Offer Update

Panther Securities PLC
05 February 2003


For immediate release
                                                              5th February, 2003


   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 update and Compulsory acquisition


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.

John East & Partners and Panther announce that the Offer will close on 21st
February, 2003.

As at 11.00am on 5th February, 2003, Panther had received valid acceptances of
the Offer in respect of 3,724,079 Eurocity Shares, representing approximately
63.92 per cent. of the issued share capital of Eurocity (of which holders of
642,581 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 5,411,642
Eurocity shares, representing 92.73 per cent. of the issued share capital of
Eurocity.

As the acceptances received under the Offer are in respect of 90 per cent or
more of the Eurocity Shares to which the Offer relates, Panther is entitled, and
intends to exercise its rights pursuant to the provisions of sections 428 to
430F of the Act to acquire compulsorily the remaining Eurocity Shares. Panther
intends to procure that Eurocity applies to the London Stock Exchange for the
cancellation of the admission of the Eurocity Shares and Eurocity Warrants to
trading on AIM.

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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