Deutsche EuroShop AG Magazine 2019 E

KEY FIGURES in € millions Revenue EBIT Net finance costs (excluding measurement gains / losses 1) EBT (excluding measurement gains / losses 1) Measurement gains / losses 1 Consolidated profit FFO per share in € Earnings per share in € EPRA Earnings per share in € Equity 2 Liabilities Total assets Equity ratio in % 2 Loan to value (LTV) in % Cash and cash equivalents Net asset value (EPRA) Net asset value per share in € (EPRA) Dividend per share in € 1 2 Including the share attributable to equity-accounted joint ventures and associates incl. non controlling interests 3 proposal REVENUE in € million EBIT in € million EBT * in € million 225.0 225.9 199.1 197.5 218.5 192.4 160.9 153.3 2019 225.9 197.5 -34.3 163.1 -120.0 112.1 2.42 1.81 2.56 2,601.5 1,957.1 4,558.6 57.1 31.5 148.1 2,613.4 42.30 0.00 3 2018 225.0 199.1 -38.2 160.9 -58.3 79.4 2.43 1.29 2.39 2,573.4 2,036.8 4,610.2 55.8 31.8 116.3 2,667.5 43.17 1.50 +/- 0% -1% 10% 1% -106% 41% 0% 40% 7% 1% -4% -1% 27% -2% -2% -100% FFO per share in € 163.1 2.54 2.43 2.42 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 * excluding measurement gains / losses

INTRODUCTION Letter to our shareholders S. 2 S. 5 The Executive Board The Supervisory Board S. 6 CENTER S. 20 The Portfolio S. 28 Activities in the centers S. 31 Wonderland S. 32 Networked! Environment S. 34 Environmental Performance S. 36 DES discusses CO2 pricing with real estate experts at round table Our Centers Center Overview S. 41 S. 42 S. 44 SHOPPING Search online, pick up offline Shoppingcenters as a „place to eat“ The power of place making Grab & Go Store Book recommendation S. 10 S. 14 S. 16 S. 18 S. 19 INVESTOR RELATIONS S. 59 The Shopping Center Share S. 65 Financial calendar 2020 Annual General Meeting S. 66 Conferences and roadshows S. 67 Deutsche EuroShop Real Estate Summer Marketing S. 68 S. 70 SERVICE Glossary Multi-year overview Legal Disclaimer S. 74 S. 77 S. 78 S. 78 OUR VALUES OUR GOALS We are the only public company in Germany that invests solely in shopping centers in prime locations. We invest only in carefully cho- sen properties. High quality standards and a high degree of flexibil- ity are just as important to us as sustained earnings growth from index- and turnover-linked rental contracts. In addition, we boast a higher than average occupancy rate and professional center man- agement - these are the pillars of our success. Deutsche EuroShop does not seek short-term success, but rather the stable increase in the value of our portfolio. Our objective is to generate a sustainably high surplus liquidity from the longterm leas- ing of our shopping centers to distribute an attractive dividend to our shareholders. In order to achieve this, we shall acquire further prime properties and hence establish ourselves as one of the largest com- panies in Europe focusing on retail properties.

IntroductIon / Letter to our shareholders Dear Shareholders, The whole world is in an extreme state of emergency. The coronavirus pandemic is affecting us in every con- ceivable area of life, and society and the economy are facing their greatest challenge since the Second World War. But one thing is for sure, and that is that the top priority is people’s health and wellbeing. With over 175 million visitors a year and around 17,000 people directly associated with our shopping centers through their jobs, we at Deutsche EuroShop share this view unreservedly. But the tough decisions that have been made are also having a very direct and drastic impact on us and our rental partners. Since the middle of March 2020, the majority of shops in Deutsche EuroShop’s shopping centers have been officially ordered to close to pro- tect the population and contain the coronavirus pan- demic. Some of the official constraints have had a very critical effect on the economic situation in general and on bricks-and-mortar retail in particular, resulting in the first insolvencies among tenants or warnings from them regarding their liquidity situation. AT THIS POINT IN TIME, WE BELIEVE IT IS ESSENTIAL TO MAINTAIN AS MUCH LIQUIDITY AS POSSIBLE IN THE COMPANY IN ORDER TO BE OPTIMALLY PREPARED FOR THE UNPREDICTABLE MONTHS AHEAD. This development as well as the laws passed in various countries to relieve tenants of rental payments are having a direct negative impact on our planned rental income and our cash flow. Against this background, we have withdrawn our forecast for the entire of 2020 and have also decided to propose to the Annual General Meeting scheduled for 16 June 2020 that the dividend payment for financial year 2019 be suspended. At this point in time, we believe it is essential to maintain as much liquidity as possible in the company in order to be optimally prepared for the unpredictable months ahead. We would like to assure you, our dear shareholders, that this step does not represent a fundamental change in our dividend policy, which is geared towards conti- nuity. We intend to continue this policy once this excep- tional situation has stabilised. Thanks to our conservative financing strategy, Deutsche EuroShop has a healthy balance sheet and high liquidity and thus has solid financial room for manoeuvre to meet the challenges ahead. In addition, as planned, we signed a €70 million credit agreement at the end of March 2020 to refinance loan obligations due in 2020, having already extended our €150 mil- lion credit line by four years at the end of January. This fills us with just as much confidence as our solid oper- ating performance in the past financial year. All the key figures for 2019 were within or even slightly above our forecasts: revenue improved by 0.4% to €225.9 million; earnings before interest and taxes (EBIT) fell slightly by 0.8% to €197.5 million, but were still at the upper end of the target range; earnings before tax and meas- urement gains / losses (EBT excluding measurement 2 Deutsche EuroShop / Magazine 2019

IntroductIon / Letter to our shareholders gains / losses) stood at €163.1 million, exceeding the previous year’s figure by 1.4%; funds from operations (FFO) adjusted for measurement gains / losses and non-recurring effects were also on target at €2.42 per share; EPRA earnings increased significantly by 7.4% to €158.3 million, partly due to positive non-recurring effects. This all shows that Deutsche EuroShop is generally well positioned and our strategic measures are work- ing. These include our investments in the attractive- ness of our shopping centers as well as increasing digitisation. We are implementing the concept of the “digital twin” of a shopping center and again reached important milestones in the year under review. With the Digital Mall concept, we are gradually linking the offline and online shopping worlds. The ultimate aim is that customers will be able to see, reserve and order online WITH THE DIGITAL MALL CONCEPT, WE ARE GRADUALLY LINKING THE OFFLINE AND ONLINE SHOPPING WORLDS. the products that are immediately available in a shop- ping center. By the end of 2019, the convenient online product search was already available at all German shopping centers and for over 1.9 million products. By gradually linking up more and more retailers and loca- tions, this omnichannel offering will keep growing. We will also continue to work hard on this after the loca- tions have reopened. Our current focus is on managing the immediate impact of the crisis triggered by the coronavirus pandemic. However, following the first phase of the shutdown and alongside the continued important protection of peo- ple’s health, we believe that it is now time for politicians to implement urgently needed and appropriate meas- ures to reopen all shops quickly. The umbrella associ- ation for the real estate industry in Germany, the Ger- man Property Federation (ZIA), is right to be urging that this step be taken for Germany. Throughout this impor- tant process, we are working closely with ECE, which is responsible for the integrated asset management of our shopping center portfolio. ECE, in turn, is in close con- tact with the authorities to ensure compliance with the requirements, and with tenants to manage the current situation cooperatively and in the best possible way for all parties involved. And even now it is very clear that in ECE we have the right partner by our side. You, our dear shareholders, can be sure of one thing in these exceptional times for all of us: We will continue to act with foresight and flexibility in the interests of all stakeholders and will issue the same reliable and transparent reports that you have come to expect from us. This is because maintaining your trust is essential to our long-term success. Although we cannot yet estimate the economic impact on Deutsche EuroShop, we are confident that our com- pany will overcome the current challenges – even if the world is likely to be a different one in the future, as many experts predict. We very much hope that you will continue to accompany us on this journey. Stay well! Best regards Wilhelm Wellner Olaf Borkers 4 Deutsche EuroShop / Magazine 2019

IntroductIon / The Executive Board THE EXECUTIVE BOARD WILHELM WELLNER, CEO Born 8 March 1967 Wilhelm Wellner is a trained banker who earned a degree in business management from the University of Erlangen- Nuremberg and a Master of Arts (economics) degree from Wayne State University Detroit. He started his professional career at Siemens AG in 1996 as a specialist for international project and export finance. In 1999 Mr Wellner took a position as a senior officer in the area of corporate finance at Deutsche Lufthansa AG, where he was responsible for a variety of capital market transac- tions and supervised numerous M & A projects. In 2003 Mr Wellner switched to ECE Projektmanagement G.m.b.H. & Co. KG in Hamburg, Europe’s market leader in the area of inner-city shopping centers. As the international holding company’s Chief Financial Officer, he helped shape the expansion of this shopping center developer and was appointed Chief Investment Officer of the ECE Group in 2009. From 2012 to 2014 Mr Wellner served as Chief Financial Officer of the finance, human resources, legal affairs and organisation departments at Railpool GmbH, a Munich- based leasing company for rail vehicles. Mr. Wellner joined the Executive Board of Deutsche EuroShop AG at the start of 2015. He has German citizen- ship, is married and has two children. OLAF BORKERS, MEMBER OF THE EXECUTIVE BOARD Born 10 December 1964 After serving as a ship’s officer in the German Navy, olaf Borkers completed a banking apprenticeship at Deutsche Bank AG in 1990. He then studied business administration in Frankfurt am Main. From 1995, Mr Borkers worked as a credit analyst for Deutsche Bank AG in Frankfurt and Hamburg in the ship financing industry. In 1998, he joined RSE Grund- besitz und Beteiligungs AG, Hamburg, as an assistant to the Executive Board. There, among other things, he took responsibility for managing a project to acquire a major, formerly municipal housing company. In 1999, Mr Borkers was appointed to the Executive Board of TAG Tegernsee Immobilien und Beteiligungs AG, Tegernsee und Hamburg, where he was responsi- ble for the finance and investor relations departments until September 2005. He also held various Supervisory Board and management positions within the TAG Group. As sole director, he launched the company on the stock market with a secondary offering and then on the SDAX after various capital-raising measures. Olaf Borkers has been a Member of the Executive Board at Deutsche EuroShop AG since October 2005. He is a German citizen and married with two children. Deutsche EuroShop / Magazine 2019 5

IntroductIon / The Supervisory Board THE SUPERVISORY BOARD Status: 31 December 2019 Name Born reiner Strecker (Chairman) 1961 Karin dohm (Deputy Chairwoman) 1972 Place of residence Wuppertal Kronberg im Taunus Nationality Appointed since German 2012 German 2012 dr. Anja disput 1977 Frankfurt German 12 June 2019 End of appointment 2022 Annual General Meeting 2022 Annual General Meeting 2024 Annual General Meeting Chairman of the Executive Committee, Deputy Chairman of the Capital Market Committee, Member of the Audit Committee • akf Bank GmbH & Co. KG, Wuppertal Member of the Executive Committee, Chair of the Audit Committee, Financial Expert • Ceconomy AG, Düsseldorf • Deutsche Bank Europe GmbH, Frankfurt (Chair) • Deutsche Bank Luxembourg S.A., Luxembourg (Luxembourg) – – Committee activities Membership of other legally required super- visory boards and memberships in com- parable domestic and foreign supervisory bodies for business enterprises Position Personally liable partner, Vorwerk & Co. KG, Wuppertal Global Head of Government & Regulatory Affairs, Deutsche Bank AG, Frankfurt Partner and Attorney-at-law in Real Estate Law, Curtis, Mallet-Prevost, Colt & Mosle LLP, Frankfurt / M. Key positions held • 1981–1985: Degree in business administration, Eberhard Karls University, Tübingen • 1991–1997: Studied business and economics in Münster, Zaragoza (Spain) and Berlin • 1997–2002: Law studies, Johann Wolfgang Goethe University, Frankfurt • 1986 –1990: Commerzbank AG, • 2002: Steuerberaterexamen • 2002-2005: Hanau district court, Frankfurt (German tax advisor exam) legal clerkship • 1991–1997: STG-Coopers & • 2005: Wirtschaftsprüferexamen (German • 2005-2010: Taylor Wessing, Lybrand Consulting AG, Zurich (Switzerland) auditor exam) • 1997–2010. Deloitte &Touche GmbH, • 1998 –2002: British-American Berlin, London (UK), Paris (France) Tobacco Group, Hamburg, London (UK), Auckland (New Zealand) • 2010 –2011: Deloitte &Touche GmbH, Berlin, Partner Financial Services • 2002 –2009: British-American • 2011 to present day: Deutsche Bank AG, Tobacco (Industrie) GmbH, Ham- burg, Member of the Executive Board for Finance and IT Frankfurt, of which: - 2011–2014: Head of Group External Reporting • 2009 to present day: Vorwerk & - 2015: Chief Financial Officer, Global Frankfurt, London (United Kingdom) and Munich, Attorney- at-Law in Real Estate Law • 2010-2015: Taylor Wessing, Frankfurt, Partner in Real Estate Law • since 2015: Curtis, Mallet- Prevost, Colt & Mosle LLP, Frankfurt, Partner and Attorney- at-Law in Real Estate Law Co. KG, Wuppertal - since 2010: Personally liable partner Transaction Banking - 2016: Global Head of Group Structuring - since 2017: Global Head of Government & Regulatory Affairs Profile of skills Experience in retail, corporate management, accounting, capital markets and corporate governance Experience in accounting, financing, capital markets, law and corporate governance Experience in real estate, law and corporate governance Relationship to con- trolling /major share- holders or Deutsche EuroShop AG Deutsche EuroShop securities portfolio as at 31 December 2019 none 9,975 none 0 none 0 6 Deutsche EuroShop / Magazine 2019

IntroductIon / The Supervisory Board Henning Eggers 1969 Halstenbek German 12 June 2019 dr. Henning Kreke 1965 Hagen / Westphalia German 2013 Alexander otto 1967 Hamburg German 2002 2024 Annual General Meeting 2023 Annual General Meeting 2023 Annual General Meeting Member of the Executive Committee, Deputy Chairman of the Capital Market Committee, Member of the Audit Committee • ECE Projektmanagement G.m.b.H. & Co. KG, Hamburg (since 1 July 2019) • Platinum AG, Hamburg • TransConnect Unter nehmensberatungs- und Beteiligungs AG, Munich (until 12 September 2019) Member of Management, CURA Vermögens- verwaltung G.m.b.H. & Co., Hamburg Member of the Capital Market Committee – • Douglas GmbH, Düsseldorf (Chair) • Thalia Bücher GmbH, Hagen / Westphalia • Encavis AG, Hamburg • Axxum Holding GmbH, Wuppertal • Püschmann GmbH & Co. KG, Wuppertal • Con-Pro Industrie-Service GmbH & Co. KG, Peine • Noventic GmbH, Hamburg • Perma-tec GmbH & Co. Euerdorf • Ferdinand Bilstein GmbH & Co. KG, Ennepetal Managing Partner, Jörn Kreke Holding KG and Kreke Immobilien KG Hagen / Westphalia • Peek & Cloppenburg KG, Düsseldorf • SITE Centers Corp., Beachwood (USA) • Sonae Sierra Brasil S.A., São Paulo (Brazil) (until 5 August 2019) • Verwaltungsgesellschaft Otto mbH, Hamburg CEO, Verwaltung ECE Projektmanagement G.m.b.H., Hamburg • 1990 –1995: Degree in Business Administration, • Studied business (BBA and MBA) at the University of Hamburg University of Texas at Austin (USA) • 1999: Steuerberaterexamen (German tax • Doctorate (Political Science) from the advisor exam) University of Kiel • 1995 –2000: PKF Fasselt Schlage Auditing • 1993 to present day: DOUGLAS Holding AG, • Studied at Harvard University and Har- vard Business School, Cambridge, USA • 1994 to present day: Verwaltung ECE Projektmanagement G.m.b.H., Hamburg - since 2000: Chief Executive Officer and Tax Consultancy, Hamburg • 2000 until today: KG CURA Vermögens- verwaltung G.m.b.H. & Co., Hamburg (Family Office of the Otto family) - since 2013: Member of Management Hagen / Westphalia, of which - 1993 –1997: Assistant to the Executive Board - 1997–2001: Member of the Board of Management - 2001–2016: Chairman of the Board of Management - since 2016: Chairman of the Supervisory Board • since 2016: Jörn Kreke Holding KG and Kreke Immobilien KG, Hagen / Westphalia, Managing Partner Experience in corporate management, accounting, financing, capital markets, law and corporate governance Experience in retail, corporate management, accounting, capital markets and corporate governance Experience in retail, real estate, corporate management, capital markets and corporate governance Shareholder representative of the Otto family Partner and Advisory Board Member at Douglas GmbH as well as at Thalia Bücher GmbH (both companies are tenancy agreement partners of Deutsche EuroShop AG) Major shareholder 1,100 0 12,031,391 Deutsche EuroShop / Magazine 2019 7

IntroductIon / The Supervisory Board claudia Plath Klaus Striebich roland Werner Name Born Place of residence Nationality 1971 Hamburg German Appointed since 12 June 2019 1967 Besigheim German 2012 1969 Hamburg German 2015 End of appointment 2024 Annual General Meeting 2022 Annual General Meeting 2020 Annual General Meeting Committee activities – – – • Ceconomy AG, Düsseldorf • Hochbahn AG, Hamburg (until 23 August 2019) • MEC Metro-ECE Centermanagement GmbH & Co. KG, Düsseldorf Membership of other legally required super- visory boards and memberships in com- parable domestic and foreign supervisory bodies for business enterprises • MEC Metro-ECE Centermanagement – GmbH & Co. KG, Düsseldorf (Chair) (until 31 March 2019) • Klier Hairgroup GmbH, Wolfsburg • The Food Chain Investor Holding SE, Hamburg (previously Novocadis SE, Hamburg) • Sinn GmbH, Hagen • Unternehmensgruppe Dr. Eckert GmbH, Berlin Position Managing Director Finance, Verwaltung ECE Projektmanagement G.m.b.H., Hamburg Managing Director, RaRe Advise Klaus Striebich, Besigheim Key positions held • 1991-1996: Degree in Business Administration, Technical University of Berlin • Studied business in Mosbach • 1990: Kriegbaum Gruppe, Böblingen, Assistant to the Management Board • 2001 to present day: • 1996 until today: ECE Projekt- • 1992 –2017: Verwaltung ECE Chairman of the Board of Management, Bijou Brigitte modische Accessoires AG, Hamburg • Studied business at EBC University, Hamburg Projektmanagement G.m.b.H., Hamburg, of which: - 2003 –2017: Managing Director Leasing Bijou Brigitte modische Accessoires AG, Hamburg, of which: - 2004 –2009: Member of the Board of Management • since 2018: Independent Consultant, - since 2009: Chairman of the RaRE Advise Klaus Striebich, Besigheim Board of Management management G.m.b.H. & Co.KG, Hamburg, of which: - 1996 –2001: Controller - 2001–2003: Group Manager Controlling - 2004 –2009: Divisional Head of Controlling - 2009 –2010: Director Asset Man- agement & Controlling (national) - 2010 –2012: Senior Director Asset Management (national / international) - since 2013: Managing Director Finance, CFO Profile of skills Relationship to con- trolling /major share- holders or Deutsche EuroShop AG Experience in real estate, corporate management, accounting, financing and corporate governance Member of the Management Board of Verwaltung ECE Projektmanagement G.m.b.H., Hamburg (Alexander Otto (major shareholder) is the Chairman of the Management Board) Deutsche EuroShop securities portfolio as at 31 December 2019 5,260 Experience in retail, real estate and cor- porate management Experience in retail, corporate manage- ment, accounting and capital markets none Independent consultant to the limited partnership CURA Vermögens- verwaltung G.m.b.H. & Co (until 31 March 2019) (CURA Vermögensver- waltung G.m.b.H. is a general partner of this company, which is the sole limited partner of ECE Projektmanage- ment G.m.b.H.) 27,000 525 8 Deutsche EuroShop / Magazine 2019

IntroductIon / The Supervisory Board thomas Armbrust 1952 Reinbek German 2001 12 June 2019 Beate Bell 1967 Cologne German, Polish 2014 12 June 2019 Member of the Executive Committee, Deputy Chairman of the Capital Market Committee, Member of the Audit Committee – • ECE Projektmanagement • Hochtief AG, Essen G.m.b.H. & Co. KG, Hamburg (Chair) • TransConnect Unternehmens- beratungs- und Beteiligungs AG, Munich (Chair) (until 12 September 2019) • Platinum AG, Hamburg (Chair) • Paramount Group Inc., New York (USA) • Verwaltungsgesellschaft Otto mbH, Hamburg Member of Management, CURA Ver- mögensverwaltung G.m.b.H. & Co., Hamburg • until 1985: Auditor and Tax Advisor • 1985 –1992: Gruner + Jahr AG & Co KG, Hamburg, Director of Finance • since 1992: Member of Manage- ment, CURA Vermögensver- waltung G.m.b.H., Hamburg (Family Office of the Otto family) Manuela Better 1960 Munich German 2014 12 June 2019 – • Deka Investment GmbH, Frankfurt (Deputy Chair) • Deka Immobilien GmbH, Frankfurt (Deputy Chair) • Deka Immobilien GmbH, Frankfurt (Deputy Chair) • Deka Vermögensmanagement GmbH, Frankfurt (previously Landesbank Berlin Investment GmbH, Berlin) (Deputy Chair) • S Broker AG & Co. KG, Wiesbaden (Deputy Chair) • S Broker Management AG, Wiesbaden (Deputy Chair) • WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf (Deputy Chair) • DekaBank Deutsche Girozentrale Luxembourg S.A., Luxembourg (Luxembourg) Managing Director, immoADVICE GmbH, Cologne Member of the Board of Management, DekaBank Deutsche Girozentrale, Frankfurt and Berlin • 1993 –1997: Studied supply engi- • Studied business at Ludwig Maximilian University of Munich, neering at Cologne University of Applied Sciences, certified engineer certified business economist • 1998 –2003: HVB Group, Munich, various positions • 2004 –2007: Hypo Real Estate Bank AG, Munich, Member of the • 2000 –2003: Studied industrial Board of Management, Chief Risk Officer engineering at Cologne University of Applied Sciences, certified industrial engineer • 2007–2008: Hypo Real Estate Bank International AG, Stuttgart / Hong Kong, Member of the Board of Management, Head of Commercial Real Estate, Origination Asia • 1997–2002: Anton Ludwig GmbH, • 2009 –2010: Deutsche Pfandbriefbank AG, Munich, Member of the Cologne, Project Manager • 2002 –2004: Recticel Automobil- systeme GmbH, Rheinbreitbach, Project Controller • 2004 –2015: METRO Group, Düsseldorf, various management functions; most recently METRO AG, Düsseldorf, Head of Group Compliance Board of Management (previously Hypo Real Estate Bank AG) • 2011–2013: DEPFA Bank plc, Dublin (Ireland), Chairwoman of the Board of Directors, Chief Risk Officer • 2010 –2014: Hypo Real Estate AG Holding AG, Munich, Chair of the Board of Management, and Deutsche Pfandbriefbank AG, Munich, Chair of the Board of Management • since 2009: Dr Ingrid Better Vermögensverwaltung GmbH & Co KG, Managing Director and Better GmbH, Munich, Managing Director • since June 2015: DekaBank Deutsche Girozentrale, Frankfurt • since 2015: immoADVICE GmbH, and Berlin, Member of the Board of Management Düsseldorf, Managing Director Shareholder representative of the Otto family none none Deutsche EuroShop / Magazine 2019 9

THE IFH HAS ANALYSED THE BIGGEST DISRUPTIVE FACTORS IN STATIONARY AND ONLINE SHOPPING: WHAT BOTHERS ME WHEN I’M SHOPPING Too many customers and long queues at peak times 34 Having a limited choice 33 25 14 Not being able to compare prices at different shops 31 12 Not knowing whether the product is in stock and at what price 26 14 WHAT BOTHERS ME WHEN I ORDER ONLINE Not being able to try out or touch products 32 24 Having to wait a long time for delivery 28 21 Never knowing if and when the product will arrive 27 14 Not being able to take the product with me immediately 24 10 Bothers me a bit Bothers me a lot SHoPPIng / Search online, pick up offline Institute c ologne’s for Retail Research (Institut für Handels- forschung, IFH), in cooperation with ECE and OTTO, conducted a study on the benefits and acceptance of links between online and offline channels in the shopping sector. The study revealed enor- mous interest and a positive assessment of connected commerce approaches in retail. Connected Commerce The concept of connected commerce links the large cross-supplier offering of an online marketplace with bricks-and- mortar shops and, in doing so, addresses many of the relevant disruptive factors from the customer’s perspective. • Customers interested in buying a product can use an online market- place (e. g. Amazon.de, Ebay.de, Otto. de, Zalando.de), where many differ- ent providers offer their products up for sale. • There, they can see which suppliers and shops have the product they want in stock. • They can then reserve the item right away and either pick it up in the shop or have it delivered to their home. AIMING TO ACHIEVE THE PERFECT SHOPPING EXPERIENCE For some people, the mere thought of going on a Saturday afternoon shopping trip is enough to trigger resentment and listless- ness, while crowded stores or out-of-stock products might tarnish the otherwise per- fect shopping experience of a passion- ate shopper. If they look to online shopping for the solution, they could be irritated by unclear delivery dates, long delivery times and the lack of a tactile shopping experi- ence. These negative perceptions occur in both worlds, particularly in the run-up to Christmas. Deutsche EuroShop / Magazine 2019 11

SHoPPIng / Search online, pick up offline SHOP 45% 1 ONLINE 81% 2 44% reading examples: 1 45% of purchases at 2 shops are preceded by online research. In 81% of online purchases, shoppers inform them- selves exclusively online. 14% MODERN SHOPPING TAKES PLACE ONLINE AND OFFLINE It counteracts the above-mentioned disruptive factors of online and offline retailing: Despite occasionally disappointing shopping experiences in both the stationary and online retail sectors, most customers use both channels. The trend is very dynamic: traditional retail customers have disappeared almost completely within the space of just a few years, whereas more than half of all shoppers were already selectively choosing their purchase channels back in 2017. While some are still pondering the concept of show- rooming (looking at, touching or trying out products or services in a stationary store and then buying them online), consumer behaviour has evolved: More and more shoppers are seeking out information online before making a purchase in a stationary store (“research online, purchase offline” – the so-called ROPO effect). More than two thirds (67%) of the respondents are inter- ested in connected commerce offers. The idea is viewed as easy to understand, modern and practical. The con- sumers surveyed consider the reliability of in-store deliveries and pick-ups as well as online availability checks of in-store stocks to be key advantages of the connected commerce approach. • 78% of those surveyed consider reliable and punctual delivery or pick-up to be a particularly important aspect of connected commerce. • 75% see an advantage in availability checks for existing products. • More than half (56%) find it important to be able to reserve products online and then pick them up in a local shop. Especially in the pre-Christmas period, respondents consider reliable in-store deliveries and pick-ups as well as unnecessary shop visits as particularly critical issues – and that also makes these main reasons behind their use of connected commerce offers: • 81% cite the reliable receipt of a product in time for Christmas as one reason for making their purchase via a connected commerce offer. • 67% see an advantage in being able to avoid visiting shops where the product is not in stock. The study also shows that the forward-looking “smart natives” customer group (consumers between 16 and 29 years of age who can always be reached via smart- phone) have an above-average interest in benefits such 12 Deutsche EuroShop / Magazine 2019

SHoPPIng / Search online, pick up offline as availability checks and reliable delivery or pick-up – and that “smart natives” in particular have a high level of affinity for stationary retail: • For example, 84% of smart natives consider the possibility of making online reservations and picking them up in a store (“Click & Collect”) to be particu- larly important – 31 percentage points higher than the average of those surveyed. • 69% of smart natives value a one-stop shop for collection and the ability to pay in-store In 2019, ECE and OTTO collaborated with the joint venture Stocksquare to launch a connected commerce project to link their online and offline businesses. This approach is aimed at establishing a cross-channel link between the stationary and online retail sectors, thus strengthen- ing stationary retailers by giving them greater reach and expanding the range of online platforms to include local suppliers. During the first stage of expansion, customers can see online at otto.de whether an item is in stock at a nearby store, such as an ECE-managed shopping center from Deutsche EuroShop’s portfolio. In the future, it will also offer a reservation function for items in stock at a stationary location and the option of paying for locally available products online via otto.de (“Click & Collect”). In addition, same-day delivery from the center to a local address of choice is being considered as a further stage of expansion. For some time now, the Digital Mall has been offering customers an opportunity to research products avail- able in German DES centers in advance, find informa- tion about sizes and prices and pick them up on site. Delivery from the center is also planned in the future. As an online product search with information about real local availability, the Digital Mall is a unique technolog- ical development for the shopping center industry that ECE is using to successively promote the expansion of the centers it manages into digital platforms. The Digital Mall is already live in 17 of Deutsche EuroShop’s centers, has over 525 participating shops and more than 1,9 mil- lion items available and is gradually being expanded. The IFH study on “Connected Commerce”, its full set of findings and other information can be found at: www.ifhkoeln.de/connected-commerce/ Deutsche EuroShop / Magazine 2019 13

SHoPPIng / Shoppingcenters as a „place to eat“ Shopping centers as a „ PLACE TO EAT“ TREND CHECK ON NUTRITION Hardly any other sector boasts quite as many simulta- neous and overlapping trends as the food industry. The top fast-food chains, which are performing much better than the general restaurant industry, have diversified accordingly and now offer everything that’s considered hip. Today’s customers are focusing more on quality and ambience than just a few years ago – and they are now more than ever prepared to pay higher prices for greater individuality and service. For shopping centers, these trends mean one thing in particular: They always need to develop regional and location-dependent offers that are consistently oriented to the needs of the respective target groups. Doing so not only allows them to meet the demands of a generation that embraces a restaurant- focused lifestyle but in centers where shoppers have a higher average age, it will also be a question of refrain- ing from adopting overly creative trends. Nutrition as a lifestyle: More and more people are eating outside their own four walls. These trends have long since also reached the shopping centers, where nearly every culinary culture is now rep- resented. Food and beverages will be even more strongly represented here in the future and will shape placemaking accordingly. The role of food and beverages in shopping centers has changed fundamentally. In the 1990s, many peo- ple still thought that restaurants should be located on the edges to prevent the smells and sounds from dis- turbing the shopping experience. Today it is exactly the opposite: People visit shopping centers for a coffee or good food in a pleasant atmosphere. Food and beverages have become an important factor in placemaking: Good culinary offerings attract visitors, thus also giving rise to positive synergy effects between the tenants. Our part- ner ECE is therefore continuously expanding the number of food service outlets in its centers. Innovative casual and fine dining concepts in particular increase the qual- ity of the experience. To find the perfect individual solu- tion for each center, close dialogue with the tenants is always essential. 14

SHoPPIng / Shoppingcenters as a „place to eat“ Restaurant categories How visitors eat in today’s shopping centers IMPuLSIVE rEWArd: traditional ice cream snack – mostly at highly frequented places (approx. 20 to 30 m2), like Mr Clou, Happy Donazz, Langnese Happiness Station SMALL BrEAK: a short break for a drink or a coffee to go, often accompanied by small snacks (approx. 150 to 250 m2), like Starbucks, Joe & the Juice, Segafredo FASt Food: only about 10 to 20 minutes for a meal, mostly used by employees from the sur- rounding area (about 200 to 400 m2 at the food court), e. g. Northsee, McDonald’s, Subway FASt cASuAL: for lunch and dinner involving a stay of up to 30 minutes – food quality here is higher, like Gosch cASuAL dInIng: for couples, families celebrat- ing special occasions and shoppers with a higher budget, stay of around 60 minutes (approx. 300 to 600 m2), such as Coa, L’Osteria FInE dInIng: high-quality offer for connoisseurs as well as business meals with stays of one to three hours (approx. 400 m2, regardless of location in the center), like SE7EN OCEANS SocIAL drInKIng: : for a beer after work in a brewery-inspired atmosphere – rounded off by snacks and evening meals with a stay of approx. 60 to 90 minutes (approx. 350 m2), such as Play Off American Sports Bar gourMEt Food: mostly delicacies, “to go” or for consumption at the venue with a short stay of only approx. 10 minutes (approx. 50 to 150 m2), e. g. Gepp’s, Schlemmermeyer, Lindner Esskultur Deutsche EuroShop / Magazine 2019 15

SHoPPIng / The power of place making Allee-Center Magdeburg P eople want experiences. Moments that appeal to the senses. Events that will be remembered. Intense encounters. Shop- ping centers have the creative power to create these experiences – and to foster an atmos- phere that not only invites you to shop, but also to linger and enjoy. Be it a delicious meal, an inspira- tional night at the cinema, during a spur-of-the- moment beauty treatment or while experiencing an innovative brand staging in a flagship store. So placemaking encompasses many facets of a con- sumer’s experience and therefore many success factors. For our partner ECE and Deutsche EuroShop, it will be more important than ever in the future to find the right mix, the right “formula for success” for each individual center. Working together with tenants and investors such as Deutsche EuroShop, this opens up exciting opportunities. It can give rise to new syn- ergies and new target group potential can be tapped. PLACEMAKING WILL ALWAYS BE CENTER-SPECIFIC With younger target groups, the popularity of expe- riences and events has now surpassed that of traditional consumer goods. The changes in tenant structures can therefore be seen as an opportunity to make shopping centers even more lively and to help us tap new target group potential through the use of leisure and entertainment offerings. Placemaking is about creating inspiring places where people like to spend their time, including venues offering food and drinks, which also liven up the center’s post-shopping hours. Or the integration of leisure and entertainment offers such as a “Jumphouse” (trampoline park) or an “Astor Film Lounge” (luxury cinema). Targeted invest- ments in the architecture and atmosphere of the centers also play an important role. Not everything should be given the same priority, however: Place- making will always be center-specific and geared towards the specific wishes of the mall’s visitors. Deutsche EuroShop / Magazine 2019 17

SHoPPIng / Grab & Go Store GRAB & GO STORE Prototype for a new, seamless shopping expe- rience made possible by artificial intelligence W ith its “Grab & Go Store”, the payment services company Wirecard presents one prototype for what shopping might look like in the future. This con- cept uses artificial intelligence to offer shop visitors a convenient, seamless shopping experience: you enter the store via smartphone and select the products you want, which are then automatically scanned. Payment is made when the customer leaves the store – thus eliminating queues, cash registers and opening hours, and the payment process runs in the background. A fast, fully digital and efficient customer journey can be implemented in the retail store using a combination of image recognition, deep learning and logic: After being automatically identified at the door, both pre-registered and new customers can simply enter the store, select the items they want and leave the store again. Once customers have made their choice, they leave the store with the goods, thereby triggering the payment. The system detects incorrectly positioned items, such as any which might have been taken off the shelf first and then put back on another shelf. The buyer is not charged for these. This allows customers to pick up and inspect items as usual while shopping and then only pay for those items actually selected when leaving the store. The store concept lays a foundation for many differ- ent retail scenarios: Instead of standing at a checkout, employees can perform more meaningful customer ser- vice tasks. Retailers can use an app to access additional functions, such as real-time inventory updates, so that the store manager is always up to date and can respond to inventory changes accordingly. Customers enjoy maximum flexibil- ity and convenience when shopping: Consumers enter the store via smart- phone, select products that are automatically scanned – payment is made when they leave the store. 18 Deutsche EuroShop / Magazine 2019

SHoPPIng / Book recommendation RETAIL ISN’T DEAD BooK rEcoMMEn dAtIon Mer- Mar- Seine zuletzt E K N A P S S A I H T T A M D A E D T ’ N S I L I A T E R MATTHIAS SPANKE RETAIL ISN’T DEAD INNOVATIVE ERFOLGSSTRATEGIEN FÜR DEN STATIONÄREN HANDEL INNOVATIVE STRATEGIES FOR BRICK AND MORTAR RETAIL SUCCESS E-commerce has turned retail and customers’ shop- ping habits upside down. It’s no wonder that the expec- tations of bricks-and-mortar retailers – in terms of selection, deliveries, availability, returns, services etc. – have changed accordingly. In today’s world, you have to change how you think if you want to keep up. Not only does online business compete against conventional businesses and challenge them, but it also serves as a driving force, a driver of innovation and a source of both ideas and inspiration. With that in mind, Matthias Spanke’s book presents 15 inno vative strategies that retailers are successfully employing in this digital era and that will ensure their success in the future as well. These include state-of- the-art in-store technologies, methods for developing innovative brand experiences, sustainability as a retail strategy and smart adaptations of the benefits of online shopping. He offers a clear introduction to the various strategies, provides valuable practical tips and backs up the insights with best-practice examples from around the world. 1st edition 2020, 176 pages 4c, hardcover, many illustrations ISBN 978-3-86641-330-6 €68.00 (D) Deutsche EuroShop / Magazine 2019 19

cEntEr / The Portfolio Altmarkt-Galerie Dresden THE PORTFOLIO The success of our company lies in our portfolio. We have 21 centers, each of which is unique. Of these, 17 are located in Germany, with one each in Austria, Poland, the Czech Republic and Hungary. Together, they contain 2,703 shops on an area covering 1,086,600 m². W e wish to highlight our occupancy rate of nearly 98% on average as at end-2019. This figure provides a simple and con- cise insight into the quality of our port- folio. We are particularly proud of having been able to maintain this figure at an extremely high level ever since Deutsche EuroShop came into being. Our investments are squarely focused on Germany, where 81% of our centers are located. 20 Deutsche EuroShop / Magazine 2019

cEntEr / The Portfolio OUR CENTERS No. of centers Domestic Abroad 17 4 Total 21 Leasable space in m² 880,600 206,000 1,086,600 No. of shops Occupancy rate1 Inhabitants in catchment area in millions 2,060 98% 13.8 643 98% 3.4 2,703 98% 17.2 1 as per EPRA, based on rental income, As at 31 December 2019 LOCATION IS A KEY FACTOR IN OUR SUCCESS The concepts of property and location have always been inextricably entwined. And when you add retail into the equation, loca- tion is more than an attribute; it is quite sim- ply the basis for success. Our tenants nat- urally want to be where their customers expect them to be. Our tenants and visitors can be sure that each of our 21 shopping centers is a prime location for them. Most of our properties are situated in city centers: places where people have been coming together for hundreds of years to meet and sell their wares. In many cases, our centers are immediately adjacent to local pedestrian zones. Our portfolio also includes shopping centers in established out-of-town locations. These centers, with their excellent transport links, have offered visitors and customers a wel- come change for many years, in some cases they even replace city shopping expeditions altogether and frequently have a strong pull beyond the immediate region. OPTIMUM ACCESSIBILITY Whether in the city center or outside the city gates, we pay particular attention to trans- port links for our properties. In cities, we like to be close to public transport hubs. In Hameln and Passau, for example, our centers are right next to the main bus sta- tions, while our properties in Norderstedt and Hamburg-Billstedt are directly above or adjacent to metro stations. All our centers also have their own park- ing facilities that offer visitors and custom- ers convenient and affordable parking, even in city centers, thereby ensuring optimum accessibility by car. Many of our proper ties outside inner cities offer free parking. These particular locations are alongside motor- ways, making them very easy to reach; examples include the A10 Center in Wildau on the A10 (Berlin ring road) and the Main- Taunus-Zentrum in Sulzbach on the A66. CAR FINDER The first and last touchpoint on a visit to a center is the car park. Our Car Finder offers better guidance here: Customers simply scan the QR code on a Car Finder sign near the vehicle, storing the parking position in their smartphone. After shopping, they can then scan another QR code at one of the pay machines and conveniently be guided back to their car. Deutsche EuroShop / Magazine 2019 21

Allee-Center Magdeburg cEntEr / The Portfolio Parking spaces reserved for people with dis- abilities, families and women as well as extra-wide parking spaces are offered as part of our service at all our shopping centers. Charging stations for electric vehi- cles and joint ventures with car-sharing ser- vices are just a few examples that show that here too, we are always thinking of tomor- row. In addition, we are gradually fitting more and more of our parking facilities at the centers with LED parking space indicators, which enable visitors to find a convenient vacant parking space far more quickly. QR code-based guidance systems also lead our visitors quickly back to their parking space after a lengthy wander around the shops. EVEN ON THEIR WAY TO THE SHOPS, OUR CUSTOMERS CAN DO SOMETHING FOR THE ENVIRONMENT: ALL OUR CENTERS ARE LOCATED NEAR BUS AND RAILWAY STATIONS. SUCCESSFUL MIX ARCHITECTURE WITH SOMETHING SPECIAL Each of our 21 shopping centers has a unique tenant structure resulting from a long, intensive and constantly evolving pro- cess. Especially given the current increase in the amount of shopping being done online, this process focuses on meeting the needs of customers and supplementing the range of shops in each city center. Our goal is always to work with retailers in the neigh- bourhood to make the entire location more attractive so that everyone can benefit from the increased appeal of the city center as a whole. When designing our locations, special atten- tion is always given to the architecture. Spe- cific plot requirements are seen as no less important than the functional needs of our tenants. We also always have a responsibil- ity towards the city and its residents, and it is important to us that we fulfil this. This includes the best-possible integration into the urban landscape, combined with an exte- rior that meets modern architectural stand- ards. In seeking to achieve this, we work very closely with the local authorities. Our centers often play an active role in the marketing and management of each city, both financially and in terms of personnel and creative input. We attach great value to fair collaboration and partnerships. The results are clear: the outcome is often an architectural gem, where even unique historical buildings can be lovingly inte- grated into the center when possible, as is the case, for example, with the listed former Intecta department store, which is now structurally part of the Altmarkt-Galerie Dresden. What is inside counts too: the interiors of our shopping centers also need to be impres- sive, as the most important thing is that vis- itors and customers enjoy shopping there and experience the space in a special way. To achieve this, we opt for simple and time- less architecture, making use of premium materials that often have their origins in the region. Quiet rest areas, lovingly placed plants and fountains invite people to take a moment out to relax, innovative lighting con- cepts create the right atmosphere to suit the time of day, and state-of-the-art climate con- trol technology provides a pleasant “shop- ping climate” all year round. 22 Deutsche EuroShop / Magazine 2019

cEntEr / The Portfolio AS NIGHT FALLS, THE ROOFS OF OUR CENTERS START TO MOVE. SMART CONTROL SYSTEMS OPEN FLAPS THAT ALLOW HOT AIR TO ESCAPE AND COLD AIR TO FLOW IN. THIS ELIMINATES THE NEED FOR MECHANICAL COOLING AND SAVES A LOT OF ELECTRICITY. SUSTAINABILITY GOES WITHOUT SAYING All our German centers have been operat- ing on certified green electricity since 2011. Our foreign properties are in the process of being switched to energy from renewa- ble sources. We also want to continuously reduce the overall energy consumption of our properties even more and in so doing cut CO2 emissions. To achieve this aim, we use ultramodern technologies, such as heat exchangers and LED lighting systems. We also constantly seek dialogue with our rental partners with the aim of working together to reduce energy consumption in the individ- ual shops. The refuse in our centers is sep- arated not just into paper/cardboard, light- weight packaging and glass, but also into leftover food and residual waste. The German Sustainable Building Council (DGNB) has awarded prestigious sustaina- bility certificates in gold or platinum to all 21 shopping centers in our portfolio. SHOPPING WITHOUT BORDERS – FOR ALL! Step-free access, wide doorways and plenty of space in which to manoeuvre enable people with disabilities to enjoy maximum mobility in our centers as well. Everything is designed to make each visitor enjoy being in the center and want to keep coming back. Ongoing modernisation and optimisation ensure that our centers retain their value and remain competitive. We and our center management partner ECE have launched “At Your Service”, a large-scale initiative to examine all the aspects of our centers’ service, to highlight the existing services even more clearly and to optimise and supplement them where this is sensible and necessary. This includes major improve- ments to the signage inside the center, lighting and new colour schemes in the malls. Seating and lounge areas with smart- phone charging facilities provide a relaxing break from shopping. Children’s play areas are provided for our smallest visitors. Visitors should feel happy and comfortable with us – whatever their age. It goes with- out saying that our centers are designed for multi-generational use. Wide malls, esca- lators and lifts make it possible to easily explore every corner of the center, even with pushchairs or wheelchairs. Deutsche EuroShop / Magazine 2019 23

cEntEr / The Portfolio Forum Wetzlar A location’s catchment area is a major factor for us when it comes to selecting an invest- ment: this is ascertained at regular intervals according to standardised rules for all shop- ping centers and represents the total num- ber of potential customers for the location in question. In 2019 we were able to welcome a total of just under 178 million visitors to our 21 properties. OUR TOP 10 TENANTS H & M, one of the world’s major textile retail- ers is our top tenant, accounting for 3.6% of our rental income. Ceconomy, at 2.6% with its two retail brands Media Markt and Saturn, comes second. Our rental contract portfolio is highly diver- sified: our top 10 retail tenants account for no more than around 22% of our rental income, so there is no major dependency on individual tenants. LONG-TERM RENTAL CONTRACTS Most of the rental contracts that we sign with our tenants are long-term. As at 31 December 2019 the weighted residual term of the rental agreements in our port- folio was 5.1 years, with 45% of our rental agreements being secured until at least 2025. OUR PARTNER FOR CENTER MANAGEMENT Management of our 21 shopping centers has been outsourced to our partner ECE Projekt- management. virtually any retail space – to make it bigger or smaller – without major effort or expense. If a tenant wants to make a space smaller, this can, for example, create an opportunity to bring a new concept to the center at this site. It is precisely this factor that distinguishes our shopping centers from the traditional shopping street which, even today, generally offers only rigid floor plans that have to be accepted the way they are. In some cases, certain retailers wait to enter the market in a city until they are offered the right space in a shopping center because their search in the traditional pedestrian zone has proven unsuccessful. The whole of the retail sector in the city center ultimately benefits from the resulting increase in diversity. 178 MILLION VISITORS IN 2019 Over 17 million people live in the catchment areas of our shopping centers, just under 14 million of them in Germany. This equates to more than 16% of the German population. ECE has been designing, planning, building, letting and managing shopping centers since 1965. With around 195 centers in eleven A SECURE FUTURE THROUGH COMPLETE FLEXIBILITY Retail is driven by constant change. One par- ticular challenge we face as the lessor is to be able to meet the frequently changing requirements and needs of our tenants. Some tenants expand their retail spaces so they can convert the shop from purely a retail area into a true experience arena. The idea is to give customers more opportunities to take the time to try out and experience the product on site. Ever more intensive consul- tation is also part of this. All these factors play an increasingly important role, particu- larly at a time when more and more people are shopping online. We provide customised solutions to meet the demand for ever more varied spaces. We can almost always offer all tenants the exact floor plan they need to make their concepts a reality in our centers and are also able to respond if a tenant wants to make changes to an existing retail space later on. Moving the internal walls makes it possible to adapt 24 Deutsche EuroShop / Magazine 2019

cEntEr / The Portfolio THE TEN LARGEST TENANTS (share of rental income in %) As at 31 December 2019 1 H & M 3.6% 2 3 Ceconomy 2.6% Peek&Cloppenburg 2.4% 4 New Yorker 2.4% 5 Deichmann 2.1% 6 C & A 2.0% 7 Metro 1.8% 8 Douglas 1.8% 9 dm 1.4% 10 Rewe 1.3% Total of the top 10 tenants: 21.5% Other tenants: 78.5% countries currently under its management and more than 3,400 employees, the com- pany is Europe’s market leader in the area of inner-city shopping centers. Deutsche EuroShop benefits from its more than 50 years of experience both within Ger- many and abroad. Thanks to our streamlined structure, we are therefore able to focus on our core business and competence, portfolio management. www.ece.com RENT OPTIMISATION RATHER THAN MAXIMISATION One of the core tasks of center management is putting together the right combination of shops to suit the property and the local area. This mix of tenants and sectors is tailored exactly to each location and is constantly refined. It is the result of a careful analysis of each local retail market. Center management is also about identifying the wishes and needs of customers. We are also happy to create space in our centers for retailers from sectors that, due to current rental costs in prime locations, are rarely to be found in city centers any more, such as toy and porcelain shops. We set ourselves apart from the majority of building owners in the pedestrian zone in a key respect here: as long-term investors, it is our goal to achieve permanent optimisa- tion rather than short-term maximisation of rents. We want to offer our customers and visitors an attractive mix. Rather than focus on each shop space in isolation, we look at the property as a whole. The rent in each case is calculated primarily on the basis of the sales potential of the sector to which the tenant belongs as well as of its location within the shopping center. This also enables us to give new businesses and niche con- cepts an opportunity. All sides benefit from this system: as the landlord, we are able to build a collaborative relationship of trust with our tenants for the long term; our tenants benefit from high vis- itor numbers achieved due to the varied mix of offerings; and our customers appreciate the very wide choice of shops. These range from various fashion concepts to accesso- ries, drugstores and supermarkets, right through to professional services such as dry cleaners as well as bank and post office branches. RESIDUAL TERM OF RENTAL AGREEMENTS IN PLACE (Long-term rental agreements, share in %) As at 31 December 2019 10% 2022 4% 2020 10% 2023 18% 2021 13% 2024 45% 2025 onwards CULINARY DELIGHTS Surveys show that the food and drink offer- ing is an increasingly important considera- tion for customers when choosing whether to visit a center. And it’s not just for this rea- son that we want to offer our visitors some- thing special on the gastronomic front: cafés, fast-food restaurants, ice-cream Deutsche EuroShop / Magazine 2019 25

cEntEr / The Portfolio parlours, etc. offer a chance for refresh- ment and revitalisation while shopping. The Phoenix-Center in Hamburg-Harburg, the City-Point in Kassel and the Galeria Bał- tycka in Gdansk have their own food courts, with space for lots of diners to enjoy a wide variety of cuisines in a single seating area, so that friends or families can choose to eat from different outlets while still sitting together. FOCUS ON FASHION The fashion industry dominates our retail mix at around 50%. The strength in fashion of our centers is confirmed time and again in customer surveys. It is one reason why cus- tomers are willing to travel sometimes long distances from the surrounding area to enjoy the wide selection and quality of the advice given. The individual tenant mix provides each of our centers with a character all of its own. In our shopping centers, we always make sure that there is a healthy blend of regional and local retailers as well as national and inter- national chain stores. The colourful struc- ture of our centers offers visitors something different each time and the opportunity to satisfy a vast range of consumer needs. DIGITAL SUSTAINABILITY The impact of the internet on the pace of change in the retail sector continues una- bated. We want to bring together the best of both worlds in our centers, offline and online, and showcase the strengths of our tenants: atmosphere, services, fitting rooms, immediate availability of merchandise. It is not for nothing that more and more online- only retailers are learning that pure brand- ing mostly takes place offline and that direct and personal contact with customers is often the optimum prerequisite even for sub- sequent online purchases. Multichannel marketing also has a part to play here, enabling our tenants to combine various means of communication and distri- bution. For example, products that are out of stock in a store in the required size or col- our can be delivered directly to customers at home. Alternatively, customers can order their goods online from home and collect them from our tenant’s store in the center. We are responding to the challenges of online retail by integrating various digi- tal services into our centers. These include apps and social media offerings for each individual center. Since the end of 2018, the Main-Taunus- Zentrum and the Altmarkt-Galerie Dresden have been connected up to the Digital Mall developed by our partner ECE. Over the course of 2019, all of our other centers in Germany followed suit. This enables our cus- tomers to find information on the availabil- ity of products, sizes and prices anywhere in the center at any time. The next step will be to enable customers to reserve the prod- ucts they want and then simply pick them up on site. The concept of the Digital Mall is based on the idea that customers can find out what is available at their local center from home and are not automatically redirected to the major e-commerce providers when searching for products on the Internet. The online prod- uct search in all ECE centers now offers over 1.9 million available articles from over 500 stores, and negotiations with many other tenants are already ongoing. And there is the prospect that products could be deliv- ered from the centers to customers in the surrounding area. SUCCESSFUL TENANT PARTNERS Our tenants are among the key drivers of our success. They include Aldi, Apple, Bijou Bri- gitte, Birkenstock, Breuninger, C & A, Christ, Deutsche Post, Deutsche Telekom, dm- drogerie markt, Douglas, Fielmann, H & M, Jack & Jones, Kiehl’s, Media Markt, Mister Spex, Nespresso New Yorker, Nordsee, RETAIL MIX (in % of rental space) As at 31 December 2019 6.4% Food 18.7% Hardware/ electronics 6.2% Health sector 49.8% Clothing 12.6% Department stores/ consumer markets 4.5% Catering 1.8% Services In 2019, we extended existing or signed new leases for approximately 147,000 m2 of space in our centers, including 117,000 m2 in Germany and 30,000 m2 in our properties outside Germany. These included, for example, new stores of the games manufacturer Ravensburger in the Alt- markt-Galerie Dresden and of the toy manufac- turer Playmobil (Allee-Center Magdeburg and City- Arkaden Wuppertal) Galeria Bałtycka saw the opening in 2019 of a store by fashion label Hugo Boss and a boutique of Swiss watch brand Rolex. 26 Deutsche EuroShop / Magazine 2019

cEntEr / The Portfolio Peek & Cloppenburg, Reserved, REWE, Ritu- als, Saturn, Sephora, Søstrene Grene, Sta- dium, s.Oliver, Subway, Superdry, Thalia, TK Maxx, Tommy Hilfiger, Vero Moda, Vodafone and Zara. UNIFORM BUSINESS HOURS At our centers, visitors can always rely on standard opening hours, unlike in the tra- ditional city center where each individual retailer decides for itself how long to be open. Whether it is a hair salon, an optician or a travel agency, every tenant is open to visitors for the center’s full opening hours. This too is a strategic advantage, and one that is appreciated in particular by custom- ers who have to come a long way. TOGETHERNESS IS OUR STRENGTH In the center itself, the focus is always on service. There are Service Points manned by friendly staff who can answer any ques- tions about the center. Gift vouchers and other items can also be bought at them. Many of them hire out children’s buggies. Digital touchpoints that enable communica- tion with service staff by live video chat are the perfect complement to traditional cus- tomer information. We also lead the way with our 3D Wayfind- ers, which show users how to get to the shop they want with authentic 3D visualisation or which can be downloaded onto personal smartphones. Customers can feel safe at all times thanks to the deployment of discreet security personnel. Baby changing rooms, modern customer toilets and cash machines complete the services. It goes without saying that the centers are always clean. Every one of our tenants is automatically also a member of the marketing associa- tion of the center in question. This means that each tenant pays a share of the center’s marketing costs and can play an active role in the marketing strategy committee. The marketing association plans events together Another important area of the work is coor- dinating coherent social media and adver- tising activities for the center as a whole as well as editing a center newspaper, which is distributed as an insert in regional daily newspapers in the catchment area and pro- vides readers with regular and professional Deutsche EuroShop / Magazine 2019 27 FIND ONLINE, BUY OFFLINE The Digital Mall offers our customers a seamless omnichannel experience. On the websites of all German centers in our portfolio, customers can expe- rience the variety of products offered by many shops, find out online about the offering available, and then buy the articles they want from the relevant retailer in the actual shopping center. The range currently includes more than 1.9 million products. By rolling out this project, our partner ECE has become the first operator of shopping centers in Germany to fulfil many customers’ wish for an integrated, cross-channel shopping experience. with the center management, thus trans- forming the shopping center into a lively marketplace: fashion shows, art exhibitions, country-themed weeks and information events dealing with a whole range of top- ics offer visitors new and fresh experiences time and again. Local associations and municipal author- ities are also involved in the plans and are given the opportunity to represent them- selves in the center. The lavish center deco- rations for the Easter and Christmas periods are among the projects handled by the mar- keting associations. updates on all events and news relating to the center. Radio ads, adverts on and inside local public transport, and illumi- nated advertising posters also ensure that the advertising measures reach a large audience. NAVIGATIONAL OFFERS It is important to offer customers a variety of navigational offers, especially in large shopping centers. Our modern, digital 3D Wayfinder systems help them to find exactly what they are looking for: whether that’s a shop, product, ATM or toilet. The route is displayed in an authen- tic, three-dimensional manner from the customer’s perspective. It can also be downloaded from the Wayfinder sys- tem onto personal smartphones using a QR code.

cEntEr / Activities in the centers ACTIVITIES IN THE CENTERS dESSAu PROMINENT BAUHAUS NEIGHBOURHOOD On 8 September 2019, the time had finally come. After nearly three years of construction and just in time for the 100th anniversary of the founding of the Bauhaus art school, Bauhaus Museum Dessau was opened in the presence of German Chancellor Dr Angela Merkel. This means that Dessau now has a venue suitable for publicly dis- playing of one of the world’s largest collections of Bauhaus items, second only to the Bauhaus Archive in Berlin. And that right next to Rathaus-Center Dessau, where the opening day was celebrated as part of a special day of Sunday shopping. Visitors could visit a Bauhaus lounge specially furnished for the occasion where they could try delicious treats from the pastry shop located in the center and enjoy free drinks. One special attraction was a stand organised by the local stamp club where visitors had the chance to purchase a special stamp. www.rathauscenter-dessau.de 28 Deutsche EuroShop / Magazine 2019

cEntEr / Activities in the centers HAMELn LIVING MANNEQUINS On 6 October 2019, one or two visitors to Stadt-Galerie Hameln could not believe their eyes when they saw the center’s shop win- dows. It’s been a while since British singer and songwriter Cliff Richard landed a big hit with his song “Living Doll”. It was for an entirely fashionable occasion, namely the “lively” presentation of the new autumn and winter collection, that “living dolls” were put on display in the windows of participating stores. The models changed their locations every half hour, thus offering visitors and customers many exciting encounters. www.stadt-galerie-hameln.de Deutsche EuroShop / Magazine 2019 29

cEntEr / Activities in the centers PÉcS A RUN FULL OF FUN AND FOR A GOOD CAUSE Everybody participating in the second big charity run organised by Árkád Pécs on 2 June 2019 should have had one goal in common: a great time. Once again, this run wasn’t intended as a “race”, rather as a celebration for the whole family, where exercise is combined with a lot of fun and exciting events. Participants could choose between two routes, both of which were family-friendly at distances of 1 and 3 km and led right through the his- torical center of Pécs with all its landmarks. Romeo Szentgyörgyi, an aerobic world and European champion, led a round of warm-up exercises before the start and there was plenty of musical accompaniment provided by Hungary’s most famous DJane, Viktória Metzker, dur- ing the run. There were plenty of surprises along the way, too, like smoke cannons and dancing flash mobs. 100 shopping center vouchers were raffled off among those who entered the raffle and a fundraising campaign raised over HUF 600,000 (approx. €1,700) for a children’s foundation. www.arkad-pecs.hu WILdAu SURFING IN THE PARKING LOT The A10 Center on the outskirts of Berlin was transformed into a true surfer’s paradise from 25 July to 3 August 2019, when the world’s first surfing event on an inflatable surf simulator was hosted here. At the “Surf Days”, both curious newbies and advanced surfers were invited to give surfing on a mobile wave a try. The unique thing about the construction was an authentic surfing feel combined with its beginner friendliness. A maximum of four surfers shared the course in 30-minute time slots to ensure that everyone was guaranteed to enjoy a perfect wave. Everybody gave it a try, from experts surfing upright, almost as if they were on a real wave, to beginners laying or kneeling on the board – under the pro- fessional guidance of an experienced coach, if needed. This event was accompanied by a wheel of fortune in the shopping mall, a selfie point and lots of fun in the water for both big and small. www.a10center.de 30 Deutsche EuroShop / Magazine 2019

cEntEr / Wonderland Wonderland THE FIRST INSTAGRAM MUSEUM IN A GERMAN SHOPPING CENTER #WonderlandWOB Instagram: citygaleriewolfsburg The first Instagram Museum in a German shopping center was opened in City-Galerie Wolfsburg on 6 February 2020. The shopping center has created a veritable photo paradise for its visitors with its new “Wonderland” store. It now offers nine differ- ent scenes, ranging from an American diner to a nostalgic luxury bathtub, a cactus desert to a pink ball pit or even a candy room, where guests can let off steam, upload their pictures to Instagram and impress friends with their snapshots. One positive side- effect of this campaign is the center’s strong presence on social media channels with only very limited marketing expenditure. Around 120 invited guests celebrated the new attraction at the opening party. Among them were 70 bloggers and influencers from the region with a total reach of over one million followers. Throughout the entire evening, these “influential” guests tested the diverse backdrops and were pampered with a wide range of beauty offers provided by tenants from the center. With this new store, City-Galerie Wolfsburg has made the best possible use of a vacant space in its shopping center. Wonderland’s modules are flexible and can be moved to other areas if necessary. This is helpful as vacant spaces will arise here and there over the next few months as part of restructur- ing measures. This will allow Wonderland to move through the shopping center like a travelling museum and attract the attention of new target groups from the region to City- Galerie Wolfsburg. Deutsche EuroShop / Magazine 2019 31

cEntEr / Networked! NETWORKED! Online product search The Digital Mall can be accessed via the respective center website – simply replace the “www” in the Internet address with “digitalmall”, e. g. digitalmall.maintaunuszentrum.de ALL DES CENTERS IN GERMANY NOW CONNECTED TO THE DIGITAL MALL Since the end of 2019, all German centers in Deutsche EuroShop’s portfolio have been offering the innovative online product search in the Digital Mall. The idea of the “Digital Mall” is that customers can find out about what is available at the center near them from home and not automatically be directed to the main e-commerce providers for prod- uct searches – also thanks to the application of innova- tive technologies designed to optimise search engine results. According to a study by management consul- tancy Deloitte, 56% of in-store purchases are prepared online. The Digital Mall already offers online product research and availability checks in the shop. The development phases to follow will see the rollout of a reservation option with subsequent pick-up in a local store as well as delivery from the shops. These are important stages on the road to connected commerce, which integrates the offerings of bricks-and-mortar retail into the digital shopping experience and presents them on established online marketplaces such as otto.de. Among the retailers currently participating in the Digital Mall are Christ, Levi’s, Marc O’Polo, Peek & Cloppenburg and Ulla Popken. At the beginning of 2020, 525 shops were already live and approximately 1.9 million products were available. CONNECTED COMMERCE: 1st phase: Digital Mall, shop-window, click & collect 2nd phase: Connecting market places 3rd phase: Transactions 4th phase: Logistics & deliveries 32 Deutsche EuroShop / Magazine 2019

cEntEr / Environment Environment Climate protection is a top priority for Deutsche EuroShop. We firmly believe that sustainability and prof- itability are not mutually exclusive. Neither are shopping experience and environmental awareness. Long-term thinking is part of our strategy, and that includes a commitment to envi- ronmental protection. In 2019, 19 of our 21 shopping centers had con- tracts with suppliers that use renewable energy sources, such as hydroelectric power, for their electricity needs. The TÜV Süd certified the green electricity for our centers in Germany with the renowned “Eco Power Product” label. We also plan to switch the remaining two centers over to green electricity wherever possible within the next few years. The 19 centers used a total of around 69.2 million kWh of green electricity in 2019. This represented 100% of the electricity requirements to operate the shopping centers. Based on conservative cal- culations, this meant a reduction of around 29,130 tonnes in carbon dioxide emissions, which equates to the annual CO2 emissions of more than 1,300 two-person households. The use of heat exchang- ers and energy-saving light bulbs allows us to fur- ther reduce energy consumption in our shopping centers. Deutsche EuroShop also supports a diverse range of local and regional activities that take place in our shopping centers in the areas of the environ- ment, society and the economy. REDUCTION OF CO2 EMISSIONS AND ELECTRICITY CONSUMPTION 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 20 18 16 14 12 10 8 6 4 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of centers included CO2 reduction in t Total electricity consumption in mwh Deutsche EuroShop / Magazine 2019 35

cEntEr / Environmental Performance Environmental Performance INTRODUCTION We report on our energy, GHG emissions, water and waste impacts, and social and governance measures in accordance with the 3rd edition of the EPRA Sustainability Best Practice Recommendations (sBPR). Our reporting response has been split into 2 sections: 1. Overarching recommendations 2. Sustainability performance measures OVERARCHING RECOMMENDATIONS Organisational boundaries We use the operational control approach for our data boundary, which includes 15 assets 1. There were no changes to our portfolio between 2018 and 2019, meaning the scope of assets included in our Absolute and Like-for-Like performance measures is the same. Coverage We report on all properties within the organisational boundary defined above, and for which we are responsible for purchasing util- ities as the landlord (see Boundaries – reporting on landlord and tenant consumption). Estimation of landlord-obtained utility consumption None of our data is estimated. Boundaries – reporting on landlord and tenant consumption The electricity consumption reported includes electricity which we purchase as landlords and refers to common areas only. Consump- tion data for fuels, district heating and cooling and water include tenant data as it is not possible to separate common area and tenant area consumption. Waste data also includes tenant waste. Analysis - Normalisation Intensity indicators are calculated using floor area (m2) for whole buildings. We are aware of the mismatch between nominator and denominator, as our consumption for electricity relates to common areas only, whereas fuels, district heating and cooling and water data covers the entire building as we cannot separate common area from tenant area consumption. For our own offices we report inten- sity performance measures using the floor area we occupy within the building. Analysis – Segmental analysis (by property type, geography) We have not carried out segmental analysis as this is not informative for our portfolio, given that our assets are all shopping centres loca- tion in similar climatic zones, similar in age, and the majority have similar EPC ratings. Third Party Assurance We do not have third party assurance. Disclosure on own offices Our own occupied offices are reported separately to our portfolio. Please see the table on page 39. 1 A10 Center Wildau, Allee-Center Hamm, Altmarkt-Galerie Dresden, Billstedt-Center Hamburg, City-Arkaden Wuppertal, City-Galerie Wolfsburg, City-Point Kassel, Forum Wetzlar, Galeria Bałtycka Gdansk, Herold-Center Norderstedt, Main-Taunus-Zentrum, Olympia Center Brno, Rathaus-Center Dessau, Rhein-Neckar-Zentrum and Stadt- Galerie Hameln. 3 6 Deutsche EuroShop / Magazine 2019

cEntEr / Environmental Performance NARRATIVE ON PERFORMANCE Portfolio performance In 2019 we reduced the environmental impact of our portfolio across the majority of our environmental indicators, with the exception of waste. The energy efficiency (measured in kWh /m2) of our portfolio im - proved by 4% between 2018 and 2019, and this was influenced by a 4% reduction in absolute and like-for-like electricity consump- tion, and a 3% reduction in absolute and like-for-like district heat- ing and cooling consumption. These were only partially offset by a 1% increase in fuels consumption over the same period. The reductions in electricity consumption were achieved in part due to efficiency improvements introduced as part of our programme of capex improvements conducted during the year, such as the instal- lation of LED lighting. We saw a matching 7% reduction in indirect Scope 2 GHG emissions from electricity and district heating and cooling (using the loca- tion-based methodology), and a 1% increase in direct Scope 1 emis- sions from fuels. The GHG emissions intensity of our portfolio con- sequently reduced by 6% to 0,054 tCO 2/m2 in 2019. Market-based emissions factors that account for the 94% of our electricity supply that comes from green contracts certified by the TÜV Süd were not available at the time of publication. Water consumption reduced by 7% in absolute and like-for-like terms, although the water intensity of our portfolio was unchanged at 0,003 m3/visitor. All water is from the municipal supply. Waste produced across our portfolio rose by 4% to 6.949 tonnes in 2019. Of this, 44% was recycled, 2% was composted and 54% was sent for incineration. Given that the majority of waste is generated by our tenants, this is not under our direct operational control. We none- theless work with tenants to promote waste separation to increase the proportion of waste that is recycled. The changes compared with 2018 can be attributed to the fact that we continue to collect more accurate separation data. In 2019, we continue to report that all our assets are certified to the DGNB standard at the following levels: • DGNB Platinum: A10 Center Wildau, Billstedt-Center Hamburg, City-Galerie Wolfsburg. Together, these represent 23% of our portfolio by leasable floor area. • DGNB Gold: Allee-Center Hamm, Altmarkt-Galerie Dresden, City-Arkaden Wuppertal, City-Point Kassel, Forum Wetzlar, Galeria Bałtycka Gdansk, Herold-Center Norderstedt, Main-Taunus-Zentrum Sulzbach, Olympia Center Brno, Rathaus-Center Dessau, Rhein-Neckar-Zentrum Viernheim and Stadt-Galerie Hameln.Together, these represent 77% of our portfolio by leasable floor area. Own office performance During 2019, consumption within our own office varied only margin- ally compared with 2018. Notable reductions include electricity con- sumption (-2%), and water consumption (-2%). The reductions in elec- tricity consumption were offset by a 2% increase in consumption of district heating and cooling. As this represents most of our energy use (85%), the energy intensity of our own office likewise increased by 2%. Other notable changes include an 83% increase in the proportion of waste recycled, and an 11% decrease in the proportion of waste sent for incineration. Social and governance performance measures We report on the EPRA sBPR Social and Governance Performance Measures that are material given our employee profile, and for which we can collect the required information. Deutsche EuroShop directly employs five full-time members of staff and there are two members of our Executive Board. In line with German company law, Deutsche EuroShop has a dual management and control structure comprising two executive bodies, the Execu- tive Board and the Supervisory Board. There are nine members of the Supervisory Board, all of whom are independent. Not including the Executive Board, 40% of our employees are female. Our reporting on gender diversity is line with the German Corpo- rate Governance Code and our approach and performance is detailed in the Corporate Governance chapter (see page 79 of Annual Finan- cial Report of the Group 2019). Information on the composition of our Supervisory Board, our processes for nominating and select- ing members, and the avoidance of conflicts of interest is also pro- vided in this section. During 2019, 80% of our employees attended training amounting to an average of 24 hours per employee per year. Training focuses on building the skills and knowledge we need to fulfil our business strategy, and supporting employees’ career development goals. EmpDev is market as not applicable: although every employee meets with the CFO and CEO annually providing the opportunity for open conversations to be had, these meetings do not constitute a formal review process. No employees joined or left the company in 2019, meaning our new hire and turnover rate was zero. Location of EPRA sustainability performance measures EPRA sustainability performance measures for our portfolio and own offices can be found in in the tables on the pages 38 to 40 of this report. Deutsche EuroShop / Magazine 2019 37

cEntEr / Environmental Performance SUSTAINABILITY PERFORMANCE MEASURES PORTFOLIO ENVIRONMENTAL PERFORMANCE MEASURES Indicator EPRA code Unit of measure 2018 Coverage 2019 Coverage Change Total electricity consumption Elec-Abs kWh 77,917,172 100% 74,642,700 100% Like-for-like electricity consumption Total energy consumption from district heating and cooling Like-for-like consumption from district heating and cooling Total energy consumption from fuel Like-for-like consumption from fuel Elec-LFL kWh 77,917,172 100% 74,642,700 100% 94% 94% DH & C-Abs kWh 23,259,555 100% 22,582,512 100% % from renewable sources n / a n / a DH & C-LFL kWh 23,259,555 100% 22,582,512 100% Fuels-Abs kWh 30,405,167 100% 30,639,493 100% 0 0 Fuels-LFL kWh 30,405,167 100% 30,639,493 100% Building energy intensity Energy-Int kWh / m2 Direct GHG emissions (total) Scope 1 GHG-Dir-Abs tCO 2 Indirect GHG emissions (total) Scope 2 GHG-Indir- Abs tCO 2 (market based) Building GHG emissions intensity GHG-Int tCO 2/m2 Total water consumption Water-Abs Total m3 Water-LFL m3 222 6,141 n / a 20,444 0.058 500,100 500,100 100% 100% 100% 100% 100% 100% 213 6,188 n / a 19,093 0.054 463,173 463,173 100% 100% 100% 100% 100% 100% -4% -4% -3% -3% 1% 1% -4% 1% -7% -6% -7% -7% 0% 4% Like-for-like water consumption Building water consumption intensity Weight of waste by disposal route (total) Weight of waste by disposal route (Like-for-like) Water-Int m3/visitor 0.003 100% 0.003 100% Waste-Abs tonnes 6,654 100% 6,949 100% % recycled % composted % sent to incineration 45 4 51 44 2 54 Waste-LFL tonnes 6,654 100% 6,949 100% 4% % recycled %composted % sent to incineration 45 4 51 44 2 54 Type and number of assets certified Cert-Tot % of portfolio certified OR number of certified assets 100% 100% 100% 100% % of portfolio by leasable space 77% awarded DGNB Gold 23% awarded DGNB Platinum na = not applicable n / a = not available. The proportion of DH & C from renewable sources is not currently availble. We are making enquiries with our suppliers to obtain proof of supply, but we have not been able to obtain this across all assets at the time of publication. GHG emissions: We calculate our emissions based on the GHG Protocol methodology using location-based emissions factors. Market-based emissions factors for indirect Scope 2 GHG emissions are not available at the time of publication. Renewable electricity comes from specific contracts certified by the TÜV Süd. 3 8 Deutsche EuroShop / Magazine 2019

cEntEr / Environmental Performance OWN OFFICE ENVIRONMENTAL PERFORMANCE MEASURES Indicator EPRA Unit of measure 2018 Coverage 2019 Coverage Change Total electricity consumption Elec-Abs kWh % from renewable sources Like-for-like electricity consumption Total energy consumption from district heating and cooling Like for like consumption from district heating and cooling Total energy consumption from fuel Like-for-like consumption from fuel Elec-LFL kWh DH & C-Abs kWh % from renewable sources DH & C-LFL kWh Fuels-Abs kWh % from renewable sources Fuels-LFL kWh Building energy intensity Energy-Int kWh / m2 Direct GHG emissions (total) Scope 1 GHG-Dir-Abs tCO 2 Indirect GHG emissions (total) Scope 2 GHG-Indir- Abs tCO 2 (location based) tCO 2 (market based) Building GHG emissions intensity GHG-Int tCO 2/m2 Total water consumption Water-Abs Like-for-like water consumption Water-LFL m3 m3 Building water consumption intensity Weight of waste by disposal route (total) Weight of waste by disposal route (Like-for-like) Water-Int m3/employee Waste-Abs tonnes % recycled % sent to incineration Waste-LFL tonnes % recycled % sent to incineration Type and number of assets certified Cert-Tot % of portfolio certified OR number of certified assets 9,028 100 9,028 48,337 na 48,337 100% 100% 8,817 100 8,817 100% 100% 100% 49,471 100% na 100% 49,471 100% na na na 209 0 n / a 9 0.03 552 552 49 2 12 88 2 12 88 0 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% na na na 212 0 n / a 9 0.03 540 540 53 2 22 78 2 22 78 0 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% na = not applicable n / a = not available. GHG emissions: We calculate our emissions based on the GHG Protocol methodology using location-based emissions factors. Indirect Scope 2 GHG emissions are calculated using market-based emissions factors. Renewable electricity comes from specific contracts certified by the TÜV Nord. No fuels are used at our office building. Water, district heating and cooling and waste are calculated using figures for the whole building, and the m2 percentage the DES office occupies (DES has an office of 275 m2 in a building of 6,088 m2), as these are not metered separately. -2% -2% 2% 2% 2% -2% -2% 7% 83% -11% 83% -11% Deutsche EuroShop / Magazine 2019 39

cEntEr / Environmental Performance SOCIAL AND GOVERNANCE PERFORMANCE MEASURES Indicator EPRA code Unit of measure Indicator Employee gender diversity Diversi- ty-Emp % of male & female employees Supervisory Board Executive Board Other employees 2019 33% female 67% male 100% male 40% female 60% male Employee training and development Emp- Training Average number of hours Average hours of training undertaken by employees in the reporting period % of employees Number of employees Employee performance appraisals Emp-Dev % of total workforce % of total employees who received regular performance and career development reviews during the reporting period New hires and turnover Emp- Turnover Total number and rate New employee hires Employee turnover Composition of the highest governance body Gov-Board Total numbers Number of executive board members 24 80% na 0 0% 9 5 5.8 na Corporate Governance Section (pg 79 of Annual Financial Report of the Group 2019) Number of independent / non-executive board members Average tenure on the governance body Number of independent / non-executive board members with competencies relating to environmental and social topics The nomination and selection processes for the Board of Directors and its committees and the specific criteria used for nominating and selecting highest gov- ernance body members Process for nominating and selecting the highest governance body Gov-Selec Narrative description Process for managing conflicts of interest Gov-COI. Narrative description Processes to ensure that conflicts of interest are avoided and managed in the highest governance body and how they are reported Corporate Governance Section (pg 79 of Annual Financial Report of the Group 2019) na = not applicable. Please see narrative on peformance. 4 0 Deutsche EuroShop / Magazine 2019

cEntEr / DES discusses CO2 pricing with real estate experts at round table DES discusses CO2 pricing with real estate experts at round table In May 2019, CO2 pricing and its sig- nificance for the real estate indus- try was the central topic of a round table discussion organised by ECE in Hamburg, to which high-ranking experts from the real estate industry were in - vited. Wilhelm Wellner and Olaf Borkers took part in the exchange on behalf of Deutsche EuroShop. Real estate accounts for around 30 per- cent of Germany’s CO2 emissions, which means that the real estate industry is sig- nificantly affected by CO2 pricing. The dis- cussion focused on questions regarding the actual impact on the various stake- holders in the industry, such as construc- tion companies, investors and users. According to polar researcher Arved Fuchs, one of the participants of the round table, “We need a social consensus on CO2 reduction. This includes transpar- ency and steering mechanisms that are accepted and lead to swift reductions. The climate will not wait for us.” Deutsche EuroShop / Magazine 2019 41

cEntEr / Center Overview CENTER OVERVIEW We are the only public company in Germany that invests solely in shopping centers in prime locations. We invest only in carefully chosen properties. High quality standards and a high degree of flexibility are just as important to us as sustained earnings growth from index- and turnover-linked rental contracts. In addition, we boast a higher than average occupancy rate of around 98% and professional center management – these are the pillars of our success. The Deutsche Gesellschaft für Nach- haltiges Bauen (German – Sustainable Building – Council, DGNB) awarded sus- tainability certificates in platinum and gold to all 21 shopping centers in our portfolio. 4 4

cEntEr / Center Overview CENTERS IN GERMANY Main-Taunus-Zentrum, Sulzbach / Frankfurt A10 Center, Wildau / Berlin Altmarkt-Galerie, Dresden Rhein-Neckar-Zentrum, Viernheim / Mannheim 880,600 Floor space of all centers in Germany in m2 Herold-Center, Norderstedt Rathaus-Center, Dessau Allee-Center, Magdeburg Phoenix-Center, Hamburg Billstedt-Center, Hamburg Saarpark-Center, Neunkirchen Forum, Wetzlar Allee-Center, Hamm City-Galerie, Wolfsburg City-Arkaden, Wuppertal City-Point, Kassel Stadt-Galerie, Passau Stadt-Galerie, Hameln 8.4Average number of visitors per center in Germany in 2019 in million 142.4 Number of visitors in Germany in 2019 in million 2,060 Number of stores in shopping centers in Germany 45

cEntEr / Center Overview MAIN-TAUNUS-ZENTRUM SuLZBAcH / FrAnKFurt 7.5million Visitors 2019 Investments: 52% Grand opening: 1964 Leasable space: 124,000 m2 Modernisation: 2004 of which retail space: 91,000 m2 (plus C & A) Parking: 4,500 No. of shops: 170 Occupancy rate: 98% Catchment area: 2.1 million residents Purchased by DES: September 2000 Expansion: 2011 Anchor tenants: Ansons´s, Appelrath Cüpper, Apple, Breuninger, Galeria Kaufhof, H & M, Hollister, Intersport, Karstadt, Media Markt, REWE, Zara Address: Am Main-Taunus- Zentrum, 65843 Sulzbach (Taunus) Google 4.4/5 stars Instagram 4,830 follower maintaunuszentrum Facebook 4.4/5 stars 33,338 fans MainTaunusZentrum main-taunus-zentrum.de A10 CENTER WILdAu/ BErLIn Investments: 100% Leasable space: 121,000 m2 of which retail space: 66,000 m2 Parking: 4,000 No. of shops: 200 Occupancy rate: 98% Catchment area: 1.2 million residents Purchased by DES: Januar 2010 Grand opening: 1996 Restructuring: 2010 –2011 Anchor tenants: Bamboo- land, Bauhaus, C & A, Hammer, H & M, Karstadt Sports, MediMax, Peek & Cloppenburg, real Address: Chaussee- straße 1, 15745 Wildau Google 4.4/5 stars Instagram 975 follower a10centerwildau Facebook 4.4/5 stars 28,230 fans A10Center a10center.de 6.6million Visitors 2019 4 6 Deutsche EuroShop / Magazine 2019

cEntEr / Center Overview ALTMARKT-GALERIE drESdEn 14.6million Visitors 2019 Investments: 100% Leasable space: 77,000 m2 of which retail space: 44,000 m2 Parking: 500 No. of shops: 200 Occupancy rate: 100% Catchment area: 1.4 million residents Purchased by DES: September 2000 Grand opening: 2002 Expansion: 2011 Anchor tenants: Apple, Hollister, H & M, New Yorker, REWE, Saturn, Sinn, SportScheck Address: Webergasse 1, 01069 Dresden Google 4.4/5 stars Instagram Facebook 4.4/5 stars 86,901 fans altmarkt.galerie 2,307 follower altmarktgaleriedresden altmarkt-galerie-dresden.de RHEIN-NECKAR-ZENTRUM 9.5million Visitors 2019 VIErnHEIM / MAnnHEIM Investments: 100% Leasable space: 69,500 m2 of which retail space: 60,000 m2 (plus Karstadt and C & A) Parking: 3,800 No. of shops: 110 Occupancy rate: 97% Catchment area: 1.5 million residents Purchased by DES: September 2000 Grand opening: 1972 Restructuring / Expansion: 2002 Anchor tenants: Aldi, Engelhorn Active Town, H & M, Hugen dubel, Müller Drogerie, Peek & Cloppen- burg, TK Maxx Address: Robert-Schumann- Straße 8a, 68519 Viernheim Google 4.4/5 stars Facebook 4.3/5 stars 57,865 fans Instagram RheinNeckarZentrumViernheim 13,800 follower rheinneckarzentrum_ viernheim rnzonline.de Deutsche EuroShop / Magazine 2019 47

cEntEr / Center Overview HEROLD-CENTER nordErStEdt Investments: 100% Grand opening: 1971 Restructuring / Expansion: 1995 and 2003 Anchor tenants: C & A, H & M, Peek & Cloppenburg, REWE Address: Berliner Allee 38 – 44, 22850 Norderstedt Leasable space: 54,300 m2 of which retail space: 26,000 m2 (plus Karstadt and Saturn) Parking: 850 No. of shops: 140 Occupancy rate: 96% Catchment area: 0.5 million residents Purchased by DES: January 2013 10.2 million Visitors 2019 Google 4.1/5 stars Facebook 4.1/5 stars 29,892 fans Instagram Herold.Center.Norderstedt 2,033 follower heroldcenter herold-center.de RATHAUS-CENTER dESSAu Investments: 100% Leasable space: 52,500 m2 of which retail space: 32,900 m2 (plus Karstadt) Parking: 850 No. of shops: 90 Occupancy rate: 97% Catchment area: 0.3 million residents Purchased by DES: November 2005 Grand opening: 1995 Anchor tenants: H & M, Modehaus Fischer, REWE, Thalia, TK Maxx Address: Kavalierstraße 49, 06844 Dessau-Roßlau Google 4.2/5 stars Facebook 4.2/5 stars 18,767 fans Instagram rathauscenterdessau 3,980 follower rathausscenterdessau rathauscenter- dessau.de 5.7million Visitors 2019 4 8 Deutsche EuroShop / Magazine 2019

cEntEr / Center Overview ALLEE-CENTER MAgdEBurg Google 4.3/5 stars Instagram 4,505 follower alleecentermagdeburg Facebook 4.3/5 stars 54,648 fans AlleeCenterMD allee-center-magdeburg.de 8.8million Visitors 2019 Google 4.2/5 stars Facebook 4.3/5 stars 26,806 fans Instagram PhoenixCenterHarburg 2,897 follower phoenixcenterharburg phoenix-center-harburg.de Investments: 50% Leasable space: 51,300 m2 of which retail space: 35,000 m2 Parking: 1,300 No. of shops: 150 Occupancy rate: 98% Catchment area: 0.9 million residents Purchased by DES: October 2011 Grand opening: 1998 Expansion: 2006 Anchor tenants: H & M, REWE, Saturn, Sinn, SportScheck Address: Ernst-Reuter-Allee 11, 39104 Magdeburg 8.9million Visitors 2019 PHOENIX-CENTER HAMBurg Investments: 50% Purchased by DES: August 2003 Leasable space: 43,400 m2 Grand opening: 2004 of which retail space: 29,000 m2 Expansion / Restructuring: 2016 Parking: 1,400 No. of shops: 130 Occupancy rate: 94% Catchment area: 0.6 million residents Anchor tenants: C & A, H & M, Karstadt Sports, Stadium, Media Markt, New Yorker, REWE, Sinn Address: Hannoversche Str. 86, 21079 Hamburg Deutsche EuroShop / Magazine 2019 49

cEntEr / Center Overview BILLSTEDT-CENTER HAMBurg Google 3.9/5 stars Instagram Facebook 4.2/5 stars 20,490 fans Billstedtcenter 3,866 follower billstedtcenter_hamburg billstedt-center.de 10.8 million Visitors 2019 Investments: 100% Leasable space: 42,500 m2 of which retail space: 29,500 m2 (plus Primark) Parking: 1,500 No. of shops: 110 Occupancy rate: 97% Catchment area: 0.8 million residents Purchased by DES: January 2011 Grand opening: 1969/1977 Restructuring: 1996 Anchor tenants: C & A, H & M, Media Markt, REWE, TK Maxx Address: Möllner Landstr. 3, 22111 Hamburg 6.9million Visitors 2019 SAARPARK-CENTER nEunKIrcHEn Investments: 50% Purchased by DES: October 2016 Leasable space: 35,600 m2 Grand opening: 1989 of which retail space: 33,500 m2 Parking: 1,600 No. of shops: 130 Occupancy rate: 96% Catchment area: 0.7 million residents Restructuring: 1999 and 2009 Anchor tenants: C & A, Müller Drogerie, H & M, Peek & Cloppen- burg, REWE, TK Maxx Address: Stummplatz 1, 66538 Neunkirchen Google 4.3/5 stars Instagram 4,685 follower saarparkcenter Facebook 4.3/5 stars 44,354 fans SaarparkCenterNeunkirchen saarpark-center- neunkirchen.de 50 Deutsche EuroShop / Magazine 2019

cEntEr / Center Overview FORUM WEtZLAr Investments: 65% Leasable space: 34,500 m2 of which retail space: 23,500 m2 Parking: 1,700 No. of shops: 110 Occupancy rate: 96% Catchment area: 0.5 million residents Purchased by DES: October 2003 Grand opening: 2005 7.7million Visitors 2019 Anchor tenants: Kaufland, Media Markt, Sporthaus Kaps, Thalia Address: Am Forum 1, 35576 Wetzlar ALLEE-CENTER HAMM 6.0million Visitors 2019 Google 4.3/5 stars Instagram 870 follower forumwetzlar Facebook 4.3/5 stars 19,031 fans ForumWetzlar forum-wetzlar.de Investments: 100% Purchased by DES: April 2002 Leasable space: 34,000 m2 Grand opening: 1992 of which retail space: 21,000 m2 Parking: 1,300 No. of shops: 90 Occupancy rate: 99% Catchment area: 0.4 million residents Renovation / Restructuring: 2003, 2009 Anchor tenants: C & A, H & M, Peek & Cloppenburg, Saturn Address: Richard- Matthaei-Platz 1, 59065 Hamm Google 4.2/5 stars Instagram 2,307 follower alleecenterhamm Facebook 30,724 fans AlleeCenterHamm allee-center-hamm.de Deutsche EuroShop / Magazine 2019 51

cEntEr / Center Overview CITY-GALERIE WoLFSBurg Investments: 100% Leasable space: 30,800 m2 of which retail space: 20,000 m2 Parking: 800 No. of shops: 100 Occupancy rate: 97% Catchment area: 0.5 million residents Purchased by DES: September 2000 Grand opening: 2001 Restructuring: 2011 Anchor tenants: Hempel, New Yorker, REWE, Saturn Address: Porschestr. 45, 38440 Wolfsburg Google 4.2/5 stars Facebook 4.2/5 stars 11,749 fans Instagram city.galerie.wolfsburg 3,700 follower citygaleriewolfsburg city-galerie-wolfsburg.de 7.1million Visitors 2019 CITY-ARKADEN WuPPErtAL Investments: 100% Grand opening: 2001 Leasable space: 28,700 m2 Restructuring: 2011 of which retail space: 20,000 m2 Modernisation: 2004 Parking: 650 No. of shops: 80 Occupancy rate: 98% Catchment area: 0.7 million residents Purchased by DES: September 2000 Expansion: 2011 Anchor tenants: Akzenta, H & M, Thalia, Reserved Address: Alte Freiheit 9, 42103 Wuppertal 9.7million Visitors 2019 Google 4.2/5 stars Facebook 4.2/5 stars 10,749 fans Instagram CityArkadenWuppertal 1,295 follower cityarkadenwuppertal city-arkaden-wuppertal.de 52 Deutsche EuroShop / Magazine 2019

cEntEr / Center Overview CITY-POINT KASSEL Google 4.3/5 stars Instagram 5,300 follower citypointkassel Facebook 53,008 fans CityPointKassel city-point-kassel.de 8.7million Visitors 2019 Investments: 100% Leasable space: 27,800 m2 of which retail space: 20,000 m2 Parking: 220 No. of shops: 60 Occupancy rate: 95% Catchment area: 0.6 million residents Purchased by DES: September 2000 Grand opening: 2002 Restructuring: 2009, 2015 Anchor tenants: H & M, New Yorker, Saturn, tegut Address: Königsplatz 61, 34117 Kassel STADT-GALERIE PASSAu Investments: 75% Leasable space: 27,700 m2 of which retail space: 21,000 m2 Parking: 500 No. of shops: 90 Occupancy rate: 96% Catchment area: 0.8 million residents Purchased by DES: December 2006 Grand opening: 2008 Anchor tenants: C & A, Esprit, Saturn, Thalia Address: Bahnhofstr. 1, 94032 Passau Google 4.4/5 stars Facebook 4.4/5 stars 34,590 fans Instagram StadtgaleriePassau 5,413 follower stadtgalerie_passau stadt-galerie-passau.de 7.3million Visitors 2019 Deutsche EuroShop / Magazine 2019 53

cEntEr / Center Overview OLYMPIA CENTER Brno, cZEcH rEPuBLIc Investments: 100% Purchased by DES: März 2017 Leasable space: 85,000 m2 Grand opening: 1999 of which retail space: 71,000 m2 Restructuring: 2014 –2016 Parking: 4,000 No. of shops: 200 Occupancy rate: 99% Catchment area: 1.2 million residents Anchor tenants: Albert, H & M, Intersport, Peek & Düsseldorf Address: U Dálnice 777, 664 42 Modřice, Brno, Czech Republic 8.6million Visitors 2019 Google 4.4/5 stars Instagram 4,564 follower olympiacentrumbrno Facebook 4.3/5 stars 42,477 fans olympiabrno olympia-centrum.cz GALERIA BAŁTYCKA gdAŃSK, PoLAnd Investments: 74% Leasable space: 48,700 m2 of which retail space: 43,000 m2 Parking: 1,050 No. of shops: 193 Occupancy rate: 98% Catchment area: 1.1 million residents Purchased by DES: August 2006 Grand opening: 2007 Anchor tenants: Carrefour, H & M, Peek & Cloppenburg, Reserved, Saturn, Zara Address: al. Grunwaldzka 141, 80 –264 Gdańsk, Poland Google Facebook 4.4/5 stars Instagram 5,405 follower galeriabaltcka 4.4/5 stars 70,745 fans galeriabaltycka galeria-baltycka.pl 8.7million Visitors 2019 56 Deutsche EuroShop / Magazine 2019

cEntEr / Center Overview CITY ARKADEN KLAgEnFurt, AuStrIA Google 4.3/5 stars Instagram 2,880 follower cityarkadenklagenfurt Facebook 4.4/5 stars 19,689 fans cityarkandenklagenfurt city-arkaden-klagenfurt.at Investments: 50% Leasable space: 36,900 m2 of which retail space: 30,000 m2 Parking: 880 No. of shops: 120 Occupancy rate: 98% Catchment area: 0.4 million residents Purchased by DES: August 2004 Grand opening: 2006 Anchor tenants: C & A, Peek & Cloppenburg, Saturn, Zara, H & M, Billa, Müller Drogeriemarkt Address: Heuplatz 5, 9020 Klagenfurt, Austria 5.3million Visitors 2019 Google 4.4/5 stars Instagram 750 follower arkad_pecs Facebook 4.3/5 stars 42,368 fans arkadpecs arkadpecs.hu ÁRKÁD PÉcS, HungArY Investments: 50% Leasable space: 35,400 m2 of which retail space: 33,500 m2 Parking: 850 No. of shops: 130 Occupancy rate: 99% Catchment area: 0.7 million residents Purchased by DES: November 2002 Grand opening: 2004 Anchor tenants: C & A, H & M, Media Markt, Interspar Address: Bajcsy Zs. U. 11/1, 7622 Pécs, Hungary 12.7 million Visitors 2019 Deutsche EuroShop / Magazine 2019 57

InVEStor rELAtIonS / The Shopping Center Share The Shopping Center Share TREND OF SHARE Share price 30 25 20 15 10 Volume 1,000 800 600 400 200 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr 2019 in € Number of shares in thousand 2020 SHARE PRICE ON THE UP IN 2019 Following a year-end closing price for 2018 of €25.34, Deutsche EuroShop AG shares started the year on a slight uptrend despite the persistently difficult global market environment for shopping center shares and then hovered initially between €26.00 and €27.40. On 21 May 2019, the share closed on Xetra at €27.44, its highest level of the year. After the dividend payout in mid-June, the DES share price declined markedly, reaching a low for the period of €22.54 on 16 August 2019. The share then recovered, closing the reporting period at €26.42 on 30 December 2019. Deutsche EuroShop’s market capitalisation stood at €1.63 billion at the end of 2019. DEUTSCHE EUROSHOP’S MARKET CAPITALISATION STOOD AT €1.63 BILLION AT THE END OF 2019. Deutsche EuroShop / Magazine 2019 59

InVEStor rELAtIonS / The Shopping Center Share SWITCH FROM MDAX TO SDAX Since 23 September 2019, the DES share has again been listed on the SDAX (small-cap DAX), the performance index for 70 smaller companies that rank below the DAX (30 companies) and MDAX (60 companies). The change, following 15 years in the mid-cap index, was prompted by the fast-exit rule: the exchange turnover of our share no longer met the minimum requirement for the MDAX, whereas the market capitalisation would have been sufficient. peer group, 1 which recorded average falls of 5.6% (median: +3.0%). The benchmark index for medium-sized companies, the MDAX, put on 31.2% in the year under review; the SDAX gained 31.6%. Over the past year, German open-ended property funds achieved an average performance of +3.2% (2018: +3.2%), and attracted cash inflows of €10.7 billion (2018: €6.4 billion). Stock market performance AVERAGE PERFORMANCE OF PEER GROUP DES share The price of Deutsche EuroShop shares rose by 4.3%. Taking into account the dividend paid of €1.50 per share, the performance of Deutsche EuroShop shares was +10.4% year on year (2018: -21.8%). As such, our share price performance in 2019 was below that of the European benchmark for listed real estate companies, the EPRA index (+30.5%), but nevertheless in the middle range of its European DAX MDAX SDAX EURO STOXX 50 (Europe) Dow Jones (USA) Nikkei (Japan) 2019 +10.4% +25.5% +31.2% +31.6% +24.8% +22.3% +18.2% 2018 -21.8% -18.3% -17.6% -20.0% -14.7% -6.4% -12.1% 1 Atrium European Real Estate, Eurocommercial Properties, IGD, Intu Properties, Klepierre, Mercialys, Unibail-Rodamco-Westfield, Vastned Retail and Wereldhave. SHARE PERFORMANCE AND MARKET CAPITALISATION OVER THE LAST 10 YEARS Share performance in % Market capitalisation in € million 2,183 2,098 2,086 1,717 1,953 1,280 1,707 32.7 1,496 28.1 17.7 15.3 4.5 -11.1 -1.2 -8.6 1,632 10.4 1,566 -21.8 2,500 2,000 1,500 1,000 500 40 30 20 10 0 -10 -20 -30 Annual development incl. dividend 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 60 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / The Shopping Center Share TREND OF SHARE indexed – since 30 December 2014 190 170 150 130 110 90 70 50 30 2015 2016 2017 2018 2019 2020 MDAX EPRA SDAX Deutsche EuroShop Figures for the Deutsche EuroShop share German securities no. / ISIN Ticker symbol Share capital in € Number of shares (no-parvalue registered shares) Indices Official market OTC markets ATTENDANCE AT AGM STABLE 748 020 /DE 000 748 020 4 DEQ 61,783,594.00 The Annual General Meeting was held in Hamburg on 12 June 2019. Around 270 shareholders were in attendance at the Handwerks- kammer, representing 63.3% (previous year: 63.2%) of the capital, and approved all of the items on the agenda. 61,783,594 BROAD COVERAGE OF THE SHARES SDAX, EPRA, GPR 250, MSCI Small Cap, HASPAX, F.A.Z.-Index Prime Standard Frankfurter Wertpapierbörse and Xetra Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart Our shares are now regularly followed by 18 analysts (as at 14 April 2020) from respected German and international institu- tions 2, and their recommendations introduce us to new groups of investors. Deutsche EuroShop remains one of the best-covered real estate companies in Europe. Information on the recommendations can be found at: www.deutsche-euroshop.de/analysen 2 Baader Bank, Bankhaus Lampe, Bank of America, Berenberg Bank, Commerzbank, Deutsche Bank, DZ Bank, Green Street Advisors, HSBC, Independent Research, J.P. Morgan Cazenove, Kempen, Kepler Cheuvreux, Metzler, M.M. Warburg, NORD / LB, Pareto and Societe Generale. Deutsche EuroShop / Magazine 2019 61

InVEStor rELAtIonS / The Shopping Center Share DIVERSITY OF ANALYST’S OPINION OF THE LAST 10 YEARS in % 100 90 80 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20 20 negative neutral positive THE ANALYSTS ARE NEUTRAL TO POSITIVE ON THE PROSPECTS FOR THE DES SHARE. (as at 14 April 2020) WOULD YOU LIKE MORE INFORMATION? Please visit our website or call us: Patrick Kiss and Nicolas Lissner Tel.: +49 (0)40 - 41 35 79 20 / -22 Fax: +49 (0)40 - 41 35 79 29 E-mail: ir@deutsche-euroshop.de Internet: www.deutsche-euroshop.de/ir PAtrIcK KISS nIcoLAS LISSnEr 62 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / The Shopping Center Share SHAREHOLDERS STRUCTURE 7.1% Goldman Sachs 25.3% Private investors 32.8% Institutional investors 19.5% Alexander Otto 5.0% State Street 4.2% Black Rock 3.3% Johannes Schorr 2.8% DWS 8% INCREASE IN SHAREHOLDERS The number of investors once again rose significantly in 2019: Deutsche EuroShop now has around 24,600 share- holders (as at 14 April 2020, previous year: 22,750, +8%). Alexander Otto holds a 19.5% stake in Deutsche Euro- Shop AG, Goldman Sachs 7.1%, State Street 5.0%, Black- Rock 4.2% and Johannes Schorr 3.3%. In addition, other institutional investors hold approx. 35.6% (previous year: 49.3%) of the shares and private investors hold 25.3% (previous year: 20.7%). In a shareholder identification process, we regularly analyse the international distribution of our shares. Over the past year, there were minimal changes in the regional breakdown. Almost unchanged at around 69%, German investors continue to hold a clear major- ity of the Deutsche EuroShop shares. Overall, the share- holder structure is also dominated by European inves- tors (approx. 86%), with British investors leading the way. US investors hold just under 12% of the shares in DES. AWARDS FOR REPORTING QUALITY AND IR WORK The European Public Real Estate Associa- tion (EPRA) has again recognised the trans- parency of our reporting in terms of the sector-specific financial ratios and on the topic of sustainability with a Gold Award. As in previous years, the Deutsche Euro- Shop website did very well in NetFedera- tion’s “IR-Benchmark 2019” (coming first in the Real Estate sector and in MDAX). Further awards for our capital market com- munications can be found on our website at www.deutsche-euroshop.de/ Investor-Relations/Contact/Awards Deutsche EuroShop / Magazine 2019 SHAREHOLDERS STRUCTURE REGIONAL 11.9% USA 2.2% Rest of Europe 7.1% United Kingdom 69.4% Germany 1.9% Rest of world 2.5% Norway 1.3% Switzerland 2.1% Netherlands 1.6% France 63

InVEStor rELAtIonS / The Shopping Center Share SUSPENSION OF DIVIDEND AS PRECAUTIONARY MEASURE DUE TO THE CORONAVIRUS PANDEMIC To further safeguard and strengthen the Company’s liquidity, the Executive Board has decided as a precau- tion to propose to the Annual General Meeting scheduled for 16 June 2020 that the dividend payment for finan- cial year 2019 be suspended. The Executive Board and SHARE PRICE AND DIVIDEND SINCE IPO Share price at the end of the year in € the Supervisory Board intend to continue the Company’s dividend policy, which is geared towards continuity, once this extraordinary situation has stabilised. 50 40 30 20 10 0 0.96 0.96 0.96 0.96 19.26 23.73 15.50 16.88 1.00 28.08 1.05 1.05 1.05 24.30 1.10 1.10 31.64 1.05 28.98 23.50 23.67 24.80 dividend in € 1.35 38.67 1.30 40.46 1.20 1.25 36.20 31.83 1.45 1.40 1.50 25.34 26.78 33.96 12.85* * 1.50 1.00 0.50 0.0* 0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * proposal ** Price on 14 April 2020 10 REASONS TO INVEST IN DEUTSCHE EUROSHOP SHARES The only public company in Germany to invest solely in shopping centers Experienced management team Solid performance track record Prime locations High occupancy rate Proven, conservative strategy Cash flow that can be planned over the long term Shareholder-friendly dividend policy Inflation-protected rental agreements Solidity combined with potential 6 4 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / The Shopping Center Share + Financial calendar 2020 Market capitalisation (basis: year-end closing price) (€ million) Number of shares (year-end) Weighted average number of shares High € Low € Year-end closing price (31.12.) € Dividend per share (€) Dividend yield (31.12.)% Annual performance excl. / incl. dividend % Average daily trading volume (shares) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 1,632 1,566 2,098 2,086 2,183 1,953 1,717 1,707 1,280 1,496 61,783,594 61,783,594 61,783,594 53,945,536 53,945,536 53,945,536 53,945,536 53,945,536 51,631,400 51,631,400 61,783,594 61,783,594 58,248,007 53,945,536 53,945,536 53,945,536 53,945,536 51,934,893 51,631,400 45,544,976 27.44 (21.05.) 22.54 (16.08.) 33.90 (02.01.) 24.98 (27.12.) 39.32 (18.04.) 30.37 (25.10.) 42.52 (09.06.) 35.86 (11.02.) 48.00 (10.04.) 36.32 (06.01.) 37.84 (12.06.) 30.72 (04.02.) 34.48 (20.05.) 29.45 (24.06.) 32.03 (01.11.) 23.72 (06.01.) 29.06 (01.06.) 22.94 (23.11.) 28.98 (30.12.) 21.72 (01.07.) 26.42 25.34 33.96 38.67 40.46 36.20 31.83 31.64 24.80 28.98 0.00 1 1.50 1.45 1.40 1.35 1.30 1.25 1.20 1.10 1.10 0 5.9 4.3 4.3%/ 10.4% -25.4%/ -21.8% -12.2%/ -8.6% 3.6 -4.4%/ -1.2% 3.3 3.6 11.8%/ 15.3% 13.7%/ 17.7% 3.9 0.6%/ 4.5% 3.8 4.4 3.8 149,891 (incl. Multi- lateral Trading Facilities >458,797) 2 192,835 (incl. Multi- lateral Trading Facilities >526,239) 212,422 (incl. Multi- lateral Trading Facilities >533,866) 142,133 (incl. Multi- lateral Trading Facilities >412,750) 152,355 (incl. Multi- lateral Trading Facilities >449,500) 113,000 (incl. Multi- lateral Trading Facilities >250,400) 112,400 (incl. Multi- lateral Trading Facilities >204,000) 129,400 (incl. Multi- lateral Trading Facilities >174,000) 125,400 (incl. Multi- lateral Trading Facilities >210,000) 27.6%/ 32.7% -14.4%/ -11.1% 22.4%/ 28.1% 116,084 EPS (€) (undiluted) 1.81 1.29 2.31 4.11 5.73 3.29 3.17 2.36 1.92 -0.17 All share price information relates to Xetra 1 proposal 2 Source: Bloomberg, adjusted data, as of 16 April 2020 FINANCIAL CALENDAR 2020 21.01. 19.03. Kepler Cheuvreux GCC, Frankfurt Preliminary Results 2019 03.04. Publication of the Annual Report 2019 13. –14.05. Commerzbank Northern European Conference (virtual) 14.05. 28.05. 16.06. 17.06. 13.08. 18.08. 03.09. Quarterly Statement 3M 2020 Societe Generale The Nice Conference (virtual) Annual General Meeting UniCredit Kepler Cheuvreux German Property Day, Paris (virtual) Half-year Financial Report 2020 Roadshow London, J.P. Morgan Commerzbank Sector Conference, Frankfurt 07.09. 21.09. 22.09. 01.10. 21.11. 12.11. 16.11. 25.11. Jefferies Real Estate Conference, Tel Aviv Goldman Sachs & Berenberg German Conference, Munich Baader Investment Conference, Munich Commerzbank German Real Estate Forum, London Kempen European Property Seminar, Amsterdam Quarterly Statement 9M 2020 Roadshow Paris, Societe Generale DZ Bank Equity Conference, Frankfurt Our financial calendar is updated continuously. Please check our website for the latest events: http://www.deutsche-euroshop.de/ir Deutsche EuroShop / Magazine 2019 65

InVEStor rELAtIonS / Annual General Meeting The Handwerks- kammer Hamburg on the Holstenwall, built from 1912 to 1915. Annual General Meeting The Annual General Meeting of Deutsche EuroShop was held on 12 June 2019 in the rooms of the Handwerkskammer Hamburg. S ome 270 shareholders gathered there to hear CEO Wilhelm Wellner talk about the events and results of the previous financial year. In his speech, Mr Wellner also discussed the current economic environment, the current situation on the shopping center trans action market as well as the business outlook for the current year. The share holders also received additional information on the im - pact this is having in the retail sector and ongoing digitisation in this segment. Infor- mation was also presented on the status of the “At-your-Service” and “Mall Beautifica- tion” portfolio investment programmes as well as the implementation of the “Digital Mall” in our centers. Shortly after the event, the speeches and presentation were made available at the web address given below, where interested par- ties will also find a large archive of agendas and other information relating to our past Annual General Meetings. The agenda for this meeting included the election of three Supervisory Board mem- bers: Dr Anja Disput, Henning Eggers and Claudia Plath were elected to the board for a five-year term of office. The attendance at the time of the vote on all points on the agenda was 63.3%. Shareholders made use of the opportunity to talk with the Supervisory Board, the Execu- tive Board and employees before the Annual General Meeting and at the lunch that fol- lowed it. The Annual General Meeting for financial year 2019 is scheduled for 16 June 2020. We are monitoring the current legal changes in this regard very closely and will take all necessary measures to ensure that our shareholders can participate in a safe, informative and uncomplicated manner. You will receive all necessary documents by mail in good time. We will also keep you updated on the situation on our website. www.deutsche-euroshop.de/AGM 6 6 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / Conferences and roadshows CONFERENCES AND ROADSHOWS In 2019, the Executive Board and the Investor Relations team once again attended various conferences and held numerous roadshows to discuss Deutsche EuroShop’s strategy with existing shareholders and to present the company to potential new investors. In 2020, once the situation has stabilised following the coronavirus pandemic, we hope to be able to ramp up our investor relations activities as quickly as possible in order to cultivate contacts with our existing inves- tors and to tap into new investor groups. We will also use techniques such as “telephone-based” roadshows and conferences to that end. You can find an over- view in our financial calendar on page 65. A constantly updated version can also be found on our website at www.deutsche-euroshop.com/ir/en d irect contact with our investors is very impor- tant to us: by engaging in frank discussions with analysts as well as fund and port folio managers, we seek to understand the require- ments of the capital market and to learn which issues are seen as most important. Conversely, many fund management companies also hinge their investment decisions on their ability to hold regular meetings with a company’s Executive Board. In 2019, we conducted nine roadshows in Abu Dhabi, Amsterdam, Boston, Chicago, Dubai, Linz, London, Munich, New York, Tel Aviv, Vienna and Zurich. We also took part in a total of 17 conferences in Berlin, Cape Town, Frankfurt, London, Lyons, Munich, Paris and Warsaw. Across all these events, we had over 200 one-to-one discussions. We also held telephone conferences, for example for the publication of the annual and quar- terly figures, which can be streamed live on our website, viewed there after the event or accessed via podcast. In addition, many investors came to see us at the Deutsche EuroShop head offices in Hamburg, often also visiting our properties in and around Hamburg. CAPITAL MARKET CONFERENCES: Generally organised by banks, these are conferences at which both investors and companies are given the oppor- tunity to hold as many meetings as possible in a day. This makes it possible to address questions in detail during one-to-one and group discussions. Company presentations enable the Company to present itself to a wider specialist audience. ROADSHOWS: A roadshow involves a team, usually consisting of an Executive Board member and an Investor Relations man- ager of Deutsche EuroShop, travelling together with representatives of the organising bank (such as analysts and client advisors) to a financial center to visit existing or interested, potential investors in person and inform them about the company’s current development and /or strategy. Investors have the opportunity to meet the man- agement personally and put questions to them. This allows up to 10 meetings to be held in one city on a single day. Deutsche EuroShop / Magazine 2019 67

InVEStor rELAtIonS / Deutsche EuroShop Real Estate Summer Forum Wetzlar Steffen Eric Friedlein, ECE Deutsche EuroShop Real Estate Summer Main-Taunus-Zentrum In early September 2019 we staged the sixth Deutsche EuroShop Real Estate Summer event. We launched this series of events in the summer of 2009 with the aim of offering our analysts, institutional investors and others an in-depth insight into the Deutsche Euro- Shop portfolio. Presentations covering all the latest developments brought those in attendance up to date on all the latest developments in the areas of shopping and real estate. We held the first Deutsche EuroShop Real Estate Summer in Dresden in 2009 and went on to visit our centers in Wolfsburg, Magdeburg and Wildau in 2011, the City Arkaden in Klagenfurt (Austria) in 2013, Galeria Bałtycka in Gdansk (Poland) in 2015 and the latest addition to our portfolio, Olympia in Brno (Czech Republic) in 2017. Last year, we invited investors and financial analysts who currently cover our shares to Hesse, where we started visiting the freshly renovated Rhein-Neckar-Zentrum in Viernheim and Forum Wetzlar on 5 September. The following day, Steffen Friedlein, Managing Director Leasing, ECE, gave a colourful overview of the latest trends in letting at the Main- Taunus-Zentrum. Dr Philip Sepehr, Director Digital Innovations & Analytics, ECE, explained the current status and prospects of the digital mall concept. After that, Stefanie Christen, Foodservice Development Manager, ECE, presented some practical examples, prospects and develop- ments from the placemaking and food service sectors. This was followed by a speech on the current situation at Deutsche EuroShop as well as a round of questions and answers with Wilhelm Wellner, the CEO. The end of the event was marked by a short presentation of the Main-Taunus-Zentrum followed by a tour through the mall. 6 8 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / Marketing Marketing In addition to share mar- keting, we concentrate on refining and maintain- ing the Deutsche EuroShop brand. Our goal is to boost the awareness and rec- ognition of the brand even further. Deutsche Euro- Shop has established itself as the brand for invest- ments in shopping centers. 14 x 9 meter blow-up (giant poster) at the Main-Taunus-Zentrum parking garage SHoW ROOM d n a In 2019, we placed advertisements in the trade press designed for specific target groups that were perfectly timed to coincide with the publication of our latest financial figures. The adverts show a young couple and an elderly couple who are out shopping together. “Show & Room”, the motto of the year, not only highlights the individual aspects a shopping center has to offer – events, exhibitions and entertainment, in addition to commercial space for retailers and service providers – but also pinpoints a trend that has gained traction in recent years: shop floors are increasingly being used as a show- room where customers can view and sample the goods they’re interested in and seek out advice, before later having them delivered to their home. 70 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / Marketing SHOW ROOM d n a Die Shoppingcenter-AG PUBLISHED CIRCULATION IN MILLIONS Mehr Informationen finden Sie unter www.deutsche-euroshop.de Die Shoppingcenter-AG Mehr Informationen über die Deutsche EuroShop finden Sie unter www.deutsche-euroshop.de Die Shoppingcenter-AG in million 17.5 15 12.5 10 7.5 5 2.5 0 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 THE PRINT CIRCULATION OF TELEVISION CHAN- NELS, RADIO STATIONS AND ONLINE PUBLICATIONS, ALL DEVOTED REPORTS AND INTERVIEWS TO DEUTSCHE EUROSHOP INCREASED BY AROUND 9%. Mehr Informationen über die Deutsche EuroShop finden Sie unter www.deutsche-euroshop.de Die Shoppingcenter-AG MEDIA ATTENTION RISING SLIGHTLY Deutsche EuroShop enjoyed a strong media presence, particularly in the first and third quarters of 2019, and business and financial jour- nalists regularly wrote about our company. In addition, a number of television channels, radio stations and online publications all devoted reports and interviews to Deutsche EuroShop. The print circulation of these media increased by around 9% year on year from 9.1 million to 10.0 million copies, while the equivalent advertising value through reports in newspapers and magazines fell to €1.78 million (previous year: €2.31 million). Mehr Informationen über die Deutsche EuroShop finden Sie unter www.deutsche-euroshop.de Deutsche EuroShop / Magazine 2019 71

InVEStor rELAtIonS / Marketing WEBSITE RELAUNCH The Internet is now a crucial means of gath- ering information, with the corporate web- site very often the first jumping-off point for investors. Our website has been very popular for years, and is always ranked among the best in the index and within the European property sector for the infor- mation it provides and its user friendli- ness. In order to main- tain the website at this level and to take account of the increasing mobile use of the Internet, in April 2019 we gave the web- site a complete overhaul. Now, the website catches the eye with its a mod- ern look and scores points among users for its intuitive navigation, which is optimised for each and every end device – whether stationary or mobile. See for yourself at www.deutsche-euroshop.com WEBSITE RELAUNCH OF WWW.DEUTSCHE- EUROSHOP.COM IN APRIL 2019 VISITORS AND SITE VIEWS Visitors 250,000 200,000 150,000 100,000 50,000 0 ONLINE PERFORMANCE INDICATORS OF DES CENTERS 8.2 MILLION VISITS oF WHIcH 83% MoBILE 750 tHouSAnd FAnS 62 tHouSAnd FoLLoWErS 73 MILLION PEOPLE REACHED 8.4 THOUSAND POSTS Page visits 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Visitors (left axis) Page visits (right axis) 72 Deutsche EuroShop / Magazine 2019

InVEStor rELAtIonS / Marketing SOCIAL MEDIA STILL BOOMING Social media has become established as a channel of communication – including for cap- ital market participants. For many years, we have shown ourselves to be open to techni- cal innovations and use social media actively to provide our investors and interested parties with news and supplementary information about Deutsche EuroShop. Perhaps we can establish contact with you through one or more of these platforms too – we would be happy to see you there: TOP 10 CENTER ALTMARKT-GALERIE DRESDEN 86,901 FAnS GALERIA BAŁTYCKA, GDANSK, POLAND 70,745 FAnS RHEIN-NECKAR-ZENTRUM 57,865 FAnS ALLEE-CENTER MAGDEBURG 54,648 FAnS CITY-POINT KASSEL 53,008 FAnS SAARPARK-CENTER, NEUNKIRCHEN 44,354 FAnS OLYMPIA CENTER, BRYNN, CZECH REPUBLIC 42,477 FAnS ÁRKÁD PÉCS, HUNGARY 42,368 FAnS STADT-GALERIE PASSAU 34,590 FAnS MAIN-TAUNUS-ZENTRUM 33,338 FAnS SOCIAL MEDIA OF DEUTSCHE EUROSHOP tWIttEr Follow us on Twitter: www.twitter.com/DES_AG FAcEBooK Become a fan on Facebook: www.facebook.com/euroshop InStAgrAM See photos and videos from DES at: www.instagram.com/deutscheeuroshop Ir MALL Our Investor Relations blog: www.ir-mall.com FLIcKr View our uploaded photos on the online platform Flickr: www.flickr.com/desag SLIdESHArE See our presentations and reports on SlideShare: www.slideshare.net/desag YoutuBE Watch our videos on YouTube: www.youtube.com/DeutscheEuroShop Deutsche EuroShop / Magazine 2019 73

SErVIcE / Glossary GLOSSARY Adverstising value equivalence Index number for the assessment of the monetary value of an editorial article. It is based on the advertising rate of the medium. Covenants A clause in a loan agreement which pertains to and contractually defines the binding warranties to be adhered to by the borrower dur- ing the term of a loan. Annual financial statement Under German (HGB) accounting principles, the annual financial statements consist of a company’s balance sheet, profit and loss account, the notes to the financial statements and the manage ment report. The annual financial statements of a public company are pre- pared by its executive board, audited by a certified public account- ant (in Germany: Wirtschaftsprüfer) and adopted by the super visory board. Benchmark A standard of comparison, e. g. an index which serves as a guideline. Cash flow per share (CFPS) The cash flow per share is calculated by dividing the cash flow by the number of shares issued by a company. The cash flow per share is taken as the basis for calculating the price /cash flow ratio. Class of assets Division of the capital and real estate market into different classes of assets or asset segments. Consumer price index Also called the cost-of-living index, this is calculated in Germany by the Federal Statistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given period is compared with the price of the same basket during the base year. This change is also known as the inflation rate. Core Designation of a real estate investment and /or individual proper- ties as well as the name of an investment style. The term refers to the relationship between risk and return. Core designates mature, transparent, sufficiently large markets or high-quality, wellsitu- ated properties that are fully let on a long-term basis to tenants with strong credit ratings. Other return /risk categories are valueadded and opportunistic. Corporate governance The rules for good, value-driven corporate management. The objective is to control the company’s management and to create mechanisms to oblige executives to act in the interests of their shareholders. Coverage Information provided on a listed public company by banks and finan- cial analysts in the form of studies and research reports. DAX Germany’s premier equity index. The composition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 30 largest German companies listed in the Prime Standard in terms of market capitalisation and market turnover. Discounted-cashflow-modelL (DCF) Method for the assessment of companies which is used to deter- mine the future payments surplusses and discount them to the val- uation date. Dividend The share of the distributed net profit of a company to which a share- holder is entitled in line with the number of shares he or she holds. EBIT Earnings before interest and taxes. DES calculation: EBT excluding net finance costs and measurement gains / losses (also see the con- solidated income statement on page 32 of the Financial Report 2019). EBT Earnings before Taxes. EBT (excluding measurement gains / losses) DES calculation: EBT less measurement gains / losses (including at-equity profit / loss) and less the deferred taxes included in at- equity profit / loss. E-commerce Direct commercial relationship between supplier and buyer via the internet including the provision of services. EPRA European Public Real Estate Association: EPRA is an Amster- dam-based organisation that represents the interests of the major European real estate companies in the public sphere and supports the development and market presence of European real estate corporations. 74 Deutsche EuroShop / Magazine 2019

SErVIcE / Glossary EPRA earnings EPRA earnings represent sustained operating earnings and thus lay the foundation for a real estate company’s ability to pay a dividend. To calculate this, the profit / loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on operational performance. The DES calculation is performed using the currently valid version of the EPRA Best Practice Recom- mendations, which can be found at https://www.epra.com/finance/ financial-reporting/guidelines EPRA NAV EPRA NAV measures the net asset value of a company based on a business model with a long-term focus. To do so, Group equity is adjusted for assets and liabilities that are unlikely to be real- ised if held over the long term. The DES calculation is performe- dusing the currently valid version of the EPRA Best Practice Recommendations, which can be found at https://www.epra.com/ finance/financial-reporting/guidelines Fair value The Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Hedge accounting Financial mapping of two or more financial instruments that hedge one another. ifo business climate index The ifo Business Climate Index is an important forward indicator for economic development in Germany. In order to calculate the index, the ifo Institute asks approximately 7.000 companies every month for their assessment of the economic situation and their short-term corporate planning. Interest rate swap Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. International financial reporting standards (IFRS) International Financial Reporting Standards are based on Interna- tional Accounting Standards (IASs). Since 1 January 2005, listed companies have been required to apply IFRSs. IASs / IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair presentation that is not qualified by aspects of prudence or risk provision. Food court Catering area of a shopping center, in which different vendors sell food at stations about a common seating area. Loan-to-value ratio (LTV ratio) Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method). Free cash flow The surplus cash generated from operating activities recognised in the profit and loss account. This expresses a company’s internal financing power, which can be used for investments, the repayment of debt, dividend payments and to meet funding requirements. Funds from operations (FFO) Inflow of funds from operations used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our bank loans and the annual distribution of dividends. DES calculation: Consolidated profit after adjustment for measure- ment gains / losses (including at-equity profit / loss), the non-cash expense of conversion rights and deferred tax expense. Gearing Ratio which shows the relationship between liabilities and equity. Mall Row of shops in a shopping center. Market capitalisation The current quoted price for a share multiplied by the number of shares listed on the stock. MDAX German mid-cap index comprising the 60 most important securities after the 30 DAX members. Measurement gains / losses DES calculation: Measurement gains / losses comprise unreal- ised changes in the market value of properties held as a financial investment (investment properties) before taxes. In the case of fully consolidated companies, the portion of the company that does not belong to the Group is deducted. Measurement gains / losses of asso- ciates and joint ventures accounted for using the equity method are contained in the at-equity profit / loss. Deutsche EuroShop / Magazine 2019 75

SErVIcE / Glossary Measurement gains / losses (including at-equity profit / loss) DES calculation: Measurement gains / losses plus the measurement gains / losses included in at-equity profit / loss. Roadshow Corporate presentations to institutional in vestors. Multi channeling Using a combination of online and offline communication tools in marketing. Net asset value (NAV) The value of an asset after deduction of liabilities. With regard to shares, the NAV constitutes their intrinsic value. The net net asset value (NNAV) is calculated by deducting deferred taxes from the NAV. Net finance costs Net finance costs at DES comprise the following income statement items: Share of the profit or loss of associates and joint ventures accounted for using the equity method, interest expense and income, the share of profit attributable to limited partners, income from investments and all other financial income and expenditure. Peer-group A share price performance benchmark consisting of companies from similar sectors, put together on the basis of individual criteria. Savings ratio Share of savings of the income available in households. SDAX The small-cap index comprising the 70 most important securi- ties after the members of the DAX (30 members) and the MDAX (60 members). Subprime Mortgage loan to borrower with a low degree of creditworthiness. TecDAX The successor to the NEMAX 50, comprising the 30 largest German listed technology securities in terms of market capitalisation and market turnover. Volatility Statistical measure for price fluctuations. The greater the fluctua- tions in the price of a security, the higher its volatility. Performance The term performance describes the percentage appreciation of an investment or a securities portfolio during a given period. Xetra An electronic stock ex-change trading system that, in contrast to floor trading, uses and open order book, thus increasing market transparency. The trading hours are currently 9,00 a.m. to 5,30 p.m. Retail space Space in a building and /or an open area that is used for sales by a retail operation and that is accessible to customers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business. 76 Deutsche EuroShop / Magazine 2019

SErVIcE / Multi-year overview MULTI-YEAR OVERVIEW in € million Revenue EBIT Net finance costs (excluding measurement gains / losses 1) EBT (excluding measurement gains / losses 1) Measurement gains / losses 1 Consolidated profit Funds from Operations (FFO) FFO per share in € Earnings per share in € 2 EPRA Earnings per share in € Equity 3 Liabilities Total assets 2010 144.2 124.0 2011 190.0 165.7 2012 5 178.2 151.6 2013 5 188.0 165.8 2014 5 200.8 177.5 2015 5 202.9 176.3 2016 5 205.1 178.6 2017 5 218.5 192.4 2018 5 225.0 199.1 2019 5 225.9 197.5 -60.0 -79.2 -56.1 -52.3 -52.5 -49.3 -44.1 -39.1 -38.2 -34.3 64.0 33.0 -7.8 61.5 1.35 -0.17 0.98 94.9 41.9 99.0 83.1 1.61 1.92 1.19 95.5 7.9 122.5 86.4 1.68 2.36 1.35 113.4 58.4 171.0 112.0 2.08 3.17 1.74 125.0 89.7 177.4 120.5 2.23 3.29 1.84 127.0 267.7 309.3 123.4 2.29 5.73 2.18 134.5 145.5 221.8 129.9 2.41 4.11 2.29 153.3 12.9 134.3 148.1 2.54 2.31 2.42 160.9 -58.3 79.4 150.4 2.43 1.29 2.39 163.1 -120.0 112.1 149.6 2.42 1.81 2.56 1,441.5 1,473.1 1,606.1 1,642.4 1,751.2 2,061.0 2,240.7 2,574.9 2,573.4 2,601.5 1,522.1 1,752.0 1,741.5 1,752.5 1,741.0 1,790.6 1,873.8 2,052.1 2,036.8 1,957.1 2,963.6 3,225.1 3,347.6 3,394.9 3,492.2 3,851.6 4,114.5 4,627.0 4,610.2 4,558.6 Equity ratio in % 3 Cash and cash equivalents 48.6 65.8 45.7 64.4 48.0 161.0 48.4 40.8 50.1 58.3 53.5 70.7 54.5 64.0 55.6 106.6 55.8 116.3 57.1 148.1 Net asset value (EPRA) 1,361.1 1,427.3 1538,9 1,650.4 1,789.4 2,110.6 2,332.6 2,668.4 2,667.5 2,613.4 Net asset value per share in € (EPRA) Dividend per share in € 26.36 1.10 27.64 1.10 28,53 1.20 30.59 1.25 33.17 1.30 39.12 1.35 43.24 1.40 43.19 1.45 43.17 1.50 42.30 0.00 4 1 Including the share attributable to equity-accounted joint ventures and associates 2 undiluted 3 incl. non controlling interests 4 proposal 5 at equity consolidation QUARTERLY FIGURES 2019 in € million Revenue EBIT EBT (excluding measurement gains / losses 1) EPRA Earnings FFO EPRA Earnings per share in € FFO per share in € 01.01. – 31.03.2019 01.04. – 30.06.2019 01.07. – 30.09.2019 01.10. – 31.12.2019 55.7 48.9 39.6 36.7 36.6 0.60 0.59 55.7 48.7 39.7 36.2 36.7 0.58 0.60 58.3 50.6 41.5 37.8 37.9 0.61 0.61 56.2 49.3 42.3 47.6 38.4 0.77 0.62 1 Including the share attributable to equity-accounted joint ventures and associates Deutsche EuroShop / Magazine 2019 77

SErVIcE / Legal + Disclaimer LEGAL Published by Deutsche EuroShop AG, Heegbarg 36, 22391 Hamburg Phone: +49 (0)40 - 41 35 79 0, Fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.com, ir@deutsche-euroshop.de Editor in chief Patrick Kiss Editorial management Nicolas Lissner Concept Deutsche EuroShop AG, Hamburg Art Direction & Design Silvester Group, Hamburg Pictures Dina Avila, B8TA, Deutsche EuroShop, ECE, istockfoto.com, gettyimages, Nicolas Lissner, Axel Martens, Ramoprimo / Cotton Republic, Wirecard, Stiftung Bauhaus Dessau, Picture: Thomas Meyer/ OSTKREUZ Responsible for the editorial content Deutsche EuroShop AG, Hamburg DISCLAIMER Information on wording: Wherever any terms indicating the male gen- der only (he, him, etc.) have, in the interests of simplicity, been used in this Magazine, such references should be construed as referring equally to the male, female and divers gender. Author contributions: Sections of text bearing an author’s name do not necessarily reflect the views of Deutsche EuroShop AG. The authors in question are responsible for the content of the texts. Trademarks: All trademarks and brand or product names mentioned in this Annual Report are the property of their respective owners. This applies in particular to DAX, MDAX, SDAX and Xetra, which are registered trademarks and the property of Deutsche Börse AG. Rounding and rates of change: Percentages and figures stated in this report may be sub- ject to rounding differences. The prefixes before rates of change are based on economic considerations: improvements are indi- cated by a plus (+); deteriorations by a minus (–). Forward-looking statements: This Annual Report contains forward-looking state- ments based on estimates of future developments by the Exec- utive Board. The statements and forecasts represent estimates based on all of the information 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 cur- rently being forecast. Publications for our shareholder: Annual Report/Financial Report 2019 (in English and German), Quarterly Statement 3M 2019, Quarterly Statement 9M 2019 and Interim Report H1 2019 (in English and German). Online Annual Report: The Deutsche EuroShop Annual Report can be downloaded in PDF format or accessed as an interactive online report at deutsche- euroshop.com. This Annual Report is also available in German. In the event of conflicts the German-language version shall prevail. 78 Deutsche EuroShop / Magazine 2019