Disposal

Pathfinder Properties PLC
04 December 2003



               PLEASE ENSURE THE ENTRIES ON THIS RETURN ARE TYPED


     Disclosure of interest in shares and notifications of dealings under

                        the Stock Exchange Requirements



                      DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY                2) NAME OF SHAREHOLDER HAVING A SUBSTANTIAL 
                                        INTEREST

Pathfinder Properties PLC                           Pathfinder Developer IX PLC






3)  Please state whether notification indicates that it     4)   Name of the registered holder(s), and, if more
is in respect of the Shareholder named in 2 above or in     than one holder, the number of shares held by each of
respect of a non-beneficial interest or in the case of      them. Please state if the shareholder named in 2 above
an individual holder it is a holding of that person's       is the registered holder
spouse or children under the of 18

                                                            Shareholder named in 2. above is registered holder.
Notification is in respect of Shareholder named in 2.
above.




5)   Number of shares/ amount        6)   (  .  %)           7)   Number of shares/ amount    8)   (4.49%)
of stock acquired                                                of stock disposed

                                      of issued class              3,590,820                    of issued class
                                                       


9)   Class of security                                     10)    Date of                   11)    Date company
                                                           transaction if known. If               informed
                                                           not known please state

Ordinary Shares of 10p each
                                                                  2/12/03                         4/12/03
                                                         



12) Total holding following this notification           13)   Total percentage holding of issued class
                                                               following this notification

Nil                                                              Nil
                                                          

14)   Any additional information eg. number of          15)      Name of contact and telephone number for
shares held in the form of an option, price per share            queries.
etc.


Shares sold at 16p per share                                     Robert Lo
                                                                020 7710 7407


16) Name and signature of authorised company official responsible for making 
    this notification


Date of notification  4 December 2003..



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Ireland Ltd. Registered Office: The Stock Exchabge, London EC2N 1HP


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