Disposal

For immediate release

                                                                   15 July 2004

              Panther Securities PLC ('Panther' or 'the Company')              

                                   Disposal                                    

Panther (LSE:PNS), the property investment company, announces that it has
exchanged auction contracts for the sale of its properties situated at 38 Mount
Pleasant, London WC1 and 158/164 (even) Grays Inn Road, London WC1 for a
consideration of £8,810,000, payable in cash on completion, which is expected
to take place on 11 August, 2004. The valuation attributable to these
properties contained in the accounts for the year ended 31 December, 2003, was
£8,500,000.

Panther House has been the Company's head office for 70 years and also houses a
large number of business centre units, which together with the properties at
Grays Inn Road, in the year ended 31st December, 2003 produced a gross rental
income of approximately £550,000.

The net proceeds after redeeming borrowings will be utilised for further
investment.

For further information:

Andrew Perloff, Panther Securities plc: 020 7278 8011