DES H1 E 2013

Interim Report H1 2013 DES Interim Report Q1 2013 { 5 } Report on Events after the Balance Sheet Date No significant events occurred between the balance sheet date of 30 June 2013 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 busi- ness development. We do not believe the Company faces any risks capable of jeopardising its continued existence. The information pro- vided in the risk report of the consolidated financial statements as at 31 December 2012 is therefore still applicable. Report on Opportunities and Outlook Economic conditions The German Bundesbank and the federal government continue to expect Germany’s gross domestic product (GDP) to rise by 0.4 % or 0.5 % in 2013. The German Council of Economic Experts, however, is forecasting growth of just 0.3 %. Positive stimuli are expected to come from private consumer spending, in particular, which will prob- ably continue its stable development in light of the sustained positive situation on the job market. Experts anticipate that the number of unemployed could rise slightly by 50,000 to 2,949 million, which would correspond to an unem- ployment rate of 6.9 % (2012: 6.8 %). According to the opinion of the German Council of Economic Experts, the inflation rate is likely to settle at 1.7 % this year after averaging 2.0 % in 2012. In light of this, we expect Deutsche EuroShop’s business to once again perform positively and according to plan this year. Expected Results of Operations and Financial Position Forecast is confirmed For financial year 2013, we confirm the improved forecast that we issued in May and continue to expect the following: ¤¤ revenue of between € 186 million and € 189 million, ¤¤ earnings before interest and taxes (EBIT) of between € 162 million and € 165 million, ¤¤ earnings before tax (EBT) excluding measurement gains / losses of between € 113 million and € 116 million, and ¤¤ funds from operations (FFO) per share unchanged at between € 1.99 and € 2.03. The forecast does not take account of proceeds from the sale of Deutsche EuroShop’s stake in Galeria Dominikanska. We expect net proceeds of € 32-33 million compared with the carrying amount of € 30.3 million. Dividend policy We intend to maintain our long-term dividend policy and to distrib- ute a dividend of at least € 1.20 per share to our shareholders again for financial year 2013.

DES H1 E 2013

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