Adams Regulatory News (ADA)

PRESS ANNOUNCEMENT

IMMEDIATE RELEASE

22 April 2009

Carpathian PLC ("Carpathian" or the "Company")

APPROACH FROM NEW EUROPE PROPERTY INVESTMENTS PLC ("NEPI")

The Board of Carpathian (the "Board") notes this morning's announcement by NEPI and confirms that it received a conditional indicative proposal from NEPI regarding a possible offer for Carpathian.

The Board is seeking further clarification in relation to a number of areas such as due diligence requirements and financing while consulting with certain of the Company's key shareholders before formally considering the proposal. There is no certainty that the proposal will lead to a firm offer.

The Board expects to announce further details in relation to the ongoing strategic review at the time of the preliminary results announcement.

Enquiries:

Carpathian PLC

Via Redleaf Communications

Rory Mcnamara (Non-executive Chairman)

Carpathian Asset Management Limited

020 3178 2892

Paul Rogers

Collins Stewart Europe Limited

 020 7523 8000

Bruce Garrow

Hawkpoint Partners Limited

020 7665 4500

Edward Arkus

Redleaf Communications

020 7566 6700

Emma Kane

Adam Leviton

carpathian@redleafpr.com

Hawkpoint Partners Limited ("Hawkpoint"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Carpathian and no one else in connection with any possible offer or other transaction and will not be responsible to anyone other than Carpathian for providing the protections afforded to customers of Hawkpoint, or for providing advice to any other person in relation to any possible offer or other transaction.

Collins Stewart Europe Limited ("Collins Stewart"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Carpathian and no one else in connection with any possible offer or other transaction and will not be responsible to anyone other than Carpathian for providing the protections afforded to customers of Collins Stewart, or for providing advice to any other person in relation to any possible offer or other transaction.

Dealing Disclosure Requirements 

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Carpathian, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Carpathian, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the offeror or of Carpathian by the offeror or Carpathian, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.