Director/PDMR Shareholding

Local Shopping REIT (The) PLC
22 January 2008


The Local Shopping REIT plc

Notification of transactions of persons discharging managerial
responsibility ('PDMRs')


In accordance with its obligations under rule 3.1.4 of the Disclosure and
Transparency Rules The Local Shopping REIT plc ('the Company') announces that on
17 January 2008 the Company transferred to the trustee of the Company's employee
benefit trust, LSR Trustee Limited ('the Trustee'), 25,000 of the Company's
ordinary shares of nominal value of 20 pence. No consideration was paid for the
shares transferred.

The shares transferred were previously held in treasury and were transferred to
the Trustee for the purpose of satisfying the following awards made by the
Trustee to PMDRs under the Company's Long Term Incentive Plan ('the LTIP') when
they are exercised:

Shares subject to award

Christopher Moulden                  15,000

Bill Heaney                          10,000

The awards were made in the UK on 17 January 2007 and were notified to the
Company by the recipients on the same date pursuant to rule 3.1.2 of the
Disclosure and Transparency Rules. The awards may be exercised by the recipients
after 17 January 2011, subject to the prior achievement of performance
conditions determined by the Company's Remuneration Committee. The persons
listed above therefore have a beneficial interest in the shares acquired by the
Trustee, subject to the rules of the LTIP. No money was paid for the grant of
the awards.


Enquiries:

Bill Heaney
Company Secretary
020 7187 4444

END


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