Adams Regulatory News (ADA)

PRESS ANNOUNCEMENT

EMBARGOED FOR 0700HRS

17 November 2008

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

DIRECTORATE CHANGES

Carpathian plc (AIM: CPT), the retail commercial property investment company established to invest in Central and Eastern Europe, is pleased to announce the following changes to the Board of the Company, all of which are made with immediate effect:

Rory Macnamara has been appointed as a Non-executive Director and Chairman;

Tim Walker has been appointed as a Non-executive Director;

Rupert Cottrell, has stepped down as Chairman and will remain on the Board as a Non-executive Director; and

Bill Hamilton-Turner has stepped down from the Board.

Rory Patrick Macnamara, 53, qualified as a Chartered Accountant with Price Waterhouse and worked at Morgan Grenfell for 17 years. He was a Director in Corporate Finance, Head of Mergers and Acquisitions and Vice Chairman of Morgan Grenfell & Co Ltd. In 1999, he joined Lehman Brothers, where he was a Managing Director in UK Investment Banking until 2001. He currently acts as a corporate consultant and is Chairman of Izodia Plc and a director of Private Equity Investor Plc. In addition to his proposed directorship of the Company, Rory holds or has held the following directorships, and is or was a member of the following partnerships, during the past five years:

Rory Macnamara is a director of Izodia Plc, which entered into a Company Voluntary Arrangement in May 2004. All creditors have now been paid in full and the company voluntary arrangement is near to termination. 

Timothy Graham Walker, 52, is a chartered accountant and an Isle of Man resident. He is the former finance director of Swallow/Vaux Group plc, Strix Group and Burtonwood Brewery plc. Tim is currently a non-executive Director of Ishaan Real Estate plc, Clean Energy Brazil plc, Infrastructure India plc and a number of private companies in the leisure and property industries.

In addition to his proposed directorship of the Company, Tim holds or has held the following directorships, and is or was a member of the following partnerships, during the past five years:

There is no other information that needs to be disclosed pursuant to Schedule Two paragraph (g) of the AIM rules for companies.

Commenting on the Board changes, Rory Macnamara, Chairman of Carpathian, said:

"We would like to thank Rupert for having successfully guided the Company through a difficult transitional period following the demise of Dawnay, Day and are pleased that we will continue to benefit from his experience in his role as a Non-executive Director of the Board. We would also like to thank Bill for his considerable contribution to Carpathian since flotation in 2005 and wish him all the best in his future endeavours.

"Your Board's focus remains the maximisation of shareholder value, with the immediate priority of progressing the previously announced strategic review and evaluating all identified options."

Following these initial changes, the Company expects to make additional appointments to the Board in due course.

Enquiries:

Carpathian PLC

Via Redleaf Communications

Rory Macnamara (Non-executive Chairman)

Collins Stewart Europe Limited

 020 7523 8000

Bruce Garrow

Stewart Wallace

Redleaf Communications

020 7566 6700

Emma Kane

Adam Leviton

carpathian@redleafpr.com

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Carpathian was created in 2005 for the purpose of investing in Central and Eastern European commercial real estate.

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Carpathian's primary focus is on shopping centres, supermarkets and retail warehousing in several target countries in Central and Eastern Europe including Croatia, the Czech Republic, Hungary, Bulgaria, Poland, Romania, Slovakia and the Baltics.

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Carpathian's principal objective is to provide shareholders with a regular and significant dividend income, derived from rental income. In addition, there is potential for capital appreciation from the sale, redevelopment and refinancing of its properties.  

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Carpathian listed on AIM in July 2005 and has acquired a substantial property portfolio of approximately £650 million (approximately €810 million).

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Carpathian Asset Management Limited ("CAM") is the Property Investment Adviser to Carpathian. It is responsible for identifying acquisition targets, managing transactions and portfolios and development activity within Central and Eastern Europe. The Company holds a 50 per cent. interest in CAM, the remaining 50 per cent. of which is held by UK Real Estate Management Limited (a company wholly owned by Paul Rogers and Massimo Marcovecchio).