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FULL YEAR RESULTS PRESENTATION

YEAR TO 30th NOVEMBER 2012

2

Disclaimer

This presentation does not contain or constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of any shares in St. Modwen Properties Plc or other securities and should not be relied on for such purposes. This presentation may contain certain ‘forward-looking’ statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual

• utcomes and results may differ materially from any outcomes or results expressed or implied by such

forward-looking statements. Any forward-looking statements made by or on behalf of St. Modwen Properties Plc speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. St. Modwen Properties Plc does not undertake to update forward-looking statements to reflect any changes in St. Modwen Properties Plc's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Statements are made in this presentation about the price and past performance of shares in St. Modwen Properties Plc. Past performance cannot be relied upon as a guide to future performance.

Agenda

1. Highlights 2. About St. Modwen 3. Financial Results 4. Operational Review

3

Highlights

Financial

• 8% increase in NAV per share to 251p (Nov 2011:

232p). EPRA NAV per share up 9% to 272p (Nov 2011: 250p)

• 12% increase in net trading profit to £25.5m (2011:

£22.8m)

• 22% increase in realised property profits to

£29.0m (2011: £23.8m)

• Profit before all tax £52.8m (2011: £51.7m)
• 10% increase in total dividends to 3.63p per share
• Successful £80m retail bond issued October 2012

Operational

• Valuation gains of £48m (2011: £33m) generated

through active asset management and planning gain offset £20m market driven valuation loss (2011: £1m gain). Net valuation increase of £28m (2011: £34m)

• Strong performance from residential land and

house sales; outlook good

• Development agreement signed for £2bn New

Covent Garden Market scheme – an extremely positive, high profile London opportunity

• Agreed terms with Swansea University for the

provision of the £150m first phase of the New Science and Innovation Campus. To be delivered

• n St. Modwen’s 65 acre Transit site

Milestones achieved with considerable potential for future growth

4

About St. Modwen Properties PLC

• The UK’s leading regeneration specialist:

Wholly focused upon regeneration

• An established business: A FTSE250 company

with a 25 year track record

• Experienced management team: Extensive
• perational expertise in regeneration and

brownfield renewal

• A stable and growing business with a solid

balance sheet: A property portfolio of £1.1bn with a see-through loan-to-value ratio of 41%. No facilities expiring before November 2014

• Running costs underpinned by recurring

revenue streams from a £562m portfolio of income producing assets: Net rental income has grown steadily since 2008 and typically covers the running costs of the business

• Residential development: Residential income

stream experiencing strong growth via three routes – residential land sales, Persimmon joint venture and St. Modwen Homes

• Commercial development: Consistent long-

term, high-value commercial redevelopment

• activity. A strong pipeline of development
• pportunities
• Diverse UK-wide portfolio and long-term

development: Land bank of over 5,800 acres. No over-exposure to any single scheme, tenant

• r sector
• Active management to increase portfolio

value and to reduce development risk: Through planning gains, pre-let and pre-sold

• pportunities and increasing the number of

design and build projects

An established, stable business and the leader in its field

5

How we generate value

Property valuation increases through active management Ratio of rental and other income to

• perating costs including interest

Continuous delivery of property profits

£m

Strong recurring incomes complemented by active asset management and property profits

6

% £m

97 102 89 97 92

20 40 60 80 100 2008 2009 2010 2011 2012

65 27 18 33 48

10 20 30 40 50 60 70 2008 2009 2010 2011 2012

20.9 7.6 21.9 23.8 29.0

5 10 15 20 25 30 2008 2009 2010 2011 2012

• St. Modwen’s business model

Business model generates regular income and drives portfolio value

7

Assets Income producing 51% Generate income and cover costs Residential 37% Commercial land and development 12% Development schemes Planning and change of use expertise

• add value through the planning process

Finished scheme

• St. Modwen

Invest Dividend payment Scheme either pre-sold or marketed Construction expertise Remediate Regenerate

• St. Modwen Homes,

Persimmon JV, Land Regenerate Receive cash

FINANCIAL RESULTS

8

Financial Highlights

• Post dividend, shareholders’ equity NAV up 8% to 251p (Nov 2011: 232p)
• EPRA NAV up 9% to 272p (Nov 2011: 250p)
• Continued growth in net rental income to £36.2m (2011: £35.5m)
• Trading profit up 12% to £25.5m (2011: £22.8m)
• Profit before all tax £52.8m (2011: £51.7m)
• Dividend up 10% to 3.63p per share for the year (2011: 3.3p per share)
• Gearing 71% (Nov 2011: 73%)
• Successful £80m retail bond gives substantial headroom in facilities

Another positive year in building the business for future growth

9

Profit and Loss Continued focus on generating value across the land bank while working our income producing assets hard

10

Full Year 2012 Total £m Full Year 2011 Total £m Net Rental Income 336.2 35.5 Property Profits 129.0 23.8 Other Income 2.8 3.2 Overheads (18.6) (16.7) Operating Profit 49.4 (+8%) 45.8 Interest (23.9) (23.0) Trading Profit 25.5 (+12%) 22.8 Added Value Property Valuation Gains 48.3 32.9 Market Property Valuation Movement (20.3) 1.0 Other Finance Charges (0.7) (5.0) Profit Before All Tax 52.8 (+2%) 51.7

Income producing portfolio

• A £562m portfolio of income producing assets (51%
• f total portfolio)
• Expertise in managing sites to generate income that

typically covers the running costs of the business

• Affordable rents on flexible leases
• Investment properties at high yields with an

equivalent yield of 9.2% on income producing properties

Increasing net rental income £m

Strong and consistent rental revenue stream

11

16.7 17.1 17.4 17.8 18.3

5 10 15 20 25 30 35 40 2008 2009 2010 2011 2012 HY FY

33.5 33.2 33.7 35.5 36.2

Income producing portfolio

• Diversified rent roll and tenant base:

– Over 100 commercial properties and 1,700 tenants spread across regions and sectors – Largest tenants are sound covenants

• High level of churn, but good level of occupancy

maintained through to redevelopment

• Average rental lease length of 5.0 years at Nov 2012

(Nov 2011: 4.6 years)

• Voids deliberately maintained on properties being

prepared for redevelopment as vacant possession is required

% Occupancy rates

Diversified tenant base with consistent occupancy rates

12

84 83 88 88 87

20 40 60 80 100 2008 2009 2010 2011 2012

Rental income and recurring costs Rental income underpins running costs of the business

13

30 November 2012 £m 30 November 2011 £m Rent Roll at Start of Period / Year 346.4 45.7 Acquisitions / (Disposals) (2.8) 0.3 43.6 46.0 Tenant Vacations (6.9) (6.6) Tenant Administrations (1.4) (0.2) Rent Reviews 0.6 0.1 New Lettings 9.7 7.1 Closing Rent Roll 45.6 46.4 Void Percentage 13% 12% Net Rental Income 36.2 35.5 Other Rental Style Income 2.8 3.2 39.0 38.7 Overheads and Interest (42.5) (39.7) % Coverage 92% 97%

36.8 38.7 39.0 41.2 39.7 42.5

50 2010 2011 2012

Rental Income Business Running Costs

Coverage of business running costs £m

Strong balance sheet

30th November 2012 £m 30 November 2011 £m Property assets 946 1,040 Investments in JVs and other assets 82 57 Debtors 68 60 Pensions

• Gross assets

1,096 1,157 Debt (366) (347) Trade payable etc. (216) (334) Gross liabilities (582) (681) Net assets 514 476 Non-controlling Interests (11) (12) Shareholders’ Funds 503 464 NAV per share 251p (+8%) 232p EPRA NAV per share 272p (+9%) 250p

A solid business with a robust balance sheet

14

NAV movements

15

Active management and increased residential / South East focus driving valuation gains

450 500 550

At Nov 2011 Net Rents & Other Income Overheads & Interest Development Profit Value Added Underlying Valuation Movement Dividend Tax / Other Movements At Nov 2012

464 39 (43) 29 48 (20) (7) (7) 503

£m

Net debt movements

16

Debt levels not expected to increase

240 290 340 390 440 490 540

At Nov 2011 JV Debt Taken On Like For Like Nov 2011 Net Rents & Other Income Overheads & Interest Tax & Dividends Paid Working Capital Acquisitions & Capex Disposals Nov-12 (347) (27) (374) 31 (35) (9) (122) 129 (366)

£m

14

Facilities

Group Facility

• Successful £80m Retail Bond issue
• Substantial facility headroom
• All corporate facilities extended until at least November 2014

Other JV Facilities

• New £135m KPI facility in place. Five year term from Lloyds, RBS and Santander to 2017
• Wembley facility now consolidated into the Group
• New Uxbridge facility with HSBC. £60m amortising over five years. Matches £60m land sale to

Persimmon Future Facilities

• Continue to explore options for asset specific funding and alternative sources of finance in the longer

term

Proactive management to enhance robust financing

17

Sound financial base with significant headroom on existing facilities Financial resources - Group

See-through loan-to-value

18

%

Nov 2012 Nov 2011 Net debt £341m £347m Wembley JV now consolidated £25m £27m £366m £374m Average facility maturity (years) 3.4 3.5 Weighted average interest rate 5.6% 5.6% Interest cover - Actual 2.1x 2.0x

• Covenant

1.25x 1.25x Gearing - Group (including Wembley) 71% 79%

• Covenant

175% 175%

• See-through including share of JVs

87% 91% % Debt hedged (excl. VSM, inc. Retail Bond) 93% 86% Loan-to-value – Group 40% 38%

• See-through including share of JVs

41% 40%

46 42 39 40 41 20 40 60 80 100 2008 2009 2010 2011 2012

Significant headroom on all facilities. All corporate debt facilities extended until at least November 2014 Current banking facilities

19

Group facilities at 30/11/12 Lloyds £100m November 2014 RBS £95m November 2015 Barclays £84m September 2015 Retail Bond £80m November 2019 HSBC £75m December 2015 Santander £30m January 2016 Deutsche pbb £5m June 2019 Barclays VSM £31m March 2017 Total facilities £500m Undrawn facility headroom £134m Net debt (excl. JVs) £366m JV Facilities: KPI £135m (SMP share 50% of £122m drawn) Expires 2017 VSM Uxbridge £50m (SMP share 50%

• f £50m drawn)

Expires 2017

£m

50 100 150 200 250 300 350 400 450 500

2012 Debt FY 2013 Renewal FY 2014 Renewal FY 2015 Renewal FY 2016 Renewal FY 2017 Renewal FY 2018 Renewal FY 2019 Renewal

RBS Barclays HSBC Santander VSM Retail Bond Pbb Lloyds …. …. ….

£m

Financial summary

• Secure revenue from income producing properties pays for business running costs
• Strong trading profits with key future projects secured
• Active portfolio management generating significant value in difficult market conditions
• Net assets increased by 8% post dividend in 2012
• Improved financing structure, with ample headroom for future transactions. Bond issue successfully

launched as an alternative source of finance

• Dividend increased by 10%

20

105 90 82 79 71

25 50 75 100 125

Nov 2008 Nov 2009 Nov 2010 Nov 2011 Nov-12 %

Reducing like-for-like gearing

Solid platform for future growth

16.7 17.1 17.4 17.8 18.3 16.5 16.4 16.3 17.7 17.9

5 10 15 20 25 30 35 40 2008 FY 2009 FY 2010 FY 2010 FY 2012 FY

Secure – Net rental income

£m

OPERATIONAL REVIEW

21

Highlights

• Contract signed post year end for £2bn regeneration of New Covent Garden
• Agreed terms with Swansea University for the provision of the £150m first phase of the New Science

and Innovation Campus. Entire campus to be delivered on St. Modwen’s 65 acre Transit site. First phase works to start in April 2013

• Positive residential land outlook with London residential transactions driving valuation gains
• Persimmon joint venture progressing very well. Strong initial house sales and eight sites expected to

be in production for 2013

• Added value gains of £48m producing net uplift of £28m. Downward valuations split shows significant

improvement in H2 compared to H1 indicating potential for greater stability in 2013

• On track for target of shareholder equity NAV of 300p per share by November 2015, with further upside

potential from New Covent Garden Market

Consistent profit generation with growing exposure to the residential market and London

22

Valuation movements

23

Negative market yield shift

• n income

producing property (£28m) (2011: £0) Positive market value increase

• n SE residential

land £8m (2011: £1m) Planning and structural value added to residential land £36m (2011: £27m) Asset mgt. of income producing property £12m (2011: £6m)

• 10
• 20

+10 +20

Valuation increase driven by active management and increased residential focus

• 30

+30

Active Management Valuation Increases £m

10 7 12 8 26 36 5 10 15 20 25 30 35 40 45 50 55 60 2010 2011 2012 Commercial active management Residential active management

£m

Portfolio - Shape

Nov ‘11 Market value movements Added Value Sales, Capex, etc. movements Nov ‘12 Residential Land (37%) 404 8 36 (51) 397 Commercial Land (12%) 149 (1)

• (9)

139 Income Producing (51%) Retail 209 (8) 7 32 240 Offices 70 (6) (1) (2) 61 Industrial 271 (13) 6 (3) 261 1,103 (20) 48 (33) 1,098

24

Taking advantage of resilient London / South East market

• One third of full portfolio by value located in London and South East
• Half of residential land by value located inside the M25
• Down valuations split shows significant improvement in H2 (£6m) compared to H1 (£14m)
• Analysis provided by Jones Lang LaSalle

NOTE: Portfolio movements include sales; capital expenditure; reclassifications and transfers including acquisitions of Wembley JV partner share and creation of VSM Uxbridge joint venture

Residential land

25

50% by value of residential land in London and South East

• Residential land sales market very active with 126 acres of land committed for sale in 2012 with the Group’s share of

£110m of value

• Significant London residential schemes
• Uxbridge (1,340 homes); Mill Hill (2,174 homes); Elephant & Castle (1,000 homes); New Covent Garden Market (2,800

homes)

• Continued stream of residential land progressing through planning. Milestones in 2012/2013 include:

– Planning secured 2012 : Pye Green, Cannock (700); Pirelli, Burton upon Trent (289); Vulcan Works, Newton-le- Willows (282); Longbridge East (229); Cadley Hill, Swadlincote (215); Gregory’s Bank, Worcestershire (170); Lowfield Lane, St. Helens (152); Locking Parklands, Phase II, Weston-super-Mare (150); Dursley, Gloucestershire (94) – Planning expected 2013: Melton Park, Hull (510); Branston, Burton upon Trent (660); Eddison Place, Rugby (84)

• Strong residential house sales rates

30 November 2012 Completions (units)

• St. Modwen }

Park View, Longbridge

} 158

Locking Parklands, Weston-super-Mare Persimmon JV } Goodyear, Wolverhampton

} 101

Glan Lyn, Llanwern, South Wales Sunderland Year ended 30 November 2012

259

Residential land continued

26

Good current and forward sales position – total number of sales expected to increase in 2013

Sales position for 2013 Financial Year (units) as at: 28.1.13 Estimated completions FY 2013 Completions Exchanges Reservations

• St. Modwen }

Park View, Longbridge, Phase I } 3 } 5 } 18 } 35 Locking Parklands, Weston-super-Mare, Phase I Park View, Longbridge, Phase II Construction underway – sales release 2013 } 150 Locking Parklands, Weston-super-Mare, Phase II

• St. Modwen }

Dursley, Gloucestershire Eddison Place, Rugby Gregory’s Bank, Worcestershire Coalville, Leicestershire Persimmon JV } Goodyear, Wolverhampton } 25 } 111 } 26 } 150 Glan Lyn, Llanwern, South Wales Sunderland Coed Darcy, South Wales Persimmon JV }

• St. Andrew’s Gate, RAF Uxbridge, London

Construction underway - sales release 2013 } 65 Longbridge East Vulcan Works, Newton-le-Willows Long Marston, Warwickshire TOTAL 28 116 44 400

Residential development

• Generating significant future cash flows and

value

• Strong initial home sales (achieving sales

rates over twice the national average)

• Increasing the liquidity of the existing land

bank

• New sites being developed strategically (St.

Modwen Homes to build up to 250 units per year in conjunction with over 2,000 units committed into the Persimmon joint venture)

• St. Modwen

Homes Persimmon joint venture TOTAL As at 30/11/12 (unless otherwise stated)

Active Planned Active Planned

• No. of sites

6 2 7 1 16 Units 651 345 2,028 284 3,308 Units completed 173 n/a 101 n/a 274 Cash received £m 20 12 32

Growing residential revenue stream

27

Future land revenue estimate £m 12 9 76 15 112 Potential SMP share

• f future

development profits £m 15 8 36 5 64 TOTAL 27 17 112 20 176 5 10 15 20 25 30 35 40 2012 2013 2014 2015 2016 Cash backed residential sales profits Land revenue Cash backed profit and land revenue estimate

£m

Major commercial development opportunities

• £139m book value of commercial land held for development potential – largest part of company by acreage

(approx. 3,000 acres vs. total of over 5,800 acres)

• Pipeline of strong development schemes for delivery by 2015, with increasing energy-related opportunities:

Hednesford, Longbridge, Swansea University, Great Homer Street

• Use of development agreements and partnerships defer land acquisition costs until development secured;

capital expenditure closely monitored and restricted until occupiers identified. For example; Network Rail for Chaddesden Triangle, Derby

• Projects carefully managed in advance of commencement – progressed through planning, enhancement /

remediation works undertaken to create ‘oven ready’ sites for development or sale

Clear potential for cash and profit generation

28

Major Project: New Covent Garden Market

• New Covent Garden Market is the UK’s largest wholesale fruit, vegetable and flower market operating

from outdated premises at Nine Elms, Central London

• In January 2013, VINCI St. Modwen (VSM) signed contracts as the Covent Garden Market Authority’s

(CGMA) preferred development partner − VSM will provide a new market for CGMA at a cost of £150 - £200m − In return VSM secures 20 acres of surplus freehold land with a GDV of circa £2bn

• The regeneration of the existing 57 acre New Covent Garden Market site will see the development of

550,000 sq ft of modern facilities which will house circa 200 market businesses

• The 20 acres of surplus land will be developed to create a new high quality residential led mixed-use

regeneration scheme, providing up to 2,800 new homes and 115,000 sq ft of commercial accommodation

• VSM will submit an improved planning application in 2013, aiming for permission in 2014
• Development is expected to start in 2015 and last for at least 10 years
• Further enhances London and South East Development assets with positive impact on valuations

29

VSM continues to prosper

30

Major Project: Swansea University Realising future potential of land bank

31

• St. Modwen agreed terms for the provision of

the £150m first phase of Swansea University’s New Science and Innovation

• St. Modwen landowner - entire Campus to be

delivered on the 65 acre ‘Transit’ site

• Phase 1 construction of:

− 430,000 sq ft of academic buildings − 899 rooms of student accommodation

• Development expected to commence H1 2013

with first students moving in September 2015

• University funding and sale of student

accommodation in place

• Profit generation between 2013 and 2015
• Future phases (value £200-£300m) post 2017

Major Project: Elephant & Castle Generating significant returns from portfolio

33

• Current:

− 330,000 sq ft shopping and office centre on 3.5 acres − 2% retail void. £4.1m ERV − Typical lease ends / landlord break in 2014/15

• Potential:

− 350,000 sq ft of retail and leisure space − Up to 1,000 apartments above − Development targeted to commence 2015

• Status:

− Close to concluding both the legal agreement with London Borough of Southwark (LBS) and signing the co-operation agreement between St. Modwen, LBS and Lend Lease − Lend Lease planning approved for adjoining Heygate Estate − In negotiation with TFL for transport contribution − Considering options for partner during development cycle

• Next Steps:

− Pursue planning 2013, anticipate permission in 2014/15 − Examine options for realising value

Elephant & Castle Shopping Centre, London

Major Project: Longbridge, Birmingham Delivering shareholder value from long-term development

34

• Acquired in 2003, fully vacant in 2005 following collapse
• f MG Rover. Total 468 acres

Current Status:

• 150,000 sq ft of office and industrial space developed

and occupied, followed by completion of 250,000 sq ft Bournville College

• St. Modwen Homes – just one home remaining at 113

unit Park View development. Second phase to start on site 2013

• As part of JV, Persimmon started on site with 229 homes on 20 acres at Longbridge East. Land value

£14m, profit share £5m

• First phase of £70m Town Centre development underway:

− 80,000 sq ft foodstore pre-sold to Sainsbury’s, Premier Inn, Beefeater Grill, 24 shops, restaurant,

• ffices

− Over 75% of space pre-sold, pre-let or under offer, with first phase due to open in 2013 − Planning for second phase submitted 2012 for an additional 135,000 sq ft of retail space − First phase due to open in 2013 bringing investment across entire site up to £250m since 2003

5.1 1.7 2.6 7 1 2 3 4 5 6 7 8 2006-2009 2010 2011 2012

Longbridge property profit contributions

£m

36

• Significant development projects agreed at New Covent Garden Market and Swansea University
• Ongoing opportunities to enhance value through planning gains and development
• Demand for residential land increasing
• Increasing returns from Persimmon JV and St. Modwen Homes
• Strong financial base post successful Retail Bond issue of £80m on seven year terms
• Emphasis on consistent revenue from income producing properties to pay for business running costs
• Dividend raised 10%
• On track for NAV target of 300p by end 2015, with further

upside potential from New Covent Garden Market

280 247 196 213 232 251

50 100 150 200 250 300

2007 2008 2009 2010 2011 2012

Shareholder Equity NAV

Outlook Robust and proven asset management initiatives provide returns

p per share

APPENDICES

37

Portfolio overview

Property portfolio by value £1.1bn

Income producing

£562m

• f portfolio

Regenerate, manage planning (currently 20,000 plots with planning) and sell Persimmon joint venture

• St. Modwen Homes

Generate income to cover business running costs Expertise in managing sites to maximise income Commercial assets awaiting redevelopment, manage planning, develop and sell Regenerate, remediate, manage planning, develop and sell land Flagship projects Practical approach

Residential and

£397m

• f portfolio

Commercial land and development

£139m

• f portfolio

Extensive portfolio diversifies risk and creates opportunities

38

Major schemes – Future remaining GDV Demonstrating good future value contained within development pipeline

39

Major schemes Remaining GDV 2013 2014 2015 2016 2017 Hednesford Tesco plus retail 10 Longbridge, Birmingham Sainsbury’s plus town centre 30 Future development 300 Swansea University campus 200 Elephant & Castle Retail and Residential - planning 10 Retail and Residential - development/sale 200 New Covent Garden Market Market and Residential – planning } 2000 Market and Residential - development/sale } Great Homer St, Liverpool Sainsbury’s 50 Other land bank opportunities Various 200 3000

Performance summary Strong operating track record consistently producing trading profit and ability to add value

40

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Rental and other income 40.5 35.3 36.8 38.7 39.0 Property profits 20.9 7.6 21.9 23.8 29.0 Overheads (14.1) (14.1) (17.1) (16.7) (18.6) Interest (27.8) (20.4) (24.2) (23.0) (23.9) Trading profit (before revaluation movements) 19.5 8.4 17.4 22.8 25.5 Property portfolio 1,143.4 1,018.5 1,055.0 1,102.5 1,098.2 See-through net debt 523.1 422.7 409.2 431.6 448.7 See-through loan-to-value% 46% 42% 39% 39% 41% Net assets 402.2 401.0 436.8 476.0 513.5

Income producing portfolio

• Book Value £562m; (51% of portfolio)
• Over 100 properties in portfolio
• Robust rent roll of £45.3m
• Affordable rents on flexible leases
• High level of churn, but very high occupancy levels

maintained: − Incentives 11.3% of total recurring rent secured (2011: 7.4%) − Voids at 13% (2011: 12%) − Continuing demand for our retail sites

• Diversified rent roll

− 1,700 tenants spread across regions and sectors − Largest tenants are sound covenants − Top 10 tenants comprise 20% of rent roll − Minimal exposure to recent administrations; only one Blockbuster store in portfolio

• Largest single lease (Shanghai Automotive) now extends until

at least 2023

• Rental lease length of 5.0 years at November 2012 (4.6 years

November 2011)

41

43.2 43.0 45.7 46.4 45.6 10 20 30 40 50 Nov 2008 Nov 2009 Nov 2010 Nov 2011 Nov 2012

Strength defined by regional spread and diverse tenant base

£m

The new North Square at Edmonton Green, London

Residential land bank at 30 November 2012

Nov 12 Nov 11 Acres Units Acres Units With planning recognition − Allocated in local plan or similar 178 3,396 227 4,410 − Resolution to grant 140 1,942 14 246 − Outline permission 794 13,175 870 14,349 − Detailed permission 169 2,337 82 1,366 1,281 20,850 1,193 20,371 No planning recognition 523 5,694 453 4,351 TOTAL RESIDENTIAL LAND 1,804 26,544 1,646 24,722

42

NOTE: Includes 100% of JVs (excludes NCGM)

Residential land actively managed through the planning process

The land bank

Developable acres Nov 2012 Nov 2011 Retail 342 357 Industrial and Commercial 2,859 2,869 Residential 1,804 1,646 Not yet specified 796 890 Total developable 5,801 5,762

Land bank ownership

Wholly owned

66%

JV

14%

Development agreement

20%

Development timescales

10+ years

65%

Within 5 years

15%

Within 5-10 years

20%

Substantial land bank provides solid asset value and substantial future

• pportunities

43

Income producing portfolio

Income producing properties as at Nov 2012 (including Group share of JVs) Equivalent Net Initial Nov 12 Nov 11 Nov 12 Nov 11 Retail 9.0% 8.6% 7.6% 7.4% Offices 9.4% 8.7% 7.0% 6.4% Industrial 9.2% 9.1% 7.9% 7.7% Portfolio 9.2% 8.8% 7.7% 7.4%

44

Strong and consistent rental revenue stream

• Investment properties at high yields and low affordable rents
• Properties held for future development profits not investment

Profit and loss

2012 £m 2011 £m Company JVs Total Company JVs Total Net Rental Income 28.3 7.9 36.2 27.5 8.0 35.5 Property Profits 27.6 1.4 29.0 23.5 0.3 23.8 Other Income 2.8

• 2.8

3.2

• 3.2

Deduct Overheads (18.1) (0.5) (18.6) (16.6) (0.1) (16.7) Operating Profit 40.6 8.8 49.4 37.6 8.2 45.8 Deduct Interest (18.7) (6.2) (24.9) (18.8) (4.2) (23.0) Trading Profit 22.9 2.6 25.5 18.8 4.0 22.8 Property Valuation Gain 1.3 26.7 28.0 33.6 0.3 33.9 Other Finance Charges/Gain 0.6 (1.3) (0.7) (4.9) (0.1) (5.0) Profit Before All Tax 24.8 28.0 52.8 47.5 4.2 51.7

45

Profit growth

Income producing – Top 10 tenants

Alstom Power Limited Shanghai Automotive Paragon Automotive Services Limited GE Energy Power Conversion UK Limited Siemens Industrial Turbomachinery Limited Blue Diamond (UK) Limited Woking Borough Council Ackros Chemicals Beko PLC Wilkinson Stores Limited 5.4 1.6 1.4 1.1 1.0 0.6 0.6 0.6 0.6 0.6

46

Biggest tenant have sound covenants

Gross annual rent before minority interest or joint venture accounting

Timeline

1986:

• St. Modwen established by reverse takeover in April

1986 by Redman Heenan International plc

1986 – 1990:

• Rapid growth due to substantial development

programme based on enterprise zones and industrial schemes

• Programme moved to include retail schemes and
• ffice parks

1991:

• Attention switched to increasing rental income
• Regeneration strategy established
• Major expansion of range of partnerships with

landowners, local authorities and major companies

1997:

• Joint venture with Salhia Real Estate Company

K.S.C (KPI) entered into

2000 – 2003:

• Major acquisitions include portfolios from Alstom

and Marconi

• St. Modwen enters FTSE250 (November 2003)

2005 – 2010:

• Selected as preferred developer on many town centre

regeneration schemes

• Acquisition of large industrial sites including

Longbridge, Llanwern, Project MoDEL, Coed Darcy and BP Portfolio

• £107m equity issue in 2009

2010:

• Strategic site within 2,500 acre BP Portfolio identified as

possible location of Swansea University’s New Science and Innovation Campus

• Establishes joint venture with Persimmon Homes plc
• Establishes St. Modwen Homes

2011:

• Agrees to redevelop Elephant and Castle Shopping

Centre as part of ongoing regeneration of area

2012:

• Selected as development partner with VINCI PLC for

the proposed redevelopment of New Covent Garden Market

• Retail Bond issued ££80m

Broad expertise and extensive land bank provides flexibility to move with market demands

47

Forward looking statements

This presentation has been prepared solely to provide additional information to shareholders. It may contain statements that are forward looking. These statements are made by the directors in good faith based on the information available to them up to the time of approval of this report. Such statements should be treated with caution due to the inherent uncertainties and risks associated with forward looking information.

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Glossary

• Active management: The component of

property revaluations delivered as a direct result

• f management actions and initiatives e.g.
• btaining planning consent, achieving

remediation milestones and improving lease terms

• Gearing: The ratio of net debt to net assets
• Gross Development Value (GDV): The sale

value of property after construction

• Interest: Net finance costs (excluding the mark-

to-market of derivative financial instruments and

• ther non-cash items) for the Group (including its

share of joint ventures and associates)

• Interest cover: The ratio of operating income to

interest

• Land bank: The bank of property comprising all
• f the land under the Group’s control, whether

wholly owned or through joint ventures or development agreements

• Loan-to-value ratio: The ratio of Group net debt

to the Group property portfolio (excluding joint venture and associates)

• Net debt: Total borrowings less cash and cash

equivalents

• Net rental income: Rental income receivable

less non-recoverable property costs for the Group (including its share of joint ventures and associates)

• Occupancy rates: Estimated rental value (ERV)

attributable to vacant units as a proportion of total ERV (including the Group’s share of joint ventures and associates). ERV is determined by the Group’s external valuers

• Other income: Other rental type income

generated from the operating assets of the Group (including its share of joint ventures and associates)

• Operating income: The total of net rental

income, other income and property profits

• Operating costs/ business running costs:

Administrative expenses plus net finance costs (excluding the mark-to-market of derivative financial instruments and other non-cash items) for the Group (including its share of joint ventures and associates)

• Persimmon joint venture: A contractual

arrangement with Persimmon to develop residential units on agreed sites within the St. Modwen Land bank

• Property portfolio: The property components of

investment properties and inventories of the Group (including its share of joint ventures and associates)

• Property profits: Development profit (before the

deduction of net realisable value provisions) plus gains on disposals of investments/ investment properties for the Group, including its share of joint ventures and associates

• Rental lease length: The weighted average

lease term to the first tenant break

• See-through gearing: The ratio of see-through

net debt to net assets

• See-through loan-to-value ratio: The ratio of

see-through net debt to the property portfolio

• See-through net debt: Net debt of the Group

together with its share of the net debt of joint ventures and associates

• Trading profit: Operating income less operating

costs

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