DES Q1 2012 e

/ / / 3 DES Interim Report, Q1 2012 Measurement gains / losses The measurement losses of € -0.9 million during the reporting period stemmed from the excess of cost of acquisition over identified net assets acquired in accordance with IFRS 3 which resulted from the increase in shareholdings in our centers in Dessau, Hamm and Viernheim, as well as investment costs incurred by the portfolio properties. Tax ratio at 30 % Income tax expenses rose from € 5.8 million to € 7.1 million due to bet- ter performance. € 1.3 million of this was attributable to income taxes to be paid and € 5.8 million to deferred taxes. The tax ratio of 30 % thus remains unchanged over the previous year. 24 % increase in consolidated profit Consolidated profit amounted to € 16.5 million, € 3.1 million (+24 %) higher than the same quarter of the previous year. Earnings per share amounted to € 0.32 compared with € 0.26. EPRA earnings per share rose 26 % from € 0.27 to € 0.34. Consolidated net profit 31.03.2012 31.03.2011 in D thousand per share in D thousand per share 16,543 0.32 13,383 0.26 Measurement 868 0.02 327 0.01 Deferred taxes -181 0.00 -13 0.00 EPRA* earnings 17,230 0.34 13,697 0.27 * European Public Real Estate Association Funds from operations (FFO) up 25 % FFO rose from € 19.0 million to € 23.2 million, or by € 0.36 to € 0.45 per share (+25 %). Financial Position and Net Assets Net assets and liquidity During the reporting period, the Deutsche EuroShop Group’s total assets increased by € 3.6 million on the figure at the end of 2011 to € 3,228.7 million. Non-current assets increased by € 2.0 million. Receiv- ables and other current assets fell by € 14.7 million, on the other hand. At € 78.1 million, cash and cash equivalents were € 13.7 million higher than on 31 December 2011 (€ 64.4 million). Equity ratio of 45.7 % The equity ratio (incl. shares held by third-party shareholders) has remained unchanged over the previous year. It amounted to 45.7 %. Liabilities Bank loans and overdrafts amounted to € 1,468.3 million on 31 March 2012, € 3.8 million below the end of 2011. This is principally attrib- utable to the fact that the interest and principle amounts recognised at the reporting date were paid in January 2012. Non-current deferred tax liabilities increased from € 5.5 million to € 216.1 million due to addi- tional provisions. Meanwhile, redemption entitlements for third-party shareholders fell by around € 11.4 million as a result of the increase in the shareholding in our properties in Hamm, Viernheim and Dessau and dividend distributions. Other liabilities and provisions were reduced by € 2.1 million. The Shopping Center Share Deutsche EuroShop shares ended 2011 at a closing price of € 24.80. A slightly downward trend caused shares to hit € 23.72 on 12 January 2012, their lowest level for the period. Following an upward trend, the price stabilised around the € 26.00 mark between late January and late March and on 12 March 2012 shares hit € 27.14, their highest level during the first three months of the current financial year. The price at the end of the reporting period on 30 March 2012 was € 26.45. This is equivalent to a performance of 6.7 % during the first three months. The MDAX, on which the Deutsche EuroShop share is listed, rose by 20.3 % during the same period. On 31 March 2012, Deutsche EuroShop had market capitalisation of € 1.4 billion. DEUTSCHE EUROSHOP VS. MDAX AND EPRA Comparison, January to April 2012 Deutsche EuroShop EPRA MDAX Jan Feb Mar MayApr (indexed, base of 100, in %) 85 90 95 100 105 110 90 100 120 130 110 125 120 115 110 105 100 95

DES Q1 2012 e

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