This document summarizes the annual earnings press conference for Deutsche EuroShop AG for fiscal year 2009. Key figures showed revenue of €110.7 million, EBIT of €54.8 million, and EBT of €49.9 million. Major projects discussed include the expansion of Altmarkt-Galerie Dresden and Main-Taunus-Zentrum. The acquisition of A10 Center was also highlighted. For 2010, continued growth is forecast across key metrics like revenue, EBIT, and FFO per share, though at slightly reduced levels compared to past years.

1. 2009feelestate.deAnnual Earnings Press ConferenceFY 2009 resultsHamburg, 30 April 2010

2. RevenueEBITEBT*110.7105-108127.6125-12854.850-52127.6110.754.8115.349.998.195.886.392.978.537.136.172.157.528.1+15%**+18%**Target – Performance Comparison+18%**€m€m€m* adjusted for one-time proceeds from disposals/excluding valuation result** 2004-2009, Compound Annual Growth Rate (CAGR)Annual Earnings Press Conference | FY 2009 Results

3. Key FiguresDividend per share1.051.051.05**1.051.00+1.2%*€€FFO per shareNAV per share1.491.3827.4326.9126.631.121.0825.530.9723.11+11%*+3.6%*€*2004-2008, Compound Annual Growth Rate (CAGR)/**proposalAnnual Earnings Press Conference | FY 2009 Results

4. HighlightsCity-Point KasselStake of DES raised from 40% to 90%

5. Effective from 1 January 2009

6. Seller: Arcandor AG

7. €65 million total investment volume(incl. minorities)

8. Net initial yield: 6.4%

9. Redesign of 7.000m² selling area

10. 8 new tenantsAnnual Earnings Press Conference | FY 2009 Results

11. HighlightsAltmarkt-Galerie DresdenWork on expansion is well underway

12. Additional 32,000m² lettable area(currently: 44,500m²)

13. 90 new shops

14. DES participation 50%

15. €165 million total investment volume

16. Expected net initial yield: 5.6%

17. Apr 2010 pre-letting status: approx. 75%

18. opening planned for spring 2011Annual Earnings Press Conference | FY 2009 Results

19. HighlightsMain-Taunus-ZentrumConstruction work for the expansion finally began

20. Additional 12,000m² selling area(currently: 79,000m²)

21. 70 new shops

22. DES participation 43.1%

23. €72 million total investment volume

24. Expected net initial yield: 8.9%

25. Jan 2010 pre-letting status: approx. 35%

26. opening planned for autumn 2011Annual Earnings Press Conference | FY 2009 Results

27. HighlightsA10 CenterAcquisition in January 2010

28. grand opening: autumn 1996,newdevelopment (A10 Triangle): spring 2011

29. approx. 120,000 sqmlettable space (incl. Triangle), thereof 66,000 sqmretail space

30. Total investment: approx. €265 million(incl. Triangle)

31. 43% equity, 57% debt

32. expectedannualisedrentsfrom 2011€19.4 million

33. expectedgrossyield (incl. Triangle): 7.3%

34. expectednetinitial yield(NOI, incl. Triangle): 6.5%Annual Earnings Press Conference | FY 2009 Results

35. HighlightsTREND OF SHARE (INDEXED)Performance 2009:DES: +2.1%MDAX: +34.0%EPRA: +35.1%Index ranking MDAX March 2009:27. (Market Cap)41. (Turnover)INDEX RANKING (MDAX)Rank Market CapRank TurnoverAnnual Earnings Press Conference | FY 2009 Results

36. Retail turnover 2009**all German DES centers on a like-for-like basis (10 centers with a 2009 turnover of €1.5 billion)Annual Earnings Press Conference | FY 2009 Results

37. TenantsStructure Top 10 tenants*Metro-Group 4.6%Douglas-Group 4.6%Peek & Cloppenburg 2.5%H&M 2.5%New Yorker 2.2%Inditex 2.0%Deichmann 2.0%C&A 1.8%dm-Drogeriemarkt 1.4%Esprit 1.3%Low level ofdependence onthe top 10 tenantsOther tenantstotal 75.1%total 24.9%*in % of total rents as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results

38. Maturity Distribution of Rental Contracts* Long-term contractsguarantee rental incomeWeighted maturity6.7 years2015 et sqq: 62.7%2010: 2.9%2011: 9.3%2012: 13.3%2013: 3.2%2014: 5.6%*as % of rental income as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results

39. SectorandRetailer Mix*Balanced sector and retailer diversification*in % of lettable space as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results

40. Key FiguresAnnual Earnings Press Conference | FY 2009 Results

41. Balance SheetAnnual Earnings Press Conference | FY 2009 Results

42. LoanStructure*bank debt: €929 millionavg. interest rate5.27%Weighted maturity7.1 years*as of 31 December 2009Annual Earnings Press Conference | FY 2009 Results

43. Reconciliationof Long termAssets 2009 avg. investment rating A (very good) unchanged

44. avg. cap rate increased to 6.80% (2008: 6.68%)

45. avg. net initial yield 5.82% (2008: 5.64%)-20.5-2.4-3.4+92.5€ million2,020.21,954.0Annual Earnings Press Conference | FY 2009 Results

46. Valuation – Investment PropertiesRatingExternal appraisers:Feri Research andGfK GeoMarketing50%50%DES‘ portfolio was rated very good (A)Property RatingProfitabilitydiscountedcash-flowmethodMacro-location 20.0%Competitive environment 6.4%Micro-location 9.6%Property quality 4.0%Tenants risk 10.0%1) Status: 26 April 20102)German Federal Statistical Office, March 2010 Annual Earnings Press Conference | FY 2009 Results

47. Profit and Loss AccountP & LAnnual Earnings Press Conference | FY 2009 Results

48. Revenue Bridge 2009+1.8= +2.0%€ million+10.5Annual Earnings Press Conference | FY 2009 Results

49. Net FinanceCost Bridge 2009-0.2-1.6+1.1-2.01.50.7-49,4-49.7-0.1-8.2-3.8€ millionAnnual Earnings Press Conference | FY 2009 Results

50. ValuationResultAnnual Earnings Press Conference | FY 2009 Results

51. EBT Bridge€ million-53.1+6.2=+7.1%Annual Earnings Press Conference | FY 2009 Results

52. Profit Bridge+3.7+8.3= +12.0%€ million€ million-42.8Annual Earnings Press Conference | FY 2009 Results

53. Net Asset ValueNAV per share27.4326.9126.6325.5323.11CAGR: +3.6%*€Annual Earnings Press Conference | FY 2009 Results

54. Earnings per Share2.922.741.961.550.930.890.61€Annual Earnings Press Conference | FY 2009 Results

55. Dividend & Performance28.0824.3023.5023.6723.7322.53*19.2616.88PerformanceDES:5 years:+51.3% = +8.6% p.a. 3 years: -4.2% = -1.4% p.a. 1 year (2009):+1.7%DAX: +7.0% p.a. -3.3% p.a. +23.9%*Status: 29 April 2010/**proposalAnnual Earnings Press Conference | FY 2009 Results

56. Shareholder Structure*9,500 shareholdersFree float 82.0%BlackRock3.0%InstitutionalInvestors51.2%Attfund5.0%Otto family18.0%PrivateInvestors22.8%*Status: 29 April 2010Annual Earnings Press Conference | FY 2009 Results

57. OutlookConsumer spending stagnates but still on a sufficient levelWrite-downs remain at a very low level (0.4%), the vacancy rate rests stable under 1% (retail 0%), YTD no changesFurther shopping center acquisitions morelikely due to a solid financialbasisPositive view on thetransactionmarketDebtfinancingpossibleatacceptablemarginsExtensions of Altmarkt-Galerie Dresden and Main-Taunus-Zentrum according to budgetFirst investment in 2010 executed: A10 Center (€265 million investment volume, YTD €210 million)Good start into 2010Annual Earnings Press Conference | FY 2009 Results

58. Key Figures Q1 2010**PreliminaryresultsAnnual Earnings Press Conference | FY 2009 Results

59. Forecast€ millionRevenueCAGR+13%+10%+29%+3%+11%+7%+20%EBIT1)CAGR+14%+8%+28%+5%+13%+8%+27%+28%EBT1)2)CAGR+15%+8%+28%+4%+10%+10%+32%€FFO per share1.60CAGR+7%3)1.10-9%+11%+4%+8%+9%+23%0.60 2005 2006 2007 2008 2009 2010 20111) adjustedfor one-time proceeds from disposals 2) excl. valuation result 3) incl. dilution Annual Earnings Press Conference | FY 2009 Results

60. Key Data of the ShareAnnual Earnings Press Conference | FY 2009 Results

61. Financial Calendar 201030.04. Annual earnings press conference, Hamburg03.05.Roadshow Zurich, UBS05.05.Roadshow Helsinki, equinet06.05.M.M. Warburg Northern Highlights Conference, Hamburg12.05.Interim report Q1 201026.05.Kempen & Co European Property Seminar, Amsterdam27.05.SociétéGénérale European Mid and Small Caps Conference, Nice09.06. Metzler Property Day, Frankfurt10.06.Morgan Stanley European Property Conference, London17.06.Annual General Meeting, Hamburg30.06.Roadshow Luxembourg, DZ Bank06.07.Roadshow Copenhagen, UniCredit12.08.Interim report H1 201016.-19.08.Roadshow USA, Berenberg16.08.Roadshow London, UniCredit16.08.Roadshow London, UniCredit17.08.Roadshow Dublin, UniCredit18.-19.08.Bankhaus Lampe Conference for Retail and Consumption, Frankfurt02.-03.09. EPRA Annual Conference, Amsterdam21.09.UniCredit German Investment Conference, Munich04.-06.10.Expo Real, Munich12.10.Roadshow Amsterdam, Rabo19.10.Real Share Initiative, Frankfurt11.11. Interim report 9M 201012.11. Roadshow Brussels, WestLB16.11. Roadshow Zurich, Deutsche BankAnnual Earnings Press Conference | FY 2009 Results

62. Appendix I ContactDeutsche EuroShop AGInvestor & Public RelationsOderfelder Straße 2320149 HamburgImportant Notice: Forward-Looking StatementsStatements in this presentation relating to future status orcircumstances, including statements regarding manage-ment’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptionsand the anticipated effects of future events on current anddeveloping circumstances and do not necessarily predictfuture results.Many factors could cause the actual results to be materiallydifferent from those that may be expressed or implied bysuch statements.Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so.Claus-Matthias BögeChief Executive OfficerTel. +49 (40) 41 35 79 - 20 / -22Fax +49 (40) 41 35 79 - 29 E-Mail: ir@deutsche-euroshop.comWeb: www.deutsche-euroshop.comOlaf G. BorkersChief Financial Officer facebook.com/desag flickr.com/desag slideshare.net/desag twitter.com/des_agPatrick KissHead of Investor & Public RelationsNicolas LissnerManager Investor & Public RelationsAnnual Earnings Press Conference | FY 2009 Results