Statement re Potential Disposal

STOCK EXCHANGE ANNOUNCEMENT 16th September 2004 FLETCHER KING PLC Sale of Fletcher King Manchester Fletcher King PLC, the London based property fund managers, asset managers and Chartered Surveyors, announce that they have agreed Heads of Terms for the sale of Fletcher King Manchester ("FKM") to Colliers CRE. FKM is a Manchester based firm of Chartered Surveyors specialising in industrial property agency work. Fletcher King PLC is a founder partner in FKM with 30% of the equity. The shareholders who hold the remaining 70% have also agreed to sell their share holding in FKM to Colliers CRE. Commenting, David Fletcher, chairman of Fletcher King PLC, said: "As our primary business focus is now on property investment and asset management, it makes sense for us to agree to the sale of this non-core business, which is primarily engaged in the commercial property agency market, and in which we are a minority investor." Further details will be issued on completion of the sale. END Issued by mj2 ltd on behalf of Fletcher King PLC For further information, please call: Tim McCall, mj2 Ltd 020 7491 7776