Eastern European Property Fund Limited (the "Company")

Holding in Company

The Company was notified on 5 May 2010 that, as at the same date, Collins Stewart Wealth Management, through its nominee, Forest Nominees Limited, holds 740,800 ordinary shares in the Company ("Ordinary Shares"), representing 3.82% of the issued share capital.  Of these: 179,000 Ordinary Shares, representing 0.92% of the issued share capital, are held on behalf of managed discretionary client(s); 187,300 Ordinary Shares, representing 0.97% of the issued share capital, are held on behalf of non discretionary private client(s); and 374,500 Ordinary Shares, representing 1.93% of the issued share capital, are held on behalf of non discretionary institutional client(s).

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Website: www.eepfl.com

5 May 2010