Freeport success in Europe

    24th October 2003
Immediate release
                                    
FREEPORT SUCCESS IN EUROPE

Freeport plc, a leading owner, developer and operator of designer outlet
villages in Europe, are pleased to announce that Jean Paul Gaultier has
opened their first outlet in central Europe within the new Freeport
outlet mall at Excalibur City, north of Vienna, Austria. Other brands
have now joined the Freeport mall at Excalibur including Ferretti,
Moschino, Wolford and Clair DK.

Sean Collidge, Chairman, said - "Freeport Excalibur first month of trade
has been above company expectations. Consumer response to the centre has
been excellent. The current area now trading is approximately 81% and
increasing weekly as more tenancies open to trade. Our first independent
consumer surveys indicate that 58% of our visitors are from Austria, 24%
are travelling over 100 kilometres to visit the centre, 77% are first
time visitors to an outlet centre and the average dwell time is between
2/3 hours. We expect a good Christmas at Freeport Excalibur."

Freeport plc also announced today that their Freeport outlet village in
Gothenburg, Sweden, had just secured J Lindeberg as a tenancy and recent
openings including Ljud & Bild, Mockaspecialisten, Mexx Kids and M
Music.

Sean Collidge, Chairman, said - " As reported in our annual accounts
year-end June 2003, our Swedish development is now over 90% leased with
approximately 73% of the area trading and new tenancies opening
regularly. Current trade at Freeport Goteborg in the first three months
of this fiscal year was 19% up like for like. We are optimistic for its
future growth."

Enquiries:
Freeport plc                                      020 7299 9360
Sean Collidge, Executive Chairman

Media Enquiries:
Edelman Financial                                 020 7344 1200
Stephen Benzikie/James Horsman