PRESS RELEASE

Operating result behind 2004

At the shareholder meeting held on April 6 it was announced that the results for the first quarter of 2005 were at the same level as those for the first quarter of 2004. In the past second quarter, in particular in May and June, of 2005 conditions deteriorated, especially in the markets relevant for the RSDB operating companies in the Netherlands and abroad. In a shrunken market, the fractional volume growth in combination with cost reductions from earlier implemented reorganisations could not compensate for the further increased pressure on prices.

Therefore the Executive Board of RSDB NV, on the basis of preliminary results and indications, expects the operating result (EBIT) for the first half of 2005 to remain significantly behind the published operating result for the first half of 2004 (EUR 10.6 million, excluding IFRS effects).
This forecast is announced at this time, awaiting the definitive 2005 interim results, publication of which is planned for Thursday, August 18, 2005, before trading.

With the earlier announced extensive investment programme, the positive effects of which on the result may only be expected in 2006, together with the also earlier announced sharpening of the strategic focus, including the divestment of eleven PlantijnCasparie sites, RSDB reacts to the dynamism of its relevant North-western European printing market. The investment programme is progressing according to schedule.

Hilversum, July 21, 2005

RSDB NV
Executive Board


For further information:
Hans de Jong / Leo van Gelder, tel. +31 356 258 600