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

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

An acquisition or disposal of voting rights

X

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

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

X

An event changing the breakdown of voting rights

Other (please specify):

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

Weiss Asset Management LP

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

Brookdale International Partners LP, Brookdale Global Opportunity Fund(1)

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

3/5/2011

6. Date on which issuer notified:

5/5/2011

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

< 29%, 28%, 27%, 26%, 25%, 24%, 23%, 22%, 21%, 20%

> 3%, 4%, 5%, 6%, 7%, 8%, 9%

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

67,147,032

67,147,032

46,147,032

46,147,032

n/a

19.9 %

n/a

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

CFD

N/A

N/A

N/A

23,000,000

Nominal

Delta

9.9%

1

Total (A+B+C)

Number of voting rights

Percentage of voting rights

69,147,032

29.8 %

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

Brookdale International Partners, L.P: 20.7 %

Brookdale Global Opportunity Fund:  9.1 %

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:

Note: This Form TR-1 is not being filed with the FSA, and is being furnished to the issuer pursuant to paragraph 75.1.1 of the issuer's Articles of Association dated 6 August 2010

14. Contact name:

Georgiy Nikitin

15. Contact telephone number:

+1-617-778-7725