Statement re planning consent

Pathfinder Properties PLC 15 July 2002 15 July 2002 PATHFINDER PROPERTIES PLC ('PROPERTIES' OR 'THE COMPANY') PROPOSED DEVELOPMENT FOR PHASE 2 AT THE RIVER QUARTER (FORMERLY RIVER QUAY), CASTLEFIELD, MANCHESTER The Company is pleased to announce that Manchester City Council has given planning consent in respect of the second phase of The River Quarter development at Castlefield, Manchester. This development comprises a new build mixed use scheme on a 3.28 acre site in the Knott Mill area of Manchester. The Phase 2 planning consent is for 191 residential apartments comprising 135,000 sq ft of internal residential space, 19,500 sq ft of commercial space (retail and extension to Phase 1 health club) and 191 car park spaces. Planning consent for Phase 1 of the development, which comprises 199 residential apartments, together with retail, A3 and health club space, was received last year. Properties has a 65% interest in The River Quarter development through Pathfinder (River Quay) Limited. This interest is to increase to 80% following the conclusion of discussions between Pathfinder Recovery 1 PLC, a 95% subsidiary of Properties, and Pathfinder Recovery 2 PLC, as announced on 30 May 2002. Enquiries: Malcolm Bacchus, Pathfinder Properties PLC (020) 7736 9669 Robert Lo, Nabarro Wells & Co. Limited (020) 7710 7407 Andrew Marshall, Marshall Robinson Roe (020) 7489 2033 This information is provided by RNS The company news service from the London Stock Exchange