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Corporate Governance Code in accordance with section 161 AktG The Executive Board and the Supervisory Board of Deutsche EuroShop AG declare that the Company has complied with, and will continue to comply with, the recom- mendations of the Government Commission on the German Corporate Governance Code (as published by the German Federal Min- istry of Justice in the official section of the electronic German Federal Gazette (Bunde- sanzeiger) on 4 July 2003, and as amended on 26 May 2010), subject to a limited num- ber of exceptions as indicated below: • The existing D&O insurance policy taken out for the Supervisory Board does not pro- vide for any deductible (Section 3.8). The Executive and Supervisory Boards of Deutsche EuroShop AG have acted in a re- sponsible manner, managing and supervising the Company in line with the principles of creating enterprise value ever since the Com- pany was established, preceding the official introduction of corporate governance guide- lines. The Company therefore takes the view that the agreement of a deductible was not necessary, in particular as this had no effect on the level of the insurance premium. • There is no stipulated age limit for members of the Supervisory Board (Section 5.1.2). The Supervisory Board believes that profes- sional qualifications and skills represent the key criteria for members of the Executive Board. An age limit could force the retire- ment of a suitably qualified and successful Executive Board member. • There is no stipulated age limit for members of the Supervisory Board (Section 5.4.1). The Supervisory Board believes that profes- sional qualifications and skills represent the key criteria for members of the Supervisory Board. An age limit could force the retire- ment of a suitably qualified and successful Supervisory Board member. • The remuneration of the Supervisory Board does not include any performance- based elements (Section 5.4.6). The Company believes that fixed remunera- tion for members of the Supervisory Board best reflects the Company’s business model. The selection of shopping centers to be ac- quired and held and the quality of long-term leases represent the key factors determining the Company’s long-term success. • The consolidated financial statements are published within 120 days of the end of the financial year (Section 7.1.2). It is important to the Company to publish audited financial statements that have been approved by the Supervisory Board. An ear- lier publication date is not feasible due to the schedules for the preparation, auditing and adoption of the financial statements. Unau- dited data of relevance to the capital market is published in advance. Hamburg, 30 November 2011 The Executive Board and the Supervisory Board Deutsche EuroShop AG Galeria Bałtycka, Danzig, Poland DES Annual Report 2011 71