MAGAZINE20feelestate.de n.ti c i. p a . t ion * a 20 YEARS DEUTSCHE EUROSHOP WHAT CUSTOMERS CAN LOOK FORWARD TO SUSTAIN ABILITY – A NEVER- ENDING ANTICIPATION 20 YEARS OF PARTNERSHIP WITH ECE THE BASIC RULE OF THE LOCATION FACTOR A TRIP DOWN MEMORY LANE WITH THE DES SHARE DIGITAL MALL AND OTHER INNOVATIONS CATI O O L , N O I T A C O T EN V I R O N MENT N E M N E N V I R O N M E N O R I V N T ENVIRONMENT E N L OCATIO N, L O C A T I O N , L O CATIO N, L LOCATIO N

CONTENTS INTRODUCTION Letter to shareholders The Executive Board The Supervisory Board p. 2 p. 5 p. 6 CENTER The portfolio Hygiene concept The eternal basic rule of the location factor Digitalisation of center operation Environment Sustain ability – never- ending anticipation EPRA sBPR Reporting Center Overview p. 30 p. 40 p. 42 p. 46 p. 48 p. 50 p. 54 p. 60 SERVICE Glossary Multi-year overview Legal Disclaimer p. 88 p. 91 p. 92 p. 92 SHOPPING Customers looking forward to shopping experiences, events and social interaction Interview with Sebastian Baumann Shoe store Zumnorde at the Altmarkt-Galerie in Dresden p. 18 “Luca” app helps with contact tracing p. 21 Interview with Alexander Otto p. 24 What purchase or other event are you most looking forward to this year? p. 12 p. 16 p. 28 1 INVESTOR RELATIONS The Shopping Center Share 10 reasons to invest in Deutsche EuroShop shares A trip down memory lane with the DES share Financial Calendar 2021 Annual General Meeting Roadshows and conferences Marketing p. 70 p. 77 p. 78 p. 82 p. 83 p. 84 p. 85 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 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 and professional center management – 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 leasing 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 companies in Europe focusing on retail properties. Deutsche EuroShop / Magazine 2020

Letter to shareholders / INTRODUCTION 3 Wilhelm Wellner CEO Olaf Borkers Member of the Executive Board Deutsche EuroShop / Magazine 2020

The Executive Board / INTRODUCTION 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 5 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 Grundbesitz und Beteiligungs AG, Hamburg, as an assistant to the Exe- cutive Board. There, among other things, he took respon- sibility 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, Tegern- see und Hamburg, where he was responsible for the finance and investor relations departments until September 2005. He also held various Supervisory Board and management posi- tions 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 2020

The Super visor y Board / INTRODUCTION Dr. Anja Disput 1977 Frankfurt German 12 June 2019 Henning Eggers 1969 Halstenbek German 12 June 2019 2024 Annual General Meeting 2024 Annual General Meeting – – Member of the Executive Committee, Deputy Chairman of the Capital Market Committee, Member of the Audit Committee • ECE Group GmbH & Co. KG, Hamburg • Platinum AG, Hamburg (until 21 September 2020) Partner, Disput Hübner Partnerschaft von Rechtsanwälten mbB, Frankfurt Member of Management, CURA Vermögens verwaltung G.m.b.H. & Co., Hamburg • 1997–2002: Law studies, Johann Wolfgang Goethe University, Frankfurt • 2002-2005: Hanau district court, legal clerkship • 2005-2010: Taylor Wessing, Frankfurt, London (United Kingdom) and Munich, Attorney-at-Law in Real Estate Law • 2010-2015: Taylor Wessing, Frankfurt, Partner in Real Estate Law • 2015-2020: Curtis, Mallet-Prevost, Colt & Mosle LLP, Frankfurt, Partner and Attorney-at-Law in Real Estate Law • since 2020: Disput Hübner Partnerschaft von Rechtsanwälten mbB, Frankfurt, Partner • 1990 –1995: Degree in Business Administration, University of Hamburg • 1999: Steuerberaterexamen (German tax advisor exam) • 1995 –2000: PKF Fasselt Schlage Auditing and Tax Consultancy, Hamburg • since 2000: KG CURA Vermögens verwaltung G.m.b.H. & Co., Hamburg (Family Office of the Otto family) - since 2013: Member of Management 7 Experience in real estate, law and corporate governance Experience in corporate management, accounting, financing, capital markets and corporate governance none 0 Shareholder representative of the Otto family 1,100 Deutsche EuroShop / Magazine 2020

The Super visor y Board / INTRODUCTION Klaus Striebich 1967 Besigheim German 2012 Roland Werner 1969 Hamburg German 2015 2022 Annual General Meeting 2025 Annual General Meeting – • Klier Hairgroup GmbH, Wolfsburg • The Food Chain Investor Holding SE, Hamburg (until 31 August 2020) • Sinn GmbH, Hagen • Unternehmensgruppe Dr. Eckert GmbH, Berlin – – Managing Director, RaRe Advise Klaus Striebich, Besigheim Chairman of the Board of Management, Bijou Brigitte modische Accessoires AG, Hamburg • Studied business in Mosbach • 1990: Kriegbaum Gruppe, Böblingen, Assistant to the Management Board • 1992 –2017: Verwaltung ECE Projektmanagement G.m.b.H., Hamburg: - 2003 –2017: Managing Director Leasing • since 2018: Independent Consultant, RaRE Advise Klaus Striebich, Besigheim • Studied business at EBC University, Hamburg • since 2001: Bijou Brigitte modische Accessoires AG, Hamburg: - 2004 –2009: Member of the Board of Management - since 2009: Chairman of the Board of Management 9 Experience in retail, real estate and corporate management Experience in retail, corporate management, accounting and capital markets none 30,000 none 525 Deutsche EuroShop / Magazine 2020

SHOPPING “ W E ’ R E L O O K I N G F O R W A R D T O H I T T I N G T H E S H O P S . ” 11 Deutsche EuroShop / Magazine 2020

as transparent price comparisons and the constant availability of products, and now expect the same when shopping in town. In addition, for younger consumers between the ages of 16 and 34 in particular, generous return policies, home delivery services and so-called “click & collect” offers have become a given. The results show that the changing expec- tations of customers are both an opportu- nity and a challenge for local retailers. On the one hand, the importance of the shop- ping atmosphere has increased, and local retailers can differentiate themselves from Internet shopping and offer added value. At the same time, there is also a strong wave of consumer solidarity with local down- town merchants – but this is not uncondi- tional. In order to remain competitive, retail- ers must therefore continue to develop their prices, product ranges, offers and services in a targeted manner in the new environment and offer hybrid solutions – especially with regard to younger target groups. About the study: The representative study “Shopping- Verhalten in der Innenstadt nach dem COVID-19- Lockdown” (Downtown shopping behaviour after the COVID-19 lockdown) was conducted by Simon-Kucher & Partners as an online questionnaire in March 2021. A total of 1,007 consumers in Germany were asked about, amongst other things, the extent to which the lockdown had changed their reasons for visiting town centers and the criteria for selecting local retailers. Allee-Center, Magdeburg Altmarkt-Galerie, Dresden R E T A I L W I L L R E M A I N I M P O R T A N T M A G N E T F O R A V I B R A N T A N C I T Y C E N T E R 13 Phoenix-Center, Hamburg Deutsche EuroShop / Magazine 2020

SHOPPING 15 Deutsche EuroShop / Magazine 2020

the start of the crisis. In the target group of 18- to 29-year-olds in particular, more than one in every five respondents missed hav- ing the option to check online availability for bricks-and-mortar retailers. The issues of reservation and payment are undoubtedly important aspects for custom- ers. What are the next steps in the development of the Dig- ital Mall? Where do you stand in this respect? And what are the challenges? Omnichannel services such as reservation (i.e. click & reserve) and payment (click & col- lect or ship-from-store) are indeed playing an increasingly important role for custom- ers and retailers. In this respect, showing local availability, as we do in the current sta- tus with the Digital Malls for most shopping centers, should primarily be seen as the first step on the road to more advanced services. You have to understand that we first had to create the underlying conditions by digitis- ing the product ranges available at stores. For this we required a real-time connection to the retailers’ merchandise management systems in order to be able to provide infor- mation on availability and products. In the next step, we plan to have a digital feedback channel to the retailer channel that can also feed reservations and in future other trans- actions like orders back to the store. This is more complex than it sounds because every retailer obviously has its own technical infra- structure and our partners therefore pres- ent us with a very heterogeneous world. Nevertheless, we have been able to make progress in this area in recent months and have built up the ability to relay reservations to our dealers via such a feedback channel. We now want to test this in practice at a few centers after the lockdown has ended. In addition, we are, of course, addressing the issues of payment and delivery. However, the processes involved here are significantly more complex. Consequently, we are cur- rently testing and developing them for the increased by almost 30%. The participat- ing retailers include major chains such as Thalia, C & A, Peek & Cloppenburg Dusseldorf, Ansons, Edeka, Gamestop, Levi’s and Tama- ris. The first branches of Bestseller, includ- ing Vero Moda, were also recently added. Even regional partners like Hifi Böhm, Koffer Kopf, Schuhaus Hittcher and Schuhaus Galipp are cooperating with us. In all, cus- tomers now have access to some 2.8 million products from more than 780 shops at the Digital Mall. This year, we expect to be able to increase the number of participating part- ners to more than 100 and that more exciting names will then also be added. To what extent has the corona virus pandemic affected your project? The coronavirus pandemic has greatly accel- erated many of the developments of recent years, such as the trend towards omnichan- nels. Online availability checks, click & re- serve, click & collect and ship-from-store are now available to all retailers as impor- tant tools. Of course, online preparation of offline purchases has taken a bit of a back seat during the temporary lockdowns of recent months, simply because stores have repeatedly had to close for weeks and months at a time. However, as stores reopen, we will also see demand increasing here too again because the strategic omnichan- nel expansion for offline retailing and thus the Digital Mall has generally become more relevant. The last few months in particular have shown how important it is for retail- ers to network their online and offline activ- ities. Surveys such as the Corona Consumer Check of the IFH / ECC in Cologne show that almost a third of consumers have increas- ingly been researching offers online since Inter view with Sebastian Baumann / SHOPPING Alstertal shopping center (AEZ) in Hamburg as part of a pilot project for delivery from the stores at the center. How did your initial tests go regarding deliveries from the center? And what is planned next? Within the framework of an initial pilot pro- ject conducted last year, we expanded the digital “shop window” of the AEZ’s Digital Mall into an online shop with a delivery service. For this, we had to implement center-specific logistics for all pick & pack activities relating to online orders at all the center’s stores to ensure that ordered goods could be collected at the shops and then consolidated, packed and shipped. This was initially only made available to a closed test group of ECE Group employees. At the end of last year, the pilot project was then extended to end customers in the catchment area dur- ing the “lockdown light”. However, we then had to discontinue the pilot temporarily due to the lockdown that followed shortly there- after and the resulting lack of local fulfilment opportunities at the stores which had been mandated to close. We are currently actively working with a smaller number of retailers whose stores have opened for omnichannel services. In the coming months, we intend both to test end-customer acceptance and continue to optimise logistical processes together with our logistics partner. What are you most looking forward to within this project? I’m convinced that we are on the right track with the direction we have taken in network- ing online and offline retail offers. Of course, this is still a very new and innovative prod- uct which we are continuing to develop together with our partners. I think it’s great that we are thinking along the same lines and breaking new ground together. We have already made good progress rolling out the Digital Mall to other centers, and now we are focusing strongly on developing new func- tions, which I am, of course, particularly looking forward to. Deutsche EuroShop / Magazine 2020 17

Shoe store Zumnorde at the Altmarkt-Galerie in Dresden / SHOPPING SHOE STORE ZUMNORDE AT THE ALTMARKT-GALERIE IN DRESDEN A c om m e rc i a l d y n a s t y i n i t s fi f t h g e n e ra t i on one of the three managing directors of this family-run company and the face of the young fifth generation. Each generation also brings innovations. For instance, Thomas Zumnorde built up the online shop in addition to the com- pany’s regular business. However, this is not intended to be a competitor, but com- plementary. “Many customers appreciate being able to get information over the Inter- net before coming into our shops,” Thomas Zumnorde says. “But the special thing about shoes is that you have to try them on.” He is convinced that a multi-channel approach combining local shoe shops with online retailing both makes sense and is a pass- port to the future. “A meeting place for lovers of beautiful shoes”: that is the slogan of the long-estab- lished family-run Zumnorde company. Since the Altmarkt-Galerie was opened in 2002, the Zumnorde shoe shop has been an inte- gral part of Dresden’s retail sector, offer- ing customers a large selection of women’s, men’s and children’s shoes. Zumnorde comprises 23 bricks-and-mortar shoe shops as well as an online store. It is currently successfully managed by the fifth generation of the Zumnorde family. “We see ourselves as a family business and definitely not a chain. We approach each city with a separate concept and operate indi- vidually and very personally with regard to our orientation, product range and design. That’s our USP. And we continually aim to be the local market leader in the mid-range and premium segment, always service-oriented, never aloof,” explains Thomas Zumnorde, O p e n i n g i n D r e s d e n 0 0 2 23bricks-and-mortar 2 19 shoe shops Deutsche EuroShop / Magazine 2020

“LUCA” APP HELPS WITH CONTACT TRACING A s our shopping center management partner for all properties in Deutsche EuroShop’s portfolio, ECE has been using the new luca app nationwide since March 2021 to enable secure contact tracing via smartphone. The same applies to many large retailers such as Breuninger, Deichmann and Thalia. This app achieved prominence in part because a rapper named Smudo from a popular hip-hop group called Die Fantastischen Vier was involved in its devel- opment. Federal policy also advocates its use and introduction at public health authorities. luca works on an extremely simple principle: Each shop digitally enters its loca- tion and displays a QR code in its shop window or entrance area. The customer downloads the app onto their smartphone, stores his or her contact details, scans the QR code and checks in at the store. Then, if any coronavirus infections are reported, the local public health authorities can use the encrypted system to trace any possible contacts in the store both quickly, easily and in compliance with data protection regulations in order to swiftly interrupt chains of infection. Once the public health authorities have performed a risk assessment, all it takes is the click of a mouse and a matter of minutes to notify people who could poten- tially be involved in a chain of infections. If as many customers as possible would install this app on their smartphones, this would enormously simplify shopping trips in future. luca can also help take some of the burden off public health authorities. The team behind the luca app is made up of neXenio GmbH, a spin-off of the Hasso Plattner Institute, the Federal Printing Office, Fraunhofer AISEC and a number of people from the cultural sector such as the band Die Fantastischen Vier. luca-App / SHOPPING The luca app could enormously simplify shopping trips in the future. 21 (f.l.t.r.) Michi Beck, Marcus Trojan & Patrick Hennig, Smudo present the luca app. Berlin, 1 March 2021 © Jens Oellermann luca user Encrypted data exchange Operator and organiser Public health authorities Deutsche EuroShop / Magazine 2020

SHOPPING “ W E ’ R E L O O K I N G F O R W A R D T O O U R W E E K E N D S H O P P I N G O U T I N G S . ” 23 Deutsche EuroShop / Magazine 2020

You’ve increased your position in DES over and over again over the years and currently hold a stake of around 20 %. It has a diversified real estate portfolio. What do you consider special about DES? The special thing about DES is that it’s Germany’s only listed com- pany that invests exclusively in shopping centers – in prime loca- tions. All centers in the DES portfolio are professionally managed by ECE. For me, of course, that’s an unbeatable indicator of quality. What’s more, you should only invest in companies whose business model you understand. I can justifiably make that claim about DES. The DES portfolio now comprises 21 centers. Of those centers, are there any with which you have a very special relationship? It’s hard for me to single out any one property. I helped develop many of those centers myself, meaning I know almost every detail including all their strengths – and sometimes their minor weak- nesses. While each and every one of these shopping centers is unique in its own right, I’ve grown particularly fond of Stadtgalerie Passau, because developing this center right in the heart of the old town was a special challenge. Many different plots of land had to be acquired and some spaces that were already under lease first had to be cleared of tenants before this project could go ahead. With its modern yet delicate architecture, the Stadtgalerie fits perfectly into the pedestrian zone’s most prime location and has been enormously successful since it was first opened. Forum, Wetzlar Inter view with Alexander Otto / SHOPPING A lot has happened in the shopping center universe in the past 20 years. Which were the most formidable changes, in your opinion? We live in an era of constant transformation. Not only affecting the way we live and work, but also how we consume and organise our leisure time. What is more, the pace of change is increasing all the time. This gives rise to entirely new requirements – and enormous opportunities – for us as developers and real estate property oper- ators. It’s important that the properties are continually adapted in line with customer wishes and requirements, and that their fur- ther development forms part of an ongoing process. For shopping centers, that means increasingly networking bricks-and-mortar retail and e-commerce, which is why we’re making our retail part- ners’ products visible online for the first time in the “Digital Mall”. The digital world offers bricks-and-mortar retail many new oppor- tunities to attract customers to the store. A second big change: Peo- ple today don’t just want to drive to a shopping center to shop. They want to meet up with friends, enjoy moments together and share exciting experiences. That’s why today’s centers must offer a triad comprised of shopping, experiences and enjoyment – shopping centers are evolving into leisure, service and experience centers. The effects of the coronavirus crisis will accelerate this develop- ment even further. 25 2 0 Y e a r s D E S Deutsche EuroShop / Magazine 2020

g r u b e d g a M , r e t n e C - e e l l A Inter view with Alexander Otto / SHOPPING 27

What purchase or other event are you most looking forward to this year? / SHOPPING ALEXANDER OTTO CEO, ECE Group “I’m looking forward to buying a ticket for an HSV Bundesliga home game at Hamburg’s Volksparkstadion.” MARIA HILL Director Sustain- ability & Corporate Communications, ECE Group Services “Honestly? I’m most looking forward to the ‘shopping’ experi- ence: finally strolling around with my daugh- ter again, sharing a meal, trying on clothes together in a changing room and then heading off to a travel agency. I have thousands of destinations in mind and look forward to getting some personal advice!” DIETER THOMASCHOWSKI CEO, Thomaschowski Research Group “I’m looking forward to the day I can buy a Sony α6000 E-mount camera – with a 200 mm lens.” BIRGIT SCHÄFER Secretary to the Executive Board, Deutsche EuroShop “I want to buy a dress at a boutique so that I can have a real shop- ping experience again.” KLAUS HELLWIG Founder and Editor, Nebenwerte Journal “I’m looking forward to being able to browse through books at a bookshop again and no longer having to choose them based on blurbs or reviews. This purchase will take a very long time and build the anticipation of getting to sit down with the book later on. I will probably also buy far more book than planned.” 29 SEBASTIAN BAUMANN Head of Digital Busi- ness & Innovation Department, ECE Marketplaces “I’m especially look- ing forward to book- ing a flight again when the lockdown ends, and for that I’m also in desperate need of new luggage.” Deutsche EuroShop / Magazine 2020

The portfolio / CENTER E ven in these extremely challenging times for the retail sec- tor due to the pandemic, we are satisfied with an average occupancy rate of more than 95% at the end of 2020 and we are optimistic about the future. This figure confirms the quality of our portfolio, particularly given the current situation. Indeed, this fig- ure has remained at a consistently very high level since Deutsche EuroShop was established. Our investments are squarely focused on Germany, where 81% of our centers are located. No. of centers 17 4 Domestic Abroad 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 95% 643 97% 2,703 95% 13.9 3.4 17.3 THE IMPORTANCE OF LOCATION FOR SUCCESS 1 as per EPRA, based on rental income As at 31 December 2020 A property’s location has always been an essential factor. If this property is a retailer, the location is the basis for success. Our ten- ants naturally 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 gathering for hundreds of years to meet and sell their goods. 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 welcome 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 limits, we pay particular attention to transport links for our properties. In towns and 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 stations, while our properties in Norderstedt and Hamburg-Billstedt are directly above or adjacent to underground stations. All our centers also have their own parking facilities that offer vis- itors and customers convenient and affordable parking, even in downtown areas, ensuring optimum accessibility by car. Many of our properties outside city centers offer free parking. These particular locations are alongside motorways, 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. Parking spaces reserved for people with disabilities, 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 elec- tric vehicles and joint ventures with car-sharing services are just a few examples that show how we are always thinking of tomorrow. In addition, we are gradually fitting more and more of our parking facil- ities 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 quickly direct visitors back to their parking spaces after they have finished wandering around our 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. 31 Forum, Wetzlar 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 spot 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 2020

The portfolio / CENTER SHOPPING WITHOUT BORDERS - FOR ALL! STEP-FREE ACCESS, WIDE DOORWAYS AND PLENTY OF SPACE TO MANOEUVRE MEAN THAT PEOPLE WITH DISABILITIES CAN ENJOY MAXI- MUM MOBILITY IN OUR CENTERS AS WELL. Everything is designed to ensure that all visitors enjoy spending time at the center and want to come 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 improvements to the signage inside the center, lighting upgrades and new colour schemes in the malls. Seating and lounge areas with smartphone 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 without saying that our centers are designed to be used by all generations. Wide malls, escalators and lifts mean that it is easy to explore every corner of the center, even with pushchairs or wheelchairs. SUSTAINABILITY GOES WITHOUT SAYING All our German centers have been operating on certified green elec- tricity since 2011. Our foreign properties are in the process of being switched to energy from renewable sources. We also want to reduce the overall energy consumption of our properties on an ongoing basis and in so doing to cut CO2 emissions. To this end, we use ultra- modern technologies such as heat exchangers and LED lighting sys- tems. We also constantly seek dialogue with our rental partners with the aim of working together to reduce energy consumption in the individual shops. The refuse in our centers is separated not just into paper/cardboard, lightweight packaging and glass, but also into left- over food and residual waste. The German Sustainable Building Council (DGNB) has awarded pres- tigious sustainability certificates in gold or platinum to all 21 shop- ping centers in our 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. 33 A SECURE FUTURE THROUGH COMPLETE FLEXIBILITY Retail is driven by constant change. One particular challenge we face as the lessor is to be able to meet the frequently changing require- ments and needs of our tenants. Some tenants expand their retail spaces so they can convert the shop from a purely retail area into a true experience arena. The idea is to give customers more opportunities to take the time to test the desired product on site. Ever more intensive consultation is also part of this. All these factors play an increasingly important role, par- ticularly at a time when more and more people are shopping online. Deutsche EuroShop / Magazine 2020

THE TEN LARGEST TENANTS (share of rental income in %), as at 31 December 2020 The portfolio / CENTER Total of the top 10 tenants: 20.8% Other tenants: 79.2% Bestseller 1.3% 3.3% H & M Thalia 1.4% 2.5% Peek & Cloppenburg dm drogerie markt 1.7% Douglas 1.9% 2.4% Ceconomy 2.2% New Yorker C & A 2.1% 2.1% Deichmann 35 RESIDUAL TERM OF RENTAL AGREEMENTS IN PLACE (Long-term rental agreements, share in %), as at 31 December 2020 45% 2026 onwards 9% 2021 10% 2022 11% 2023 2025 13% 12% 2024 Deutsche EuroShop / Magazine 2020

The portfolio / CENTER FOCUS ON FASHION The fashion industry dominates our retail mix at around 52%. The large fashion offering at our centers is confirmed time and again in customer surveys. It is one reason why customers are willing to travel sometimes long distances from the surrounding area to enjoy the wide selection and quality of advice given. The individual mix of tenants 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 international chains. The colourful structure of our centers offers visitors something different each time and the opportunity to satisfy a vast range of consumer needs. for nothing that more and more online-only retailers are learning that pure branding mostly takes place offline and that direct and per- sonal contact with customers is often the best prerequisite even for subsequent online purchases. Multichannel marketing also has a part to play here, enabling our tenants to combine various means of communication and distribu- tion. For example, products that are out of stock in a store in the required size or colour 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. By integrating a variety of digital services into our centers, we are responding to the challenges presented by both the current pan- demic as well as by online trading. These include apps and social media offerings for each individual center. DIGITAL SUSTAINABILITY The Internet continues to influence the transformation of retailing. This trend has even been accelerated due to the pandemic. We want to bring together the best of both worlds in our centers, offline and online, and showcase the strengths of our tenants: atmosphere, ser- vices, fitting rooms, immediate availability of merchandise. It is not All our German shopping centers are connected to the digital mall developed by our partner ECE. This enables our customers to find information on the availability of products, sizes and prices at any time, wherever they may be in the center. As part of the next stage of development, customers will be able to reserve their desired prod- ucts at many centers and then simply collect them later on site. RETAIL MIX (in % of rental space), as at 31 December 2020 37 Services 1.7% Catering 4.8% Health sector 6.6% Food 6.6% 11.0% Department stores / consumer markets 51.5% Clothing 17.8% Hardware / electronics Deutsche EuroShop / Magazine 2020

The portfolio / CENTER TOGETHERNESS IS OUR STRENGTH Service is always center stage at our centers. There are Ser- vice Points manned by friendly staff who can answer any ques- tions about the center. Gift vouchers and other items can also be bought there, and many of them hire out children’s buggies. Dig- ital touchpoints that enable communication with service staff by live video chat are the perfect complement to traditional customer information. We are also leading the way with our 3D Wayfinders, which show users how to get to the shop they want with authentic 3D visual- isation, 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 cus- tomer toilets and cash machines complete the services. Cleanliness and hygiene are a given. Every one of our tenants is automatically also a member of the mar- keting association 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 with the center management, thus transforming the shopping center into a lively marketplace. Fash- ion shows, art exhibitions, country-themed weeks and information events dealing with a whole range of topics offer visitors new and fresh experiences time and again. Local associations and municipal authorities are also involved in the plans and are given the opportunity to represent themselves in the center. The lavish center decorations for the Easter and Christ- mas periods are among the projects handled by the marketing associations. Another important area of the work is coordinating coherent social media and advertising 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 provides read- ers with regular and professional updates on all events and news relating to the center. Radio ads, adverts on and inside local public transport, and illuminated advertising posters also ensure that the advertising measures reach a large audience. 39 Deutsche EuroShop / Magazine 2020

COMPONENTS OF THE MODUL AR HYGIENE AND PREVENTION CONCEPT • Social distancing measures (floor markings, one-way traf fic system, etc.) • Queuing concept • Barriers (sneeze guards, etc.) • Increased securit y staf f to verif y compliance with measures • Cleaning and disinfection measures • Capacit y limits and access restriction concepts Information concept for customers, • tenants and authorities • Digital checklist management for the implementation of measures • Occupational safet y concept including emergency measures in case of infection • A shif t system for employees to minimise contact circles • Orientation and training concept for employees • Personal protective equipment • Decentralised creation of center-specific hygiene and prevention concepts based on the modular system of measures in order to comply with respective regional / local regulations and to take into account the specifics of each building 41 Deutsche EuroShop / Magazine 2020

The eternal basic rule of the location factor / CENTER 43 Stadt-Galerie, Passau MARKETPLACE Even in antiquity, goods were traded on a mostly central square. Sellers were able to offer their merchandise to buyers who were also present. Classical Athens had special- ised markets. At the wine market, wines could be tasted and bought at a tasting stand. Free market access was the norm. As a result, the exclusion of the Megarians from the markets of Athens in 432 BC is believed to have been what led to the outbreak of the Peloponnesian War. Since the very begin- nings of urban development, markets have been the centers of urban life and often also areas of great importance for urban plan- ning purposes. Given their function, they were often situated at the heart of a town or city. The history of Germany’s marketplaces dates back to the 10th century. In the Middle Ages, markets mostly devel- oped along overland roads, primarily where these roads intersected. In Nuremberg, the main market is located within the walls of the old town, right next to the town hall. Even today, municipalities place great importance on enhancing their town centers. impression gained on site remains crucial. This starts with how to get there, be it by car, public transport, bicycle or on foot. When buying an apartment, you don’t want to hear the noise of a nearby motorway or railway line. By contrast, easy accessibility and reg- ular local public transport are desirable. HARD AND SOFT LOCATION FACTORS A distinction can be made between hard and soft factors. When it comes to real estate – no matter what type – subjective factors and even instincts also play a role. Economic considerations should not be underesti- mated for commercial properties. Therefore, whereas desk-based and internet research can lay the groundwork for a decision, the For traders and transport companies, loca- tion plays an all-important role. This also applies to service companies. Online trad- ers who don’t have walk-in customers like bricks-and-mortar retailers need an excel- lent infrastructure as well as storage capac- ities. Logistics companies prefer tran- shipment points close to motorways, rail networks, airports or ports. Deutsche EuroShop / Magazine 2020

The eternal basic rule of the location factor / CENTER Incidentally, the Hamburger Meile, which is now managed by ECE, would have been not only Hamburg’s first shopping center but also the first inner- city shopping mall if extraordinary factors hadn’t delayed its realisation by a decade, from 1958 to 1968. This property is not part of the Deutsche EuroShop portfolio. Germany’s very first shopping center – the Main-Taunus-Zentrum in Sulzbach near Frankfurt – opened its doors in 1964. The center is located right by the A66 (colloqui- ally also known as “Route 66”), the road con- necting Frankfurt and Wiesbaden, which averages some 140,000 vehicles a day. These are just six examples of the high-qual- ity sites occupied by Deutsche EuroShop’s shopping centers. Each of the 21 shopping centers is a prime location. STRENGTHENING INNER-CITY RETAIL LOCATIONS AGAINST THE BACKDROP OF INCREAS- ING ONLINE SHOPPING The limited range of products offered by bricks-and-mortar retailers is one of the biggest competitive disadvantages they face when compared to online traders. In princi- ple, the frequency of use of retail locations will continue to play an important role going forward. Whether it’s at Galeria, MediaMarkt or P& C, so-called “smart natives” and sen- ior citizens alike are taking advantage of the possibility to reserve goods online and subsequently pick them up from a store (“click & collect”). MODERN SHOPPING TAKES PLACE ONLINE AND OFFLINE Shopping centers offer customers the advantage of being able to optionally search for products at between 50 and more than 200 shops and even enhance the shopping experience itself. One of the biggest stum- bling blocks for online shopping in custom- ers’ eyes – at least, according to general opinion – is that products can’t be tried out and the delivery date cannot be set exactly because the goods first have to be shipped over from Southeast Asia, for example. Vis- itors to a mall appreciate having a coffee or a snack before or after shopping, and then continuing browsing through and purchas- ing products. Of course, location also plays a role within a shopping center. And if a cus- tomer can’t understand the mall maps, the service point can help. NATURAL PATHWAYS: FREQUENCY ANALYSIS It is important to pay attention to natural pathways – especially in pedestrian pre- cincts. In contrast to offices, it’s not enough for retailers to be in the second row. In areas where retail has become established, when a site has to be modified, consideration is given to whether the development plan can be amended so that offices can be situated above retail zones. What is important for retail areas is which side and which part of a pedestrian precinct gets the most foot traf- fic. Automated real-time counting of pas- sers-by can help here, for example using artificial intelligence (AI). Interviews within the movement streams are still a module. However, AI also helps identify how long passers-by spend looking at shop windows or advertisements. THE DUMBBELL PRINCIPLE ECE, which manages Deutsche-EuroShop’s centers, has already successfully deployed the “dumbbell principle” 1 approach in its planning of shopping centers over many years. Its experienced center manag- ers know which tenant mix will attract the most customers to a mall. So-called “anchor 45 tenants” like H& M or the consumer electron- ics chain Saturn have a significant impact on the success of a shopping center. They are therefore placed in the middle of the shop- ping mall or at opposite ends. Even within a shopping center, it can be advantageous for stores to be situated near to anchor ten- ants. Where expensive women’s clothing is sold, jewellery and shoe stores are never far away. This is designed to “suck” custom- ers into the center. Often enough, planning permission for a shopping center is not even sought until the anchor tenants have signed their leases. CONCLUSION Location, location, location: Whether Lon- don, Hamburg, Gdansk or Passau, the old rules hold true. One decisive criterion for the development of a property’s value is its loca- tion. And when you add retail into the equa- tion, location is more than merely an attrib- ute. It is quite simply the basis for success. At shopping centers, this is one reason why established center managers ensure that visitor frequency is optimised subject to dif- ferent underlying conditions. “Click & collect” is just one of the modules of the future. Peo- ple are drawn like magnets to places they already know. In this way, customers almost automatically stumble across enduringly attractive tenants such as Saturn, REWE and C& A and thus discover the many other retailers that also give centers their individ- ual flair. 1 In the dumbbell principle, at least two anchor tenants are placed in such a way that customers must pass by as many of the other shops as possible to reach these anchor tenants. Deutsche EuroShop / Magazine 2020

Digitalisation of center operation / CENTER THE PROJECT The four start-ups were selected from a total of 26 participants in the Smart Build- ings Challenge, launched in summer 2019, and presented as the winners of the chal- lenge at the Bosch Connected World in Ber- lin, one of the leading conferences on digital transformation and the Internet of Things, in February 2020. In the next step, the winners are now in the process of implementing their concepts at a pilot shopping center run by ECE and con- ducting practical tests in close cooperation with the operational ECE project teams. All the involved stakeholders are working closely together to ensure successful imple- mentation of the project. This includes not only the challenge partners and winning start-ups, but particularly also the inter- nal ECE units that play a key role in the suc- cess of the overall project. On-site center management, corporate IT and facility man- agement personnel, for example, are also closely involved. Smart space flow analytics The Spanish start-up Cubelizer will employ smart space flow analytics and an artificial intelligence-based sensor network to meas- ure the routes taken by visitors to the mall, taking data-protection requirements into account, and will then map these in real time and prepare the data for analysis in a dash- board provided especially for this purpose. Smart building cockpit A project team from Holisticon will set up a smart building cockpit. This is a central dashboard for building data that presents information collected by aedifion and Thing Technologies visually and in a targeted and user group-oriented manner, providing the basis for extensive analyses of energy consumption. Smart metering system The start-up aedifion, which was founded in 2018, develops solutions for the cloud- based operation and optimisation of building automation systems. It will install a smart metering system for the automated record- ing, analysis and optimisation of energy con- sumption levels. Smart automated building The smart automated building approach of Thing Technologies aims to control and ana- lyse heating, cooling, ventilation and meter technology on the basis of the two other installed tools in order to propose measures for increasing efficiency. NEW APPROACHES TO TENANT COMMUNICATION Few aspects are as important as fast and uncomplicated communication between tenants and center management. This was demonstrated once again by the coronavi- rus crisis. To connect both sides even more effectively, our partner ECE offers a digital tenant portal in the form of an app. The ini- tial results of the pilot have already proven successful: 90% of the shops in the center have registered for the app and 70% are already actively using it. 1 2 3 4 Mithilfe Künstlicher Intelligenz werden die L auf wege der Kunden in der Mall gemessen und analysier t Digitales Mieterpor tal Mit dem „Smar t Automated Building“-Ansatz kann die Energie -Effizienz gesteiger t werden „Smar t-Metering-System“ zum automatisi- er ten Auslesen des Energieverbrauchs 4 OUTDOOR ANALYTICS 47 Where do visitors to the shopping centers come from? How much purchasing power do they have? How often do they come and, in particular, how long do they stay? These issues are highly relevant to investors and retailers alike from a wide variety of per- spectives, but until now it has not been pos- sible to analyse them in quantifiable form – beyond traditional customer surveys – on a daily basis. The aim of the outdoor analyt- ics project approach is therefore to use GPS technology to provide answers to precisely these questions. In the next step, insights can be gained that could lead to more tar- geted and customised marketing budget allocation and thus directly increase the number of visitors to the center. Deutsche EuroShop / Magazine 2020

Environment / CENTER ENVIRONMENT Climate protection is a top priority for Deutsche Euro- Shop. We firmly believe that sustainability and profita- bility are not mutually exclusive. Neither are shopping experience and environmental awareness. Long-term thinking is part of our strategy, and that includes a com- mitment to environmental protection. In 2020, al of our 21 shopping centers had contracts with suppliers that use renewable energy sources, such as hydroelectric power, for their electricity needs, and 19 centres exclusively purchased green electricity. The TÜV Süd certified this electricity for our centers in Ger- many with the renowned “Eco Power Product” label. The 21 centers used a total of around 65.8 million kWh of green electricity in 2020. This represented 79% of the electricity requirements to operate the shopping centers. Based on conservative calculations, this meant a reduction of around 26,625 tonnes in carbon dioxide emissions, which equates to the annual CO2 emissions of more than 1,210 two-person households. The use of heat exchangers and energy-saving light bulbs allows us to further reduce energy consumption in our shop- ping centers. Deutsche EuroShop also supports a diverse range of local and regional activities that take place in our shop- ping centers in the areas of the environment, society and the economy. REDUCTION OF CO2 EMISSIONS AND ELECTRICITY CONSUMPTION 49 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 25 20 15 10 5 0 Number of centers included Total electricity consumption in mwh CO2 reduction in t Deutsche EuroShop / Magazine 2020

never-ending anticipation / CENTER A QUICK LOOK-BACK: SUSTAINABILITY WAS ALSO IN FOCUS 20 YEARS AGO – ONLY DIFFERENTLY! Sustainability is not a new topic. It has long played a role in the development and operation of shopping centers. Of course, not under this name, and – to be honest – not with the intention of saving the world. Right from the beginning, however, the aim was to produce properties with a long lifespan. Materials were selected that were long-lasting. This was accompanied by flexible space concepts that enable rapid and resource-saving redesign in the rap- idly changing environment of a shopping center, as well as efficient building technol- ogy. The aim was to reduce costs for the ten- ant and owner and consequently to ensure as a primary goal that the value of the prop- erty is maintained. This in principle is exactly what sustainability is all about: conserving resources, increasing efficiency and secur- ing the value of the property in the long term. LOCATION, LOCATION, LOCATION: YES! DATA, DATA DATA: WHY? The strategic integration of the concept of sustainability into the shopping center sec- tor began around the beginning of the new millennium. In addition to establishing sus- tainable processes and structures within the company, a key step in this process was the systematic collection of sustainable data. Only if you know what you are consuming and where can you know where to intervene and take control. What sounds so simple is often not yet a standard. That’s because it is Deutsche EuroShop / Magazine 2020 51

In the area of mobility all DES centres are already equipped with e-charging infrastructure The quality of stay for visitors is an essential component in the construction and management of shopping centers. never-ending anticipation / CENTER OUTLOOK: THE INCLUSION OF ESG IN THE WORLD OF FINANCE – SUSTAINABLE FINANCE Because of our increasingly better under- standing, but also due to pressure from pol- iticians, the topic of ESG has gained fur- ther momentum despite the pandemic. To achieve the Paris climate target and make a CO2-neutral future a possibility, the Euro- pean Commission has made 750 billion euros available as part of a “Green Deal”. Part of this agreement relates to the Sus- tainable Finance Act, which aims to steer financial flows towards sustainability. To this end, Brussels has included an informa- tion and transparency requirement in the Disclosure Regulation (in force since March 2021). Financial market players such as capi- tal management companies, insurance com- panies, pension funds and banks are there- fore obliged to provide transparent reporting on climate and environmental data. Investors must be comprehensively informed about sustainable investment opportunities and it should be possible to compare investment options. To create greater transparency in real estate, a list of criteria – the “taxonomy” – is currently being developed, which will make real estate comparable in its asset classes from a sustainability point of view. With 20 years under its belt as a joint-stock company, DES is still a “youngster” – but in sustainability terms it is already a more experienced player. It is already on a sus- tainable path with its properties, and the company as a whole and can therefore look forward with “anticipation” to the evolution of ESG! 53 Deutsche EuroShop / Magazine 2020

EPRA sBPR Reporting / CENTER Analysis - Normalisation Energy and emissions intensity indicators are calcu- lated using floor area (m2) for whole buildings whilst water intensity is calculated using the total number of visitors. We are aware of the mismatch between nom- inator and denominator, as our consumption for elec- tricity relates to common areas only, whereas fuels, dis- trict heating and cooling and water data covers the entire building as we cannot separate common area from ten- ant area consumption. For our own offices, we report energy and emissions intensity performance measures using the floor area we occupy within the building whilst water intensity is calculated using the total number of employees. 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 located in similar climatic zones, sim- ilar 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 Table on page 58. NARRATIVE ON PERFORMANCE Portfolio performance In 2020, the environmental impact of our portfolio across our environmental indicators was notably reduced. The impacts of COVID-19 which resulted in wide-spread clo- sures due to lockdowns is evident in our performance. However, the reduction in energy consumption, water and waste may have been offset due to our shopping centres remaining open to provide essential services. The energy efficiency (measured in kWh /m2) of our port- folio improved by 14% between 2019 and 2020, and this was influenced by a 15% reduction in absolute and like- for-like electricity consumption, a 16% reduction in abso- lute and like-for-like fuel consumption and a 6% reduc- tion in absolute and like-for-like district heating and cooling consumption. Due to COVID-19, energy efficiency improvements were largely put on hold across the portfolio. We saw a 16% reduction in direct Scope 1 emissions equal to the decrease from fuels and a 29% reduction in indirect Scope 2 GHG emissions from electricity and dis- trict heating and cooling (using the location-based meth- odology). The GHG emissions intensity of our portfolio consequently reduced by 25% to 0.017 tCO2/m2 in 2020. Market-based emissions factors that account for the 72% 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 18% in absolute and like- for-like terms. However, the water intensity of our port- folio increased to 0.004 m3/visitor due to the reduction in footfall at our assets owing to shop closures and lock- downs due to COVID-19. All water is from the municipal supply. Waste produced across our portfolio decreased by 22% to 5.434 tonnes in 2020. Of this, 55% was recycled, 2% was composted and 43% was sent for incineration. Given that most waste is generated by our tenants, this is not under our direct operational control. We nonethe- less work with tenants to promote waste separation to increase the proportion of waste that is recycled. The changes compared with 2019 can be attributed to the fact that we continue to collect more accurate separa- tion data. 55 Deutsche EuroShop / Magazine 2020

EPRA sBPR Reporting / CENTER SUSTAINABILITY PERFORMANCE MEASURES PORTFOLIO ENVIRONMENTAL PERFORMANCE MEASURES Indicator EPRA code Unit of measure 2019 Coverage 2020 Coverage Change Total electricity consumption Elec-Abs kWh 74,642,700 100% 63,346,008 100% -15% 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 % from renewable sources 70% 72% Elec-LFL kWh 74,642,700 100% 63,346,008 100% -15% DH & C-Abs kWh 22,582,512 100% 21,294,908 100% -6% % from renewable sources n / a n / a DH & C-LFL kWh 22,582,512 100% 21,294,908 100% -6% Fuels-Abs kWh 30,639,493 100% 25,759,370 100% -16% % from renewable sources 0 0 Fuels-LFL kWh 30,639,493 100% 25,717,754 100% -16% Building energy intensity Energy-Int kWh / m2 Direct GHG emissions (total) Scope 1 GHG-Dir-Abs tCO2 Indirect GHG emissions (total) Scope 2 GHG-Indir- Abs tCO2 (market based) tCO2 (location based) Building GHG emissions intensity GHG-Int tCO2/m2 Total water consumption Water-Abs Total m3 Water-LFL m3 112 6,188 n / a 19,093 0.022 463,173 463,173 100% 100% 100% 100% 100% 100% 97 5,205 n / a 13,639 0.017 381,924 381,924 100% 100% 100% 100% 100% 100% -14% -16% -29% -25% -18% -18% 57 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% 0.004 100% 33% Waste-Abs tonnes 6,949 100% 5,434 100% % recycled % composted % sent to incineration 44 2 54 55 2 43 Waste-LFL tonnes 6,949 100% 5,434 100% % recycled %composted % sent to incineration 44 2 54 55 2 43 -22% 25% 0% -20% -22% 25% 0% -20% 0% 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 62% awarded DGNB Gold 38% 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. Deutsche EuroShop / Magazine 2020

EPRA sBPR Reporting / CENTER SOCIAL AND GOVERNANCE PERFORMANCE MEASURES Indicator EPRA code Unit of measure Indicator Employee gender diversity Diversity- Emp % of male & female employees Supervisory Board Executive Board Other employees 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 supervisory board members Number of independent supervisory board members 2020 33% female 67% male 100% male 40% female 60% male 8 80% na 0 0% 9 5 Process for nominating and selecting the highest governance body Gov-Selec Narrative description Process for managing conflicts of interest Gov-COI. Narrative description na = not applicable. Please see narrative on peformance. 59 Average tenure on the supervisory board 6.8 Number of independent/non-executive board members with competencies relating to environmental and social topics 0 The nomination and selection processes for the Board of Directors and its committees and the specific criteria used for nominating and selecting highest governance body members Corporate Governance Section (pg 88 of Annual Financial Report of the Group 2020) 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 88 of Annual Financial Report of the Group 2020) Deutsche EuroShop / Magazine 2020

The Deutsche Gesellschaft für Nach haltiges Bauen (German – Sustainable Building – Council, DGNB) awarded sustainability certificates in platinum and gold to all 21 shopping centers in our portfolio. CENTERS IN GERMANY 1 Main-Taunus-Zentrum, Sulzbach / Frankfurt 2 A10 Center, Wildau / Berlin 3 Altmarkt-Galerie, Dresden 4 Rhein-Neckar-Zentrum, Viernheim / Mannheim 5 Herold-Center, Norderstedt 6 Rathaus-Center, Dessau 7 Allee-Center, Magdeburg 8 Phoenix-Center, Hamburg 9 Billstedt-Center, Hamburg 10 Saarpark-Center, Neunkirchen 11 Forum, Wetzlar 12 Allee-Center, Hamm 13 City-Galerie, Wolfsburg 14 City-Arkaden, Wuppertal 15 City-Point, Kassel 16 Stadt-Galerie, Passau 17 Stadt-Galerie, Hameln Center Over view / CENTER Main- Taunus-Zentrum Sulzbach (Taunus) A10 Center Wildau / Berlin Investments: 52% Investments: 100% Leasable space: 124,000 m2 Leasable space: 121,000 m2 of which retail space: 91,000 m2 (plus C & A) Parking: 4,500 No. of shops: 170 Occupancy rate: 95% of which retail space: 66,000 m2 Parking: 4,000 No. of shops: 200 Occupancy rate: 99% Catchment area: 2.1 million residents Catchment area: 1.2 million residents 61 Purchased by DES: September 2000 Grand opening: 1964 Modernisation: 2004 Expansion: 2011 Anchor tenants: Anson‘s, Appel- rath Cüpper, Apple, Breuninger, Galeria Kaufhof, H & M, Hollister, Intersport, Media Markt, Zara Visitors in 2020: 5.4 million Address: Am Main-Taunus- Zentrum, 65843 Sulzbach (Taunus) main-taunus-zentrum.de Facebook 4.4/5 stars 34,386 fans MainTaunusZe- ntrum Instagram 5,250 follower maintaunusze- ntrum Google 4.4/5 stars Purchased by DES: January 2010 Grand opening: 1996 Restructuring: 2010 –2011 Anchor tenants: Bambooland, Bauhaus, C & A, Hammer, H & M, Karstadt Sports, MediMax, Peek & Cloppenburg, real Visitors in 2020: 4.7 million Address: Chausseestraße 1, 15745 Wildau a10center.de Facebook 4.3/5 stars 28,235 fans A10Center Instagram 1,850 follower a10centerwildau Google 4.4/5 stars Deutsche EuroShop / Magazine 2020

Center Over view / CENTER 63 Deutsche EuroShop / Magazine 2020 Rathaus-Center Dessau Allee-Center Magdeburg Investments: 100% Investments: 50% Leasable space: 52,500 m2 Leasable space: 51,300 m2 of which retail space: 32,900 m2 Parking: 850 No. of shops: 90 Occupancy rate: 89% Catchment area: 0.3 million residents Purchased by DES: November 2005 Grand opening: 1995 Anchor tenants: H & M, Modehaus Fischer, REWE, Thalia, TK Maxx Visitors in 2020: 4.3 million Address: Kavalierstraße 49, 06844 Dessau-Roßlau of which retail space: 35,000 m2 Parking: 1,300 No. of shops: 150 Occupancy rate: 99% Catchment area: 0.9 million residents Purchased by DES: October 2011 Grand opening: 1998 Expansion: 2006 Anchor tenants: H & M, REWE, Saturn, Sinn, SportScheck Visitors in 2020: 6.8 million Address: Ernst-Reuter-Allee 11, 39104 Magdeburg rathauscenter-dessau.de allee-center-magdeburg.de Facebook 4.0/5 stars 18,694 fans rathauscenter- dessau Instagram 4,120 follower rathauss- centerdessau Google 4.2/5 stars Facebook 4.3/5 stars 53,817 fans AlleeCenterMD Instagram 4,560 follower alleecenter- magdeburg Google 4.3/5 stars

Center Over view / CENTER 65 Deutsche EuroShop / Magazine 2020 Forum Wetzlar Allee-Center Hamm Investments: 65% Investments: 100% Leasable space: 34,500 m2 Leasable space: 34,000 m2 of which retail space: 23,500 m2 Parking: 1,700 No. of shops: 110 Occupancy rate: 95% Catchment area: 0.5 million residents Purchased by DES: October 2003 Grand opening: 2005 Anchor tenants: Kaufland, Media Markt, Thalia Visitors in 2020: 5.1 million Address: Am Forum 1, 35576 Wetzlar of which retail space: 21,000 m2 Parking: 1,300 No. of shops: 90 Occupancy rate: 94% Catchment area: 0.4 million residents Purchased by DES: April 2002 Grand opening: 1992 Renovation / Restructuring: 2003 und 2009 Anchor tenants: C & A, H & M, Peek & Cloppenburg, Saturn, TK Maxx Visitors in 2020: 3.8 million Address: Richard-Matthaei-Platz 1, 59065 Hamm forum-wetzlar.de allee-center-hamm.de Facebook 4.3/5 stars 19,434 fans ForumWetzlar Instagram 1,930 follower forumwetzlar Google 4.3/5 stars Facebook 30,575 fans AlleeCenter- Hamm Instagram 2,650 follower alleecenter- hamm Google 4.2/5 stars

Center Over view / CENTER City-Point Kassel Stadt-Galerie Passau Stadt-Galerie Hameln Investments: 100% Leasable space: 27,800 m2 of which retail space: 20,000 m2 Parking: 220 No. of shops: 60 Occupancy rate: 93% Catchment area: 0.6 million residents Purchased by DES: September 2000 Grand opening: 2002 Restructuring: 2009 und 2015 Anchor tenants: H & M, New Yorker, Saturn, tegut Visitors in 2020: 5.4 million Address: Königsplatz 61, 34117 Kassel 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, Saturn, Thalia Visitors in 2020: 4.4 million Address: Bahnhofstr. 1, 94032 Passau Investments: 100% Leasable space: 26,000 m2 of which retail space: 19,000 m2 Parking: 500 No. of shops: 100 Occupancy rate: 93% Catchment area: 0.3 million residents 67 Purchased by DES: November 2005 Grand opening: 2008 Anchor tenants: Müller Drogerie, New Yorker, real, Thalia Visitors in 2020: 4.2 million Address: Pferdemarkt 1, 31785 Hameln city-point-kassel.de stadt-galerie-passau.de stadtgaleriehameln.de Facebook 51,987 fans CityPointKassel Instagram 5,450 follower citypointkassel Google 4.3/5 stars Facebook 4.4/5 stars 35,643 fans Stadtgalerie- Passau Instagram 6,270 follower stadtgalerie_ passau Google 4.4/5 stars Facebook 4.0/5 stars 12,515 fans StadtGalerie- Hameln Instagram 1,780 follower stadtgalerie- hameln Google 4.2/5 stars Deutsche EuroShop / Magazine 2020

Center Over view / CENTER Galeria Baltycka Gdansk, Poland City Arkaden Klagenfurt, Austria Árkád Pécs, Hungary Investments: 74% Investments: 50% Investments: 50% Leasable space: 48,700 m2 Leasable space: 36,900 m2 Leasable space: 35,400 m2 of which retail space: 43,000 m2 Parking: 1,050 No. of shops: 193 Occupancy rate: 95% Catchment area: 1.1 million residents Purchased by DES: August 2006 Grand opening: 2007 Anchor tenants: Carrefour, H & M, Peek & Cloppenburg, Reserved, Saturn, Zara Visitors in 2020: 5.3 million Address: al. Grunwaldzka 141, 80-264 Gdańsk, Poland of which retail space: 30,000 m2 Parking: 880 No. of shops: 120 Occupancy rate: 96% Catchment area: 0.4 million residents Purchased by DES: August 2004 Grand opening: 2006 Anchor tenants: C & A, Peek & Cloppenburg, Zara, H & M, Billa, Müller Drogeriemarkt Visitors in 2020: 3.7 million Address: Heuplatz 5, 9020 Klagenfurt, Austria of which retail space: 33,500 m2 Parking: 850 No. of shops: 130 Occupancy rate: 98% Catchment area: 0.7 million residents 69 Purchased by DES: November 2002 Grand opening: 2004 Anchor tenants: C & A, H & M, Media Markt, Interspar Visitors in 2020: 9.4 million Address: Bajcsy Zs. U. 11/1, 7622 Pecs, Hungary galeria-baltycka.pl city-arkaden-klagenfurt.at arkadpecs.hu Facebook 4.4/5 stars 71,881 fans galeriabaltycka Instagram 5,600 follower galeriabaltcka Google 4.4/5 stars Facebook 4.3/5 stars 20,473 fans cityarkanden- klagenfurt Instagram 5,220 follower cityarkaden- klagenfurt Google 4.3/5 stars Facebook 4.2/5 stars 42,955 fans arkadpecs Instagram 1,680 follower arkad_pecs Google 4.4/5 stars Deutsche EuroShop / Magazine 2020

The Shopping Center Share / INVESTOR RELATIONS CORONAVIRUS CRISIS DOMINATES SHARE PRICE PERFORMANCE SHARE PRICE PERFORMANCE IN UPPER THIRD OF PEER GROUP Following a year-end closing price for 2019 of €26.42, Deutsche EuroShop shares were steady in the first few weeks of 2020. On 3 January 2020, the share closed at €26.50, its highest level of the year. At the end of February, investor uncertainty rose sharply in connection with the coronavirus pan- demic. This led to considerable price falls in the DES share, those of our peers and stock markets worldwide. From mid-March to the end of October, the DES share price trended sideways, exhibiting large fluctua- tions between €9.50 and €15.50. During this phase, on 25 September, the share price hit its low for the year of €9.52. The price recovered from the beginning of Novem- ber onwards, and the DES share closed the reporting period on 30 December 2020 at €18.45. Deutsche EuroShop’s market capi- talisation stood at €1.14 billion at the end of 2020. The price of Deutsche EuroShop shares plummeted by 30.2% (previous year: +4.3%, +10.4% incl. dividend). As such, our share price performance in 2020 was below that of the European benchmark for listed real estate companies, the EPRA index (-10.0%), but nevertheless in the upper third of its European peer group, which reported aver- age declines of 38.6% (median: -41.0%). The benchmark index for smaller companies, the SDAX, gained 18.0% in the year under review. Over the past year, German open-ended prop- erty funds achieved an average performance of +2.5% (2019: +3.2%) and attracted cash inflows of €8.3 billion (2019: €10.6 billion). 1 Atrium European Real Estate, Carmila, Citycon, Eurocommercial Properties, Hammerson, IGD, Klepierre, Mercialys, Unibail-Rodamco-Westfield, Vastned Retail and Wereldhave. Billstedt Center, Hamburg 71 26.50 highest level of the year Deutsche EuroShop / Magazine 2020

The Shopping Center Share / INVESTOR RELATIONS Stock market performance DES share DAX SDAX EURO STOXX 50 (Europe) Dow Jones (USA) Nikkei (Japan) 2020 -30.20% 3.60% 18.00% -5.10% 6.30% 16.00% 2019 10.40% 25.50% 31.60% 24.80% 22.30% 18.20% SHARE PERFORMANCE AND MARKET CAPITALISATION OVER THE LAST 10 YEARS Share performance in % Market capitalisation in € million 73 1,707 32.7 1,717 4.5 1,280 -11.1 1,953 2,183 2,086 2,098 17.7 15.3 1,140 1,566 1,632 10.4 -1.2 -8.6 -21.8 -30.2 2,500 2,000 1,500 1,000 500 40 30 20 10 0 -10 -20 -30 -40 Annual development incl. dividend 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Deutsche EuroShop / Magazine 2020

The Shopping Center Share / INVESTOR RELATIONS AWARDS FOR REPORTING QUALITY INSTITUTIONAL INVESTORS STOCK UP The European Public Real Estate Association (EPRA) has again recognised the transparency of our reporting in terms of sector-specific financial ratios and on the topic of sustainability with a Gold Award. Further awards for our capital market communications can be found on our website at www.deutsche-euroshop.de/Investor-Relations/ Contact/Awards Shareholder structure 35.9% Institutional investors 24.4% Private investors 20.0% Alexander Otto 5.1% PGGM 5.0% State Street 3.3% Johannes Schorr 3.3% BlackRock 3.0% AXA The number of investors declined somewhat in 2020 after a multi-year increase: Deutsche EuroShop now has around 21,800 shareholders 2 (previous year: 24,600, -11%). This development, in which many smaller posi- tions have merged into a few large ones, is also visi- ble in the shareholder structure: Alexander Otto holds a 20.0% stake in Deutsche EuroShop AG, PGGM 5.1%, State Street 5.0%, BlackRock 3.3%, Johannes Schorr 3.3% and AXA 3.0%. In addition, other institutional investors hold approx. 35.9% (previous year: 35.6%) of the shares and private investors hold 24.4% (previous year: 25.3%). In a shareholder identification process, we regularly ana- lyse the international distribution of our shares. Over the past year, there were minimal changes in the regional breakdown. Investors from Germany continue to hold a clear majority in Deutsche EuroShop, almost unchanged at just under 63%, although the German stake has fallen by around six percentage points. Overall, the share- holder structure is still dominated by European investors (approx. 85%), with British investors leading the pack. Dutch and French investors in particular have rediscov- ered the DES share. North American investors currently hold around 14% of the shares in DES. 75 Shareholder structure regional 62.9% Germany 12.9% USA 6.6% United Kingdom 5.1% France 5.1% Netherlands 1.7% Norway 1.3% Switzerland 1.1% Canada 2.7% Rest of Europe 0.7% Rest of the World Deutsche EuroShop / Magazine 2020

10 reasons to invest in Deutsche EuroShop shares / INVESTOR RELATIONS TREND OF SHARE indexed – since 2016 180 160 140 120 100 80 60 40 20 2016 2017 2018 2019 2020 2021 EPRA SDAX Deutsche EuroShop The only public company in Germany to invest solely in shopping centers 77 Solidity combined with potential Prime locations Inflation-protected rental agreements High occupancy rate 10 REASONS TO INVEST IN DEUTSCHE EUROSHOP SHARES Proven, conservative strategy Cash flow that can be planned over the long term Solid performance track record Shareholder-friendly dividend policy Experienced management team Deutsche EuroShop / Magazine 2020

A trip down memor y lane with the DES share / INVESTOR RELATIONS distributors of children’s films were suddenly worth billions on the stock market and when the magic word “dotcom” promised quick profits for small investors. Established valuation criteria based on P/ E and P/ B ratios lost out to multiples based on assumed future revenues. After reaching the zenith, things went downhill in the second half of the year, accelerated by 9/11 as no story can replace sustained rising profits. Although the Deutsche Euroshop AG share also fell to €29, the decline was comparatively modest: the dividend of €1.92, which was paid again one year later, supported the share price with yields of up to 7.3%. The gap of up to 25% to book value suggested a recov- ery in the event of improved stock market sentiment. WHEN THE CANNONS BOOM Although the year 2002 was marked by widespread falling share prices and even though the prophets who had previously fuelled the euphoria were now almost proclaiming the economic “end of the world”, which institutional investors in particular almost helped bring about by selling off their stocks at rock-bottom prices, the share turned around shortly before the end of the year at €26.10, justify- ing the old stock market adage that “the darkest hour cometh before the dawn”. Another saying that it pays to “buy on the sound of can- nons” was once again proved to be right on the money; for indeed the gloom on the stock markets was dispelled with the start of the Iraq campaign, which drove up prices again in the second half of the year. According to the Nebenwerte-Journal, Deutsche EuroShop, which was featured in a cover story in February 2003 at a price of €30.05, was not just a company backed by profits but also one founded on substance. Furthermore, it had something in common with many other German shares at the time: with the DAX trading at 2,700, a massive undervaluation offered an invitation to buy and brush aside the prevailing doom-and-gloom scenario. The “professionals” at banks and insurance companies in particular thought there was no more upside for shares at all, so they sold at rock-bottom prices and advised against shares. dividend was soon paid at €1.92 again. There were 14 investments on the balance sheet, and accounting was changed from the Ger- man Commercial Code to IFRS. In the shopping centers, new kinds of posters caught the eye with the message: “She thinks about shop- ping, he thinks about his shares.” This traditional division of roles had been changing as more and more women were becoming share- holders. At that time, the campaign was also an indication of the con- stant efforts to make the share better known through intensive pub- lic relations work. Thanks to the increasing acceptance of shopping centers, Deutsche EuroShop was able to largely decouple itself from the weak retail environment and set further growth in its sights. BEFORE THE 1:2 SHARE SPLIT In the increasingly febrile stock market atmosphere that led to the financial crisis and ended in 2008, the DES share price also exceeded the NAV, which stood at €43.96 per share at the end of 2005. By then, there were investments in 16 shopping centers with a total area of 593,000 sqm. While the retail sector posted a nominal gain of 1.5%, DES rental partners were up 2.7%. The first capital increase of 10% took place in 2005. In 2007, the notional value of the no-par value shares was changed to €1.00 and the number of shares doubled from 17.2 to 34.4 million by means of a 1:2 split. Prior to this, the share had risen to its then all-time high of €59.72 and its market value to €1.3 billion. The share price was 17.4% above the NAV at the end of 2006. Stock markets ignored the signs of the already visible financial crisis; it took the Lehman bankruptcy to bring to the fore the extent of the runaway debt that had been created by the securitisation of vast numbers of worthless mortgages in the US, shaking the finan- cial markets worldwide. A subprime crisis turned into a financial and credit crisis, which in Germany meant the government stepping in to “guarantee” savings deposits and the state taking a stake in Commer- zbank. It is not surprising that real estate shares in particular came under massive pressure here in Germany and suffered price losses of up to 90%. Although the DES share was sucked in too, it remained rel- atively stable at €21.90 compared with its high for the year of €28.50 (constituting a drop of 23%), especially as there were hardly any fun- damental reasons for the decline; forecasts were even raised. “SHE” ALSO THINKS ABOUT SHARES Nevertheless, it was no problem at all to place all the shares held by Deutsche Bank over the counter in anticipation of rising profits from what were 11 investments in shopping centers. The strategy was still the same: to distribute the annual, ongoing liquidity sur- pluses from rental income almost completely as dividends; the pay- ments were made from the tax receipt account. For the first time, a net asset value (NAV) of €554 million was calculated as at 31 Decem- ber 2003, which exceeded the book value of €495 million in the con- solidated balance sheet by €59 million. The NAV per share of €43.56 was still 26% higher in April 2004 despite the rise in the share price to €34.50. By the end of the year, the gap had narrowed to 10%, as the share price of €39.05 exceeded its issue price again after four years. In May 2005, the NAV almost touched €43.30, and the next WORLD FLOORED BY FINANCIAL CRISIS Given the recession in the USA and its widening impact around the globe, it was advisable to bet on individual stocks of substance with good dividends, which at the beginning of 2009, after the Dax had tumbled by 55% to 3,666 points, included the likes of the DES share (at a low of €18.89) and which up for grabs for bargain prices. The dividend for the crisis year 2008 remained unchanged at €1.05, i.e. €2.10 split-adjusted, and was yielding up to 5.5%. Once again, it was clear that prices below the NAV, which stood at €27.43 at the end of 2008, were virtually an open sesame to share price gains. But it took a good dash of daring to buy against the prevailing “dooms- day mood”. The rewards came quickly when the stock market traf- fic light switched back to green. By 2011, the share capital had grown Deutsche EuroShop / Magazine 2020 79

Multi-year over view of key share data / INVESTOR RELATIONS 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 1,140 1,632 1,566 2,098 2,086 2,183 1,953 1,717 1,707 1,280 61,783,594 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 61,783,594 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 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.) 25.34 33.96 38.67 40.46 36.20 31.83 31.64 24.80 26.50 (03,01.) 9.52 (25,09.) 18.45 0.04 1 0.2 27.44 (21,05.) 22.54 (16,08.) 26.42 0.00 0 1.50 5.9 1.45 4.3 1.40 3.6 1.35 3.3 1.30 3.6 -30.2%/ – 4.3%/ 10.4% -25.4%/ -21.8% -12.2%/ -8.6% -4.4%/ -1.2% 11.8%/ 15.3% 13.7%/ 17.7% 1.25 3.9 0.6%/ 4.5% 1.20 3.8 1.10 4.4 27.6%/ 32.7% -14.4%/ -11.1% 153,503 (incl. Multi- lateral Trading Facilities >455,895) 2 149,891 (incl. Multi- lateral Trading Facilities >458,797) 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) 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) EPS (€) (undiluted) -4.07 1.81 1.29 2.31 4.11 5.73 3.29 3.17 2.36 1.92 All share price information relates to Xetra 1 proposal 2 Source: Bloomberg, adjusted data, as of 16 March 2021 81 Main-Taunus-Zentrum, Sulzbach Deutsche EuroShop / Magazine 2020

Annual General Meeting / INVESTOR RELATIONS ANNUAL GENERAL MEETING MORE INFORMATION www.deutsche- euroshop.de/agm The agenda for the most recent meeting included a vote on a Super- visory Board member: Roland Werner was re-elected to the com- mittee for a further five-year term. The attendance at the time of the vote on all agenda items was 62.9%. The AGM for the 2020 financial year is scheduled to take place on 18 June 2021 and is planned to be held as a virtual event once more. As part of this, it is important for us to provide our shareholders with the means to participate in a safe, informative and uncompli- cated manner. You will be sent all the necessary documents by post or e-mail in good time. We will also keep you updated about this on our website. In future, in order to promote sustainability and reduce costs, we would like to switch increasingly to electronic mailing of invitations and hope we have your consent to do so. 83 Deutsche EuroShop’s Annual General Meeting (AGM) was held on 16 June 2020, albeit as a purely virtual event without the physical presence of shareholders for the first time due to the pandemic. For this, we set up a complete AGM studio in Hamburg, where only a small team of technicians and specialists gathered alongside the Supervisory Board, Executive Board and the company’s proxy sub- ject to strict hygiene regulations. Registered shareholders and their proxies could follow the entire AGM, including the Q& A session and votes, by joining a live audio- visual broadcast via a password-protected online service. An aver- age of about 240 people watched the livestream of the virtual AGM. CEO Wilhelm Wellner informed the shareholders in attendance about the events and results of the previous financial year. In his speech, Mr Wellner also addressed the current economic climate and the state of the shopping-center transaction market. Shareholders were additionally provided with detailed information on the impact of the coronavirus pandemic on the operation of our shopping centers. Another topic was the progress made in implementing the Digital Mall at our properties. Shareholders were given an opportunity to submit questions online in advance via a portal. In all, we received 121 questions from a total of 20 individuals or institutions, each of which was answered by the Executive Board and Supervisory Board. These also included various questions from the SdK and DSW, the German associations for the protection of small shareholders and securities holders respectively. The speeches and the associated presentation were made available to the general public shortly after the event at the web address given below. This site also contains an archive of agendas and other infor- mation relating to previous AGMs. Deutsche EuroShop / Magazine 2020

Marketing / INVESTOR RELATIONS MARKETING IN ADDITION TO SHARE MARKETING, WE FOCUS ON REFINING AND MAINTAINING THE DEUTSCHE EUROSHOP BRAND. OUR GOAL IS TO BOOST THE AWARENESS AND RECOGNITION OF THE BRAND EVEN FURTHER. DEUTSCHE EUROSHOP HAS ESTABLISHED ITSELF AS THE BRAND FOR INVESTMENTS IN SHOPPING CENTERS. IT’S ALL IN THE DETAILS In 2020, to coincide with the publication of our most recent financial figures, we placed advertisements in the trade press aimed at spe- cific target groups. However, we placed these ads more cautiously and in a manner appropriate to the situation. The design of our ads was simple and colourful. The motif of the four-part series looked identical at first glance, but – just like a shopping center – it was the details that mattered. Attentive viewers were able to spot that we reproduced the floor plans of all of our 21 centers in our adver- tisements over the course of the year. These image and information advertisements were intended to draw attention to our company and the current results publications. 85 ALLEE-CENTER MAGDEBURG STADT- GALERIE PASSAU CITY ARKADEN KLAGENFURT ALTMARKT-GALERIE DRESDEN Our advertisements over the course of the year RHEIN-NECKAR-ZENTRUM VIERNHEIM RATHAUS- CENTER DESSAU ALLEE-CENTER HAMM ALLEE-CENTER MAGDEBURG STADT- GALERIE PASSAU CITY ARKADEN KLAGENFURT ALTMARKT-GALERIE DRESDEN CITY- GALERIE WOLFSBURG MAIN-TAUNUS-ZENTRUM SULZBACH/FRANKFURT ÁRKÁD PÉCS RHEIN-NECKAR-ZENTRUM VIERNHEIM / MANNHEIM RATHAUS- CENTER DESSAU ALLEE-CENTER HAMM CITY- GALERIE WOLFSBURG MAIN-TAUNUS-ZENTRUM SULZBACH / FRANKFURT ÁRKÁD PÉCS Der Finanzbericht 2019 ist jetzt abrufbar unter www.deutsche-euroshop.de/IR Mehr Informationen über die Deutsche EuroShop finden Sie unter www.deutsche-euroshop.de STADT- GALERIE HAMELN PHOENIX-CENTER HAMBURG A10 CENTER WILDAU / BERLIN GALERIA BAŁTYCKA DANZIG HEROLD-CENTER NORDERSTEDT CITY-POINT KASSEL ALLEE-CENTER MAGDEBURG STADT- GALERIE PASSAU CITY ARKADEN KLAGENFURT ALTMARKT-GALERIE DRESDEN BILLSTEDT-CENTER HAMBURG SAARPARK-CENTER NEUNKIRCHEN FORUM WETZLAR CITY- ARKADEN WUPPERTAL OLYMPIA CENTER BRÜNN RHEIN-NECKAR-ZENTRUM VIERNHEIM / MANNHEIM RATHAUS- CENTER DESSAU A L L E E - C E N T E R HAMM CITY- GALERIE WOLFSBURG MAIN-TAUNUS-ZENTRUM SULZBACH / FRANKFURT ÁRKÁD PÉCS Die Quartalsmitteilung 3M 2020 ist jetzt abrufbar unter www.deutsche-euroshop.de/IR Mehr Informationen über die Deutsche EuroShop finden Sie unter www.deutsche-euroshop.de Deutsche EuroShop / Magazine 2020

Marketing / INVESTOR RELATIONS ONLINE PERFORMANCE INDICATORS OF DES CENTERS thousand fans 756 55 million people 5.2 million visits reached 72 thousand followers 6.7 thousand posts 80% mobile of which TOP 10 CENTER ON FACEBOOK Altmarkt-Galerie Dresden 88,777 FANS Galeria Bałtycka, Gdansk, Poland 71,881 FANS Rhein-Neckar-Zentrum 58,810 FANS Allee-Center Magdeburg 53,817 FANS City-Point Kassel 51,987 FANS SOCIAL MEDIA ALSO BOOMING Social media has established itself as a channel of communication – even for capital market participants. For many years, we have shown ourselves to be open to technical innovations and we actively use social media 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: Twitter Follow us on Twitter: www.twitter.com/DES_AG Facebook Become a fan on Facebook: www.facebook.com/euroshop 87 Saarpark-Center, Neunkirchen 44,359 FANS Instagram See photos and videos from DES at: www.instagram.com/deutscheeuroshop Olympia Center, Brynn, Czech Republic 43,680 FANS Árkád Pécs, Hungary 42,955 FANS Stadt-Galerie Passau 35,643 FANS Main-Taunus-Zentrum 34,386 FANS 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 2020

Glossar y / SERVICE 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. 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 Recommen- dations, which can be found at https://www.epra.com / finance / financial-reporting /guidelines EPRA NTA EPRA NTA: The EPRA NTA represents the net asset value based on a long-term business model. Here, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Intangible assets are eliminated in the process. The DES calculation is performed using the currently valid version of the EPRA Best Practice Recommendations, which can be found at 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). Gearing Ratio which shows the relationship between liabilities and equity. 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. 89 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). Food court Catering area of a shopping center, in which different vendors sell food at stations about a common seating area. Mall Row of shops in a shopping center. 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. 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. Deutsche EuroShop / Magazine 2020

Multi-year over view / SERVICE MULTI-YEAR OVERVIEW in € million Revenue 6 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 2 Liabilities Total assets Equity ratio in % 3 Cash and cash equivalents 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 5 231.5 197.5 2020 5 224.1 161.2 -79.2 -56.1 -52.3 -52.5 -49.3 -44.1 -39.1 -38.2 -34.3 -33.6 94.9 41.9 99.0 83.1 1.61 1.92 1.19 1,473.1 1,752.0 3,225.1 45.7 64.4 95.5 7.9 122.5 86.4 1.68 2.36 1.35 1,606.1 1,741.5 3,347.6 48.0 161.0 113.4 58.4 171.0 112.0 2.08 3.17 1.74 1,642.4 1,752.5 3,394.9 48.4 40.8 125.0 89.7 177.4 120.5 2.23 3.29 1.84 1,751.2 1,741.0 3,492.2 50.1 58.3 127.0 267.7 309.3 123.4 2.29 5.73 2.18 2,061.0 1,790.6 3,851.6 53.5 70.7 134.5 145.5 221.8 129.9 2.41 4.11 2.29 2,240.7 1,873.8 4,114.5 54.5 64.0 153.3 12.9 134.3 148.1 2.54 2.31 2.42 2,574.9 2,052.1 4,627.0 55.6 106.6 160.9 -58.3 79.4 150.4 2.43 1.29 2.39 2,573.4 2,036.8 4,610.2 55.8 116.3 163.1 -120.0 112.1 149.6 2.42 1.81 2.56 2,601.5 1,957.1 4,558.6 57.1 148.1 127.6 -429.6 -251.7 123.3 2.00 -4.07 2.02 2,314.8 1,922.6 4,237.4 54.6 266.0 Net asset value (EPRA) 1,427.3 1538,9 1,650.4 1,789.4 2,135.2 2,332.6 2,668.4 2,667.5 2,613.4 2,309.7 Net asset value per share in € (EPRA) Dividend per share in € 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 37.38 0.04 4 91 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 6 In 2020, there was a change in the disclosure of revenue with adjustment of the comparative figure for the previous year 2019. A comparison with the years 2011 to 2018 is therefore only possible to a limited extent. QUARTERLY FIGURES 2020 in Mio. € Revenue Net operating income (NOI) EBIT EBT (excluding measurement gains / losses 1) EPRA Earnings FFO EPRA Earnings per share in € FFO per share in € 01.01. – 31.03.2020 01.04. – 30.06.2020 01.07. – 30.09.2020 01.10. – 31.12.2020 55.8 50.0 48.3 40.8 38.5 38.6 0.62 0.62 53.6 30.0 30.2 21.3 21.3 21.3 0.35 0.35 55.0 41.0 39.6 31.3 31.0 31.0 0.50 0.50 59.7 45.5 43.1 34.2 33.7 32.4 0.55 0.53 1 Including the share attributable to equity-accounted joint ventures and associates Deutsche EuroShop / Magazine 2020