FREEPORT SALE OF BRAINTREE LEISURE

Freeport plc ("Freeport"), a leading owner, developer and operator of
designer outlet villages in Europe, today announces that contracts have
been exchanged to dispose of its wholly owned subsidiary company,
Braintree Leisure Limited, ("BLL"), which owns and operates the Leisure
Development adjacent to Freeport's designer outlet shopping village at
Braintree, Essex. This is in accordance with the Board's strategy of
disposing of fully mature or non-core assets. Tenants within the Leisure
Development include Cine UK, Chicago Rock Cafe, Number 10 Bowling and
Prezzo plc.

Freeport will receive payment of �16.5 million of which �2 million will
be paid on Completion, due in September 2003, and the balance on an
interest bearing secured loan to be repaid not later than the third
anniversary of Completion. The sale proceeds will be utilised to reduce
Group gearing. The price represents a 6.7 % yield, reflecting the long
leasehold value of the Leisure Development.

Sean Collidge, Executive Chairman, said " This is the first of several
planned disposals of non - core or fully mature Freeport assets and
represents full value for this asset at a premium to book cost".

Enquiries:

Sean Collidge, Freeport plc                       +44 (0)20 7299 9360
Stephen Benzikie/James Horsman, Edelman Financial +44 (0)20 7344 1200