Statement re Net Asset Value

Embargoed until 7.00am on

                                                             3rd February, 2006

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

                            Net asset value update                             

In the interim results for the six months ended 30 June 2005, released on 14
September 2005, it was announced that the Company intended to commission an
independent revaluation of its entire property portfolio. This revaluation has
now been completed and shows a total increase in value of approximately £
20,500,000 over the book value of investment properties shown in the
consolidated balance sheet contained in the interim results. After taking into
account the increased deferred tax provision required on the revalued
investment properties, the revaluation of investment properties represents an
increase in Panther's net asset value of approximately 85p per share.

In addition, the underlying valuation of the properties held as trading stock
has also increased the net asset value by approximately 23p per share before
allowing for tax. However, in accordance with our accounting policies, this
increase will not be recognised in the group accounts until any trading profits
are realised.

The net asset value per Panther share at 30 June, 2005 was 295p. The net asset
value per share at 31 December, 2005 will reflect the investment properties'
uplift referred to above and the trading results for the year ended 31
December, 2005.

For further information:

Andrew Perloff, Panther Securities plc: 020 7278 8011