Directorate Change

Dawnay, Day Carpathian PLC
02 August 2006

Dawnay Day Carpathian plc ('DDC' or 'the Company')

On the 25th July 2006, David John Parnell resigned as a director and company
secretary of DDC, and Philip Peter Scales was duly reappointed to the board of
the Company as his replacement.

In accordance with Schedule 2(g) of the AIM Rules, the following information is
provided:

Full name: Philip Peter Scales (no previous names)

Age: 56

Current directorships:

Mr. Scales is currently a director, in a 'professional' capacity due to Isle of
Man requirements, of 73 companies including the following PLCs:

Bamboo Investments (Isle of Man) plc
Bargain Hunter Fund plc
Climate Exchange plc
Close High Income Properties plc
Fixed Uplift Properties plc
Frontier Commercial Property Fund plc
Frontier Fund plc
Frontier Global Real Estate Fund plc
Frontier Global Stars Fund plc
Healthcare & Leisure Property Fund plc
Neville James Secure Capital Growth Fund plc
Neville James Zero Preference Fund plc
Property Investment Portfolio plc
Quartet Commercial Properties plc
Tenanted Inn Estates plc
The Capital Appreciation Trust plc
The Equity Partnership Investment Company plc
Trading Emissions plc
Trinity Capital plc

Past directorships, previous 5 years:

Mr. Scales has been a director, in a 'professional' capacity due to Isle of Man
requirements, of 373 companies, including the following PLCs:

Active Commercial Estates plc
Berkshire UK Industrial Properties (Isle of Man) plc
Business Centre Properties plc
Closepip ISA and PEP plc
Dawnay, Day Carpathian plc
Dolphin Fund plc
EPIC Select Opportunities Investment Company plc
EPIC Student Accommodation plc
First Assured Rental Growth plc
Fixed Uplift Properties plc
Flosshilde plc
Foundations Programme plc
Kreon plc
Land Investments plc
Pelorus Property plc
Quartet Commercial Properties plc
VAM Funds plc
VAM Managed Funds plc


The answers to Schedule 2 (g)(iii) to (viii) of the AIM rules are all none.


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