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DES GB2013 E

STILL: FFO ALSO POSTED A STRONG INCREASE OF 24%. HOW ARE SHARE- HOLDERS BENEFITING FROM THIS ONCE AGAIN VERY GOOD RESULT? CLAUS-MATTHIAS BÖGE: Together with the Supervisory Board, we have slightly al- tered our dividend policy. We are intending to increase the dividend by 5 cents each year up to €1.40 by the 2017 distribution. This enables us to achieve reliable predicta- bility for the participation of our sharehold- ers in our operating profit as it increases further. WHAT CAN SHAREHOLDERS EXPECT FROM DEUTSCHE EUROSHOP IN 2014? OLAF BORKERS: We are planning to invest around €19 million in order to keep our shopping centers in a good condition. No refinancing arrangements are scheduled for this year, but we are already discussing the topics for 2015 with our banks. The dividend is to rise to €1.30 per share in line with the planning we have just presented. CAN WE ALSO LOOK FORWARD TO GROWTH IN THE PORTFOLIO? CLAUS-MATTHIAS BÖGE: I think so. We still have three opportunities to make our portfolio grow: the purchase of new shop- ping centers, extensions of centers that are already in the portfolio, and finally stake increases for centers that we do not yet fully own. For all three options, we have ideas that we would like to put into practice. You’ll have to wait and see. THANK YOU FOR TALKING TO US! ? ? ? ! In any case, we are focusing more on the development of the funds from operations, which is a cash-based indicator, because this is all we can use for a dividend payment, investments in the portfolio and servicing debt. Earnings per share can also include measurement gains from valuation that only exist on paper. OLAF BORKERS: I agree with Mr Böge on this. There is also one-off tax income as a result of the Group restructuring. We there- fore had several special factors that cannot be expected every year in this form. This also puts the “record consolidated prof- it” of €171 million or €3.17 per share into perspective slightly. Of course, we are happy about the increase of 34%, but we shouldn’t use this as a benchmark for the future. Of course, we are happy about the increase of 34 percent O O DEUTSCHEEUROSHOPANNUALREPORT2013 012

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