Eurocommercial Properties N.V. ("the Company") is once again offering holders of depositary receipts (representing 10 ordinary shares) the choice of a cash dividend or a stock dividend. Today the Company announced that the percentage of the scrip issue will be 6.67%. This means that those who take new depositary receipts from the share premium reserve, instead of the proposed cash dividend of € 1.40 per depositary receipt, will receive 1 (one) new depositary receipt, for each 15 (fifteen) depositary receipts held. These new depositary receipts will rank pari passu with pre-existing depositary receipts in respect of the financial year 2002/2003. Investors have until 22 November 2002 inclusive to make their choice known. If notification is not received by that date a cash dividend only will be payable. The new depositary receipts will be issued on 29 November 2002. The distribution proposal will be tabled in the Annual General Meeting of Shareholders to be held on 5 November 2002.