Holdings Announcement and Rule 37.1

Carpathian PLC ("Carpathian")

Holdings announcement and Rule 37.1

The interests of Brookdale International Partners LP and Brookdale Global Opportunity Fund, managed by Weiss Asset Management LP as Investment Manager and aggregated for the purposes of the City Code on Takeovers and Mergers (the "Code"), in shares of Carpathian increased to 30.14% on 24 January 2012 as a result of a reduction in share capital by Carpathian following completion of the Dawnay, Day Group Settlement (as set out in the announcement made by Carpathian on 24 January 2012).

The increase in the aggregate interest of Brookdale International Partners LP and Brookdale Global Opportunity Fund over 30% was not caused by any action taken by either of those entities.

The Takeover Panel has granted Brookdale International Partners LP and Brookdale Global Opportunity Fund a dispensation in accordance with Note 1 of Rule 37.1 of the Code from the requirement to make a mandatory bid for Carpathian PLC under Rule 9 of the Code.

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