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Pathfinder Properties PLC 7 August 2000 PATHFINDER PROPERTIES PLC Announcement of changes in directors and management 7 August 2000 The Board of Pathfinder Properties PLC is pleased to announce the appointment of Mr Malcolm Graham Bacchus and Mr Simon Patrick Dawkins as executive directors following the resignation, earlier today, of Mr Andrew de Candole who intends to pursue his internet and internet related businesses. Messrs Bacchus and Dawkins have worked with the company, for some time, as consultants on both property development and management issues. They share the Board's vision of creating a property group that can make a significant contribution to urban regeneration. Mr Bacchus has acted as a consultant to the Company since its flotation on the Alternative Investment Market. Aged 46, he has worked in property finance and management since 1987. He qualified as a Chartered Accountant and worked with Grant Thornton and BDO Binder Hamlyn prior to becoming an independent adviser to property companies in 1994. Mr Dawkins, aged 41, has acted as a consultant to the Company since 1998 with responsibility for site acquisition, planning and development. He previously ran the UK subsidiary of an international finance company and was a director of a property developer and contractor specialising in penthouse developments. Mr de Candole is working with management to ensure a smooth hand-over from his management company, Blenheim Asset Management Limited, which supplied services to the Company. All relevant Blenheim staff will be transferring to the in- house team. Similar changes are taking place in the management of all other Pathfinder companies. Pathfinder Recovery Ventures Limited is acquiring 15,190,000 shares, being the majority of Blenheim's and Mr de Candole's interests in Pathfinder Properties PLC, at 20.14p per share, representing a 21.6% interest in the issued share capital of the Company. The Chairman, Sir Christopher Leaver, said, in announcing the management changes, 'Mr de Candole has indicated to us his wish to spend more time on his internet and internet related companies and we have therefore taken this opportunity to rationalise management structures. We are confident the existing team's mix of experience and expertise will ensure these changes represent a significant step forward for the Company. We would like to thank Andrew for his contributions to the Company over the years and wish him all the best in his new endeavours.' Mr Bacchus said 'The Company is in a strong financial position and is continuing to progress its existing developments. The Company is also seeking to expand its joint ventures with the other Pathfinder companies through an ongoing acquisition program. The results for the half year to 30 June, which will be released in September, should reflect the buoyant market conditions.' An increased interim dividend is anticipated. Contact: Robert Lo Nabarro Wells & Co. Ltd 020 7710 7400 Andrew Marshall Marshall Robinson Roe 020 7489 2033 Malcolm Bacchus Pathfinder Properties PLC 020 7736 9669 Note to editors Pathfinder Properties PLC was launched as a BES investment vehicle in 1991. In 1997 it was floated on AIM as a property developer, investor and trader. It has subsequently acquired Pathfinder Repossessions PLC and Pathfinder Repossessions II PLC, also originally BES companies, and, at 3 August 2000, was capitalised at £15.1 million. Pathfinder Properties PLC is currently undertaking developments on its own account and in conjunction with Pathfinder Recovery 1 PLC and Pathfinder Recovery 2 PLC (both traded on OFEX since June 2000) and the Pathfinder Developer EIS companies. Pathfinder Recovery Ventures Limited is owned 50% by Pathfinder Recovery 1 PLC and 50% by Pathfinder Recovery 2 PLC. Details of related transactions announced today appear below PATHFINDER RECOVERY 1 PLC Announcement of changes in directors and management The Board of Pathfinder Recovery 1 PLC is pleased to announce the appointment of Mr Malcolm Graham Bacchus and Mr Simon Patrick Dawkins as executive directors following the resignation, earlier today, of Mr Andrew de Candole who intends to pursue his internet and internet related businesses. Messrs Bacchus and Dawkins have worked with the Company, for some time, as consultants on both property development and management issues. They will complete the transition of the company from a BES investment vehicle to a property company making a significant contribution to urban regeneration following its launch on OFEX in June 2000. Mr Bacchus has acted as a consultant to the Company since 1997 and has worked in property finance and management since 1987. Aged 46, he qualified as a Chartered Accountant and worked with Grant Thornton and BDO Binder Hamlyn prior to becoming an independent adviser to property companies in 1994. Mr Dawkins, aged 41, has acted as a consultant to the Company since 1998 with responsibility for site acquisition, planning and development. He previously ran the UK subsidiary of an international finance company and was a director of a property developer and contractor specialising in penthouse developments. Mr de Candole is working with management to ensure a smooth hand-over from his management company, Blenheim Asset Management Limited, which supplied services to the Company. All relevant Blenheim staff will be transferring to the in- house team. Pathfinder Recovery Ventures Limited, a company in which Pathfinder Recovery 1 PLC has a 50% interest, is acquiring 15,190,000 shares, being the majority of Blenheim's and Mr de Candole's interests in Pathfinder Properties PLC, at 20.14p per share; representing a 21.6% interest in the issued share capital of that company. Mr Martin Boase, Chairman of the Board, said, in announcing the management changes, 'Mr de Candole has indicated to us that he wished to spend more time on his internet and internet related companies and we have therefore taken this opportunity to rationalise management structures. We are confident the existing team's mix of experience and expertise will ensure these changes represent a significant step forward for the Company. We would like to thank Andrew for his contributions to the Company over the years and wish him all the best in his new endeavours.' Similar changes are taking place in the management of the other Pathfinder companies including Pathfinder Recovery 2 PLC, which is traded on OFEX, and Pathfinder Properties PLC, which is quoted on AIM. PATHFINDER RECOVERY 2 PLC Announcement of changes in directors and management The Board of Pathfinder Recovery 2 PLC is pleased to announce the appointment of Mr Malcolm Graham Bacchus and Mr Simon Patrick Dawkins as executive directors following the resignation, earlier today, of Mr Andrew de Candole who intends to pursue his internet and internet related businesses. Messrs Bacchus and Dawkins have worked with the Company, for some time, as consultants on both property development and management issues. They will complete the transition of the company from a BES investment vehicle to a property company making a significant contribution to urban regeneration following its launch on OFEX in June 2000. Mr Bacchus has acted as a consultant to the Company since 1997 and has worked in property finance and management since 1987. Aged 46, he qualified as a Chartered Accountant and worked with Grant Thornton and BDO Binder Hamlyn prior to becoming an independent adviser to property companies in 1994. Mr Dawkins, aged 41, has acted as a consultant to the Company since 1998 with responsibility for site acquisition, planning and development. He previously ran the UK subsidiary of an international finance company and was a director of a property developer and contractor specialising in penthouse developments. Mr de Candole is working with management to ensure a smooth hand-over from his management company, Blenheim Asset Management Limited, which supplied services to the Company. All relevant Blenheim staff will be transferring to the in-house team. Pathfinder Recovery Ventures Limited, a company in which Pathfinder Recovery 2 PLC has a 50% interest, is acquiring the 15,190,000 shares, being the majority of Blenheim's and Mr de Candole's interests in Pathfinder Properties PLC, at 20.14p per share; representing a 21.6% interest in the issued share capital of that company. Mr Martin Boase, Chairman of the Board, said, in announcing the management changes, 'Mr de Candole has indicated to us that he wished to spend more time on his internet and internet related companies and we have therefore taken this opportunity to rationalise management structures. We are confident the existing team's mix of experience and expertise will ensure these changes represent a significant step forward for the Company. We would like to thank Andrew for his contributions to the Company over the years and wish him all the best in his new endeavours.' Similar changes are taking place in the management of the other Pathfinder companies including Pathfinder Recovery 1 PLC, which is traded on OFEX, and Pathfinder Properties PLC, which is quoted on AIM. Current and past directorships Details of current and past directorships for Messrs Bacchus and Dawkins are attached. Neither Mr Bacchus nor Mr Dawkins has been a director of a publicly quoted company at any time in the past five years and no further details other than those given in the attachment are to be disclosed in accordance with clause 16.8 of the AIM rules. Malcolm Graham Bacchus Pathfinder current Other current directorships directorships 25 Church St Management Baccma Management Ltd Ltd Aerodome Ltd Capital Asset Management Ltd Baltic Quay Management The Childcare Corporation PLC (1994) Ltd Coralpace Ltd The Childcare Corporation No.2 PLC Crannon Ltd The Childcare Corporation No.3 PLC Deanmile Ltd Drayhawk Ltd Excelmode Ltd Forgeglade Ltd Holdmark Ltd Hotel Noir Ltd Maronbay Ltd Merchant City Ltd Merchant Village Ltd Past directorships Pathfinder (Clyde Street) Ltd Pathfinder (Glasgow) Ltd Capital Design Projects Limited Pathfinder (Lexham Club International Management Gardens) Ltd Services Ltd Pathfinder (Scotland) Ltd Pathfinder (Wine Office Court)Ltd Pathfinder Construction Services Ltd Pathfinder Developer I PLC Pathfinder Developer II PLC Pathfinder Developer III PLC Pathfinder Developer IV PLC Pathfinder Developer IX PLC Pathfinder Developer VI PLC Pathfinder Developer VII PLC Pathfinder Developer VIII PLC Pathfinder Properties PLC Pathfinder Recovery 1 PLC Pathfinder Recovery 2 PLC Pathfinder Recovery Ventures Ltd Pathfinder Repossessions II Ltd Pathfinder Repossessions Ltd Viewland Ltd Simon Patrick Dawkins Pathfinder current Other current directorships directorships 25 Church St Management Dawkins & Company Ltd Ltd Aerodome Ltd Baltic Quay Management (1994) Ltd Coralpace Ltd Crannon Ltd Deanmile Ltd Drayhawk Ltd Excelmode Ltd Forgeglade Ltd Holdmark Ltd Hotel Noir Ltd Maronbay Ltd Merchant City Ltd Merchant Village Ltd Past directorships Pathfinder (Clyde Street) Ltd Pathfinder (Glasgow) Ltd ACP Ltd Pathfinder Lexham Gardens)Ltd Bruno and the Baron Ltd Pathfinder (Scotland) Ltd First Modular Ltd Pathfinder (Wine Office First Penthouse Ltd Court) Ltd Pathfinder Construction Millennium Chelsea Hotel Ltd Services Ltd Pathfinder Developer I Phase 2 Ltd PLC Pathfinder Developer II PLC Pathfinder Developer III PLC Pathfinder Developer IV PLC Pathfinder Developer IX PLC Pathfinder Developer VI PLC Pathfinder Developer VII PLC Pathfinder Developer VIII PLC Pathfinder Properties PLC Pathfinder Recovery 1 PLC Pathfinder Recovery 2 PLC Pathfinder Recovery Ventures Ltd Pathfinder Repossessions II Ltd Pathfinder Repossessions Ltd Viewland Ltd Mr Dawkins was a director of Stockholm Finance Limited when it entered into a corporate voluntary arrangement in June 1991. Mr Dawkins ceased to be a director in 15 October 1993 and the company was put into liquidation on the 2 April 1996.

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