Acquisition

Dawnay, Day Carpathian PLC
22 October 2007


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

   Announces the Acquisition of multi-purpose development sites in Satu 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 fourth multi-purpose development site for a value in excess of €9.5
million in Satu Mare, Romania (the 'Satu Mare Development' or 'Satu Mare
Transaction'). This acquisition is the last 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. Further opportunities arising since the pipeline deals
are now also being strongly pursued.

Satu Mare Development

The City of Satu Mare is located in Satu Mare County in the north-west and is
one of the largest cities in Romania. It is significant in the region in terms
of commerce, trading, culture and due to its proximity to the Hungarian border.
The site is approximately 27,000 sq m and the planned development is estimated
at 31,000 sq m gross lettable area and will comprise a retail and entertainment
complex. The acquisition will be funded by DDC out of existing cash resources.

The plot is centrally located, just south of the main high street and adjacent
to a busy junction. The site benefits from a large catchment area, good access
and transport links from the important areas of the city. The estimated gross
development value is €64 million, to be financed from a combination of equity
and debt and 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 €84 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 the Atrium joint venture will
include the Cluj-Napoca, Arad and Baia Mare transactions previously announced on
15 August 2007, 28 September 2007 and 15 October 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 nineteenth
transaction overall. The leasing of the space, arranged through DTZ Echinox, is
progressing well.

Following the acquisition, members of the Dawnay, Day Group have agreed to
subscribe for an estimated €200,000 of new ordinary shares in DDC, representing
profits from the Satu 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 fourth 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


Notes to Editors

DDC listed on the AIM market in July 2005 and raised new funds to create a
geared €1 billion portfolio of retail properties. To date, the Company has
purchased four shopping centres and 31 retail units located within a residential
development in Poland, the Antana Warehouse Park in Hungary, the Varyada
Shopping Centre in the Czech Republic, the Promenada Shopping and Business
Centre in Poland, the Plaza Portfolio of four shopping centres in Hungary, Macro
Mall shopping centre in Brasov, Romania, Babilonas shopping centre in Panevezys,
Lithuania, three retail developments at Cluj, Arad and Baia Mare in Romania, and
the Mid portfolio across Hungary and the Czech Republic.




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