Liberty International (now Capital Shopping Centres Group PLC) announced on 9 March 2010, its intention to separate into two businesses, Capital Shopping Centres and Capital & Counties,

The separation was effected by way of a demerger of Liberty International’s central London focused property investment and development division, to a new company called Capital & Counties Properties PLC, from the rest of the Liberty International Group comprising predominantly the UK shopping centres business. Liberty International was renamed Capital Shopping Centres Group PLC when the Demerger became unconditional on Friday 7 May 2010. The Demerger created distinct entities with separate strategic, capital and economic characteristics and management teams:

• Capital Shopping Centres, a prime regional shopping centre focused UK REIT, aiming to deliver strong longterm returns through income and capital growth; and

• Capital & Counties, a central London focused, non-REIT, property company focusing on total return opportunities in London’s real estate market.

The resolutions necessary to effect the Demerger were approved by Shareholders at the Extraordinary General Meeting (”EGM”) held on 7 April 2010. The Demerger became unconditional on the registration at Companies House on 7 May 2010 of the Court Order confirming the Liberty International Reduction of Capital issued on 4 May 2010.

Shareholders will receive one share in Capital & Counties Properties PLC for each ordinary share in Capital Shopping Centres Group PLC that they own at the time of the Demerger and will continue to own their existing Capital Shopping Centres Group PLC shares. (Note: Shareholders will receive new share certificates for their Capital & Counties shares only - existing certificated shareholders in Liberty International PLC will not be receiving new Capital Shopping Centres Group PLC certificates as Liberty International PLC share certificates remain valid and will be accepted by the registrar for any future share dealings in CSCG shares. Certificates in the new name will be issued as required for future share transactions).

The Gordon family, whose combined interest in Capital Shopping Centres Group PLC is 14.8 per cent. voted in favour of the Demerger and will remain invested in, and represented on the boards of, both companies.

Capital Shopping Centres Group PLC and Capital & Counties Properties PLC both have premium listings on the Official List, will be admitted to trading on the London Stock Exchange and will have secondary listings on the JSE.

All documentation relating to the Demerger is being made available for download from this page as and when published.

On Friday, 12 March 2010 a Liberty International PLC Circular, which included the Notice of the EGM held on Wednesday, 7April 2010, and a Capital & Counties Properties PLC Prospectus containing full information on the Demerger were published. Hard copies of both documents are available on request from this website, as are the results of the EGM.

On Tuesday, 4 May 2010 an announcement confirming issue of the Court order to reduce Liberty International’s share capital was made. The announcement included a suumary timetable of the remaining steps to completion of the Demerger.

On Friday, 7 May 2010, it was announced that all the conditions relating to the Demerger had been satisfied and that the Liberty International Reduction of Capital had become effective. Accordingly, Ian Hawksworth and Graeme Gordon had resigned as Directors of the Company, and Richard Gordon had been appointed as a non-Executive Director of the Company, with immediate effect. Liberty International’s name was also changed to Capital Shopping Centres Group PLC later that day.

Information on Demerger share values that may be relevant for tax purposes is available here.