6 per cent yield level on net asset value for annual distributions to shareholders

·Three dividends to be paid in year, each of Euro 0.155 per share

The Board is pleased to announce the dividends expected to be paid by the Company in respect of the year to 31 December 2004. In accordance with the Company’s policy the annual dividend will be equivalent to 6 per cent of the net asset value of the Company at the end of the preceding year. For 2004 this will equate to a total dividend of Euro 0.465 per share. The dividend will be paid in three equal instalments of Euro 0.155 per share at the end of January, May and August 2004.

The January dividend payment of Euro 0.155 per share will be paid on 28 January 2004, having an ex-dividend date of 14 January 2004. Dutch withholding tax does not apply to this January dividend payment.