Exchange of Contracts

Pathfinder Properties PLC 17 December 2003 EMBARGOED UNTIL 07.00AM, 17 DECEMBER 2003 Pathfinder Properties PLC ('Pathfinder') Pathfinder Properties PLC ('Pathfinder') announces that the contracts have been exchanged for the sale of 2.7 acres of its 6.5 acre site in Northgate, Newark to a subsidiary of Westbury plc, the residential developer, for £2.45 million. The site is currently owned by two joint venture companies, Fletcher Gate Limited and Newark Property Development Limited, 75% owned by Pathfinder. The sale is subject to planning for 61 residential dwellings, for which an application will be submitted prior to Christmas. Planning consent is anticipated in the first quarter of 2004. Simultaneously, the Pathfinder joint venture will be submitting an application to develop 110 apartments and 4,100 sq ft of retail space on the river front part of the site opposite the Newark Marina. Negotiations are also in an advanced stage for the sale of, and approval of the planning application on, the listed buildings on the third element of the site. These Grade II listed buildings, the former Warwick and Richardson Brewery, add considerable character and identity to this part of Newark and will be sensitively renovated and restored for leisure use, retail space and some residential accommodation. By splitting the site into three plots in this way, the Pathfinder joint ventures will achieve a mix of uses on the site providing diversity, economic activity and a marked upgrading of the environment. The development demonstrates a substantial investment in the revitalisation of the Northgate area through the rehabilitation of a brownfield site. The scheme occupies a pivotal position between the market centre of Newark and the River Trent and will inject new life and activity into the area and improve the urban environment. Enquiries: John Parry / Duncan Austin Pathfinder Properties Tel: 020 7736 9669 Jeremy Carey / Molly Dover Tavistock Communications Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange