When Deutsche EuroShop went public at the beginning of 2001 the idea/wish was to reach a performance (share price development + dividends) which should be comparable to the long-term average performance of the DAX (Germany's blue chip index), which was approx. +8% per annum at this time.

Times have changed and the DAX currently doesn't deliver this total return. Since DES' IPO the DAX had an absolute performance of -2.5% which translates into a -0.2% per year.

Positive: Deutsche EuroShop so far fulfilled the orginal idea with a +7.9% performance per year.

Our share beat all relevant benchmarks like the MDAX (German midcap index) and the EPRA (Europe Total Return) index.

When investors compare Deutsche EuroShop's stability as a "bond-like character" they are on the right track. But the DES share was able to outperform the REX (German government bonds performance index) in the last approx. 11.5 years.

We can't promise this development for the next decade, but our targets in this context are unchanged.