Carma Corporation - Normal Course Issuer Bid.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--April 6, 2000

CARMA CORPORATION ("Carma")(TSE:CVPa.) announced today that it intends to make a normal course issuer bid in respect of its Class A Common Shares (the "Common Shares").

The bid provides that Carma may, during the 12 month period commencing April 7, 2000 and ending April 6, 2001, purchase on The Toronto Stock Exchange up to 2,182,760 Common Shares, such number being 5% of its issued and outstanding Class A Common Shares. The price which Carma will pay for any such shares will be the market price at the time of acquisition. The actual number of Common Shares which may be purchased and the timing of any such purchases will be determined by Carma. All Common Shares purchased through the bid will be returned to the status of authorized but unissued capital. As at March 8, 2000 Carma had 43,655,384 Common Shares outstanding.

Carma believes that its Common Shares have been trading in a price range which does not adequately reflect their value in relation to Carma's business and its future business prospects. As a result, depending upon future price movements and other factors, Carma believes that its outstanding Common Shares may represent an attractive investment and a desirable use of a portion of its available funds. Furthermore the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their equity interest in Carma.

Carma Corporation is a public real estate company active in the development of master-planned communities in Calgary, Edmonton and Denver. Carma's Common Shares are listed on the Toronto and Canadian Venture Exchanges.