Disposal

For immediate release

                                                                    27 May 2004

                      Panther Securities PLC ('Panther')                       

                                   Disposal                                    

Panther (LSE:PNS), the property investment company, announces that earlier
today it exchanged conditional contracts for the sale of Eurocity (Crawley)
Limited ('Eurocity'), which was acquired in 2003 as part of the Eurocity
Properties PLC group, to Real Estate Investors PLC ('REI'), a commercial
property investment company, which intends to apply for its ordinary shares to
be admitted to trading on AIM early next month.

Peter Lewin, the founder of Newport Holdings plc, is the founding director and
chief executive of REI, in which he holds a 25% stake.

The sole asset of Eurocity, which made a pre-tax profit of £131,000 in the year
ended 31st December 2003, is a fully let town centre, retail and office
investment in Crawley, Sussex, that has been valued at £3,200,000 for the
purposes of this transaction.

Panther will receive, conditional upon the AIM listing of REI taking place,
approximately £750,000 in cash and £650,000 in new REI securities, of which £
325,000 will be satisfied in ordinary shares, at the placing price of 10p, and
the balance by a five year convertible loan note. As a result, Panther will
hold an initial 12% stake in the REI.

The sale of Eurocity (Crawley) Limited by Panther will recover most of the cost
of acquiring the Eurocity Properties PLC group.

Andrew Perloff, chief executive of Panther commented:

'This is a great deal for both parties and we are particularly pleased to have
an opportunity to invest in Real Estate Investors plc'.

For further information:

Andrew Perloff, Panther Securities plc: 020 7278 8011