Deutsche EuroShop AG 9M Quartalsmitteilung 2019 Englisch

LETTER FROM THE EXECUTIVE BOARD
RESULTS OF OPERATIONS
REPORT ON EVENTS AFTER THE REPORTING DATE
OUTLOOK / RISK REPORT
CONSOLIDATED BALANCE SHEET
CONSOLIDATED INCOME STATEMENT / STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / CONSOLIDATED CASH FLOW STATEMENT
SEGMENT REPORTING / OTHER DISCLOSURES
THE SHOPPING CENTER SHARE
FINANCIAL CALENDAR

9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 1 0 0 WILHELM WILHELM WELLNER WELLNER OLAF OLAF BORKERS BORKERS LETTER FROM THE EXECUTIVE BOARD D E AR SHAREHO LD ER S, D E AR RE AD ER S, Deutsche EuroShop’s operating performance for the first nine months of 2019 was in line with planning and stable. Like-for-like revenue grew 0.3%, from €167.0 million to €167.6 million. At €150.1 million, net oper- ating income (NOI) was on a par with the previous year, while earnings before interest and taxes (EBIT) improved to €146.9 million (+0.3%). Including the positive non-recurring effects from tax refunds for previ- ous years reported at the start of 2019, which we expect in connection with a ruling by the Grand Senate of the Federal Finance Court (BFH), earnings before taxes and measurement gains / losses (EBT excluding measurement gains / losses) rose by 3.0% to €121.6 million in the first nine months of the year (excluding non-recurring effects +1.4%). For this reason, consolidated profit also increased significantly by +13.6% to €93.3 million (excluding non-recurring effects +2.7%), and EPRA earnings also rose by 11.8% to €120.5 million (excluding non-recurring effects +3.4%). Funds from operations (FFO) adjusted for measure- ment gains / losses and non-recurring effects were €1.0 million up on the same period in the previous year at €111.7 million (+0.9%), which equates to FFO per share of €1.81. With the first nine months having gone according to plan, we confirm our forecast for the full year 2019. Looking ahead to the forthcoming financial year, we expect the subdued pace of economic activity to continue and, given the rapid growth in online retailing, the situation on the rental market to remain challenging. In this market environment, our shopping center portfolio continues to impress with a very high occupancy rate and an attractive tenant mix. However, we expect the process of letting will take longer on average and in some cases also require rental adjustments. In light of these developments, we have revised our forecast for the coming financial year. We still predict FFO per share will rise from €2.43 to €2.47 for the 2020 financial year, but have adjusted our expectations for revenue, EBIT and EBT (excluding measurement gains / losses) downwards slightly to within a range of 0.5% to 1.5%. For the 2019 financial year, we still plan to increase the dividend by five cents to €1.55 per share, and for the 2020 financial year we also intend to increase the dividend to €1.60 per share. 9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 KEY CONSOLIDATED FIGURES in € million Revenue Net operating income (NOI) EBIT EBT (excluding measurement gains / losses 1) EPRA 2 earnings 5 FFO Consolidated profit in € EPRA 2 earnings per share 5 FFO per share Earnings per share Weighted number of no-par-value shares issued 01.01. – 30.09.2019 01.01. – 30.09.2018 167.6 150.1 146.9 121.6 120.5 111.7 93.3 167.0 150.0 146.5 118.1 107.8 110.7 82.2 01.01. – 30.09.2019 01.01. – 30.09.2018 1.95 1.81 1.51 1.74 1.80 1.33 + / - 0.3% 0.1% 0.3% 3.0% 11.8% 0.9% 13.6% + / - 12.1% 0.6% 13.5% 61,783,594 61,783,594 0.0% in € million Equity 3 Liabilities Total assets Equity ratio in % 3 LTV ratio in % 4 Cash and cash equivalents 30.09.2019 31.12.2018 2,575.6 2,049.5 4,625.1 55.7 31.6 122.3 2,573.4 2,036.8 4,610.2 55.8 31.8 116.3 + / - 0.1% 0.6% 0.3% 5.1% 1 Including the share attributable to equity-accounted joint ventures and associates 2 European Public Real Estate Association 3 Including 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 investments 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 €111.5 million (+3.4%) million or €1.81 per share. To further support our operating business, we are currently and will continue to invest in the quality of service and experience in our shop- ping centers and are pressing ahead with their digitisation. Currently half of our German shopping centers are already connected to the Dig- ital Mall, which means that our customers can easily find over a million immediately available products online in the centers and reserve them with a single click. We have high expectations of this rapidly evolving platform in the medium term. It will give our 175 million plus customers a year the chance to experience real omni-channel shopping. Hamburg, November 2019 Wilhelm Wellner Olaf Borkers

RESULTS OF OPERATIONS in € thousand Revenue Operating and administrative costs for property NOI Other operating income Other operating expenses EBIT At-equity proﬁt / loss Measurement gains / losses (at equity) Deferred taxes (at equity) At-equity (operating) profit / loss Interest expense Profit / loss attributable to limited partners Other financial gains or losses Financial gains or losses (excl. measurement gains / losses) EBT (excluding measurement gains / losses) Measurement gains / losses Measurement gains / losses (at equity) Measurement gains / losses (including at-equity profit / loss) Income taxes Deferred taxes Deferred taxes (at equity) Deferred taxes (including at equity) CONSOLIDATED PROFIT 01.01. – 30.09.2019 01.01. – 30.09.2018 167,594 -17,466 150,128 1,346 -4,562 146,912 23,107 -37,392 -13,745 2,740 -25,290 121,622 -13,111 -887 -14,284 93,340 167,027 -17,002 150,025 784 -4,336 146,473 23,015 -39,843 -13,820 2,276 -28,372 118,101 -15,100 -7,437 -13,411 82,153 20,978 1,928 109 -13,172 -1,928 -13,302 -109 21,356 1,622 129 -11,489 -1,622 -14,155 -129 9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 + / - 567 -464 103 562 -226 439 92 2,451 75 464 3,082 3,521 1,989 6,550 -873 11,187 Change in % 0.3% -2.7% 0.1% 71.7% -5.2% 0.3% 0.4% 6.2% 0.5% 20.4% 10.9% 3.0% 13.2% 88.1% -6.5% 13.6% Revenue slightly up on the previous year Revenue for the reporting period came in at €167.6 million. This is 0.3% higher on a comparable basis than in the same period of the previous year (€167.0 million) and is in line with management expectations. Operating and administrative costs for property on target Center operational costs in the reporting period increased by €0.5 mil- lion to €17.5 million. This was due to higher write-downs of rent receivables and higher non-allocable ancillary costs. Other center operational costs mainly included center management fees. The oper- ating cost ratio was 10.4% and thus in line with the budget. Other operating income and expenses Other operating income, stemming primarily from the reversal of pro- visions, from income from rental receivables written down in previous years and from additional payments in conjunction with ancillary costs amounted to €1.3 million and was therefore significantly higher than in the previous year. Other operating expenses, which mainly comprise general administrative costs and personnel costs, came in slightly higher than in the same period of the previous year at €4.6 million. Slight improvement in EBIT Earnings before interest and taxes (EBIT) at €146.9 million were slightly above the figure for the previous year (€146.5 million), largely due to the rise in revenue and other operating income. 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 2 0 0

Improved financial gains or losses due to interest savings and one-off interest income Financial gains or losses (excluding measurement gains / losses) improved by €3.1 million from €-28.4 million to €-25.3 million. This was principally due to the interest expense of the Group companies, which came in €2.5 million lower than in the same period of the previous year due to scheduled repayments and better refinancing terms for the Altmarkt-Galerie Dresden and the Rhein-Neckar-Zentrum Viern- heim. The at-equity profit recognised in financial gains or losses, at €23.1 million, remained almost at the prior-year level (€23.0 million). Other financial gains or losses of € 2.7 million were mainly the result of the interest refund for a trade tax reimbursement. 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 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 €118.1 million to €121.6 million (+3.0%). Measurement gains / losses influenced by modernisation investments The measurement loss of €-13.1 million (previous year: €-15.1 mil- lion) included 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 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 €-0.9 million (previous year: €-7.4 million) and include the expected trade tax reimbursement of €7.1 million as well as the €8.0 million in taxes to be paid (previous year: €7.4 million). Deferred taxes resulting mainly from the sched- uled amortisation of the tax balance sheet for our real estate assets totalled €14.3 million (previous year: €13.4 million). 9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 EPRA EARNINGS 01.01. – 30.09.2019 01.01. – 30.09.2018 in € thousand per share in € in € thousand per share in € Consolidated profit 93,340 1.51 82,153 1.33 Measurement gains / losses investment properties 1 Measurement gains / losses derivative financial instruments 1 Deferred tax adjust- ments pursuant to EPRA 2 13,111 0.21 15,100 0.24 -227 0.00 -2,548 -0.04 14,231 0.23 13,095 0.21 1.74 EPRA earnings 3 120,455 1.95 107,800 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 inter- est accrued for previous years. Without this tax refund, EPRA earnings would total €111.5 million (+3.4%) million or €1.81 per share. Development of funds from operations (FFO) Funds from operations (FFO) are used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our long-term bank loans and the distribution of dividends. Significant non-recurring effects that are not part of the Group’s operating activities are elimi- nated in the calculation of FFO. FFO increased from €110.7 million to €111.7 million or per share by €0.01 to €1.81, mainly due to interest savings. FUNDS FROM OPERATIONS 01.01. – 30.09.2019 01.01. – 30.09.2018 in € thousand per share in € in € thousand per share in € Consolidated profit 93,340 1.51 82,153 1.33 EPRA earnings and consolidated profit significantly higher EPRA earnings, which exclude measurement gains / losses, were boosted by the trade tax refund, including accrued interest income and the related taxes, in the amount of €9.0 million, increasing from €107.8 million to €120.5 million or from €1.74 to €1.95 per share. Even without this one-off effect, EPRA earnings would have increased to €111.5 million or €1.81 per share. Measurement gains / losses investment properties 1 Tax refund for previous years 2 Deferred taxes 1 13,111 0.21 15,100 -8,996 14,284 -0.14 0 0.23 13,411 FFO 111,739 1.81 110,664 0.24 0.00 0.23 1.80 At €93.3 million, consolidated profit was €11.1 million higher than the previous year (€82.2 million) and earnings per share increased from €1.33 to €1.51. 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 Including the tax expense attributable to the interest refund 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 3 0 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 REVENUE in € million EBIT in € million EBT * in € million FFO PER SHARE in € 167.0 167.6 146.5 146.9 1.80 1.81 118.1 121.6 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D +0.3% +0.3% +3.0% +0.6% 9M 2018 9M 2019 9M 2018 9M 2019 9M 2018 9M 2019 9M 2018 9M 2019 * Excluding measurement gains / losses the extended reduction of trade tax again in the future in the case of five subsidiaries where we are not the sole shareholder. The restructuring provides for the establishment of a wholly-owned subsidiary of Deutsche EuroShop AG, to which the five companies will contribute their partial limited partner interests without any impact on the scope of consolidation. The implementation of the restructuring is in part still subject to the approval of our co-shareholders and the financing banks in respect of the holdings concerned, but we expect to complete the transaction by the end of the year. The new holding structure will allow us to release a substantial por- tion of the deferred tax liabilities recognised in the balance sheet. For the consolidated financial statements as at 31 December 2019 we expect to release around €73 million to income, which will correspond to a positive impact on consolidated profit of €1.18 per share. There will be no impact on FFO or EPRA earnings for 2019 from the release. Following the restructuring, the ongoing trade tax charge will be lower from the 2020 financial year onwards. No further significant events occurred between the reporting date and the date of preparation of the financial statements. FINANCIAL POSITION AND NET ASSETS Net assets and liquidity The Deutsche EuroShop Group’s total assets increased slightly compared with the last reporting date, rising by €14.9 million to €4,625.1 million. Equity ratio of 55.7% The equity ratio (including the shares of third-party shareholders) was 55.7%, practically unchanged on last reporting date (55.8%) and still at a very healthy level. Liabilities As at 30 September 2019, current and non-current financial liabilities stood at €1,519.9 million, which was €2.5 million lower than at the end of 2018. The scheduled repayments were offset by the extra €16.8 million loan to finance investment measures. Non-current deferred tax liabilities increased by €14.3 million to €466.9 million due to further additions. Other current and non-current liabilities and provisions increased by €0.9 million. REPORT ON EVENTS AFTER THE REPORTING DATE We have reviewed our tax holding structure in light of the decision published in March 2019 by the Grand Senate of the Federal Finance Court (BFH) on the extended reduction of trade tax (for background, see “38. Events after the reporting date” on page 172 of our Annual Report 2018). The review has now been completed. This found that it is possible to create a holding structure by making changes under corporate law within the Group that will allow us to take advantage of 4 0 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 OUTLOOK EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION Following a performance in the first nine months in line with projec- tions, 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 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 In the course of 2019, while economic growth in Germany cooled, retail sales continued to rise overall. However, these retail gains again came mainly from strong growth in online trading, while revenue generated by Deutsche EuroShop’s tenants stayed at the previous year's level in the first nine months of 2019. Based on current and expected growth in overall economy and, in particular, the continuing challenging situation on the rental market, which in some cases involves a lengthy re-letting process and rental adjustments, we have revised and in some cases slightly adjusted our forecast for the coming financial year. We have also taken into account positive tax effects that we expect from a planned restructuring of the Deutsche EuroShop Group from 2020 onwards (see “Report on events after the reporting date”). For the 2020 financial year we now expect: • sales of between €221 and €225 million (previously: €222 to €226 million) • earnings before interest and taxes (EBIT) of between €191 and €195 million (previously: €194 to €198 million) • earnings before taxes (EBT) without measurement gains / losses of • between €159 and €162 million (previously: €161 to €164 million) funds from operations (FFO) of between €150 million and €153 million or between €2.43 and €2.47 per share (unchanged). DIVIDEND PLANNING We intend to distribute to our shareholders a dividend of €1.55 per share for 2019 and a dividend of €1.60 per share for 2020. 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.). RE VENUE in € million EBIT in € million EBT * in € million FFO in € million Result Goal 150.4 151 148 FFO per share in € Goal 153 150 Result 225.0 Goal Goal 222 – 226 221 – 225 Result 199.1 Goal Goal 194 – 198 191 – 195 Result 160.9 Goal Goal 159 – 162 159 – 162 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 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 5 0 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 CONSOLIDATED BALANCE SHEET ASSETS in € thousand ASSETS Non-current assets Intangible assets 30.09.2019 31.12.2018 in € thousand 30.09.2019 31.12.2018 LIABILITIES EQUITY AND LIABILITIES Equity and reserves 53,751 53,736 Issued capital Property, plant and equipment 414 213 Capital reserves Investment properties 3,892,021 3,891,700 Retained earnings Investments accounted for using the equity method Other financial assets Non-current assets Current assets Trade receivables Other current assets Cash and cash equivalents Current assets 533,899 531,044 31 31 4,480,116 4,476,724 4,423 18,306 6,643 10,526 122,267 116,335 144,996 133,504 Total equity Non-current liabilities Financial liabilities Deferred tax liabilities 61,784 61,784 1,217,560 1,217,560 951,581 950,404 2,230,925 2,229,748 1,487,677 1,496,313 466,920 452,642 Right to redeem of limited partners 344,684 343,648 Other liabilities 33,643 34,297 Non-current liabilities 2,332,924 2,326,900 Current liabilities Financial liabilities Trade payables Tax liabilities Other provisions Other liabilities Current liabilities 32,263 26,080 3,175 5,591 8,894 3,543 2,384 7,413 11,340 14,160 61,263 53,580 TOTAL ASSETS 4,625,112 4,610,228 TOTAL EQUITY AND LIABILITIES 4,625,112 4,610,228 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 6 0 0

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 (€), diluted 9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 01.07. – 30.09.2019 01.07. – 30.09.2018 01.01. – 30.09.2019 01.01. – 30.09.2018 55,710 -3,349 -2,646 55,442 167,594 167,027 -3,161 -2,724 -9,271 -8,195 -9,098 -7,904 49,715 49,557 150,128 150,025 634 243 -1,642 -1,343 1,346 -4,562 784 -4,336 48,707 48,457 146,912 146,473 7,264 6,647 -12,260 -13,260 -4,425 -4,629 0 53 760 8 21,356 -37,392 -13,745 0 2,740 20,978 -39,843 -13,820 2,256 20 -9,368 -10,474 -27,041 -30,409 -4,346 -4,239 -11,489 -13,172 34,993 33,744 108,382 102,892 -7,889 -6,861 -15,042 -20,739 27,104 26,883 93,340 82,153 0.44 0.44 1.51 1.33 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 01.07. – 30.09.2019 01.07. – 30.09.2018 01.01.- 30.09.2019 01.01.- 30.09.2018 27,104 26,883 93,340 82,153 2,965 -663 2,302 2,378 -505 1,873 635 -123 512 29,406 28,756 93,852 29,406 28,756 93,852 3,998 -850 3,148 85,301 85,301 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 7 0 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D CONSOLIDATED STATEMENT OF CHANGES IN EQUITY in € thousand 01.01.2018 Total profit Dividend payments 30.09.2018 01.01.2019 Total profit Dividend payments 30.09.2019 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 82,153 -89,586 0 0 3,148 0 85,301 -89,586 61,783,594 61,784 1,217,560 977,242 2,000 -25,495 2,233,091 61,783,594 61,784 1,217,560 974,484 2,000 -26,080 2,229,748 0 0 0 0 93,340 -92,675 0 0 512 0 93,852 -92,675 61,783,594 61,784 1,217,560 975,149 2,000 -25,568 2,230,925 CONSOLIDATED CASH FLOW STATEMENT in € thousand Consolidated profit Income taxes Financial gains or losses Amortisation / depreciation of intangible assets and property, plant and equipment with a finite life Unrealised changes in fair value of investment property and other measurement gains / losses Distributions and capital repayments received Changes in trade receivables and other assets Changes in current provisions Changes in liabilities Cash flow from operating activities Interest paid Interest received Income taxes paid Net cash flow from operating activities Outflows for the acquisition of investment properties Outflows for the acquisition of intangible assets and property, plant and equipment Cash flow from investing activities Inflows from financial liabilities Outflows from the repayment of financial liabilities Payments to limited partners Payments to Group shareholders Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD 8 0 0 01.01. – 30.09.2019 01.01. – 30.09.2018 93,340 15,042 27,041 130 11,489 18,501 -11 1,481 -3,855 163,158 -37,392 1,405 -1,894 125,277 -11,904 -19 -11,923 16,775 -19,228 -12,294 -92,675 -107,422 5,932 116,335 122,267 82,153 20,739 30,409 43 13,172 18,201 5,018 135 145 170,015 -39,843 20 -4,942 125,250 -9,311 -39 -9,350 0 -13,861 -11,381 -89,586 -114,828 1,072 106,579 107,651

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 SEGMENT REPORTING OTHER DISCLOSURES 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. 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. 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: Hamburg, 13 November 2019 Wilhelm Wellner Olaf Borkers BREAKDOWN BY SEGMENT in € thousand Revenue (01.01. – 30.09.2018) EBIT (01.01. – 30.09.2018) EBT excl. measurement gains / losses (01.01. – 30.09.2018) Segment assets (31.12.2018) of which investment properties (31.12.2018) Domestic Abroad Total Reconciliation 146,180 (145,516) 129,121 (128,041) 97,412 (96,096) 3,415,430 (3,397,969) 3,346,851 (3,346,684) 32,349 (32,060) 30,272 (30,199) 24,935 (24,917) 770,377 (771,629) 741,558 (741,558) 178,529 (177,576) 159,393 (158,240) 122,347 (121,013) 4,185,807 (4,169,598) 4,088,409 (4,088,242) -10,935 (-10,549) -12,481 (-11,767) -725 (-2,912) 439,305 (440,630) -196,388 (-196,542) 01.01. – 30.09.2019 167,594 (167,027) 146,912 (146,473) 121,622 (118,101) 30.09.2019 4,625,112 (4,610,228) 3,892,021 (3,891,700) 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). In view of the geographical segmentation, no further information pur- suant to IFRS 8.33 is given. 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 9 0 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 THE SHOPPING CENTER SHARE Following a year-end closing price for 2018 of €25.34, Deutsche EuroShop 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 nine months of the year. After the dividend payout in mid-June, the DES share price declined markedly, reaching a low for the period of €22.54 on 16 August 2019. The share then recovered significantly, closing the reporting period at €25.88 on 30 September 2019. Taking into account the dividend of €1.50 per share paid on 17 June 2019, this corresponds to a performance of +8.2%. The SDAX, on which the Deutsche EuroShop share has been listed since 23 September 2019, rose in the same period by 16.0%. Deutsche EuroShop’s market capi- talisation stood at €1.60 billion at the end of the third quarter of 2019. * DEUTSCHE EUROSHOP VS. SDAX AND EPRA COMPARISON, JANUARY TO NOVEMBER 2019 indexed, base of 100, in % KEY SHARE DATA Sector / industry group Financial Services / Real Estate Share capital as at 30.09.2019 Number of shares as at 30.09.2019 (no-par-value registered shares) Dividend for 2018 (paid on 17.06.2019) Share price on 28.12.2018 * Share price on 30.09.2019 * Low / high for the period under review * Market capitalisation on 30.09.2019 * Prime Standard OTC markets Indices ISIN Ticker-symbol €61,783,594.00 61,783,594 €1.50 €25.34 €25.88 €22,54 / €27,44 €1.60 billion Frankfurt and Xetra Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart SDAX, EPRA, GPR 250, F.A.Z.-Index, HASPAX, EPIX 30, MSCI Small Cap DE 000748 020 4 DEQ, Reuters: DEQGn.DE Deutsche EuroShop EPRA SDAX * Unless otherwise specified, all information and calculations are based on Xetra closing prices.. 130 120 110 100 90 Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. DEUTSCHE EUROSHOP’S DIVIDEND PAYMENTS for the fiscal year 1.60 1.40 1.20 1.10 1.00 0.80 € n i e r a h s r e p 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * 2020 * * Planned 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 0 1 0

9M 2019 QUARTERLY STATEMENT OF 30 SEPTEMBER 2019 FINANCIAL CALENDAR 2019 FINANCIAL CALENDAR 2020 13.11. 18.11. 18.11. 21.11. 28.11. 05.12. Quarterly statement 9M 2019 DZ Bank Equity Conference, Frankfurt Roadshow Zurich, Baader Bank Paris Roadshow, M. M. Warburg Roadshow Amsterdam Berenberg European Conference, Pennyhill 12.–13.12. HSBC 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 09.–10.01. Oddo BHF Forum, Lyon 21.01. 19.03. 26.03. 29.04. 14.05. 28.05. 16.06. 13.08. 12.11. Kepler Cheuvreux GCC, Frankfurt Preliminary results of the ﬁnancial year 2019 Bank of America Merrill Lynch European Real Estate Conference, London Publication of 2020 Annual Report Quarterly statement 3M 2020 Societe Generale The Nice Conference, Nice Annual General Meeting, Hamburg Half-year Financial Report 2020 Quarterly statement 9M 2020 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 Die Quartalsmitteilung 9M 2019 ist nun abrufbar unter www.deutsche-euroshop.de/IR 191107_des_Anzeige_GCSC.indd 1 191107_des_Anzeige_GCSC.indd 1 www.deutsche-euroshop.com/ir 08.11.19 10:08 08.11.19 10:08 E-Mail: ir@deutsche-euroshop.de Forward-looking statements Rounding and rates of change This quarterly statement contains forward-looking statements Percentages and figures stated in this report may be subject to round- based on estimates of future developments by the Executive Board. ing differences. The rates of change are based on economic consid- The statements and forecasts represent estimates based on all of erations: improvements are indicated by a plus (+); deterioration by the information available at the current time. If the assumptions on a minus (-). which these statements and forecasts are based do not materialise, the actual results may differ from those currently being forecast. 9 1 0 2 M 9 / P O H S O R U E E H C S T U E D 1 1 0

LETTER FROM THE EXECUTIVE BOARD

RESULTS OF OPERATIONS

REPORT ON EVENTS AFTER THE REPORTING DATE

OUTLOOK / RISK REPORT

CONSOLIDATED BALANCE SHEET

CONSOLIDATED INCOME STATEMENT / STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / CONSOLIDATED CASH FLOW STATEMENT

SEGMENT REPORTING / OTHER DISCLOSURES

THE SHOPPING CENTER SHARE

FINANCIAL CALENDAR