Trading Statement

Shaftesbury PLC

Trading and finance update

For the period 1 April 2015 to 30 September 2015

CONTINUING STRONG DEMAND, ASSET MANAGEMENT ACTIVITY AND FURTHER REFINANCING

London's West End continues to flourish, benefiting from the long-term increase in London's economy, population, and visitor numbers. Footfall in our villages and trading across our 583 shops, restaurants, cafés, pubs and bars, which together produce 72% of our rental income, have been buoyant over the summer months.

With strong occupier demand and low vacancy, we continue to experience good rental growth across all uses. Our management strategy is to identify and secure opportunities to take back space, often to carry out projects which improve accommodation in our portfolio, and through re-letting to deliver growth in rental income and values.

We continue to identify and progress a wide range of asset management opportunities across our portfolio and are making good progress with our two largest schemes:

· Following grant of planning consent in July 2015, we are now securing vacant possession at our mixed-use ownership fronting Charing Cross Road, Newport Place and Newport Court., at the eastern boundary of Chinatown. We expect our scheme to reconfigure and improve 46,000 sq. ft. of restaurant and retail space to commence in early 2016 and complete in mid-2017.

· We have submitted a planning application for the reconfiguration and extension of 57 Broadwick Street, at the eastern gateway to Carnaby. Our proposed scheme will provide 12,000 sq. ft. of retail and restaurant space, 20,000 sq. ft. of offices and 2,000 sq. ft. of residential accommodation. Subject to receiving consent, we expect to commence works during spring 2016, with completion in phases from late 2017.

The availability of assets to buy which meet our criteria continues to be limited as owners in our prosperous areas understandably remain reluctant to sell. Although we have made no further acquisitions in the second half, we continue to investigate a number of interesting, potential opportunities.

During the summer, we completed a new £120 million fixed-rate loan with Aviva Commercial Finance, which is repayable in full at maturity in 2035. On drawing the loan, we cancelled an undrawn £50 million revolving credit facility with Nationwide. This increased our financial resources by £70 million, before loan issue costs. Together with the £130 million fifteen-year term loan arranged in March 2015, this concluded the refinancing of our 2016 debt maturities. The two term loans arranged this year have a weighted average cost of 3.51% and a blended maturity of c. 17.25 years.

Our weighted average maturity of debt is now 10.3 years (30.9.2014: 7.1 years). Our earliest debt maturity is now a £150 million revolving credit facility, which expires in November 2018. Of our drawn debt, 96% is now fixed or hedged, although this level will fall as our undrawn variable-rate facilities are utilised.

30 September 2015

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About Shaftesbury

Shaftesbury PLC is a Real Estate Investment Trust, which owns a unique real estate portfolio extending to 14 acres in the heart of London's West End - a highly popular, sought-after and prosperous destination for visitors and businesses. Our holdings are concentrated in Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street.

Our objective is to deliver long-term outperformance in growth in rental income, capital values and shareholder returns.

We focus on retail, restaurants and leisure in the liveliest parts of the West End. Our portfolio now comprises 583 shops, restaurants, cafés and pubs, extending to 1 million sq. ft., which account for 72% of our current income. In our locations these uses have a long record of occupier demand exceeding their availability. It also includes 422,000 sq. ft. of offices and 509 apartments for rent, which provide 16% and 12%, respectively, of our 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 22 shops, eleven restaurants and cafés, 102,000 sq. ft. of offices and 75 apartments.

Our proven management strategy is to create and foster distinctive, attractive and prosperous locations. Its implementation is supported by an experienced management team with an innovative approach to long-term, sustainable income and value creation and a focus on shareholder returns. We have a strong balance sheet with modest leverage.

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 Shaftesbury PLC or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

Ends.