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/ / / 5 DES Interim report for the first half of 2012 REPORT ON EVENTS AFTER THE BALANCE SHEET DATE No further significant events occurred between the balance sheet date of 30 June 2012 and the date of preparation of the financial statements. RISK REPORT There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business development. We do not believe the Company faces any risks capable of jeopardising its con- tinued existence. The information provided in the risk report of the consoli- dated financial statements as at 31 December 2011 is therefore still applicable. REPORT ON OPPORTUNITIES AND OUTLOOK Economic conditions Thanks to stable domestic demand and a robust job market, the German economy is currently in good shape. The gross domestic product (GDP) grew by 0.5% in the first quarter of 2012. The IFO Business Climate Index suggests that GDP growth will be moderate over the course of the year. The German Ministry of Economics recently announced that domestic demand is currently the most important pillar of economic growth in Germany. The German Retail Federation (HDE) is holding on to its prediction of a 1.5% growth in sales for 2012 and expects con- sumer spending and confidence to be predominantly positive. To what extent Germany’s neighbours will be more affected by the crisis cannot currently be foreseen. The most recent measures to stabilise south- ern European banks, the ever more deeply entrenched recessions in Spain and Greece and the ongoing danger that other euro member states will need financial assistance have significantly and noticeably increased the risks to future economic growth in Germany. In addition, the slow- down in global economic momentum, particularly in China and the USA, could adversely affect the German economy and the job market. Even though inflation was more than 2% at the beginning of the year, it has dropped somewhat over the last few months and levelled off in June at 1.7%. This development is mainly attributable to the lower cost of raw materials and energy. Due to our good operational position, we expect Deutsche EuroShop’s business to perform positively and according to plan this year. Expected Results of Operations and Financial Position Forecast confirmed We stand by our forecasts for financial year 2012, as published in May, and expect: • revenue of between € 207 million and € 211 million • earnings before interest and taxes (EBIT) of between € 177 million and € 181 • earnings before tax (EBT) excluding measurement gains / losses of between € 94 and € 97 million and • funds from operations (FFO) per share of between € 1.70 and € 1.74. Dividend policy We intend to maintain our long-term dividend policy geared towards continuity and are optimistic that we will be able to again distribute a dividend of € 1.10 per share to our shareholders in 2012.

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