Portfolio valuation update

Shaftesbury PLC

Portfolio valuation update

Increase in portfolio valuation driven by demand-led growth in rental values

as operating conditions continue to recover

Shaftesbury PLC, the Real Estate Investment Trust that owns a 16-acre portfolio in the heart of London's West End, today announces an update on portfolio valuation ahead of releasing its results for the half year ended 31 March 2022 on 24 May 2022.

At 31 March 2022, the indicative external valuation of the wholly-owned portfolio was £3.26 billion (30.9.21: £3.01 billion). On a like-for-like basis, this represents an increase of circa 7.5%, over the six-month period since 1 October 2021, which follows a 5.2% like-for-like increase in the six months to 30 September 2021.

The valuation increase over the period was largely driven by like-for-like ERV growth of 6.4%, with increases across all uses, reflecting sustained occupier demand and low levels of vacancy, as footfall and trading in our locations continues to recover towards pre-pandemic levels. The strength of our occupational market and improved investor sentiment has led to a tightening of the portfolio's equivalent yield of around 5 basis points from 3.92% at 30 September 2021.

Brian Bickell, Chief Executive commented:

"I am pleased to report that confidence, footfall and sales across our villages continue to recover well. Demand/supply tension in our locations, reflecting strong interest from potential occupiers across all uses and low vacancy, is driving a recovery in rental levels which has been the main component of the valuation increase over the six months to 31 March 2022. We are now looking forward to an extended period of uninterrupted trading as we enter the important summer season."

27 April 2022

This announcement includes unaudited financial information in relation to the six months ended

31 March 2022 and contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) and has been announced in accordance with the Company's obligations under Article 17 of that Regulation. This announcement has been authorised for release by the Board.

The person responsible for arranging the release of this announcement is Desna Martin, Company Secretary.

For further information:

Shaftesbury PLC LEI: 213800N7LHKFNTDKAT98

Notes for Editors

Shaftesbury is a Real Estate Investment Trust which invests exclusively in the heart of London's West End. Focused on food, beverage, retail and leisure, our portfolio is clustered mainly in Carnaby, Seven Dials and Chinatown, but also includes substantial ownerships in East and West Covent Garden, Soho and Fitzrovia.

Extending to 16 acres, the portfolio comprises over 600 restaurants, cafés, pubs and shops, extending to 1.1 million sq. ft., 0.4 million sq. ft. of offices and 631 apartments. All our properties are close to the main West End Underground stations, and within ten minutes' walk of the two West End transport hubs for the Elizabeth Line, at Tottenham Court Road and Bond Street.

In addition, we have a 50% interest in the Longmartin joint venture, which has a long leasehold interest, extending to 1.9 acres, in St Martin's Courtyard in Covent Garden.

Forward-looking statements

This document, the latest Annual Report and Shaftesbury's website may contain certain "forward-looking statements" with respect to Shaftesbury PLC (the Company) and the Group's financial condition, results of its operations and business, and certain plans, strategy, objectives, goals and expectations with respect to these items and the economies and markets in which the Group operates. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "anticipates", "aims", "due", "could", "may", "should", "expects", "believes", "intends", "plans", "targets", "goal" or "estimates" or, in each case, their negative or other variations or comparable terminology.

Forward-looking statements are not guarantees of future performance. By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many of these assumptions, risks and uncertainties relate to factors that are beyond the Group's ability to control or estimate precisely. There are a number of such factors that could cause actual results and developments to differ materially from those expressed or implied by these 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. Except as required by its legal or statutory obligations, 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 Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance. Nothing contained in this document, the latest Annual Report or Shaftesbury's website should be construed as a profit forecast or an invitation to deal in the securities of the Company.

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