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Press Release issued by Estate Agents, Knight Frank.

1st December 2000

The following is the text of a Press Release issued by Estate Agents, Knight Frank.

52A CROMWELL ROAD: London SW7

Knight Frank has sold the freehold interest in 52a Cromwell Road, The Scout Association's administrative offices which adjoin Baden-Powell House in South Kensington.

The property has been bought by Cheval Property Holdings Limited for a reported price in the region of £4.85 million. Cheval will refurbish the building once The Scout Association vacate at the end of the year.

Knight Frank has been retained by Cheval to advise on the refurbishment and subsequent letting of the building. The completion of the refurbishment is due for Summer 2001 and will comprise approximately 18,000 sq ft (1,670 sq m) of modern air-conditioned office accommodation with benefit of 8 car parking spaces.

Contact:

Knight Frank

20 Hanover Square

London W1S 1HZ