Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Carpathian PLC (CPT LN)

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

No

An event changing the breakdown of voting rights

No

Other (please specify):

NA

3. Full name of person(s) subject to thenotification obligation: iii

Mackenzie Financial Corporation

4. Full name of shareholder(s)  (if different from 3.):iv

Mellon Nominees (UK) Ltd. in trust for

Mackenzie Cundill Emerging Markets Value Class (6,921,385 voting rights)

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

February 24, 2012

6. Date on which issuer notified:

February 24, 2012

7. Threshold(s) that is/are crossed orreached: vi, vii

3%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B0B66533

6,935,237

6,935,237

6,921,385

2.996%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

6,921,385

2.996%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

2.996% of the voting rights are held by Mackenzie Financial Corporation, as investment manager of Mackenzie Cundill Emerging Markets Value Class, which has a disclosable interest as a result of DTR 5.2.1R(h).

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

tfitzpat@mackenziefinancial.com

14. Contact name:

Tim Fitzpatrick

15. Contact telephone number:

(416) 922-5322 Ext 4060

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Mackenzie Financial Corporation

Contact address

(registered office for legal entities)

180 Queen Street West, Toronto, Ontario, Canada, M5V 2K1

Phone number & email

(416) 967-2264

Other useful information

(at least legal representative for legal persons)

D. Lynn Vickers, Vice President, Chief Compliance Officer

B: Identity of the notifier, if applicable

Full name

Contact address

Phone number & email

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.