Statement re Net Asset Value

3 Feb 2006 07:00

Embargoed until 7.00am on 3rd February, 2006 Panther Securities PLC ("Panther" or "the Company") Net asset value update In the interim results for the six months ended 30 June 2005, released on 14September 2005, it was announced that the Company intended to commission anindependent revaluation of its entire property portfolio. This revaluation hasnow been completed and shows a total increase in value of approximately ‚£20,500,000 over the book value of investment properties shown in theconsolidated balance sheet contained in the interim results. After taking intoaccount the increased deferred tax provision required on the revaluedinvestment properties, the revaluation of investment properties represents anincrease in Panther's net asset value of approximately 85p per share.In addition, the underlying valuation of the properties held as trading stockhas also increased the net asset value by approximately 23p per share beforeallowing for tax. However, in accordance with our accounting policies, thisincrease will not be recognised in the group accounts until any trading profitsare realised.The net asset value per Panther share at 30 June, 2005 was 295p. The net assetvalue per share at 31 December, 2005 will reflect the investment properties'uplift referred to above and the trading results for the year ended 31December, 2005.For further information:Andrew Perloff, Panther Securities plc: 020 7278 8011ENDPANTHER SECURITIES PLC