S H OW ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 MANAGEMENT SYSTEM The Executive Board of Deutsche EuroShop manages the Company in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of procedure and in its schedule of responsibilities. The management indicators are based on the targets of having shop- ping centers with sustainable and stable value growth and a high liquidity surplus generated by long-term leases. These indicators are revenue, EBIT (earnings before interest and taxes), EBT (earnings before taxes) excluding measurement gains/losses and FFO (funds from operations). ECONOMIC REVIEW MACROECONOMIC AND SECTOR- SPECIFIC CONDITIONS Employment in Germany continued to pick up in the first half of 2019 despite cyclical weakening and limited momentum. The unemploy- ment rate at the end of July 2019 stood at 5.0%. Rising employment, increasing salaries and fiscal relief at the start of the year have fuelled significant growth in household income and are maintaining private consumption at a high level. According to the Federal Statistical Office, German retail sales (including online spending) rose by 2.2% year- on- year in real terms in the first six months of 2019. Online retail contin- ued to make a significant contribution towards growth in this context. In contrast, brick-and-mortar retail operations recorded a markedly slower rate of growth and also drops in revenue in some segments. BASIC INFORMATION ABOUT THE GROUP GROUP BUSINESS MODEL Deutsche EuroShop is an Aktiengesellschaft (public company) under German law. The Company’s registered office is in Hamburg. Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. A total of 21 shopping centers in Germany, Austria, Poland, Hungary and the Czech Republic are held in the real estate portfolio. The Group generates its reported revenue from rental income on the space it lets in the shopping centers. The shopping centers are held by independent companies, with Deutsche EuroShop holding stakes of 100% in twelve of them and between 50% and 75% in the other nine. The operational management of the shopping centers is contracted out to external service providers under agency agreements. The Group managing company is Deutsche EuroShop AG. It is respon- sible for corporate strategy, portfolio and risk management, financing and communication. The Deutsche EuroShop Group has a central structure and lean personnel organisation. The share capital amounted to €61,783,594 on 30 June 2019 and was composed of 61,783,594 no-par value registered shares. The notional value of each share is €1.00. OBJECTIVES AND STRATEGY The management focuses on investments in high-quality shopping centers in city centers and established locations offering stable long- term value growth. A key investment target is the generation of high surplus liquidity from long-term leases in shopping centers, much of which is paid out to shareholders in the form of an annual dividend. To this end, the Company invests its capital in shopping centers in different European regions in accordance with the principle of risk diversification. Germany is the main focus for investment. Indexed and turnover-linked commercial rents ensure that high earnings targets are achieved. The Company may invest up to 10% of equity in joint ventures in shop- ping center projects in the early stages of development. New investments should be financed from a balanced mix of sources, and borrowing may not account for more than 55% of financing across the Group over the long term. As a general rule, long-term interest rates are fixed when loans are taken out or renewed, with the goal of keeping the duration (average fixed interest period) at over five years. 9 1 0 2 1 H / P O H S O R U E E H C S T U E D 2 0 0

S H OW ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 Revenue slightly up on the previous year Revenue rose slightly in the reporting period by 0.3% to €111.9 million, thus meeting our expectations. Operating and administrative costs for property on target Center operational costs in the reporting period, comprising mainly center management fees, non-allocable ancillary costs, maintenance and write-downs of rent receivables, rose by a moderate €0.4 million to €11.5 million. The reason for this was higher write-downs of rent receivables. The cost ratio for the half-year was 10.3% and is thus in line with the budget. Other operating income and expenses Other operating income, stemming primarily from the reversal of pro- visions and income from rental receivables written down in previous years, amounted to €0.7 million and was therefore slightly higher than in the previous year. Other operating expenses, which mainly comprise general administrative costs and personnel costs, were practically the same year-on-year at €2.9 million. EBIT on the up Earnings before interest and taxes (EBIT) at €98.2 million were slightly above the figure for the previous year (€98.0 million), largely due to the rise in revenue and other operating income. Improved financial gains or losses due to interest savings and one-off interest income Financial gains or losses (excluding measurement gains/losses) improved by €2.9 million from €-19.2 million to €-16.3 million. The at- equity profit recognised in financial gains or losses, at €15.4 million, was €0.3 million above the prior-year level. The interest expense of the Group companies declined by €1.5 million in total due to scheduled repayments and more favourable refinancing for the Altmarkt-Galerie Dresden. Other financial gains or losses of €2.7 million are largely attributable to the interest refund for an anticipated trade tax reimbursement, which we expect to receive over the course of 2019. We already reported on the background to this in the first quarter and refer to our comments in section “38. Events after the reporting date” on page 172 of our Annual Report 2018. EBT (excluding measurement gains/losses) up The growth in EBIT, the interest savings for the ongoing financing as well as the one-off interest refund led to an increase in EBT (excluding measurement gains/losses) from €78.9 million to €81.9 million (+3.8%). 9 1 0 2 1 H / P O H S O R U E E H C S T U E D 4 0 0 Measurement gains/losses influenced by modernisation investments The measurement loss of €-8.4 million (previous year: €-9.6 million) includes investment costs incurred by our portfolio properties (including the at-equity share) mainly in relation with our “At Your Service” and “Mall Beautification” investment programmes. In the first half of 2019, the main measures were implemented in the Rhein- Neckar- Zentrum Viernheim, the Herold-Center Norderstedt and the Billstedt-Center Hamburg. Income taxes Taxes on income and earnings amounted to €2.9 million (previous year: €-3.4 million) and include the expected trade tax reimbursement of €7.1 million as well as the €4.2 million in taxes to be paid (previous year: €3.4 million). Deferred taxes resulting mainly from the amor- tisation of the tax balance sheet for our real estate assets totalled €10.2 million (previous year: €10.6 million). EPRA earnings and consolidated profit significantly higher EPRA earnings, which exclude measurement gains/losses, were sig- nificantly boosted by the trade tax reimbursement, including accrued interest income of €9.8 million. EPRA earnings thus increased from €73.6 million to €84.3 million or from €1.19 to €1.37 per share. Even without this one-off effect, EPRA earnings would have increased to €74.5 million or €1.21 per share. At €66.2 million, consolidated profit was €10.9 million higher than the previous year (€55.3 million) and earnings per share increased from €0.89 to €1.07. EPRA EARNINGS 01.01. – 30.06.2019 01.01. – 30.06.2018 in € thou- sand per share in € in € thou- sand per share in € Consolidated profit 66,236 1.07 55,270 0.89 Measurement gains/ losses investment properties1 Measurement gains/ losses derivative financial instruments1 Deferred tax adjustments pursuant to EPRA2 8,391 0.14 9,635 0.16 -141 0.00 -1,668 -0.03 9,820 0.16 10,335 0.17 1.19 EPRA earnings3 84,306 1.37 73,572 Weighted number of no-par-value shares issued 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 €74.5 million (+1.3%) million or €1.21 per share.

S H OW ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 9 1 0 2 1 H / P O H S O R U E E H C S T U E D 6 0 0 REPORT ON EVENTS AFTER THE REPORTING DATE No significant events occurred between the reporting date of 30 June 2019 and the date of preparation of the financial statements. EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION Following a performance in the first half in line with projections, we can reaffirm our forecast for financial year 2019: OUTLOOK ECONOMIC CONDITIONS In the second half of 2019, German economic growth will continue to be driven primarily by private consumption. At the same time, the global economy is increasingly losing momentum, and the contribution made by foreign demand to economic growth consequently declining. There are still major uncertainties outside of Germany. For exam- ple, the smouldering international trade conflicts have not yet been resolved, and the outcome of Brexit remains uncertain. According to the GfK market research institute, a small deterioration in consumers’ economic expectations is already evident. In contrast to this, income expectations have not changed and remain positive thanks to a labour market that remains robust. The GfK therefore reaffirms its forecast and expects a real increase in consumer spending in Germany of 1.5%. In terms of revenues in the bricks-and-mortar retail trade, the GfK anticipates real growth of 0.8% in Germany, 1.7% in Austria, 3.9% in Poland, 3.4% in the Czech Republic and 3.3% in Hungary. In light of the largely stable economic conditions in our core market of Germany, we remain cautiously optimistic and expect that Deutsche EuroShop’s business will continue to perform according to plan this year. • revenue of between €222 million and €226 million • earnings before interest and taxes (EBIT) of between €194 million 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 DIVIDEND FOR 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. 128 ff.). Goal 153 150 FFO in € million Result Goal 150.4 151 148 FFO per share in € RE VENUE in € million EBIT in € million EBT * in € million 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 ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 CONSOLIDATED INCOME STATEMENT 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 Profit/loss attributable to limited partners 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 (€), undiluted and diluted 01.04. – 30.06.2019 01.04. – 30.06.2018 01.01. – 30.06.2019 01.01. – 30.06.2018 55,650 -2,965 -2,900 55,541 111,884 111,585 -2,647 -2,532 -5,922 -5,549 -5,937 -5,180 49,785 50,362 100,413 100,468 561 285 712 -1,429 -1,614 -2,920 48,917 49,033 98,205 7,119 6,824 14,092 -12,602 -13,290 -25,132 -4,676 -4,658 -9,320 0 111 756 7 0 2,687 541 -2,993 98,016 14,331 -26,583 -9,191 1,496 12 -10,048 -10,361 -17,673 -19,935 -5,226 33,643 -6,812 -7,761 30,911 -6,004 -7,143 73,389 -7,153 -8,933 69,148 -13,878 26,831 24,907 66,236 55,270 0.43 0.40 1.07 0.89 STATEMENT OF COMPREHENSIVE INCOME in € thousand Consolidated profit 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 Total earnings recognised directly in equity TOTAL PROFIT Share of Group shareholders 01.04. – 30.06.2019 01.04. – 30.06.2018 01.01.- 30.06.2019 01.01.- 30.06.2018 26,831 24,907 66,236 55,270 -829 196 -633 -95 28 -67 -2,330 540 -1,790 26,198 24,840 64,446 26,198 24,840 64,446 1,620 -345 1,275 56,545 56,545 9 1 0 2 1 H / P O H S O R U E E H C S T U E D 8 0 0

S H OW ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 DISCLOSURES ON THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED INCOME STATEMENT Investment properties Property held as a financial investment (IAS 40) is measured at fair value. In the absence of special events (such as a new acquisition), fair values are determined by an external appraiser on an annual basis as at the 31 December reporting date. Jones Lang LaSalle GmbH performed this appraisal as at 31 December 2018 using the discounted cash flow method (DCF). The approach used under this method as well as the related valuation parameters are explained in the consolidated financial statements as at 31 December 2018 (2018 Annual Report, pp. 153 and 155 ff.). This is a valuation method from Level 3 of the fair value hierarchy as set out in IFRS 13. Financial instruments With the exception of derivative financial instruments and other finan- cial investments measured at fair value, financial assets and liabilities are measured at amortised cost. Due to the predominantly short-term nature of trade receivables, other assets and other liabilities and cash and cash equivalents, the carrying amounts on the reporting date do not deviate significantly from the fair values. The fair values of financial liabilities measured at amortised cost correspond to the present values of debt-related payments based on current interest rate yield curves (Level 2 in accordance with IFRS 13) and amounted to €1,603.2 million as at 30 June 2019 (31 December 2018: €1,601.0 million). The derivative financial instruments measured at fair value are interest rate hedges. Here the fair value is equivalent to the cash value of future net payments expected to be received from hedging transactions (Level 2 in accordance with IFRS 13) based on current interest rate yield curves. Liabilities from interest rate hedges totalled €35.9 million as at 30 June 2019 (31 December 2018: €33.5 million). DISCLOSURES REPORTING PRINCIPLES These interim financial statements of the Deutsche EuroShop Group as at 30 June 2019 have been prepared in compliance with IAS 34 (Interim Financial Reporting) in an abridged form. The abridged interim financial statements are to be read in conjunction with the consolidated financial statements as at 31 December 2018. The interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as they must be applied in the EU. The accounting policies applied correspond to those used in the last consolidated financial statements as at the end of the financial year, with the exception of the changes from IFRS 16 listed below. For a detailed description of the methods applied, please refer to the notes to our consolidated financial statements for 2018 (2018 Annual Report, pg. 152 ff.). The new accounting standards and interpretations for which applica- tion became compulsory on 1 January 2019 were observed and had the following impacts on the presentation of the financial statements: IFRS 16 – Leases The new IFRS 16 replaces IAS 17 and essentially stipulates that lessees must recognise the assets and liabilities arising from their leases in their balance sheets. Lessees are thus required to recognise lease liabilities for future lease payment obligations in their balance sheets for all leases. At the same time, lessees must capitalise the right to use the underlying asset, generally at the present value of the future lease payments plus any directly attributable costs. During the term of the lease, the lease liability is carried in accordance with the effective interest rate method, while the right-of-use asset is depre- ciated according to schedule, which leads to higher expenses at the beginning of a lease. The Group’s main lease liabilities arise from the leasing of office space in Heegbarg 36 in Hamburg and the leasing of cars. As part of the first-time adoption of IFRS 16, right-of-use assets with corresponding lease liabilities amounting to €324,000 were booked as of 1 January 2019. Right-of-use assets and lease liabilities are reported in the consolidated balance sheet under “Property, plant and equipment” or “Other liabilities”. In the consolidated income statement for the first half of 2019, depreciation on the right-of-use assets totalling €56,000 is included under other operating expenses, and interest from the compounding of the lease liability amounting to €32,000 is included under interest expense. The prior-year figures were not adjusted. 9 1 0 2 1 H / P O H S O R U E E H C S T U E D 0 1 0

S H OW ROOM d n a HALF-YEAR FINANCIAL REPORT DATED 30 JUNE 2019 OTHER DISCLOSURES Dividend On 12 June 2019, distribution of a dividend of €1.50 per share that was paid out on 17 June 2019 was approved for financial year 2018. 9 1 0 2 1 H / P O H S O R U E E H C S T U E D Responsibility statement by the Executive Board To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim con- solidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business, and the position of the Group, together 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, 15 August 2019 Wilhelm Wellner Olaf Borkers THE SHOPPING CENTER SHARE KEY SHARE DATA Following a year-end closing price for 2018 of €25.34, Deutsche Euro- Shop shares started the new year on a slight uptrend despite the persistently difficult global market environment for shopping center shares and then hovered initially between €26.00 and €27.40. On 21 May 2019, the share closed on Xetra at €27.44, its highest level in the first six months of the year. This was followed by a negative trend due to the dividend payout. The lowest level of €24.00 was reached on 27 June 2019. The closing price on 28 June 2019 was €24.30. Taking into account the dividend of €1.50 paid on 17 June 2019, this corresponds to a performance of +1.6%. The MDAX rose by 18.7% over the same period. Deutsche EuroShop’s market capitalisation stood at €1.50 billion at the end of the first half-year of 2019.* DEUTSCHE EUROSHOP VS. MDAX AND EPRA COMPARISON, JANUARY TO AUGUST 2019 indexed, base of 100, in % Deutsche EuroShop EPRA MDAX 125 120 115 110 105 100 95 2 1 0 Jan. Feb. Mar. Apr. May June July Sector/industry group Financial services/real estate Share capital as at 30.06.2019 €61,783,594.00 Number of shares as at 30.06.2019 (no-par-value registered shares) Dividend for 2018 (paid on 17.06.2019) Share price on 28.12.2018* Share price on 28.06.2019* Low/high for the period under review* Market capitalisation on 28.06.2018* Prime Standard OTC markets Indices ISIN Ticker symbol 61,783,594 €1.50 €25.34 €24.30 €24.00/€27.44 €1.50 billion Frankfurt and Xetra Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart MDAX, EPRA, GPR 250, EPIX 30, MSCI Small Cap, HASPAX, F.A.Z.-Index DE 000748 020 4 DEQ, Reuters: DEQGn.DE * Unless otherwise specified, all information and calculations are based on Xetra closing prices.