Exercise of Option

Pathfinder Properties PLC
28 May 2004




FOR IMMEDIATE RELEASE                                                28 May 2004


           PATHFINDER PROPERTIES PLC ('PATHFINDER' OR 'THE COMPANY')

                               Exercise of Option

Pursuant to the option agreement ('the Agreement') dated 6 February 2004 entered
into between Pathfinder and Amicrest Holdings Plc ('Amicrest'), Pathfinder
informed Amicrest on 25 May 2004 that the Company was serving notice exercising
the option conferred by the Agreement.

The subsequent transfer by Pathfinder to Amicrest of 2,557,162 Pathfinder
ordinary shares of 10 pence each will settle the outstanding debt to Amicrest of
£409,146.






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