COMPANY PRESENTATION

JANUARY 2020

Profile and Equity Story

Deutsche EuroShop is Germany´s only public company that invests solely in shopping centers

  • Going public: 2001
  • Market capitalisation: approx. €1.5 billion
  • > 24,000 shareholders
  • > 80% free float
  • Dividend yield: ~ 6.2%1

Shopping centers are attractive investments because of

  • Continuously positive development of cash flow
  • Stable long term growth across market cycles
  • Differentiation throughfirst-class locations and excellent operator standards

Goals:

  • Long-term,qualitative growth
  • Sustained increase in the value of the real estateportfolioLänder-Portfolio
  • Germany (share ≥75%)
  • Stable economies close to Germany

1Share price on 15 January 2020: 24.80€ (dividend guidance 2019: €1.55)

1

COMPANY

At a Glance

21 shopping centers on high street and in established locations - 17 in Germany and one each in Austria, Czech Republic, Hungary and Poland

2019 portfolio valuation: approx. 5.1% net initial yield (after transaction costs)

Professional center management by ECE, the European market leader in this industry

Lettable space1

approx. 1,087,000 sqm

Retail shops1

approx. 2,700

Market value1

approx. €5.0 billion (DES-share €4.0 bn.)

Rents per year1

€300 million (DES-share €240 mn.)

Occupancy rate1, 2

98%

  • 100%-view

² as % of market rent

avg. GLA per DES-center:

inner city

40,400 sqm

est. locations

99,900 sqm

2

COMPANY

Targets

Buy & hold strategy: portfolio growth

  • by acquisition of new shopping centers
  • by increasing existing amounts of holdings
  • by expansion of portfolio centers

SHAREHOLDER EQUITY

€ million

Investment focus:

Long term NAV

Attractive

min. 75% Germany

enhancement

dividends

max. 25% Europe

695

684

787

898

974

978

1,044

1,442

1,473

1,606

1,642

1,751

2,061

2,241

2,575

2,571

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Deutsche EuroShop prefers a stable increase of cash flow and portfolio value over the shortterm success.

3

COMPANY

Germany

CITY-

ALLEE-

BILLSTEDT-

PHOENIX-

HEROLD-

STADT-

A10

ARKADEN

CENTER

CENTER

CENTER

CENTER

GALERIE

CENTER

ALTMARKT-

GALERIE

Norderstedt

FORUM

Hamburg

Wolfsburg

Hameln

Wildau/Berlin

Hamm

Magdeburg

MAIN-

Dessau

TAUNUS-

Wuppertal

Kassel

ZENTRUM

Dresden

Wetzlar

RHEIN-

Sulzbach/Frankfurt

NECKAR-

Viernheim/Mannheim

ZENTRUM

Neunkirchen

Passau

SAARPARK-

CENTER

ALLEE-

CENTER

RATHAUS

CENTER

CITY-

GALERIE

CITY-

POINT

STADT-

GALERIE

4

SHOPPING CENTERS

Europe

GALERIA

OLYMPIA BAŁTYCKA

>170 million visitors per year

= the basis for our retailer's success

CITY

ARKADEN

ÁRKÁD

Gdansk

Poland

Brno

Czech Republic

Klagenfurt

AustriaPécs

Hungary

5

SHOPPING CENTERS

Trophy Asset: Main-Taunus-Zentrum

"One of the top shopping centers in Germany"

6

SHOPPING CENTERS

Trophy Asset: Altmarkt-Galerie Dresden

"The unquestionable shopping heart amid the historical and vibrant city"

7

SHOPPING CENTERS

Success Factors of a Modern Shopping Center

LOCATION

More than 170 million

customers per year

ASSET MANAGEMENT ECE, a leading center manager in Europe

TENANT MIX

Food Courts and popular tenants

DIGITALIZATION

LOGISTICS

Click & Collect, Digital

Mall Center Apps,

Future Lab

CONVENIENCE

At Your Service program started

AMBIENCE

Mall Beautification program started

8

SHOPPING CENTERS

Digitalization Key Driver for the Shopping Evolution and Transition

Determination of the "money value" of physical store space becomes increasingly difficult

Branding & Loyality

now/lately: dualchannels (on- vs. offline)

future: omnichannel(shops remain important point of touch, basis for branding, service point and place to create and secure cusomer loyality)

Data & Services:

now: verylimited data

future: big dataas basis for customer-,tenant- & peer and center analysisand loyality programs

Logistic

now: shop-logistic

future:click & collect andlast mile

CECONOMY (exampel; company information):

"50% of online sales originated in shops"

">40% pick-up ratio in store"

Sales

now: shop salesonly accepted KPI

future: total omnichannel salesto be evaluated and included (…."from bricks to clicks")

Locations, shop space, lease terms and KPIs under revaluation

from retailers and center operators

9

SHOPPING CENTERS

Digitalization Challenge

Digitalization changes traditional customer behaviour

Online retail

setting of new standards creation of new and closed "eco-systems"

Consumer

Changing shopping behaviour

Increased desire for more convenience

Lack of understanding for missing omni-channel abilities

Stationary retail

Omni-channel

challenge

Build-up of know-how

& infrastructure

Innovation & cost pressure

Source: ECE

10

SHOPPING CENTERS

Digital Mall - The Online Twin of our Shopping Centers

All 17 German centers connected

  • Connected Commerce:
    1stphase: Digital Mall, shop-window, click & collect
    2ndphase: Connecting market places
    3rdphase: Transactions
    4thphase: Logistics & deliveries

Online product search

Check store availability

Coming soon: Click & reserve

Collect in store

Future: Delivery out of the mall

440 stores are currently live offering more than 2.2 million articles

11

SHOPPING CENTERS

Vision: Omnichannel-Platform

Digitalization as key to integration of retail platforms - Digital Mall is a big step forward

CUSTOMERS

OFFLINE

ONLINE

MALL VISIT

MARKETING CHANNELS

ONLINE SHOP

MARKET PLACES

&

TENANT

DIGITAL MALL DISPLAYS

WEBSITE & APPS

PICK UP IN MALL

DELIVERY FROM MALL

CENTER

12

SHOPPING CENTERS

Digital Mall -Shopping Centers as Micro LogistHubs

Locational advantage through extensive ECE mall network in Germany

80% of the population in Germany lives 45 car minutes

2

away from an ECE managed shopping center1

7

The "network" reflects the population distribution

2

in Germany

9

2

All DES centers in Germany are connected to the

13

2

2

Digital Mall

2

2

3

Serving the last mile

2

2

2

2

1more than 100 in Germany

13

SHOPPING CENTERS

Pro-active improvements: Atmosphere

14

SHOPPING CENTERS

Pro-active improvements: Convenience

15

SHOPPING CENTERS

Investments: FFO provides substantial Capex Capacity

100%

2.54

2.43

2.40-

2.60

2.41

2.44

2.40

2.23

2.29

90%

2.20

Free FFO

2.00

Loan Redemption€20 million per year on avg.

80%

1.80

(decreasing over time)

Dividend

€0.05 increase per year

1.60

70%

(guidance until dividend for 2020)

1.40

Payout ratio

60%

1.20

Capex Programs

At-Your-Service & Mall Beautification

50%

Expected until 2023:

Total capexof €25-30 million per year on avg.

Payout

FFO per

ratio

share

in %

in €

2014

2015

2016

2017

2018

2019*

* Forecast, dividend per share: proposal

16

FINANCIALS

Our Tenants1

1

Selection of our well known tenants

17

SHOPPING CENTERS

Tenant Structure: Top 10 Tenants1

2018

2017

H&M

3.5%

3.5%

Ceconomy

2.7%

2.7%

Deichmann

2.5%

2.5%

New Yorker

2.4%

2.3%

Peek & Cloppenburg

2.3%

2.3%

C&A

2.0%

2.0%

Rewe

1.8%

1.6%

Douglas

1.8%

1.8%

Metro

1.8%

1.7%

DM

1.4%

1.4%

Total

22.2%

21.8%

LOW LEVEL OF DEPENDENCE ON THE TOP 10 TENANTS

22%

78%

TOP 10 Tenants

1in % of total retail rents as at 31 Dec. 2018

18

SHOPPING CENTERS

Maturity Distribution of Rental Contracts1

Long-term contracts base rental income

2019:

2020:

Weighted maturity 5.1 years

6%

5%

2021:

20%

2024 et sqq:

48%

2022:

11%

2023:

1as % of rental income as at 31 Dec. 2018

10%

19

SHOPPING CENTERS

Sector Mix1

Balanced sector diversification

Department stores

& hypermarkets

12.3%

Non-food/ electronics

18.8%

Fashion

49.9%

1as % of rental space as at 31 Dec. 2018

Food & supermarkets

6.8%

Health & beauty

6.0%

Catering

4.4%

Services

1.8%

20

SHOPPING CENTERS

Retail turnover 9M 20191

RETAIL SECTOR

% change

rent-to-sales

% of

% of

in 2019

ratio in %

sales

space

DEPARTMENT STORES & HYPERMARKETS

-1.1

6.4

7.5

14.8

FOOD

+0.8

7.6

8.8

6.3

FASHION TEXTILES

+1.7

12.9

29.0

38.7

SHOES & LEATHER GOODS

+2.9

15.1

4.8

5.9

SPORTS

+2.3

10.1

5.2

6.0

HEALTH & BEAUTY

+5.9

7.3

12.6

6.0

GENERAL RETAIL

+1.0

12.9

8.3

9.4

ELECTRONICS

+0.6

3.8

14.6

7.5

SERVICES

-4.3

5.0

4.9

1.6

FOOD CATERING

+11.2

12.3

4.5

3.7

TOTAL

+1.8

9.5

100²

100²

Germany

Abroad

Total

Retail turnover development on a like-for-likebasis:

+1.8%

+1.7%

+1.8%

Absoluteretail turnover development:

+0.0%

+2.4%

+0.5%

1German centers on a like-for-like basis (estimated turnover 2019: €2.0 billion)

21

2

The sum may not equal the totals due to rounding

SHOPPING CENTERS

Key Figures 9M 2019

€ million

01.01. - 30.09.2019

01.01. - 30.09.2018

CHANGE

Revenue

167.6

167.0

0.3%

Net operating income (NOI)

150.1

150.0

0.1%

Earnings before interest and tax (EBIT)

146.9

146.5

0.3%

Financial gains / losses

-25.3

-28,4

10.9%

Valuation

-13.1

-15.1

13.3%

Earnings before tax (EBT, excl. valuation) 1

121.6

118.1

3.0%

Consolidated profit [earnings per share in €]

93.3

[1.51]

82.2

[1.33]

13.6% [13.5%]

FFO [per share in €]

111.7

[1.81]

110.7

[1.80]

0.9% [0.6%]

EPRA Earnings [per share in €]

120.5

[1.95]

107.8

[1.74]

11.8% [12.1%]

€ million

30.09.2019

31.12.2018

CHANGE

Total equity2

2,575.6

2,573.4

0.1%

Liabilities

2,049.5

2,036.8

0.6%

Total assets

4,625.1

4,610.2

0.3%

Equity ratio2

55.7%

55.8%

Loan to value ratio - consolidated3

31.6%

31.8%

- "look-through"4

33.7%

34.0%

Cash and cash equivalents

122.3

116.4

5.1%

1including the share attributable to equity-accounted

3Ratio of net financial liabilities (financial liabilities less cash and cash

joint ventures and associates

equivalents) to joint ventures and associates non current assets (investment

2including third-party interest in equity

properties and investments accounted for using the equity method)

4Ratio of net financial liabilities to long-term assets

calculated on the basis of the groups share

22

FINANCIALS

Valuation1- Investment Properties 2018

NAV PER SHARE (EPRA)

5.89

5.92

5.98

5.80

5.61

5.64

5.70

5.52

5.97

5.87

5.69

5.53

5.46

5.24 5.23 5.32

5.13

5.01

4.94

4.93

€

+6.8%2

43.24

43.19

43.17

39.58

33.17

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Net operating yield in %

Net initial yield in %

2014

2015

2016

2017

2018

SENSITIVITY ANALYSIS

in € thousand

Basis

change of -25bps

change of +25bps

Rent increase rates

1.33%

-131,500

+159,900

Discount rate

5.90%

+79,000

-75,200

Capitalization rate

5.07%

+136,100

-122,100

Cost ratio

10.20%

+9,800

-10,800

1

External appraisers: since 2015: JLL

23

2

2014 - 2018, Compound Annual Growth Rate (CAGR)

FINANCIALS

PAGE XY

Loan Structure1,2

PRINCIPLE AMOUNTS

SHARE OF

AVG.

INTEREST LOCKIN

DURATION

(€ MILLION)

TOTAL LOAN

INTEREST RATE

Up to 1 year

6.6

0.5%

3.54%

1 to 5 years

3.1

684.4

45.0%

3.32%

5 to 10 years

7.9

581.3

38.2%

2.41%

Over 10 years

10.7

247.6

16.3%

1.93%

Total1

5.5

1,519.9

100%

2.49%

  • 19German and 4foreign bank partners
  • Weighted maturity of fixed interest periods5.5 years1

4.00

3.69

3.67

8

3.50

6

3.00

2.89

2.72

4

2.50

2.49

2

2.00

0

%

2015

2016

2017

2018

20191

yrs

avg. interest rate

weighted maturity

1as of 30 September 2019

24

2

excl. non-consolidated loans

FINANCIALS

Maturities until 20241,2

END OF FIXED INTEREST

REGULAR

PERIODS RESPECTIVELY

REDEMPTION

TOTAL MATURITIES Already fixed:

IN € MILLION

EXPIRING LOANS

AVG. INTEREST RATE

PAYMENTS

2019

123.1

4.73%

6.6

129.7

2020

134.1

4.52%

16.4

150.5

2021

198.3

4.48%

14.3

212.6

2022

225.6

3.26%

10.6

236.2

2023

209.0

2.99%

9.2

218.2

2024

0

9.6

9.6

890.1

€132.2m, 2.21%, 10y (08/2019)

€139.9m, 1.68%, 10y (01/2020)

Lower refinancing cost

  • positive FFO and EPRA earnings impact

At-equity consolidated loans1

END OF FIXED INTEREST

PERIODS RESPECTIVELY

IN € MILLION

EXPIRING LOANS

AVG. INTEREST RATE

DES' SHARE

2019

0

€59.0m, 1.09%, 9y (06/2020)

2020

47.1

4.23%

50%

2021

63.3

4.59%

50%

2022-2025

0

1as of 30 September 2019

25

2excl. at-equity consolidated loans

FINANCIALS

Forecast

REVENUE

in € million

+2.1%1

225.0

222-

221-

218.5

226

225

205.1

2016

2017

2018

2019

2020

EBIT

in € million

+2.0%1

199.1

194-

191-

198

192.4

195

178.6

2016

2017

2018

2019

2020

1Compound Annual Growth Rate (CAGR) 2016 - 2020

EBT(excl. valuation)

in € million

+4.5%1

159-

159-

153.3

160.9

162

162

134.5

2016

2017

2018

2019

2020

NUMBER OF SHARES

in millions

+3.4%1

61.78

61.78

61.78

58.25

53.95

2016

2017

2018

2019

2020

FFO

in € million

+3.9%1

148-

150-

148.1

150.4

151

153

129.9

2016

2017

2018

2019

2020

FFO PER SHARE

in €

+0.4%1

Conversion of the conv. bond

2.542.40-2.43-

2.412.432.44 2.47

2016 2017 2018 2019 2020

26

FINANCIALS

Dividend & Performance

TREND OF SHARE

NAV per share

Dividend1

Share price3

1.70

+3.9%9

43.17

45.00

1.60

1.558

1.608

1.507

40.00

1.50

1.45

35.00

1.40

1.40

1.35

30.00

1.30

24.80

1.30

1.25

25.00

1.20

1.20

20.00

1.10

1.10

1.10

1.05

15.00

1.00

10.00

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

PERFORMANCE2

DES

DAX

EPRA4

REX5

OEF6

1 year

(2018)

-21.8%

-18.3%

-8.3%

+1.5%

+3.2%

3 years

-29.4%

=

-11.0% p.a.

-0.6% p.a.

-0.4% p.a.

+0.9% p.a.

+4.2% p.a.

5 years

-4.2% =

-0.9% p.a.

+2.0% p.a.

+8.4% p.a.

+2.1% p.a.

+3.8% p.a.

Since IPO (2001)

+172.2%

=

+5.7% p.a.

+2.8% p.a.

+7.3% p.a.

+4.1% p.a.

+3.4% p.a.

1respectively paid for the previous FY

2as of 31 Dec. 2018

6open ended real estate funds

3

2020: as of 15 January 2020

7

paid on 17 June 2019

4

EPRA/NAREIT Europe

8proposal

27

5

German government bonds index

9

2010 - 2021, Compound Annual Growth Rate (CAGR) of the dividend

SHARE

Shareholder Structure1

Alexander Otto

19.5%

Private

BlackRock

Investors

2.8%

23.2%

Johannes Schorr

3.3%

State Street

5.0%

Germany

67%

Institutional

Investors

46.2%

24,550shareholders

Free float 80.5%

1Status: 4 December 2019

US

12%

UK

7%

NO

3% NL

2%

FR

CH 2%

1%

Other

6%

28

SHARE

Analysts' Consensus1

median/in €

2019

2020

Revenue (€ million)

224.9

225.3

EBIT (€ million)

196.8

195.7

FFO per share

2.43

2.45

NAV per share

42.70

42.22

Dividend

1.55

1.60

Price target (mean)

29.48

SELL

UNDERPERFORM

NEUTRAL

OUTPERFORM

BUY

  • HSBC
  • Kempen

100%

80%

60%

40%

20%

0%

Berenberg Bank

Baader Bank

Metzler

Commerzbank

Bankhaus Lampe

M.M. Warburg

Deutsche Bank

DZ Bank

Societe Generale

Green Street Advisors

Kepler Cheuvreux

  • Independent Research
  • J.P. Morgan Cazenove
  • NORD/LB
  • Pareto

Q2 04

Q3 05

Q4 06

Q1 08

Q2 09

Q3 10

Q4 11

Q1 13

Q2 14

Q3 15

Q4 16

Q1 18

Q2 19

negative

neutral

positive

29

1aggregated by DES, median values, status: 27 Nov. 2019, 17 analysts

SHARE

10 Reasons to Invest

01

02

03

04

05

The only public

Prime

Proven,

Stable cash flow

Shareholder-

company in Germany

conservative

with long term

friendly

to invest solely in

locations

strategy

visibility

dividend policy

shopping centers

06

07

08

09

10

Experienced

Excellent

Centers almost

Inflation-

Solidity combined

management

protected rental

with growth

track record

100% let

team

agreements

potential

30

SHARE

Key Data of the Share

Listed since

02.01.2001

Nominal capital

€61,783,594.00

Outstanding shares

61,783,594

Class of shares

Registered shares

Dividend 2018 (paid on 17 June 2019)

€1.50

52W High

€27.76

52W Low

€22.10

Share price (15 January 2020)

€24.80

Market capitalisation

€1.53 billion

Avg. turnover per day last 12 months (XETRA)

155,440 shares

Indices

SDAX, EPRA, GPR, MSCI Small Cap,

F.A.Z.-Index, GPTMS150 Index

Official market

Prime Standard

Frankfurt and XETRA

OTC market

Berlin, Dusseldorf, Hamburg,

Hanover, Munich and Stuttgart

ISIN

DE 000 748 020 4

Ticker

DEQ, Reuters: DEQGn.DE

Market maker

Oddo Seydler

31

APPENDIX

Consolidated Income Statment 9M 2019

€ thousand

01.01. - 30.09.2019

01.01. - 30.09.2018

Revenue

167,594

167,027

Property operating costs

-9,271

-9,098

Property management costs

-8,195

-7,904

Net operating income (NOI)

150,128

150,025

Other operating income

1,346

784

Other operating expenses

-4,562

-4,336

Earnings before interest and tax (EBIT)

146,912

146,473

Share in the profit or loss of associated

companies and joint ventures accounted for

21,356

20,978

using the equity method

Interest expense

-37,392

-39,843

Profit / loss attributable to limited partners

-13,745

-13,820

Other financial income and expenditure

0

2,256

Interest income

2,740

20

Financial gains / losses

-27,041

-30,409

Measurement gains / losses

-11,489

-13,172

Earnings before tax (EBT)

108,382

102,892

Income taxes

-15,042

-20,739

CONSOLIDATED PROFIT

93,340

82,153

Earnings per share (€), diluted

1.51

1.33

32

APPENDIX

Consolidated Balance Sheet 9M 2019

€ thousand

30.09.2019

31.12.2018

ASSETS

Non-current assets

Intangible assets

53,751

53,736

Property, plant and equipment

414

213

Investment properties

3,892,021

3,891,700

Investments accounted for using the

533,899

531,044

equity method

Other financial assets

31

31

Non-current assets

4,480,116

4,476,724

Current assets

Trade receivables

4,423

6,643

Other current assets

18,306

10,526

Cash and cash equivalents

122,267

116,335

Current assets

144,996

133,504

TOTAL ASSETS

4,625,112

4,610,228

€ thousand

30.09.2019

31.12.2018

LIABILITIES

Equity and reserves

Issued capital

61,784

61,784

Capital reserves

1,217,560

1,217,560

Retained earnings

951,581

950,404

Total equity

2,230,925

2,229,748

Non-current liabilities

Financial liabilities

1,487,677

1,496,313

Deferred tax liabilities

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

32,263

26,080

Financial liabilities

3,175

3,543

Trade payables

5,591

2,384

Tax liabilities

8,894

7,413

Other provisions

8,894

7,413

Other liabilities

11,340

14,160

Current liabilities

61,263

53,580

TOTAL EQUITY AND LIABILITIES

4,625,112

4,610,228

33

APPENDIX

German Prime Shopping Center Yields

%COMPRESSION

DECOMPRESSION

POLARISATION

COMPRESSION

DECOMPRESSION ?

7

A10

6.5%

Norderstedt

Billstedt

Magdeburg

6.1%

6

Passau

6.0%

5.9%

Dresden

5.5%

5.4%

Neunkirchen

Brno

5

5.0%

5.0%

4

German shopping

3

center prime yields

2

Euro Swap

Rate

1

0

-1

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

34

Source: JLL, EUR Midswaps 7 years

APPENDIX

Our Partner:

  • ECE develops, plans, builds, leases and manages large commercial real estate in the sectors shopping, office, industries since 1965
  • Originally ECE was an abbreviation for the German word
    Einkaufscenterentwicklung (Shopping center development)
  • 100% privately owned by the Otto family
  • Assets under management:
    • approx. 195 shopping centers
    • €33.0 billion market value
    • 7.0 million sqm overall sales area
    • approx. 20,000 retail businesses
    • 4.1 million daily visitors

Close alliance with an European market leader in the shopping center business

  • Active in 10 countries:
    −Austria, Czech Republic, Denmark, Germany, Hungary, Italy, Poland, Qatar, Slovakia and Turkey

MANY INVESTORS RELY ON ECE:

35

APPENDIX

Environment

  • Climate protection is a top priority for Deutsche EuroShop. We firmly believe that sustainability and profitability are not mutually exclusive. Neither are shopping experience and environmental awareness.Long-term thinking is part of our strategy, and that includes a commitment to environmental protection.
  • In 2018, 19 of our 21 shopping centers had contracts with suppliers that use renewable energy sources, such as hydroelectric power, for their electricity needs. The TÜV Süd certified the green electricity for our centers in Germany with the renowned "Eco Power Product" label in 2018. We also plan to switch the remaining two centers over to green electricity wherever possible within the next few years.
    • The 19 centers used a total of around 72.8 million kWh of green electricity in 2018. This represented 100% of the electricity requirements in these shopping centers, Based on conservative calculations, this meant a reduction of around 30,011 tonnes in
      carbon dioxide emissions, which equates to the annual CO2emissions of more than 1,350 two-person households. The use of heat exchangers and energy-saving light bulbs allows us to further reduce energy consumption in our shopping centers.
    • Deutsche EuroShop also supports a diverse range of local and regional activities that take place in our shopping centers in the areas of the environment, society and the economy.

36

APPENDIX

Germany 1/2

MAIN-

RHEIN-

HEROLD-

RATHAUS-

ALLEE-

PHOENIX-

TAUNUS-

A10

ALTMARKT-

NECKAR-

ZENTRUM

CENTER

GALERIE

ZENTRUM

CENTER

CENTER

CENTER

CENTER

LOCATION

Sulzbach/

Wildau/

Dresden

Viernheim/

Norderstedt

Dessau

Magdeburg

Hamburg

Frankfurt

Berlin

Mannheim

INVESTMENT

52.0%

100%

100%

100%

100%

100%

50.0%

50.0%

LETTABLE SPACE SQM

124,000

121,000

77,000

69,500

54,300

52,500

51,300

43,400

PARKING

4,500

4,000

500

3,800

850

850

1,300

1,400

NUMBER OF SHOPS1

170

200

200

110

140

90

150

130

OCCUPANCY RATE²

100%

100%

100%

99%

99%

96%

98%

99%

CATCHMENT

2.1 m.

1.1 m.

1.4 m.

1.5 m.

0.5 m.

0.3 m.

0.8 m.

0.5 m.

AREA1

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

VISITORS 2018

7.6 m.

6.6 m.

14.4 m.

9.6 m.

10.4 m.

5.6 m.

9.1 m.

8.9 m.

OPENING/

1964/2004/

1996/2011

2002/2011

1972/2002

1971/1995/

1995

1998/2006

2004/2016

REFURBISHMENT

2011

2003

1approximately

² as % of market rent

37

APPENDIX

Germany 2/2

BILLSTEDT-

SAARPARK-

ALLEE-

CITY-

CITY-

CITY-

STADT-

STADT-

CENTER

CENTER

FORUM

CENTER

GALERIE

ARKADEN

POINT

GALERIE

GALERIE

LOCATION

Hamburg

Neunkirchen

Wetzlar

Hamm

Wolfsburg

Wuppertal

Kassel

Passau

Hameln

INVESTMENT

100%

50.0%

65.0%

100%

100%

100%

100%

75.0%

100%

LETTABLE SPACE SQM

42,500

35,600

34,500

34,000

30,800

28,700

27,800

27,700

26,000

PARKING

1,500

1,600

1,700

1,300

800

650

220

500

500

NUMBER OF SHOPS1

110

130

110

90

100

80

60

90

100

OCCUPANCY RATE²

98%

99%

100%

100%

98%

97%

100%

99%

97%

CATCHMENT

0.8 m.

0.7 m.

0.5 m.

0.4 m.

0.5 m.

0.7 m.

0.6 m.

0.8 m.

0.3 m.

AREA1

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

inhabitants

VISITORS 2018

10.8 m.

7.7 m.

7.9 m.

6.1 m.

7.2 m.

8.9 m.

8.6 m.

7.2 m.

6.4 m.

OPENING/

1969/1977/

1989/1999/

2005

1992/2003/

2001/2006

2001/2004

2002/2009/

2008

2008

REFURBISHMENT

1996

2009

2009

2015

1approximately

² as % of market rent

38

APPENDIX

Europe

GALERIA

CITY

OLYMPIA

BAŁTYCKA

ARKADEN

ÁRKÁD

LOCATION

Brno,

Gdansk,

Klagenfurt,

Pécs,

Czech Republic

Poland

Austria

Hungary

INVESTMENT

100%

74.0%

50.0%

50.0%

LETTABLE SPACE SQM

85,000

48,700

36,900

35,400

PARKING

4,000

1,050

880

850

NUMBER OF SHOPS1

200

193

120

130

OCCUPANCY RATE²

99%

99%

98%

97%

CATCHMENT

1.2 m. inhabitants

1.1 m. inhabitants

0.4 m. inhabitants

0.7 m. inhabitants

AREA1

VISITORS 2018

8.6 m.

9.0 m.

5.2 m.

12.5 m.

OPENING/

1999/2014-16

2007

2006

2004

REFURBISHMENT

1approximately

² as % of market rent

39

APPENDIX

Financial Calendar

2020

22.01. Kepler Cheuvreux German Corporate Conf., Frankfurt

19.03. Preliminary Results 2019

26.03. Bank of America Merrill Lynch Europ. Real Estate Conf., London

29.04. Publication of the Annual Report 2019

14.05. Quarterly Statement 3M 2020

28.05. Societe Generale The Nice Conference, Nice

  1. Annual General Meeting, Hamburg
  1. Half-yearFinancial Report 2020
  1. Quarterly Statement 9M 2020

25.11. DZ Bank Equity Conference, Frankfurt

40

APPENDIX

Contact

PATRICK KISS

WILHELM WELLNER

OLAF BORKERS

NICOLAS LISSNER

Head of Investor & Public Relations

Chief Executive Officer

Chief Financial Officer

Manager Investor & Public Relations

Deutsche EuroShop AG

instagram.com/deutscheeuroshop

Investor & Public Relations

ir-mall.com

Heegbarg 36

22391 Hamburg

facebook.com/euroshop

Tel. +49 (40) 41 35 79 - 20/ - 22

flickr.com/desag

slideshare.net/desag

Fax +49 (40) 41 35 79 - 29

twitter.com/des_ag

E-Mail:ir@deutsche-euroshop.com

Web: www.deutsche-euroshop.com

youtube.com/DeutscheEuroShop

Important Notice: Forward-Looking Statements

Statements in this presentation relating to future status or circumstances, including statements regarding management's plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results.

Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so.

41

APPENDIX

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Deutsche EuroShop AG published this content on 21 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2020 12:03:01 UTC