Offer Update

Pathfinder Properties PLC
10 August 2001

ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE


Pathfinder Properties PLC


As of the 10th August, 2001 acceptances in respect of the offer for Pathfinder
Recovery 1. were as follows:-


Complete acceptances in respect of the shares offer: 968,090 (20.95%)

Incomplete acceptances in respect of the shares offer: 11,783 (0.25%)

Complete acceptances electing for cash: 3,201,136 (69.26%)

Incomplete acceptances electing for cash: 26,389 (0.57%)


Therefore, total completed acceptances in respect of the offer now amount to
90.21%.

Nabarro Wells & Co. Limited has approved the contents of this announcement for
the purposes of Section 57 of the Financial Services Act 1986.