Trading Statement

Panther Securities PLC                             

                            ("Panther" or "Group")                             

                                                               11 November 2014

                                Trading Update                                 

The following trading update details some of the more material transactions,
including a letting, disposals, planning consents, purchase and other
accounting adjustments that relate to the period since our half year accounts
were produced.

LETTING - Ex-Wimbledon Studios, 1 Deer Park Road, Wimbledon

As previously announced on 13 August 2014, we entered into an agreement with a
well-established media production company to lease this property for a term of
15 years from 30 September 2014, with tenant only breaks at 5 yearly intervals
at a commencing rental of £1,050,000 per annum on a full repairing and insuring
lease. The terms of the lease provide that the tenant pay 2½ years' rent in
advance (£2,625,000). This agreement was subject to certain landlord works
being completed.

We are pleased to confirm that this lease was completed on 6 November 2014
after the landlord repairs to the roof and internal building works were
completed at a total cost of £800,000. We also confirm that we have received
the advanced rental payment.

The following disposal transactions have been entered into:

61 Central Avenue, West Molesey, Surrey

We have sold this freehold former investment property for circa £1,200,000.
This sale will not show a profit but it does turn a non-income producing,
vacant building into cash. The property required considerable repair work
before it could be occupied and as such we consider the sale a positive result.

Former Filling Station, Sparkbrook, Birmingham

This 0.6 acre site, which was part of a corporate acquisition some years ago,
is under offer to a housing developer at £650,000, subject to obtaining a
planning consent, which we anticipate will be forthcoming in early 2015. This
price is in excess of our book cost and we would envisage a good profit if this
disposal takes place.

Former Filling Station, Barrhead, Glasgow

This 0.3 acre site, also originally part of the same corporate acquisition as
Sparbrook above, is under offer to a supermarket group at £250,000, subject to
obtaining the required planning use. If completed, this will also show a
healthy profit on our current book cost.

The following purchase has been made:

Nasons, Maynard Road, Canterbury, Wincheap Estate, Kent

We have exchanged contracts for the acquisition of this long leasehold 26,000
sq ft (on the ground floor) retail warehouse/ showroom investment just outside
Canterbury's ring road for circa £900,000. It is part of a successful local out
of town retail park, with nearby occupiers including Topps Tiles, Laura Ashley
and Fenwick. The property will be let to Nasons (Canterbury) Ltd for a term of
15 years at a rental of £110,000 per annum, with a rent review every five years
and a mutual break clause on the 10th anniversary.

This furniture store is part of the old established Nasons department store
based in Canterbury High Street.

The following PLANNING CONSENTS were achieved:

1a - 6a Bruce Grove, Wickford

Last year we were refused planning consent for a residential development of the
above mentioned outdated factory units. We challenged the grounds for the
opposition which we felt were unfounded. We are delighted that our appeal was
successful and we now have planning consent for 49 houses, subject to
negotiation of the S.106 agreement. We own two-thirds of the development site
with the remaining third owned by two other parties. We anticipate selling this
site to a third party developer in due course.

Old Inn House, 2 Carshalton Road, Sutton, Surrey

We are also delighted to report that under the permitted development rules we
have received consent to convert the mostly vacant four floors of offices to 28
flats in this prosperous London commuter suburb. Our well performing retail
parade on the ground floor of this building will be unaffected and is fully
let.

Templegate House, High Street, Orpington, Kent

We have also received consent under permitted development rules to convert the
three floors of offices into 21 flats. Again our parade of five shops on the
ground floor will be unaffected.

8-12 High Street, Broadstairs, Kent

Last year our planning consent on this site expired. We have been successful in
obtaining a new 3 year consent to demolish these three buildings and replace
them with a new development of 4,000 sq ft of retail space, with 12 flats above
in this desirable coastal town. We are receiving increased interest on this
retail space, with some who have a national covenant. A pre-let to a strong
covenant will underwrite the building of the whole development. Our former
planning permission was not implemented due to the previous downturn in the
market.

OTHER ACCOUNTING MOVEMENTS - Derivative financial liabilities and fair value
movements of investment property

The combined valuation of our interest rate swaps as at 30 October 2014 was a £
20.6 million liability compared to liabilities of £14.7 million as at 31
December 2013 and £15.4 million as at 30 June 2014.

However we expect the likely fair value loss on these derivative financial
liabilities, at the year end, to be offset considerably by revaluation gains on
our investment portfolio, which showed a gain of £3.0 million as at 30 June
2014. In particular, the Directors expect to see a significant uplift from the
revaluation of our Wimbledon property now the lease, described previously, has
completed.

For further information contact:

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

Sanlam Securities UK Limited (Nomad and Joint Broker) 020 7628 2200
David Worlidge/ Virginia Bull