Disposal

Fletcher King PLC
17 August 2006


FOR IMMEDIATE RELEASE


                               FLETCHER KING PLC
           £25 million sale of SHIPS 1 commercial property portfolio


Fletcher King PLC ('Fletcher King'), the London based Chartered Surveyors and
Property Fund Managers, today announces the sale of the commercial property
portfolio of the Stratton House Investment Property Syndicate 1 ('SHIPS 1') to
Scottish Widows' UK Balanced Property Trust for £24.78 million representing a
net initial yield of 5.9%. Colliers CRE acted on behalf of Scottish Widows.

SHIPS 1 is an unregulated 5 year term investment syndicate. It was formed by
Fletcher King in 2002 with investment subscriptions of £6.25 million, including
£250,000 of Fletcher King money, a target income yield of 8% and an overall
return target of 15%.

By 2004 the syndicate was fully invested and the sale of the portfolio today
gives the SHIPS 1 investors a return in excess of 35% p.a. on their equity.

Commenting, David Fletcher, chairman of Fletcher King said:

'The success of SHIPS 1 is strong evidence of our capabilities as investment
fund managers, which is the fastest growing part of our business. Our £35
million property investment syndicate, SHIPS 04, which was formed in 2004 is
already fully invested and, we are about to launch a new regulated commercial
property investment fund.'

                                      END


For further information please call:

David Fletcher / Richard Goode, Fletcher King          020 7493 8400
Christopher Joll, MJ2                                  020 7491 7776
Dominic Amey, Colliers CRE                             020 7344 6604




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