Interim results for the six months ended 31st May 2003

“We anticipate record full-year results for the eleventh consecutive year “

St Modwen Properties PLC, the regeneration specialist, today announces its interim results for the six months ended 31 May 2003.

Highlights include:

* Interim profits before tax increased 23% to £17.9m (2002: £14.5m)

* Earnings per share up 20% to 10.1p (2002–: 8.4p)

* Dividend increase of 16% to 2.2p per ordinary share (2002: 1.9p)

* Net assets per share increased by 17% to 167.9p (2002: 143.4p)

* 45% increase in gross rent receivable reflecting last year’s acquisitions

* Property development and disposal profits up 12% to £12.2m (2002: £10.9m)

* Hopper of future opportunities now at highest ever level:

ÿ £113m Alstom portfolio of 19 properties acquired last December

ÿ a further 285 acres of brownfield land acquired in first half

Commenting on the results, Sir Stanley Clarke, Chairman of St. Modwen, said:

“I am pleased to state that this strong start to 2003 provides us with the confidence to anticipate record full-year results for the eleventh consecutive year.

“We remain on course to grow in line with the long-term objective of doubling the net worth of the company every five years.”

For further information please contact:

St. Modwen Properties PLC

Anthony Glossop, Deputy Chairman & Chief Executive

Bill Oliver, Managing Director

Tim Haywood, Finance Director On 21 July – 020 7067 0700

thereafter – 0121 456 2800