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Engel East Europe NV (KBE)

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Monday 20 August, 2007

Engel East Europe NV

Directorate Change

Engel East Europe N.V.
20 August 2007


FOR IMMEDIATE RELEASE

20 August 2007

                             Engel East Europe N.V.

                            Appointment of Chairman

Engel East Europe N.V. (the 'Company' or 'Engel East Europe') is pleased to
announce that Mr.Sam Salman, a current Director of the Company, has been
appointed as Chairman of the Board of Directors with effect from 1 September
2007. This is in line with the announcement made by the Company in December
2006, that Jacob Engel will be standing down as Chairman.

Mr. Salman is acting as the president of the Boymelgreen group which is the
controlling shareholder of the Company through his interest in Azorim
Development and Construction Co. Limited and joined the Board on 5 June 2007

Mr. Engel will step down on 1 September 2007 but will remain available to assist
the Company for the time being.

Mr. Engel said: 'It has been a great honour and a privilege for me to work with
the highly skilled Engel East Europe team across the Company's offices
throughout the CEE Region. I am very confident that I am leaving the Company in
a sound position with a strong and healthy management team that will lead the
Company to even greater success and prosperity'.

Chairman designate Mr Salman commented: 'We would like to offer our thanks to
Jacob Engel for all that he has done in creating Engel East Europe and leading
the Company to where it is today. His vision and drive have established one of
the foremost residential property developers in the Central and Eastern European
region. I am looking forward to continuing the Company's expansion into new
markets and utilising the contacts and experience the Company possesses to take
advantage of future opportunities in the region.

Mr. Yaron Shama has resigned from the Board of Directors with effect from 15
August 2007 to pursue other interests..


ENDS

Enquiries:
Engel East Europe N.V.
Nir Netzer                                              +972 (9) 970 7020

Dawnay, Day Corporate Finance Limited                   +44 (0) 20 7509 4570
Sandy Jamieson
Alex Stanbury

Bankside Consultants Limited                            +44 (0) 20 7367 8870
Simon Bloomfield
Andy Harris



Notes to editors

Engel East Europe is an international residential property developer
incorporated in The Netherlands. The Company operates in Central and Eastern
Europe (the 'CEE Region') and has various developments in Hungary, the Czech
Republic, Poland, Bulgaria, Romania and Serbia as well as operations in Germany
and Canada. The Company is currently involved in the development of several
thousand residential units and is in negotiations to purchase land for the
development of additional projects throughout the CEE Region.



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