Interim Management Statement

SHAFTESBURY PLC

Interim Management Statement

For the period 1 April 2012 to 26 July 2012

SHAFTESBURY REPORTS CONTINUING GOOD DEMAND ACROSS ITS WEST END VILLAGES; TWO ADDITIONAL NON-EXECUTIVE DIRECTORS APPOINTED

Shaftesbury PLC is a Real Estate Investment Trust, which invests exclusively in London's West End. Our wholly owned portfolio, which extends to 121/2 acres of freeholds, now includes 330 shops and 217 restaurants, bars and cafes, which together account for 71% of its current income. The 410,000 sq. ft. of offices and 403 apartments in the wholly owned portfolio provide 18% and 11% respectively of its current income.

In addition, we have a 50% interest in the Longmartin joint venture with The Mercers' Company, which has a long leasehold interest in St Martin's Courtyard in Covent Garden. Extending to 1.9 acres, it includes 23 shops, eight restaurants, 102,000 sq. ft. of offices and 75 apartments.

Current trading

Following the Queen's Diamond Jubilee celebrations in early June, the London 2012 Olympics are now underway. The unprecedented scale and complexity of these major events present substantial challenges in an already busy city.

The Olympics in particular will promote London and its many attractions to a global audience. However, in the short term, there is uncertainty regarding the extent of disruption to usual patterns of life and activity, and the impact on visitor numbers and trading in the West End.

We are continuing to experience good demand in our locations from businesses which recognise the exceptional and enduring features of the West End and are investing for the long term. Consequently levels of occupancy across our villages remain high and on completion our refurbishments let quickly.

Vacant commercial space at 30 June 2012 (wholly owned portfolio)

* Based on estimated rental value ("ERV") of commercial space at 31 March 2012 of £79.9 million

At 30 June 2012 the total ERV of the 68,000 sq. ft. of vacant wholly owned commercial space, including space held for or under refurbishment, amounted to £3.3 million which is equivalent to 4.1% of total commercial ERV.

The ERV of the 41,000 sq. ft. of space available to let amounted to £2.1 million (2.6% of total commercial ERV) of which £0.8 million was under offer. Good demand for our shops and restaurants allows us to choose our tenants and introduce new ventures and concepts into our villages. Demand for our offices and apartments is also brisk.

The 27,000 sq. ft. (ERV £1.2 million) held for or under refurbishment includes 6,000 sq. ft. in the first phase of the Lasenby House retail scheme in Carnaby, where works are now underway. A further 2,700 sq. ft. of shops fronting Foubert's Place (current passing income £0.3 million) will be vacated by the end of 2012. Completion of the scheme is anticipated in early summer 2013 and there is already considerable interest in the three larger shops we are creating.

In the Longmartin joint venture, of the 10,000 sq. ft. of recently refurbished offices which were vacant at 30 June 2012, 8,000 sq. ft. is now under offer. In addition one small shop is available to let.

Acquisitions

Our very specific investment strategy is concentrated exclusively in the heart of London's West End, where our wholly owned portfolio now comprises over 500 buildings, and the Group's holdings amount to £1.75 billion. The West End has a long history of prosperity so it is unsurprising that, particularly in the current uncertain economic climate, owners are reluctant to sell well located 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.

Within our chosen locations, we are clear in the type of investments which interest us. We focus 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 nine months to 30 June 2012 totalled £36.2 million, of which £6.8 million arose in the last three months. We have added thirteen shops, five restaurants, 4,000 sq. ft. of offices and seven apartments to our portfolio since the start of the financial year.

Finance

At 30 June 2012 we had drawn £420 million from our £575 million of committed bank facilities, leaving £155 million available for drawing as required. Taking into account the long term interest rate hedging in place on £360 million of this debt, which is fixed at an average rate of 4.87%, the average all-in cost of our bank debt at 30 June 2012 was 5.19%.

Including our £61 million 8.5% Debenture stock and our 50% share of the £120 million term loan in the Longmartin joint venture (fixed at a rate of 4.43%), the Group's overall average cost of debt at 30 June 2012 was 5.43%. The marginal cost of new drawings from our unhedged committed facilities remains below 2%.

With long term interest rates falling further since 31 March 2012, the non-cash mark-to-market deficit attributable to our interest rate swaps has risen over the quarter by £18.5 million to £123.4 million at 30 June 2012.

Board appointments

The Board is pleased to announce the appointments of Dermot Mathias and Sally Walden as non-executive directors.

Dermot Mathias was from 1980 a partner in the corporate finance division of BDO LLP, Chartered Accountants. From 2002 until 2010 he was senior partner of the firm and chairman of the policy board of BDO International, the fifth largest worldwide network of accountancy firms. From 2005 to 2011 he was a member of the Industrial Development Advisory Board.

Sally Walden has had an extensive career in investment fund management. She spent 25 years with Fidelity International where she held several senior positions which included head of UK Equities. She retired from Fidelity in 2009 but has continued as a trustee of the Fidelity Foundation.

Both appointments will be effective from 1 October 2012. There is no information to be disclosed under LR 9.6.13.

Contacts:

26 July 2012

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.