Resignation of Director

St Modwen Properties PLC announces that Richard Froggatt has resigned as a Director of the Company, to pursue other business interests. He will leave the Company on completion of certain work on which he is currently engaged, probably in two to three months’ time.

Bill Oliver, Chief Executive, said:

“Richard worked with the Company in the 1980’s as development director, and rejoined in 1995, with specific responsibility for sourcing acquisitions for the hopper. He has made a significant contribution to the Company’s growth and we wish him well in the future”.

24 May, 2006

Enquiries:

College Hill

Gareth David 020 7457 2020

Matthew Gregorowski