Demerger Unconditional

LIBERTY INTERNATIONAL PLC

7 May 2010

DEMERGER UNCONDITIONAL

Liberty International (the "Company") is pleased to announce that all the conditions relating to the Demerger have been satisfied and that the Liberty International Reduction of Capital has become effective today. Accordingly, Ian Hawksworth and Graeme Gordon have resigned as Directors of the Company, and Richard Gordon has been appointed as a non-Executive Director of the Company, with effect from today. Liberty International's name is also being changed to Capital Shopping Centres Group PLC later today.

Liberty International Ordinary Shares will begin trading under the new name Capital Shopping Centres on 10 May 2010 under LSE code CSCG and under JSE code CSO.

The Capital & Counties Ordinary Shares will begin trading on the LSE on a "when issued" basis at 8.00 a.m. on Monday 10 May 2010 under LSE code CAPC. Dealings in the Capital & Counties Ordinary Shares on the LSE on Monday 10 May 2010 and Tuesday 11 May 2010 will settle on Monday 17 May 2010. The Capital & Counties Ordinary Shares will begin trading on the JSE at 8.00 a.m. on Monday 10 May 2010 under JSE code CCO.

CREST accounts will be credited with Capital & Counties Ordinary Shares at 8.00 a.m. on Monday 17 May 2010. CSDP and broker accounts will be credited at 9.00 a.m. (South African time) on Monday 17 May 2010. Shareholders will be sent share certificates in respect of their certificated holdings in Capital & Counties by Monday 24 May 2010.

Capitalised terms used in this announcement shall have the same meanings as in the circular to shareholders dated 12 March 2010.

Enquiries

Susan Folger, Company Secretary

Telephone +44 207 887 7073

This announcement is not a prospectus but an advertisement and investors should not acquire any new ordinary shares in Capital & Counties referred to in this announcement except on the basis of the information contained in the prospectus published by Capital & Counties on 12 March 2010 and any supplement or amendment thereto.

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or investment advice in any jurisdiction.

The securities to which this announcement relate have not been and are not required to be registered under the US Securities Act. These securities have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of these securities or the accuracy or adequacy of this document. Any representation to the contrary is a criminal offence in the United States