Preliminary Results for the year ended 30 November 2002 Ì¢‰â‰ÛÏ ‘Tenth successive year of profits growth delivers exceptional shareholder value’

St. Modwen Properties PLC is pleased to announce its results for the year ended 30 November 2002. Highlights include:

* Profit before tax increased by 18% to £30.0m (2001: £25.5m)

* Earnings per share up 13% to 17.1p (2001: 15.2p)

* Net assets per share increased by 18% to 160.9p (2001: 136.9p)

* Total dividend per share of 5.7p (2001: 4.9p), an increase of 16%

* Investment portfolio valuation increase of 5.5% largely due to adding value

* Net assets per share up 134% and dividends up 90% in the last five years

* Appointment of Tim Haywood as Finance Director confirms progress with board succession plans

* Hopper of future opportunities boosted by recent acquisitions from Alstom, Corus, Goodyear, Invensys and Elephant & Castle Shopping Centre

* Significant town centre planning consents achieved at Edmonton, Farnborough and Wembley

* The total value of the income-producing portfolio, including the post year end acquisition from Alstom and 100% of joint ventures, now totals £523m

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

“I am pleased to report these excellent results for 2002 and to confirm that the Company’s current financial year has started well.

“The Hopper is better topped up than ever and the major schemes in it are moving through the planning and pre-construction process in an ordered manner to meet this year’s and future years’ programmes.

“I therefore look forward with confidence to achieving another record year.”

For further information, please contact:

St. Modwen Properties PLC

Sir Stanley Clarke, Chairman On 12 February

Anthony Glossop, Deputy Chairman & Chief Executive thereafter

Bill Oliver, Finance Director

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