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OAK REACHES FIRST PROPERTY CONSULTANCY AGREEMENT

The newly created consultancy service set up by AIM listed property development group Oak Holdings plc has signed its first contract to manage the property portfolio of a significant overseas investor. Although the terms of the deal remain confidential, the Company believes that the consultancy service will be a significant income generator and revenue driver for the Group. Income is expected to begin arising from the contact in the current financial year. Oak is marketing the service to targeted individuals and orginisations that require discrete professional advice on optimising their property assets.

Oak Chief Executive Stephen Lewis said: "Our clients are looking for and expect total discresion in the selection and management of their assets which can run into mant millions of pounds. We anticipate that the contract we have just entered into will form the basis of a growing source of income for the group.

Oak is marketing itself as a fully independent 'bolt on property company' with no agency links. The services it offers include project consultancy and development appraisal, risk analysis, advice on valuation procurement, financial engineering and insurance.

Oak has an experienced team and a cumulative total of over 75 years experience working on major development projects. Malcolm Savage spent 22 years with St Martins Property Corporation, the property company owned by the state of Kuwait where he was responsible for London Bridge City, Windmill Hill Business Park, Swindon and Tour Manhattan Paris among many others. Steve Lewis, who was also at St Martins then moved on to be responsible for Castle Mall, Norwich, Heron City Projects in Europe and Allied Irish Bank in Uxbridge in addition to several leisure schemes throughout Europe.

Malcolm Savage said: "We have always said that we wanted to develop Oak into a broadly based property group. We are looking at a number of opportunities both internationally and in the UK. The new consultancy service is a valuable additional income stream for the business. We feel the contract we have just won will prove to be of considerable value to shareholders."

Oak listed on AIM in December 2003 following its reversal into the former canal boat operator AWG Services.

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