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key group data/executive board letter from the executive board dear shareholders, dear readers, for deutsche euroshop the stable trend of the first half of the year continued in the third quar- ter. revenue increased year-on-year by 0.8% to €152.3 million. net operating income (noi) improved a modest 0.1% to €136.0 million, while earnings before interest and taxes (ebit) climbed 0.3% to €131.5 million. in the first nine months of the year we gen- erated a consolidated profit of €72.2 million or €1.34 per share. due to higher ongoing in- vestments in our properties, the consolidat- ed profit was down by 1.9% compared to the previous year. by contrast, epra earnings per share adjusted for valuation effects rose 2.1% from €1.41 to €1.44. funds from opera- tions (ffo) improved by 3.6%, from €1.68 to €1.74 per share. consolidated key figures in € million 01.01. – 30.09.2016 01.01. – 30.09.2015 + / - revenue 152.3 151.0 1% net operating income (noi) 136.0 135.9 0% ebit 131.5 131.0 0% net finance costs -36.6 -37.2 2% measurement gains / losses -4.8 -2.8 -71% ebt 90.1 91.0 -1% consolidated profit 72.2 73.6 -2% ffo per share (€) 1.74 1.68 4% earnings per share (basic) 1.34 1.37 -2% 9m the economic background in our portfolio countries is currently good. in addition, the sustained low level of interest rates on the capital market are having a positive impact on our results. the long-term impact of the out- come of the us presidential election and the unresolved brexit issue is difficult to predict. on the rental market, we see an ongoing re- structuring and modernisation process taking place, in addition to the growth in e-commerce, in bricks-and-mortar retailing and market ad- justments, especially in the fashion segment. we continually evaluate this development for our portfolio and are moving along with this market phase in an operational sense by boosting the attractiveness of our centers. for example, we are currently rolling out shopping center apps that will link shopping both online and offline. in addition, we have been installing as needed items such as modern digital play- grounds for children and 3d navigation aids in our centers to improve the quality of the time that our clients spend there. in early october we acquired a 50% stake in the saarpark-center neunkirchen. we are pleased to add this twentieth shopping center to our portfolio. the saarpark-center in € million 30.09.2016 31.12.2015 + / - equity * 2,054.6 2,061.0 0% liabilities 1,792.4 1,790.6 0% total assets 3,847.0 3,851.6 0% equity ratio (%) * 53.4 53.5 ltv ratio (%) 35.3 35.5 cash and cash equivalents 65.7 70.7 -7% * incl. third-party interests in equity is an established and successful shopping center with a very good location, stability and an excellent market position. it fits in well with our portfolio. as opportunities present them- selves, we will acquire additional shopping centers that have a track record of success. we will continue with our ongoing acquisi- tion activities for an attractive center in cen- tral europe. on the basis of the current business trend and the outlook going forward, we can confirm our guidance for 2016 and have raised it slight- ly for 2017 with the acquisition of the saar- park-center. we plan to increase the dividend for the current business year by five cents to €1.40 per share. we thank you for the confi- dence you have placed in us. hamburg, november 2016 wilhelm wellner olaf borkers 1 deutsche euroshop ag 9m quarterly statement 2016 quarterly statement of 30 september 2016 feelestate.de in € million 01.01. – 30.09.201601.01. – 30.09.2015 + / - revenue 152.3151.01% net operating income (noi) 136.0135.90% ebit 131.5131.00% net finance costs -36.6 -37.22% ebt 90.191.0 -1% consolidated profit 72.273.6 -2% ffo per share (€) 1.741.684% earnings per share (basic) 1.341.37 -2% in € million 30.09.201631.12.2015 + / - equity * 2,054.62,061.00% liabilities 1,792.41,790.60% total assets 3,847.03,851.60% equity ratio (%) * 53.453.5 ltv ratio (%) 35.335.5 cash and cash equivalents 65.770.7 -7%

financial position and net assets/report on events after balance sheet date/outlook financial position and net assets net assets and liquidity the deutsche euroshop group’s total assets decreased by €4.6 million to €3,847.0 million compared with the last reporting date. while the value of the investment properties in- creased by a total of €7.8 million, particularly as a result of the acquisition of the karstadt property in dessau on 1 april 2016, there was a €3.7 million decrease in at-equity invest- ments due to cash payments received. fur- thermore, trade receivables and other ­ current assets decreased by €3.6 million. cash and cash equivalents amounted to €65.7 million as at the reporting date and were thus slight- ly below the value reported on 31 decem- ber 2015 (€70.7 million). equity ratio stable at 53.4% the equity ratio (including the shares of third-party shareholders) was 53.4%, most- ly unchanged compared to the last reporting date (53.5%). liabilities as at 30 september 2016, financial liabilities stood at €1,397.7 million, which was €9.9 mil- lion lower than at the end of 2015. non-cur- rent deferred tax liabilities increased by €12.4 million to €322.0 million due to addi- tional provisions, while redemption entitle- ments for third-party shareholders fell by around €0.4 million to €292.7 million. other current and non-current liabilities and provi- sions were reduced by €0.7 million. revenue in € million 9m 2015 9m 2016 152.3 151.0 ebit in € million 131.5 131.0 9m 2015 9m 2016 ebt excl. valuation in € million 9m 2015 9m 2016 ffo per share in € 9m 2015 9m 2016 1.74 1.68 97.1 93.9 report on events after the balance sheet date at the beginning of october we acquired a 50% stake in the saarpark-center in neunkirchen, saarland. the total investment including the net financial liabilities that were assumed was €113 million, while the expected noi return is 5.0%. no further significant events occurred between the balance sheet date of 30 septem- ber 2016 and the date of preparation of the ­ financial statements. outlook expected results of opera- tions and financial position now that the first nine months of the year have unfolded as planned, we stand by our fore- casts for financial year 2016, as published in march, and expect: • revenue of between €200 million and €204 million • earnings before interest and ­ taxes (ebit) of between €175 million and €179 million • earnings before taxes (ebt) exclud- ing valuation gains / losses of between €127 million and €130 million • funds from operations (ffo) per share of between €2.26 and €2.30 saarpark-center, neunkirchen, ­ germany 3 deutsche euroshop ag 9m quarterly statement 2016 9m

consolidated balance sheet/consolidated income statement/statement of comprehensive income consolidated income statement assets in € thousand 30.09.2016 31.12.2015 assets non-current assets intangible assets 31 8 property, plant and equipment 284 365 investment properties 3,364,473 3,356,655 investments accounted for using the equity method 407,293 411,031 other financial assets 59 59 non-current assets 3,772,140 3,768,118 current assets trade receivables 2,105 5,605 other current assets 7,087 7,192 cash and cash equivalents 65,707 70,699 current assets 74,899 83,496 total assets 3,847,039 3,851,614 liabilities in € thousand 30.09.2016 31.12.2015 equity and liabilities equity and reserves issued capital 53,945 53,945 capital reserves 961,970 961,970 retained earnings 745,992 751,944 total equity 1,761,907 1,767,859 non-current liabilities financial liabilities 1,347,858 1,359,896 deferred tax liabilities 321,954 309,528 right to redeem of limited partners 292,685 293,113 other liabilities 57,026 52,314 non-current liabilities 2,019,523 2,014,851 current liabilities financial liabilities 49,799 47,711 trade payables 2,549 621 tax liabilities 638 489 other provisions 5,722 7,056 other liabilities 6,901 13,027 current liabilities 65,609 68,904 total equity and liabilities 3,847,039 3,851,614 in € thousand 01.07. – 30.09.2016 01.07. – 30.09.2015 01.01. – 30.09.2016 01.01. – 30.09.2015 revenue 50,424 50,392 152,254 151,036 property operating costs -3,562 -3,592 -8,559 -7,471 property management costs -2,528 -2,662 -7,651 -7,672 net operating income (noi) 44,334 44,138 136,044 135,893 other operating income 117 242 619 661 other operating expenses -1,806 -1,522 -5,193 -5,528 earnings before interest and taxes (ebit) 42,645 42,858 131,470 131,026 share in the profit / loss of associated companies and joint ventures using the equity method 5,572 5,226 15,041 16,026 profit / loss attributable to limited ­partners -4,506 -4,338 -13,406 -12,884 interest expense -12,900 -13,794 -40,038 -42,142 other financial income and expenditure 744 364 1,746 1,684 interest income 4 5 50 124 income from investments 1 1 1 1 net finance costs -11,085 -12,536 -36,606 -37,191 measurement gains / losses -1,554 -816 -4,803 -2,812 earnings before tax (ebt) 30,006 29,506 90,061 91,023 income taxes -6,507 -5,590 -17,889 -17,444 consolidated profit 23,499 23,916 72,172 73,579 earnings per share (€), basic 0.44 0.44 1.34 1.37 earnings per share (€), diluted 0.42 0.43 1.29 1.32 consolidated balance sheet in € thousand 01.07. – 30.09.2016 01.07. – 30.09.2015 01.01. – 30.09.2016 01.01. – 30.09.2015 consolidated profit 23,499 23,916 72,172 73,579 items which under certain conditions in the future will be reclassified to the income statement: actual share of the profits and losses from instruments used to hedge cash flows -338 -1,953 -6,855 4,574 deferred taxes on changes in value offset directly against equity 83 438 1,557 -999 total earnings recognised directly in equity -255 -1,515 -5,298 3,575 total profit 23,244 22,401 66,874 77,154 share of group shareholders 23,244 22,401 66,874 77,154 statement of comprehensive income 5 deutsche euroshop ag 9m quarterly statement 2016 9m in € thousand 30.09.201631.12.2015 intangible assets 318 property, plant and equipment 284365 investment properties 3,364,4733,356,655 the equity method 407,293411,031 other financial assets 5959 non-current assets 3,772,1403,768,118 trade receivables 2,1055,605 other current assets 7,0877,192 cash and cash equivalents 65,70770,699 current assets 74,89983,496 total assets 3,847,0393,851,614 in € thousand 30.09.201631.12.2015 issued capital 53,94553,945 capital reserves 961,970961,970 retained earnings 745,992751,944 total equity 1,761,9071,767,859 financial liabilities 1,347,8581,359,896 deferred tax liabilities 321,954309,528 right to redeem of limited partners 292,685293,113 other liabilities 57,02652,314 non-current liabilities 2,019,5232,014,851 financial liabilities 49,79947,711 trade payables 2,549621 tax liabilities 638489 other provisions 5,7227,056 other liabilities 6,90113,027 current liabilities 65,60968,904 total equity and liabilities 3,847,0393,851,614 revenue 50,42450,392152,254151,036 net operating income (noi) 44,33444,138136,044135,893 other operating income 117242619661 (ebit) 42,64542,858131,470131,026 equity method 5,5725,22615,04116,026 other financial income and expenditure 7443641,7461,684 interest income 4550124 income from investments 1111 earnings before tax (ebt) 30,00629,50690,06191,023 consolidated profit 23,49923,91672,17273,579 earnings per share (€), basic 0.440.441.341.37 earnings per share (€), diluted 0.420.431.291.32 profit 23,49923,91672,17273,579 flows -338 -1,953 -6,8554,574 against equity 834381,557 -999 directly in equity -255 -1,515 -5,2983,575 total profit 23,24422,40166,87477,154 shareholders 23,24422,40166,87477,154

segment reporting segment reporting as a holding company, deutsche euroshop ag holds equity interests in shopping centers in the european union. the holding companies are pure real-estate shelf companies without staff of their own. the ­ operational management is contracted out to external service providers under agency agreements, with the result that the companies’ ­ activities are exclusively restricted to asset management. due to the company’s uniform business activities within a relatively homogeneous region (the european union), and in accordance with ifrs 8.12, separate segment reporting is presented in the form of a breakdown by domestic and international results. the executive board of deutsche euroshop ag, as the main deci- sion-maker of the group, assesses primarily the performance of the segments based on revenue, ebit (earnings before interest and taxes) and ebt (earnings before taxes) before measurement of the individual property companies. the valuation principles for the segment report- ing correspond to those of the group. intra-group activities between the segments are summarised in the reconciliation. in view of the geographical segmentation, no further information pur- suant to ifrs 8.33 is given. breakdown by geograhical segment in € thousand domestic inter­ national reconciliation total revenue 141,190 11,064 0 152,254 (previous year’s figures) (139,977) (11,059) (0) (151,036) in € thousand domestic inter­ national reconciliation total ebit 125,147 9,847 -3,524 131,470 (previous year’s figures) (124,568) (10,217) (-3,759) (131,026) in € thousand domestic inter­ national reconciliation total net interest income -35,524 -1,701 -2,763 -39,988 (previous year’s figures) (-36,444) (-2,818) (-2,756) (-42,018) in € thousand domestic inter­ national reconciliation total earnings before tax (ebt) 75,887 5,958 8,216 90,061 (previous year’s figures) (78,552) (5,427) (7,044) (91,023) the reconciliation statement primarily discloses profits and losses for the period for equity-accounted companies in the amount of €15,041 thousand, of which €10,539 thousand is domestic and €4,502 thousand international. in € thousand domestic inter­ national total segment assets 3,591,609 255,430 3,847,039 (previous year’s figures) (3,595,992) (255,622) (3,851,614) of which investment properties 3,119,765 244,708 3,364,473 (previous year’s figures) (3,112,000) (244,655) (3,356,655) responsibility statement by the executive board to the best of our knowledge, and in accordance with the applicable re- porting principles for interim financial reporting, the interim consolidat- ed financial statements give a true and fair view of the assets, ­ liabilities, financial position and profit or loss of the group, and the interim man- agement report of the group includes a fair review of the development and performance of the business and the position of the group, togeth- er with a description of the principal opportunities and risks associated with the expected development of the group for the remainder of the financial year. hamburg, 14. november 2016 wilhelm wellner olaf borkers saarpark-center, neunkirchen, ­ germany 7 deutsche euroshop ag 9m quarterly statement 2016 9m revenue 141,19011,0640152,254 ebit 125,1479,847 -3,524131,470 tax (ebt) 75,8875,9588,21690,061 segment assets 3,591,609255,4303,847,039 of which investment properties 3,119,765244,7083,364,473

financial calendar 2016/2017/contact financial calendar 2016 / 2017 all the key dates at a glance 2016 14.11. quarterly statement 9m 2016 16.11. roadshow amsterdam, abn amro 16.11. roadshow geneva, kepler cheuvreux 17.11. roadshow zurich, kepler cheuvreux 23.11. german equity forum, frankfurt 29.11. supervisory board meeting, hamburg 06.12. berenberg european conference, pennyhill 12. – 13.12. hsbc’s global real estate conference, cape town our financial calendar is updated continuously. please check our website for the latest events: www.deutsche-euroshop.com/ir 2017 05. – 06.01. oddo forum, lyon 11.01. j.p. morgan cazenove european real estate ceo conference, london 17.01. kepler cheuvreux german corprate conference, frankfurt 19.04. audit commitee meeting, hamburg 26.04. supervisory board meeting, hamburg 28.04. publication of 2016 annual report 11.05. quarterly statement 3m 2017 28.06. supervisory board meeting, hamburg 28.06. annual general meeting, hamburg 15.08. half-year financial report 2017 28.09. supervisory board meeting, hamburg 15.11. quarterly statement 9m 2017 29.11. supervisory board meeting, hamburg would you like additional information? then visit us online or call us: patrick kiss and nicolas lissner phone: +49 (0)40 - 41 35 79 20 / -22 fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.com/ir e-mail: ir@deutsche-euroshop.com forward-looking statements this quarterly statement contains forward-looking statements based on estimates of future developments by the executive board. the state- ments and forecasts represent estimates based on all of the informa- tion available at the current time. if the assumptions on which these statements and forecasts are based do not materialise, the actual ­ results may differ from those currently being forecast. rounding and rates of change percentages and figures stated in this report may be subject to round- ing differences. the rates of change are based on economic consid- erations: improvements are indicated by a plus (+); deterioration by a minus (-). feel see taste smell hear smell 9 deutsche euroshop ag 9m quarterly statement 2016 9m phone: +49 (0)40 - 41357920 / -22 fax: +49 (0)40 - 41357929