In this announcement:
1. all prices and closing prices for St. Modwen's shares are closing middle market quotations derived from the London Stock Exchange Daily Official List (SEDOL);
2. volume weighted average prices are derived from Bloomberg;
3. St. Modwen's reported 2020 EPRA Net Tangible Assets information has been extracted, subject to rounding adjustments, from the audited annual report and accounts for St. Modwen for the year ended 30 November 2020; and
4. certain figures included in this announcement have been subject to rounding adjustments.
If the Possible Offer results in an offer being made, any offer document or scheme document published in connection with such offer will contain, except with the consent of the Takeover Panel, in accordance with Rule 29 of the Takeover Code, either an updated portfolio valuation in respect of St. Modwen's property portfolio or a no material difference statement in respect of the last reported valuation of St. Modwen's property portfolio.