Exercise of Call Option

Panther Securities PLC
28 February 2002


                                  EMBARGOED - NOT TO BE RELEASED UNTIL 7.00 A.M.

                                                             28th February, 2002


             PANTHER SECURITIES P.L.C. ('Panther' or 'the Company')

                 Exercise of call option over 5.1 per cent. of
                      Eurocity Properties PLC ('Eurocity')


Further to the announcement on 15th February, 2002, the Company announces that
it has exercised a call option over 300,000 Ordinary Shares in Eurocity,
representing 5.15 per cent. of the issued share capital of Eurocity.

Accordingly, Panther now holds 1,687,563 Eurocity Shares, representing 28.97 per
cent. of the issued share capital of Eurocity and 731,578 rights over Eurocity
Shares, representing 12.56 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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