Interim Management Statement

8 June 2009

                            Panther Securities PLC                             

                            ("Panther" or "Group")                             

  Interim management statement for the three month period ended 31 March 2009  

Panther Securities PLC, is pleased to publish its Interim Management Statement
for the three month period ended 31 March 2009.

The main highlights of the period have been:

  * Financial derivatives show a combined liability of £9.9 million on their
    valuation at 31 March 2009. This is a significant reduction compared to the
    combined liability of £12.0 million at 31 December 2008 (being the latest
    full set of accounts produced), and even lower when looking at the most
    resent valuation by HSBC Bank Plc on 29 May 2009 which showed a combined
    liability of £7.5 million. If the combined financial derivative liability
    remains at the level on 29 May 2009 until 31 December 2009, there will be a
    contribution to profits of approximately £4.5 million (ignoring any
    deferred tax effect). As mentioned previously by the Board, the valuations
    of financial derivatives are based on future estimates of interest rates,
    which can be very erratic (especially in the current economic climate) and
    have changed dramatically recently over short periods. However, the Board
    believes these are an effective hedge for the borrowings of the Group and
    that it is unlikely that the Group will pay to exit these financial
    instruments.
   
  * Early in the year the Group contracted to buy five vacant freehold
    properties, all former Woolwich branches. Of the five properties one, 19
    Queen Street, Ramsgate, was purchased for £105,000 and two others were sold
    at an aggregate profit of £77,000. The final two properties, were
    purchased, let and then finally sold, for an aggregate profit of £155,000.
    This combined profit of £232,000, even though small, shows there is still
    an active market at the right levels and that profits can be created by an
    experienced property team.
   
  * The Group's share portfolio had a market value at 31 March 2009 of £4.9
    million (£3.8 million at 31 December 2008) after purchases of £0.49 million
    during the period. There has been an unrealised £0.58 million increase in
    value on the shares held at 31 December 2008 (part of the increase relates
    to shares bought in this quarter). The portfolio consists mainly of a
    spread of shares in listed property companies and Elektron PLC, an AIM
    listed electronics company.
   
  * As mentioned in the accounts for the year ended 31 December 2008, the Group
    has been in discussions with various banks, one of which has provided terms
    that were accepted in principle by the Company. The Board is pleased with
    the progress made to date on these discussions.
   
  * Monies left on deposit with Kaupthing Singer and Friedlander, of £328,000,
    were frozen when the bank went into administration and the Board provided
    against the full balance in the consolidated accounts for the year ended 31
    December 2008. Recently, the administrators have written to unsecured
    creditors confirming that they currently estimate that the minimum
    distribution should be 50p in the pound (which will be paid over two to
    three years), with the first distribution expected to be in June 2009,
    being a minimum of 10p in the pound.
   
  * On 10 June 2009 the Group is also expecting to receive cash of £325,000
    relating to the redemption of an unsecured convertible loan note from Real
    Estate Investors PLC.
   
  * As at 31 March 2009, the Group had cash balances of £13.7 million,
    excluding the £0.3 million frozen deposit (£13.9 million as at 31 December
    2008 (also excluding the £0.3 million frozen deposit)).
   
General trading update

Rental income and profits from actual trading are consistent with the same
period last year. The various write-ups on the Group's financial instruments,
if maintained, will assist to counterbalance any property writedowns which may
appear on revaluations for the full year.

The Group is seeing potentially good value in properties being offered and is
in discussion on a few smaller deals which it hopes to complete soon. As ever
we remain upbeat about Panther's future prospects. 

Other than as stated above, there has been no significant change in the Group's
financial position since 31 December 2008.

Andrew Perloff
Chairman

Andrew Perloff, Chairman, further commented:

"I believe this is a period that will present great business opportunities for
those who are in a position to take advantage of them. We consider Panther is
in this happy position!"

For further information contact:

Panther Securities PLC                                            020 7278 8011
Andrew Perloff - Chairman                                                      
Simon Peters - Finance Director