Engel East Europe N.V.

Notice of Extraordinary General Meeting ('EGM')

Engel East Europe N.V. ('Engel' or 'the Company') the AIM-listed Central and Eastern European property developer (EEE:L), today announces that it has posted to its shareholders notice of an EGM to be held on Thursday, January 29, 2009 at 11.00 a.m. at the Company's registered office, at 204 Rapenburgerstraat, 1011MN Amsterdam.

The EGM will propose the following resolutions: 

        1)    Approval and confirmation of the statutory annual accounts of the Company for the period ending on December 31, 2007; 

        2)   Grant of discharge from liability to the members of the board for the management conducted during the financial year ending                on December 31, 2007; 

The notice for the EGM will be made available on the Company's website at www.engel-ee.com.

Enquiries:

Engel East Europe N.V.    

Sam Salman                                                   Tel: +1 (646) 214 2000

Samuel Hibel                                                  Tel: +31 20 778 4141

Libertas Capital Corporate Finance Limited    Tel: +44 (0) 20 7569 9650

Sandy Jamieson    

Bankside Consultants                                     Tel: +44 (0) 20 7367 8888

Simon Bloomfield, 

Steve Liebmann

Andy Harris