Interim Management Statement

13 October 2011

                            Panther Securities PLC                             

                            ("Panther" or "Group")                             

Interim management statement for the three month period ended 30 September 2011

Panther is pleased to publish its Interim Management Statement for the three
month period ended 30 September 2011. The results for the six months ended 30
June 2011 were announced on 23 August 2011 and posted to shareholders shortly
thereafter. These interim results included extensive information on post
balance sheet events which overlap with the period we are now reporting upon
(as all material post items were already announcement). For clarity we are
repeating this information but in a slightly abbreviated version.

The main transactions and eventsof the period have been:

Finance

  * In July 2011 we finally completed our refinancing package. This is a new 5
    year club loan facility of £75,000,000 provided equally both by HSBC and
    Santander. This replaced a facility of £42,500,000 with HSBC with whom we
    have had an excellent banking relationship for over 30 years.
   
  * The additional finance has already allowed us to expand and make several
    purchases.
   
  * Financial derivatives show a combined liability of £17.5 million as at 30
    September 2011. This is compared to the combined liability of £9.3 million
    as at 31 December 2010 being the last audited results and £10.0 million as
    shown in our half year accounts ended 30 June 2011. As mentioned previously
    by the Board, the valuations of financial derivatives are based on market
    estimations of future interest rates, which have in recent times been very
    erratic over short periods. It has been considerably more volatile in the
    last few months due to the economic outlook across Europe. The Board
    believes that these are an effective `cash' hedge for the £60 million drawn
    borrowings of the Group. It is unlikely that the Group would willingly pay
    the estimated premium to exit these financial instruments.
   
These Purchases

  * Five Department Stores. In July 2011, we purchased five freehold properties
    which were owned and formerly occupied by the Anglia Regional Co-operative
    Society ("ARCS") Limited trading as Westgate Stores. The majority of the
    trade and assets of Westgate Stores were recently acquired by Beale PLC, a
    fully listed department store group in which Panther holds just under 20
    per cent. of the issued share capital. The Company paid approximately £
    7,330,000 (including stamp duty) for the following five properties. 80
    Newgate Street, Bishop Auckland, County Durham; 49 Low Street, Keighley,
    West Yorkshire; 53-57 High Street, St Neots, Cambs; Market Place/ Bridge
    Street, Spalding, Lincolnshire; and 8 Market Place, Diss, Norfolk.
   
  * Apart from 80 Newgate Street, Bishop Auckland which as a one year rent free
    period (ends on 21 May 2012), these four other stores have a two year rent
    free period which ends on 21 May 2013. The total rent to be received from
    Beale PLC on the expiration of the rent free periods will be £675,000 per
    annum.
   
  * Templegate House, 115-123 High Street, Orpington. This property was
    purchased in July 2011 and is a long leasehold (94 years remaining at a
    peppercorn) modern building which contains five shops and 17,000 sq ft of
    office space over the three floors above. The property is almost fully let
    and produces rent of £276,000 per annum. The price we paid of £1,300,000
    (including stamp duty) reflects the fact that two of the larger tenants'
    leases expire towards the end of this year. The property was purchased from
    an LPA receiver.
   
  * 79/97 Commercial Street, Batley. This freehold property also purchased in
    July 2011 is well positioned in the town and was purchased for £1,380,000
    (including stamp duty). The property currently produces £143,000 per annum,
    excluding the potential income from two vacant shops. The tenants include
    Boots, the Card Factory, Coral Estates, TUI UK and Kirkwood Hospice.
   
  * The Mill and Warehourse, Upper Mills Trading Estate, Bristol Road,
    Stonehouse. In August 2011, we purchased this 13,000 sq ft office, with
    adjoining 12,000 sq ft warehouse building for our 75% owned subsidiary MRG
    Systems Ltd for £489,000 (including stamp duty).
   
  * Bentalls Complex, Colchester Road, Heybridge, Maldon, Essex. In August
    2011, we purchased via a sale and lease back this 200,000 sq ft freehold
    industrial building set on 8.5 acres for £3,900,000 (including stamp duty).
    The property is let for 10 years to Wyndeham Group Ltd for £500,000 per
    annum, with a one year rent free period.
   
  * Lyceum Building, Bold Street, Liverpool. In August 2011, we completed the
    acquisition of this prime, iconic listed building let to the Post Office
    with 3.5 years remaining on their lease. The rent reserved is £500,000 per
    annum. The tenant is not in occupation but has sublet part of the building
    to the Co-operative Building Society. The purchase price was £2,964,000
    (including stamp duty).
   
  * 34 Marine Terrace, Margate, Kent. This freehold property was purchased in
    August 2011 for £190,000 (including stamp duty). The property has food use
    and is let for £21,000 a year.
   
General trading update

The Group has been very busy organising its refinancing and evaluating likely
property investments in the first half of the year, which created a backlog of
properties that were mainly completed in July and August 2011 (as described
above). We now have a good base for rental income of £10.5 million going
forward (even though £1.2 million of this is subject to rent free periods of
between one and two years), this is compared to annual rents of £7.7 million
reported in the prior year, to cover the larger loan with its increased costs
as well as fund future investment.

Of our new financing package of £75 million, following the above acquisitions,
we have an undrawn revolving facility of £15 million. This element of our
financing is un-hedged and whilst rates remain low, if this can be invested in
high yielding properties, it provides the opportunity to obtain healthy margins
above our borrowing costs.

As ever we remain upbeat about Panther's future prospects.

I believe that a long term investment in property has always protected the
holder against inflation and I see no reason why despite the present economic
uncertainty it will not remain so.

Other than as stated above, there has been no significant change in the Group's
financial position since 30 June 2011.

Andrew Perloff

Chairman

For further information contact:

Panther Securities PLC                                            01707 667 300
                                                                               
Andrew Perloff - Chairman                                                      
                                                                               
Simon Peters - Finance Director