Call Option - Eurocity Prop.

Panther Securities PLC
15 February 2002

                                                             15th February, 2002


              PANTHER SECURITIES PLC ('Panther' or 'the Company')

    Call Option over 12.5 per cent. of Eurocity Properties PLC ('Eurocity')

The Company announces that on 14th February, 2002 the Company entered into a
call option to acquire 731,578 Ordinary Shares in Eurocity ('Eurocity Shares'),
representing 12.56 per cent. of the issued share capital of Eurocity.  The call
option is exerciseable on or before 16th March, 2002.

In addition, the Company holds 1,387,563 Eurocity Shares, representing 23.82 per
cent. of the issued share capital of Eurocity, and a further call option over
300,000 Eurocity Shares, which is exerciseable during the period between 18th
and 28th February, 2002.

Accordingly, Panther now holds 1,387,563 Eurocity Shares, representing 23.82 per
cent. of the issued share capital of Eurocity, and 1,031,578 rights over
Eurocity Shares, representing 17.71 per cent. of the issued share capital of
Eurocity, which amounts, in aggregate, to 41.53 per cent. of the issued share
capital of Eurocity.



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