Letter to Shareholders

Pathfinder Properties PLC
03 March 2003

               Letter to Pathfinder Shareholders ('shareholders')

The Board of Pathfinder Properties PLC ('Pathfinder' or the 'Company') announces
that it is writing to shareholders in response to a further misleading letter
sent to Shareholders by Sunnyview Limited ('Sunnyview') regarding the
forthcoming Extraordinary General Meeting ('EGM').  Pathfinder's letter states:

'The latest communication from Sunnyview seems designed to confuse shareholders.
It contains a combination of muddled points and vague proposals, which, in
Pathfinder's view, should be decisively rejected by shareholders.

'Sunnyview is merely trying to gain control of the Company on the cheap.  If
Sunnyview is serious in its intentions it should make a formal bid for the
Company at a price that fully reflects Pathfinder's value.  Alternatively, it
should put forward firm proposals as to how it intends to deliver greater
returns to shareholders than the present board.

'If Sunnyview has serious proposals that would benefit all shareholders,
Pathfinder calls on its directors to detail those proposals. It is time for
Sunnyview to put up or shut up.  If Sunnyview or Messrs Azouz have a serious,
costed proposal to put to shareholders, Pathfinder invites them to put it,
rather than resorting to personal allegations and attempts to slur the
reputation of the Board members.

'The Board repeats its recommendation to shareholders:  Vote against Sunnyview's
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 and from the Company's website at www.pathfinderplc.com.

The Directors of Pathfinder accept responsibility for the information contained
in this announcement, which has been issued by Pathfinder Properties PLC,
Capital House, Michael House, London SW6 2YH. 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.  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]


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