Substantial Acquisitions of Shares Disclosure

Pathfinder Properties PLC 9 August 2000 FORM SAR 3 Date of disclosure..9/8/00...... DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs') Date of acquisition......7/08/2000.................................... Acquisition in.......PATHFINDER PROPERTIES PLC.....(name of company) (1) Class of voting shares Number of shares/rights If rights over shares (eg ordinary shares) over shares acquired acquired, as opposed to the shares themselves, specify nature of rights .....ORDINARY... ..14,348,836....shares ..................... ...NIL..........rights (2) Resultant total holding Resultant total holding Total percentage of voting shares (and % of rights over shares of total voting shares (and % of total voting in issue) shares in issue) .14,348,836(20.40 %) ....NIL.......(NIL%) ..14,348,836(20.40%) (3) Party making disclosure..PATHFINDER RECOVERY VENTURES LTD................ (4) (a) Name of person acquiring shares or rights over shares PATHFINDER RECOVERY VENTURES LTD and, if different, beneficial owner.....N/A...................... (b) Names of any other persons acting by agreement or understanding (see SAR 5).....N/A................... Signed, for and on behalf of the party named in (3) above................... (Also print name of signatory)........M G BACCHUS DIRECTOR.. Telephone and extension number........020 7736 9669..................... Note. Under SAR 5, the holdings of and acquisitions by persons acting by agreement or understanding must be aggregated and treated as a holding of or acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate holdings to disclose certain disposals. For full details of the SARs disclosure requirements, see Rules 3 and 5 of the SARs. If in doubt, contact the Panel on Takeovers and Mergers, Tel. No: 020 7382 9026.