Date: April 2004
CPLP 3rd Anniversary

Capital Property Ltd Partnership [“CPLP”] celebrated its 3rd Anniversary in April 2004.

The fund is approx. 60% having invested in equity (x6) and mezzanine (x1) transactions located in Birmingham, City of London, Leeds, Abingdon (Oxfordshire), Crewe ( Cheshire ), Cheltenham (Glos) all in the UK . A number of opportunities in the UK and Europe are under review.

A further acquisition in France is undergoing due diligence which, when completed, would take the fund to approx. 60% invested. The Fund Managers anticipate achieving 70-80% invested in 2004.

Q1'04 saw the first exit which produced an equity return of x2.82 and an IRR of approx. 38% with a hold period of 3.25 years.

Limited Partners have to date paid 60% of their Capital Commitments having received cash and equity distributions representing 60% of Capital Commitments paid to-date i.e. approx. 40% of the total LP equity commitments. Bi-annual cash distributions continue at approx. 8.5%pa.

Strict stock selection criteria combined with proactive asset management has positioned the Fund well with strong cashflow and good opportunities for growth.