Trading Update

Dawnay, Day Carpathian PLC
28 February 2008
                                                                28 February 2008

                           Dawnay, Day Carpathian PLC

                             Year end trading update

Dawnay, Day Carpathian PLC ('DDC' or the 'Company') is pleased to provide a
trading update on its activities for the 12 months ended 31 December 2007. The
Company is now substantially invested, having spent or committed approximately
95% of its funds, leaving the Company ideally placed to be fully invested well
ahead of the target investment timetable of 31 December 2008.

Since 30 June 2007, DDC has completed the acquisition of 4 development sites and
3 investment transactions for a total consideration of approximately Euro 172.7
million, further expanding its presence in Czech Republic, Hungary, Poland,
Romania and entering into Croatia for the first time. The Company has
commissioned DTZ to provide an updated valuation of the investment portfolio as
at 31 December 2007, which is anticipated to produce a modest uplift in value.

Now that the Company is substantially invested, the focus will be on completing
those transactions to which funds have been committed and consolidating the
portfolio. The current portfolio is performing to expectations, and as targeted
is made up of a strong mix of circa 75% revenue generating investment properties
and 25% development properties with considerable upside potential.

The present debt markets have become more challenging overall with more
conservative lending criteria and pricing compared to the first half of 2007.
However, the present lending terms and conditions still compare favourably with
the debt products available throughout Central Europe at the commencement of the
Company's operation in June 2005. The overall cost and leverage of debt
financing of DDC's existing investment properties have not been materially
affected.

The Company remains on track to deliver its stated dividend target of 10p per
share for 2007.

Preliminary results for the 12 months ended 31 December 2007 will be announced
on 28 April 2008.

Rupert Cottrell, Chairman of Dawnay, Day Carpathian, commented: 'We have made
significant progress over the last year in building up a substantial,
diversified portfolio with secure income streams; asset management and
development opportunities. Now that we have a complete pipeline in place, we
will be working on consolidating the portfolio and progressing our development
projects. While the current uncertain market conditions dictate a degree of
caution, we believe our portfolio is sufficiently diversified to withstand this
and that we are in a good position to improve the overall value of the portfolio
thus delivering meaningful value to shareholders.'




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
                         Nick Westlake (as NOMAD)




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