First Day of Dealings

Dawnay, Day Carpathian PLC
26 July 2005



        Dawnay, Day Carpathian: First Day of Dealings on AIM and Placing

Dawnay Day Carpathian PLC ('DDC' or 'the Group'), the retail commercial property
fund established to invest in Central and Eastern Europe, is pleased to announce
its flotation on the Alternative Investment Market ('AIM') under the ticker
symbol 'DDC'.

The placing will raise £140 million (before expenses) for the Group. The funds
raised will be used to create a geared €1billion portfolio of retail properties.

Placing Statistics


Placing Price                                                              100p
Number of new Ordinary Shares being placed on behalf of the
Company                                                             140,000,000
Estimated net proceeds receivable by the Company                 £135.1 million
Number of Ordinary Shares in issue immediately following
Admission                                                           140,010,000
Market capitalisation following the Placing at the Placing       
Price                                                            £140.0 million

Background

   • DDC represents a new public market opportunity in the UK to
    participate in investing in commercial retail properties such as shopping
    centers, supermarkets and retail warehousing in several target countries in
    Central and Eastern Europe, including Bulgaria, Croatia, 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.

   • DDC expects to commence payment of an initial dividend equating to a
    3% yield by 31 December 2005, is targeting a 6-7% dividend yield for the year
    ending 31 December 2006 and in excess of 10% thereafter, all yields being based
    upon the initial 100p placing price.

   • The Company has appointed Dawnay, Day Europe Limited ('DDEL') as
    Property Investment Adviser. DDEL has in recent months established a
    presence in the Central and Eastern European retail property market.

   • DDEL is part of the wider Dawnay, Day Group, which currently owns and/or
    manages approximately 410 UK and European commercial properties recently
    estimated to have a market value in excess of £1.5 billion. The portfolio
    has grown rapidly and has achieved significant returns over a number of
    years. In 2002 the Dawnay, Day Group, with Shore Capital Plc, launched the
    Puma Property (DD) Fund. Since its launch in August 2002 to June quarter
    2005, the Puma Property (DD) Fund has generated an investor return of
    approximately 43% per annum after allowing for all expenses and charges.

   • The Board of DDC believes that the expansion of the EU and more
    generally the economic and political progress being achieved in Central and
    Eastern Europe overall is likely to develop further the institutional
    property market across the region and lead to significantly greater demand
    for commercial property assets. By making investments now, the Company
    expects to benefit from these trends, which it believes will create a more
    sophisticated retail asset base and increasing values.

   • Numis Securities Limited is acting as nominated adviser and broker to
    DDC.



                                     -ENDS-

Enquiries:

Dawnay Day Carpathian PLC      Guy Naggar                  020 7834 8060
                               Paul Rogers                 
                               Philip Scales               01624 661 020
Numis Securities Limited       Andrew Dawber               020 7776 1500
                               Bruce Garrow
Cardew Group                   Tim Robertson               020 7930 0777
                               Catherine Maitland



This announcement does not constitute or form any part of an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for,
any shares in DDC, nor shall it or any part of it or the fact of its
distribution form the basis of, or be relied on in connection with, any
contract thereof.  The contents of this announcement have not been approved by
an authorised person and recipients of this announcement who intend to purchase
or subscribe for shares in DDC following its publication of an
admission document in final form are reminded that any such purchase or
subscription may only be made on the basis of the information contained in such
document which may be different from the information contained in this
announcement.  Accordingly, no reliance may be placed for any purpose whatsoever
on the information contained in this announcement or on its completeness.   No
representation or warranty, express or implied, is given by DDC, its directors,
Dawnay, Day, Numis, Cardew Group or any other professional adviser as to the
accuracy or completeness of the information and opinions contained in this
announcement and no liability is accepted for the same.





                      This information is provided by RNS
            The company news service from the London Stock Exchange