5 February 2010

EUROPEAN CONVERGENCE PROPERTY COMPANY PLC

("ECPC" OR "THE COMPANY")

Release of Deferred Sales Proceeds

Further to announcement made by the Company on 27 January 2009, and the updates given in the Company's subsequently released interim and final results for the year to 30 June 2009, ECPC today announces that the Company expects to receive the net balance of the deferred sales proceeds during the first quarter of 2010.

As a result, the sum of approximately €1.578m will be added to the Company's current unrestricted cash balance of approximately €1.75m.  The Company is now working with its advisors to secure the most suitable mechanism for returning monies to shareholders.

For further information please contact:

Enquiries:

European Convergence Property Company plc                  +44 (0)1624 640200

Anderson Whamond

Charlemagne Capital                                                      +44 (0)20 7518 2100

Michael Russell/Christopher Fitzwilliam Lay

Panmure Gordon (UK) Limited                                         +44 (0)20 7459 3600

Hugh Morgan/Stuart Gledhill

Smithfield Consultants                                                    +44 (0)20 7903 0669

John Kiely/ Gemma Froggatt

Website: www.europeanconvergence.com