Exercise of Option

Pathfinder Properties PLC 28 May 2004 FOR IMMEDIATE RELEASE 28 May 2004 PATHFINDER PROPERTIES PLC ('PATHFINDER' OR 'THE COMPANY') Exercise of Option Pursuant to the option agreement ('the Agreement') dated 6 February 2004 entered into between Pathfinder and Amicrest Holdings Plc ('Amicrest'), Pathfinder informed Amicrest on 25 May 2004 that the Company was serving notice exercising the option conferred by the Agreement. The subsequent transfer by Pathfinder to Amicrest of 2,557,162 Pathfinder ordinary shares of 10 pence each will settle the outstanding debt to Amicrest of £409,146. This information is provided by RNS The company news service from the London Stock Exchange