Acquisition

Dawnay, Day Carpathian PLC
15 October 2007


                           Dawnay, Day Carpathian PLC
                            ('DDC' or the 'Company')

   Announces the Acquisition of multi-purpose development sites in Baia Mare,
                                    Romania

Dawnay, Day Carpathian PLC, the retail property investment company established
to invest in Central and Eastern Europe, is pleased to announce that it has
acquired a third multi-purpose development site for a value in excess of €6.5
million in Baia Mare, Romania (the 'Baia Mare Development' or 'Baia Mare
Transaction'), to be funded out of existing cash resources. This acquisition is
the third of the four pipeline deals identified by the Company's property
investment manager, Dawnay, Day PanTerra Limited (the 'Property Advisor') at the
time of the second fund raising completed in May 2007.

Baia Mare Development

Baia Mare is the administrative City of the county of Maramures, and one of the
largest cities in Romania. It is significant in the region of the north-west in
terms of commerce, trading, culture and in its proximity to the Hungarian
border. The site is approximately 58,900 sqm and the planned development is
estimated at 34,000 sqm gross lettable area and will comprise a retail and
entertainment complex.

The plot is situated on the western edge of town between two major motorways.
The site benefits from a large catchment area, good access and transport links
from the important areas of the city. A preliminary planning consent (or PUD) is
in place, and construction is expected to commence in September 2008. The
estimated gross development value of the project is expected to be €68 million,
to be financed through a mixture of equity and debt in line with previous
tranasctions. The project is expected to be completed within approximately 23
months. Based on a capitalisation yield of 7%, this puts the estimated project
value upon completion at €89 million.

This development is also to be undertaken in conjunction with a local partner
described in the previous announcement dated 28 September 2007. The joint
venture has been arranged by the Property Advisor to operate in the local market
as Atrium Developments. It is also intended that Atrium joint venture will
include the Cluj-Napoca and Arad transactions previously announced on 15 August
2007 and 28 September 2007 respectively.

The acquisition is a share purchase transaction from two holding companies in
which members of the Dawnay, Day Group have a controlling interest and
represents the Company's fourth investment in Romania and the seventeenth
transaction overall. The leasing of the space, arranged through Cushman and
Wakefield, is under way and progressing well.

Following the acquisition, members of the Dawnay, Day Group have agreed to
subscribe for an estimated €1 million of new ordinary shares in DDC,
representing profits from the Baia Mare Transaction.

Commenting on the acquisition, Rupert Cottrell, Chairman of Dawnay, Day
Carpathian PLC said 'DDC is confident in the development opportunities in the
retail market in Romania and is pleased to announce its third such project. This
investment will further underline our presence in the market and enable us to
benefit from economies of scale with relation to the construction and
development process.'

Enquiries:

Dawnay, Day PanTerra   Peter Klimt               020 7834 8060
                       Paul Rogers
                       Balazs Csepregi

Cardew Group           Tim Robertson             020 7930 0777
                       Catherine Maitland

Numis Securities       Bruce Garrow              020 7260 1000
                       Anthony Richardson



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