LII Liberty Intl.

 
TIDMLII 
 
Liberty International plc 
 
10 March 2010 
 
 
 
LIBERTY INTERNATIONAL PLC (the "Issuer") 
 
 GBP240,000,000 3.95 per cent. Convertible Bonds due 2010 
 
of which  GBP79,244,000 is currently outstanding (the "Bonds") 
 
(ISIN: XS0176967262; Common Code: 017696726) 
 
 
 
In  accordance with  the terms  and conditions  of the  Bonds (the "Conditions") 
constituted   by   a   Trust  Deed  dated  16 October  2003 as  supplemented  by 
supplemental  trust deeds dated  20 December 2004 and 3 February 2010 (together, 
the  "Trust Deed"), notice is hereby  given to Bondholders pursuant to Condition 
16 that: 
 
(a)         the Trustee has determined pursuant to Clause 13.1 of the Trust Deed 
that  (i) the Event of Default under  Condition 11(vi) of the Bonds arising from 
the  announcement on 9 March 2010 by the Issuer  of its intention to carry out a 
demerger  of  its  central  London  focused  property investment and development 
businesses  (the "Transaction") constituting a threat  by the Issuer to cease to 
carry  on a substantial part of its  business or operations shall not be treated 
as  such; and (ii) should  the Transaction be implemented,  the Event of Default 
under  Condition  11(vi) of  the  Bonds  arising  from the implementation of the 
Transaction  constituting the cessation  by the Issuer  of a substantial part of 
its business or operations shall not be treated as such; and 
 
(b)         in connection  with such  determination, the  Issuer and the Trustee 
have  entered into a Second Supplemental  Trust Deed ("Second Supplemental Trust 
Deed") in respect of the Bonds pursuant to which (i) the Issuer has deposited in 
an  account with the Trustee  a cash amount equal  to the sum of  GBP79,244,000 the 
outstanding  principal amount of the  Bonds due on the  Final Maturity Date, and 
 GBP1,565,069  the Interest due on the final Interest Payment Date, such cash to be 
applied  to  satisfy  payment  of  any  amount  owing in respect of the Bonds or 
Coupons  as and when  the same fall  due as provided  in the Second Supplemental 
Trust  Deed, and (ii) the  Issuer has granted to  Bondholders a right to require 
the  Issuer to  redeem their  Bonds on  any date  from 10 March 2010 to the date 
falling  14 days prior  to the  Final Maturity  Date, at their principal amount, 
together  with interest accrued to the relevant Optional Put Date (as defined in 
the Second Supplemental Trust Deed). 
 
A  copy of the Second Supplemental Trust Deed is available for inspection during 
normal business hours at the registered office for the time being of the Trustee 
(being at the date hereof at Winchester House, 1 Great Winchester Street, London 
EC2N 2DB). 
 
Words and expressions defined in the Trust Deed shall have the same meaning when 
used in this notice unless otherwise defined herein. 
 
 
 
 
 
 
 
 
[HUG#1392397] 
 

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