Further re Disposal

For immediate release

                                                                 18 August 2004

              Panther Securities PLC ('Panther' or 'the Company')              

                              Further Re. Disposal                              

Further to the announcement made on 15th July, 2004, the Company announces that
the sale of its properties situated at 38 Mount Pleasant, London WC1 and 158/
164 (even) Grays Inn Road, London WC1 has been completed.

In addition, the Company announces that it has exchanged contracts for the sale
of the third property which adjoins the above properties for a consideration of
£940,000, payable in cash on completion.

For further information:

Harold Perloff, Panther Securities plc: 020 7278 8011