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/ / / 3 DES Interim report for the first half of 2012 Measurement gains / losses The measurement losses of €-1.9 million during the reporting period stemmed from the excess of identified net assets acquired over cost of acquisition 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 31% Income tax expenses rose from € 11.6 million to € 14.6 million due to better performance. € 2.7 million of this was attributable to income taxes to be paid and € 11.9 million to deferred taxes. The tax ratio of 31% is thus slightly above the previous year (30%). 20% increase in consolidated profit Consolidated profit amounted to € 32.6 million, € 5.4 million (+20%) higher year-on-year. Earnings per share amounted to € 0.63, compared with € 0.53 last year. EPRA earnings per share rose 22% from € 0.54 per share to € 0.66. Earnings per share 30.06.2012 30.06.2011 in € thousand Per share in € thousand Per share Consolidated profit 32,578 0.63 27,210 0.53 Measurement gains / losses 1,867 0.04 790 0.01 Deferred taxes -503 -0.01 -162 0.00 EPRA* Earnings 33,942 0.66 27,838 0.54 * European Public Real Estate Association Funds from operations (FFO) up 22% FFO rose from € 38.1 million to € 46.4 million, or by € 0.74 to € 0.90 per share (+22%). in € thousand 30.06.2012 30.06.2011 adjustment 30.06.2011 after adjustment Consolidated profit 32,578 32,329 -5,119 27,210 Measurement gains / losses 1,867 859 -69 790 Deferred taxes 11,957 6,439 3,682 10,121 FFO 46,402 39,627 -1,506 38,121 FFO per share 0.90 0.77 -0.03 0.74 Financial Position and Net Assets Net assets and liquidity During the reporting period, the Deutsche EuroShop Group’s total assets increased by € 18.8 million on the figure at the end of 2011 to € 3,243.9 million. Non-current assets increased by € 4.3 million. Receivables and other current assets, on the other hand, fell by € 12.6 million. At € 91.5 million, cash and cash equivalents were € 27.1 million higher than on 31 December 2011 (€ 64.4 million). Equity ratio of 44.2% The equity ratio (incl. shares held by third-party shareholders) was down as a result of the dividend paid in June. As of the reporting date, it amounted to 44.2%. Liabilities Bank loans and overdrafts amounted to € 1,515.5 million on 30 June 2012, € 43.4 million higher than at the end of 2011. This is mainly the result of the dividend payment in June and the significantly higher level of cash and cash equivalents. Non-current deferred tax liabilities increased from € 10.0 million to € 220.6 million due to additional provisions. Meanwhile, redemption entitlements for third-party shareholders fell by around € 9.4 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 increased by € 4.0 million. THE SHOPPING CENTER SHARE Following a year-end closing price of € 24.80 in 2011, a slight downward trend caused the Deutsche EuroShop shares to hit € 23.72 on 12 Janu- ary 2012, their lowest level for the period. In a positive environment, the price stabilised around the € 26.00 mark between late January and mid-April and then climbed to over € 28.00. It reached its highest closing price of € 30.19 during the first half of the year on 8 June 2012. This was also the highest closing price that our share has ever reached. The price at the end of the reporting period was € 27.96. Taking into account the dividend of € 1.10 that we paid to our shareholders on 22 June 2012, this corresponds to a performance of 17.2% in the first six months. The MDAX rose by 16.3% over the same period. Deutsche EuroShop’s market capitalisation stood at € 1.4 billion on 30 June 2012.

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