RESULTS CONFIRM FURTHER RECOVERY

Growth in net rental income and earnings per share

• Net rental income increased by 4 per cent in total and 2 per cent like-for-like
• 15.4 pence adjusted earnings per share, up 2 per cent on 2009

Positive operational performance

• 181 long term lettings generating £28 million annual rent, an increase of £16 million from the previous rent
• Good letting progress at St David’s, Cardiff, extension now 83 per cent committed by income (65 per cent on opening)
• Occupancy remains strong at 98.6 per cent (97.7 per cent including St David’s, Cardiff)
• Footfall up a further 3 per cent like-for-like year on year, 6 per cent in two years

Property valuation improvement

• Valuation surplus 11 per cent, including 3 per cent in the second half, out-performing IPD
• NAV per share up 51 pence, 15 per cent up from demerger pro forma
• Total financial return including dividends for the year of 20 per cent

CORPORATE HIGHLIGHTS

• Group transformed into the only pure UK prime shopping centre REIT through the successful demerger of Capital & Counties from Liberty International PLC (now Capital Shopping Centres Group PLC)
• Placing of 62.3 million shares at 355 pence raising £221 million before costs
• Debt to assets ratio 47 per cent and available financial headroom approximately £500 million (post Trafford Centre acquisition), no significant debt maturity until 2014

and in January 2011

• Completion of the acquisition of The Trafford Centre
• Completion of the C&C US transaction with Equity One

STRONGLY POSITIONED FOR GROWTH

• CSC now owns 14 centres including 10 of UK’s top 25 and 4 of the UK’s top 6 out-of-town
• Opportunity for growth in like-for-like net rental income – potential 18 per cent reversionary upside
• Scope for valuation recovery to continue – valuation yields still above CSC long-run average
• Potential for value creation through development and active management. Plans for investment (up to £600 million over the medium term) with potential to create at least 4,500 jobs for the regional economies in which CSC operates
• Integration of The Trafford Centre – draw upon combined expertise to adopt strongest features and best operational practices of individual centres
• Structural shift in UK retail towards pre-eminent destinations such as CSC’s with strong leisure and catering offerings, new supply currently constrained.

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

(2) 2009 figures have been re–stated to remove the impact of the Capco business following the demerger in May 2010

(3) CSC’s share of Liberty International PLC’s 2009 dividend of 16.5 pence per share

Patrick Burgess, Chairman of CSC, comments as follows:

“ The 2010 results demonstrate that CSC’s recovery is on track with increased like-for-like net rental income, improved operational performance and continuing property valuation surpluses. CSC has made some striking moves to redefine itself as the specialist REIT focused on pre-eminent UK regional shopping centres, including the demerger of Capco and the transformational acquisition of The Trafford Centre in January 2011.

CSC ends the year in a robust financial position with the debt to assets ratio at 48 per cent, around £500 million of financial headroom and a range of return enhancing organic opportunities which we intend to pursue vigorously. While the UK faces economic challenges over the next few years, CSC is well placed to achieve growth and superior shareholder returns.”

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: Nicholas Williams, College Hill

The full Results announcement is available here

A presentation to analysts and investors will take place at 1 Finsbury Avenue, London EC2 at 09.30GMT on 23 February 2011. The presentation will also be available to international analysts and investors through a live audio call and webcast.