Offer Partly Unconditional

Property & Capital Group PLC
21 January 2000


PROPERTY & CAPITAL GROUP PLC

OFFER FOR PARAGON PROTECTED GROWTH PLC ('PARAGON')

Property & Capital Group PLC has today announced that its Recommended Cash
Offer with Share Alternative to acquire the whole of the issued share capital
of Paragon is unconditional as to acceptances, acceptances having been
received to the level of 90.29%.

The offer for Paragon has been extended to 28 January 2000.