Refinancing

Shaftesbury PLC (the "Company")

Refinancing

As indicated in Shaftesbury PLC's preliminary announcement of its 2013 results on 27 November 2013, the Company is addressing the refinancing of its bank facilities, which are due to mature in 2016, well in advance of their contractual maturities. This will strengthen the Group's financial base by improving the maturity profile of its debt and diversifying the sources of finance.

As part of this, Shaftesbury has now entered into a new £125 million five-year revolving credit facility with Lloyds Bank plc. The new facility replaces an existing £125 million facility which was due to expire in April 2016. The weighted average maturity of the Group's debt at 30 November 2013 increased from 5.6 years to 6.2 years.

This refinancing did not involve termination of any interest hedging arrangements.

 4 December 2013

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About Shaftesbury

Shaftesbury PLC is a Real Estate Investment Trust, which invests exclusively in London's West End. Our wholly owned portfolio, which extends to over 13 acres of freeholds, now includes 330 shops and 234 restaurants, bars and cafés, which together account for 70% of its current income. The 386,000 sq. ft. of offices and 470 apartments in the wholly owned portfolio provide 17% and 13% respectively of its current income.

In addition, it has 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.

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