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DES - Online Annual Report 2008

My Annual Report

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My Annual Report

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Readerletters

Dear Mr. Kiss and Mr. Lissner,

Thank you for providing the 2007 annual report. As an interested reader, I can tell that once again you have succeeded in creating an appealing, informative and substantive annual report that is worth taking time to study.
In layout and structure I consider it is quite possibly the best annual report I have ever had the privilege to read in Germany from 2007. And I’ve examined around 90 reports this year.

Keep up the good work.

Sincerely yours,
Wolfgang Fuhrmann, Berlin

Dear Sir or Madam,

As a long-standing shareholder in your company, I would like to ask you what effects the introduction of the new withholding tax will have on the taxation of your previously tax-free dividends?

Thanks in advance for your response.

Sincerely yours,
Karl-Heinz Schorr, Munich (by E-Mail)

DES: We’re happy to explain to you the new tax situation for our dividends. Dividends paid to shareholders domiciled in Germany are generally subject to income or corporation tax. Beginning in 2009 the unified withholding tax rate for private investors is 25 %, plus solidarity surcharge. Exceptions may be made under certain circumstances for dividend payments that are regarded as equity repayments for tax purposes (distributions from EK04 - equity class 04 - or, since 2001, from the tax-recognised contribution account). Deutsche EuroShop’s dividend fulfils this requirement. The dividend payment according to section 20, number 1, clause 3 of the German Income Tax Act does not represent taxable income.

However, under the new legal arrangement these distributions are subject to taxation because earnings from the sale of shares acquired after 31 December 2008 are considered taxable. In this case the distributions lower the acquisition costs of the investment in Deutsche EuroShop and thus result in greater capital gains at the time of the sale.

Dear Mr. Böge,
Dear Mr. Borkers,

I would like to commend you on yet another very successful annual report! It’s a pleasure each year to discover with your company that this otherwise very dry business of working with numbers can nonetheless include refreshing elements. I also want to commend you for the brilliant job you’ve done in introducing a non-expert like me to the world of real estate.

I’m already looking forward to your 2008 annual report!

Sincerely yours,
Dr. Ottmar Vollmer, Frankfurt

Dear Sir or Madam,

I have now had the pleasure on two occasions of attending your general meeting and have been very taken with the pleasant atmosphere and effective organisation that are on display. Would it perhaps be possible so soon to find out when and where your next shareholder meeting is planned?

Hans Schmitt, Rostock

DES: Our next general meeting will be held on 30 June 2009 and as last year in the Hagenbeck circus hall in Hamburg. And of course it would be our pleasure to see you again there.

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