Senior Managment Appointment

Engel East Europe N.V.

Senior Management Appointment

Engel East Europe N.V. ('Engel East Europe' or 'the Company'), the AIM-quoted Central and Eastern European ('CEE') residential property developer (EEE:LN), is pleased to announce the appointment of Mr Gad Raveh as Chief Executive Officer with effect from 2 September 2010. The Directors of Engel propose to appoint Mr Raveh to the Board of the Company as well upon completion of the regulatory requirements.

Gad Raveh, aged 69, holds a bachelor of law degree, and has taken an advanced course in accounting with KPMG, Australia.

While he was in Australia, he was a Fellow of the Institute of Company Directors in Australia, a Fellow of the Australian Institute of Management, and an affiliate of the Securities Institute of Australia.

Mr. Raveh started his career as a lawyer in Israel and practiced law until the end of 1984.

Between the years 1982 and 1984, Mr Raveh first became involved in business and corporate activities in Switzerland, England and Australia. In the beginning of 1985, Mr Raveh co-founded an English enterprise, Ragus Limited ("Ragus") and became a major shareholder and the managing director of this entity.

In his capacity as the managing director of Ragus, Mr Raveh was involved in negotiating structuring and supervising numerous successful corporate acquisitions and divestures, mainly in Australia. Between 1985 and 2001, Mr Raveh was, through his family trust, a principal and a major shareholder with substantial responsibility for over more than a dozen operating companies, including Australasian Investment Limited, Consolidated Foods Holdings Limited, Australasian Investment Holdings, Anglo Australian Foods Ltd, Peters (W.A.) Ltd., Brownes Pty. Ltd., Wynn Meat Industries Ltd, Milne Feeds Ltd., Festive Foods Pty. Ltd. As such, Mr Raveh had a permanent seat on the Executive Committees of these companies and their boards, and had a major say in developing the Peters & Brownes group and its strategy.

From 1986 to 1996, Mr Raveh served as the Executive Chairman of the Peters & Brownes group, then a very well known public non-listed company in Western Australia, overseeing, together with the management team, a major growth in sales, operations and profits.

Mr. Raveh currently serves as the CEO and one of the principal shareholders of Erbetlor Enterprises Limited, an investment, management, consulting and corporate finance enterprise as well as a director of GBES Limited. Both entities are Cypriot registered, are involved in the real estate and oil & gas industries and are very active in Eastern Europe.

Among his other duties, Mr Raveh has served, until recent years, as a councillor and nominee to the Board of Curtin University in West Australia, one of the largest Universities in Australia. Mr Raveh was the chairman of the Advisory Committee to the University Management Team, and has overseen the management of the university funds, in excess of Au$ 200 million. Mr Raveh has also served as a director of the then Curtin Consultancy Service Limited, the commercial arm of the university.

In recent years, Mr Raveh has disposed of most of his interests in Australia and is now focused on Erbetlor Enterprises Limited and GBES Limited, and principally based in the Balkan states.

Mr Gad Raveh:

Current Directorships:

GBES Limited

Erbetlor Enterprises Limited

Kimberly Consulting d.o.o. (formerly Russell d.o.o )

Former directorships (held within the last 5 years):

None

There are no further details required to be disclosed pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.

ENDS

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