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Olaf G. Borkers appointed to the Executive Board

Hamburg, 3 August 2005 – The Supervisory Board of Deutsche EuroShop AG has appointed Mr. Olaf G. Borkers to the Company’s Executive Board. Mr. Borkers will primarily take over responsibility for finance within the Executive Board from 1 October 2005.

As a Bankkaufmann (banker) and Betriebswirt (business administration graduate), Borkers (40) has many years’ experience in finance and in the real estate sector. He began his career in 1992 as a credit analyst at Deutsche Bank in Frankfurt am Main. Since June 1999, Mr. Borkers has been responsible for finance and investor relations on the Executive Board of TAG Tegernsee Immobilien- und Beteiligungs-Aktiengesellschaft.

"We are delighted to welcome Olaf Borkers, who is an experienced financial expert. His appointment is a valuable addition to the Executive Board," said Claus-Matthias Böge, CEO of Deutsche EuroShop.

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