Issue of Equity

Pathfinder Properties PLC
06 May 2003

ANNOUNCEMENT
                                                           FOR IMMEDIATE RELEASE

                                                                      6 May 2003

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

The Board of Pathfinder announces that, on 6 May 2003, the Company allotted
82,500 ordinary shares of 10p each in exchange for 10,000 ordinary shares of £1
each in Pathfinder Recovery 1 Limited. The issued share capital of the Company
following the allotment is £7,989,561.80 divided into 79,895,618 ordinary shares
of 10p each.

The Company's interest in Pathfinder Recovery 1 Limited is now 95.78% of the
issued share capital of that company (previously 95.56%).


                                      ENDS


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