Trading Update

Panther Securities Plc ('the Company')                     

                                Trading Update                                 

Panther Securities Plc is pleased to announce that further to its announcement
of 15 December 2004 the completion of the sale of Copthall House, Coventry at a
price of £9,250,000 took place today. These properties were independently
valued for the Company's 2003 accounts at £5,250,000 and in that year produced
a gross income of approximately £700,000 with a net income of £450,000.

The Directors confirm that a special interim dividend of 10p per share for the
year ended 31 December 2005 will be paid at the same time as the final dividend
for the year ended 31 December 2004. The Directors expect that these payments
will be made towards the end of June 2005.

The company further announces that one its subsidiary companies has sold the
freehold investment at 14-18 King Street, Sterling for £525,000. This property
was one of the Eurocity Properties Portfolio, and realised approximately 10 per
cent. in excess of book value.

The Panther Group now has approximately £22,000,000 cash at bank together with
unutilised loan facilities of £25,000,000 available for future investment or
trading situations.

Andrew Perloff, Panther Securities plc: 020 7278 8011