Letter to Shareholders

Pathfinder Properties PLC
12 March 2003


                                                                   12 March 2003

               Letter to Pathfinder Shareholders ('shareholders')


The Board of Pathfinder Properties PLC ('Pathfinder' or the 'Company') announces
that it has written to shareholders who have not yet submitted their proxy form
in response to yet another misleading letter sent to shareholders by Sunnyview
Limited ('Sunnyview') regarding the forthcoming Extraordinary General Meeting ('
EGM').  Pathfinder's letter states:

'On shareholders' behalf Pathfinder invited Sunnyview to 'put up or shut up'
Instead they have chosen to ignore this request.  Their promises of a
liquidation of the Company's assets continue to lack any substance.  They still
have not shown how their proposals would deliver greater returns to shareholders
than the present Board.  They still fail to indicate the level of cash return
they would provide, the process by which it would be achieved or a timetable by
which it would occur.

'The Board's recommendation in response to Sunnyview's libellous allegations and
their inadequate proposals continues to be: Vote against all their proposed
resolutions.'

Copies of the letter to Shareholders will be available for one month from
today's date from the Company's head office at Capital House, Michael Road,
London SW6 2YH.

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Nabarro Wells & Co. Limited, which is
regulated by the Financial Services Authority.


Enquiries:

John Parry, Chairman
Malcolm Bacchus
Pathfinder Properties
Tel: [phone]

Robert Lo
Nabarro Wells & Co. Limited
Tel: [phone]

Peter Trevelyan-Clark
Teather & Greenwood
Tel: [phone]

Jeremy Carey
Tavistock Communications
Tel: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange