Operating result for 3 first quarters strongly lower than last year

The major hesitancy in market demand mentioned in our half-year results press release of 18 August 2005 continued in the 3rd quarter of 2005.
In terms of volume, there was no growth compared to last year, in practically all market segments served by RSDB operating companies in and outside the Netherlands. In view of the undiminished excess capacity, competition has become even more fierce, which was again shown by increased pressure on prices.
Internally, the positive effects of earlier reorganisations were not sufficient to offset the negative results of price erosion and increased costs of energy carriers.

After three quarters, these developments result in an operating result (EBIT excluding IFRS effects) which remained strongly behind developments in the corresponding period of 2004.
In addition, a provision was made to the amount of EUR 2.0 million for a further programme of cost savings.
On the basis of the current insights, a recovery of the market conditions described above is not to be expected in the short term.

Hilversum, November 3, 2005

RSDB NV
Executive Board


For further information:
Hans de Jong / Leo van Gelder, tel. +31 356 258 601