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DES GB2015 Englisch - Interview

WILHELM WELLNER: There have been no significant changes in operational terms. Our share- holders can continue to count on the continuity of our strategy, which has proven its worth over more than 15 years and which we prudently refine in line with market requirements. We continue to pursue a long-term approach and maintain our focus on high- quality shopping centers in first-class locations. DuringmyfirstyearatDeutscheEuroShopI’vegreatly enjoyed being actively involved in the shopping center sector again and addressing the particular dynamics of the retail and transactions markets. WILHELM WELLNER: It cer- tainly is a question I’ve been asked repeatedly – in every in- vestors’ meeting, actually – and I’ve conducted more than 100 of them already. Here too we value continuity and maintain our opportunistic approach. We will continue to make acquisitions only when it makes long-term sense. We see no point in making acquisitions for the sake of volume growth only, but if we are completely convinced by a center, we are willing and able to act, even in the present market environment. For us, it’s primarily about sustainable profitability. Among other things, a center must provide flexible floor plans, offer a good mix of tenants, Continuity is an important attribute of Deutsche EuroShop. There was, however, a change at group management level in the past financial year: the appointment of Wilhelm Wellner as CEO in mid 2015. We speak to him and his fellow Executive Board member Olaf Borkers about continuity, the results of the financial year, trends and Deutsche EuroShop’s future. Mr Wellner, you took charge at Deutsche EuroShop in July. What changes have there been? It must make long-term sense have an attractive catchment area and be located in a very good location. It can only continue to perform well across market cycles and make money, even in weaker economic phases, if it possesses all of these attributes. But of course other investors are also on the look-out for centers like that. The prices paid for the centers offered for sale continue to rise, which sets us a particular chal- lenge with regard to acquisitions that we are addressing. You’ve almost certainly been asked this question repeatedly: how are the new acquisitions doing? INTERVIEW WITH THE EXECUTIVE BOARD 8 Deutsche EuroShop AG Annual Report 2015 INTERVIEW

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