PRICE ON 5 MARCH 2009 80p

Over 170p

Trading Update

St. Modwen secures 150,000 sq ft pre let to M&S

Financial Highlights
· 56% increase in profit before all tax to £82.2m (2012: £52.8m)
· Shareholders' NAV up 11% to 279p per share (2012: 251p per share), and EPRA NAV up 10% to 298p per share (2012: 272p per share)
· Realised property profits up 37% to £40m (2012: £29m)
· Successful completion of a £49m equity placing to support redevelopment of New Covent Garden Market
· 20% decrease in loan-to-value to 33% (2012: 41%)
· Final dividend for the year increased by 10% to 2.67p per share, providing a total dividend for 2013 of 4.00p per share (2012: 3.63p)
Operational Highlights
· Overall net valuation increase of £42m (Nov 2012: £28m), comprising gains of £28m (2012: £48m) as a result of planning gain asset management and £14m market driven valuation gain (2012: £20m loss)
· Elephant & Castle Shopping Centre sold for £80m
· Significant milestones completed across all major projects:
o Longbridge - 150,000 sq ft pre-let secured to Marks & Spencer which will anchor the second phase of the new Town Centre
o Swansea University, Bay Campus - first phase of works on schedule with student accommodation now underway
o On track to deliver New Covent Garden Market - planning approval anticipated in 2015

JP Morgan Cazenove 05/02 Reiterates Overweight 425.00p