Interim Management Statement

RNS Number : 3963I
Highcroft Investments PLC
18 November 2008

Highcroft Investments PLC

Interim Management Statement in respect of the six months ending 31 December 2008

The board of Highcroft Investments PLC today approved the following statement in respect of the six months ending 31 December 2008:

Shareholders will be well aware of the difficult and challenging times experienced by global economies and the impact in local markets
and on valuations in all asset classes.

Property Portfolio

Much of the property sector relies heavily on debt to finance activities at all levels, so there is little surprise that inactivity in
the credit markets has had a dramatic effect on property valuations. In August we reported that the 30 June 2008 valuation amounted to �32
million. It is very likely, when we report the formal property valuation for 31 December 2008, that further declines will have occurred.

There have been no transactions in the property portfolio and the company remains modestly geared.

In areas more under our control, the outcome for the year should be more steady. Costs are well controlled and various rent reviews have
been satisfactorily concluded. We are making progress in terms of the voids we have recently experienced. Terms were agreed with a new
tenant for the retail property in Yeovil, but then disappointingly the letting did not proceed, and we will now pursue interest from another
party. We are seeing interest, from leisure tenants, in the Warrington property. While Celebrations Group Limited has gone into
administration affecting one of our properties in Cirencester, we have already had a firm approach from a potential new tenant.

Equity Portfolio

The most recent equity portfolio valuation is �7.5 million against �8.8 million at 30 June 2008. The company has traded some stock,
seeking to rebalance the portfolio towards defensive investments and taking advantage of fluctuating indices.

Dividends

Our change of status to a REIT, as shareholders already know, has very positive implications for tax charges and the dividend payments.
Our interim property income distribution for 2008 was 7p per share as compared with a 5p interim dividend in 2007 (5.55p gross equivalent)
and this was paid to shareholders on 29 October 2008.

For further information, contact:

Highcroft Investments PLC
John Hewitt 01865 840023

Charles Stanley Securities
Philip Davies 0207 149 6000

18 November 2008

This information is provided by RNS
The company news service from the London Stock Exchange

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