated rental value of our wholly owned office portfolio at 30 September 2009.

At 31 January 2010, six of our 310 apartments were vacant and to let. We have a further 29 units under construction and planning applications have been made for another fourteen. Once completed, the rental value of these 43 units will be approximately £0.85 million per annum.

In our Longmartin Joint Venture with the Mercer's Company, we continue to see good demand for shops and restaurants in the St Martin's Courtyard scheme in Covent Garden, in advance of its completion in September 2010. In January 2010 we announced pre-lettings of the main office building of 43,000 sq. ft. and two large restaurants, with total contracted rents of £2.76 million. We have now pre-let a further shop at 136 Long Acre to Jack Wills. The lease is for ten years at an initial rent of £532,000 per annum, subject to a rent review at the end of the fifth year and to a rent free period equivalent to twelve months.

The letting status of the St Martin's Courtyard scheme at 31 January 2010 is set out below:

To date, over 60% of all the scheme's commercial space has been pre-let or let. We are now starting to market the remaining shops and restaurants within the Courtyard itself.

Acquisitions

Since 30 September 2009, we have purchased six properties at a total cost of £15.7 million. They are located principally in and around Covent Garden and Berwick Street. We expect to see a further increase in the availability of potential new investments in our locations as the year progresses.

Finance

At 31 January 2010, our bank borrowings stood at £382 million, compared with committed facilities of £575 million. We have long term interest rate hedging in place in respect of £360 million of this debt, at a weighted average rate of 4.87%. Taking this hedging into account, the average all-in cost of our bank debt at 31 January 2010 was 5.43%. Including our £61 million of Debenture borrowings, the overall cost of debt was 5.77%.

Although the outlook for long term interest rates is unclear, short term rates are expected to remain at historically low levels for some time. At present the all-in cost of funding that we draw from our current unhedged committed facilities remains below 1.5%, so that most of our acquisitions have a positive initial impact on earnings.

Board appointment

We are pleased to announce the appointment of Hilary Riva OBE as a Non-Executive Director. Hilary has considerable experience as a senior executive in the fashion retail sector and recently with the British Fashion Council. Her wide experience in retailing and the fashion industry, which are very important elements of the West End's economy, will be of great benefit to the Board.

Outlook

This year's General Election, and the budgetary measures that are likely to follow, are contributing to uncertainty and instability in the UK economy. In contrast, due to its unique characteristics, the economy of London's West End continues to flourish, evidenced by continuing strong trading and tenant demand across each of our locations and for all of our uses.

We are confident that our well located, resilient portfolio will continue to prosper in the year ahead.

Contacts:

Shaftesbury PLC - 020 7333 8118

Jonathan S Lane - Chief Executive

Brian Bickell - Finance Director

City Profile - 020 7448 3244

Simon Courtenay

Forward-looking statements

This document includes statements which are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Shaftesbury PLC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Ends.