Liberty International Group Pension Scheme

Pension Insurance Corporation Insures the FTSE 100 Liberty International Defined Benefit Pension Scheme

LONDON, February 4 - Pension Corporation, a leading provider of risk management solutions to
defined benefit pension funds, today announces that Pension Insurance
Corporation is to insure the Liberty International Group Retirement Benefit
Scheme.

In return for fully insuring the liabilities of the Scheme, Pension
Insurance Corporation will receive assets amounting to GBP61 million,
comprising GBP46 million in Scheme assets and GBP15 million additional
company contribution. The Scheme has 203 members.

Liberty International PLC is one of the UK's largest listed property
companies and a constituent of the FTSE 100 Index of the UK's leading listed
companies. At 30 June 2009, adjusted, diluted shareholders' funds amounted to
GBP2.6 billion and Liberty International owned GBP6.1 billion of properties;
UK regional shopping centres comprised 73 per cent and retail property in
aggregate 86 per cent. Liberty International converted into a UK Real Estate
Investment Trust (REIT) on 1 January 2007.

David Bramson, Chairman of the Scheme Trustees, said:

"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."

Akash Rooprai, a Principal at Mercer, said:

"In its role as lead adviser and broker for this transaction, Mercer
helped the trustees to explore a range of potential solutions. PIC's flexible
approach and efficient execution helped them win this contract."

John Coomber, Chief Executive, Pension Insurance Corporation, commented:

"We are delighted to have been able to help Liberty International and its
pension fund trustees bring security to the benefits of its members. Liberty
deserves credit for using corporate resources to help achieve this. This is
the second FTSE 100 risk transfer transaction which PIC has completed and I
look forward to further transactions during 2010."

About Pension Corporation

Pension Corporation is a leading provider of risk management solutions
to the trustees and sponsors of defined benefit pension funds. It oversees
pension fund liabilities of c.GBP6 billion and is affiliated to more than
100,000 pension scheme members or former members. Its FSA authorised and
regulated insurance company, Pension Insurance Corporation ("PIC"), brings
safety and security to scheme members' benefits through innovative, tailored
solutions. These include pension insurance buyout or buy-in and longevity
risk management. It has transacted both the UK's largest and the first public
sector backed pension insurance buyouts. Other clients include FTSE 100
companies and several multinationals. PIC is proud to work with pension fund
trustees to maximise member benefits. For further information please visit
www.pensioncorporation.com

    For further information:

    Pension Corporation    Jeremy Apfel         +44-20-7105-2140

    Financial Dynamics     Rob Bailhache        +44-20-7269-7200
                           Nick Henderson       +44-20-7269-7114

For further information: Pension Corporation, Jeremy Apfel, +44-20-7105-2140; Financial Dynamics, Rob Bailhache, +44-20-7269-7200; Nick Henderson, +44-20-7269-7114