Interim Management Statement

Minerva plc ('Minerva'), the quoted real estate company, today announces its Interim Management Statement for the period to 31 March 2010.

Corporate highlights

• The unsolicited offer of 50 pence per share from the Company's largest shareholder, KiFin Limited, to acquire the remaining shares in Minerva, was withdrawn on 8 January 2010.
• The General Meeting on 5 March 2010 approved the re-appointment of Oliver Whitehead, Chairman of the Company, to the Board.
• Martin Pexton and Danny Kitchen joined the Board as non-executive Directors on 5 March and 4 May 2010, respectively. The addition of these two new non-executive Directors, with their extensive business and property sector experience, provides Minerva with a well balanced and strong Board to steer the Group's further progress.

Operational highlights

The Company continues to report good progress across its portfolio, in particular:

• Practical completion was achieved on The Walbrook Building in London EC4 in February 2010. The property is being marketed in an environment of limited supply and improving commercial terms in the City of London and represents the only completed vacant new building in the City capable of meeting the demands of a single occupier requiring greater than 200,000 sq.ft.
• Construction continues on The St Botolph Building which is delivering circa 560,000 sq.ft. of high quality Grade A office and retail accommodation, with practical completion on schedule for the Summer of this year. To date, around 45 per cent of the total available office space has been pre-let. This building represents the only significant new property being delivered in the EC3 district of the City in 2010 and it is against this background that the remaining unlet space is being marketed.
• Construction at Lancaster Gate, London W2 is progressing, with a revised planning approval obtained for this development (subject to signing the agreed S106 documentation), which now represents a circa 192,000 sq.ft., all-private residential scheme. Off-market pre-sales totalling circa £19 million were secured in the quarter to 31 March 2010, achieving prices significantly ahead of previously obtained levels and further underpinning our confidence that the project will generate significant returns. To date, pre-sales totalling in excess of £123 million have been achieved. The official marketing campaign for this ultra-prime residential terrace, incorporating a show apartment, will commence later in the Spring.
• The planning inquiry for the Ram Brewery development in Wandsworth took place towards the end of 2009. A formal decision from the Secretary of State is not expected until the middle of this calendar year.
• Minerva continues to manage its portfolio actively and continues to review options for its Odeon Kensington property, including its sale. The building is located in a prime residential area on the south side of Kensington High Street, opposite Holland Park, and has planning consent in place for an all-private ultra-prime residential scheme of around 100,000 sq.ft. with 35 apartments, five town houses, a basement car park, multi-screen public cinema and off-site affordable housing.

Oliver Whitehead, Chairman of Minerva said:

"The first quarter of 2010 has seen Minerva continue to make good progress across its diverse portfolio of well located and high quality developments and investments. As our two big City developments complete this year, they emerge into a City office market that is continuing to see supply tighten and rents improve."

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All Enquiries:
Minerva plc
Salmaan Hasan, Chief Executive 020 7535 1000
Ivan Ezekiel, Finance Director
Tim Garnham, Group Development Director

Brunswick Group LLP
Simon Sporborg/Oliver Hughes 020 7404 5959

Forward Looking Statements

This document may contain certain 'forward-looking' statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of Minerva plc speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Minerva plc does not undertake to update forward-looking statements to reflect any changes in Minerva plc's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to the Company or its share price should not be relied upon as an indicator of future performance.