DDC First Transaction

Dawnay, Day Carpathian PLC
30 September 2005


DAWNAY, DAY CARPATHIAN PLC

30 September 2005


 Dawnay, Day Carpathian announces first transaction: purchase of four Shopping
                       Centres for €64.5 million, Poland


Dawnay, Day Carpathian PLC ('DDC' or 'the Company'), the retail commercial
property investment company established to invest in Central and Eastern Europe,
is pleased to announce it has completed its first transaction, the purchase of
four shopping centres in Poland for €64.5 million. The Company recently listed
on the AIM market in July 2005 and raised new funds to create a geared €1billion
portfolio of retail properties.

The four shopping centres included in the transaction are the Tulipan Centre in
Lodz, Osowa in Gdansk, Kometa in Torun and Centrum Sosnowiec in Sosnowiec. All
the centres are highly accessible by car and public transport, and comprise
retail space and also have anchor stores owned by Geant Hypermarkets. The mall
retail area acquired totals 26,678 sq m; the Geant anchors amount to 57,685 sq
m. The net initial yield is approximately 8%. The centres also benefit from
having adjacent plots of land, currently shared with Geant, which may present
potential to increase the retail offering of the centres.

Commenting on this announcement, Peter Klimt of Dawnay, Day Carpathian said:
'This is the first of a series of property transactions that we will complete
over the next 16 months. Our aim is for the fund to be fully invested by the end
of 2006. This transaction reflects the Group's strategy to invest in retail
property serving a large established catchment area.'

DDC was created to invest in commercial retail properties such as shopping
centres, supermarkets and retail warehousing in several target countries in
Central and Eastern Europe, including Bulgaria, Czech Republic, Hungary, Poland,
Romania, and Slovakia.

DDC will seek to deliver to investors an annual dividend yield in excess of 10%
on fully invested funds and a total investor compound return in excess of 25%
per annum on funds invested.

Enquiries:

Dawnay, Day Carpathian PLC      Peter Klimt                 020 7834 8060
                                Paul Rogers
Cardew Group                    Tim Robertson               020 7930 0777
                                Catherine Maitland

Notes:

Tulipan was opened in 1999 and comprises 9,639 sq m of retail space and 22,000
sq m of hypermarket space owned by Geant. The centre benefits from a core
catchment of circa 170,000.

Osowa was opened in 1998 and enjoys a highly accessible location, with a
relatively affluent and growing catchment area of 130,000 people. The centre
includes the only Geant hypermarket (15,000 sq m) in the town, and comprises
12,916 sq m of retail space.

Kometa, opened in 1999, is located in the North of Torun and comprises a
hypermarket (10,960 sq m) and 1,962 sq m of retail space. It is easily
accessible by car and is well served by public transport.

The newest of the centres, Centrum Sosnowiec, was opened in 2001 and is highly
accessible via car, bus and tram for the 585,000 people who live within a ten
minute drive of the centre. It comprises 2,161 sq m of retail space and 9,725 sq
m of hypermarket space.


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