Eastern European Property Regulatory News (EEP)

Eastern European Property Fund Limited (the "Company")

Board Update

10 May 2012

As a result of family illness, the Company announces that Andrew Duquemin has been appointed as an alternate Director of the Company for Carol Goodwin with effect from 8 May 2012.

The following additional information falls to be disclosed in relation to Andrew Mark Duquemin (aged 53) in accordance with rule 17 and paragraph (g) of Schedule 2 to the AIM Rules for Companies:

Current directorships:

Corporate Consultants Limited

D D Duquemin Limited

Castel Investments Limited

Blue Diamond Limited

Garenne Construction Group Limited

Fortune's Rocks Holdings Limited

Fortune's Rocks Property Limited

T & N Holdings Limited

Fund Acquisitions Limited

Elysium Fund Management Limited

Liberum Capital Limited

Guernsey Post Limited

19 Quinta do Lago

FRM Credit Alpha Limited

Elysium Secretaries Limited

Laurium Management Limited

Laurium General Partner Limited

Laurium Limited

Previous directorships:

Channel Islands Stock Exchange (as alternate)

SPL Guernsey ICC Limited*

Laurium Resources Limited (as alternate)

Pershing Square Holdings, Limited

*some cells in voluntary solvent liquidation

For further information:

Elysium Fund Management Limited

Andrew Duquemin +44 1481 810101

Liberum Capital Limited

Steve Pearce/Tom Fyson +44 203 100 2230