Offer Update

Pathfinder Properties PLC
10 September 2001



                          PATHFINDER PROPERTIES PLC

                     OFFER FOR PATHFINDER RECOVERY 1 PLC

  As at 7 September 2001, acceptances in respect of the offer for Pathfinder
                       Recovery 1 PLC were as follows:-

Complete acceptances in respect of the share offer: 1,067,974 Shares (23.11%)

Incomplete acceptances in respect of the share offer: 9,783 (0.21%)

Complete acceptances electing for cash: 3,201,136 (69.26%)

Incomplete acceptances electing for cash: 16,185 (0.35%)

Therefore, the total of completed acceptances in respect of the offer now
amounts to 92.37%.

The Board of Pathfinder Properties PLC announces that notices pursuant to
Section 430A(3) of the Companies Act 1985 were sent to non-assenting
shareholders on 7 September 2001.

Save as separately announced by the Company, or set out above, there have been
no material changes to the information contained in the Revised Offer Document
sent to shareholders on 21 May 2001.

The directors of Pathfinder Properties PLC 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.


Enquiries

Malcolm Bacchus, Pathfinder Properties PLC 020 7736 9669

Robert Lo, Nabarro Wells & Co. Limited 020 7710 7400