GBP240m 3.95 per cent. Convertible Bonds due 2010 - Adjustment to Conversion Price

Liberty International PLC 22 May 2009 LIBERTY INTERNATIONAL PLC (the "Issuer") £240,000,000 3.95 per cent. Convertible Bonds due 2010 of which £79,244,000 is currently outstanding (the "Bonds") (ISIN: XS0176967262; Common Code: 017696726) In accordance with the terms and conditions of the Bonds (the "Conditions"), as set out in the Offering Circular dated 13 October 2003 relating to the Bonds, notice is hereby given to Bondholders pursuant to Condition 5(k) that in connection with the pricing details of the Firm Placing and Placing and Open Offer announced by the Issuer on 28 April 2009, the Conversion Price of the Bonds will be adjusted pursuant to Condition 5(b) from £8 per Ordinary Share to £7.16 per Ordinary Share with effect from 28 May 2009. If Bondholders were to exercise Conversion Rights prior to the date of such adjustment they would pay a Conversion Price of £8 per Ordinary Share. Words and expressions defined in the Conditions shall have the same meaning when used in this announcement. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.