Offer Update

Panther Securities PLC
27 December 2002

For immediate release

                                                             27th December, 2002



   Recommended Offer by John East & Partners Limited ('John East & Partners')

             on behalf of Panther Securities P.L.C. ('Panther') for

                      Eurocity Properties plc ('Eurocity')


                                  Offer Update


Further to the announcement issued earlier today, pursuant to the Share
Alternative of the Offer, Panther will be issuing 91,749 new ordinary shares,
representing 0.54 per cent. of the enlarged issued share capital of Panther.
Application has been made for the said shares to be admitted to the Official
List and to trading on the London Stock Exchange. Trading is expected to
commence on 2nd January, 2003.  For those Eurocity Shareholders who do not hold
their Eurocity Shares in the CREST settlement system definitive share
certificates are expected to be despatched by first class post on 2nd January,
2003.



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