New Property Fund Launched

Fletcher King PLC
08 November 2006


PRESS RELEASE
8th November 2006


                    FLETCHER KING LAUNCHES NEW PROPERTY FUND
      Stratton House Investment Properties Limited Partnership - SHIPS 06


Following on from the success of its property investment syndicates, SHIPS1 and
SHIPS 04 which have generated an overall annual return on equity of 30% and 20%
respectively, Fletcher King Plc ('Fletcher King') is pleased to announce the
launch of its new investment properties Limited Partnership, SHIPS 06.

An unregulated fund, SHIPS 06 will be a geared, 5 year term commercial property
investment fund focussed on capital growth with a targeted overall return on
equity of 10-12% per annum. This performance will be achieved by investing in
city centre offices and multi-let industrial estates throughout the UK with
added value opportunities. SHIPS 06 will not have the high front end charges
frequently associated with unitised investment structures.

Fletcher King's initial fund raising target is £15 million plus. With up to 75%
gearing loan-to-value, this will provide SHIPS 06's investment manager with £50
million to invest.

Established as a Limited Partnership, SHIPS 06 will be tax transparent, with
limited liability and will be fully SIPP compliant. It will also be suitable for
on or off shore high net worth individuals, charities and companies. Unlike many
other such funds, Fletcher King is backing its own judgment and the company, its
directors and associates will be investing £750,000 in SHIPS 06.

Commenting on the launch, David Fletcher, chairman of Fletcher King, said:

'SHIPS 06 gives investors the opportunity to participate in a geared,
diversified, UK commercial property portfolio focussed on capital growth and of
a size that individual investors may find difficult to form themselves. Fletcher
King has the experience and the track record to deliver the indicative returns
and, as both the company and its directors are investing in SHIPS 06, is highly
incentivised to do so.'


                                      END


For further information, please call:

David Fletcher/Richard Goode, Fletcher King         [phone]
Christopher Joll/Alice Proctor, MJ2                 [phone]


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