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Engel East Europe NV (KBE)

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Monday 29 October, 2007

Engel East Europe NV

Directorate Change

Engel East Europe N.V.
29 October 2007


29 October 2007

                          ENGEL EAST EUROPE N.V.

              Board changes & review of operations and assets

Engel East Europe N.V. ('Engel East Europe' or 'the Company'), the AIM-listed
Central and Eastern European ('CEE') residential property developer (EEE:LN),
announces that Mr. Nir Netzer has been replaced as Chief Financial Officer. Mr
Samuel Hibel has been appointed as Chief Financial Officer with immediate effect
and subject to shareholder approval at an Extraordinary General Meeting to be
held on 22 November 2007, as a Director of the company.

Aged 41 years, Mr Hibel joins from Eurohouse Limited, a real estate company
focused on residential and commercial in East Europe and Israel, where he was
Financial Manager. He has a strong track record as a senior financial executive
across a range of industries. Between 2000 and 2005, he was Chief Financial
Officer of a group of technology companies controlled by Formula Systems
Limited, the company listed on NASDAQ and Tel Aviv Stock Exchange where he also
acted as substitute for the CEO. Prior to that, from 1998 to 2000 he was Chief
Financial Officer of ITP Group, a private company with communication and
international trading interests in Eastern Europe. From 1996 to 1998, he was the
head of the Accounting and Controlling Department in Bezeq International
Limited, the Israeli international telecom carrier. He qualified as a Certified
Public Accountant with KPMG in 1996 having graduated from the Tel Aviv College
of management with a BA in Business Administration.

The company confirms that no further disclosures are required, in accordance
with paragraphs (iii) to (viii) inclusive of paragraph (g) in Schedule 2 of the
AIM Rules, in respect of Mr. Hibel.

In line with the announcement of 20 August 2007, Clair Satchi has resigned as a
Director of the company with immediate effect.

Terry Roydon and Marius van Eibergen Santhagens continue to serve as
Non-Executive Directors.

The appointment of Mr. Hibel completes a period of significant change in the
senior management of Engel East Europe, which has included the appointment of
Sam Salman as Executive Chairman and Eitan Padan as Chief Executive Officer of
the Company.

As part of a corporate revitalisation programme already underway, the new
executive team is conducting a review of all the Company's operations and assets
to ensure that the business is focused on those activities most likely to
generate significant shareholder value.

END

Enquiries

Engel East Europe N.V.                         00 972 (9) 970 7004
Sam Salman / Eitan Padan

Dawnay, Day Corporate Finance Limited - Nominated Adviser
Gerald Raingold/Nick Lovering                        020 7509 4570

Bankside Consultants
Simon Bloomfield / Andy Harris                       020 7367 8888




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