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Engel East Europe NV (KBE)

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Friday 25 January, 2008

Engel East Europe NV

Trading Statement

Engel East Europe N.V.
25 January 2008





FOR IMMEDIATE RELEASE                                            25 January 2008


                             Engel East Europe N.V.


                            PRE-CLOSE TRADING UPDATE


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 it has completed a comprehensive review of the business,
initiated by the Board in October 2007 and in the light of its stated strategy
of focusing on high-end projects in CEE.

Following this review, the Board has decided to discontinue the Company's
non-core operations in Canada and Germany where it will dispose of its land
holdings at prices expected to be below book value. As a result, the accounts
for the year ended 31 December 2007 will include a provision in respect of these
holdings of approximately € 3.5 million, which provision was not included in
management's expectations for the financial performance in the year.

The Company has continued the expansion of its high-end portfolio, for example
with the acquisition in December 2007 of land in Trioja, Prague, for 100 luxury
apartments.

The Company expects to make a full announcement of results for the year ended 31
December 2007 in March 2008.

ENDS


Enquiries:

Engel East Europe N.V.
Eitan Padan                                   Tel: +972 (9) 970 7004
Sam Salman                                    Tel: +1 (646) 214-2000

Dawnay, Day Corporate Finance              Tel: +44 (0) 20 7509 4570
Limited
Gerald Raingold
Nick Lovering

Bankside Consultants                       Tel: +44 (0) 20 7367 8888
Simon Bloomfield
Andy Harris







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