Date: April 2003
2nd Anniversary of CPLP

Capital Property Ltd Partnership [“CPLP”] celebrated its 2nd Anniversary April 2003.

The fund is 34% invested in equity (x4) and mezzanine (x1) transactions located in Birmingham, City of London, Leeds and Abingdon (Oxfordshire) all in the UK. A number of opportunities in the UK and Europe are under review.

A further acquisition is undergoing due diligence which, when completed, would take the fund to approx. 40% invested. The Fund Managers anticipate achieving 50-60% invested in 2003.

The strict stock selection criteria combined with proactive asset management has positioned the Fund well with strong cashflow and good opportunities for growth. Cash returns to date are approx. 8.5% on equity invested.

Nick Judd, Property Fund Manager comments “the most recent transaction (Abingdon, UK, new Office building) is let for a further 23.5 years. This investment is well secured and produces a cash coupon of 10%pa, with a predicted total return of 12%-14%pa. Currently, we are seeking similar investments where a double digit coupon can be paid”.

Esme Lowe, Director of Capital Trust Ltd, London comments “investors are pleased with the performance to date in what can best be described as volatile market conditions and we are confident of growth prospects and future performance.”