Deutsche EuroShop : Quarterly Statement 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

WILHELM WELLNER

OLAF BORKERS

KEY CONSOLIDATED FIGURES

			01.01. -	01.01. -
in € million	31.03.2020		31.03.2019		+/-
Revenue	55.8		56.2		-0.9%
Net operating income (NOI)	50.0		50.6		-1.2%
EBIT	48.3		49.3		-2.0%
EBT (excluding measurement
gains / losses1)		40.8		42.3		-3.7%
EPRA 2earnings 5		38.5		47.6		-19.1%
FFO	38.6		39.1		-1.3%
Consolidated profit	28.0		39.4		-28.9%
			01.01. -	01.01. -
in €	31.03.2020		31.03.2019		+/-
EPRA 2earnings per share 5		0.62		0.77		-19.5%
FFO per share	0.62		0.63		-1.6%
Earnings per share	0.45		0.64		-29.7%
Weighted number of
no-par-value shares issued	61,783,594		61,783,594		0.0%
in € million	31.03.2020		31.12.2019		+/-
Equity 3		2,631.6		2,601.5		1.2%
Liabilities	1,962.1		1,957.1		0.3%
Total assets	4,593.7		4,558.6		0.8%
Equity ratio in % 3		57.3		57.1
LTV ratio in % 4		30.7		31.5
Cash and cash equivalents	182.7		148.1		23.3%

1. Including the share attributable toequity-accounted joint ventures and associates
2. European Public Real Estate Association
3. Includingthird-party interests in equity
4. Loan-to-valueratio (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 aone-off tax refund in the prior-year period, including interest accrued for previous years. Without this tax refund, EPRA earnings would have totalled €38.7 million or €0.63 per share.

LETTER FROM

THE EXECUTIVE BOARD

DEAR SHAREHOLDERS,

DEAR READERS,

The coronavirus pandemic is affecting all areas of our lives. Society­ and the economy are facing the greatest challenge since the Second­ World War. The top priority is people's health and wellbeing­. With over 175 million visitors a year and around 17,000 people directly associated with our shopping centers through their jobs, we at Deutsche EuroShop share this view unreservedly. In the current phase of the gradual reopening of shops in shopping centers, compliance with health requirements and close coordination with the authorities and tenants is therefore of great importance. We are impressed by the fact that the people engaged in operating our shopping centers are doing everything they can, objectively and responsibly and with the greatest personal commitment, to safely resume business operations under these special circumstances. Our special thanks and respect go to them.

The first quarter of 2020 marks a turning point for us with regard to the economic impact of the coronavirus pandemic on our business, as it only includes the negative financial impact of the crisis situation to a limited extent. Accordingly, we can still present satisfactory­ operating figures for the first three months of the current financial year. Revenue of €55.8 million (-0.9%) and EBIT of €48.3 million (-2.0%) were only slightly below the previous year's levels, resulting from the first coronavirus-related rent losses since mid-March in our foreign centers. As the same quarter of the previous year was positively influenced by one-time special effects, earnings before taxes and valuation (EBT without valuation) fell by 3.7% to €40.8 million (without special effects +2.6%) and EPRA earnings by 19.1% to €38.5 million (without special effects: -0.5%). FFO adjusted for valuation and special effects remained at the previous year's level of €38.6 million.

At present, business closures and restrictions on business operations as well as cautious consumer behaviour are having a direct negative impact on our rental partners and thus on our planned rental income and cash flow. Following the reopening of shops, the focus is on an intensive phase of coordinating economic and cooperative solutions with our rental partners with regard to contractual obligations. The performance of bricks-and-mortar retail sales and the outcome of negotiations with our tenants cannot be quantified in the foreseeable future. Against this background, we have withdrawn our forecast for the whole of 2020 and have also decided to propose to the Annual General Meeting scheduled for 16 June 2020 that the dividend payment for financial year 2019 be suspended. In our view, at this point in time it is essential to maintain as much liquidity as possible in the Company in order to be optimally prepared for the unpredictable months ahead. In addition, we were able to sign

1	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

agreements with our banks for upcoming refinancings at an early stage in the past quarter. Thanks to these measures and our conservative financing strategy, Deutsche EuroShop has a healthy balance sheet and high liquidity even at the present time and thus has solid financial room for manoeuvre to meet the challenges ahead.

Deutsche EuroShop is generally well positioned even in this exceptional situation and will continue to implement its strategic meas- ures. This includes investing in the attractiveness and tenant mix of our shopping centers, which is being carried out in the current phase as required, as well as increasing digitalisation. With the digital mall concept, we are further bringing together the worlds of offline and online shopping. By the end of 2019, the convenient online product search was already available at all German shopping centers for over 1.9 million products. By gradually linking up more and more retailers and locations, this omnichannel offering will keep growing. We will continue to work intensively on this.

In this time of particular uncertainty, we continue to act with foresight and flexibility - in the interests of all stakeholders. Even though we are unable to estimate the economic impact on Deutsche Euro- Shop at the present time, we remain confident that our Company will master the current challenges. The opening of a majority of shops is an important first step towards a new normality. We very much hope that you will continue to accompany us on this journey.

Hamburg, May 2020

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 (excl. 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

2

		Change
01.01. - 31.03.2020	01.01. - 31.03.2019	+/-	in %
55,756	56,234	-478	-0.9%
-5,726	-5,606	-120	-2.1%
50,030	50,628	-598	-1.2%
655	151	504	333.8%
-2,378	-1,491	-887	-59.5%
48,307	49,288	-981	-2.0%
6,517	6,973
1,167	606
181	62
7,865	7,641	224	2.9%
-11,003	-12,530	1,527	12.2%
-4,402	-4,644	242	5.2%
5	2,576	-2,571	-99.8%
-7,535	-6,957	-578	-8.3%
40,772	42,331	-1,559	-3.7%
-4,735	-1,917
-1,167	-606
-5,902	-2,523	-3,379	-133.9%
-2,180	5,689	-7,869	-138.3%
-4,475	-6,030
-181	-62
-4,656	-6,092	1,436	23.6%
28,034	39,405	-11,371	-28.9%
		Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

First effects of the coronavirus pandemic on revenuesRevenue for the reporting period came in at €55.8 million. This is 0.9% lower on a comparable basis than in the same period of the previous year (€56.2 million). This was due to the legal measures adopted in our foreign markets since mid-March to cushion the effects of the coronavirus pandemic, which included the suspension of tenancy agreements for tenants affected by the closures. Without these measures, we would have slightly exceeded the revenue of the previous year.

Property operating and management costs in line with expectations

At €5.7 million, center operating expenses in the reporting period were almost at the same level as in the previous year (€5.6 million). Operating costs, which mainly comprise center management fees, maintenance expenses, write-downs on rent receivables and non-­ allocable service charges, amounted to 10.3% of revenues, in line with our expectations.

Other operating income and expenses

Other operating income, stemming primarily from the reversal of provisions, from income from rental receivables written down in previous years and from additional payments in conjunction with ancillary costs, amounted to €0.7 million and was therefore signifi­ cantly higher than in the previous year. At €0.9 million, other operating expenses, most of which related to general administrative and personnel expenses, were up on the same period last year, in particular as a result of one-off financing costs in connection with the extension of our credit line as well as higher consulting costs.

EBIT lower than last year

Earnings before interest and taxes (EBIT) at €48.3 million were below the figure for the previous year (€49.3 million), largely due to the coronavirus-driven decline in revenue and rise in other operating expenses.

Net finance costs down due to one-off interest income in the previous year

Net finance costs (excluding measurement gains /losses) increased by €0.6 million from €-6.9 million to €-7.5 million. In the previous year, other financial gains and losses included a one-off interest

3

refund of €2.6 million for a trade tax refund. Excluding this special effect seen the previous year, net financial costs improved by €2.0 million, in particular due to the further €1.5 million reduction in the interest expenses of group companies. In addition to scheduled repayments, the cheaper refinancing for the Rhein-Neckar-­Zentrum Viernheim and the A10 Center Wildau had a positive effect here.

The at-equity profit recognised in financial gains or losses, at €7.9 million, remained almost at the prior-year level (€7.6 million).

EBT (excluding measurement gains/losses) down

The decline in EBIT and the one-off interest refund the previous year caused EBT (excluding measurement gains/losses) to fall from €42.3 million to €40.8 million (-3.7%).

Measurement losses influenced by modernisation investments

Measurement losses of €-5.9 million (previous year: €-2.5 million) 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.

Income taxes

Taxes on income and earnings amounted to €-2.2 million (previous year: tax income of €5.7 million) and included a trade tax refund of €7.1 million in the previous year. Deferred taxes resulting mainly from the amortisation of the tax balance sheet for our real estate assets totalled €4.7 million (previous year: €6.1 million).

EPRA earnings and consolidated profit decline due to special effects the previous year

EPRA earnings, which exclude measurement gains / losses, were positively influenced in the previous year to the extent of €8.9 million by the trade tax refund including the accrued interest income and taking into account the related taxes. Without this one-off effect in the previous year EPRA earnings would have been on a par with the previous year at €38.5 million or €0.62 per share.

Consolidated profit stood at €28.0 million, €11.4 million down on the previous year period (€39.4 million), and earnings per share fell from €0.64 to €0.45.

Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

EPRA EARNINGS

		01.01. - 31.03.2020		01.01. - 31.03.2019
		in €		per share		in €		per share
		thousand		in €		thousand		in €
Consolidated profit		28,034	0.45	39,405	0.64
Measurement gains /
losses investment
properties1		5,902		0.10		2,523		0.04
Measurement gains /
losses derivative
financial instruments1		-90		0.00		-84		0.00
Deferred tax
adjustments
pursuant to EPRA 2		4,656		0.07		5,724		0.09
EPRA EARNINGS 3		38,502	0.62	47,568	0.77
Weighted number
of no-par-value
shares issued			61,783,594			61,783,594

1. Including the share attributable toequity-accounted joint ventures and associates
2. Affects deferred taxes on investment properties and derivative financial instruments
3. EPRA earnings include aone-off tax refund in the period the previous year, including interest accrued for previous years. Without this tax refund, EPRA earnings would have totalled €38.7 million or €0.63 per share.

Development of funds from operations (FFO)

Funds from operations (FFO) are used to finance our ongoing investments in portfolio properties, scheduled repayments on our long- term bank loans and as the basis for the distribution of dividends. Significant non-recurring effects that are not part of the Group's operating activities are eliminated in the calculation of FFO. FFO declined from €39.1 million to €38.6 million or by €0.01 per share to €0.62.

FUNDS FROM OPERATIONS

		01.01. - 31.03.2020		01.01. - 31.03.2019
		in €		per share		in €		per share
		thousand		in €		thousand		in €
Consolidated profit		28,034	0.45	39,405	0.64
Measurement gains /
losses investment
properties1		5,902		0.10		2,523		0.04
Tax refund for
previous years 2		0		0.00		-8,886		-0.15
Deferred taxes1		4,656		0.07		6,092		0.10
FFO		38,592	0.62	39,134	0.63
Weighted number
of no-par-value
shares issued			61,783,594			61,783,594

1. Including the share attributable toequity-accounted joint ventures and associates
2. Including the tax expense attributable to the interest refund

REVENUE	EBIT	EBT *	FFO PER SHARE
in € million	in € million	in € million	in €

56.2	55.8					0.63
						0.62
		49.3
		48.3
				42.3	40.8
	-0.9%		-2.0%		-3.7%		-1.6%
3M 2019	3M 2020	3M 2019	3M 2020	3M 2019	3M 2020	3M 2019	3M 2020
				*  excluding measurement gains / losses

4	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

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 €35.1 million to €4,593.7 million.

Equity ratio of 57.3%

The equity ratio (including the shares of third-party shareholders) was 57.3%, practically unchanged on the last reporting date (57.1%) and still at a very solid level.

Liabilities

As at 31 March 2020 current and non-current financial liabilities stood at €1,515.4 million, which was €3.1 million higher than at the end of 2019. The scheduled repayments were offset by a loan increase of €7.4 million to finance investment measures.

Non-current deferred tax liabilities increased by €4.9 million to €383.6 million due to further additions. Other current and non-­ current liabilities and provisions decreased by €2.9 million.

REPORT ON EVENTS AFTER THE REPORTING DATE

Between the reporting date on 31 March 2020 and the date the financial statements were prepared the authorities loosened/announced a loosening of the closures made in connection with the coronavirus pandemic. The timelines and regulations varied widely by country or, in the case of Germany, federal state. Since 11 May 2020 all shops in our German shopping centers have essentially been open again for business. In Austria, Poland and Hungary, shops in shopping centers have been largely open since the beginning of May 2020 and in the Czech Republic since 11 May 2020. In general, significant restrictions continue to apply to hospitality and entertainment. Further- more, extensive health and safety precautions must be observed when operating shopping centers (e.g. face masks must be worn, customer numbers are limited according to shop size and opening hours are restricted).Overall, footfall in the shopping centers shortly after reopening is still well below pre-crisis levels and varies greatly between centers.

No further significant events occurred between the reporting date on 31 March 2020 and the date the financial statements were prepared.

5

OUTLOOK

EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION

At the beginning of April 2020 we withdrew our previous forecast for 2020 because it was not possible to assess the impact of the corona- virus pandemic. It is only recently that more tenants have been able to open their doors in our centers again under certain conditions. However, a quantifiable assessment of the further course of business in 2020 is still not possible at the present time. We expect rev- enue, EBIT, EBT (excluding measurement gains / losses) and FFO to be below the 2019 figures.

DIVIDEND PLANNING

As a precaution to secure and further improve the Company's liquid- ity, the Executive Board has therefore decided to propose to the Annual General Meeting that the net profit remaining following the transfer to the other retained earnings for 2019 be carried forward and the dividend payment suspended. We intend to maintain our divi­ dend policy geared towards continuity following the stabilisation of this extraordinary situation.

RISK REPORT

The coronavirus pandemic will have an impact on the individual risks of the Group below with respect to the amount of losses and the likelihood of occurrence. As already outlined in our 2019 risk report (see the 2019 financial report, p.18), the extent of this risk is currently not quantifiable. Depending on how the pandemic pro- gresses, the individual risks and the overall risk position will be reviewed and regularly re-evaluated. However, we expect that individual risks will increase in terms of the amount of losses and /or likelihood of occurrence.

We do not believe that the Company currently faces any risks ­capable of jeopardising its continued existence.

Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

CONSOLIDATED BALANCE SHEET

ASSETS

LIABILITIES

in € thousand	31.03.2020	31.12.2019
ASSETS
Non-current assets
Intangible assets	53,749	53,752
Property, plant and equipment	394	424
Investment properties	3,822,786	3,822,786
Investments accounted for using
the equity method	513,377	511,493
Non-current assets	4,390,306	4,388,455
Current assets
Trade receivables	7,185	7,417
Other current assets	13,578	14,646
Cash and cash equivalents	182,663	148,087
Current assets	203,426	170,150

TOTAL ASSETS	4,593,732 4,558,605

in € thousand	31.03.2020	31.12.2019
EQUITY AND LIABILITIES
Equity and reserves
Issued capital	61,784	61,784
Capital reserves	1,217,560	1,217,560
Retained earnings	999,644	970,229
Total equity		2,278,988	2,249,573
Non-current liabilities
Financial liabilities	1,498,303	1,433,373
Deferred tax liabilities	383,624	378,755
Right to redeem of limited partners	352,585	351,905
Other liabilities	32,222	33,863
Non-current liabilities		2,266,734	2,197,896
Current liabilities
Financial liabilities	17,106	78,974
Trade payables	6,938	5,805
Tax liabilities	2,035	1,401
Other provisions	6,972	8,120
Other liabilities	14,959	16,836
Current liabilities	48,010	111,136
TOTAL EQUITY AND LIABILITIES		4,593,732	4,558,605

6	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

CONSOLIDATED INCOME

STATEMENT

		01.01. -		01.01. -
in € thousand	31.03.2020	31.03.2019
Revenue	55,756	56,234
Property operating costs	-3,074	-2,957
Property management costs	-2,652	-2,649
Net operating income (NOI)	50,030	50,628
Other operating income	655	151
Other operating expenses	-2,378	-1,491
Earnings before interest and taxes (EBIT)		48,307	49,288
Share in the profit or loss of associated
companies and joint ventures
accounted for using the equity method	6,517	6,973
Interest expense	-11,003	-12,530
Profit / loss attributable to limited partners	-4,402	-4,644
Interest income	5	2,576
Financial gains or losses	-8,883	-7,625
Measurement gains/losses	-4,735	-1,917
Earnings before tax (EBT)	34,689	39,746
Income taxes	-6,655	-341
CONSOLIDATED PROFIT	28,034	39,405
Earnings per share (€)		0.45	0.64

STATEMENT OF COMPREHENSIVE INCOME

		01.01. -		01.01. -
in € thousand	31.03.2020	31.03.2019
Consolidated profit		28,034	39,405
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		1,774	-1,501
Deferred taxes on changes in value
offset directly against equity		-393	344
Total earnings recognised directly
in equity	1,381	-1,157
TOTAL PROFIT	29,415	38,248
Share of Group shareholders		29,415	38,248

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Number of						Other				Cash flow
		shares				Capital		retained		Statutory		hedge
in € thousand		outstanding		Share capital		reserves		earnings		reserve		reserve	Total
01.01.2019		61,783,594		61,784		1,217,560		974,484		2,000		-26,080		2,229,748
Total profit				0		0		39,405		0		-1,157		38,248
Dividend payments				0		0		0		0		0		0
31.03.2019		61,783,594		61,784		1,217,560		1,013,889		2,000		-27,237		2,267,996
01.01.2020		61,783,594		61,784		1,217,560		993,900		2,000		-25,671		2,249,573
Total profit				0		0		28,034		0		1,381		29,415
Dividend payments				0		0		0		0		0		0
31.03.2020		61,783,594		61,784		1,217,560		1,021,934		2,000		-24,290		2,278,988

7	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

CONSOLIDATED CASH FLOW STATEMENT

in € thousand	01.01. - 31.03.2020		01.01. - 31.03.2019
Consolidated profit	28,034	39,405
Income taxes	6,655	341
Financial gains or losses		8,883	7,625
Amortisation /depreciation of intangible assets and property,
plant and equipment with a finite life		36	45
Unrealised changes in fair value of investment property and
other measurement gains / losses	4,735	1,917
Distributions and capital repayments received	4,633	5,397
Changes in trade receivables and other assets	1,300	3,634
Changes in current provisions	-1,148	1,590
Changes in liabilities	-588	-1,974
Cash flow from operating activities	52,540	57,980
Interest paid	-11,003	-12,530
Interest received	5	3
Income taxes paid	-1,546	-1,186
Net cash flow from operating activities	39,996	44,267
Outflows for the acquisition of investment properties	-5,054	-1,921
Outflows for the acquisition of intangible assets and property, plant and equipment	-3	-19
Cash flow from investing activities	-5,057	-1,940
Inflows from financial liabilities	7,416	2,500
Outflows from the repayment of financial liabilities	-4,354	-898
Outflows from the repayment of lease liabilities	-22	-28
Payments to limited partners	-3,403	-3,461
Cash flow from financing activities	-363	-1,887
Net change in cash and cash equivalents	34,576	40,440
Cash and cash equivalents at beginning of period	148,087	116,335
CASH AND CASH EQUIVALENTS AT END OF PERIOD		182,663	156,775

8	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

SEGMENT REPORTING

Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Executive Board to manage the Group. Internal reports distinguish between shopping centers in Germany ("domestic") and other European countries ("abroad").

As the Group's main decision-making body, the Deutsche ­EuroShop AG Executive Board first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains / losses. The measurement principles for segment reporting correspond to those of the Group.

In order to assess the contribution of the segments to the individual performance indicators as well as to the Group's success, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in proportion to the Group's share therein. Similarly, for subsidiaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are likewise only consolidated proportionately according to the corresponding Group share. This results in the segments being divided as follows:

BREAKDOWN BY SEGMENT

										01.01. -
in € thousand		Domestic		Abroad		Total		Reconciliation	31.03.2020
Revenue	49,233	10,227	59,460	-3,704	55,756
(01.01. - 31.03.2019)	(48,790)	(10,913)	(59,703)	(-3,469)	(56,234)
EBIT	43,519	9,514	53,033	-4,726	48,307
(01.01. - 31.03.2019)	(42,780)	(10,328)	(53,108)	(-3,820)	(49,288)
EBT excl. measurement gains/losses	34,308	7,851	42,159	-1,387	40,772
(01.01. - 31.03.2019)	(32,120)	(8,571)	(40,691)	(1,640)	(42,331)
										31.03.2020
Segment assets	3,341,840	776,951	4,118,791	474,941	4,593,732
(31.12.2019)	(3,315,952)	(773,700)	(4,089,652)	(468,953)	(4,558,605)
of which investment properties	3,246,262	743,828	3,990,090	-167,304	3,822,786
(31.12.2019)	(3,246,262)	(743,828)	(3,990,090)	(-167,304)	(3,822,786)

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 column 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, DES Beteiligungs GmbH& Co. KG).

In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given.

9	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

OTHER DISCLOSURES

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 consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business, and the position

of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remainder of the financial year.

Hamburg, 14 May 2020

Wilhelm Wellner

Olaf Borkers

THE SHOPPING CENTER SHARE

KEY SHARE DATA

Following a year-end closing price* for 2019 of €26.42, Deutsche EuroShop shares were steady in the first few weeks of 2020. On 3 January 2020, the share closed at €26.50, the highest price in the first three months of the year. At the end of February, investor uncertainty rose sharply in connection with the coronavirus pan- demic. This led to considerable price falls for our shares, those of our peers and stock markets worldwide. DES shares were trading at €25.40 in the closing auction on 21 February 2020, but ended the first quarter of 2020 at €10.46 on Xetra after a very volatile down market. Deutsche EuroShop's market capitalisation stood at €646.3 million at the end of the period. This equates to a performance of -60.4% for the reporting period. The SDAX fell by 26.1% over the same period.

Sector/ industry group

Share capital as at 31.03.2020

Number of shares as at 31.03.2020 (no-par-value registered shares)

Dividend for 2019 (proposed) Share price on 30.12.2019

Share price on 31.03.2020

Low/ high for the period under review Market capitalisation on 31.03.2020 Prime Standard

OTC markets

Financial services/real estate

€61,783,594.00

61,783,594

€0.00

€26.42

€10.46

€26.50/€9.94

€646.3 million

Frankfurt and Xetra

Berlin, Düsseldorf, Hamburg, Hanover, Munich and Stuttgart

DEUTSCHE EUROSHOP VS. SDAX AND EPRA COMPARISON, JANUARY TO MAY 2020

indexed, base of 100, in %

	Deutsche EuroShop				EPRA				SDAX

140

100

60

20

Jan. Feb. Mar. Apr. May

Indices		SDAX, EPRA, GPR 250,
		EPIX 30, MSCI Small Cap,
		HASPAX, F.A.Z.-Index
ISIN		DE 000748 020 4
Ticker symbol		DEQ, Reuters: DEQGn.DE

• Unless otherwise specified, all information and calculations are based on Xetra closing prices.

10	Deutsche EuroShop / 3M 2020

3M 2020 /Quarterly statement of 31 March 2020

FINANCIAL CALENDAR 2020

14.05.	Quarterly statement 3M 2020	22.09.	Baader Investment Conference, Munich (hybrid)
28.05.	Societe Generale The Nice Conference (virtual)	01.10.	Commerzbank German Real Estate Forum, London
16.06.	Annual General Meeting (virtual)	21.10.	Kempen European Property Seminar, Amsterdam
17.06.	UniCredit Kepler Cheuvreux German Property Day	12.11.	Quarterly statement 9M 2020
	(virtual)	16.11.	Roadshow Paris, Societe Generale
13.08.	Half-year Financial Report 2020	25.11.	DZ Bank Equity Conference, Frankfurt

18.08. Roadshow London, J.P. Morgan

03.09. Commerzbank Sector Conference, Frankfurt

07.09.	Jefferies Real Estate Conference, Tel Aviv	Our financial calendar is updated continuously.
21.09.	Goldman Sachs & Berenberg German Conference,	Please check our website for the latest events:
	Munich	www.deutsche-euroshop.com/ir

		STADT-GALERIE
		PASSAU
ALLEE-CENTER		CITY ARKADEN
MAGDEBURG		KLAGENFURT
		ALTMARKT-GALERIE
		DRESDEN
RHEIN-NECKAR-ZENTRUM				WOULD YOU LIKE ­ADDITIONAL
VIERNHEIM			ALLEE-CENTER
	RATHAUS-CENTER	INFORMATION?
		DESSAU	HAMM
	MAIN-TAUNUS-ZENTRUM			Then visit us online or call us:
CITY-GALERIE	SULZBACH/FRANKFURT	ÁRKÁD
WOLFSBURG		PÉCS
				Patrick Kiss andNicolas Lissner
				Phone:	+49 (0)40 - 41 35 79 20/-22
				Fax:	+49 (0)40 - 41 35 79 29
www.deutsche-euroshop.de/IR				www.deutsche-euroshop.com/ir
				Email: [e-mail]

Forward-looking statements

This quarterly statement contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the information available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently being forecast.

Rounding and rates of change

Percentages and figures stated in this report may be subject to rounding differences. The rates of change are based on economic considerations: improvements are indicated by a plus (+); deterioration by a minus (-).

11	Deutsche EuroShop / 3M 2020