Termination of Offer Period

PRESS ANNOUNCEMENT

IMMEDIATE RELEASE

8 May 2009

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

TERMINATION OF OFFER PERIOD

As stated within the Company's preliminary results announcement released on 1 May 2009, as a conclusion to the strategic review the Board has decided to continue its trading strategy over the medium term, while returning any excess cash arising from property sales to shareholders. As a result, the Board at that time asked all parties that Carpathian had been in discussions with in relation to a possible offer to confirm the status of such discussions.  

Following the announcement by New European Property Investments plc ("NEPI") earlier today, the Board can now confirm that all such parties have indicated that they are not currently considering making an offer for Carpathian and as a result the Company is no longer in an offer period.

The Board would like to clarify a number of points set out in NEPI's announcement concerning Carpathian this morning:

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after carefully reviewing NEPI's indicative proposal, and in consultation with certain of the Company's major shareholders, the Board concluded that it was not at a level which would be likely to maximise value for shareholders

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the Board therefore declined to recommend NEPI's proposal 

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the possible share alternative mentioned in NEPI's announcement was a partial share alternative for up to 49.9 per cent. of the share capital of the acquiring vehicle

Enquiries:

Carpathian PLC

Via Redleaf Communications

Rory Mcnamara (Non-executive Chairman)

Hawkpoint Partners Limited

020 7665 4500

Edward Arkus

Collins Stewart Europe Limited

 020 7523 8000

Bruce Garrow

Redleaf Communications

020 7566 6700

Emma Kane

Adam Leviton

carpathian@redleafpr.com