Liberty International

4th February 2010

In December 2009 the Trustees of the Liberty International Retirement Scheme, a FTSE 100 property company, selected PIC to fully insure the liabilities of its Scheme.

The transaction required a £15m top-up by the Company.

The Trustees protected the members' interests while removing the uncertainty associated with the funding of defined benefit schemes at an acceptable cost to the Company.

In May 2010, soon after the pension insurance buyout, Liberty International PLC demerged into two separate businesses: the first focussed on UK shopping centres, with Liberty International PLC changing its name to Capital Shopping Centres Group PLC; the second, a new company called Capital & Counties Properties PLC, focussed on Central London commercial properties

"Pension Insurance Corporation offers a strong proposition in securing member benefits for the long term. I am very pleased that we were able to conclude the transaction with PIC. The PIC team was very helpful and constructive in negotiations, helping us to achieve the best overall result for our members."

David Bramson, Chairman of the Scheme Trustees