Final Results

Panther Securities PLC
9 April 2001

                    PANTHER ANNOUNCES PRELIMINARY RESULTS

                     FOR THE YEAR ENDED 31 DECEMBER 2000

                             CHAIRMAN'S STATEMENT

Introduction

I am very pleased to present the results for the year ended 31st December
2000. Pre tax profits have increased to £2,396,000 compared with £2,056,000
for the year ended 31st December 1999. Rental income received also rose during
the year to a little over £5,500,000, compared with £4,960,000 last year.

Main Events

Malcolm Bloch, who had been my business partner for nearly 36 years and a
Director of Panther for 28 years, retired on 31st March 2000. After receiving
shareholders approval at an EGM in July, the company purchased his
shareholding of 1,065,307 ordinary shares at 120p per share. The acquisition
of these shares at a discount to net asset value had the effect of increasing
net assets per share by 4p.

In July we sold our entire holding of shares in Wynnstay Properties PLC for
approximately £1,600,000 which showed a profit of £404,000 over cost. However,
only £143,000 of this figure is shown in our year end profits and the balance
is reflected in the 'below the line' adjustment as a transfer from revaluation
reserves.

In August 2000 we acquired the freehold of Old Inn House, High Street, Sutton,
Surrey for £1,800,000. This building contains five shops and 18,000 square
feet of air-conditioned offices which produced £230,000 per annum exclusive at
the time of purchase. One entire floor of offices has become vacant since as
anticipated, and, after redecoration, we believe it could be let at a figure
of 25% in excess of the previous rent.

In August we also purchased the freehold of 3 shops with 6 flats above in
Cheam, Surrey for £400,000 with the intention of selling off the units
individually. One vacant flat has now been redecorated and sold after the year
end for £97,000. A second flat has now been placed on the market.

Panther House Redevelopment

This freehold property occupies approximately half an acre, of which the rear
half fronts Mount Pleasant and contains Panther House, probably the first
London business centre. Panther House has a valid planning permission for a
complete refurbishment to provide 64,000 sq ft gross and 43,500 net office
space. Plans are being revised for a new building on the half that fronts
Gray's Inn Road to total approximately 40,000 sq ft which would complement and
possibly join up with Panther House. If permission is obtained it would give
added value to the existing Panther House scheme.

Progress on planning matters is proceeding slowly but we are in discussions
with interested parties about a possible sale. It is gratifying to note that,
as mentioned in my Interim Statement, all the properties are presently fully
let at record rentals.

Bristol Redevelopment

In my Interim Statement, I expressed the opinion that our scheme would not be
called in by the Department of Environment for a full Public Planning Enquiry.
This opinion was based on the fact that there were absolutely no objections to
the scheme.

My optimism was unfortunately misplaced. The scheme was in fact called in and
the Public Enquiry has recently been completed and, as we expected, there were
no objections. Indeed there was positive support from the Local Authority, who
were represented, and support from all local community groups. Dawn Primarolo,
the MP for the Bristol area, is another prominent supporter of the scheme and
has written a letter of support to the Inspector in charge of the hearing.
Whilst both we and our advisers are extremely hopeful that consent will be
granted, it will take some months for the decision to be given.

The scheme proposed contains approximately 100,000 sq ft in total, of which
70,000 sq ft will be a Food superstore, 20,000 sq ft mixed use units and the
remaining 10,000 sq ft will be used for community facilities, including a new
library.

The intangible benefits will be the rejuvenation of a deprived, run down area
and the creation of up to 350 new local jobs.

Elmbank Chambers, Glasgow

In my Interim Statement I mentioned that this vacant office property was under
offer. Contracts have now been exchanged conditional upon planning permission
being granted to change the present office/business use to residential use.
The price agreed is higher than previously anticipated in view of the
conditionality of the contract.

Glasgow Council has written to the architects dealing with the change of use
to residential status confirming that this would not conflict with their
designation for that area. A planning application has already been submitted
but it will be a few months before we know the outcome due to the detailed
work required for such a large conversion scheme.

Other Investments

During the year we invested approximately £1 million in shares in two quoted
property companies where we are receiving a dividend return equivalent to our
bank interest foregone, in companies where their net assets were considerably
greater than the share price. I am pleased to say they have both performed
extremely well. Indeed one of them, William Nash & Sons Plc., has recently
exchanged contracts to sell its major asset and announced that subject to
satisfactory completion of the sale, they propose paying a special dividend
which, by my calculation, could amount to almost £1,250,000 for us. This will
be well in excess of the price we originally paid for our shares.

As I suggested last year, stock market valuations of 'High Tech' companies
bore no relation to reality and thus investment in property companies has
proved much more rewarding than some of the other sectors of the stock market.
I believe this situation may continue for some time to come.

Post Balance Sheet Events

In January 2001 we purchased a freehold shop/office building in Hazel Grove,
Stockport for £475,000 and it currently produces £65,000 p.a. exclusive. In
February 2001, we sold five small shop properties at a profit. This will cut
down on management time spent dealing with smaller value properties and
further rationalisation is being considered.

Dividends

An interim dividend of 3p per share was paid on 3rd November 2000 and we are
recommending a further payment of 3.5p per share for the year ending 31st
December 2000 thus increasing the total dividend for the year to 6.5p per
share this being an 8% increase on last year. Since we obtained our full
listing in 1994, our dividend has risen from 2.7p to 6.5p per share, an
increase of 141%.

Taxation

Last year I complained about the unfair taxation on property companies in
general and the discrimination against employees and large investors in
property investment companies in particular. It is nice to think that the
Chancellor of the Exchequer reads our reports and takes note as in his recent
budget he stated 'For employees in all types of companies, including venture
capital and non-trading companies the long term capital gains tax rate will no
longer be 40p but 10p'.

This was not exactly true as in the small print employees/shareholders who
hold over 10% equity are excluded from the favourable CGT treatment. I am
obviously personally disappointed that I and other entrepreneurs like myself
are excluded from the favourable CGT rate, having worked full time for this
company for over 28 years.

In case the Chancellor reads my report again, I would mention that whilst the
Inland Revenue considers our company to be an investment company for Taxation
purposes due to most of our income comprising rental income, our Group
currently owns about 60 separate blocks of property with over 450 separate
tenants. Approximately 25 new lettings took place last year and we lost about
10 tenants. We currently employ 17 people and provide work for five firms of
architects, six different building firms, five legal practices and at least
seven different estate agents as well as accountants and brokers (and others).
Even after all these people have been well paid our Group still has sufficient
profits to pay almost £650,000 in tax. To suggest that we are not as
beneficial to the UK's financial well being as most manufacturers or trading
organisations is patently ridiculous.

Higher rate taxpayers, who as entrepreneurs, substantially own the company
they work for, pay 40% income tax and over 20% National Insurance Tax on part
of their income. The profit in the company is taxed at 30%. The company also
has paid:-


        a)     3% or 4% stamp duty on the purchase price on most of its
               property transactions

        b)     insurance premium tax at 5% on the properties' insurance
               premiums

        c)     irrecoverable VAT at 171/2% on much of the professional costs
               we incur in our business

        d)     commercial property rates that are payable on all our
               properties and if vacant by us, indeed without the provision of  
               any services in return.

After these deductions and corporation tax having been paid, if any money is
paid out in dividends a further 25% is paid by most recipient shareholders and
when this money is spent by them a further 17.5% is paid in VAT on most
purchases, or over 80% of the price of any petrol, cigarettes or alcohol is
tax. Additionally, Local Council Tax has to be paid.

When one retires and sells one's assets, up to 40% tax is taken in one hit on
the capital appreciation even if it has taken 40 years to accumulate.
Ultimately a further 40% tax is taken when you die.

These levels of taxation are not conducive to risk, effort and enterprise
which are the sparks for all successful economies.

Red Tape

For a number of years we have seen the introduction of a bewildering plethora
of new rules and regulations. Some of these have emanated from Brussels but
many have originated here. These regulations which concern health and safety,
environmental matters and employment legislation are immensely costly to
implement and these costs are of course ultimately borne by business or the
consumer.

Most of this legislation is so labyrinthine in its complexity that I suspect
that much of it is not complied with and I have serious doubts as to the
benefits of all these new rules and whether they actually help the issue they
purport to.

What I have no doubt about however is that for the past several years the boom
conditions that have existed have diverted attention away from this
bureaucratic, incompetent interference in trade. When the downturn takes place
as indeed it must - and I personally believe that we have seen the beginning
of it - the subsequent repercussions of the decline will be far worse and the
recovery much more arduous than it might have been if not for these added
burdens imposed upon businesses.

Prospects

We face the future with confidence. We have been cautious, arranged our
finances at fixed rates, hold a substantial amount of cash with the
availability of substantial additional finance, have a positive cash flow from
our well spread portfolio and a significant amount of uncharged assets. We are
maximising the income from existing assets and have the ability to act quickly
if any profitable proposal comes our way.

Finally, I would like to thank all our staff, professional advisers and the
numerous firms we deal with and, of course, our tenants who have helped to
make this another successful year.

Andrew S. Perloff

Chairman

9th April 2001

For further information please contact:
Andrew Perloff, Chairman      Panther Securities PLC         020 7278 8011
Simon Courtenay               City Profile                   020 7726 8588


                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                     for the year ended 31st December 2000

                                              Notes      2000              1999
                                                        £'000             £'000

Turnover                                                6,499             5,861
Cost of sales                                         (1,519)             (997)
Gross profit                                            4,980             4,864
Administrative expenses                                 (764)           (1,346)
Operating profit                                        4,216             3,518
Income from participating interests                        46                64
Profit on disposal of property                              -               153
Profit on disposal of investments                         143                 -
Profit on ordinary activities before interest           4,405             3,735
Interest receivable                                       381               242
Interest payable                                      (2,390)           (1,921)
Profit on ordinary activities before taxation           2,396             2,056
Taxation                                                (621)             (503)
Profit on ordinary activities after taxation            1,775             1,553
Minority interests                                        (7)               (9)
Profit attributable to members of the
parent undertaking                                      1,768             1,544
Dividends                                       1     (1,103)           (1,085)
Retained profit for the year                              665               459
Transferred from revaluation reserve                      261               805
Purchase of own shares                                (1,381)              (41)
Retained profit brought forward                         9,738             8,515
Retained profit carried forward                         9,283             9,738

Earnings per share                              2       10.1p              8.6p




                          CONSOLIDATED BALANCE SHEET
                             at 31st December 2000

                                                       2000                1999
                                                      £'000               £'000
Fixed assets
Tangible assets                                      53,320              51,136
Investments                                             299               1,707
                                                     53,619              52,843
Current assets
Stock                                                 6,384               4,812
Debtors: due within one year                            681                 788
Cash at bank and in hand                              5,013               7,687
                                                     12,078              13,287
Creditors:
Amounts falling due within one year                 (3,057)             (2,761)
Net current assets                                    9,021              10,526
Total assets less current liabilities                62,640              63,369
Creditors:
Amounts falling due after more than one year       (30,258)            (30,379)
Minority interests                                     (97)               (115)
Net assets                                           32,285              32,875

Capital and reserves
Called up share capital                               4,237               4,515
Share premium account                                 2,862               2,859
Revaluation reserve                                  14,223              14,384
Capital redemption reserve                              560                 281
Negative goodwill reserve                             1,120               1,098
Profit and loss account                               9,283               9,738
Equity shareholders' funds                           32,285              32,875




          CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                     for the year ended 31st December 2000

                                                                   2000    1999
                                                                  £'000   £'000

Profit for the financial year after taxation                      1,775   1,553
Unrealised surplus on revaluation of properties and investments     100   3,892
Total gains and losses relating to the year                       1,875   5,445

Notes

        1.     Dividends

        The company has already paid an interim dividend of 3.0p per share
        (net) (1999: 2.5p (net)) and the Directors now recommend payment of a
        final dividend of 3.5p per share (net) (1999: 3.5p (net)). The final
        dividend will be payable on 28th May 2001 to shareholders on the
        register at the close of business on 4th May 2001.

        2.     Earnings per ordinary share

        The calculation of earnings per ordinary share is based on earnings,
        after minority interests, of £1,768,000 (1999 - £1,544,000) and on
        17,580,393 ordinary shares being the weighted average number of
        ordinary shares in issue during the year (1999 - 18,033,295).

        3.     Report and Accounts

        The financial information for the year ended 31st December 1999
        is extracted from the group's financial statements to that date which
        received an unqualified auditor's report and have been filed with the
        Registrar of Companies.

        The financial information for the year ended 31st December 2000 is
        extracted from the group's financial statements to that date which
        received an unqualified auditor's report and will be filed with the
        Registrar of Companies in due course.

        4.     Annual General Meeting

        The annual general meeting will be held on 23rd May 2001.

        5.     Copies of the Report and Accounts will be posted to
        shareholders shortly and will be available from the Company's
        registered office at Panther House, 38 Mount Pleasant, London WC1X
        0AP.