St. Modwen Properties PLC, the UK’s leading regeneration specialist, announces record interim results.

Highlights

* Profit before tax increased by 48% to £65.1m (2006: £43.9m)

* Earnings per share up 60% to 42.8p (2006: 26.8p)

* Net assets per share increased by 12% to 361p since 30th November 2006 (323p)

* Interim Dividend increased by 15% to 3.9p per share (2006: 3.4p)

* Strong progress in marshalling projects for future delivery

* Planning consent obtained for 4,000 homes, 1.5 million sq ft employment space at Llanwern, near Newport

Anthony Glossop, Chairman, comments:

“An outstanding effort throughout our various teams achieved significant success in bringing forward into the period a number of developments which had been scheduled for the second half.

We remain on course to grow in line with our long-term financial objective of doubling the net asset value per share of the company every five years and we look forward with confidence to a successful outcome for the year as a whole.”

09 July 2007

Enquiries:

St. Modwen Properties PLC

Anthony Glossop, Chairman

Bill Oliver, Chief Executive

Tim Haywood, Finance Director

College Hill www.collegehill.com

Gareth David/Matthew Gregorowski 020 7457 2020

A presentation for analysts will be held at 11.00am today at College Hill, 78 Cannon Street, London EC4