Interim Management Statement

A & J Mucklow Group plc

6 November 2012

Interim Management Statement

A & J Mucklow Group plc, the Midlands based Real Estate Investment Trust, announces its Interim Management Statement for the period from 1 July 2012 to 5 November 2012, to coincide with its Annual General Meeting this morning.

Rupert Mucklow, Chairman, will comment:

There has been very little change in gross rental income, or vacant space since our year end on 30 June 2012. Our occupancy rate has been maintained at around 93.5% and I am pleased to report that we are still experiencing a steady flow of letting enquiries for our Midlands industrial property.

However, the regional investment market has remained quiet, with only a limited number of opportunities becoming available. As a result, no new investment properties were acquired during the period and there has been very little transactional evidence to suggest property values have changed over the last 4 months.

We recently completed a new £20m term loan with Lloyds Bank plc, which has been used to free up an existing revolving credit facility. The loan is for a period of 10 years and is fixed at a rate of 5.23%. Undrawn banking facilities have now increased to £40.5m, while gearing and total net borrowings at 31 October 2012 were 37% and £67.3m respectively, similar to the levels at 30 June 2012.

Occupier demand for Midlands industrial property has been steadily improving over the last 6 to 9 months and there is now a shortage of quality space available to let. Meanwhile, property values remain at between 30% and 60% below their peak levels and do not currently reflect the improvement in tenant demand.

Although there is no guarantee that this occupier momentum will continue, we believe it is a good time in the cycle to be buying quality Midlands industrial property, for future income and capital growth. It is proving difficult to find suitable investment properties, but we will continue to be patient and selective; we are very well positioned to exploit any opportunities that may arise.

Other than stated above, there has been no significant change in the Company's financial position since 30 June 2012.

Contacts:

Rupert Mucklow Chairman

David Wooldridge Finance Director

0121 550 1841