Acquisition - Replacement

Pathfinder Properties PLC 08 April 2003 FOR IMMEDIATE RELEASE 8 April 2003 PATHFINDER PROPERTIES PLC ('PROPERTIES' OR 'THE COMPANY') ACQUISITION OF REMAINING 20% INTEREST IN PATHFINDER (RIVER QUAY) LIMITED The following replaces the Acquisition announcement released on 14 March 2003 at 16:50 under RNS number 7810I. In the second paragraph, the cash consideration for acquisition of the interests should have been £1,034,530, and not £915,000 as previously stated. All other details remain unchanged; the full amended text appears below. 'Pathfinder Properties PLC announces that its 96% owned subsidiary, Pathfinder Recovery Ventures Limited ('PRVL'), has acquired from Pathfinder Developer IV PLC ('Developer IV') and Pathfinder Developer IX PLC ('Developer IX') the outstanding 20% equity interests in Pathfinder (River Quay) Limited ('PRQL'), which owns a property development at River Quarter, Manchester. Contemporaneously with this acquisition, PRVL has acquired from Developer IV and Developer IX certain loans which Developer IV and Developer IX made to PRQL. The consideration for the acquisition of these interests was the payment of £1,034,530 in cash and the transfer by PRVL of 3,989,800 shares in Properties. The acquisition brings PRQL and the River Quarter site under the 100% ownership and control of the Pathfinder Properties Group. Following this transaction Developer IV holds 398,980 shares in Properties, amounting to 0.5% of the issued ordinary share capital of the Company, Developer IX holds 3,590,820 shares in Properties, amounting to 4.5% of the issued ordinary share capital of the Company and PRVL holds 10,559,036 shares in Pathfinder Properties PLC, amounting to 13.2% of the issued ordinary share capital of the Company.' Enquiries: Malcolm Bacchus, Pathfinder Properties PLC (020) 7736 9669 Claire O'Connor, Pathfinder Properties PLC (020) 7736 9669 Robert Lo, Nabarro Wells & Co. Limited (020) 7710 7407 This information is provided by RNS The company news service from the London Stock Exchange