Re Joint Venture

    For immediate release

FREEPORT PLC
14 August 2003

FREEPORT ACQUIRES 100% CONTROL OF
FREEPORT STOKE JOINT VENTURE

Freeport plc, a leading owner, developer and operator of designer outlet
villages in Europe, today announces that its wholly owned subsidiary,
Freeport Leisure plc ("Freeport"), has exercised its option to acquire
the 50% shareholding in Freeport Stoke Limited held by the joint venture
partner - Norwest Estates Services Limited ("Norwest"), a subsidiary of
United Co-operatives Limited.

Following the exercise of the option, Freeport will own the entire share
capital of Freeport Stoke Limited, which owns and operates the Freeport
Talke Outlet Mall at Talke Pits, Stoke-on-Trent, Staffordshire. The
Outlet Mall opened in March 1999 and comprises approximately 13,200
square metres (142,000 sq. ft.) of lettable floorspace; consent was
recently received to expand the mall by approximately 2,200 sq. metres
(23,800 sq ft).

Freeport has agreed to pay £1 million in cash for the 25,000 "A"
Ordinary Shares held by Norwest and is to repay £6.5 million of
shareholders loans to Norwest under the terms of the joint venture
agreement.

The audited accounts of Freeport Stoke Limited for the year ended 29
June 2002 showed a pre-tax profit of £964,820 and net assets of
£7,116,259.

Sean Collidge, Executive Chairman said:
"We have acquired the remaining 50% shareholding in Freeport Stoke at a
beneficial price. This gives us greater flexibility in operating the
outlet mall and provides more options to maximise the value of the
property for the benefit of shareholders".

Enquiries:
Sean Collidge,
Freeport plc [phone]

Stephen Benzikie/James Horsman,
Edelman Financial [phone]