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 +44 (0)20 7493 8400 Christopher Joll/Alice Proctor, MJ2 +44 (0)20 7491 7776 This information is provided by RNS The company news service from the London Stock Exchange