Closure of Offer Period relating to the Bonds

The information contained herein may only be released, published or distributed in the United Kingdom, Jersey, Guernsey or the Isle of Man. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, The Republic of Ireland, Japan, South Africa or in any other jurisdiction where it is unlawful to distribute this document.

31 October 2012

St. Modwen Properties PLC

("St. Modwen", the "Issuer")

Issue of 6.25 per cent. Sterling Bonds due 2019 (the "Bonds")

Closure of Offer Period relating to the Bonds.

Terms used herein shall have the meaning given to them in the Prospectus dated 17 October 2012 (the "Prospectus") relating to the Bonds.

In accordance with the terms and conditions of the offer set out in the Prospectus, the Issuer hereby announces that the Offer Period relating to the Bonds, which commenced on Wednesday 17 October 2012 closed at 12 noon (London time) on Wednesday 31 October 2012.

The aggregate nominal amount of the Bonds to be issued will be £80 million.

Bill Oliver, chief executive of St. Modwen, said:

"We are very pleased to announce the successful closure of our first retail bond. We believe that the positive response from investors demonstrates the strengths of St. Modwen and its consistent income generation. We are delighted to have successfully accessed a new source of finance and diversified our debt financing profile."

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Important Information:

This announcement is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended (the "Directive"), and/or Part VI of the Financial Services and Markets Act 2000. Investors should not subscribe for any bonds referred to in this announcement except on the basis of information contained in the prospectus relating to the issue of the bonds. Full information on St. Modwen Properties PLC and any offer of bonds will only be available in a prospectus and (if relevant) a sizing announcement published in respect of such bonds. Investors will be able to obtain copies of the prospectus and the sizing announcement on the website of the Regulatory News Services operated by the London Stock Exchange.

The offering and the distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase. Any purchase of bonds pursuant to any offer should only be made on the basis of the information contained in the relevant prospectus, available as described above.

The bonds have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and, subject to certain exceptions, may not be offered, sold or delivered within the United States. Any bonds will be offered and sold outside of the United States in reliance on Regulation S of the Securities Act, and will be subject to certain U.S. tax law requirements.