Deutsche EuroShop AG 3M Quarterly Statement 2016 - Results of Operations

Results of operations Revenue at the previous-year level Revenue for the reporting period came in at €50.7 million. This is 0.3% higher on a com- parable basis than in the same period of the previous year (€50.6 million). Operating and administrative costs for property as expected at 9.4% of revenue Center operating costs were up slightly at €4.8 million in the reporting period, compared with €4.5 million in the same period of the pre- vious year, and were in line with the budgeted 9.4% of revenue. Other operating expenses of €1.6 million Other operating expenses came to €1.6 mil- lion, €0.5  million lower than the previous year’s level (€2.1 million). The previous-year period included unusually higher personnel costs in conjunction with the long-term in- centive plan that ended in 2015. Improvement in financial result The financial result improved due to the de- crease in interest expense from €-12.9 mil- lion to €-12.3 million. In addition to ongoing repayments, the reason for the lower inter- est expense is the reduction in the refinancing for the Forum Wetzlar that was agreed in the summer of 2015. Measurement gains / losses A valuation loss of €1.4 million (previous year: valuation loss of €0.5 million) was recorded, which includes investment costs incurred by our portfolio properties. Adjusted EBT excluding measurement gains / losses up just over 3% At €31.0 million, earnings before taxes (EBT) were virtually unchanged versus the previous year (€31.3 million). After adjustment for valu- ation gains, this amount rose from €31.8 mil- lion to €32.7 million (+2.9%). Income taxes Taxes on income and earnings came to €6.1 million (previous year: €6.0 million). Of this, €1.4 million (previous year: €1.3 mil- lion) was attributable to taxes to be paid and €4.7 million to deferred taxes (previous year: €4.7 million). Consolidated profit falls slightly At €24.9  million, consolidated profit was down €0.4 million compared with the previ- ous year (€25.3 million). Basic earnings per share fell from €0.47 to €0.46 (-2%). EPRA earnings per share rose 2% from €0.48 to €0.49. EPRA Earnings 31.03.2016 31.03.2015 in € thousand per share in € in € thousand per share in € Consolidated profit 24,866 0.46 25,319 0.47 Measurement gains / losses in accordance with IAS 40 1,356 0.02 451 0.01 Measurement gains/losses for equity-accounted companies 377 0.01 7 0.00 Deferred taxes -369 0.00 -74 0.00 EPRA earnings 26,230 0.49 25,703 0.48 Weighted number of shares 53,945,536 53,945,536 Diluted EPRA earnings 0.46 0.45 Weighted number of shares 57,105,094 57,007,385 Funds from operations (FFO) up 2% FFO rose from €30.7 million to €31.6 million (+2%) and from €0.57 to €0.58 per share. Funds from Operations 31.03.2016 31.03.2015 in € thousand per share in € in € thousand per share in € Consolidated profit 24,866 0.46 25,319 0.47 Bond conversion expense 242 0.00 289 0.00 Measurement gains / losses 1,356 0.02 451 0.01 Measurement gains / losses for equity-accounted companies 377 0.01 7 0.00 Deferred taxes 4,713 0.09 4,675 0.09 FFO per share 31,554 0.58 30,741 0.57 Revenue in € million 3M 2015 3M 2016 50.7 50.6 EBIT in € million 44.6 44.6 3M 2015 3M 2016 EBT excl. valuation in € million 32.7 31.8 3M 2015 3M 2016 FFO per share in € 3M 2015 3M 2016 0.58 0.57 2 Deutsche EuroShop AG  Quarterly Statement 3M 2016 3M 31.03.201631.03.2015 Consolidated profit 24,8660.4625,3190.47 in accordance with IAS 401,3560.024510.01 equity-accounted companies 3770.0170.00 Deferred taxes -3690.00 -740.00 EPRA earnings 26,2300.4925,7030.48 Weighted number of shares 53,945,53653,945,536 Diluted EPRA earnings 0.460.45 Weighted number of shares 57,105,09457,007,385 31.03.201631.03.2015 Consolidated profit 24,8660.4625,3190.47 Bond conversion expense 2420.002890.00 Measurement gains / losses 1,3560.024510.01 equity-accounted companies 3770.0170.00 Deferred taxes 4,7130.094,6750.09 FFO per share 31,5540.5830,7410.57

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