Issue of Equity

Pathfinder Properties PLC
24 April 2003

                                  ANNOUNCEMENT

                           PATHFINDER PROPERTIES PLC

                        ('PATHFINDER' OR 'THE COMPANY')

The Board of Pathfinder announces that, on 22 April 2003, the Company allotted
17,184 ordinary shares of 10p each in exchange for 2,083 ordinary shares of £1
each in Pathfinder Recovery 1 Limited. The issued share capital of the Company
following the allotment is £7,981,311.80 divided into 79,813,118 ordinary shares
of 10p each.  The Company's interest in Pathfinder Recovery 1 Limited is now
95.56% of the issued share capital of that company (previously 95.52%).


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