Engel East Europe N.V.

Result of Extraordinary General Meeting ('EGM')

THURSDAY, 29 January 2009 -- Engel East Europe N.V. ('Engel' or 'the Company') the AIM-listed Central and Eastern European property developer (EEE:L), announces that the resolutions, considered by shareholders at the EGM held today, were duly passed.

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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