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01/10
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Company Presentation
“The Third Place”
Company I Equity Story

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

            Shopping centers are attractive investments
            because of
                  continuously positive development of rents
                              yp              p
                  stable long term growth
                  prime locations
                  high q
                    g quality standards
                            y




COMPANY PRESENTATION | 01/10                                                 2
Company I At a Glance

            16 shopping centers on high street and in established
                                                                    16 Centers
            locations – 12 in Germany, 2 in Poland and one each
            in Austria and Hungary

            Lettable space        approx. 645,000 sqm
            Retail shops
                      p                   approx. 1,675
                                           pp      ,
            Market value             approx. €2.6 billion
            Rents per year                  €167 million
            Occupancy rate                        > 99%


            Portfolio l ti
            P tf li valuation: 5 64% net i iti l yield
                               5.64% t initial i ld
            FFO Yield 2008: approx. 7%

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



COMPANY PRESENTATION | 01/10                                                     3
Company I Key Figures

             Revenue                                     EBIT                             98.1             FFO per share
                                                   100
       120                                 115.3                                                  1,50                                    1.45
                                                                           86.3
                                    95.8                                          78.5
       100                   92.9                  80
                                                                                                                           1.08    1.12
        80           72.1                                        57.5                             1,00             0.97
                                                   60                                                       0.86
              61.4
              61 4                                        49.8
                                                          49 8
        60
                                                   40
        40                                                               +19%*                    0,50                    +14%*
                            +17%*
                                                   20
        20

         0                                           0                                            0,00
        €m    2004   2005    2006   2007   2008     €m   2004    2005     2006    2007    2008            € 2004   2005    2006    2007   2008


             EPS             2.92
                                                         NAV per share                                    Dividend per share
      3,00                                         28                                     27.43    1,10
                                    2.74                                          26.91
      2,50                                         26                     25.53                                            1.05    1.05   1.05
                                                                                                   1,05
                                           2.00
      2,00
                                                   24
                     1.55                                        23.11                                             1.00
      1,50                                                                                         1,00
                                                         21.98
                                                   22
      1,00    0.89                                                                                          0.96
                            +22%*                  20                    +6.0%*                    0,95
                                                                                                                          +2.3%*
      0,50

      0,00                                         18                                              0,90
         €    2004   2005    2006   2007   2008     €    2004    2005     2006    2007    2008       €      2004   2005    2006    2007   2008




       *2004-2008, Compound Annual Growth Rate (CAGR)

COMPANY PRESENTATION | 01/10                                                                                                                     4
Company I Lease System


          5
        rent                                                                                         General form of
                                                                                                     lease contracts
                                                                                                    for DES-tenants
          4

                                       turnover-linked rent
          3
                                                                                                    Participation in
                                                                                                    sales growth of
          2                                                                                          retail i d
                                                                                                          il industry


          1
                                       CPI-linked minimum rent


          0
               1     2     3   4   5   6    7     8      9    10   11   12   13   14   15   years


               Lease standards:
                   10 years lease only
                   no break-up option
                   turnover-linked rents
                   t        li k d    t
                   minimum rents are CPI-linked




COMPANY PRESENTATION | 01/10                                                                                            5
Company I Lease System

            avg. rent per sqm and year: €250
                                                                                                     avg. German retail:
            avg. turnover per sqm and year: €4,700                                                             €3,330
            Rent to sales ratio: 6.5 9.5%
            Rent-to-sales-ratio: 6.5-9.5%
            weighted maturity of rental contracts: >7 years
                                                                                         € million
          5%                                                                     115.3
                                                                                 115 3
                                                                                           115

          4%
                                                                       95.8
                                                          92.9
          3%                               2.8%                                            90
                               2.6%
                               2 6%
                                                                       2.4%
                                                         2.2%
                                           72.1                                  2.0%
          2%        1.8%
                               61.4                                                        65
                    57.9
          1%

          0%                                                                               40
                   2003        2004        2005          2006         2007       2008
                                 Revenue          Rate of turnover linked rent
                                                          turnover-linked




COMPANY PRESENTATION | 01/10                                                                                               6
Company I Targets

            Long term net asset value enhancement

                                                                  Main focus on
            “buy & hold”-strategy                              NAV and dividend


            Stable and attractive dividends
            Dividend yield: currently 4.2%                     Continuous growth



            Investment-focus: Germany and up to 25% Europe

            Portfolio expansion by 10% per year
                  by acquisition of new shopping centers
                  by increasing existing amounts of holdings
                  by expanding holdings




COMPANY PRESENTATION | 01/10                                                       7
Shopping Centers I Overview



                                      1. Frankfurt
                                      2. Viernheim
                                      3. Dresden
                                      4. Hamburg
                                      5. Hamm
                                      6. Wetzlar
                                      7. Dessau
                                      8. Wolfsburg
                                      9. Kassel
                                      10. Wuppertal
                                      11. Passau
                                      12. Hameln
                                      13. Gdansk
                                      14. Klagenfurt
                                      15. Pécs
                                      16. Wroclaw




COMPANY PRESENTATION | 01/10                           8
Shopping Centers I Germany




                                 Main-Taunus-Zentrum
                                 M i T       Z t              Rhein-Neckar-Zentrum
                                                              Rh i N k Z t                        Altmarkt-Galerie
                                                                                                  Alt   kt G l i
      Location                                   Frankfurt                    Viernheim                     Dresden

      Investment                                  43.1%                         99.9%                        50.0%
      Lettable space sqm
                p     q                         103,400
                                                   ,                            63,900
                                                                                  ,                          44,500
                                                                                                               ,
      Parking                                      4,000                         3,500                          500
      Number of shops                        approx. 100                   approx. 100                  approx. 110
      Occupancy rate                               100%                          100%                          99%
      Catchment area           approx. 2.2 m. inhabitants    approx. 1.4 m. inhabitants   approx. 1.0 m. inhabitants
      Opening / refurbishm.            1964 / 2001-2004              1972 / 2000-2003                         2002




COMPANY PRESENTATION | 01/10                                                                                           9
Shopping Centers I Germany




                                        Phoenix-Center                  Allee-Center                       Forum
      Location                                   Hamburg                        Hamm                        Wetzlar

      Investment                                  50.0%                        88.9%                        65.0%
      Lettable space sqm
                p     q                           39,200
                                                    ,                          35,100
                                                                                 ,                          34,300
                                                                                                              ,
      Parking                                      1,600                        1,300                        1,700
      Number of shops                        approx. 110                   approx. 85                  approx. 110
      Occupancy rate                               100%                         100%                         100%
      Catchment area           approx. 0.6 m. inhabitants   approx. 1.0 m. inhabitants   approx. 0.5 m. inhabitants
      Opening / refurbishm.                        2004             1992 / 2002-2003                         2005




COMPANY PRESENTATION | 01/10                                                                                          10
Shopping Centers I Germany




                                        Rathaus-Center                   City-Galerie                   City-Point
      Location                                    Dessau                     Wolfsburg                       Kassel

      Investment                                  94.9%                        89.0%                        90.0%
      Lettable space sqm
                p     q                           30,400
                                                    ,                          30,000
                                                                                 ,                          29,500
                                                                                                              ,
      Parking                                        850                          800                          220
      Number of shops                         approx. 80                   approx. 95                   approx. 60
      Occupancy rate
              y                                     98%                         100%                         100%
      Catchment area           approx. 0.5 m. inhabitants   approx. 0.3 m. inhabitants   approx. 0.8 m. inhabitants
      Opening / refurbishm.                        1995                   2001 / 2006                  2002 / 2009




COMPANY PRESENTATION | 01/10                                                                                          11
Shopping Centers I Germany




                                          City-Arkaden
                                          Cit A k d                      Stadtgalerie
                                                                         St dt l i                  Stadt-Galerie
                                                                                                    St dt G l i
      Location                                  Wuppertal                      Passau                       Hameln

      Investment                                  72.0%                        75.0%                        94.9%
      Lettable space sqm
                p     q                           28,700                       27,400                       25,000
      Parking                                        650                          500                          500
      Number of shops                         approx. 85                   approx. 90                  approx. 100
      Occupancy rate                               100%                         100%                         100%
      Catchment area           approx. 0.7 m. inhabitants   approx. 0.4 m. inhabitants   approx. 0.4 m. inhabitants
      Opening / refurbishm.                  2001 / 2004                        2008                         2008




COMPANY PRESENTATION | 01/10                                                                                          12
Shopping Centers I Europe




                                       Galeria B łt k
                                       G l i Bałtycka                   City Arkaden
                                                                        Cit A k d                              Árkád
                                                                                                               Á kád
      Location                             Gdansk, Poland             Klagenfurt, Austria                Pécs, Hungary

      Investment                                  74.0%                          50.0%                         50.0%
      Lettable space sqm
                p     q                           48,600                        36,700                         35,200
      Parking                                      1.050                            880                           850
      Number of shops                        approx. 200                  approx. 120                     approx. 130
      Occupancy rate                               100%                          100%                           100%
      Catchment area           approx. 1.1 m. inhabitants   approx. 0.4 m. inhabitants      approx. 0.5 m. inhabitants
      Opening                                      2007                           2006                          2004




COMPANY PRESENTATION | 01/10                                                                                             13
Shopping Centers I Europe




                                 Galeria D i ik
                                 G l i Dominikanska
                                                 k
     Location                             Wroclaw, Poland

     Investment                                   33.3%
     Lettable space sqm                           32,800
     Parking                                         900
     Number of shops                         approx. 100
     Occupancy rate                                100%
     Catchment area            approx. 1.3 m. inhabitants
     Opening                                       2001




COMPANY PRESENTATION | 01/10                                14
Shopping Centers I Acquisition of A10 Center Wildau




            grand opening: autumn 1996,
            new development (A10 Triangle): spring 2011
                      p      (        g ) p g
            approx. 120,000 sqm lettable space (incl. Triangle),
            thereof 66,000 sqm retail space
            one of the biggest shopping centers in Germany
            Total investment: approx. €265 million (incl. Triangle)
            43% equity, 57% debt
            expected annualised rents from 2011 €19.4 million
            expected gross yield (incl. Triangle): 7.3%
            e pec ed e
            expected net initial yield (NOI, incl. Triangle): 6.5%
                              a yed( O, c             a g e) 6 5%


COMPANY PRESENTATION | 01/10                                          15
Shopping Centers I Expansion of the Altmarkt-Galerie Dresden




            lettable area: add t o a 32,000 m²
             ettab e a ea additional 3 ,000
            (currently 44,500 m²)
            90 new shops
            expansion includes 2,900 m² office space
                                2 900
            and 5,300 m² for a hotel (signed)
            Approx. €165 million total investment volume
            (approx. €82.5
            (appro €82 5 million for DES)
            opening planned for spring 2011
            Nov 2009 pre-letting status: approx. 50%
            expected net initial yield: approx. 5.6%

COMPANY PRESENTATION | 01/10                                           16
Shopping Centers I Expansion of the Main-Taunus-Zentrum




            selling area: additional 12 000 m²
                                     12,000
            (currently 79,000 m²)
            70 new shops
            approx. €72 million total investment volume
            (approx. €31 million for DES)
            opening planned for autumn 2011
            Nov 2009 pre-letting status: approx. 20%
            expected net initial yield: approx. 8.9%



COMPANY PRESENTATION | 01/10                                      17
Shopping Centers I Our Tenants



                                         Well-known
                                             tenants




COMPANY PRESENTATION | 01/10                       18
Shopping Centers I Tenants Structure Top 10 tenants*



                                                                             Low level of
            Metro-Group                         5.1%                      dependence on
                                                                       the top 10 tenants
            Douglas-Group                       4.6%
            Peek & Cloppenburg                  2.7%
            H&M                                 2.2%
            Inditex                             2.0%
            New Yorker                          1.9%
            Deichmann                           1.9%
            dm-Drogeriemarkt                    1.4%
            REWE                                1.3%
            Engelhorn & Sturm                   1.3%
                                                        Other
                                                        O h tenants
            total                               24.4%    total 75.6%




       *in % of total rents as at 31 Dec 2008

COMPANY PRESENTATION | 01/10                                                            19
Shopping Centers I Maturity Distribution of Rental Contracts*



                                                                                 Long-term contracts
                                                                             guarantee rental income
              2014 et sqq:
                 69.4%
                                                          2009: 2.1%
                                                           2010: 2.3%             Weighted maturity
                                                                                         > 7 years

                                                               2011: 10.0%




                                                         2012: 12.8%


                                                  2013: 3.4%




       *as % of rental income as at 31 Dec 2008

COMPANY PRESENTATION | 01/10                                                                       20
Shopping Centers I Sector and Retailer Mix*


          non-food/electronics
                 20%                               department stores                                   Balanced sector and
                                                         13%                                          retailer diversification


                                                         food
                                                          7%

                                                         health & beauty
                                                                6%                         inter-/national
                                                                                              retailers
                                                        catering
                                                                                                49%
                                                          4%
              fashion                                services
                49%                                    1%




                                                                     local
                                                                entrepreneurs
                                                                     26%


                                                                                regional retail
                                                                                    chains
                                                                                     25%


       *in % of lettable space as at 31 Dec 2008

COMPANY PRESENTATION | 01/10                                                                                                 21
Financials I Key Figures

                                      01.01.-       01.01.-
       € million                  30.09.2009    30.09.2008      +/-

        Revenue                        94.4          84.1     12%
        Net operating income           83.8
                                       83 8          73.4
                                                     73 4     14%
        EBIT                           80.9          70.5     15%
        Net finance costs             -36.9         -32.3     -14%
        EBT                            46.2          37.9     22%
        Consolidated profit            38.5          31.3     23%
        FFO per share (€)*             1.11          1.02      9%
        Earnings per share (€)*        1.09          0.91     20%




       € million                  30.09.2009    31.12.2008      +/-

        Total equity               1,051.1         977.8       7%
        Interest bearing debt        925.4         899.8       3%
        Other debt                     44.1          47.0     -6%
        Total assets               2,110.6
                                   2 110 6       2,006.8
                                                 2 006 8       5%
        Equity ratio                 49.8%         48.7%
        LTV ratio                    45.6%         46.1%


       *undiluted

COMPANY PRESENTATION | 01/10                                          22
Financials I Loan Structure*


                                        Principle amounts     Share of            avg.    bank debt: €894 million
       Interest lockin         Duration       (€ thousand)   total loan   interest rate

       Up to 1 year                1.0
                                   10              59,485
                                                   59 485        6.6%
                                                                 6 6%          5.93%
                                                                               5 93%            avg.
                                                                                                avg interest rate
                                                                                                          5.33%
       1 to 5 years                4.7           348,155       38.9%           5.28%
                                                                                              Weighted maturity
       5 to 10 years               7.2           367,405       41.1%           5.38%
                                                                                                     7.0 years

       Over 10 years              17.3           119,900       13.4%           5.05%

       Total                       7.0           894,945        100%           5.33%




       * as of 31 December 2008

COMPANY PRESENTATION | 01/10                                                                                    23
Financials I Valuation – Investment Properties

                                              Rating
                                                                                                          External appraisers:
                          50%               DES‘ portfolio was
                                           rated very good (A)
                                                                      50%                                  Feri Research and
                                                                                                           GfK GeoMarketing


             Profitability                                                    Property Rating
      discounted cash flow method
                 cash-flow
                                              2007          2008    actual   Macro-location            20.0%
      expected yield of 10-year                                              Competitive environment   6.4%
      German federal bonds                   4.78%       4.58%     3.37%1)
      average applied risk premiums
                  li d i k      i            1.60%
                                             1 60%       2.10%
                                                         2 10%               Micro-location
                                                                             Micro location            9.6%
                                                                                                       9 6%
      average discount rate                 6.38%       6.68%                Property quality          4.0%

      average inflation rate                1.70%       1.70% +0.40%2)       Tenants risk              10.0%

      average property operating
      and management costs3)     13.50% 13.10% 12.40%4)

      net initial yield                     5.49%       5.64%      5.85%4)



      1) Status: 11 January 2010
      2) German Federal Statistical Office, November 2009
      3) Investment properties
      4) Plan 2009



COMPANY PRESENTATION | 01/10                                                                                                 24
Financials I Forecast
       € million

                                                                                                           125-128                 128-131
            140    Revenue
            120                                                                     115.3
            100                                 92.9           95.8
                                                                                                                                                CAGR
            80         72.1                                                                                                                      13%
                                                                                                                                                +13%
            60
                                        +29%             +3%               +20%                    +10%                     +2%
            40           1                       2                  3                  4                           5                   6




            130                  1)
                   EBIT                                                                                    105-108                 109-112
            110                                                                      98.1
             90                                                77.2                                                                             CAGR
                                                73.6
             70        57.5                                                                                                                     +14%
             50
                                        +28%             +5%               +27%                     +9%                     +4%
             30              1
                                 +28%                2              3                  4                           5                   6




            55     EBT1) 2)                                                         49.9                     50-52
                                                                                                                                    53-55

            45                                                 37.7                                                                             CAGR
            35                                                                                                                                  +14%
                                                36.1
                       28.1
            25
                                        +28%             +4%               +32%                    +2%                      +6%
            15
      €
         1.60
       1,60        FFO per share                                                     1.45                 1.38-1.43
                                                                                                                       3)         1.41-1.453)

                                                1.08           1.12                                                                             CAGR
         1.10
       1,10            0.97
                                                                                                                                                +8%3)
                                        +11%             +4%               +29%                     -3%                     +2%
         0.60
       0,60              1                       2                  3                  4                           5                   6




                      2005                     2006            2007                2008                    2009                     2010
       1)                                                      2)                            3)
            adjusted for one-time proceeds from disposals           excl. valuation result        incl. dilution


COMPANY PRESENTATION | 01/10                                                                                                                            25
Shopping Center Share I Shareholder Structure




                                                                                              8,600 shareholders
                                                                          Germany
                                                                           74%
                       Institutional                                                            Free float 81.5%
                                                Attfund
                        Investors
                                                 5.0%
                          54.3%

                                              Otto family
                                                18.5%

                                   Private
                                  Investors
                                    22.2%                   Other
                                                             3%
                                                                 BE                      ZA
                                                                 2% CH                   5%
                                                                    4%   UK         FR
                                                                              US
                                                                         4%         4%
                                                                              4%




       Status: 30 December 2009

COMPANY PRESENTATION | 01/10                                                                                   26
Shopping Center Share I Dividend & Performance

       dividend                                                                         Share price
                                                                                        Sh      i
       in €                                                                                    in €
       1,25                                             28.08                               30,00
                                                                                            30.00

                                               23.73                    24.30   23.67
                                                                                23 67       25,00
                                                                                            25 00
                                                                                            25.00
       1,15
                                                                23.50
                                       19.26
                                                                                            20,00
                                                                                            20.00
                               16.88                            1.05    1.05    1.05
       1.05
       1,05        15.50
                                                        1.00
                                                        1 00
                                                                                            15,00
                                                                                            15.00
                   0.96        0.96    0.96     0.96
       0.95
       0,95
                                                                                            10,00

       0.85
       0,85                                                                                 5,00
                  2002         2003    2004    2005    2006     2007    2008    2009


              Performance
              DES:                               DAX:
              5 years: +51.3% =        +8.6% p.a. +7.0% p.a.
              3 years:   -4.2% =       -1.4% p.a. -3.3% p.a.
              1 year (2009):           +1.7%      +23.9%




COMPANY PRESENTATION | 01/10                                                                          27
Shopping Center Share I Analysts‘ Consensus




                                               avg. / in €         2009     2010
                                               EBIT (€ million)   106.55   111.83
                                               FFO per share        1.43     1.48
                                               EPS                  0.64     1.43
                                               Dividend             1.07     1.12
                                               Price target                 26.30




       Status: 8 January 2010

COMPANY PRESENTATION | 01/10                                                        28
Appendix I Key Data of the Share


       Listed since                                                    02.01.2001
       Nominal capital                                             €37,812,496.00
       Outstanding shares                                              37,812,496
       Class of shares                                          Registered shares
       Dividend 2008 (01.07.2009)                                           €1.05
       52W High                                                            €25.07
       52W Low                                                             €18,66
                                                                           €18 66
       Share price (12.01.2010)                                            €24.39
       Market capitalisation                                          €920 million
       avg. turnover per day last 12 months                        121,000 shares
       Indices                                MDAX, EPRA, GPR, MSCI Small Cap
                                                                    Prime Standard
       Official market                                        Frankfurt and XETRA
                                              Berlin-Bremen, Dusseldorf, Hamburg,
       OTC market                                    Hanover,
                                                     Hanover Munich and Stuttgart
       ISIN                                                      DE 000 748 020 4
       Ticker                                            DEQ, Reuters: DEQGn.DE
       Market makers                                Close Brothers Seydler, WestLB




COMPANY PRESENTATION | 01/10                                                         29
Appendix I Financial Calendar

       2010

       19.01.            Cheuvreux German Corporate Conference, Frankfurt
       20.-21.04.
       20 21 04          Credit Suisse Global Real Estate Conference, London
                                                          Conference
       30.04.            Annual earnings press conference, Hamburg
       12.05.            Interim report Q1 2010
       26.-27.05.        Kempen & Co European Property Seminar, Amsterdam
       09.06.            Metzler Property Day, Frankfurt
       17.06.            Annual General Meeting, Hamburg
       12.08.            Interim report H1 2010
       11.11.
       11 11             Interim report Q1 3 2010
                                        Q1-3




COMPANY PRESENTATION | 01/10                                                   30
Appendix I Contact

       Deutsche EuroShop AG
       Investor & Public Relations
       Oderfelder Straße 23
       20149 Hamburg

       Tel. +49 (40) 41 35 79 - 20 / -22                                                                    Claus-Matthias Böge
                                                                                                            Chief Executive Officer
       Fax +49 (40) 41 35 79 - 29
       E-Mail: ir@deutsche-euroshop.com
       Web: www.deutsche-euroshop.com
             www.deutsche euroshop.com


             facebook.com/desag
             slideshare.net/desag
                                                                                                            Olaf G. Borkers
             twitter.com/des_ag
             twitter.com/des ag                                                                             Chief Financial Officer



       Important Notice: Forward-Looking Statements

       Statements in this presentation relating to future status or
       circumstances,
       circumstances including statements regarding manage-
                                                        manage
       ment’s plans and objectives for future operations, sales
       and earnings figures, are forward-looking statements of
                                                                                           Patrick Kiss
       goals and expectations based on estimates, assumptions
                                                                      Head of Investor & Public Relations
       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
                                                                                        Nicolas Lissner
       forward-looking
       forward looking statements and does not assume any
                                                                      Manager Investor & Public Relations
       obligation to do so.



COMPANY PRESENTATION | 01/10                                                                                                          31

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Deutsche EuroShop | Company Presentation | 01/10

  • 1. 01/10 feelestate.de Company Presentation “The Third Place”
  • 2. Company I Equity Story Deutsche EuroShop is Germany´s only public Pure Player company that invests solely in shopping centers. Shopping centers are attractive investments because of continuously positive development of rents yp p stable long term growth prime locations high q g quality standards y COMPANY PRESENTATION | 01/10 2
  • 3. Company I At a Glance 16 shopping centers on high street and in established 16 Centers locations – 12 in Germany, 2 in Poland and one each in Austria and Hungary Lettable space approx. 645,000 sqm Retail shops p approx. 1,675 pp , Market value approx. €2.6 billion Rents per year €167 million Occupancy rate > 99% Portfolio l ti P tf li valuation: 5 64% net i iti l yield 5.64% t initial i ld FFO Yield 2008: approx. 7% Professional center management by ECE, the European market leader in this industry COMPANY PRESENTATION | 01/10 3
  • 4. Company I Key Figures Revenue EBIT 98.1 FFO per share 100 120 115.3 1,50 1.45 86.3 95.8 78.5 100 92.9 80 1.08 1.12 80 72.1 57.5 1,00 0.97 60 0.86 61.4 61 4 49.8 49 8 60 40 40 +19%* 0,50 +14%* +17%* 20 20 0 0 0,00 €m 2004 2005 2006 2007 2008 €m 2004 2005 2006 2007 2008 € 2004 2005 2006 2007 2008 EPS 2.92 NAV per share Dividend per share 3,00 28 27.43 1,10 2.74 26.91 2,50 26 25.53 1.05 1.05 1.05 1,05 2.00 2,00 24 1.55 23.11 1.00 1,50 1,00 21.98 22 1,00 0.89 0.96 +22%* 20 +6.0%* 0,95 +2.3%* 0,50 0,00 18 0,90 € 2004 2005 2006 2007 2008 € 2004 2005 2006 2007 2008 € 2004 2005 2006 2007 2008 *2004-2008, Compound Annual Growth Rate (CAGR) COMPANY PRESENTATION | 01/10 4
  • 5. Company I Lease System 5 rent General form of lease contracts for DES-tenants 4 turnover-linked rent 3 Participation in sales growth of 2 retail i d il industry 1 CPI-linked minimum rent 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 years Lease standards: 10 years lease only no break-up option turnover-linked rents t li k d t minimum rents are CPI-linked COMPANY PRESENTATION | 01/10 5
  • 6. Company I Lease System avg. rent per sqm and year: €250 avg. German retail: avg. turnover per sqm and year: €4,700 €3,330 Rent to sales ratio: 6.5 9.5% Rent-to-sales-ratio: 6.5-9.5% weighted maturity of rental contracts: >7 years € million 5% 115.3 115 3 115 4% 95.8 92.9 3% 2.8% 90 2.6% 2 6% 2.4% 2.2% 72.1 2.0% 2% 1.8% 61.4 65 57.9 1% 0% 40 2003 2004 2005 2006 2007 2008 Revenue Rate of turnover linked rent turnover-linked COMPANY PRESENTATION | 01/10 6
  • 7. Company I Targets Long term net asset value enhancement Main focus on “buy & hold”-strategy NAV and dividend Stable and attractive dividends Dividend yield: currently 4.2% Continuous growth Investment-focus: Germany and up to 25% Europe Portfolio expansion by 10% per year by acquisition of new shopping centers by increasing existing amounts of holdings by expanding holdings COMPANY PRESENTATION | 01/10 7
  • 8. Shopping Centers I Overview 1. Frankfurt 2. Viernheim 3. Dresden 4. Hamburg 5. Hamm 6. Wetzlar 7. Dessau 8. Wolfsburg 9. Kassel 10. Wuppertal 11. Passau 12. Hameln 13. Gdansk 14. Klagenfurt 15. Pécs 16. Wroclaw COMPANY PRESENTATION | 01/10 8
  • 9. Shopping Centers I Germany Main-Taunus-Zentrum M i T Z t Rhein-Neckar-Zentrum Rh i N k Z t Altmarkt-Galerie Alt kt G l i Location Frankfurt Viernheim Dresden Investment 43.1% 99.9% 50.0% Lettable space sqm p q 103,400 , 63,900 , 44,500 , Parking 4,000 3,500 500 Number of shops approx. 100 approx. 100 approx. 110 Occupancy rate 100% 100% 99% Catchment area approx. 2.2 m. inhabitants approx. 1.4 m. inhabitants approx. 1.0 m. inhabitants Opening / refurbishm. 1964 / 2001-2004 1972 / 2000-2003 2002 COMPANY PRESENTATION | 01/10 9
  • 10. Shopping Centers I Germany Phoenix-Center Allee-Center Forum Location Hamburg Hamm Wetzlar Investment 50.0% 88.9% 65.0% Lettable space sqm p q 39,200 , 35,100 , 34,300 , Parking 1,600 1,300 1,700 Number of shops approx. 110 approx. 85 approx. 110 Occupancy rate 100% 100% 100% Catchment area approx. 0.6 m. inhabitants approx. 1.0 m. inhabitants approx. 0.5 m. inhabitants Opening / refurbishm. 2004 1992 / 2002-2003 2005 COMPANY PRESENTATION | 01/10 10
  • 11. Shopping Centers I Germany Rathaus-Center City-Galerie City-Point Location Dessau Wolfsburg Kassel Investment 94.9% 89.0% 90.0% Lettable space sqm p q 30,400 , 30,000 , 29,500 , Parking 850 800 220 Number of shops approx. 80 approx. 95 approx. 60 Occupancy rate y 98% 100% 100% Catchment area approx. 0.5 m. inhabitants approx. 0.3 m. inhabitants approx. 0.8 m. inhabitants Opening / refurbishm. 1995 2001 / 2006 2002 / 2009 COMPANY PRESENTATION | 01/10 11
  • 12. Shopping Centers I Germany City-Arkaden Cit A k d Stadtgalerie St dt l i Stadt-Galerie St dt G l i Location Wuppertal Passau Hameln Investment 72.0% 75.0% 94.9% Lettable space sqm p q 28,700 27,400 25,000 Parking 650 500 500 Number of shops approx. 85 approx. 90 approx. 100 Occupancy rate 100% 100% 100% Catchment area approx. 0.7 m. inhabitants approx. 0.4 m. inhabitants approx. 0.4 m. inhabitants Opening / refurbishm. 2001 / 2004 2008 2008 COMPANY PRESENTATION | 01/10 12
  • 13. Shopping Centers I Europe Galeria B łt k G l i Bałtycka City Arkaden Cit A k d Árkád Á kád Location Gdansk, Poland Klagenfurt, Austria Pécs, Hungary Investment 74.0% 50.0% 50.0% Lettable space sqm p q 48,600 36,700 35,200 Parking 1.050 880 850 Number of shops approx. 200 approx. 120 approx. 130 Occupancy rate 100% 100% 100% Catchment area approx. 1.1 m. inhabitants approx. 0.4 m. inhabitants approx. 0.5 m. inhabitants Opening 2007 2006 2004 COMPANY PRESENTATION | 01/10 13
  • 14. Shopping Centers I Europe Galeria D i ik G l i Dominikanska k Location Wroclaw, Poland Investment 33.3% Lettable space sqm 32,800 Parking 900 Number of shops approx. 100 Occupancy rate 100% Catchment area approx. 1.3 m. inhabitants Opening 2001 COMPANY PRESENTATION | 01/10 14
  • 15. Shopping Centers I Acquisition of A10 Center Wildau grand opening: autumn 1996, new development (A10 Triangle): spring 2011 p ( g ) p g approx. 120,000 sqm lettable space (incl. Triangle), thereof 66,000 sqm retail space one of the biggest shopping centers in Germany Total investment: approx. €265 million (incl. Triangle) 43% equity, 57% debt expected annualised rents from 2011 €19.4 million expected gross yield (incl. Triangle): 7.3% e pec ed e expected net initial yield (NOI, incl. Triangle): 6.5% a yed( O, c a g e) 6 5% COMPANY PRESENTATION | 01/10 15
  • 16. Shopping Centers I Expansion of the Altmarkt-Galerie Dresden lettable area: add t o a 32,000 m² ettab e a ea additional 3 ,000 (currently 44,500 m²) 90 new shops expansion includes 2,900 m² office space 2 900 and 5,300 m² for a hotel (signed) Approx. €165 million total investment volume (approx. €82.5 (appro €82 5 million for DES) opening planned for spring 2011 Nov 2009 pre-letting status: approx. 50% expected net initial yield: approx. 5.6% COMPANY PRESENTATION | 01/10 16
  • 17. Shopping Centers I Expansion of the Main-Taunus-Zentrum selling area: additional 12 000 m² 12,000 (currently 79,000 m²) 70 new shops approx. €72 million total investment volume (approx. €31 million for DES) opening planned for autumn 2011 Nov 2009 pre-letting status: approx. 20% expected net initial yield: approx. 8.9% COMPANY PRESENTATION | 01/10 17
  • 18. Shopping Centers I Our Tenants Well-known tenants COMPANY PRESENTATION | 01/10 18
  • 19. Shopping Centers I Tenants Structure Top 10 tenants* Low level of Metro-Group 5.1% dependence on the top 10 tenants Douglas-Group 4.6% Peek & Cloppenburg 2.7% H&M 2.2% Inditex 2.0% New Yorker 1.9% Deichmann 1.9% dm-Drogeriemarkt 1.4% REWE 1.3% Engelhorn & Sturm 1.3% Other O h tenants total 24.4% total 75.6% *in % of total rents as at 31 Dec 2008 COMPANY PRESENTATION | 01/10 19
  • 20. Shopping Centers I Maturity Distribution of Rental Contracts* Long-term contracts guarantee rental income 2014 et sqq: 69.4% 2009: 2.1% 2010: 2.3% Weighted maturity > 7 years 2011: 10.0% 2012: 12.8% 2013: 3.4% *as % of rental income as at 31 Dec 2008 COMPANY PRESENTATION | 01/10 20
  • 21. Shopping Centers I Sector and Retailer Mix* non-food/electronics 20% department stores Balanced sector and 13% retailer diversification food 7% health & beauty 6% inter-/national retailers catering 49% 4% fashion services 49% 1% local entrepreneurs 26% regional retail chains 25% *in % of lettable space as at 31 Dec 2008 COMPANY PRESENTATION | 01/10 21
  • 22. Financials I Key Figures 01.01.- 01.01.- € million 30.09.2009 30.09.2008 +/- Revenue 94.4 84.1 12% Net operating income 83.8 83 8 73.4 73 4 14% EBIT 80.9 70.5 15% Net finance costs -36.9 -32.3 -14% EBT 46.2 37.9 22% Consolidated profit 38.5 31.3 23% FFO per share (€)* 1.11 1.02 9% Earnings per share (€)* 1.09 0.91 20% € million 30.09.2009 31.12.2008 +/- Total equity 1,051.1 977.8 7% Interest bearing debt 925.4 899.8 3% Other debt 44.1 47.0 -6% Total assets 2,110.6 2 110 6 2,006.8 2 006 8 5% Equity ratio 49.8% 48.7% LTV ratio 45.6% 46.1% *undiluted COMPANY PRESENTATION | 01/10 22
  • 23. Financials I Loan Structure* Principle amounts Share of avg. bank debt: €894 million Interest lockin Duration (€ thousand) total loan interest rate Up to 1 year 1.0 10 59,485 59 485 6.6% 6 6% 5.93% 5 93% avg. avg interest rate 5.33% 1 to 5 years 4.7 348,155 38.9% 5.28% Weighted maturity 5 to 10 years 7.2 367,405 41.1% 5.38% 7.0 years Over 10 years 17.3 119,900 13.4% 5.05% Total 7.0 894,945 100% 5.33% * as of 31 December 2008 COMPANY PRESENTATION | 01/10 23
  • 24. Financials I Valuation – Investment Properties Rating External appraisers: 50% DES‘ portfolio was rated very good (A) 50% Feri Research and GfK GeoMarketing Profitability Property Rating discounted cash flow method cash-flow 2007 2008 actual Macro-location 20.0% expected yield of 10-year Competitive environment 6.4% German federal bonds 4.78% 4.58% 3.37%1) average applied risk premiums li d i k i 1.60% 1 60% 2.10% 2 10% Micro-location Micro location 9.6% 9 6% average discount rate 6.38% 6.68% Property quality 4.0% average inflation rate 1.70% 1.70% +0.40%2) Tenants risk 10.0% average property operating and management costs3) 13.50% 13.10% 12.40%4) net initial yield 5.49% 5.64% 5.85%4) 1) Status: 11 January 2010 2) German Federal Statistical Office, November 2009 3) Investment properties 4) Plan 2009 COMPANY PRESENTATION | 01/10 24
  • 25. Financials I Forecast € million 125-128 128-131 140 Revenue 120 115.3 100 92.9 95.8 CAGR 80 72.1 13% +13% 60 +29% +3% +20% +10% +2% 40 1 2 3 4 5 6 130 1) EBIT 105-108 109-112 110 98.1 90 77.2 CAGR 73.6 70 57.5 +14% 50 +28% +5% +27% +9% +4% 30 1 +28% 2 3 4 5 6 55 EBT1) 2) 49.9 50-52 53-55 45 37.7 CAGR 35 +14% 36.1 28.1 25 +28% +4% +32% +2% +6% 15 € 1.60 1,60 FFO per share 1.45 1.38-1.43 3) 1.41-1.453) 1.08 1.12 CAGR 1.10 1,10 0.97 +8%3) +11% +4% +29% -3% +2% 0.60 0,60 1 2 3 4 5 6 2005 2006 2007 2008 2009 2010 1) 2) 3) adjusted for one-time proceeds from disposals excl. valuation result incl. dilution COMPANY PRESENTATION | 01/10 25
  • 26. Shopping Center Share I Shareholder Structure 8,600 shareholders Germany 74% Institutional Free float 81.5% Attfund Investors 5.0% 54.3% Otto family 18.5% Private Investors 22.2% Other 3% BE ZA 2% CH 5% 4% UK FR US 4% 4% 4% Status: 30 December 2009 COMPANY PRESENTATION | 01/10 26
  • 27. Shopping Center Share I Dividend & Performance dividend Share price Sh i in € in € 1,25 28.08 30,00 30.00 23.73 24.30 23.67 23 67 25,00 25 00 25.00 1,15 23.50 19.26 20,00 20.00 16.88 1.05 1.05 1.05 1.05 1,05 15.50 1.00 1 00 15,00 15.00 0.96 0.96 0.96 0.96 0.95 0,95 10,00 0.85 0,85 5,00 2002 2003 2004 2005 2006 2007 2008 2009 Performance DES: DAX: 5 years: +51.3% = +8.6% p.a. +7.0% p.a. 3 years: -4.2% = -1.4% p.a. -3.3% p.a. 1 year (2009): +1.7% +23.9% COMPANY PRESENTATION | 01/10 27
  • 28. Shopping Center Share I Analysts‘ Consensus avg. / in € 2009 2010 EBIT (€ million) 106.55 111.83 FFO per share 1.43 1.48 EPS 0.64 1.43 Dividend 1.07 1.12 Price target 26.30 Status: 8 January 2010 COMPANY PRESENTATION | 01/10 28
  • 29. Appendix I Key Data of the Share Listed since 02.01.2001 Nominal capital €37,812,496.00 Outstanding shares 37,812,496 Class of shares Registered shares Dividend 2008 (01.07.2009) €1.05 52W High €25.07 52W Low €18,66 €18 66 Share price (12.01.2010) €24.39 Market capitalisation €920 million avg. turnover per day last 12 months 121,000 shares Indices MDAX, EPRA, GPR, MSCI Small Cap Prime Standard Official market Frankfurt and XETRA Berlin-Bremen, Dusseldorf, Hamburg, OTC market Hanover, Hanover Munich and Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market makers Close Brothers Seydler, WestLB COMPANY PRESENTATION | 01/10 29
  • 30. Appendix I Financial Calendar 2010 19.01. Cheuvreux German Corporate Conference, Frankfurt 20.-21.04. 20 21 04 Credit Suisse Global Real Estate Conference, London Conference 30.04. Annual earnings press conference, Hamburg 12.05. Interim report Q1 2010 26.-27.05. Kempen & Co European Property Seminar, Amsterdam 09.06. Metzler Property Day, Frankfurt 17.06. Annual General Meeting, Hamburg 12.08. Interim report H1 2010 11.11. 11 11 Interim report Q1 3 2010 Q1-3 COMPANY PRESENTATION | 01/10 30
  • 31. Appendix I Contact Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg Tel. +49 (40) 41 35 79 - 20 / -22 Claus-Matthias Böge Chief Executive Officer Fax +49 (40) 41 35 79 - 29 E-Mail: ir@deutsche-euroshop.com Web: www.deutsche-euroshop.com www.deutsche euroshop.com facebook.com/desag slideshare.net/desag Olaf G. Borkers twitter.com/des_ag twitter.com/des ag Chief Financial Officer Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, circumstances including statements regarding manage- manage ment’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of Patrick Kiss goals and expectations based on estimates, assumptions Head of Investor & Public Relations 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 Nicolas Lissner forward-looking forward looking statements and does not assume any Manager Investor & Public Relations obligation to do so. COMPANY PRESENTATION | 01/10 31