Interim Management Statement

12 October 2010

                            Panther Securities PLC                             

                            ("Panther" or "Group")                             

Interim management statement for the three month period ended 30 September 2010

Panther is pleased to publish its Interim Management Statement for the three
month period ended 30 September 2010.

The main highlights of the period have been:

  * Financial derivatives show a combined liability of £13.0 million as at 30
    September 2010. This is compared to the combined liability of £10.8 million
    as at 30 June 2010. 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. The
    Board believes that these are an effective `cash' hedge for the majority of
    the borrowings of the Group and unlikely that the Group would willingly pay
    the estimated premium to exit these financial instruments.
   
  * In July 2010, the company purchased 204/205 High Street, Burton-upon-Trent
    from the receivers, being a freehold double unit with a basement and two
    self contained floors above in a prime pedestrianised retail position at a
    cost of £295,000, excluding costs of acquisition. This unit will be
    occupied under a lease by our joint venture shoe retailer Tunnel Shoes and
    is awaiting fit out.
   
  * In August 2010 the company purchased from the receivers a freehold island
    site in Darlington Street, Wolverhampton of mixed use (retail, office and
    leisure) property of approximately 70,000 sq ft on 1.2 acres of land, at a
    cost of £1,500,000, excluding incidental costs of acquisition. It is
    currently producing a rental of £278,000 per annum gross (net approximately
    £195,000) from 16 tenants.
   
  * In August 2010 the Group purchased 79 High Street, Ramsgate, a freehold
    vacant retail unit with upper parts, in the sum of £78,000. This is
    adjacent to 81-85 High Street, which we already own, and which has full
    planning permission for 20 flats. This acquisition should enable us to
    improve the total site development capability.
   
  * In September 2010, the Group purchased 60 High Street, Sittingbourne, being
    a vacant freehold for £230,000, from receivers. The property is a former
    bank and is in the main shopping area in the centre of the town and
    benefits from a rear storage building which was formerly a cottage.
   
  * The Company recently announced that it has exchanged contracts with
    FremantleMedia Limited to acquire the freehold site at Merton Studios,
    Bosun House, South Wimbledon, SW19, which encompasses 200,000 sq ft of
    brick built warehouses on slightly over 4 acres of land. Until recently
    this building was used as a film studio for the television series "The
    Bill". The entire contents of the property are included with the deal,
    which includes numerous sets and all related equipment. The purchase price
    for the freehold site and all stock equipment and fixed assets contained
    within is £4,750,000 in cash.
   
  * The Group has also invested £150,000 for a minority interest in the equity
    of a separate company (outside the Group) which will run the Merton Studios
    business as independent film studios. The other equity shareholders include
    myself, the management team of the film studios and other outside
    investors. It is proposed that the management company will take a 10 year
    lease on the Merton Studios building at a rent of £490,000, with one year
    rent free, and also lease the stock and fixed assets contained within the
    building.
   
  * The Group believes the Merton Studios is a good long term property
    investment, with potential additional benefits if the independent film
    studios are successful.
   
  * Post period, in October 2010, the Group exchanged on the purchase 59/61
    High Street, Sittingbourne for £222,500, a freehold double frontage retail
    shop and upper parts, in the main shopping area of the town from the
    mortgagee in possession. This was purchased vacant and will be suitable for
    lease to our joint venture retailer Tunnel Shoes.
   
  * Post period end, in October 2010, we have completed on a purchase of a
    freehold/ feuhold multi-let retail and leisure building in Union Street,
    Glasgow for £540,000 (including costs of purchase), also from a receiver.
    The gross rental is £71,000 and the net rental is approximately £65,000.
   
  * In addition, post period end, in October 2010, the Group exchanged on the
    purchase of a long-leasehold of 49/61 High Street, Croydon from the
    receiver for £562,000 (including purchase costs). This is a large leisure
    unit used as a bar with 12,000 sq ft in total over three floors, including
    7,350 sq ft on the ground floor. This has been purchased vacant and could
    be let to one user or split into 4 or 5 retail units.
   
  * In August 2010 Panther sold 1,751,597 ordinary shares in Elektron PLC (an
    AIM listed electronics company) for 30p per share, with total net sale
    proceeds of £523,000 and a profit of £396,000 based on original cost and
    profit of £168,000 based on the valuation in our books at 30 June 2010.We
    still have a large residual holding of 9,598,000 ordinary shares in
    Elektron PLC.
   
  * The Group's share portfolio had a market value at 30 September 2010 of
    approximately £8.8 million (£8.6 million at 30 June 2010). The share
    portfolio consists of a selection of shares in several listed property
    companies, Beale PLC and Elektron PLC. The entire share portfolio is
    uncharged.
   
  * As at 30 September 2010, the Group had cash balances of approximately £8
    million, compared to £11 million as at 30 June 2010. The cash balances will
    reduce significantly in the next few months as we make further purchases
    including the £5 million required for Merton Studios.
   
General trading update

Rental income and profits from actual trading has marginally improved when
compared to the same period last year.

The Group has been very busy evaluating likely investments and believes the
purchases made this year meet its investment criteria of high rental returns,
or the potential for higher returns, and have been available mainly due to the
Group's ability to use cash for purchases.

The Group is continuing to see good opportunities to add to value with new
acquisitions of properties it is being offered and 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 30 June 2010.

We have started to be able to acquire real estate at very realistic prices
which we hope and anticipate will provide high returns for the long term future
benefit of the Group.

Andrew Perloff

Chairman

For further information contact:

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