Deutsche EuroShop AG publishes net asset value for first time

On the 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 € 680.7 million (as at December 31, 2003). This represents a net asset value per share of € 43.56 for 15,625,000 shares, meaning that the shares are currently trading at around 20% below their net asset value.