Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

St. Modwen Properties PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Not Applicable

4. Full name of shareholder(s)  (if different from 3.):iv

Kempen Best Selection European Property Fund N.V. (previously named Orange European Property Fund N.V)

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

12 May 2011

6. Date on which issuer notified:

13 May 2011

7. Threshold(s) that is/are crossed orreached: vi, vii

3% threshold downwards

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Common shares

6651756

6651756

4901756

4901756

2.45%

GB0007291015

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

Not applicable

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Not applicable

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

4901756

2.45%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Please be advised Kempen Capital Management N.V. ('KCM') acts as a director on behalf of Kempen Best Selection European Property Fund N.V. KCM is controlled by Kempen & Co. N.V., which is controlled by F. Van Lanschot Bankiers N.V.

Proxy Voting:

10. Name of the proxy holder:

Not applicable

11. Number of voting rights proxy holder will ceaseto hold:

Not applicable

12. Date on which proxy holder will cease to holdvoting rights:

Not applicable

13. Additional information:

Ruud Houtkamp and Marion van Iperer

(Product Management)

14. Contact name:

Kempen Best Selection European Property

Fund N.V.

Beethovenstraat 300, 1077 WZ Amsterdam

The Netherlands

15. Contact telephone number:

+31 20 349 8910