basis of independent market value surveys by Feri Research and GfK PRISMA and the unaudited annual financial statements for the 2003 financial year, Deutsche EuroShop AG has estimated the net asset value of the Company at EUR680.7 million (as at December 31, 2003). This represents a net asset value per share of EUR43.56 for 15,625,000 shares, meaning that the shares are currently trading at around 20% below their net asset value.

Issuer's information/explanatory remarks concerning this ad-hoc-announcement:

For the first time a shopping center portfolio has been rated in Germany. Feri Research and GfK PRISMA analysed Deutsche EuroShop's portfolio using a standardized valuation model and calculated the market value. This methodology, the results of the rating and the net asset value, together with the preliminary results for financial year 2003, will be presented in detail at a press and analyst conference to be held at 10.00 a.m. on Tuesday 2 March 2004 at the Taunustor Conference Center, Taunustor 2, 60311 Frankfurt am Main.

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