Years of Accumulated Dividend GrowthThe Selective Growth Portfolio made excellent progress over 2016 in both relative and absolute terms. Over the year as a whole it appreciated by 21.57% whilst the FTSE250 returned a more modest 6.6%. With regard to the second half of the year, it appreciated by 22.32% whilst the FTSE250 Index rallied a more modest

12.5% with 11 of the 15 constituents delivering double digit returns, whilst just two holdings fell in value. It is also pleasing to note that we did not have to complete any sale transactions over the year, although holders did receive a large capital distribution from Melrose Industries which we reinvested in a new position, namely St Modwen Properties Plc.

Second Half Review 2016

FIM Capital Limited. Licensed by the Financial Services Authority of the Isle of Man and authorised and regulated by the Financial Conduct Authority. A list of the names of directors and officers of the company is available for inspection at the registered office of the company. Company registered in the Isle of Man No 012651V.

Pound a Day Portfolio, IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP, British Isles+44 (0) 1624 681250enquiries@fim.co.imwww.poundadayportfolio.com@PAD_Portfolio

Melrose was by far the biggest contributor to performance during the second half, appreciating by 146.42% as the company was able to capitalise on a weak pound since only a third of its revenues are generated in the UK. It’s pleasing to note that after briefly pausing from investing in the company as it underwent two capital reorganisations, we did recommence buying which now means the portfolio finishes the year with 15 constituents. Victrex Plc was another strong performer, appreciating by 27.80%. Despite technically maintaining its latest full year dividend, the company’s recent commitment to pay an annual special dividend of at least 50p is indicative of strong cash generation and, as such, we will maintain the holding. Our focus will also be on dividend growth as it’s a simple reflection of a company’s underlying strength, however it’s important that we do not stick to this discipline so rigidly that we end up selling a sound company for the wrong reason. Careful detailed assessment means both Victrex and Melrose Industries continue to be members of the portfolio for the right reasons.

A 10.51% decline meant that Greene King experienced the largest fall over the six-month term as investors remained concerned over what the full implications on the company would be given the UK’s decision to leave the EU. The company is also facing some additional uncertainty over the potential introduction of the National Living Wage and other policy changes targeted at lower skilled workers. Despite investor reservation however, the company announced record levels of revenue during its most recent half year and maintains a positive outlook with plans to invest up to £120 million over the next 3 years across more than 200 pubs.

No trading activity took place during the period.

Average Price Growth: Average Total Return: Average Yield: H2 2016 +22.03% +22.32% 2.59% FY 2016 +18.36% +21.57%

Total Return (Excluding charges)

2016 2015 2014 2013 Compound AnnualisedSelective Growth 21.57% 14.95% 1.18% 29.17% 83.77% 16.43%FTSE100 19.15% -1.37% 0.72% 18.65% 40.44% 8.86%FTSE250 6.64% 11.17% 3.65% 32.27% 62.54% 12.91%

Total Return Since Inception31 December 2012 - 31 December 2016

Weighted Average Return

RPC

Carillion

-50%

0%

50%

100%

150%

200%

250%

300%

Dec 12 Apr 13 Aug 13 Dec 13 Apr 14 Aug 14 Dec 14 Apr 15 Aug 15 Dec 15 Apr 16 Aug 16 Dec 16

Price Performance: 30 June 2016 - 31 December 2016

Spirax-Sarco

Melrose146.42%

A G Barr PayPoint

St Modwen

Properties Diploma

Cranswick Spectris

Carillion Genus

Hiscox

Rotork

Greene King (10.51%)

(1.45%)

0.98% 3.57% 11.41% 11.41% 11.87% 12.27% 13.23% 14.76% 24.66% 26.74%

Victrex 27.80%

RPC 35.93%

Half year results to 30th June 2016• Strong new order intake during the first half, with new and probable orders worth some £2.5 billion (2015: £1 billion) whilst at the same time the total value of the pipeline of contract opportunities increased slightly. • Notable contract wins include a £240 million, 4.5-year extension to Carillion Alawi’s contract with Petroleum Development Oman, and two contracts for the Northern Ireland Housing Executive worth up to £366 million over 10 years.• In November, the company was awarded a construction and support services contract by the UK Ministry of Defence worth over £1.1 billion in a 50:50 joint venture with KBR. ‘New order intake in the first half of the year has been strong and continues to reflect the success of our strategy.’ – Philip Green, Chairman Increased interim dividend by 1.75% to 5.8p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (22.05%) (9.80%) 1.60% 4.26% 5.39% (21.75%) 26.53% 22.50% 22.14%

Past Dividend and Growth Uninterrupted dividend growth since 2000 (Yield 7.84%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 18.35p 17.85p 17.6p 17.35p 17p 16p 14.8p 13.5p 1.42% 1.44% 2.06% 6.25% 8.11% 9.63% 16.38% 53.88%

Founded in 1999

Half year results to 30th September 2016• Total revenue from continuing operations was up 16% to £580.8 million compared to the same period last year, principally driven by strong volume growth in most product categories. • Strong growth in sausage sales of 16% was underpinned by new contract wins with the Group’s two largest retail customers for their “Butcher’s Choice” ranges. • Sales of Crown fresh poultry grew by 8.3% in the period since it was acquired in April 2016. • In November, announced acquisition of Dunbia Ballymena, a leading Northern Irish pork processing business that processes c7,800 pigs per week and had revenues of £72.4m in its latest full year. ‘Cranswick has made further commercial and strategic progress during the period whilst working closely with customers to maintain its focus on service, quality and innovation in delivering appealing and competitively priced products to the consumer.’ – Martin Davey, Chairman Increased interim dividend by 12.93% to 13.1p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 22.16% 38.48% 16.78% 39.69% 14.42% (13.72%) 9.55% 34.19% 227.86% Past Dividend and Growth Uninterrupted dividend growth since 1991 (Yield 1.61%)H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound13.1p 37.5p 34p 32p 30p 28.5p 27.5p 25p 21.7p 10.29% 6.25% 6.67% 5.26% 3.64% 10.00% 15.21% 9.05% 88.44%

Founded in 1974

Full year results to 30th September 2016 • Strong year of acquisitions, with WCIS in Australia, Cablecraft in the UK and Ascome in France extending the scope of the Group’s Seals and Controls business and opening up new growth opportunities. • Revenues up by 15% to £382.6 million, with acquisitions completed during the year contributing to £16.3 million. Positive currency movements for overseas business also provided a boost to revenues when translated back into sterling.• Life Science revenues up 4% despite tough markets faced by the Healthcare businesses. Seals revenues up 1%, slow growth in North American Construction and Industrial markets. Controls revenues increased by 45, with strong performances in Aerospace, Defence and Motorsport, offsetting weaker industrial markets. ‘Diploma has a strong and resilient business model with a broad geographic spread of businesses, supported by a robust balance sheet and consistently high free cash flow.’ – Bruce Thompson, Chief Executive Increased final dividend by 11.29% to 13.8p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 36.53% 7.33% 5.04% 21.73% 63.23% 22.41% 57.00% 41.40% 508.80%

Past Dividend and Growth Uninterrupted dividend growth since 2001 (Yield 1.94%)H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound13.8 18.6p 17.4p 16.1p 15.2p 12.7p 9.7p 8.1p 7.5p 6.90% 8.07% 5.92% 19.69% 30.93% 19.75% 8.00% 22.95% 204.92%

Founded in 1931

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (5.91%) (9.66%) 4.24% 14.27% 22.50% 11.08% 22.22% 37.99% 146.95%

Past Dividend and Growth Uninterrupted dividend growth since 2003 (Yield 2.67%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 13.5p 12.37p 11.3p 10.225p 9.496p 8.65p 7.87p 7.15p 9.47% 10.51% 7.68% 9.78% 9.91% 10.07% 7.36% 85.74%

Founded in 1875

Half year results to 30th July 2016• Continued to reformulate and reduce sugar across its portfolio, in addition to bringing new lower and no sugar products to the market. Aiming to have two thirds of its portfolio lower or no sugar by 2018, and is participating in the industry-wide 5-year voluntary target of 20% calorie reduction by 2020. • Achieved strong international performance, with revenue up 16%. This was supported by the company’s further territory extension agreement with RockStar, which covers Russia and Italy. • Entered final stage of the ‘Fit for the Future’ programme which has seen the company invest heavily in assets, infrastructure, processes and systems over the last 3 years. The final stage will optimise these improvements through a business-wide reorganisation. ‘Good progress has been made across the key areas of innovation, product reformulation, brand development and operational efficiency.’ – Roger White, Chief Executive Increased interim dividend by 5.06% to 3.53p

Half year results to 30th June 2016• Strong results across Asia. More than doubled operating profit, benefiting from market tailwinds in China and strong product performance. • Revenue of £388.3m, down 3% due to lower bovine volumes in tough dairy market and lower porcine by-product.• Began strategic collaboration with Caribou Biosciences to license leading CRISPR-Cas9 gene editing technology, enabling further development of PRRSv resistant pigs, which could prove to be transformational.‘To pursue our long-term growth objectives, we plan to increase our R&D growth investments in FY17 and therefore expect broadly stable constant currency results, however exchange rates should provide a benefit to the reported numbers.’ – Karim Bitar, Chief Executive Increased final dividend by 9.70% to 14.7p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 15.57% 24.22% (3.55%) (7.16%) 33.94% 21.56% 27.30% 1.35% 133.68%

Past Dividend and Growth Uninterrupted dividend growth since 1998 (Yield 1.24%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 21.4p 19.5p 17.7p 16.1p 14.6p 13.3p 12.1p 11p 9.74% 10.17% 9.94% 10.27% 9.77% 9.92% 10.00% 10.00% 114.00%

Founded in 1933

Half year results to 16th October 2016 • Total revenue up 13.8% to a record £1,044.3 million, the first time the company has passed £1 billion revenue in the first half of the year. • Expects to invest a total of £35 million to £40m in around 70 brand conversions in this financial year, with current expectations to invest a further £90m to £120m in the next three years across 210-240 pubs.• Uncertain over full impacts of the UK’s decision to leave the EU, the company expects consumers’ discretionary spending to weaken. National Living Wage, National Minimum Wage, and the Apprenticeship Levy are expected to also provide challenges. ‘We are confident that the strength of our brands, pubs, people and cash generation leaves us well placed to deliver another year of progress, value creation and returns for our shareholders.’ – Rooney Anand, Chief Executive Increased interim dividend by 4.14% to 8.8p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (24.95%) 24.83% (15.39%) 40.77% 28.39% 1.63% 17.50% 28.49% 192.88% Past Dividend and Growth Uninterrupted dividend growth since 1990 (Yield 4.56%)H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound8.8p 32.05p 29.75p 28.4p 26.6p 24.8p 23.1p 21.5p 20.97p 7.73% 4.75% 6.77% 7.26% 7.36% 7.44% 2.53% 0.33% 53.35%

Founded in 1799

Market Cap (Millions) £585.60

Market Cap (Millions) £930.21

Market Cap (Millions) £1,151.23

Market Cap (Millions) £1,139.19

Market Cap (Millions) £1,050.26

Market Cap (Millions) £2,111.56

Half year results to 30th September 2016• MultiPay transactions up 38.1%, with 14 clients contracted. SSE live ahead of customer rollout in 2017. • Strong growth in Romania bill payment transaction up by 11.7% to 32.6 million, sites up by 12.7% to 10,662. • Collect+ parcels up 5.7% to 10.5 million, while mobile payments business transaction volumes have grown 27.5% to 30 million. ‘As set out in our last full year results announcement, this year is proving to be pivotal as we change the focus of the organisation towards our retailers.’ – Dominic Taylor, Chief Executive Increased interim dividend by 5.63% to 15p

Founded in 1996

Half year results to 30th June 2016• Biggest contributor to profit was Hiscox Retail, whilst Hiscox USA delivered growth of 32.8% in local currency. • Hiscox London Market grew by 9.7% in local currency, benefiting from new classes of business and expertise in niche areas. • Strong performance from Hiscox Re, owing to good risk selection, new products and income from ILS business. ‘Our retail businesses continue to grow well, benefiting from long term investment in infrastructure and brand.’ – Bronek Masojada, Chief Executive Officer Increased interim dividend by 6.25% to 8.5p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (3.51%) 28.73% (7.73%) 36.12% 21.66% (2.07%) 20.32% (6.76%) 116.08% Past Dividend and Growth Uninterrupted dividend growth since 2003 (Yield 2.42%) H1 2016 2015 2014 2013 2012 2011 2010 2009 Compound 8.5p 24p 22.5p 21p 17.9p 16.6p 15.5p 13p 6.67% 7.14% 17.32% 7.83% 7.10% 19.23% 6.12% 95.92% 16p 45p 36p 38p Special Dividends

Founded in 1901

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 9.17% 2.39% (10.98%) 22.62% 49.37% 55.06% (18.91%) (12.20%) 84.30%

Past Dividend and Growth Uninterrupted dividend growth since 2005 (Yield 4.50%) H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound 28.2p 40.3p 36.3p 31.6p 28p 24.3p 22.2p 19p 11.02% 14.87% 12.86% 15.23% 9.46% 16.84% 21.02% 156.69%

38.9p 33.2p 15p Special Dividends

Half year results to 30th June 2016 • Revenue down 3.7% on prior year, reflecting the slowdown in oil & gas markets (which account for 51% of group revenues) and challenging conditions in key end markets. Q3 revenue up 28.9% in comparable period in 2015. • Middle East/Africa showed good growth in upstream and downstream Oil & Gas and Industrial Processes, while Eastern Europe, UK and US performed broadly in line with the prior year. • Revenues expected to be at top end of expectations for full year but margins lower than last year. ‘In line with our strategy, we continue to invest in new and existing markets by opening new sales channels and developing new products.’ – Peter France, Chief Executive Maintained interim dividend at 1.95p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 32.02% (21.45%) (18.95%) 12.77% 31.87% 5.58% 54.13% 49.84% 130.83%

Past Dividend and Growth Uninterrupted dividend growth since 1992 (Yield 1.90%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 5.05p 5.04p 4.92p 4.465p 3.915p 3.73p 3.25p 2.84p 0.20% 2.44% 10.19% 14.05% 4.96% 14.77% 14.44% 9.23% 68.90% 2.3p 1.15p Special Dividends

Half year results to 30th September 2016• Revenue (+53%), profit (EPS: +45%) and cash flow (£118m, 2015: 57m) reached record levels driven by the successful implementation of the Vision 2020 growth strategy. • GCS organisation integration completed and BPI’s integration well advanced. • In December, announced purchase of ESE World BV, a waste storage solutions company, for €262.5m, funded by existing loans, and expected to boost earnings per share in year 1. ‘Good opportunities exist for higher added value organic growth whilst at the same time consolidating certain market positions. The second half year has started well.’ – Pim Vervaat, Chief Executive Increased interim dividend by 34.85% to 6.5p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 37.94% 67.61% (5.13%) 48.61% 10.89% 42.45% 31.52% 41.72% 595.80%

Past Dividend and Growth Uninterrupted dividend growth since 1994 (Yield 1.75%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 17.12p 14.31p 12.75p 12.26p 11.85p 8.9p 6.9p 6.1p 19.64% 12.24% 4.00% 3.46% 33.15% 28.99% 13.11% 3.21% 87.72%

Founded in 1957

Founded in 1991

Bringing Packaging to Life

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (47.41%) 1.24% (26.15%) 36.78% 15.55% (14.10%) 72.78% 107.49% 263.90%

Past Dividend and Growth Dividend rebased in 2016 (Yield 0.37%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 0.75p 1.53p 1.47p 1.46p 1.39p 1.24p 0.94p 0.77p (50.62%) 3.85% 0.65% 5.03% 11.81% 31.82% 23.08% 2.14% 0.45% 45.24p 3.52p 8.86p 8.04p Special Dividends

Founded in 1996

Half year results to 30th June 2016• Brush is performing in line with expectations in a tough market. • In August, completed £1.1 billion acquisition of Nortek, a global industrial company whose offerings include ventilation products, security and audio solutions and heating and cooling products, in a deal that was funded by a fully underwritten 12 for 1 rights issue and new $1250 million debt facility. ‘Since 2005, Melrose has focused on acquiring businesses to help them fulfil their potential. We are grateful to have shareholders who support that vision and we are proud of the value we have created for them.’ – Christopher Miller, Chairman Rebased interim dividend by -50.00% to 0.26p

Market Cap (Millions) £3,754.63

Market Cap (Millions) £2,922.75

Market Cap (Millions) £651.97

Market Cap (Millions) £2,236.06

Market Cap (Millions) £3,543.08

Estimated Yearly Dividend Schedule- Selective Growth

January February March April May June July August September October November December

Cranswick (Int)

Diploma (Fin)

Greene (Int) Spirax-Sarco (Fin)

Melrose (Fin)

Melrose (Int)

RPC (Int) Genus (Int) Rotork (Fin)St Mod (Fin) St Mod (Int)

A G Barr (Fin)

Carillion (Fin)

Diploma (Int)

Spectis (Fin)

PayPoint (Fin)

Victrex (Int) A G Barr (Int)

Carillion (Int)

Genus (Fin)Spectis (Int)

PayPoint (Int)

Hiscox (Int)

Cranswick (Fin)

Greene (Fin)

Rotork (Int)

RPC (Fin)

Victrex (Fin) Spirax-Sarco (Int)

Hiscox (Fin)

Geographic Spread (Revenues)

Emerging Markets4.26%

Europe Inc. UK 64.15%

Americas 19.31%

Rest of World5.57%

Asia 6.71%

It should be noted that investment involves risk. The price (or value) of investments can go down as well as up (and the investor may not necessarily receive back the original amount invested). When investments are made in overseas securities, movements in exchange rates may have an effect that is unfavourable as well as favourable. Past performance is not necessarily a guide to future performance. Rates of tax are those prevailing at the current time. These are subject to change without prior notice. Any tax reliefs referred to are those currently available and their value depends on the individual circumstances of the investor. Clients should always seek appropriate tax advice from their financial adviser before committing funds for management. The opinions expressed are based on information that we believe to be accurate and reliable. However, these opinions may change without notice. FIM Capital Limited does not guarantee the timelines, accuracy or suitability of such information in any way and anyone who acts on this information does so entirely at their own risk.

Edited by Michael Craine

Interim

Final

Dividend Per Share (Pence) Average year on year dividend growth since 2009: 20.11%

A G Barr Carillion Cranswick Diploma Genus Greene King

Hiscox PayPoint

Melrose

Rotork RPC Spectris Spirax-Sarco

St Modwen Properties

Victrex

-60.00%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

3.55

p

5.8p

13.1

p 6.2p

6.7p 8.

8p 8.5p

0.26

4p

28.2

p

3.1p

12.3

p

32.2

p

48.2

p

1.94

p

9.97

p

12.5

5p

25.9

p

13.8

p

14.7

p 23.6

p

16p

15p

1.95

p

6.5p

18p 22

.5p

3.85

p

11.7

3p

0.49

p

35.0

9p

Half year results to 30th June 2016 • Strong organic sales growth of 5%, aided by a 1% boost from acquisitions. Adjust operating profit up 16%, helped by operational gearing effects of a particularly strong second quarter. • Strong performance from Watson-Marlow, delivering organic operating profit growth of 21%. • Gains from the stronger dollar, euro and renminbi offset the impact of weaker currencies in Russia, South Africa, and Latin America. More than 90% of Group sales are generated from outside the UK, whilst approximately 35% of the goods sold are manufactured in the UK. ‘We are seeing the benefits of investments in our strategy for growth and have a robust, resilient and geographically diverse business model, which coupled with a strong balance sheet positions us well to navigate the current economic environment.’ – Nicholas Anderson, Chief Executive Increased interim dividend by 8.17% to 22.5p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 27.44% 10.07% (3.81%) 26.95% 21.09% (3.15%) 55.97% 36.56% 235.74%Past Dividend and Growth Uninterrupted dividend growth since 2006 (Yield 1.63%) H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound22.5 69p 64.5p 59p 55.04p 50.88p 44.65p 37.48p 34.58p 6.98% 9.32% 7.19% 8.18% 13.95% 19.13% 8.39% 11.37% 86.54% 120p 100p 25.96p Special Dividends

Founded in 1888

Half year results to 30th June 2016 • Achieved a 3% sales growth to £581.4 million, reflecting a 2% contribution from acquisitions and a 5% beneficial impact from foreign exchange movements. • Invested £25.8 million into three acquisitions, with an additional two in July. These complement the Group’s strategy to provide a combination of hardware, software and services. M&A pipeline remains healthy. • In September, announced the acquisition of Millbrook Group for £122 million, the company’s largest purchase of a pure testing services business. ‘We continue to make progress transitioning our customer offering from the supply of instruments towards the provision of solutions.’ – John O’Higgins, Chief ExecutiveIncreased interim dividend by 4.05% to 18p

Full year results to 30th September 2016 • Core business volumes up 9% in H2. Growth in Transport markets and a more stable performance in energy. Weaker H1 offset overall performance, with Consumer Electronics volumes down by 30% in the full year. • Announced a £10 million investment in Magma Global, its existing development partner for the Magma Oil & Gas meg-programme. This reflects the Group’s long term view of this market, despite short term challenges within Oil & Gas. More information will be made available at a Capital Markets Day in 2017. • Secured a development agreement with a major US medical device manufacturer for its Trauma programme. Meaningful revenue from this is expected within a 2 to 5-year timeframe, although this could be quicker. • Committed to regular annual special dividend payments, subject to a 50p per share minimum level. ‘Although we recognise the time required to drive market adoption, we remain excited by the potential of our strategy. – David Hummel, Chief Executive Maintained final dividend at 35.09p

Founded in 1915

Founded in 1993

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 28.36% (14.27%) (17.92%) 24.99% 58.96% (1.68%) 77.64% 37.94% 236.82%

Past Dividend and Growth Uninterrupted dividend growth since 1990 (Yield 2.05%) 2016 2015 2014 2013 2012 2011 2010 2009 Compound 50.2p 47.8p 44p 40.25p 38.9p 29.1p 24.95p 23.4p 5.02% 8.64% 9.32% 3.47% 33.68% 16.63% 6.62% 8.08% 89.30%

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound 7.04% (13.35%) 13.34% 13.47% 47.72% (26.10%) 83.09% 68.57% 275.44%

Past Dividend and Growth Uninterrupted dividend growth since 1997 (Yield 2.38%) H1 2017 2016 2015 2014 2013 2012 2011 2010 2009 Compound35.09 46.82p 45.49p 44.04p 38.75p 33.5p 26.6p 20.4p 18.3p 2.92% 3.29% 13.65% 15.67% 25.94% 30.39% 11.48% 2.81% 101.73%

50p 50p Special Dividends

Full year results to 30th November 2016 •Invested over £45m in new acquisitions, most recently acquiring a 10.5-acre logistics depot in Barming, Kent for £6.2m and reflecting a 7.54% net yield. • Good progress with commercial development programme in terms of construction and letting activity. Completed and sold or leased 75,000 sq ft of commercial space over the year with a well-stocked pipeline. • Sold 501-acre Heartlands Park site in Birmingham to the Secretary of State for Transport for the HS2 project and for a consideration of £25m.‘St. Modwen’s business is focused on creating genuine value from its deep and diverse portfolio of development and investment opportunities.’ – Mark Allan, Chief Executive Increased interim dividend by 2.11% to 1.94p

Price Performance 2016 2015 2014 2013 2012 2011 2010 2009 Compound (26.75%) 7.54% 5.04% 59.90% 103.27% (31.52%) (14.95%) 89.36% 304.98%

Past Dividend and Growth Uninterrupted dividend growth since 2006 (Yield 1.83%) H1 2016 2015 2014 2013 2012 2011 2010 2009 Compound 1.94p 5.75p 4.6p 4p 3.63p 3.3p 3p 0p 25.00% 15.00% 10.19% 10.00% 10.00% 69.12%

Founded in 1966

Market Cap (Millions) £699.36

Market Cap (Millions) £3,191.95

Market Cap (Millions) £2,882.59

Market Cap (Millions) £1,629.87