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- SIGNIFICANT INCREASE IN TURNOVER AND OPERATING PROFIT 
- FURTHER INCREASE OF PROPERTY PORTFOLIO

Meinl European Land, the real estate investment company listed on the
Vienna Stock Exchange with a focus on the property markets in Central
and Eastern Europe, ended the first quarter 2004 with excellent
operational results. All key figures show a significant increase
against the same period in 2003. Growth target were met and the
company has acquired additional properties in Hungary and the Cezch
Republic.

Turnover and operating profit reach 50% of the 2003 values after 3
months

Turnover has grown significantly in the first quarter 2004. With
total revenues of nearly 6 million Euro, Meinl European Land has
reached half of the full-year 2003 sales in just the first 3 months
of 2004. This strong increase is the direct result of the
acquisitions that the company has made during the last months - the
company has bought 6 new properties in the first quarter 2004. Based
on the current portfolio, total revenues until the end of the year
should reach 25 mio. Euro (2003: 11.94 mio. Euro) and due to planned
acquisitions from available funds, the company expects to reach an
even higher turnover. Other key financial data follow this positive
trend and EBIDTA (nearly 4 mio. Euro) as well as EBIT (2.5 mio. Euro)
have also reached 50% of the 2003 full-year level.

Property value reaching 270 mio. Euro - strong yield performance

The composition of the portfolio as well as property value mirror the
dynamic expansion. After the acquisitions in the current year, Meinl
European Land owns as of today 142 properties with a total rentable
area of 400,000 square metres and a market value of more than 270 mio
Euro, nearly 25% more than at the end of 2003. All newly acquired
properties will generate a yield of more than 9%.

end of announcement        euro adhoc 01.06.2004

Further inquiry note:

ECC Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@ecc-publico.com

Branche: Real Estate
ISIN: AT0000660659
WKN:
Index: Standard Market Auction
Börsen: Wiener Börse AG / official dealing