DES GB2015 Englisch

The material provisions governing Deutsche EuroShop AG, which in- clude a change of control clause, primarily relate to bilateral credit facilities and various loan agreements. In the event of a takeover, the relevant lenders are entitled to terminate the facility and where appli- cable demand immediate repayment. A takeover is defined as a third party taking control of Deutsche EuroShop AG; the takeover may also be made by a group acting jointly. Declaration on corporate governance (section 289a HGB) The declaration on corporate governance, in conformity with sec- tion 3.10 of the Deutscher Corporate Governance Kodex (German Cor- porate Governance Code) and section 289a of the Handelsgesetzbuch (German Commercial Code – HGB) has been published on the Deutsche EuroShop website: www.deutsche-euroshop.de/ezu Hamburg, 15 April 2016 Forward-looking statements This Management Report contains forward-looking statements based on estimates of future developments by the Executive Board. The state- ments and forecasts represent estimates based on all of the informa- tion available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently being forecast. Rounding and rates of change Percentages and figures stated in this report may be subject to round- ing differences. The rates of change are based on economic consid- erations: improvements are indicated by a plus (+); deterioration by a minus (–). MANAGEMENT REPORT 137

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