S H OW RO OM d n a QUARTERLY STATEMENT OF 31 MARCH 2019 LETTER FROM THE EXECUTIVE BOARD DEAR SHAREHOLDER S, DEAR READER S, Deutsche EuroShop was well on track operationally in the first quarter of financial year 2019. In the first three months, sales were slightly up year-on-year, standing at €56.2 million. Income increased by 0.3% as the portfolio remained unchanged. Net operating income (NOI) rose by 1.0% to €50.6 million, while earnings before interest and taxes (EBIT) were 0.6% higher than the previous year, at €49.3 million. In addition to this pleasing operating growth, the financial figures in Q1 were primarily influenced by positive non-recurring effects result- ing from a recent judgement from the Grand Senate of the Federal Fiscal Court (BFH). As part of pending appeal proceedings, a decision was handed down that it is possible to claim the “extended trade tax deduction” for investments in partnerships that are purely engaged in asset management, such as those held by Deutsche EuroShop. This revised an earlier Federal Fiscal Court (BFH) judgement dating back to 2010, on the basis of which the exemption of income from trade tax was denied. On the basis of the recent decision, we expect that our appeals against the relevant tax assessments from previous years will be granted and that we will receive reimbursements totalling €9.7 million. Including these non-recurring effects, earnings before taxes and measurement gains / losses (EBT excluding measurement gains / losses) rose in the first quarter by 7.2% to €42.3 million (excluding non-recurring effects +0.6%) and consolidated profit increased by 29.8% to €39.4 million (excluding non-recurring effects -2.0%). In parallel to this, EPRA earnings also rose by 29.1% to €47.6 million (excluding non-recurring effects +2.9%). Funds from operations (FFO) adjusted for measurement gains / losses and non-recurring effects also recorded growth and were up €0.6 million at €38.4 million (+1.6%), which equates to FFO per share of €0.62. We already envisaged being able to pay an improved dividend of €1.55 per share for the current financial year. Based on our contin- ued expectations of a stable business performance, we also intend to increase the dividend for financial year 2020 by a further €0.05 to €1.60 per share. Hamburg, May 2019 Wilhelm Wellner Olaf Borkers 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 1 0 0 WILHELM WELLNER OLAF BORKERS KEY CONSOLIDATED FIGURES in € million Revenue Net operating income (NOI) EBIT EBT (excluding measurement gains / losses1) EPRA2 earnings5 FFO Consolidated profit in € EPRA2 earnings per share5 FFO per share Earnings per share Weighted number of no-par- value shares issued in € million Equity3 Liabilities Total assets Equity ratio in %3 LTV ratio in %4 Cash and cash equivalents 01.01. – 31.03.2019 01.01. – 31.03.2018 56.2 50.6 49.3 42.3 47.6 38.4 39.4 56.0 50.1 49.0 39.5 36.9 37.8 30.4 01.01. – 31.03.2019 01.01. – 31.03.2018 0.77 0.62 0.64 0.60 0.61 0.49 + / - 0.3% 1.0% 0.6% 7.2% 29.0% 1.6% 29.8% + / - 28.3% 1.6% 30.6% 61,783,594 61,783,594 0.0% 31,03,2019 31,12,2018 2,612.8 2,045.8 4,658.6 56.1 30.9 156.8 2,573.4 2,036.8 4,610.2 55.8 31.8 116.3 + / - 1.5% 0.4% 1.0% 34.8% 1 Including the share attributable to equity-accounted joint ventures and associates 2 European Public Real Estate Association 3 Incl. third-party interests in equity 4 Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and invest- ments accounted for using the equity method) 5 EPRA earnings include a one-off tax refund in the period under review, including interest accrued for previous years. Without this tax refund, EPRA earnings would total €37.9 million or €0.61 per share (+2.9%).

S H OW RO OM d n a Revenue slightly up on the previous year Revenue rose slightly in the reporting period by 0.3% to €56.2 million, thus meeting our expectations. Operating and administrative costs for property on target Center operational costs in the reporting period, comprised mainly of center management fees, non-allocable ancillary costs, maintenance and write-downs of rent receivables, fell by €0.3 million to €5.6 million and were in line with expectations with a cost ratio of 10.0%. Other operating expenses of €1.5 million Other operating expenses, which mainly comprise general adminis- trative costs and personnel costs, were up slightly by €0.1 million to €1.5 million. EBIT on the up Earnings before interest and taxes (EBIT) at €49.3 million were greater than the figure for the previous year (€49.0 million), to a significant extent due to the rise in revenue occurring at the same time as the reduction in operating and administrative costs for property. Financial gains or losses excluding measurement gains / losses positively influenced by one-off interest income Financial gains or losses (excluding measurement gains / losses) grew by €2.5 million, from €-9.5 million to €-7.0 million. The at-equity profit recognised in financial gains or losses, at €7.6 million, remained at the prior-year level. The interest expense of the Group companies declined by €0.8 million in total due to scheduled repayments and more favourable refinancing for the Altmarkt-Galerie Dresden. Other financial gains or losses of €2.6 million are largely attributable to the interest refund for an expected trade tax reimbursement, which we expect to receive over the course of 2019. The background to this is the announcement of the decision made at the end of March by the Grand Senate of the Federal Fiscal Court (BFH) regarding the claiming of the “extended trade tax deduction”, on the basis of which we assume that our appeals against the previous year’s ruling will be granted. For further information on this topic, see section “38. Events after the reporting date” on page 188 of our Annual Report 2018. EBT (excluding measurement gains / losses) up significantly The growth in EBIT, the interest savings for the ongoing financing as well as the one-off interest refund led to a considerable increase in EBT (excluding measurement gains / losses) from €39.5 million to €42.3 million (+7.2%). 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 3 0 0 QUARTERLY STATEMENT OF 31 MARCH 2019 Measurement gains / losses influenced by modernisation investments The measurement loss of €-2.5 million (previous year: €-1.2 mil- lion) includes investment costs incurred by our portfolio properties (including the at-equity portion). In the first quarter, these costs were comparably higher due to the ongoing implementation of the “At Your Service” and “Mall Beautification” investment programmes. Income taxes Taxes on income and earnings amounted to €5.7 million (previous year: €-1.7 million) and include the expected trade tax reimbursement of €7.1 million as well as the €1.4 million in taxes to be paid (previous year: €1.7 million). Deferred taxes resulting mainly from the sched- uled amortisation of the tax balance sheet for our real estate assets totalled €6.1 million (previous year: €6.2 million). EPRA earnings and consolidated profit significantly higher The trade tax reimbursement including the accrued interest earn- ings of €9.7 million have had a considerable positive effect on EPRA earnings, which do not include the measurement gains / losses. Even without this non-recurring effect, however, EPRA earnings would have risen from €36.9 million to €37.9 million, or from €0.60 to €0.61 per share. Standing at €39.4 million, consolidated profit was €9.0 mil- lion up on the previous year (€30.4 million) and earnings per share increased from €0.49 to €0.64. EPRA EARNINGS 01.01. – 31.03.2019 01.01. – 31.03.2018 in € thou- sand per share in € in € thou- sand per share in € Consolidated profit 39,405 0.64 30,363 0.49 Measurement gains / losses investment properties1 Measurement gains / losses derivative financial instruments1 Deferred tax adjustments pursuant to EPRA2 EPRA earnings3 Weighted number of no-par-value shares issued 2,523 0.04 1,188 0.02 -84 0.00 -840 -0.01 5,724 47,568 0.09 6,141 0.77 36,852 0.10 0.60 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates 2 Affects deferred taxes on investment properties and derivative financial instruments 3 EPRA earnings include a one-off tax refund in the period under review, including interest accrued for previous years. Without this tax refund, EPRA earnings would total €37.9 million or €0.61 per share.

S H OW RO OM d n a REPORT ON EVENTS AFTER THE REPORTING DATE No significant events occurred between the reporting date of 31 March 2019 and the date of preparation of the financial statements. OUTLOOK EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION Following a performance in the first quarter in line with projections, we can reaffirm our forecast for financial year 2019: • revenue of between €222 million and €226 million • earnings before interest and taxes (EBIT) of between €194 mil- lion and €198 million • earnings before taxes (EBT) excluding measurement • gains / losses of between €159 million and €162 million funds from operations (FFO) of between €148 million and €151 million or between €2.40 and €2.44 per share 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 5 0 0 QUARTERLY STATEMENT OF 31 MARCH 2019 DIVIDEND 2019 We intend to distribute a dividend of €1.55 per share to our share- holders for 2019. RISK REPORT There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business development. We do not believe that the Company currently faces any risks capable of jeopardising its continued existence. The information provided in the risk report of the consolidated financial statements as at 31 December 2018 is therefore still applicable (2018 Annual Report, pg. 144 ff.). REVENUE in € million EBIT in € million EBT * in € million FFO in € million Result Goal Goal 153 150 150.4 151 148 FFO per share in € Result 225.0 Goal Goal 222 – 226 222 – 226 Result 199.1 Goal Goal 194 – 198 194 – 198 Result 160.9 Goal Goal 159 – 162 161 – 164 Result 2.43 Goal Goal 2.40 – 2.44 2.43 – 2.47 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 * excluding measurement gains / losses

S H OW RO OM d n a QUARTERLY STATEMENT OF 31 MARCH 2019 CONSOLIDATED INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME 01.01. – 31.03.2019 01.01. – 31.03.2018 in € thousand 56,234 -2,957 -2,649 50,628 151 -1,491 49,288 56,044 Consolidated profit -3,290 -2,648 50,106 256 -1,379 48,983 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 Deferred taxes on changes in value offset directly against equity in € thousand Revenue Property operating costs Property management costs Net operating income (NOI) Other operating income Other operating expenses Earnings before interest and taxes (EBIT) Share in the profit or loss of associated companies and joint ventures accounted for using the equity method Interest expense 6,973 7,507 -12,530 -13,293 Total earnings recognised directly in equity TOTAL PROFIT Share of Group shareholders Profit/loss attributable to limited partners -4,644 -4,533 Other financial income and expenditure Interest income Financial gains or losses Measurement gains / losses Earnings before tax (EBT) Income taxes Consolidated profit Earnings per share (€) 0 2,576 -7,625 -1,917 39,746 -341 39,405 0.64 740 5 -9,574 -1,172 38,237 -7,874 30,363 0.49 01.01. – 31.03.2019 01.01. – 31.03.2018 39,405 30,363 -1,501 1,715 344 -373 -1,157 38,248 38,248 1,342 31,705 31,705 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY in € thousand 01.01.2018 Total profit Dividend payments 31.03.2018 01.01.2019 Total profit Dividend payments 31.03.2019 Number of shares outstanding Share capital Capital reserves Other retained earnings Statutory reserve Cash flow hedge reserve Total 61,783,594 61,784 1,217,560 984,675 2,000 -28,643 2,237,376 0 0 0 0 30,363 0 0 0 1,342 0 31,705 0 61,783,594 61,784 1,217,560 1,015,038 2,000 -27,301 2,269,081 61,783,594 61,784 1,217,560 974,484 2,000 -26,080 2,229,748 0 0 0 0 39,405 0 0 0 -1,157 38,248 0 0 61,783,594 61,784 1,217,560 1,013,889 2,000 -27,237 2,267,996 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 7 0 0

S H OW RO OM d n a QUARTERLY STATEMENT OF 31 MARCH 2019 SEGMENT REPORTING Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Executive Board to man- age the Group. Internal reports distinguish between shopping centers in Germany (“domestic”) and other European countries (“abroad”). As the Group’s main decision-making body, the Deutsche EuroShop AG Executive Board first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains / losses. The measurement principles for segment reporting correspond to those of the Group. In order to assess the contribution of the segments to the individual performance indicators as well as to the Group’s success, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in proportion to the Group’s share therein. Similarly, for subsidiaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are likewise only consolidated pro- portionately according to the corresponding Group share. This results in the segments being divided as follows: BREAKDOWN BY SEGMENT in T€ Revenue (01.01.-31.03.2018) EBIT (01.01.-31.03.2018) EBT excl. measurement gains / losses (01.01.-31.03.2018) Segment assets (31.12.2018) of which investment properties (31.12.2018) Domestic 48,790 (48,879) 42,780 (42,771) 32,120 (32,113) Abroad 10,913 (10,584) 10,328 (10,022) 8,571 (8,245) Total Reconciliation 59,703 (59,463) 53,108 (52,793) 40,691 (40,358) -3,469 (-3,419) -3,820 (-3,810) 1,640 (-856) 3,412,374 (3,397,969) 3,346,684 (3,346,684) 775,284 (771,629) 741,560 (741,558) 4,187,658 (4,169,598) 4,088,244 (4,088,242) 470,913 (440,630) -196,544 (-196,542) 01.01. – 31.03.2019 56,234 (56,044) 49,288 (48,983) 42,331 (39,502) 31,03,2019 4,658,571 (4,610,228) 3,891,700 (3,891,700) In view of the geographical segmentation, no further information pur- suant to IFRS 8.33 is given. The adjustment of the proportionate consolidation of the joint ventures and subsidiaries in which the Group does not own a 100% stake is carried out in the reconciliation column. Deferred tax liabilities are considered by the Executive Board of Deutsche EuroShop AG in a cross-segment manner and are therefore included in the reconciliation column of the segment liabilities. Accordingly, the goodwill from the acquisition of Olympia Brno was allocated to the reconciliation col- umn of the segment assets. The reconciliation column also contains the companies which are not allocated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH). 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 9 0 0

QUARTERLY STATEMENT OF 31 MARCH 2019 23.09. 24.09. 13.11. 18.11. 21.11. Goldman Sachs & Berenberg German Conference, Munich Baader Investment Conference, Munich Quarterly statement 9M 2019 DZ Bank Equity Conference, Frankfurt Paris Roadshow, M. M. Warburg Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com/ir FINANCIAL CALENDAR 2019 Quarterly statement 3M 2019 Kepler Cheuvreux German Property Day, Paris HSBC Global Real Estate Conference, Frankfurt Deutsche Bank dbAccess Conference, Berlin Annual General Meeting, Hamburg 15.05. 17.05. 24.05. 06.06. 12.06. 18.06. – 19.06. Copenhagen & Stockholm Roadshow, Pareto 26.06. 15.08. 22.08. 29.08. 05.09.–06.09. Deutsche EuroShop Real Estate Summer, Frankfurt 20.09. EPRA Corporate Access Day, London Half-year Financial Report 2019 Montega Hamburg Investment Day, Hamburg Commerzbank Sector Conference, Frankfurt Societe Generale Pan European Real Estate Conference, London S H OW RO OM d n a 9 1 0 2 M 3 / P O H S O R U E E H C S T U E D 1 1 0 Die Shoppingcenter-AG 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 Mehr Informationen finden Sie unter www.deutsche-euroshop.de www.deutsche-euroshop.com / ir E-Mail: ir@deutsche-euroshop.de Forward-looking statements This quarterly statement contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the information 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 (-).