Directorate Change

Eastern European Property Fund Limited (the "Company" or "EEP")

Directorate change

8 May 2012

The Company is pleased to announce that Martin Adams has today been appointed as a Director of EEP and has agreed to chair the Board. Mr Adams has over 30 years investment and banking experience in emerging markets and has forged a career serving as an independent director on listed and unlisted funds. He is currently chairman of Kubera Cross-Border Fund, Trinity Capital and Vietnam Resources Investments and a non-executive director of a number of other funds.

The Company also announces that Charles Parkinson has resigned as a Director with effect from today in order to concentrate on his other business interests. The Company thanks Mr Parkinson for his contribution as Chairman of the Board of Directors during a period of over six years since the launch of EEP.

The following additional information falls to be disclosed in relation to Martin Michael Adams (aged 53) in accordance with rule 17 and paragraph (g) of Schedule 2 to the AIM Rules for Companies:

Current directorships:

Aberdeen Latin American Income Fund Limited

Armadillo Investments Limited*

BRX Research and Development Company Limited*

Kubera Cross-Border Fund Limited

Kubera Cross-Border Fund (GP) Limited

Kubera Cross-Border Fund (Mauritius) Limited

Metage Funds Limited

Metage Special Emerging Markets Fund Limited

Terra Catalyst Fund

Trading Emissions Plc

Trinity Capital Plc

Trinity Capital Mauritius Limited

VFMC Limited

Vietnam Fund Management Company Limited

Vietnam Investment Advisers Limited

Vietnam Resources Investments (Holdings) Limited

Vietnam Value Fund

*in voluntary solvent liquidation

Previous directorships:

ARC Capital Holdings Limited

Beta Viet Nam Fund Limited

Bio Asia Limited

Equator Exploration Limited

First Hungary Fund Limited

Mekong Capital Limited

For further information:

Elysium Fund Management Limited

Andrew Duquemin +44 1481 810101

Liberum Capital Limited

Steve Pearce/Tom Fyson +44 203 100 2220