Dear Readers, For many of you, this annual report is unlikely to come as a big surprise: We always strive to offer you something truly interesting and entertaining rather than dry compulsory reading material. A magazine all about Deutsche EuroShop. In keeping with this tradition, the following pages contain a colourful blend of information on the topics of shopping and real estate that we put together for your enjoyment. We have compiled everything you need to know about our 2011 financial year in an extra booklet so that, for the first time, our annual report consists of two parts. There is one thing that hasn’t changed, however: as always, you can expect a solid outlook for the future.. We would like to express a special word of gratitude to our tenants: They guarantee the success of our shopping centers and have contributed a large number of beautiful advertisements to enhance the visual appeal of this publication. We were happy to provide the pages for this at no charge. The ads stand for the colourful diversity found in our centers which attract several hundred thousand visitors every day. I would like to warmly invite you to visit our properties and see for yourself. The doors are open, and that is one of the great advantages of our shopping centers – you are always welcome to stop by. And of course we wouldn’t have anything against you making a few purchases dur- ing your visit. Of course if you should have any suggestions or questions regarding this report, your feedback is welcome at any time. For the time being, however, I hope that you find this report both enjoyable and informative! Best regards, Claus-Matthias Böge CEO EDITORIAL Claus-Matthias BögeCEO DES Annual Report 2011 3