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DES GB2012 E

The shopping center share DIVIDEND INCREASE The Executive and Supervisory Boards will submit to the Annual General Meeting to be held in Hamburg on 20 June 2013 a pro- posal to raise the dividend by €0.10 to €1.20 per share for finan- cial year 2012. With our long-term strategy of a dividend policy based on continuity and a yield of 3.8% (based on the 2012 year- end closing price of €31.64), we hope to cement the confidence of our existing shareholders even further and attract new inves- tors. For the future, too, we intend to distribute a dividend of at least €1.20 per share. Dividend 2013* Dividends paid to shareholders domiciled in Germany are subject to income or corporation tax. From 2009 onward, the uniform flat-rate withholding tax of 25% plus a solidarity surcharge applies to private investors. Under certain conditions, exceptions apply to dividend payments that are regarded as equity repayments from a tax perspective (dividend from EK04 or, since 2001, from a contribution account for tax purposes). The Deutsche EuroShop dividend meets these conditions in part. Pursuant to Section 20 (1) no. 1 sentence 5 of the Einkommensteuergesetz (German Income Tax Act), the dividend payment represents non-taxable income (i.e. not subject to tax) in part. However in accordance with revised legislation in place since 2009, dividend payments are tax relevant since gains from the sale of shares purchased after 31 Decem- ber 2008 are subject to tax. In this case, the payments reduce the cost of the investment in Deutsche EuroShop and thus lead to higher capital gains at the time of sale. Dividend in € 1.20 0.80 0.40 0 Year-end closing price *proposal **as of March 2013Dividend (paid for the previous year) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 15.50 16.88 19.26 23.73 28.08 23.50 24.30 23.67 28.98 24.80 31.64 0.96 0.96 0.96 0.96 1.00 1.05 1.05 1.05 1.05 1.10 1.10 1.20* 31.56** Share price in € 35 30 25 20 15 Dividend 1.20 Tax situation regarding the dividend INVESTOR RELATIONS { 104 } DES ANNUAL REPORT 2012