Highlights 2005

(The 2004 figures have been restated under IFRS for comparison purposes)

·          Direct result after tax up 7.5% to €340.9 million (2004: €317.0 million), driven by a 9.5% increase in gross rental income;

·          Direct result after tax per share is €3.80 (2004: €3.54);

·          Net shareholders’ profit up 230.3% to €1,282.1 million, which includes indirect result after tax of €941.2 million (2004: €71.2 million);

·          Valuation result in investment property is for 80% caused by yield shift;

·          Triple NAV (NNNAV) up 23.3% to €5,418 million (2004: €4,393 million), NNNAV per share is €60.441 (2004: €49.012);

·          Net rental income up 9.9% to €503.5 million (2004: €458.1 million), like for like growth of net rental income was 4.9%;

·          Overall occupancy rate increased to 97.9% (2004: 97.0%) with retail occupancy increasing from 98.2% at the end of September to 98.6% at the end of the year;

·          Investment portfolio increased 21.0% to €9.1 billion, as a result of acquisitions and capital expenditures (€567 million), pipeline investments (€294 million at cost), €281 million due to divestments and €1,028 million due to valuations;

·          90.3% of portfolio invested in the retail sector (2004: 87.0%);

·          Despite the pipeline projects for a total amount of €543 million that have come into operation during 2005, including Parquesur, Vier Meren, Spazio and Chodov, the total of committed and uncommitted pipeline is €2.4 billion;

·          Rodamco Europe entered a new European market: Finland, bringing the total spread of the portfolio up to 13 countries;

·          Proposed final dividend for 2005 of €2.17 per share, total dividend 2005 is €3.42 per share, a 12.1% increase (2004: €3.05 per share); 4.9% dividend yield.

Outlook 2006

Direct result after tax for full year 2006 is expected to grow by more than 7%.

This growth figure excludes revaluations of the investment portfolio.

1 Before final dividend 2005 of €2.17 per share

2 Before final dividend 2004 of €1.90 per share

Rotterdam, March 6 2005 – Rodamco Europe, the largest publicly listed property

investment and management company in the retail sector in Europe, is continuing its good results in 2005. Direct result after tax is up 7.5% and Triple NAV per share grew by 23.3% to €60.443. Rodamco Europe is focusing on these two items in evaluating its performance: direct result after tax for its operational performance and Triple NAV for the intrinsic value. Triple NAV growth was supported by the very strong revaluation result, which was also the main contributor to the 230.3% growth of net shareholders’ profit in 2005.

CEO Maarten Hulshoff: “We are pleased with the strong results in 2005, which are mainly due to Rodamco Europe’s focus on top quality retail in dominant locations in key European cities as well as our active retail management. During 2005, the market has shown continuous strong investor demand

for the top quality retail investments and cross-border investment activity across Europe. This is clearly reflected in the €1,028 million revaluation of our property portfolio during 2005. Due to our continued focus on top quality retail investments/shopping centers in Europe and local management teams in our home regions, Rodamco Europe has been able to build a €2.4 billion

pipeline portfolio, of which 37% is committed to third parties. This clearly shows Rodamco Europe’s ability to secure growth into the future. The total portfolio including the total pipeline currently tops the €11 billion mark.

In October 2005, Rodamco Europe was nominated for the prestigious Sijthoff prize for transparency in financial reporting. We consider this a good encouragement to further embed transparency into our organization. Furthermore, we, at Rodamco Europe, are pleased to have been included in the AEX index, Amsterdam’s main board comprising of the top 25 Dutch listed corporations. Rodamco Europe is the first Dutch property investment and management company to join the AEX index.