RESULTS DEMONSTRATE CSC’S CONSIDERABLE PROGRESS IN 2011

· Transformational acquisition of The Trafford Centre
· Growth in net rental income and earnings per share
· Strong key operational metrics
· Growing the pipeline of projects

David Fischel, Chief Executive of Capital Shopping Centres PLC, commented

“The results demonstrate CSC’s considerable progress in 2011. The transformational Trafford Centre acquisition has driven our strong performance and has exceeded our expectations. While the UK economic environment is challenging, CSC is well positioned for growth with assets of uniquely high quality, a considerable capital base, a committed management team and a pipeline of future projects.”

Enquiries:

Capital Shopping Centres Group PLC
David Fischel, Chief Executive
Matthew Roberts, Finance Director
Kate Bowyer, Investor Relations Manager

Public relations
UK : Michael Sandler/Wendy Baker, Hudson Sandler
SA: Morné Reinders , College Hill

The full text of this press release, which contains the Chairman’s Statement, Operating Review, Financial Review and additional information, is available here.

A presentation to analysts and investors will take place at UBS, 1 Finsbury Avenue, London EC2 at 09.30GMT on 23 February 2012. The presentation will also be available to international analysts and investors through a live audio call and webcast.

2011 HIGHLIGHTS

Operational highlights

Transformational acquisition of The Trafford Centre
· High quality income stream
· Valuation increased by £50 million to £1,700 million
· Integration and management changes

Strong key operational metrics
· Like-for-like net rental income has grown 3.6 per cent
· Occupancy remains strong at 97 per cent
· 198 new long-term lettings have added £9 million additional annual rent for the Group
· Footfall is up a further 2 per cent following two years of growth. After a flat autumn, December was up 7 per cent on 2010
· Positive impact on earnings and valuations with underlying earnings per share up 7 per cent to 16.5 pence and property values stable

Growing the pipeline of projects
· Asset management initiatives underway, notably at Lakeside and Metrocentre
· Acquisition of Broadmarsh, Nottingham
· Planned capital expenditure of around £120 million, covering most centres, plus progress on potential major extensions at Lakeside and Nottingham
· Acquisitions of land with potential for future development

Robust financial position
· New £375 million revolving credit facility evidence of access to funding
· Wholly owned assets, mostly freehold, make up 75 per cent of investment properties by value

Financial highlights (1)

(1) Please refer to glossary in full announcement for definition of terms

(2) 31 December 2011 income data includes Trafford Centre results for the 11 months since acquisition