DES H1 E 2013

Interim Report H1 2013 Letter from the Executive Board Dear Shareholders, Dear Readers, The business model of Deutsche EuroShop has again proven its reli- ability in the first six months of 2013, enabling results that are fully consistent with our plans. With revenue at € 88.8 million, we exceeded the figure for the first half of 2012 by 14 %. Net operating income (NOI) improved by 16 % to € 80.2 million, while earnings before interest and taxes (EBIT) climbed 15 % to € 77.2 million. There are two main reasons behind these increases: firstly, the Herold- Center in Norderstedt contributed to the results for the first time. Its con- tribution applies since the start of the year. Secondly, we increased our shareholding in the Altmarkt-Galerie in Dresden to 100 % at the end of April. This investment, including the proportionate liabilities assumed in the amount of € 62 million, has a volume of some € 132 million. Our funds from operations (FFO) rose by 15 % from € 0.89 to € 1.02 per share (53.9 million shares compared with an adjusted figure of 51.9 million shares in 2012) – in absolute terms our FFO exceeded the figure for the same period of the previous year by 16 %. Consolidated profit increased by 28 % from € 32.6 million to € 41.8 million. Earnings per share correspondingly increased from € 0.63 to € 0.77. EPRA (earn- ings per share), i. e. the result adjusted for valuation effects, rose from € 0.65 to € 0.83 per share, which corresponds to an increase of 28 %. We further optimised our portfolio over the first six months of the year: besides increasing the shareholding in the Altmarkt-Galerie in Dresden, as mentioned, we sold our 33.33 % stake in the Galeria Dominikan- ska in Wroclaw, Poland. We are expecting to finalise the sale in the next few weeks once the conditions precedent of the purchase contract have been satisfied. We will inform you of the details in the next interim report in mid November. 01.01.– 30.06.2013 01.01.– 30.06.2012 + / - Revenue 88.8 77.8 14 % EBIT 77.2 67.0 15 % Net finance costs -22.6 -18.2 -24 % Measurement gains / losses -2.5 -1.6 -50 % EBT 52.2 47.2 11 % Consolidated profit 41.8 32.6 28 % FFO per share (€ ) 1.02 0.89 15 % EPRA Earnings per share (€, undiluted) 0.83 0.65 28 % 30.06.2013 31.12.2012 + / - Equity ** 1,509.7 1,528.4 -1 % Liabilities 1,833.2 1,630.9 12 % Total assets 3,343.0 3,159.3 6 % Equity ratio ( %) ** 45.2 48.4 LTV-ratio ( %) 46 40 Gearing ( %) ** 121 107 Cash and cash equivalents 85.5 158.2 -46 % * European Public Real Estate Association ** incl. non controlling interests in € million Key group data Our forecast for the entire year remains unchanged. We envisage being able to pay you a dividend of at least € 1.20 per share for the current financial year and thank you for placing your trust in Deutsche EuroShop. Hamburg, August 2013 Claus-Matthias Böge Olaf Borkers Note: We explained in the interim report on the first quarter of 2013 that Deutsche EuroShop has been applying IFRS 11 (Joint Arrangements) on a voluntary early basis since the start of the current financial year.This means that the proportionate consolidation method pre- viously applied has been replaced by the equity method for some of the Group companies. As a result, the assets, liabilities, expenses and income of these companies are no longer included in the consolidated financial statements. From 2013 onward, the financial state- ments for the reporting period as well as those of the respective periods for year-on-year comparisons will be presented using the equity method. We provide a detailed description of how this impacts the consolidated balance sheet and the income statement in the Notes.

DES H1 E 2013

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