Notice of AGM

Engel East Europe N.V.

Notice of Annual General Meeting ("AGM")

WEDNESDAY, 12 May 2010 -- 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 a notice of an AGM to be held on Thursday, May 27, 2010 at 10.00 a.m. at the Company's registered office, at 204 Rapenburgerstraat, 1011MN Amsterdam.

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

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Enquiries:

Engel East Europe N.V. Tel: +31 20 778 4141

Samuel Hibel

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

Sandy Jamieson

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

Simon Bloomfield,

Andy Harris