hborn/Hamburg, 29 April 2003. Deutsche EuroShop AG today presented its Annual Report for 2002. After a successful financial year 2002, in which the property holding company increased its operating result by 37% to € 24.8 million (previous year: € 18.6 million), the Executive Board is forecasting a further increase of 12% to € 27.6 million for financial year 2003. In addition, consolidated sales are expected to rise by 3% and EBITDA by 20% to € 44.5 million.

This provides the basis for the Company to continue its established dividend policy which, in line with the proposal to the Annual General Meeting scheduled for 18 June 2003, will lead to the distribution of the entire unappropriated surplus of € 30 million (= € 1.92 per share). This dividend is tax-free for German shareholders. According to the Company’s Executive Board, this corresponds to a dividend yield of around 6% given the Company’s current market capitalisation of € 525 million.

Deutsche EuroShop AG is Germany‘s first public property company to present its own corporate governance guidelines. In the Annual Report, the Company has published the remuneration of individual members of the Executive Board and the Supervisory Board, as well as the number of Deutsche EuroShop AG shares held by them. Deutsche EuroShop AG is not affected by the resolutions on corporate taxation recently passed by the German government.

The Annual Report can be ordered or downloaded from the Web site http://www.deutsche-euroshop.de/englisch/service/downloadcenter.php.