Offer Update

Panther Securities PLC
11 December 2002


                                                           For immediate release
                                                             11th December, 2002


   Recommended Offer by John East & Partners Limited ('John East & Partners')

             on behalf of Panther Securities P.L.C. ('Panther') for

                      Eurocity Properties plc ('Eurocity')


                  Offer declared unconditional in all respects



On 8th November, 2002, the boards of Panther and Eurocity announced the terms of
a recommended offer to be made by Panther for the whole of the issued ordinary
share capital of Eurocity not already owned by Panther.



The Offer is:



23p in cash for each Eurocity Share held ('the Cash Offer'); or



One new Panther Share for every seven Eurocity shares held ('the Share
Alternative').



John East & Partners and Panther announce that the Offer has today been declared
unconditional in all respects.



The Cash Offer, as set out in the Offer Document dated 26th November, 2002, will
remain open for acceptances until further notice.



The Share Alternative will remain available until 3.00pm on 25th December, 2002
at which time it will cease.  Eurocity Shareholders who still wish to accept the
Share Alternative should despatch their completed Forms of Acceptance as soon as
possible and in good time as elections for the Share Alternative received after
this time and date will not be accepted.



As at 3.00pm on 10th December 2002, Panther had received valid acceptances of
the Offer in respect of 2,133,787 Eurocity Shares, representing approximately
36.62 per cent. of the issued share capital of Eurocity (of which holders of
290,298 Eurocity Shares had elected for the Share Alternative).



In addition, Panther holds 1,687,563 Eurocity Shares, representing 28.97 per
cent. of the issued share capital of Eurocity.



Following settlement of the consideration to which any shareholder is entitled
pursuant to valid acceptances received to date, Panther will hold 3,821,350
Eurocity shares, representing 65.59 per cent. of the issued share capital of
Eurocity.



Application will be made for the new Panther Shares, to be issued in respect of
valid acceptances, electing for the Share Alternative, received by 3.00pm on
10th December, 2002 and any received after that date but no later than 3.00pm on
25th December, 2002 to be admitted to the Official List and to trading on the
London Stock Exchange which is expected to commence on 2nd January, 2003.  For
those Eurocity Shareholders who do not hold their Eurocity Shares in the CREST
settlement system definitive share certificates are expected to be despatched by
first class post on 2nd January, 2003.



The cash consideration due in respect of valid acceptances received by 3.00p.m
on 10th December, 2002 will be posted to shareholders by 24th December, 2002.
The cash consideration due in respect of valid acceptances received after that
date will be posted to Shareholders by the later of 31st December, 2002 and 14
days after the date of receipt of an acceptance complete in all respects.



Terms defined in the Offer Document, dated 26th November 2002, have the same
meaning in this announcement save where the context requires otherwise.


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