Offer Update

Pathfinder Properties PLC
5 June 2001



Recommended revised offer ('the Offer' or 'the Revised Offer') by Pathfinder
Properties PLC ('Pathfinder Properties') for Pathfinder Recovery 1 PLC
('Recovery 1') 

 - 36.66 per cent acceptances received

 - Offer extended until 3.00 p.m. on Tuesday 5th June 2001

As at 3.00 p.m. on 4 June 2001 (being the first closing date for the Revised
Offer) valid and complete acceptances under the Offer have been received in
respect of 1,694,119 Recovery 1 Shares, representing 36.66 per cent of the
issued share capital of Recovery 1. Elections for the Limited Cash Alternative
were made in respect of 1,267,767 Recovery 1 Shares, being 74.83% of the total
number of acceptances.

In addition, acceptances which are not complete in all respects have been
received in respect of a further 476,700 Recovery 1 shares, representing 10.31
per cent of the issued share capital of Recovery 1. Pathfinder Properties has
elected to treat such acceptances as valid in all respects as at the date of
their receipt pursuant to the provisions of paragraph 5( c ) of Part B of Part
IV of the revised offer document dated 18 May 2001.

The Offer has been extended until 3.00 p.m. on 5th June 2001

Before the offer period M.G. Bacchus and G.A. Heggie, being directors of
Pathfinder Properties and Recovery 1, held and continue to hold 5,000 and 32,504
Recovery 1 Shares respectively, representing respectively 0.11 per cent and 0.7
per cent of the issued ordinary share capital of Recovery 1. Pathfinder
Properties held no shares in Recovery 1 before the offer period and has not
otherwise acquired or agreed to acquire shares in Recovery 1.

There have been no material changes to the information contained in the revised
offer document dated 18 May 2001 sent to Recovery 1 shareholders.

The directors of Pathfinder Properties accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of such
directors (who have taken all reasonable care to ensure that such is the case)
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Nabarro Wells & Co. Limited has approved the contents of this announcement for
the purposes of Section 57 of the Financial Services Act 1986.


Recommended offer ('the Offer') by Pathfinder Properties PLC ('Pathfinder
Properties') for Pathfinder Recovery 2 PLC ('Recovery 2')

 - 16.89 per cent acceptances received

 - Offer extended until 3.00 p.m. on Tuesday 5th June 2001

As at 3.00 p.m. on 4 June 2001 (being the extended closing date for the Offer)
valid and complete acceptances under the Offer have been received in respect of
814,071 Recovery 2 Shares, representing 16.89 per cent of the issued share
capital of Recovery 2. Elections for the Limited Cash Alternative were made in
respect of 424,146 Recovery 2 Shares, being 52.1% of the total number of
acceptances.

In addition, acceptances which are not complete in all respects have been
received in respect of a further 279,894 Recovery 2 shares, representing 5.81
per cent of the issued share capital of Recovery 2.

The Offer has been extended until 3.00 p.m. on 5th June 2001.

Before the offer period M.G. Bacchus and G.A. Heggie, being directors of
Pathfinder Properties and Recovery 2, held and continue to hold 10,500 and
55,857 Recovery 2 Shares respectively, representing respectively 0.22 per cent
and 1.16 per cent of the issued ordinary share capital of Recovery 2. Pathfinder
Properties held no shares in Recovery 2 before the offer period and has not
otherwise acquired or agreed to acquire shares in Recovery 2.

There have been no material changes to the information contained in the document
dated 18 May 2001 sent to Recovery 2 shareholders.

The directors of Pathfinder Properties accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of such
directors (who have taken all reasonable care to ensure that such is the case)
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Nabarro Wells & Co. Limited has approved the contents of this announcement for
the purposes of Section 57 of the Financial Services Act 1986.