Deutsche EuroShop AG 3M Quarterly Statement 2016 - Key Group Data/Executive Board

Deutsche EuroShop’s dividend payments for the respective financial year per share in € LETTER FROM THE EXECUTIVE BOARD Dear Shareholders, Dear Readers, The first three months of the new 2016 busi- ness year unfolded according to plan.With rev- enue of €50.7 million, we were able to post a modest increase over the previous-year quar- ter in the first three months. Income increased by 0.3% as the portfolio remained unchanged. Net operating income (NOI) fell by a modest 0.3% to €46.0 million, while earnings before interest and taxes (EBIT) were unchanged ver- sus the prior year at €44.6 million. KEY GROUP DATA in € million 01.01. – 31.03.2016 01.01. – 31.03.2015 + / - Revenue 50.7 50.6 0% EBIT 44.6 44.6 0% Net finance costs -12.3 -12.9 -5% Measurement gains / losses -1.4 -0.5 -201% EBT 31.0 31.3 -1% Consolidated profit 24.9 25.3 -2% FFO per share (€) 0.58 0.57 2% Earnings per share (€, undiluted) 0.46 0.47 -2% * proposal 1.50 1.20 0.90 0.60 ‘01 ‘04 ‘07 ‘10 ‘13 ‘16 *‘02 ‘05 ‘08 ‘11 ‘14 ‘17 *‘03 ‘06 ‘09 ‘12 ‘15 * ‘18 * 3M Consolidated profit fell from from €25.3 mil- lion in the previous-year quarter to €24.9 mil- lion. The main reason for this were increased investments in our properties, which impact- ed the measurement gains / losses during the year. We earned €0.46 per share versus €0.47 in the previous-year period. EPRA earnings per share, which do not include the measurement gains / losses, rose 2% from €0.48 per share to €0.49. Funds from operations (FFO) also im- proved by 2% from €0.57 to €0.58 per share. The expansion of the Phoenix-Center Harburg was successfully completed with the opening of the Food Court in mid-March. Since September 2014 we had been expanding and modernising the appearance of the shopping center with our investment partners in three stages, at a cost of around €30 million. The market for investment properties continues to see strong demand. Against this backdrop, we are currently reviewing whether in € million 31.03.2016 31.12.2015 + / - Equity * 2,082.5 2,061.0 1% Liabilities 1,790.7 1,790.6 0% Total assets 3,873.3 3,851.6 1% Equity ratio (%) * 53.8 53.5 LTV-ratio (%) 34.7 35.5 Gearing (%) * 86.0 86.9 Cash and cash equivalents 97.9 70.7 39% * incl. non controlling interests we should invest in a shopping center in Ger- many that would fit in well with our portfolio. We confirm the full-year forecast that was released in March. We announced a divi- dend of €1.40 per share for the current finan- cial year, which is once again 5 cents higher than the previous year. In addition, we plan to raise the dividend for the 2017 and 2018 business years by €0.05 each year, so that the dividend in 2019 will be €1.50 per share. This would correspond with an absolute increase of 7.1% and an average annual increase of 3.5%. This measure is part of our ongoing long-term dividend policy. Our goal remains to distribute an attractive dividend every year. Hamburg, May 2016 Wilhelm Wellner Olaf Borkers PS: The regulatory guidelines for quarterly reporting have changed throughout Europe. ­Going forward, we will present so-called quarterly statements for the first three and for the first nine months of the business year. In these statements we present the results to you in a somewhat shorter form. The half-year financial report remains unchanged for the most part. We wish you an interesting read. 1 Deutsche EuroShop AG  Quarterly Statement 3M 2016 Quarterly Statement 2016as at 31 March 2016 feelestate.de in € million 01.01. – 31.03.201601.01. – 31.03.2015 + / - Revenue 50.750.60% EBIT 44.644.60% EBT 31.031.3 -1% Consolidated profit 24.925.3 -2% FFO per share (€) 0.580.572% Earnings per share (€, undiluted) 0.460.47 -2% in € million 31.03.201631.12.2015 + / - Equity * 2,082.52,061.01% Liabilities 1,790.71,790.60% Total assets 3,873.33,851.61% Equity ratio (%) * 53.853.5 LTV-ratio (%) 34.735.5 Gearing (%) * 86.086.9 Cash and cash equivalents 97.970.739%

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