Directorate Change

Pathfinder Properties PLC
09 February 2004

FOR IMMEDIATE RELEASE             9 February 2004


                   ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE

           Pathfinder Properties PLC ('the Company' or 'Pathfinder')

     Director appointment, grant of option and change of registered office

Director appointment

The Board of Pathfinder announces the appointment to the Board of Gerard Alan
Lee (age 52).

Details of Mr Lee's current and past Directorships are as follows:

Currrent Directorships:                 Past Directorships:

Kerrington Limited
Kerrington Developments Limited         Capital Prime Properties Limited
Kerrington Property Services Limited    Capital Prime Properties Plus Limited
Kerrington Management Limited           Capital Prime Properties Plus II Limited
Kerrington Estates Limited
Kerrington Acquisitions Limited
Eldington Limited
Vista Estates Limited
Vista Homes Limited
Vista Property Services Limited
Vista Property Holdings Limited
Vista Marine Engineering Limited
De Bream Limited
Euromanor Properties Limited
Hazelgrove Estates Limited
Amicrest Limited
Amicrest Holdings Plc
Amicrest (Tib Street) Limited
The North London Cardiac Centre Limited
Kenward Corporation Limited
Sentinal Properties Limited

There are no other matters which are required to be announced with regard to
this appointment as required by paragraph (f) of Schedule 2 of the AIM rules.

Gerard Lee owns 400,000 Pathfinder Ordinary Shares, representing 0.5% of the
issued share capital of the Company.

Edward Azouz, Chairman of Pathfinder, said today: 'Gerard Lee is an experienced
director of public property companies and I believe that his experience will be
a valuable asset to the Board.'

Grant of option

Pathfinder also announces that it has entered into an option agreement ('the
Option') with Amicrest Holdings Plc ('AH').

The Option relates to a debt of £409,146 (plus accrued interest) ('the Debt')
which a wholly owned subsidiary of Pathfinder currently owes to AH. Payment of
the Debt is guaranteed by Pathfinder.

The Option enables Pathfinder to settle the Debt in exchange for shares in
Pathfinder at a price of 16p per Pathfinder Ordinary Share.

The Option is exercisable at the sole discretion of Pathfinder at any time up to
26 May 2004.

No member of the AH group currently holds any shares in Pathfinder. Gerard Lee
is a director and shareholder of AH.

The Pathfinder Board believes that the grant of the Option provides the
opportunity to strengthen Pathfinder's balance sheet on advantageous terms.

Change of Registered Office

The Registered Office of the Company has been changed to:

61 Chandos Place,
London WC2N 4HG.


For further information:

Edward Azouz, Pathfinder Properties PLC [phone]

Robert Lo/Marc Cramsie, Nabarro Wells & Co. Limited [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange