Letter to Shareholders

Pathfinder Properties PLC
16 September 2003


                               FOR IMMEDIATE RELEASE


                   ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE

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

                             Letter to Shareholders

The Board of Pathfinder announces that it has today despatched to all
shareholders a letter pursuant to Resolution 8, which was passed at the Annual
General Meeting held on 10 September 2003. This Resolution required the Chairman
to justify to shareholders the reason for the payments disclosed by the accounts
for the year ended 31 December 2002 to Claire O'Connor and Marc Green and to
Leigh Saxton Green (Marc Green's firm) and to disclose the fee paid to that firm
on the sale of Merchant Village.

The letter to shareholders is available for inspection on the Company's website
(www.pathfinderplc.com). Copies may also be obtained from the Company by writing
to Pathfinder Properties PLC, Capital House, Michael Road, London SW6 2YH.

For further information:

John Parry/Malcolm Bacchus, Pathfinder Properties PLC [phone]

Jeremy Carey, Tavistock Communications [phone]


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