Deutsche EuroShop / 2021 KEYFIGURES in € millions / per share in € Revenue EBIT Net finance costs (excluding measurement gains / losses 1) EBT (excluding measurement gains / losses 1) Measurement gains / losses 1 Consolidated profit FFO Earnings EPRA Earnings Equity 2 Liabilities Total assets Equity ratio in % 2 Loan to value (LTV) in % LTV ratio (“look-through”) in % 4 Cash and cash equivalents Net tangible assets (EPRA) Net tangible assets per share in € (EPRA) Dividend per share in € 1 2 Including the share attributable to equity-accounted joint ventures and associates incl. non controlling interests 3 proposal 4 Ratio of net financial liabilities to long-term assets, calculated on the basis of the group share 2021 211,8 152,5 -26,9 125,6 -54,7 59,9 1,98 0,97 1,97 2.377,8 1.901,0 4.278,8 55,6 30,5 33,3 328,8 2.374,5 38,43 1,00 3 2020 224,1 161,2 -33,6 127,6 -429,6 -251,7 2,00 -4,07 2,02 2.314,8 1.922,6 4.237,4 54,6 32,9 35,8 266,0 2.309,7 37,38 0,04 + / - -5 % -5 % 20 % -2 % 87 % -1 % -2 % 3 % -1 % 1 % 24 % 3 % 3 % RE VENUE in € million 231,5 224,1 211,8 EBIT in € million 197,5 EBT * in € million 163,1 FFO per share in € 2,42 161,2 152,5 127,6 125,6 2,00 1,98 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 * excluding measurement gains / losses

Deutsche EuroShop / Annual report 2021 C O M B I N E D M A N A G E M E N T R E P O R T The information provided in the combined management report applies to both the Group and Deutsche EuroShop AG, except where otherwise stated. Reporting on the separate financial statements of Deutsche EuroShop AG is provided in a separate section of the com- bined management report. The Group managing company is Deutsche EuroShop AG. It is responsible for corporate strategy, portfolio and risk management, financing and communication. The Deutsche EuroShop Group has a central structure and lean personnel organisation. The remuneration report is no longer part of the combined manage- ment report. It will be published together with the note on the formal audit on the website of Deutsche EuroShop AG no later than the date of publication of the invitation to the Annual General Meeting. B A S I C I N FO R M AT I O N A B O U T T H E G R O U P Objectives and strategy The management focuses on investments in high-quality shopping centers in city centers and established locations offering the poten- tial for stable, long-term value growth. A key investment target is the generation of high surplus liquidity from leases in shopping centers, of which a significant part can be paid out to shareholders in the form of an annual dividend. To this end, the Company invests its capi- tal in shopping centers in different European regions in accordance with the principle of risk diversification. Germany is the main focus of investment. Indexed and revenue-linked commercial rents ensure that high earnings targets are achieved. GROUP BUSINESS MODEL, TARGETS AND STRATEGY The Company may invest up to 10% of equity in joint ventures in shopping center projects in the early stages of development. Deutsche EuroShop is an Aktiengesellschaft (public company) under German law. The Company’s registered office is in Hamburg. Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. A total of 21 shop- ping centers in Germany, Austria, Poland, Hungary and the Czech Republic are held in the real estate portfolio. The Group generates its reported revenue from rental income on the space it lets in the shopping centers. These are held by independent companies, with Deutsche EuroShop holding stakes of 100% in twelve of them and between 50% and 75% in the other nine. Further information on the incorporation of these companies into the consolidated annual results is provided in the notes to the consolidated financial statements. New investments should be financed from a balanced mix of sources, and external financing may not account for more than 55% of financ- ing across the Group over the long term. As a general rule, long- term interest rates are fixed when loans are taken out or renewed, with the goal of keeping the term (average fixed interest period) at over five years. Diversified shopping center portfolio Deutsche EuroShop has a balanced and diversified portfolio of German and European shopping centers. The management focuses on investments in prime (1a) locations in cities with a catchment area of at least 300,000 residents that bring a high level of investment security. 02

Deutsche EuroShop / Annual report 2021 EC O N O M I C R E V I E W MACROECONOMIC AND SECTOR-SPECIFIC CONDITIONS According to calculations by the Federal Statistical Office, gross domestic product (GDP) rose by 2.7% in the year under review despite the ongoing pandemic situation and increasing supply and materials bottlenecks. Despite this recovery, this did not compensate for the massive slump in GDP in the previous year (–5.0%), mean- ing that GDP in 2021 was still 2.0% lower than in the pre-corona- virus year 2019. In 2021, economic output increased again year on year in almost all sectors. Only construction, which actually made gains in 2020, suf- fered a slight decline of -0.4% due to bottlenecks in capacity and materials. Compared with 2019, no sector of the economy has yet been able to return to pre-crisis levels, with the exception of con- struction and information and communications, which also recorded growth during the pandemic. In particular, the economic sectors of other services (including sports, culture and entertainment) and trade, transport and hospitality continued to be affected by the corona- virus protection and closure measures, with price-adjusted gross value added in these sectors falling by 9.9% and 2.3%, respectively, compared with 2019. Private consumer spending stabilised in 2021 at the low level of the previous year. The reduction in VAT in the first half of 2020 meant that purchases of durable goods were brought forward, and this expenditure was therefore absent in 2021. By contrast, private con- sumer spending on non-durable consumer goods increased, and more was spent on travel again. As in 2020, the uncertain pandemic situation led to a significantly higher household savings rate (15%) than in the pre-crisis period. Alongside exports, government fiscal consumption expenditure was again a key growth driver in 2021, ris- ing by 3.4% in price-adjusted terms. The reasons for the increase in government spending included the procurement and supply of vac- cines, the free rapid antigen tests introduced in spring 2021, and the operation of testing and vaccination centers. The steps to open the economy in the early summer of 2021 revived demand for new employees, reducing the numbers of unemployed to an annual average of 2.6 million. This equated to unemployment of 5.7% (previous year: 5.9%). Following the previous peak of 6 mil- lion on short-time work in April 2020, the annual average number of short-time workers fell from 2.94 million to 1.85 million. Consumer prices in Germany jumped by 3.1% versus 2020. This was due, among other things, to base effects such as the tempo- rary reduction in VAT rates and the drop in the price of mineral oil products in the second half of 2020. However, supply bottlenecks also triggered significant price increases in the year under review. Energy products rose by 10.4%, goods by 4.3%, food by 3.2% and ser- vices by 2.1%. Real employee pay decreased by 0.1% in the year under review, according to the German Federal Statistical Office. Whereas in 2020 it was mainly the increased use of short-time work that contributed to the negative trend for nominal and real wages, in 2021 high infla- tion eroded the increase in nominal wages. According to provisional calculations by the German Federal Statis- tical Office, German retail sales (including online sales) posted nomi- nal growth of 2.9% and real growth of 0.7% versus 2020. Once again, online sales were the main contributor to the positive sales trend in retail, growing by around one fifth. Online retailing, which had already seen steady and strong growth in the past, received another boost in the second year of the coronavirus pandemic as consumers shifted to this shopping option. It is expected that bricks-and-mortar retail will not be able to regain its full share of sales after the pan- demic situation has returned to normal. Besides online retail, the centers’ competitive position in the Deutsche EuroShop portfolio is determined with reference to both the shops in the relevant city centers and other shopping centers in the catchment area. The centers also have to compete with major regional city centers. For example, the city centers of Dortmund, Mannheim and Braunschweig are serious rivals to the Allee-Center in Hamm, the Rhein-Neckar-Zentrum in Viernheim and the City- Galerie in Wolfsburg, respectively. There can be additional competition for city center retail in the form of growing numbers of factory and designer outlets on greenfield sites outside the city limits and to a certain extent also within them. However, plans pursued for years for designer outlet centers in Wup- pertal and recently in Remscheid, in the catchment area of our Wup- pertal shopping center, were abandoned again. Retail sector According to calculations by JLL, a consultancy firm in the real estate sector, an upward trend was observed again in 2021 in the conclu- sion of contracts for retail space in Germany following the corona- virus-induced slump of the previous year. A total of 434,600 sqm were leased in 952 transactions, equating to an increase of 13% year on year. However, the 2019 pre-crisis level of 499,900 sqm has not yet been recouped despite the significant revival. In 2021, demand was particularly strong for space of more than 1,000 sqm, which accounted for 53% of take-up. However, the German Retail Associa- tion (HDE) sees inner-city retailers as major victims of the after-ef- fects of the coronavirus crisis and estimates that around 16,100 (4.7%) of 344,300 stores and branches in Germany were permanently closed in 2021. 04

Deutsche EuroShop / Annual report 2021 The coronavirus pandemic also had a significant negative impact on the Deutsche EuroShop Group in financial year 2021. The first five months in particular were massively impacted by the store closures ordered by the authorities. When businesses were reopened in early summer, the situation had improved significantly. People were com- ing back to cities to socialise and enjoy themselves, and were eager to take advantage of the varied shopping experiences offered by the bricks-and-mortar retail trade and to eat out at local cafés and res- taurants. But this period was also still heavily affected by restric- tions that had a negative impact on the Group’s business model. In 2021, masks had to be worn at all times in the majority of the Deutsche EuroShop Group’s shopping centers and various access restrictions were in place, which were also tightened further as the number of infections increased from autumn onwards – for example, 2G (vaccinated or recovered) and 2G+ (vaccinated or recovered and tested) in the retail and food and beverages sectors. Footfall at our shopping centers reflected the course of the pandemic in 2021. While visitor numbers were still at 36% of pre-coronavirus levels in the first quarter of 2021 and improved to 75%, especially from the second and third quarters, they dropped again to 69% in the fourth quarter. Overall, customer traffic in 2021 was 59% of pre-coronavirus levels. Over the year, revenue from our tenants grew faster than customer footfall, averaging 69% of pre-crisis levels over 2021 as a whole. Shopping centers with fewer restrictions had an advantage here. In particular, the elimination of the mask man- date in some of the Group’s centers during the year had a positive impact on these sites, and customer footfall and tenant revenue jumped on the back of pent-up demand as restrictions were eased further. To manage the negative impact and aftermath of the lockdown on bricks-and-mortar retail, the Group proactively proposed partner- ship-based solutions and reached agreements with the majority of its tenants. In addition, the significant improvement in govern- ment assistance programmes afforded retailers some relief, which is helping to safeguard the Group’s properties. The Deutsche EuroShop Group itself has been granted €2 million for financial year 2021 under the third round of the bridging assistance programme. The occupancy rate was 94.3% as at the reporting date, compared with 95.4% at the end of 2020. The Group’s key financial figures reflect the impact of the pandemic and store closures in the first five months of the financial year and their aftermath. Revenue and EBIT came in at €211.8 million (–5.5%) and €152.5 million (–5.4%) respectively, down on the same period in the previous year, which itself had been affected – albeit to a lesser extent – by the business closures during the first lockdown. Earnings before taxes and measurement gains/losses (EBT before measure- ment) fell by 1.6% to €125.6 million. EPRA earnings and FFO adjusted for measurement and non-recurring effects were €122.0 million and €122.3 million respectively, down 2.1% and 0.9% on the previous year. By contrast, the collection ratio, which describes the ratio of rent paid to rent due, improved to 94.8% from 89.6% in 2020. Due to the great uncertainty in financial year 2021 regarding the extent and duration of the substantial impact of the coronavirus pandemic on tenants’ business and thus on the Group’s business outlook, it was not possible to estimate this development until the infection situation eased temporarily in the summer of 2021 as part of the publication of the half-year financial statements, with a target range for FFO per share of €1.70 to €1.90 for 2021. With FFO per share of €1.98, this range was exceeded. The main reasons for this were lower defaults coupled with smaller declines in rents than previously forecast. 06

Deutsche EuroShop / Annual report 2021 Revenue affected by the coronavirus pandemic Consolidated revenue was down 5.5% for the financial year, from €224.1 million to €211.8 million. This was due in particular to the rent concessions agreed with tenants, which generally provided for a 50% rent waiver for the closure periods. These were recognised directly in revenue as of the date specified in writing. Up to that point in time, revenues include the original rent owed, and rent concessions are booked under write-downs and derecognition of receivables. The coronavirus pandemic also resulted in defaults by tenants who got into payment difficulties, partial losses of revenue-linked rent, longer re-letting periods, higher vacancy rates owing to the corona- virus pandemic and changes to rental conditions on average. These were additional factors that contributed to the decline in revenue and deterioration in earnings. RE VENUE * in € million 218.5 225.0 231.5 224.1 30.7 36.7 37.7 33.8 211.8 35.9 187.8 188.3 193.8 190.3 175.9 RE VENUE in € thousand Main-Taunus- Zentrum, Sulzbach Altmarkt-Galerie, Dresden A10 Center, Wildau Rhein-Neckar- Zentrum, Viernheim Herold-Center, Norderstedt Billstedt-Center, Hamburg Allee-Center, Hamm Forum, Wetzlar City-Galerie, Wolfsburg City-Arkaden, Wuppertal City-Point, Kassel Rathaus-Center, Dessau Stadt-Galerie, Hameln DES Verwaltung GmbH 01.01. – 31.12.2021 01.01. – 31.12.2020 Change + / - in % 34,442 35,715 –1,273 –3.6 24,283 18,317 25,995 –1,712 21,984 –3,667 –6.6 –16.7 17,044 17,757 –713 –4.0 11,794 12,633 –839 –6.6 10,732 10,036 9,522 11,366 –634 11,482 –1,446 9,786 –264 –5.6 –12.6 –2.7 9,039 9,796 –757 –7.7 8,601 7,465 9,419 8,741 –818 –1,276 –8.7 –14.6 7,442 7,990 –548 –6.9 6,344 6,520 –176 –2.7 837 1,153 –316 –27.4 –5.5 % 2017 2018 2019 2020 2021 Domestic Abroad * In 2020, there was a change in the disclosure of revenue with adjustment of the comparative figures for the previous year 2019. A comparison with the years 2017 to 2018 is therefore only possible to a limited extent. Domestic 175,898 190,337 –14,439 –7.6 Galeria Baltycka, Gdansk Olympia Center, Brno Abroad TOTAL 15,823 20,031 35,854 12,517 3,306 21,250 –1,219 33,767 2,087 211,752 224,104 –12,352 26.4 –5.7 6.2 –5.5 250 200 150 100 50 0 Center operating expenses up on previous year due to higher non-apportionable ancillary costs Operating center expenses of €32.5 million in the reporting period (previous year: €28.3 million), which mainly comprised center man- agement fees, non-apportionable ancillary costs, land taxes, building insurance and maintenance, increased year on year by 15.1%. Oper- ating center expenses as a percentage of revenue increased from 12.6% to 15.4%. This was due to higher vacancy-related, non-appor- tionable ancillary costs, which could not be fully offset despite the timely introduction of targeted cost-cutting measures. 08

Deutsche EuroShop / Annual report 2021 EBT (excluding measurement gains / losses) down as a result of the pandemic The improved net financial income (excluding measurement gains / losses) was not enough to offset the decline in EBIT, with the result that EBT (excluding measurement gains / losses) fell year on year from €127.6 million to €125.6 million (–1.6%). Small net measurement loss in a changed market environment As in the previous year, the coronavirus pandemic likewise had a neg- ative impact on the measurement of the Group’s real estate assets (IAS 40). The impact of the ongoing pandemic continued to be felt even after retail and gastronomy were reopened subject to restrictions and led to a further change in property values. The measurement loss of €–54.7 million (previous year: €–427.6 mil- lion) resulted from the measurement of the Group’s real estate assets (IAS 40) and in the previous year, at €2.0 million, from the goodwill write-down for Olympia Brno. The goodwill write-down for Olympia Brno was the result in the previous year of the reversal of deferred taxes to be recognised in connection with the acquisition. The write- down was offset by corresponding income from the reversal of deferred taxes in 2020. Increase in taxes on income and earnings, deferred taxes Taxes on income and earnings fell to €3.3 million (previous year: €4.3 million) as a result of the decline in profit. Deferred tax provisions, including the share included in the at- equity result, increased by €7.6 million in the year under review as a result of the write-downs of the tax balance sheet values and the decline in the fair values of real estate (previous year: reversal of €54.6 million). EPRA earnings down EPRA earnings, which exclude measurement gains / losses, fell significantly to €122.0 million or €1.97 per share, due mainly to the decline in revenue. increased markedly by At €59.9 million, consolidated profit €311.6 million compared with the same period in the previous year (€–251.7 million), which recorded a significantly higher measurement loss. Earnings per share were up accordingly from €–4.07 to €0.97, a rise of €5.04. Measurement losses on real estate assets, after minority interests, broke down into €–58.8 million (previous year: €–353.8 million) from the measurement of the real estate assets reported by the Group and €4.1 million (previous year: €–73.8 million) from the measurement of the real estate assets of the joint ventures recorded on the balance sheet according to the at-equity method. 120 160 The average value of Group properties, after ongoing investments, fell by –1.5% (previous year: –10.7%); individual measurement gains/losses ranged between –7.9% and 2.9%. With market yields largely unchanged over the course of the financial year due to a dearth of market transac- tions, adjusted market rents and longer post-rental periods had a par- ticular strong impact here. The occupancy rate at the end of the year was 94.3% (–1.1 percentage points). 80 40 EPR A E ARNINGS in € million / per share in € 141.3 2.42 147.4 2.39 158.3 2.56 124.5 122.0 2.02 1.97 0 2017 2018 2019 2020 2021 10

Deutsche EuroShop / Annual report 2021 Results of operations of the segments The subsidiaries and equity-accounted joint ventures are included in the Group’s segment reporting in proportion to the Group’s share therein. A distinction is made between the shopping centers in Germany (“domestic”) and elsewhere in Europe (“abroad”) (for further details, please see our statements on segment reporting in the notes to the consolidated financial statements): in € thousand Revenue Domestic Abroad EBIT Domestic Abroad EBT (excl. measurement gains / losses) Domestic Abroad 01.01. – 31.12.2021 01.01. – 31.12.2020 226,449 184,061 42,388 166,459 132,798 33,661 128,074 101,323 26,751 238,391 197,880 40,511 175,330 142,793 32,537 132,015 106,530 25,485 Change + / - –11,942 –13,819 1,877 –8,871 –9,995 1,124 –3,941 –5,207 1,266 in % –5.0 –7.0 4.6 –5.1 –7.0 3.5 –3.0 –4.9 5.0 As a global event, the coronavirus pandemic had a massive negative impact on all our shopping centers, which countries responded to differently in the form of restrictions and protective measures. Compared with the previous year, there were fewer closed days overall in our shopping centers abroad, while their number increased in Germany. Accordingly, revenue and thus EBIT and EBT (excluding measurement gains / losses) in the segments moved in opposite directions compared with the previous year. In this context, it is also significant that in some of our foreign centers a suspension of the rental payment obligations during the closure periods was provided for by law. This meant that in the international segment, a higher proportion of the rent concessions had already impacted earnings in 2020, while in the domestic seg- ment a portion was only included in earnings in 2021. FINANCIAL POSITION OF THE GROUP Principles and objectives of financial management For the purposes of financing its investments, Deutsche EuroShop uses the stock exchange for procuring equity, as well as the credit and capital markets for procuring loans. Within the Group, both the individual property companies and Deutsche EuroShop AG act as borrowers from banks or, where necessary, bond debtors. Loans and bonds are taken out in euros for all Group companies. In general, the use of equity and loans for investments should be equally weighted and the equity ratio in the Group (including third-party interests) should not fall significantly below 45%. We finance our real estate projects on a long-term basis and also use derivative financial instruments to hedge against rising capi- tal market rates. Hedging transactions are used to hedge individual loans. An available credit line enables Deutsche EuroShop to react quickly to investment opportunities. Until used for investment, any cash not needed is invested short-term to finance ongoing costs or pay dividends. 12

Deutsche EuroShop / Annual report 2021 Of the 20 loans across the Group, 14 are subject to credit covenants with the financing banks. There are a total of 29 different covenants for debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income, the Group’s leverage ratio and its loan- to-value ratio (LTV). All conditions were met or suspended by mutual agreement with the banks. Based on current planning and estimates, the loan conditions will be met in 2022. With regard to the uncer- tainties relating to the planning period as a result of the coronavirus pandemic and the Ukraine conflict, please refer to the report on events after the reporting date. The Group’s operating net cash flow of €130.3 million (previous year: €111.1 million) constituted the amount generated by the Com- pany through the leasing of shopping center space after deduction of all costs. It is primarily used to finance the dividends of Deutsche EuroShop AG and payments to third-party shareholders as well as ongoing loan repayments and investments. Cash flow from investing activities consisted of cash-effective investment in portfolio properties (€18.8 million; previous year: €15.1 million). Scheduled repayments totalling €13.4 million will be made from current cash flow during financial year 2022. Over the period from 2023 to 2025, repayments will average €10.6 million per annum. Four loans totalling €225.6 million are due for refinancing in finan- cial year 2022, with one loan of €105.7 million already having been extended at the beginning of 2022. One loan of €209.1 million is then to be rolled over in 2023, and one loan of €58.7 million in 2025. Investment analysis In financial year 2021, investments continued to be made in mod- ernising and positioning the existing portfolio and amounted to €18.7 million after €15.1 million in the previous year. Liquidity analysis in € thousand 01.01. – 31.12.2021 01.01. – 31.12.2020 The cash flow from financing activities of €–48.7 million included the cash outflow from current repayments of financial liabilities of €46.3 million (including the short-term drawdown of the credit line of €30.0 million repaid in January 2021), the cash inflow from the assumption of financial liabilities of €6.7 million, the dividend payment to Group shareholders of €2.5 million (previous year: €0.0 million) and a payout to third-party shareholders of €6.5 million (previous year: €7.5 million). Cash and cash equivalents rose by €62.8 million in the year under review to €328.8 million (previous year: €266.0 million). NET ASSETS OF THE GROUP Total assets decline slightly The Group’s total assets increased by €41.4 million from €4,237.4 mil- lion to €4,278.8 million. Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVA- LENTS AT END OF PERIOD 130,266 111,088 –18,791 –14,576 in € thousand 31.12.2021 31.12.2020 –48,666 21,431 62,809 117,943 Current assets 377,900 303,657 Non-current assets 3,900,890 3,933,724 Current liabilities 279,230 211,169 Non-current liabilities 1,621,780 1,711,441 266,030 148,087 Equity (including third-party interests) 2,377,780 2,314,771 328,839 266,030 TOTAL ASSETS 4,278,790 4,237,381 Change 74,243 –32,834 68,061 –89,661 63,009 41,409 14

Deutsche EuroShop / Annual report 2021 Non-current assets down due to valuation losses on real estate assets Non-current assets rose by €32.8 million from €3,933.7 million to €3,900.9 million in the year under review. At 91.2% (previous year: 92.8%), they are still the most significant category of total assets. Investment properties fell by €43.6 million to €3,393.6 million, corresponding to a decline of –1.3%. While additions and the costs of investments in portfolio properties came to €18.7 million, reval- uation of the property portfolio resulted in measurement losses of €62.3 million. At-equity investments increased by €10.8 million, from €444.5 mil- lion to €455.3 million. The change is attributed to the share of profit / loss (€29.6 million) and the losses for the financial year (€18.8 million). Current and non-current liabilities declining on the whole The current liabilities of €279.2 million included four loans total- ling €225.6 million expiring in mid-2022, of which refinancing of €105.7 million had already been extended by the time the consoli- dated financial statements were prepared. 2025 2700 Non-current liabilities fell from €1,711.4 million to €1,621.8 million, which constituted a decline of €89.6 million, owing to the realloca- tion of the loan maturing in mid-2022 to current liabilities, as well as to the balance from scheduled repayments and the raising of new long-term loans. 1350 675 Equity (including third-party interests) At €2,377.8 million as at the end of the reporting year, equity (includ- ing third-party shareholders) was up €63.0 million on the previ- ous year (€2,314.8 million), mainly attributable to the consolidated profit. Redemption entitlements for third-party shareholders rose by €3.4 million, and the market values of swaps boosted equity by €2.1 million. The paid dividend reduced equity by €2.5 million. Net tangible assets according to EPRA Net tangible assets (NTA) stood at €2,374.4 million or €38.43 per share as at 31 December 2021, compared with €2,309.7 million or €37.38 per share in the previous year. Net tangible assets were therefore up by €1.05 per share (2.8%) year on year. EPR A NE T TANGIBLE A SSE TS * in € million / per share in € 2,668.4 2,667.5 2,613.4 2,309.7 2,374.4 43.19 43.17 42.30 37.38 38.43 0 2017 2018 2019 2020 2021 * 2017 – 2018 EPRA NAV EPR A NTA Equity Derivative financial instruments measured at fair value 1 Equity excluding derivative financial instruments Deferred taxes on investment properties and derivative financial instruments 1 Intangible assets Goodwill as a result of deferred taxes EPRA NTA Number of no-par-value shares issued as at the reporting date 31.12.2021 31.12.2020 in € thousand per share in € in € thousand per share in € 2,062,866 23,398 2,086,264 339,937 –32 –51,719 2,374,450 33.39 0.38 33.77 5.50 0.00 –0.84 38.43 2,003,246 26,138 2,029,384 332,059 –13 –51,719 2,309,711 32.42 0.42 32.84 5.38 0.00 –0.84 37.38 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates 16

Deutsche EuroShop / Annual report 2021 Expected results of operations With the withdrawal of coronavirus protections in the second quarter of 2021, our tenants’ operating figures – particularly customer foot- fall and tenant revenue – trended upwards, and collection ratios also improved. The increase in the number of infections in the autumn of 2021 and the protective measures prescribed in this context halted this trend. In particular, the introduction of 2G+ shortly before the Christmas shopping season, which is so essential for retailers, hit our tenants hard. Nevertheless, developments in the second and third quarters of 2021 showed that the bricks-and-mortar retail trade, also supported by the progressive networking of offline and online shopping, continues to offer a lot of appeal for consumers. People still want to go shopping as an experience where they can meet other people and touch and feel the merchandise. With regard to the pandemic, we are therefore confident that 2022 will be pos- itive for our tenants given the relaxations announced for the first quarter and that we will thus achieve a much more stable and pre- dictable rent level again. However, the impact of the Ukraine war on supply chains, energy supply and prices, as well as on the consump- tion behaviour of customers and therefore on the bricks-and-mortar retail trade, cannot be estimated at present. We have recently seen a noticeably positive trend in our key operat- ing figures, even if these are currently still well below pre-crisis lev- els in some cases. This may result in further insolvency-related rent reductions or losses for our tenants; moreover, it is uncertain to what extent ongoing immunisation will be sufficient to prevent a repeated increase in the number of infections in the autumn of 2022 and to ensure protection against possible new virus strains. Against the backdrop of the pandemic situation, which has not yet been overcome, and the outbreak of the war in Ukraine, the bricks- and-mortar retail sector continues to face special challenges, result- ing in increased uncertainty with regard to economic and business developments. Based on the current situation, we expect total funds from operations (FFO) of €1.95 to €2.05 per share for financial year 2022 (2021: €1.98). We are expecting slightly lower revenue (2021: 211.8 million), EBIT at the level of the previous year (2021: 152.5 mil- lion) and a slight increase in EBT (excluding measurement gains / losses) (2021: €125.6 million). This assumes that the pandemic situation can be brought under lasting control without store closures or significant restrictions on center operations, that private consumer spending is not significantly affected by the war in Ukraine and continues to grow over the course of the year, and that tenant revenue and the collection ratio improve further as a result. These forecasts are also based on the assump- tion that the government coronavirus support programmes prom- ised in Germany and most recently extended to 30 June 2022 will be granted to a significant proportion of our affected tenants and paid out promptly. FFO PER SHARE in € Result 2.00 Result 1.98 Target 1.95 – 2.05 2020 2021 2022 Dividend policy Since our Annual General Meeting last year and businesses were fully authorised to open in June 2021, we have continued to build our liquidity despite the significant negative fallout from the lockdowns as well as the impact of store closures. With the aim of returning to a reliable dividend policy and continuing to focus on securing the Com- pany’s liquidity, the Executive Board, together with the Supervisory Board, has decided to propose to the Annual General Meeting that a dividend of €1.00 per share be distributed. 18

Deutsche EuroShop / Annual report 2021 Advice on limitations By virtue of the organisational, control and monitoring measures laid down in the Group, the internal control and risk management system enables the full recording, processing and evaluation of Company- related facts as well as their proper presentation in Group finan- cial reporting. Decisions based on personal judgement, flawed controls, criminal acts or other circumstances cannot be entirely ruled out, however, and may limit the effectiveness and reliability of the internal control and risk management system that is in use. Consequently, the appli- cation of the systems used cannot guarantee absolute security as to the correct, complete and timely recording of facts in Group finan- cial reporting. The statements made relate solely to those subsidiaries included in the consolidated financial statements of Deutsche EuroShop for which Deutsche EuroShop is in a position, directly or indirectly, to dictate their financial and operating policies. EVALUATION OF THE OVERALL RISK POSITION RISK MATRIX S E S S O L F O T N U O M A h g i h m u i d e m w o l Valuation risk Risk of rent loss Market and sector risks Rental risk n o i l l i m 5 € > Currency risk n o i l l i Valuation and cost risks m 5 – 1 € n o i l l i m 1 € o t p u Financing and interest rate risks Legal risk Personnel risk IT risk Risk of damage low 0% – 25% medium 25% – 50% high >50% LIKELIHOOD OF OCCURENCE The overall risk situation is presented in the following matrix. The potential extent of losses is calculated on the basis of the impact for the financial year following the year under review. A consolidated view is taken. The impact of the coronavirus pandemic continues to be the main factor in the analysis and assessment of the individual risks faced by the Deutsche EuroShop Group. The factors that could influence the likelihood of occurrence and severity of the individual risks as well as the evaluation of the overall risk position due to the Ukraine conflict cannot be estimated at the moment. Individual risks and the overall risk position are monitored on an ongoing basis and reassessed regularly. On the basis of the monitoring system described, Deutsche EuroShop AG has taken appropriate steps to identify developments that could jeopardise its continued existence at an early stage and to counteract them. The Executive Board has performed a wide range of scenario-based simulations in order to evaluate the potential effects of the coronavirus pandemic on the Company and Group’s continued existence. In this context, the impact on the liquidity of the Group and compliance with credit covenants has also been reviewed. The Executive Board is accordingly not aware of any risks that could jeopardise the continued existence of the Company and the Group. 20

Deutsche EuroShop / Annual report 2021 To counter the rising share of online retail along with potential pres- sure on space utilisation, bricks-and-mortar retail is embracing floor-space restructuring and focusing on good retail locations, opti- mising product ranges, improving the quality of service and placing an emphasis on individual consultations when shopping. The inter- connection between the offline and online worlds is also becom- ing increasingly important. In this respect, retailers are at different stages of progress and success, particularly so far as implemen- tation of their omni-channel concepts is concerned. If bricks-and- mortar retailers do not have an online presence or maintain only a very limited online offering, this means that during periods of pan- demic-related store closures and restrictions they have few or even no distribution options. As a result, the corporate reserves of the affected tenants are being stretched to breaking as the pandemic continues, and a number of retailers have already had to file for bankruptcy. The limited scope of state support measures and land- lord concessions have only been able to compensate for a portion of these losses. Since the start of the coronavirus pandemic, there has been an increased trend among retailers to step up the development or expan- sion of their own omni-channel strategies. Deutsche EuroShop AG is actively confronting this trend with a variety of measures. A key focus here is to optimise the integration of the offline and online shopping worlds through the Digital Mall concept, which aims to enable customers to see, prospectively reserve and order products that are immediately available in a shopping center conveniently and in just a few clicks via their smartphone or over the Internet. The basic functionality (“product search”) of Digital Mall was rolled out in all of our German shopping centers by the end of 2019. The offer- ing remains limited during the market launch phase. However, over 3.1 million products were already available by the end of 2021, and the omni-channel offering continues to grow through the successive integration of an ever-increasing number of retailers and locations. The leisure, customer experience and meeting point aspects of our centers are also being enhanced. In addition to the creation of attrac- tive and new restaurant spaces, this includes our “At Your Service” and “Mall Beautification” investment programmes which were launched back in 2018, even if these have been adjusted or partially postponed due to the coronavirus. The aim is to make the centers a more pleasurable place to be and to raise the quality of service through targeted investments in, among other things, improved service and lounge areas, modern entertainment zones for kids, simplified in-house navigation when searching for shops or parking using touch screens or smartphone solutions, and intelligent parking guidance systems. To increase the appeal of the centers, the expan- sion of the entertainment offering is also being examined and driven forward; for example, an indoor skydive concept successfully opened in our Rhine-Neckar Center in 2021 and has since also improved the location’s supraregional appeal. The conclusion of leases with as long a term as possible with tenants with high credit ratings across every retail segment also reduces market and sector risks. Since the outbreak of the coronavirus and until the pandemic situ- ation has stabilised to a significant degree, the huge impact of the business closures and restrictions have continued to dominate the business of our tenants and thus also influenced our profitability. On the basis of economic necessity and the legal framework and with a view to sustainable and long-term cooperation with our tenants, it may also be necessary in the future to seek economic solutions (e.g. temporary rent reductions) with our rental partners in a flexi- ble manner that is in line with the evolving course of the pandemic. Accordingly, we have set the loss amount and probability of occur- rence of market and sector risks unchanged at high. Rental risk The long-term success of the Deutsche EuroShop AG business model depends, in particular, on leases for retail space and the generation of stable and /or growing rental income in addition to low vacancy rates. Due to the medium-term and long-term renting of retail space, Deutsche EuroShop AG is not as reliant on short-term economic developments as companies in other sectors. However, given retail commerce’s greater dependency on the state of the economy, we cannot rule out the possibility of a change in economic conditions impacting Deutsche EuroShop AG’s business. Economic fluctuations in addition to structural changes in the retail market affect demand for floor space, rent prices and contractual conditions. Thus, there is the risk that floor space is not rented or is rented at inadequate prices or is rented under excessively unfavour- able conditions, for example with respect to lease terms or service charge apportionments. Low contributions to revenues from leasing and /or rising vacancy rates are also possible. As a result, income would turn out to be less than budgeted, and distributions to shareholders might have to be reduced. If the rental income for a property company is no longer sufficient to meet its interest and repayment obligations, this could lead to the loss of the entire property. 22

Deutsche EuroShop / Annual report 2021 Financing and interest rate risks Interest rate levels are materially determined by underlying macro- economic and political conditions and therefore cannot be predicted by the Company. There is a risk that refinancing may only be availa- ble at higher interest rates than before. This would negatively impact EBT and FFO. As at the reporting date, the Group’s financial arrangement for the most part involved long-term interest rate hedging. There is cur- rently no discernible risk to the Group in connection with changes in interest rates based on upcoming new financing and refinanc- ing agreements. On the basis of current interest rate levels and the available loan offerings, it is expected that refinancing can be con- cluded at lower interest rates than the original rates contracted and that the planned interest rates are attainable with sufficient cer- tainty. We are constantly monitoring the interest rate environment so as to be able to react appropriately to interest rate changes. We minimise the interest rate risk for new property financing as far as possible by entering into long-term loans with fixed-interest periods of up to ten years. Deutsche EuroShop AG occasionally uses derivatives that qual- ify for hedge accounting to hedge interest rate risks. These inter- est rate swap transactions transform variable interest rates into fixed interest rates. An interest rate swap is an effective hedge if the principal amounts, maturities, repricing or repayment dates, inter- est payment and principal repayment dates, and the basis of cal- culation used to determine the interest rates are identical for the hedge and the underlying transaction, and the party to the con- tract fulfils the contract. The Company counters the risk of default by stringently examining its contract partners which simultane- ously function as lenders. Interest rate swaps and the underlying transaction are generally reported as one item in the annual finan- cial statements. Financial instruments are not subject to liquidity or other risks. A test of effectiveness for the hedges described is imple- mented regularly. An economic or financial crisis, the substantial direct and indi- rect repercussions of the coronavirus pandemic on the operations and cash flow of retail properties as well as a clear intensification of online competition or a stricter regulation of the financial sector could lead to a significant deterioration of banks’ lending policies with respect to credit margins, financing terms and maturities as well as loan conditions, which would negatively affect the earnings and financial position of the Company. Under extreme circumstances, the financing market could dry up altogether. The possibility cannot be completely excluded that, due for example to a deterioration in the results of operations of individual property companies or a change in lending policy, banks may not be prepared to provide refinanc- ing or to extend credit lines. Deutsche EuroShop AG responds to this financing risk by concluding long-term loan agreements, avoiding the accumulation over time of loan maturities and observing conserva- tive debt ratios. Furthermore, the Company maintains long-term business relationships with a large number of investment, commer- cial and mortgage banks in its target markets in order to secure the best possible access to the capital markets. The Group is currently negotiating extensions or refinancing for the four loans of €225.6 million expiring in 2022, of which refinancing of €105.7 million had already been extended at the time the financial statements were prepared. Currency risk Deutsche EuroShop AG’s activities are limited exclusively to the European Union’s economic area. Manageable currency risks arise in the case of the eastern European investment companies. These risks are not hedged because this is purely an issue of translation at the reporting date and is therefore not associated with any cash flow risks. The currency risk from operations is largely hedged by linking rents and loan liabilities to the euro. There is a risk that if the Hun- garian forint, the Polish zloty or the Czech koruna were to plummet against the euro for an extended period of time, tenants would no longer be able to pay what would then be considerably higher rents denominated in a foreign currency. Risk of damage Real estate properties are subject to the risk of total or partial ruin on account of external factors (e.g. damage from fire or flooding, vandalism, terror attacks), which can lead to repair costs and leasing defaults. These types of damage are hedged to the greatest possible extent by insurance policies with insurers with a high credit rating. It is, however, conceivable that not all theoretically possible damage is adequately covered by insurance policies, or that this insurance cov- erage cannot be maintained on adequate terms in light of changing conditions in the insurance market, or that sufficient insurance pro- tection will not even be offered. In addition, insurers may deny their services, or a deterioration in the credit rating of an insurer may lead to potential defaults on payments in connection with the enforcement of insurance claims. In order to avoid damage, our properties are also actively secured by fire and burglary protection and anti-vandalism measures. 24

Deutsche EuroShop / Annual report 2021 Further external growth can also enhance the diversification effect in the Company’s holdings portfolio. Due to the great degree of flexibility in the implementation of our acquisition and holdings structures, combined with our good reputation with banks and as a reliable partner in the real estate market, the Company will be well positioned following stabilisation of the pandemic situation to continue to operate in the transactions market in such a way as to exploit opportunities going forward. AC Q U I S I T I O N R E P O R T I N G Deutsche EuroShop shares are traded on the Stock Exchange in Frankfurt am Main and other exchanges. As at 31 December 2021, 20.03% of shares were owned by Alexander Otto (previous year: 20.03%). The share capital is €61,783,594, comprised of 61,783,594 no-par- value registered shares. The notional value of each share in the share capital is €1.00. According to Article 5 of the Articles of Association, the Execu- tive Board is authorised, with the Supervisory Board’s approval, to increase the share capital by up to a total of €11,680,999 through individual or multiple issues of new no-par-value registered shares against cash and /or non-cash contributions before 27 June 2022 (Authorised capital 2017). As at 31 December 2021, no use had been made of this authorisation. In addition, the Executive Board was authorised by a resolution of the Annual General Meeting held on 28 June 2018 to acquire trea- sury shares in the Company constituting up to 10% of the share cap- ital available on entry into force or – if this is lower – on exercise of the authorisation by 27 June 2023. As at 31 December 2021, no use had been made of this authorisation. By resolution of the Annual General Meeting on 18 June 2021, the Executive Board was authorised, with the Supervisory Board’s approval, to issue once or several times, until 17 June 2026, con- vertible bonds with a total nominal value of up to €200 million and a maximum term of 10 years and to provide the holders of the respec- tive, equally privileged bonds with conversion rights to new no-par value shares in the Company up to a total of 10,000,000 shares (€ 10.0 million), as detailed in the terms and conditions for convert- ible bonds (“Bond conditions”) (“Conditional capital 2021”). The con- vertible bonds may pay a variable rate of interest, in which case, as with a participating bond, the interest may be dependent in full or in part on the level of the Company’s dividend. As at 31 December 2021, no use had been made of this authorisation. A change-of-control arrangement has been agreed with two employ- ees. Under this arrangement, if and insofar as the Company informs them that they will no longer be employed in their current positions, these employees will have a special right of termination with a notice period of one month up to the end of the quarter, which will be valid for twelve months from the date the change of control takes effect. A change of control arises if Deutsche EuroShop AG merges with another company, if a public takeover bid has been made under the German Wertpapiererwerbs- und Übernahmegesetz (WpÜG – Secu- rities Acquisition and Takeover Act) and accepted by a majority of shareholders, if the Company is integrated into a new group of com- panies or if the Company goes private and is delisted. In the event of such termination of the employment relationship, these employees will receive a one-time payment amounting to three months’ gross salary multiplied by the number of years that they have worked for the Company, but limited to a maximum of 24 months’ gross salary. Deutsche EuroShop Group does not currently have any other com- pensation agreements with members of the Executive Board or other employees for the event of a change of control. The material provisions governing Deutsche EuroShop AG, which include a change of control clause, primarily relate to bilateral credit facilities and various loan agreements. In the event of a takeover, the relevant lenders are entitled to terminate the facility and where applicable demand immediate repayment. A takeover is defined as a third party taking control of Deutsche EuroShop AG; the takeover may also be made by a group acting jointly. D EC L A R AT I O N O N C O R P O R AT E G OV E R N A N C E (S EC T I O N 289F, S EC T I O N 315D H G B) The combined declaration in accordance with Section 289f and Section 315d HGB on corporate governance and on the Corporate Governance Code is published on the Deutsche EuroShop website at www.deutsche-euroshop.de / EZU 26

Deutsche EuroShop / Annual report 2021 Taxes on income and earnings resulted in an expense of €4.1 mil- lion, compared with the figure of €1.4 million in the previous year. Of this amount, €3.6 million was attributable to the increase in deferred taxes (previous year: reversal of €0.1 million), and €0.5 million to taxes to be paid (previous year: €1.5 million). The decrease in taxes payable was due to a change in tax law in Poland, which led to a change in the tax liability during the year. Previously, Polish taxes had to be paid by Deutsche EuroShop AG for its Polish investment. NE T A SSE TS OF DEUTSCHE EUROSHOP AG (HGB) in € thousand 31.12.2021 31.12.2020 Financial investments 1,159,112 1,168,713 Other non-current assets Receivables and other assets Cash and bank balances Assets Equity Provisions Liabilities Deferred tax liabilities 104 3,439 119,069 145 457 79,211 1,281,724 1,248,526 1,090,010 1,061,775 1,966 105,201 84,547 1,899 103,862 80,990 Change + / - –9,601 –41 2,982 39,858 33,198 28,235 67 1,339 3,557 Liabilities 1,281,724 1,248,526 33,198 The decrease in financial assets resulted from the withdrawals from investees made in financial year 2021, reduced by the proportional net profits under commercial law. The equity ratio of Deutsche EuroShop AG remained unchanged at 85.0%, a very healthy and high level. FINANCIAL POSITION OF DEUTSCHE EUROSHOP AG (HGB) in € thousand Net profit Undistributed share in entitlement to profits Cash distributions on investees recognised in equity Measurement of investments not affecting liquidity Addition /reversal for deferred income taxes 1. Free cash flow from operating activities 2. Outflows for new investments 3. Inflows from equity 01.01. – 31.12.2021 01.01. – 31.12.2020 30,707 18,254 0 –14,109 11,414 0 –1,637 10,084 3,557 –160 44,041 14,069 0 0 0 0 Inflows /outflows from bank loans –1,799 –1,777 4. Inflows /outflows from financing activities 5. Other cash changes in the balance sheet 6. Dividend for the previous year –1,799 –1,777 87 –2,108 –2,471 0 Liquidity at the start of the year 79,211 69,027 Cash changes in liquidity (1st to 6th subtotal) Liquidity at the end of the year 39,858 119,069 10,184 79,211 Due to the lower share in earnings of investments and the partial waiver of distributions to strengthen liquidity in investments, free cash flow from operating activities of €44.0 million was generated in the year under review, which, as in the previous year (€14.1 mil- lion), was significantly below the pre-coronavirus level. For the past financial year, there was a return on the equity paid in amounting to €1,369.0 million of 3.2% compared with 1.0% in the previous year. Free cash flow per share rose from €0.23 to €0.71. Outflows from financing activities were the result of scheduled repayments of long-term bank loans. Taking into account the cash changes in net working capital, liquidity ended the year at €119.1 million. 28

Deutsche EuroShop / Annual report 2021 C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S C O N S O L I DAT E D B A L A N C E S H E E T Assets in € thousand ASSETS Non-current assets Intangible assets Property, plant and equipment Investment properties Investments accounted for using the equity method Non-current assets Current assets Trade receivables Other current assets Cash and cash equivalents Current assets Note 31.12.2021 31.12.2020 7. 7. 8. 9. 10. 11. 12. 51,751 244 3,393,554 455,341 3,900,890 22,763 26,298 328,839 377,900 51,732 330 3,437,145 444,517 3,933,724 19,822 17,805 266,030 303,657 TOTAL ASSETS 4,278,790 4,237,381 30

Deutsche EuroShop / Annual report 2021 C O N S O L I DAT E D I N C O M E S TAT E M E N T in € thousand Revenue Property operating costs Property management costs Write-downs and disposals of financial assets Net operating income (NOI) Other operating income Other operating expenses Earnings before interest and taxes (EBIT) Share in the profit or loss of associates and joint ventures accounted for using the equity method Interest expense Profit / loss attributable to limited partners Interest income Financial gains / losses Measurement gains / losses Earnings before tax (EBT) Taxes on income and earnings CONSOLIDATED PROFIT Earnings per share (€), undiluted and diluted Note 01.01. – 31.12.2021 01.01. – 31.12.2020 19. 20. 21. 10., 22. 23. 24. 9., 25. 17. 26. 27. 28. 211,752 –23,076 –9,471 –25,029 154,176 6,265 –7,940 152,501 29,612 –39,188 –13,408 7 –22,977 –58,821 70,703 –10,758 59,945 0.97 224,104 –18,581 –9,707 –29,218 166,598 2,400 –7,759 161,239 –51,482 –43,716 –13,501 547 –108,152 –355,845 –302,758 51,041 –251,717 –4.07 32

Deutsche EuroShop / Annual report 2021 C O N S O L I DAT E D C A S H F L O W S TAT E M E N T in € thousand Consolidated profit Income taxes Financial gains / losses Amortisation /depreciation of intangible assets and property, plant and equipment with a finite life Unrealised changes in fair value of investment property and other measurement gains / losses Distributions and capital repayments received Changes in trade receivables and other assets Changes in current provisions Changes in liabilities Cash flow from operating activities Interest paid Interest received Income taxes paid Net cash flow from operating activities Investments in investment properties Inflows from the disposal of investment properties Investments in intangible assets and property, plant and equipment Cash flow from investing activities Assumption of financial liabilities Repayment of financial liabilities Repayment of lease liabilities Payments to limited partners Payments to Group shareholders Cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD Note 01.01. – 31.12.2021 01.01. – 31.12.2020 26. 23. 25. 9. 10., 11. 18. 15. 26. 8. 14., 28. 14. 15. 17. 13. 12. 12. 59,945 10,758 22,977 171 58,821 18,788 –11,500 1,807 10,901 172,668 –38,922 7 –3,487 130,266 –18,732 0 –59 –18,791 6,678 –46,258 –98 –6,517 –2,471 –48,666 62,809 266,030 328,839 –251,717 –51,041 108,152 144 355,845 15,494 –15,920 193 –2,084 159,066 –43,669 547 –4,856 111,088 –15,053 490 –13 –14,576 45,721 –16,687 –89 –7,514 0 21,431 117,943 148,087 266,030 34 34

Deutsche EuroShop / Annual report 2021 2. BASIS OF CONSOLIDATION The scope of consolidation has not changed compared with the previous year. As at 01.01. / 31.12.2021 Domestic 1 Abroad 1 Total Fully consolidated subsidiaries Joint ventures included in the consolidated financial statements in accordance with the equity method Associates included in the consolidated financial statements in accordance with the equity method 11 4 0 4 3 1 15 7 1 1 Companies are allocated in accordance with the segment allocation based on the location of the respective shopping center. This may be different from the company domicile. Subsidiaries The consolidated financial statements include the financial state- ments of the parent company and of the companies controlled by it. Deutsche EuroShop AG gains control when it: • • • is in a position to take decisions affecting another company, is exposed to fluctuating returns and reflows from this holding, and is able, by reason of its decision-making capacity, to influence such returns. At every reporting date, a new assessment is carried out to establish whether or not an investee is controlled, by reference to whether cir- cumstances indicate that one or more of these criteria have changed. Financial information of subsidiaries with significant non-controlling interests The Group holds a stake of 52.01% in Main-Taunus-Zentrum KG, Ham- burg, and exercises a controlling influence over the Company. The other 47.99% of shares are in free float. The Company posted non- current assets of €693,992 thousand (previous year: €689,867 thousand) and current assets of €37,235 thousand (previous year: €30,842 thou- sand) as at the reporting date. Non-current liability items amounted to €209,412 thousand (previous year: €211,814 thousand) and current lia- bility items totalled €9,208 thousand (previous year: €8,759 thousand). The Company generated revenue of €34,442 thousand (previous year: €35,714 thousand) and net profit (after earnings due to limited partners) of €9.968 thousand (previous year: €–26,335 thousand). A dividend of €3,215 thousand (previous year: €3,305 thousand) was paid to limited partners in the year under review. Joint ventures Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are classified as joint operations and accounted for using the equity method. Deutsche EuroShop AG has a 75% stake in Stadt-Galerie Passau KG, Hamburg. On the basis of corporate agreements, Deutsche EuroShop AG does not hold the majority of voting rights or exercise sole control of this Company. Associates In accordance with IAS 28, where Deutsche EuroShop AG can exer- cise a significant influence but not control over companies, these investments are measured using the equity method. Investees Investments over which Deutsche EuroShop AG has neither signif- icant influence nor control are measured at fair value in principle. In line with IFRS 9, for initial recognition of an investment the Group has the irrevocable right to choose to record the fair value adjust- ment in other income as well. As at 31 December 2021 the Group had no investees. Shareholdings The list of shareholdings as required by Section 313 (2) HGB is attached as a note to the consolidated financial statements. The list of shareholdings also includes a conclusive list of all subsidiaries that meet the conditions of Section 264b HGB and have exercised the option of exemption from specific provisions regarding the prepa- ration, auditing and disclosure of the annual financial statements or management report. 3. CONSOLIDATION METHODS Under the purchase method, the cost is eliminated against the parent company’s interest in the re-valued equity of the subsidiaries at the date of acquisition or initial consolidation. Any remaining excess of identified net assets acquired over cost of acquisition is recognised as goodwill in intangible assets. Any negative differences are recog- nised in income following a reassessment. Joint ventures and associates are measured using the equity method. The cost of acquiring the investment is recognised here in income at an amount increased or reduced by the changes in equity corresponding to the equity interest of Deutsche EuroShop AG. Intragroup transactions are eliminated as part of the consolidation of intercompany balances, income and expenses. 36

Deutsche EuroShop / Annual report 2021 Changes in presentation Since the previous year, the costs that are transferred for build- ing insurance and property tax are no longer shown netted as these costs are part of the leasing component. As a result, revenue and property operating costs increased by €5,704 thousand in the previous year. Furthermore, since the previous year, write-downs and disposals of financial assets are reported separately in the consolidated income statement. Translation was based on the following exchange rates: € 1 = 31.12.2021 31.12.2020 Closing rate Average rate Closing rate Average rate Hungarian forint (HUF) 369.00 358.51 365.13 351.17 Polish zloty (PLN) Czech koruna (CZK) 4.60 24.86 4.57 25.41 4.61 26.24 4.44 25.41 Both changes in presentation were made within net operating income (NOI) in the consolidated income statement. In addition, Deutsche EuroShop AG had a bank account in US dollars with a value of $446 thousand in the previous year, which was trans- lated at an exchange rate of 1.23. 5. CURRENCY TRANSLATION The Group currency is the euro (€). The companies located outside the eurozone that are included in the consolidated financial statements are treated as legally inde- pendent, but economically dependent, integrated companies. The reporting currency of these companies is therefore different from the functional currency (€). Under IAS 21, annual financial statements prepared in foreign currencies are translated using the functional currency method, with the result that the balance sheet is to be translated as if the transactions had arisen for the Group itself, as the local currency of the integrated companies is deemed to be a foreign currency for these companies themselves. Monetary values are therefore translated at the closing rate and non-monetary items at the rate that applied at the time of initial recognition. Non-monetary items to be reported at fair value are translated at the closing rate. Items in the consolidated income state- ment are translated at average rates for the year or, in the event of strong fluctuations, using the rate that applied on the date of the transaction. Any translation differences arising if the translation rates of the balance sheet and consolidated income statement differ are recognised in profit or loss. 6. SIGNIFICANT ACCOUNTING POLICIES AND VALUATION METHODS Revenue and expense recognition As a general rule, revenue from leasing the investment properties is recognised on a straight-line basis over the term of the lease. Tenant incentives granted are distributed on a straight-line basis over the lease term and reduce revenue. The portion of tenant incentives granted but not yet distributed as at the reporting date is reported under current assets. The rental concessions granted in connection with the coronavirus pandemic, to the extent that they relate to receivables that arose in the period up to the contractual agreement with the tenant, are treated as a waiver of receivables and recognised as a disposal of financial assets. Rental concessions that affect the period after the contractual agreement with the tenant are treated as a modifica- tion to the lease and are distributed on a straight-line basis over the remaining lease term from the date the agreement was reached. This approach is not applicable with respect to the cessation or reduction of rental payments that have been made on the basis of an existing lease or by law. Those are treated as variable lease payments and recognised in revenue as they actually arise. When passing on operating costs the Group acts as an agent for the service. The income from recharging is therefore netted with the corresponding expenses in the income statement. This does not include operating costs that are passed on and for which the tenants do not receive a separate service (property tax and building insur- ance). The proceeds received through the transfer of these expenses, which are included in the property operating costs, are recognised in revenue (unnetted recognition). For further explanations on this topic, see section “4. New accounting standards and changes in presentation”. 38

Deutsche EuroShop / Annual report 2021 Investment properties Under IAS 40, investment property must initially be measured at cost at the date of acquisition. Property that is under construction and intended to be used as investment property following its comple- tion also falls under the scope of IAS 40. Property held as a financial investment can be recognised either at amortised cost (cost model) or using the fair-value model. Subsequently, all properties must be measured at their fair value and the annual net changes recognised in income under measure- ment gains / losses (recurring fair value measurement). Investment property is property held for the long term to earn rental income or capital gains. Under IAS 40, investment property measured using the fair value model is no longer depreciated. Borrowing and initial rental costs that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the cost of that asset until the time at which the asset is largely ready for its intended use. Income realised from the tem- porary investment of specifically borrowed funds up to the point when these are used to obtain qualifying assets is deducted from the capitalisable costs of these assets. General administrative costs are not added to the costs of these assets. All other borrowing costs are recognised in income in the period in which they occur. Maintenance measures relating to property, plant and equipment are recognised as an expense in the financial year in which they occur. Non-current assets held for sale The classification of real estate as non-current assets held for sale requires that the real estate is available for sale in its present condi- tion and that the sale is highly probable and expected to occur within 12 months. A sale is considered highly probable when the plan to sell has been decided, the necessary approvals have been obtained and the marketing process has begun. Investment properties reported in the balance sheet under non- current assets held for sale must be measured at fair value in accordance with IAS 40. Group as lessee The Group assesses at inception whether an agreement is a lease or not and for the term of provision recognises an asset for the right of use granted and a lease liability. Initial measurement of the right of use and lease liability is at the present value of the lease payments to be made. Discounting is at the Group’s marginal borrowing rate. Subsequently, the right of use is amortised on a straight-line basis over the term of the lease, and the lease liability is reduced by the lease payments made and increased by the interest accrued on the portion not yet repaid. Government grants To mitigate the effects of the coronavirus pandemic, the Group applied for bridging assistance III in the amount of €2 million in financial year 2021. The bridging assistance III applied for must be recognised in profit or loss as a government grant if there is rea- sonable assurance that the Group will comply with the conditions attached to the grant and that the grant will be received. The income from the grant is shown under other operating income and the receivable under other assets. The application was approved and paid in mid-February 2022. The final accounts of the assistance awarded must be submitted by 31 December 2022. Financial instruments Financial assets and liabilities are recognised in the consolidated balance sheet when the Group becomes a party to the contractual provisions governing the financial instrument. Financial instruments are allocated to an IFRS 9 measurement category when they are recognised for the first time. With financial assets, the measurement category is dependent on the cash flow property of the financial instrument and the business model of the Group which holds the financial asset. Receivables and other current assets Receivables and other current assets are recognised at amortised cost less write-downs. As a general rule, the Group applies the sim- plified approach permitted under IFRS 9 and measures the write- down on the basis of the credit losses expected over the life of the asset. This does not include receivables due from tenants due to the temporary cessation of rental payments as a result of the corona- virus pandemic and for which no contractual agreement had been reached with the tenant by the balance sheet date. The write- down for this receivable was measured based on the expected rent concessions to be granted. 40

Deutsche EuroShop / Annual report 2021 N O T E S T O T H E C O N S O L I - DAT E D B A L A N C E S H E E T 7. INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT in € thousand Costs as at 1 January Addition from right-of-use assets (IFRS 16) Additions Disposals as at 31 December Depreciation as at 1 January Additions Disposals as at 31 December Carrying amount as at 1 January CARRYING AMOUNT AS AT 31 DECEMBER Goodwill 2021 53,867 2020 53,867 0 0 0 53,867 –2,148 0 0 –2,148 51,719 51,719 0 0 0 53,867 –140 –2,008 0 –2,148 53,727 51,719 Software and software licenses Operating and office equipment 2021 105 0 37 –7 135 –92 –29 18 –103 13 32 2020 105 0 0 0 105 –80 –12 0 –92 25 13 2021 837 45 11 –9 884 –507 –142 9 –640 330 244 2020 799 25 13 0 837 –375 –132 0 –507 424 330 The goodwill arose from deferred tax liabilities for the real estate assets that had to be recognised at the time of the initial consoli- dation (31 March 2017) of Olympia Brno. The reduction in the real estate value of Olympia Brno resulted in a reversal of the deferred tax liabilities recognised for Olympia Brno in the previous year and a corresponding €2,008 thousand write-down of goodwill. As at the reporting date, operating and office equipment included right-of-use assets under leases amounting to €142 thousand (previous year: €195 thousand). These result mainly from the rental of office space and the leasing of cars. 8. INVESTMENT PROPERTIES Investment properties continue to include a capitalised leasehold of €322 thousand. The annual ground rent of €10 thousand payable for this is charged to a tenant in the same amount. The disposal in the previous year related to a leasehold property for Forum Wetzlar. Unrealised changes in market value related to appreciation and depreciation in accordance with IAS 40. The fair values of the properties in the period under review as at 31 December 2021 were determined by appraisers from Jones Lang LaSalle GmbH (JLL) in accordance with the guidelines of the Royal Institution of Chartered Surveyors (RICS). As in previous years, the discounted cashflow method (DCF) was used. The compensation fixed contractually for the appraisal reports prior to preparation of the appraisals is independent of the measurement gain / loss. in € thousand 2021 2020 Carrying amount as at 1 January 3,437,145 3,822,786 Additions Disposals Recognised construction measures Unrealised changes in fair value CARRYING AMOUNT AS AT 31 DECEMBER 0 0 18,732 –62,323 0 –490 15,053 –400,204 3,393,554 3,437,145 This method entails the calculation of the present value of future cash flows from the property in question as at the valuation date. In addition, the net income from the property in question is determined over a detailed planning period of (usually) ten years and a discount rate applied. A residual value is forecast for the end of the ten-year detailed planning phase by capitalising the stabilised cash flows of the last budgeted year using an interest rate (the capitalisation inter- est rate). In a second step, the residual value is discounted back to the measurement date. 42

Deutsche EuroShop / Annual report 2021 The following shows details and disclosures in accordance with IFRS 13 for the hierarchical levels of the fair values of the Group’s investment properties as at 31 December 2021: 9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD IFRS 13 hierarchy levels in € thousand Investment Properties Level 1 Level 2 Level 3 0 0 3,391,043 Distributions and capital repay- ments received in € thousand 2021 2020 Carrying amount as at 1 January 444,517 511,493 The properties are secured by mortgages. There were land charges in the amount of €1,502,114 thousand (previous year: €1,541,428 thousand). The rental income of the properties valued in accordance with IAS 40 was €211,752 thousand (previous year: €224,104 thousand). Directly associated operating expenses (exclud- ing write-downs) amounted to €32,547 thousand (previous year: €28,288 thousand). Share of profit / loss CARRYING AMOUNT AS AT 31 DECEMBER –18,788 29,612 –15,494 –51,482 455,341 444,517 Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are included in the consol- idated financial statements in accordance with the equity method. They are important for the Group as a whole and operate shopping centers. The joint ventures material to the overall Group posted the follow- ing asset and liability items and income items for the reporting year. The values do not correspond to the share attributable to the Group, but the total amounts: in € thousand Non-current assets Current assets thereof cash and cash equivalents Non-current liabilities thereof financial liabilities Current liabilities thereof financial liabilities Revenue Net interest income EBT (excl. measurement gains / losses) Measurement gains / losses Taxes on income and earnings Net loss / profit for the year Other income TOTAL PROFIT Allee-Center Magdeburg KG, gesellschaft FEZ Harburg, Stadt-Galerie Passau KG, Hamburg Hamburg Hamburg Immobilienkommandit- 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020 220,211 219,760 228,733 227,266 161,653 159,340 7,606 4,772 0 0 5,204 3,319 0 0 2,091 1,230 0 16,391 0 12,515 217 0 0 16,315 0 11,960 –27,025 0 12,732 –15,065 0 0 12,732 –15,065 7,868 4,214 113,710 113,710 4,391 2,072 13,416 –2,848 6,088 1,461 0 7,549 0 7,549 8,749 4,939 67,279 67,279 53,780 50,709 14,166 –3,611 5,746 –37,534 0 –31,788 0 –31,788 4,883 2,342 0 0 596 0 9,709 0 7,521 2,035 0 9,556 0 9,556 4,842 2,654 0 0 965 0 9,390 7 6,450 –15,362 0 –8,912 0 –8,912 44

Deutsche EuroShop / Annual report 2021 10. TRADE RECEIVABLES in € thousand Trade receivables as at 31.12. Write-downs as at 01.01. Utilisation Change in write-downs for expected losses 2021 39,494 –21,135 12,209 2020 40,957 –2,484 908 Receivables in € thousand Trade receivables Other assets –7,805 –19,559 (PREVIOUS YEAR’S FIGURES) Total up to 1 year over 1 year 22,763 (19,822) 26,298 (17,805) 49,061 (37,627) 22,763 (19,822) 26,298 (17,805) 49,061 (37,627) 0 (0) 0 (0) 0 (0) Write-downs as at 31.12. –16,731 –21,135 22,763 19,822 Receivables result primarily from rental invoices and services for which charges are passed on. The trade receivables recognised at the reporting date are partially protected by means of guarantees, cash security deposits and letters of comfort. Trade receivables (after write-downs) were mainly overdue as at the reporting date due to the coronavirus pandemic. As in the previous year, other assets were not overdue as at the reporting date. 12. CASH AND CASH EQUIVALENTS As a result of the coronavirus pandemic, some tenants did not make their payments in full in the year under review, which led to an increase in receivables. The measurement of receivables as at 31 December 2021 and the derecognition of receivables during the year resulted in total expenses of €25,029 thousand (previous year: €29,218 thousand). in € thousand Current accounts Cash 31.12.2021 31.12.2020 328,837 266,029 2 1 328,839 266,030 11. OTHER CURRENT ASSETS in € thousand 31.12.2021 31.12.2020 As at 31 December 2020, cash and cash equivalents included funds from the short-term credit line of €30,000 thousand used beyond the reporting date. This was repaid at the beginning of January 2021. Deferred tenant incentives Prepaid center marketing costs Cash deposits Coronavirus assistance Other receivables from tenants Other current assets 11,220 4,198 3,917 2,000 1,842 3,121 5,277 5,106 3,423 0 2,180 1,819 26,298 17,805 13. EQUITY AND RESERVES Changes in equity are presented in the statement of changes in equity. The share capital is €61,783,594, comprised of 61,783,594 no-par- value registered shares. All shares have been issued in full and have been fully paid up. Other receivables from tenants mainly comprise receivables for heating and ancillary costs. The notional value of each share in the share capital is €1.00. According to Article 5 of the Articles of Association, the Execu- tive Board is authorised, with the Supervisory Board’s approval, to increase the share capital by up to a total of €11,680,999 through individual or multiple issues of new no-par-value registered shares against cash and /or non-cash contributions before 27 June 2022 (Authorised capital 2017). As at 31 December 2021, no use had been made of this authorisation. 46

Deutsche EuroShop / Annual report 2021 Fourteen of the 20 loan agreements currently contain arrangements regarding covenants. There are a total of 29 different conditions on different debt service cover ratios (DSCR), interest cover ratios (ICR), changes in rental income, the equity ratio and loan-to-value ratios (LTV). All conditions were met or suspended by mutual agreement with the banks. Based on current planning and estimates, the loan conditions will be met in 2022. With regard to the uncertainties relat- ing to the planning period as a result of the coronavirus pandemic and the Ukraine conflict, please refer to section “38. Events after the reporting date”. Non-current and current financial liabilities arose from the following changes affecting liquidity and not affecting liquidity: in € thousand 2021 2020 Carrying amount as at 1 January 1,541,428 1,512,347 Changes affecting liquidity –39,580 29,034 Changes not affecting liquidity Change in carrying amount under the effective interest rate method 266 47 CARRYING AMOUNT AS AT 31 DECEMBER 1,502,114 1,541,428 In connection with borrowing, interest rate hedges (interest rate swaps) were concluded to hedge against higher capital market inter- est rates. Their present value totalled €23,398 thousand as at the reporting date (previous year: €26,138 thousand). Other liabilities to tenants mainly comprise liabilities for heating and ancillary costs, obligations from construction cost subsidies granted, as well as prepaid rent. Liabilities in € thousand Financial liabilities Trade payables Tax liabilities Other liabilities Total current non-current 1,502,114 (1,541,428) 237,366 (181,816) 1,264,748 (1,359,612) 5,345 (3,303) 196 (456) 50,198 (44,132) 5,345 (3,303) 196 (456) 26,203 (17,281) 0 (0) 0 (0) 23,995 (26,851) (PREVIOUS YEAR’S FIGURES) 1,557,853 (1,589,319) 269,110 (202,856) 1,288,743 (1,386,463) 15. OTHER NON-CURRENT AND CURRENT FINANCIAL LIABILITIES in € thousand non-current current non-current current 31.12.2021 31.12.2020 Interest rate swaps 23,398 0 26,138 Rental deposits Other liabilities to tenants Value added tax Debtors with credit balances Lease liabilities Other 0 0 0 0 367 230 4,669 15,534 1,552 3,729 98 621 0 0 0 0 475 238 0 3,608 7,491 2,364 3,047 44 727 23,995 26,203 26,851 17,281 16. DEFERRED TAX LIABILITIES Deferred tax assets and liabilities are the result of tax effects of tem- porary differences and tax loss carryforwards: 31.12.2021 31.12.2020 Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities 0 0 5,263 988 1,132 287,851 52,569 0 0 0 0 0 5,857 1,301 1,132 284,469 48,799 0 0 0 7,383 340,420 8,290 333,268 –7,383 –7,383 –8,290 –8,290 0 333,037 0 324,978 in € thousand Investment properties Investments accounted for using the equity method Other liabilities Interest swaps (not recognised in profit or loss) Corporation tax loss carryforwards Other Deferred taxes before netting Balance DEFERRED TAXES AFTER NETTING 48

Deutsche EuroShop / Annual report 2021 N O T E S T O T H E C O N S O L I - DAT E D I N C O M E S TAT E M E N T 20. PROPERTY OPERATING COSTS 19. REVENUE in € thousand Minimum rental income Allocable property tax and insurance Turnover rent Other of which rental income directly attribut- able to investment properties in accord- ance with IAS 40 2021 203,117 5,684 1,678 1,273 2020 215,582 5,704 950 1,868 211,752 224,104 211,752 224,104 Other revenue relates primarily to settlement payments made by former tenants as well as compensation for use. The rental income reported here derives from operating leases and relates to rental income from investment properties with long-term leases. The future minimum leasing payments from non-terminable rental agreements classified as investment properties have the following maturities: in € thousand Maturity within 1 year Maturity from 1 to 5 years Maturity after 5 years 2021 185,340 490,080 157,845 2020 196,624 499,681 180,965 833,265 877,270 in € thousand Operating costs that cannot be passed on Real property tax Center marketing Maintenance and repairs Building insurance Other 2021 8,613 5,455 3,861 1,630 1,557 1,960 2020 6,419 5,366 2,755 1,382 1,437 1,222 of which operating expenses directly attributable to investment properties in accordance with IAS 40 23,076 18,581 23,076 18,581 Ancillary costs which cannot be fully allocated are essentially oper- ating costs which cannot be completely passed on to tenants as well as heating and ancillary costs in arrears for preceding years. 21. PROPERTY MANAGEMENT COSTS in € thousand Center management / agency agreement costs of which operating expenses directly attributable to investment properties in accordance with IAS 40 2021 2020 9,471 9,707 9,471 9,707 Center management /agency agreement costs depend to a large extent on the rental income generated. 50

Deutsche EuroShop / Annual report 2021 27. TAXES ON INCOME AND EARNINGS 28. EARNINGS PER SHARE in € thousand Current tax expense Domestic deferred tax expense / income Foreign deferred tax expense / income 2021 –3,293 –6,239 –1,226 –10,758 2020 in € thousand 2021 2020 –4,267 46,545 8,763 51,041 Group shareholders’ portion of profits / losses (€ thousand) Weighted number of no-par-value shares issued UNDILUTED AND DILUTED EARNINGS PER SHARE (€) 59,945 –251,717 61,783,594 61,783,594 0.97 –4.07 Tax reconciliation Income taxes in the amount of €10,758 thousand in the year under review are derived as follows from an expected income tax expense that would have resulted from the application of the parent com- pany’s statutory income tax rate to the profit before tax. This was calculated using a tax rate of 32.28%. Basic earnings per share are determined by dividing the net income for the period to which shareholders of Deutsche EuroShop AG are entitled by the weighted average number of shares outstanding within the reporting period. There is no potential dilution as at the reporting date, e.g. through convertible bonds or share options, with the result that diluted earnings correspond to undiluted earnings. in € thousand 2021 2020 Consolidated profit before income tax 70,703 –302,758 Theoretical income tax 32.28% –22,823 97,730 Tax rate differences for foreign Group companies Tax rate differences for domestic Group companies Tax-free income /non-deductible expenses Tax effect from investments accounted for under the equity-accounted method Aperiodic tax expense / income 4,069 –6,498 7,062 –38,658 446 717 –229 –140 –1,391 –2 CURRENT INCOME TAX –10,758 51,041 Excluding tax expense/income for other periods, the effective income tax rate in financial year 2021 was 15.2%. 52

Total Reconciliation 01.01. – 31.12.2020 238,391 175,330 0 15 –43,418 132,015 –14,287 –14,091 –51,482 532 –298 –4,425 224,104 161,239 –51,482 547 –43,716 127,590 31.12.2020 3,437,145 15,053 51,719 444,517 304,000 4,237,381 2,234,135 Deutsche EuroShop / Annual report 2021 in € thousand Revenue EBIT Profit / losses of joint ventures and associates Interest income Interest expense EBT (EXCL. MEASUREMENT GAINS / LOSSES) Domestic 197,880 142,793 0 13 –36,364 106,530 Abroad 40,511 32,537 0 2 –7,054 25,485 Investment properties 2,900,461 680,092 3,580,553 –143,408 Additions and recognised construction measures for investment properties Goodwill Investments accounted for using the equity method Other segment assets SEGMENT ASSETS SEGMENT LIABILITIES 16,860 1,223 18,083 0 0 182,872 3,083,333 1,271,512 0 0 34,746 714,838 329,576 0 0 217,618 3,798,171 1,601,088 –3,030 51,719 444,517 86,382 439,210 633,047 The adjustment of the proportionate consolidation of the joint ventures and subsidiaries in which the Group does not own a 100% stake is carried out in the reconciliation column. Deferred tax liabili- ties are considered by the Executive Board of Deutsche EuroShop AG cross-segmentally and are therefore included in the reconcilia- tion column for segment liabilities. Accordingly, the goodwill from the acquisition of Olympia Brno was allocated to the reconciliation column of the segment assets. The reconciliation column also con- tains the companies that are not allocated to either of the two seg- ments (Deutsche EuroShop AG, DES Management GmbH, DES Beteili- gungs GmbH & Co. KG). These do not generate any revenue and were included in the reconciliation column after intra-Group eliminations with their EBIT of €–4,434 thousand (previous year: €–4,882 thou- sand) and EBT (excl. measurement gains / losses) of €–4,434 thou- sand (previous year: €–5,193 thousand) as well as in the segment assets with €123,030 thousand (previous year: €86,260 thousand) and in the segment liabilities with €2,207 thousand (previous year: €2,178 thousand). In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given. 54

Deutsche EuroShop / Annual report 2021 Carrying amounts, valuations and fair values according to measurement category With the exception of derivative financial instruments and other financial investments measured at fair value, financial assets and liabilities are measured at amortised cost. Due to the predominantly short-term nature of trade receivables, other assets and liabili- ties and cash and cash equivalents, the carrying amounts as at the reporting date do not deviate significantly from the fair values. The fair values of financial liabilities measured at amortised cost correspond to the cash values of debt-related payments based on current interest rate yield curves (Level 2 in accordance with IFRS 13). The derivative financial instruments measured at fair value are inter- est rate hedges. Here the fair value is equivalent to the cash value of future net payments expected to be received from hedging trans- actions (Level 2 in accordance with IFRS 13) based on current yield curves. Risk management In risk management, the emphasis is on ensuring compliance with the strategy and, building on this, on identifying and assessing risks and opportunities, as well as on the fundamental decision to man- age these risks. Risk management ensures that risks are identified at an early stage and can then be evaluated, communicated promptly and mitigated. Risk analysis involves the identification and analysis of factors that may jeopardise the achievement of goals. Market risks Liquidity risk The liquidity of the Deutsche EuroShop Group is continuously moni- tored and planned. The subsidiaries regularly have sufficient cash to be able to pay for their current commitments. A short-term credit line of €150,000 thousand may be used if required. As at 31 December 2021, this credit line had not been used. The credit line is partially secured. The contractually agreed future interest and principle repayments of the original financial liabilities and derivative financial instruments are as follows as at 31 December 2021: in € thousand Bank loans and overdrafts Carrying amount 31.12.2021 Cash flows 2021 Cash flows 2022 – 2025 Cash flows from 2026 1,502,114 269,860 556,924 822,805 The amounts relate to all contractual commitments existing as at the reporting date. The variable interest payments from interest rate hedges were determined on the basis of the most recently defined interest rates prior to 31 December 2021. The majority of the trade payables and other financial liabilities reported at the end of the financial year will fall due in 2022. Credit and default risk The Group is exposed to significant default risks in respect of trade receivables that, for reasons related to the coronavirus pandemic, had not been settled in full by the time the financial statements were prepared (please also refer to section “10. Trade receivables”). Write-downs on trade receivables are determined on the basis of the credit losses expected over the term. Unless the reasons for doing so can be refuted in individual cases, receivables that are more than 90 days overdue, taking into account the collateral provided by the tenant and valuable collateral, are written down in full. In addition, if information exists that points to an increased risk of default for a tenant, checks are made to decide whether receivables that are less than 90 days overdue should also be written down. During the year under review, write-downs of rent receivables in the amount of €25,029 thousand (previous year: €29,218 thousand) were recog- nised under expenditure. The maximum default risk in relation to trade receivables and other assets totalled €49,061 thousand as at the reporting date (previous year: €37,627 thousand). Currency and measurement risk The Group companies operate exclusively in the European Economic Area and conduct the greater part of their business in euro. This does not entail currency risks. With respect to the measurement risk of investment properties, please refer to the sensitivity analysis in section “8. Investment properties”. 56

Deutsche EuroShop / Annual report 2021 35. RELATED PARTIES FOR THE PURPOSES OF IAS 24 Deutsche EuroShop’s subsidiaries, joint ventures and associates as well as the members of its Executive Board and Supervisory Board and their close family members are regarded as related parties for the purposes of IAS 24. The compensation of the Supervisory Board and Executive Board is described in section “37. Supervisory Board and Executive Board” and also in the compensation report portion of the combined management report. €7,673 thousand (previous year: €8,214 thousand). Receivables from the ECE Group came to €5,494 thousand (previous year. €4,456 thou- sand), while liabilities amounted to €1,321 thousand (previous year: €965 thousand). Transactions with related parties involving the provision of goods and services were at standard market rates. 36. VOTING RIGHTS NOTICES In his position as a member of the Supervisory Board of Deutsche EuroShop AG, Alexander Otto is considered a related party within the meaning of IAS 24. Thus, the ECE Group and Curatax GmbH Steuerberatungsgesellschaft, both of which are controlled by Alex- ander Otto, are also considered related parties. Fees for service contracts with these two companies totalled €19,205 thousand (pre- vious year: €19,209 thousand). This was partially offset by income from leases and mall marketing with the ECE Group in the amount of In line with Section 160 (1) no. 8 AktG, we give notice that the fol- lowing investments and changes to voting rights have been regis- tered to Deutsche EuroShop AG in conformity with the duty of disclo- sure in accordance with Section 33 of the Wertpapierhandelsgesetz (WpHG – Securities Trading Act). The disclosures were taken from the latest notice by those subject to reporting requirements. It should be noted that the number of voting rights might have since changed within the respective thresholds, with no reporting obligation arising: Shareholding report as at Event … (in %) New voting share (in %) of which held as treasury shares (in %) of which indirectly attributable (in %) 3.37 15.05 5.02 20.02 5.14 0.01 2.90 3.59 1.12 0.00 0.00 0.57 0.00 0.00 0.00 0.00 2.25 15.05 5.02 19.45 5.14 0.01 1 2.90 2 3.59 3 Shareholder Johannes Schorr AROSA Vermögensverwaltungs- gesellschaft m.b.H., Hamburg State Street Corporation, Boston, MA, United States of America Alexander Otto PGGM Coöperatie U.A., Zeist, Netherlands 08.02.2016 ... exceeds threshold (3) 15.12.2017 ... exceeds threshold (15) 11.03.2019 ... exceeds threshold (5) 01.10.2020 ... exceeds threshold (20) 11.01.2021 ... exceeds threshold (5) The Goldman Sachs Group, Inc., Wilmington, DE, United States of America 01.02.2021 ... falls below threshold (3) AXA S.A., Paris, France 01.04.2021 … falls below threshold (3) BlackRock, Inc., Wilmington, DE, United States of America 17.09.2021 ... exceeds threshold (3) 2 1 In addition, we were notified by The Goldman Sachs Group, Inc. of one securities loan (1.57%), one swap (0.13%) and one CFD (2.31%). In addition, we were notified by AXA S.A of a securities lending transaction (0.05%) in relation to this. 3 We were also notified by BlackRock, Inc. of a securities lending transaction (0.64%) in relation to this. All voting rights notices received by Deutsche EuroShop AG can be found on the website of Deutsche EuroShop AG under Investor Relations > Share > Significant voting interests. 58

Deutsche EuroShop / Annual report 2021 38. EVENTS AFTER THE REPORTING DATE 2022 started with a significant increase in the number of new coro- navirus infections, which reached new highs in Germany in the spring. The protection measures and restrictions that had already been tightened at the end of 2021 (including the FFP2 mask man- date, 2G and 2G+) have therefore been retained, placing a significant burden on the retail and food and beverages sectors. Since mid-Feb- ruary 2022, these measures have been gradually relaxed, although it cannot be ruled out that a renewed increase in the number of infec- tions, for example due to a new virus variant, will lead to regulations being tightened again. At the beginning of January 2022, the German Federal Court of Jus- tice (BGH) ruled that in the event of stores closing due to actions by the authorities to combat the COVID-19 pandemic, a claim by a tenant to adjust the rent due to disruption of business pursuant to Section 313 (1) of the Bürgerliches Gesetzbuch (BGB – German Civil Code) may be considered. The BGH stated that the applicability of Section 313 BGB will not automatically lead to a claim for an adjustment of the rent. Instead, the specific case would have to be assessed in full. As contract amendments have already been agreed with or offered to many tenants in connection with the coronavirus, or they have received coronavirus state support, the DES Group is not expecting any further material claims in this regard, although the possibility cannot be entirely ruled out. The war in Ukraine, with Russian troops entering Ukrainian terri- tory in February 2022, had no impact on the financial statements as at 31 December 2021. Besides the immense suffering of the people affected, the war will also have repercussions for the globally net- worked economy. Potential impacts on the Group’s business perfor- mance are monitored on an ongoing basis. The current situation is very dynamic. The effects of the war cannot be assessed at present and will depend to a large extent on when the war can be brought to an end. No further significant events occurred between the reporting date and the date of preparation of the financial statements. Hamburg, 30 March 2022 Deutsche EuroShop AG The Executive Board Wilhelm Wellner Olaf Borkers 60

Deutsche EuroShop / Annual report 2021 R E S P O N S I B I L I T Y S TAT E M E N T B Y T H E E X E C U T I V E B O A R D We declare that, to the best of our knowledge, and in line with the accounting policies to be applied, the consolidated financial state- ments present a true and fair view of the net assets, financial posi- tion and results of operations of the Group, and that the combined management report presents the course of business including busi- ness performance and the situation of the Group in a way that is true and fair and describes the material opportunities and risks relating to the likely development of the Group. Hamburg, 30 March 2022 Wilhelm Wellner Olaf Borkers 62

Deutsche EuroShop / Annual report 2021 BASIS FOR OPINION 1. MEASUREMENT OF INVESTMENT PROPERTIES We conducted our audit of the consolidated financial statements and combined management report in accordance with Section 317 HGB and the EU Audit Regulation (No 537/2014; hereinafter “EU AR”), taking into account the German generally accepted standards for the auditing of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility pursuant to these pro- visions and principles is described in more detail in the “RESPON- SIBILITY OF THE AUDITOR FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND COMBINED MANAGEMENT REPORT” section of our auditor’s report. We are independent from the Group companies in line with the provisions of European and German com- mercial and professional law and have fulfilled our other profes- sional duties under German law in line with these requirements. Furthermore, in accordance with Article 10 (2) point f) EU AR, we hereby declare that we have not provided any prohibited non-audit services pursuant to Article 5 (1) EU AR. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the consolidated financial statements and combined management report. KEY AUDIT MAT TERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS Key audit matters are those matters that, in our professional judge- ment, were of most significant impact in our audit of the consoli- dated financial statements for the financial year from 1. Januar 2021 to 31. Dezember 2021. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, but we do not provide a separate opinion on these matters. We identified the following as key audit matters: Matter Deutsche EuroShop AG reported investment properties total- ling €3,393.6 million in its consolidated financial statements as at 31. Dezember 2021 and held a participating interest in further mate- rial investment properties through its stakes in joint ventures and associates (€590.4 million). The shopping center properties held as investment property are measured at fair value in accordance with IAS 40. In financial year 2021, expenses from this measurement of €62.3 million were recognised in the income statement. In addition, the profit / loss of equity-accounted joint ventures and associates included a measurement effect of €4.1 million. The respective fair value measurements of investment proper- ties in accordance with IFRS 13 are determined on the basis of the discounted cash flow method by one of the external appraisers appointed by Deutsche EuroShop AG. They are level 3 measure- ments pursuant to IFRS 13 that are based on significant input factors not observable on the market. Forecasts about future cash flows from rental income and management, maintenance and adminis- trative costs as well as the derivation of the capitalisation interest rate involve significant decisions based on personal judgement and estimates. Due to the coronavirus pandemic, forecasting future cash flows is subject to elevated uncertainty. In particular, the medium to long- term effects of the pandemic on consumer shopping behaviour and the future growth of shopping centers are difficult to assess from today’s perspective. Due to the significance of the investment properties for the consol- idated financial statements of Deutsche EuroShop AG in terms of their amount and the significant uncertainties associated with their measurement, this is a key audit matter of particular importance. 1. Measurement of investment properties 2. Accounting of rental concessions granted in connection with the coronavirus pandemic and their effect on revenue recognition 3. Recognition and measurement of deferred taxes The disclosures provided by Deutsche EuroShop AG on the measure- ment of investment properties are included in sections “6. Significant accounting policies and valuation methods / Investment properties” and “8. Investment properties” of the notes to the consolidated finan- cial statements. Auditor’s review As part of our audit, we obtained evidence of the externally appointed appraiser’s competence and independence. 64

Deutsche EuroShop / Annual report 2021 We also looked at the process of negotiating supplements to the leases. As a first step, we obtained an overview of the supplemen- tary agreements concluded and an understanding of what kind of agreements were concluded for the past and for the future. We also reviewed the resulting accounting effects and verified the complete and correct recognition of the supplementary agreements in the consolidated financial statements. In respect of the estimate of the specific loss allowances required for future expected rent conces- sions by the Company to its tenants, we obtained an understand- ing of the methodology underlying the estimate and the assumptions and data used in the estimate and reviewed the reasonableness of the estimate. In the case of the shopping centers located abroad, we worked together with the subdivision auditors to determine the different civil law bases for claims to rental payments during the lockdown periods and derived the accounting effects on the consolidated finan- cial statements from this. 3. RECOGNITION AND MEASUREMENT OF DEFERRED TAXES Matter Deutsche EuroShop AG reported deferred tax liabilities total- ling €333.0 million in its consolidated financial statements as at 31. Dezember 2021. The recognition and measurement of deferred taxes in the consolidated financial statements of Deutsche EuroShop AG take account of complex tax matters in connec- tion with property companies under the legal form of commercial partnerships. The disclosures provided by Deutsche EuroShop AG on the determi- nation and measurement of deferred taxes are included in sections “6. Significant accounting policies and valuation methods / Deferred taxes” and “16. Deferred tax liabilities” of the notes to the consoli- dated financial statements. Auditor’s review We acknowledged the calculation of deferred taxes with respect to their compliance with IAS 12. We also analysed the confirmation letter of the tax consultant. We are satisfied with the competence and independence of the tax consultant assisting Deutsche EuroShop AG in the determination of deferred taxes. We also examined the deter- mination method used to measure and report deferred taxes, whereby we compared the values used with the tax calculations of the company and the tax consultant by means of samples and verified the validity of the tax bases utilised. In auditing the deferred taxes, we consulted internal specialists in the field of deferred taxes. OTHER INFORMATION The Executive Board and Supervisory Board are responsible for other information. This includes: • • the separately published declaration on corporate governance referred to in the “Declaration on corporate governance” section of the combined management report; the other sections of the annual report, with the exception of the audited consolidated financial statements and combined manage- ment report as well as our auditor’s report. Our opinion on the consolidated financial statements and combined management report does not extend to the other information and we do not provide an opinion or any other form of audit conclusion in this regard. In connection with our audit of the consolidated financial statements, we have a responsibility to read the other information and determine whether the other information • contains material discrepancies with the consolidated financial statements, combined management report or the knowledge acquired through our own audit; or • appears to be misstated in any other way. If, on the basis of the work we have carried out, we conclude that this other information contains a material misstatement, we are obliged to report this. We have nothing to report in this regard. RESPONSIBILITY OF THE LEGAL REPRESENTATIVES AND SUPERVISORY BOARD FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND COMBINED MANAGEMENT REPORT The legal representatives are responsible for preparing the consoli- dated financial statements in compliance with IFRS as adopted by the EU and the supplementary provisions of German law required to be applied under Section 315e (1) HGB, and for ensuring that the consol- idated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group in accord- ance with these requirements. Further, the legal representatives are responsible for any internal control they deem relevant to the prepa- ration of consolidated financial statements that are free from mate- rial misstatement, whether due to fraud or error. 66

Deutsche EuroShop / Annual report 2021 • evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that gives a true and fair view of the net assets, financial position and results of operations of the Group in compliance with IFRS as adopted by the EU and the supplementary provisions of German law required to be applied under Section 315e (1) HGB; • obtain sufficient and appropriate audit evidence for the account- ing information of the companies or business activities within the Group in order to express an opinion on the consolidated financial statements and combined management report. We are respon- sible for providing guidance on, monitoring and performing the audit of the consolidated financial statements. We bear sole responsibility for our opinion; • evaluate the consistency of the combined management report with the consolidated financial statements, its legal counterpart and the understanding it provides of the Group’s position; • perform audit procedures for the forward-looking statements made by the legal representatives in the combined management report. On the basis of sufficient and appropriate audit evidence, we acknowledge in particular the significant underlying assump- tions of the forward-looking statements made by the legal repre- sentatives and evaluate the appropriate derivation of the forward- looking statements based on these assumptions. We do not express a separate opinion on the forward-looking statements or the underlying assumptions. There is a significant unavoidable risk that future events will differ materially from the forward- looking statements. We communicate with those responsible for monitoring regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any deficiencies in internal con- trol that we identify during our audit. We provide those responsible for monitoring with a statement that we have fulfilled the relevant independence requirements and com- municate with them regarding all relationships and other matters which might reasonably be considered to have an effect on our inde- pendence as well as the associated precautions taken. From the matters communicated with those responsible for monitor- ing, we determine those matters that were of most significance in the audit of the consolidated financial statements for the current report- ing period and are therefore the key audit matters. We describe these matters in the auditor’s report unless law or regulation pre- cludes public disclosure about the matter. OTHER APPLICABLE LEGAL REQUIREMENTS Report on the audit of the electronic reproductions of the consolidated financial statements and the combined management report prepared for the purpose of disclosure in accordance with Section 317 (3a) HGB Audit opinion In accordance with Section 317 (3a) HGB, we have performed a reasonable assurance audit to determine whether the reproduc- tions of the consolidated financial statements and the combined management report (hereinafter also referred to as “ESEF docu- ments”) contained in the file [SHA 256-Hashwert: Hashwert bitte hier reinkopieren] and prepared for disclosure purposes comply in all material respects with the electronic reporting format (“ESEF format”) requirements of Section 328 (1) HGB. In accordance with German legal requirements, this audit extends only to the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format and there- fore neither to the information contained in these reproductions nor to any other information contained in the aforementioned file. In our opinion, the reproductions of the consolidated financial statements and the combined management report contained in the aforementioned file and prepared for the purpose of disclosure comply in all material respects with the electronic reporting format requirements of Section 328 (1) HGB. Other than this opinion and our opinions on the accompanying consolidated financial statements and the accompanying combined management report for the finan- cial year from 1 January 2021 to 31 December 2021 included in the “Report on the audit for the consolidated financial statements and combined management report” above, we do not express any opinion on the information included in these reproductions or on the other information included in the aforementioned file. 68

Deutsche EuroShop / Annual report 2021 E P R A R E P O R T I N G The Brussels-based European Public Real Estate Association (EPRA) has set itself the goal of improving the transparency and compara- bility of reports published by listed companies in Europe. To this end, EPRA has defined key figures in its Best Practice Recommendations. Deutsche EuroShop supports this goal as a member of EPRA. The currently valid version of the EPRA Best Practice Recommenda- tions (hereinafter “BPR”) was used to determine the key figures. The current revised version of the BPR was published in October 2020. A key change is the introduction of three net asset value metrics, replacing the previous key figures EPRA NAV and EPRA NNNAV. OVERVIE W OF EPR A KE Y FIGURES EPRA earnings EPRA NRV EPRA NTA EPRA NDV EPRA net initial yield (EPRA NIY) EPRA “topped-up” net initial yield EPRA cost ratio (incl. direct vacancy costs) EPRA cost ratio (excl. direct vacancy costs) EPRA vacancy rate 31.12.2021 31.12.2020 Change in € thousand per share in € in € thousand per share in € 121,958 2,601,155 2,374,450 1,999,963 1.97 42.10 38.43 32.37 124,536 2,540,009 2,309,711 1,934,235 2.02 41.11 37.38 31.31 + /– in € thousand –2,578 61,146 64,739 65,728 31.12.2021 31.12.2020 Change in % 5.1 5.1 28.2 27.3 5.7 in % 5.3 5.4 27.3 26.6 4.6 in % –2.1 2.4 2.8 3.4 in % points –0.2 –0.3 0.9 0.7 1.1 1 The currently valid version of the EPRA Best Practice Recommendations can be found at http://www.epra.com/finance/financial-reporting/guidelines 70

Deutsche EuroShop / Annual report 2021 NET ASSET VALUE EPRA net reinstatement value (EPRA NRV): The EPRA NRV determines the long-term net asset value that would be required to rebuild the entity in this form. This approach excludes sales of assets and consequently does not include deferred taxes. The ancillary acquisition costs needed to rebuild the entity are added back at their appraisal value. EPR A NRV Equity Derivative financial instruments measured at fair value1 Deferred taxes on investment properties and derivative financial instruments 1 Goodwill as a result of deferred taxes Less ancillary acquisition costs 1 EPRA NRV 31.12.2021 31.12.2020 in € thousand per share in € in € thousand per share in € 2,062,866 23,398 339,937 –51,719 226,673 33.39 0.38 5.50 –0.84 3.67 2,003,246 26,138 332,059 –51,719 230,285 2,601,155 42.10 2,540,009 32.42 0.42 5.38 –0.84 3.73 41.11 Number of no-par-value shares issued as at the reporting date 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates EPRA net tangible assets (EPRA NTA): EPRA NTA measures the net asset value of a company based on a business model with a long-term focus. To do so, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Deutsche EuroShop does not include deferred taxes when calculating the EPRA NTA because Deutsche EuroShop’s business model is geared towards generating long-term rental income rather than selling shopping centers for short-term profit. EPR A NTA EPRA NRV Ancillary acquisition costs 1 Intangible assets EPRA NTA 31.12.2021 31.12.2020 in € thousand per share in € in € thousand per share in € 2,601,155 –226,673 –32 42.10 –3.67 0.00 2,540,009 –230,285 –13 2,374,450 38.43 2,309,711 41.11 –3.73 0.00 37.38 Number of no-par-value shares issued as at the reporting date 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates EPRA net disposal value (EPRA NDV): The EPRA NDV indicates the net asset value that would result if the assets and liabilities were not held to maturity. The EPRA NDV thus also factors in assets and liabilities measured at fair value as at the reporting date which are unlikely to be realised taking a long-term view. In addition, it is assumed that the deferred taxes from the balance sheet and from the fair value measurement of the finan- cial liabilities will be realised and will therefore have to be deducted. 72

Deutsche EuroShop / Annual report 2021 EPRA NET INITIAL YIELD AND EPRA “TOPPED-UP” NET INITIAL YIELD EPRA net initial yield is calculated on the basis of annualised rental income as at the reporting date less the costs that are not alloca- ble to tenants, calculated in proportion to the market value of the property including ancillary acquisition costs. EPRA “topped-up” net initial yield also takes into account granted rental incentives in the determination of annualised rental income. EPR A NE T INITIAL YIELD (EPR A NIY ) AND EPR A “TOPPED -UP” NE T INITIAL YIELD in € thousand 31.12.2021 31.12.2020 Market value of investment properties Market value of investment properties (at equity) Market value of investment properties Less expanded space 1 Less ancillary acquisition costs 1 Market value of investment properties (gross) Annualised rental income 1 Non-allocable property expenses 1 Annualised net rental income Rental incentives and other rental adjustments 1 Annualised “topped-up” net rental income EPRA net initial yield (EPRA NIY) EPRA “topped-up” net initial yield 3,393,554 590,441 3,437,145 584,591 3,983,995 –10,960 226,673 4,199,708 244,107 –28,843 215,264 1,015 216,279 5.1% 5.1% 4,021,736 –5,560 230,285 4,246,461 254,342 –27,452 226,890 631 227,521 5.3% 5.4% 1 Including the share attributable to equity-accounted joint ventures and associates EPRA VACANCY RATE EPR A VACANCY R ATE The EPRA vacancy rate is the ratio of the market value of vacant space to the market rent of the entire portfolio as at the reporting date. in € thousand 31.12.2021 31.12.2020 Market rent for vacancy 1 Total market rent 1 EPRA vacancy rate 13,727 239,970 5.7% 11,169 243,640 4.6% 1 Including the share attributable to equity-accounted joint ventures and associates The increase in the EPRA vacancy rate is due to coronavirus-related tenant defaults and longer re-letting periods. 74

Deutsche EuroShop / Annual report 2021 R E P O R T O F T H E S U P E R V I S O R Y B O A R D DEAR SHAREHOLDERS, Below I would like to report to you on the work of the Supervisory Board in the past financial year. COLLABORATION BETWEEN THE SUPERVI- SORY BOARD AND THE EXECUTIVE BOARD During financial year 2021, the Supervisory Board performed the duties incumbent on it according to the law and the Articles of Asso- ciation and closely oversaw the performance of Deutsche Euro- Shop AG. The Executive Board coordinated the strategic orientation of the Company with the Supervisory Board, and discussed the sta- tus of implementing the strategy with us at regular intervals. The Supervisory Board monitored and advised the Executive Board on its management of the business, and the Executive Board informed us regularly, promptly and in detail about business developments. As the Chair of the Supervisory Board, I was kept up to date in timely fashion by the Executive Board on all important events of significance for assessing the Company’s situation and develop- ment and its management. I was also given ongoing, detailed brief- ings between meetings of the Supervisory Board and its commit- tees in regular conference calls with the Executive Board. In 2021, the Executive Committee was kept continuously informed about cur- rent developments and notified in advance about intended, more far-reaching decisions of the Executive Board. FOCUS OF ADVISORY ACTIVITIES We conducted detailed examinations of our Company’s net assets, financial position, results of operations and risk management at our regular meetings. In this context, we also checked that the formal conditions for implementing an efficient system of monitoring our Company were met and that the means of supervision at our dis- posal were effective. We were informed on an ongoing basis of all significant factors affecting the business. We considered the performance of the port- folio properties, specifically their sales and visitor number trends, the accounts receivable and occupancy rates, and the Company’s liquidity position. Last year, we were again provided with prompt and continuous information about the payment patterns of our ten- ants. There were extensive and ongoing discussions at the meetings held last year concerning the strategy of the Company as well as the impact of the continuing coronavirus pandemic and the govern ment- mandated protective measures on our tenants and on our Company. Within this context, we also held regular consultations focussing on liquidity planning for different scenarios. The ongoing coronavirus pandemic continued to accelerate the growth of online retail due to the imposed lockdown measures. The ongoing integration of online and offline retail thus remained a central component of consulta- tions, and the further integration of our shopping centers into the rapidly developing omni-channel distribution network was once again assessed as strategically important for the positioning of our center portfolio. Regular discussions were conducted with the Executive Board regarding trends on the capital, credit, real estate and retail markets and the impact of these on the Company’s current and medium-term situation. The Executive Board and Supervisory Board examined various refinancing options. We received regular reports detailing the turnover trends of our tenants and banks’ lending policies. The Executive Board and Supervisory Board also held regular discus- sions on how the Company was valued by the stock market and its participants and made peer group comparisons. We devoted a lot of attention again last year to the expected and implemented legislative changes that affect our Company. These included, in particular, those changes to mitigate the impact of the pandemic. In accordance with the requirements of the new Corporate Governance Code and ARUG II (Act Implementing the Second Shareholders’ Rights Directive), we finalised a new system of Executive Board remuneration and then put it to the Annual General Meeting for approval. 76

Deutsche EuroShop / Annual report 2021 September meeting Our meeting on 24 September 2021 was held at the Galeria Baltycka in Gdansk, Poland. We dealt in depth with the Company’s strategy and the measures derived from this. One of the main focal points was the composition of the portfolio and future forecasts for shop- ping center markets nationally and internationally. We instructed the Executive Board to develop various options to take the Company for- ward based on lessons learned during the pandemic and to present these to us at the April 2022 meeting. The Executive Board reported to us both on the refinancing carried out in 2021 and on the status of the negotiations for refinancing in 2022. Current developments relat- ing to our center portfolio were also presented to us. With the Execu- tive Board absent, we discussed the future composition of the Super- visory Board as three mandates will expire at the Annual General Meeting in June 2022. We used our stay in Gdansk to visit our Galeria Baltycka and two rival shopping centers. November video conference In a video conference on 26 November 2021, the Executive Board again reported to us on the current situation at the Company’s shop- ping centers. The Executive Board explained its projections for finan- cial year 2021 and also presented its assumptions and planning for the years 2022 through to 2026. Both the projection and the plan- ning for subsequent years were subject to considerable uncertain- ties given that it remained difficult to estimate the further course of the coronavirus pandemic. As in the previous year, this was particu- larly true in view of the renewed jump in the number of infections since autumn. The Executive Board submitted to us for approval the term sheets negotiated with banks and savings banks for refinancing for the Altmarkt-Galerie Dresden (€107.4 million from 1 April 2022) and for our Company (€52.9 million from 1 July 2022). We approved these unanimously. In addition, the Executive Board explained to us its intended process for developing strategy alternatives, which we unanimously endorsed. April conference During the first regular video conference on 9 April 2021, the Exec- utive Board and the auditor’s representatives explained the annual financial statements 2020 for the Company and the Group as well as the audit procedures and results. We then finally approved and adopted the annual financial statements of the Company. We also approved the consolidated financial statements. The conference moved on to a report by the Executive Board on current develop- ments, including, in particular, the lockdown measures taken by govern ments in the various countries, the interim insolvencies, the visitor number trends, the retail sales of our tenants and the scope of rental payments. The Executive Board additionally provided infor- mation on maturing loans, the covenants for key financial figures in the loan agreements and the refinancing that had been arranged in the meantime. We devoted a lot of attention to updated liquidity planning on the part of the Executive Board as well as its scenario assumptions. As Chair, I presented the new compensation system developed by the Executive Committee for the Executive Board to the Super visory Board. The Supervisory Board unanimously approved the compensation system. Finally, the agenda for the Annual General Meeting was also adopted unanimously. To avoid risks and in line with the legal and pandemic situation, we again resolved to hold a virtual Annual General Meeting at the suggestion of the Executive Board. June conference call Following the virtual Annual General Meeting on 18 June 2021, the Supervisory Board held a meeting by telephone. The Executive Board reported to us on current developments with regard to official pan- demic-related regulations, visitor numbers, retail sales and rental payments, as well as amounts outstanding. With the Executive Board we discussed the liquidity situation and a current projection, which was prepared against a backdrop of high uncertainty about how the pandemic would continue to unfold. The Executive Board explained the credit situation and credit markets for shopping centers. In the process, it also reported to us on its work on credit alternatives and ways of supplementing credit. In addition, the Executive Board explained to us the current status of its activities in selling proper- ties that are not required for shopping center operations. At this time, it was not possible to make a reliable forecast regarding the 2021 financial figures given the inability to estimate how the coronavirus pandemic would continue to evolve or its impact, especially on rental income and impairments. 78

Deutsche EuroShop / Annual report 2021 FINANCIAL STATEMENTS OF DEUTSCHE EUROSHOP AG AND THE GROUP FOR THE PERIOD ENDING 31 DECEMBER 2021 At the Audit Committee meeting on 1 April 2022 and at the regu- lar Supervisory Board meeting on 21 April 2022, the Audit Commit- tee and the Supervisory Board respectively examined in detail the annual financial statements of Deutsche EuroShop AG in accordance with German commercial law and the consolidated financial state- ments in accordance with International Financial Reporting Stand- ards (IFRS), each as at 31 December 2021, as well as the combined management report and Group management report for financial year 2021. The impact of the ongoing coronavirus pandemic on the future performance of Deutsche EuroShop AG, as explained, was discussed with the Executive Board. The auditor explained to us all matters which he regarded as being of particular significance for his audit of the consolidated financial statements, doing so in a manner that was easy to follow. The Supervisory Board shares the auditor’s assess- ment of the importance of these matters for the consolidated finan- cial statements. You can find details of these matters in the audi- tor’s report. The documents relating to the financial statements, the auditor’s reports and the Executive Board’s proposal for the utilisation of the unappropriated surplus were presented to us in good time. The auditor appointed by the Annual General Meeting on 18 June 2021 – BDO AG Wirtschaftsprüfungsgesellschaft, Hamburg – had already audited the financial statements and issued an unqualified audit opinion in each case. The auditor also confirmed that the account- ing policies, measurement methods and methods of consolidation in the consolidated financial statements complied with the relevant accounting provisions. In addition, the auditor determined in the course of its assessment of the risk management system that the Executive Board had undertaken all required measures pursuant to Section 91 (2) AktG to promptly identify risks that could jeopardise the continued existence of the Company. The auditor’s representatives took part in the discussion of the annual financial statements and the consolidated financial state- ments on the occasions of the Audit Committee meeting on 1 April 2022 and the regular Supervisory Board meeting on 21 April 2022 and explained the main findings. The Supervisory Board has come to the conclusion that there are no objections to be raised against the annual financial statements or the audit conducted by the auditor. The combined management report meets statutory requirements in the opinion of the Super- visory Board. The Supervisory Board agrees with the statements in the management report on the further growth of the Company. The Supervisory Board has issued its agreement with the result of the audit of the annual financial statements and approved the annual financial statements of Deutsche EuroShop AG and the consoli- dated financial statements of the Deutsche EuroShop Group; the annual financial statements are therefore approved. In addition, the Supervisory Board endorsed the Executive Board’s proposal for the appropriation of net income, according to which a partial amount of €61,783,594.00 of the unappropriated surplus of €61,818,600.14 for financial year 2021 is to be used to pay a dividend of €1.00 per no-par-value share carrying dividend rights, and the remaining par- tial amount of €35,006.14 is to be carried forward to new account. The impact of the coronavirus remains a particular challenge in day- to-day work. The end of the pandemic hoped for in spring 2021 has not materialised after a brief improvement in the situation. In late autumn 2021, infection numbers increased again due to new vari- ants of the virus, reaching new highs in the winter of 2021. The sound operating concepts for the shopping centers and company adminis- tration have proven their worth to date. Together with the Executive Board, we are continuing to make every effort in this extraordinary and ongoing pandemic situation to find the best possible solutions for all stakeholders of Deutsche EuroShop AG so that together we can overcome the difficulties posed by the crisis and put ourselves on the right track. The Supervisory Board would like to thank the Executive Board and all employees of Deutsche EuroShop AG for their reliability, hard work, dedication and commitment in light of these exceptional cir- cumstances for all of us. Hamburg, 21 April 2022 Reiner Strecker, Chairman 80

Deutsche EuroShop / Annual report 2021 C O R P O R AT E G O V E R N A N C E 2 0 2 1 A N D D EC L A R AT I O N O N C O R P O R AT E G OV E R N A N C E The Company may invest up to 10 % of equity in joint ventures in shopping center projects in the early stages of development. New investments must be financed from a balanced mix of sources, and borrowing must not account for more than 55 % of financing across the Group over the long term. As a general rule, long-term interest rates are fixed when loans are taken out or renewed, with the goal of keeping the term (average fixed interest period) at over five years. As a result of the recognised and anticipated long-term impact of the coronavirus pandemic on our portfolio, management will review the strategy in financial year 2022 and make adjustments as necessary. DIVERSIFIED SHOPPING CENTER PORTFOLIO Deutsche EuroShop AG holds a balanced, diversified portfolio of shopping centers in Germany and other parts of Europe. We focus our investment activities on prime (1a) locations in cities with a catchment area of at least 300,000 residents in order to guarantee a sustained high level of investment security. Deutsche EuroShop is a transparent company that operates in accordance with a strategy geared towards long-term success. This focus on constancy is a key aspect of our corporate culture. Based on the legal and company-specific conditions governing manage- ment of a listed company, we strive to promote the trust of inves- tors, creditors, employees, business partners and the public in the management and supervision of our Company. This goal is consis- tent with the requirements of a demanding corporate governance system. In conformity with principle 22 of the Deutscher Corporate Governance Kodex (German Corporate Governance Code) as well as Section 289f (1) of the Handelsgesetzbuch (HGB – German Commer- cial Code), this declaration contains a report by the Executive Board, also on behalf of the Supervisory Board, on corporate governance. OBJECTIVES AND STRATEGY The management focuses on investments in high-quality shopping centers in inner cities and established locations offering the poten- tial for stable, long-term value growth. A key investment target is the generation of high surplus liquidity from leases in shopping centers, which is paid out to shareholders in the form of an annual dividend. To this end, the Company invests its capital in shopping centers in different European regions in accordance with the principle of risk diversification. Germany is the main focus of investment. Indexed and turnover-linked commercial rents form the basis to achieve the high earnings targets. 82

Deutsche EuroShop / Annual report 2021 C O R P O R AT E G OV E R N A N C E 2021 The Government Commission for the German Corporate Governance Code adopted a fundamentally amended German Corporate Govern- ance Code on 16 December 2019, which came into force on 20 March 2020. THE EXECUTIVE BOARD AND THE SUPERVISORY BOARD The Supervisory and Executive Boards performed their statutory duties in financial year 2021 in accordance with the applicable laws and the Articles of Association. The strategic orientation of the Com- pany was coordinated between the Executive Board and the Super- visory Board, and the progress of strategy implementation was discussed at regular intervals. The Supervisory Board was informed regularly, promptly and in detail of business developments and the risk situation by the Executive Board. Detailed information on the main areas of focus of the Supervisory Board’s activities in finan- cial year 2021 can be found in the 2021 Annual Report of Deutsche EuroShop AG. In financial year 2021, there were no advisory or other contracts for work or services in existence between members of the Supervisory Board and the Company. REMUNERATION SYSTEM AND REMUNERATION REPORT The applicable remuneration system for the members of the Execu- tive Board in accordance with Section 87a (1) and (2) sentence 1 of the Aktiengesetz (AktG – German Public Companies Act), which was approved by the Annual General Meeting on 18 June 2021, and the resolution adopted by the Annual General Meeting on 18 June 2021 in accordance with Section 113 (3) AktG on the confirmation of remu- neration and on the remuneration system for the members of the Supervisory Board are available to the public on the Deutsche Euro- Shop AG website at www.deutsche-euroshop.de. The remunera tion report for financial year 2021 and the auditor’s report pursuant to Section 162 AktG will be made available to the public at the same Internet address. The remuneration report for financial year 2021 and the auditor’s report in accordance with Section 162 AktG also form part of the 2021 Annual Report of Deutsche EuroShop AG. This is also available at the above Internet address. COMPOSITION AND DIVERSITY Supervisory Board In 2015, the Supervisory Board added a diversity concept to the goals specified in 2012 for its composition, both of which were confirmed in 2017 and last updated in 2019. The Supervisory Board gears itself towards the needs of a listed company with a small staff base which makes long-term investments with high capital requirements. In view of this, the intention is for the Supervisory Board to be primar- ily composed of independent members of both genders who have special knowledge and experience of the retail trade, the letting of retail space, the management of shopping centers, the equity and debt financing of listed real estate companies, of accounting prin- ciples and internal control processes in accordance with German and /or international regulations, and of corporate governance, law and business management. It is intended that the proportion of women on the Supervisory Board is at least 30 %. The upper age limit for members of the Supervisory Board is 70. The Supervisory Board also takes the view that professional qualifications and skills should be the key criteria for its members. For that reason, no rule has been adopted as to the length of time for which members may serve on the board. Since 2015 the Company has disclosed the skills provided by the indi- vidual members of the Supervisory Board in the nomination process for the elections to the Supervisory Board. The current competence matrix is as follows: Reiner Strecker Karin Dohm Dr. Anja Disput Henning Eggers Dr. Hennig Kreke Alexander Otto Claudia Plath Klaus Striebich Roland Werner Retail sector Real estate Business management Accounting Funding Capital market Law Corporate governance x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 84

Deutsche EuroShop / Annual report 2021 The members of the Supervisory Board are: • Reiner Strecker, Chair • Karin Dohm, Deputy Chair • Dr. Anja Disput • Henning Eggers • Dr. Henning Kreke • Alexander Otto • Claudia Plath • Klaus Striebich • Roland Werner Mr Strecker, Ms Dohm and Mr Eggers are members of the Super- visory Board Executive Committee. The Executive Committee is chaired by the Chairman of the Supervisory Board. The Committee discusses urgent business matters and passes relevant resolutions. Moreover, it is responsible for preparing human resources issues concerning the Executive Board and for reviewing the Company’s corporate governance principles. The Executive Committee of the Supervisory Board also fulfils the role of a nomination committee. The Audit Committee consists of Ms Dohm as Financial Expert and Chair as well as Mr Eggers as second Financial Expert and Mr Strecker. It is responsible for issues relating to financial report- ing, auditing and the preparation of the annual and consolidated financial statements. It supervises the audit and assesses the quality of the auditor’s work as well as the effectiveness of the inter- nal control and risk management systems. Former members of the Company’s Executive Board and the Chairman of the Supervisory Board generally do not chair the Audit Committee, to avoid conflicts of interest. Ms Dohm qualifies as a financial expert in both accounting and auditing through her education (tax consultant since 2002 and audi- tor since 2005) and her professional activities. Her professional activities at Deloitte & Touche included the annual audit of listed companies from 1997 [GU1] to 2011. From 2011 to 2019, she held various roles in the Deutsche Bank Group, including responsibility for accounting at the Group and at the transaction bank. Since 2021, she has been Chief Financial Officer of a listed group. Mr Eggers qualifies as a financial expert in both accounting and auditing through his education (tax consultant since 1999) and his professional activities as an employee and tax consultant at PKF Fas- selt Schlage Wirtschaftsprüfungsgesellschaft (1995-2000). Since 2013, Mr Eggers has been a member of the management board of KG CURA Vermögensverwaltung G.m.b.H & Co., where he is responsible for accounting and finance. Mr Eggers, Dr Kreke and Mr Strecker are members of the Capital Market Committee. The Capital Market Committee is chaired by Mr Eggers. The position of Deputy Chairman is held by Mr Strecker. The Supervisory Board’s powers relating to the utilisation of approved capital and conditional capital were transferred to the committee for decision-making and processing. In addition, deci- sions on the approval of the Supervisory Board for loan agreements are also delegated to this committee in individual cases if these meet the criteria of a transaction requiring approval. Executive Board The Executive Board of Deutsche EuroShop AG manages the Com- pany in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsi- bilities and business procedures are laid down in its rules of proce- dure and in its schedule of responsibilities. The chief management duties of the Executive Board are the management of the Group and the determination of its strategic orientation and planning, and the establishment, implementation and monitoring of risk management. The diversity concept of the Supervisory Board for the Execu- tive Board which originated in 2015 was given concrete shape and expanded in April 2017. It proposes that the Executive Board should consist of members of both sexes with a proportion of women of at least 30 %. The composition of the Executive Board should be geared towards the needs of a listed company with a small staff base. This should take into account the requirements of accounting with high capital investment as well as the largely national activities in long- term investment in retail properties. The members of the Execu- tive Board are expected to have knowledge and experience in the application of accounting principles and internal control procedures according to German and /or international accounting standards, in the retail trade as well as in the management of shopping centers, in equity and debt financing, capital market, corporate governance, corporate and personnel management, corporate acquisitions and mergers, and in the purchase and sale of real estate. The focal points of knowledge and experience should complement each other. The upper age limit for members of the Executive Board is 60. As of 31 December 2021, the Executive Board of Deutsche Euro- Shop AG comprised two members. Wilhelm Wellner Born 8 March 1967 First appointed: 2015 Appointed until: 30 June 2025 86

Deutsche EuroShop / Annual report 2021 ACCOUNTING AND AUDITS The Deutsche EuroShop Group prepares its financial statements according to International Financial Reporting Standards (IFRS) on the basis of Section 315a of the Handelsgesetzbuch (HGB – German Commercial Code). The annual financial statements of Deutsche EuroShop AG will continue to be prepared in line with the accounting provisions of the HGB. The Executive Board is responsible for prepa- ration of the financial statements. The Chairwoman of the Audit Com- mittee commissions the auditor of the annual financial statements, as elected by the Annual General Meeting. The stricter requirements for auditor independence are met in this process. At the Annual General Meeting on 18 June 2021, BDO AG Wirtschaft- sprüfungsgesellschaft was elected as the statutory auditor and Group auditor for financial year 2021. BDO AG Wirtschaftsprüfungs- gesellschaft has audited the annual and consolidated financial statements of Deutsche EuroShop AG from 2005 to 2021 without interruption. The responsible auditors within the audit company have changed several times during the above-mentioned period. With the 2021 annual financial statements, the auditor Olaf Oleski performed his second audit of the annual financial statements of our Company and served as lead auditor for the first time. BDO also provided other consultancy services for our Company in financial year 2021 in the amount of €4,000. OUTLOOK The terms of office of Reiner Strecker, Karin Dohm and Klaus Striebich will end at the Annual General Meeting on 23 June 2022. on the Internet three days before the end of the period for submit- ting questions, and at the Annual General Meeting all questions were answered in detail by the management. A key item on the agenda of this Annual General Meeting in June 2021 was the resolution on the approval of the remuneration system for the members of the Executive Board. The shareholders approved the new remuneration system with a majority of 93.45% of the votes cast. Deutsche EuroShop reports to its shareholders and to the public on the Company’s business performance, financial position and results of operations four times a year in line with a financial calendar. Press releases also inform the public and the media of Company activities directly. Information that may materially influence the Company’s share price is published in the form of ad hoc disclosures in accord- ance with the statutory requirements. The Executive Board gives regular presentations to analysts at physical and virtual conferences and at investor events as part of the Company’s investor relations activities. Analyst conferences on the release of the annual and quarterly financial statements are streamed on the Internet, where they are available to anyone inter- ested in the Company. In addition, Deutsche EuroShop AG provides financial information and other information about the Deutsche Euro- Shop Group on its website. COMPLIANCE MANAGEMENT The Executive Board has set up a compliance management system suitable for a holding company and gives appropriate consideration to legal and corporate governance requirements at a key affiliated service provider. In financial year 2019, the compliance manage- ment system and the internal control system (ICS) were adapted in particular to the requirements of ARUG II (Act on the Implementa- tion of the Shareholders’ Rights Directive), which came into force on 1 January 2020. The Company set up a whistleblower system for the collection of anonymous internal and external information in the first quarter of 2018. 88

Deutsche EuroShop / Annual report 2021 R E M U N E R AT I O N F I N A N C I A L Y E A R 2 0 2 1 This compensation report outlines the components and the operating principles of the remuneration logic as well as the indi- vidual remuneration amounts for the Executive Board and Super- visory Board. Detailed information on the remuneration systems for the members of the Executive Board and Supervisory Board of Deutsche EuroShop AG is available on the Company’s website: www.deutsche-euroshop.com/remuneration GUIDELINES AND PRINCIPLES OF THE REMUNERATION SYSTEM FOR THE MEMBERS OF THE EXECUTIVE BOARD OF DEUTSCHE EUROSHOP AG Deutsche EuroShop AG’s business strategy aims to make invest- ments in high-quality shopping centers in inner cities and estab- lished locations offering the potential for stable, long-term value growth and enabling the generation of high surplus liquidity from leases in shopping centers. The strategic targets are geared to con- solidating the Company’s successful positioning among its Euro- pean competitors and increasing the value of the Company for its shareholders over the long term. The success of this development is measured on the basis of performance criteria and taken into appro- priate account in the remuneration paid to the Executive Board. The remuneration thus provides the Executive Board with an effective incentive to implement the business strategy and achieve success. For this reason, the remuneration consists primarily of variable com- ponents that reward the achievement of set targets and reduce the remuneration paid in the event of non-achievement. This establishes a direct correlation between corporate success and remuneration. REMUNERATION OF THE MEMBERS OF THE EXECUTIVE BOARD Essential features of the new remuneration system adopted in 2021 In 2021, Deutsche EuroShop AG developed a remuneration system for the members of the Executive Board in accordance with Sec- tion 87a AktG, which was resolved by the Supervisory Board on 9 April 2021 at the recommendation of the Executive Committee and approved by the Annual General Meeting on 18 June 2021 with an approval rate of 99.54%. It is based on the strategic alignment of the Company and complies with the regulatory requirements of the Aktiengesetz (AktG – German Public Companies Act) and the recom- mendations of the Deutscher Corporate Governance Kodex (DCGK – German Corporate Governance Code). The following overview presents the basic components of the remu- neration system and their design: Fixed (non-performance-related) components Basic annual remuneration • Fixed basic annual remuneration, paid monthly in twelve equal instalments Ancillary benefits • Car for business and private use • Accident insurance / D& O insurance • Allowance for health and long-term care insurance Company pension scheme • Defined contribution plan in the form of a fixed annual amount to a provident fund • Alternative: Conclusion of old-age pension insurance 90

Deutsche EuroShop / Annual report 2021 Remuneration practice in financial year 2021 In financial year 2021, the remuneration of the Executive Board members was still based on the provisions defined in the individual contracts when they were concluded. The remuneration agreed in these Executive Board contracts is made up of non-performance- related (fixed) and performance-related (variable) components. The fixed remuneration comprises the basic remuneration as well as ancillary benefits and, in some cases, a company pension plan. The variable remuneration reflects the performance during a financial year as well as the long-term development of the Company. Short- term variable remuneration (bonus) and long-term variable remu- neration (long-term incentive) are therefore applied depending on performance. In determining the target remuneration, the Supervisory Board took into account the size, complexity and structure of Deutsche EuroShop AG. Additional consideration was given to the economic and financial situation of the Company, the structure and level of Executive Board remuneration in comparable companies, the areas of responsibility of the individual Executive Board members, and the internal remuneration environment. Fixed remuneration The members of the Executive Board receive basic annual remuner- ation for their work based on the position, duties and area of respon- sibility of the respective Board member. The fixed remuneration components include other ancillary benefits, primarily a car for business and private use and accident insurance. The Executive Board members also receive an allowance for health and long-term care insurance amounting to 50% of the amounts payable by them, but not exceeding 50% of the contributions to statu- tory health and long-term care insurance. In addition, a standard D& O insurance policy has been taken out for the members of the Executive Board. Company pension plan A defined contribution plan was agreed for Mr Wellner with effect from 1 July 2018. In this context, the Company will make a vested contribution of €50,000 per year to a provident fund until 2029. This contribution will be disbursed even if the appointment as a member of the Executive Board ends before the age of 62, unless Mr Wellner has not accepted an offer to extend his appointment on compara- ble terms. The obligation to pay contributions will also end in the event of Mr Wellner’s death or occupational disability. As soon as Mr Wellner reaches the contractual age limit of 62 years and leaves the service of Deutsche EuroShop AG, the resulting pension amount will be granted either as a lifelong pension or as a lump-sum pay- ment. The Company has committed to providing a company pension for Mr Borkers, for which it has been making contributions of €3,000 per year to a pension fund for the benefit of Mr Borkers since 1 July 2010. These contributions will continue to be paid until Mr Borkers leaves the Company or until 31 December 2029 at the latest. As at 31 December 2021, the present value of the pension commitment for Mr Wellner was €175,000, while for Mr Borkers it was €47,000. Variable remuneration The variable remuneration components are based both on the achievement of annual targets and on the long-term performance of the Company. The short-term variable remuneration component and the long-term variable remuneration component incentivise the per- formance of Executive Board members from different perspectives, over different performance periods and taking account of different performance criteria. 92

Deutsche EuroShop / Annual report 2021 Application of the performance criteria and achievement of objectives Bonus For the bonus for financial year 2021, the weighted EBT is €129.9 million. in EUR mn 2021 2020 2019 EBT 125.6 127.6 163.1 Weighting Weighted EBT 60% 30% 10% 75.3 38.3 16.3 129.9 Long Term Incentive Plan The long-term variable remuneration is determined by comparing the market capitalisation of the years 2018 and 2021. Using 1 July 2018 and 31 December 2021 as a basis, the average share price of the past twenty trading days is calculated and then multiplied by the number of shares issued in the financial years in question. The resulting market capitalisation values for the years 2018 and 2021 are compared with each other to reflect the development over the performance period. On 31 December 2021, the market capitalisation of the Company stood at €890.4 million, which constitutes a reduction of €972.0 mil- lion versus the figure as at 1 July 2018. There will therefore be no payout from the LTI 2018. This results in the following payout amounts for the Executive Board members: in EUR k Wilhelm Wellner Olaf Borkers Weighted EBT in EUR mn 129.9 129.9 Payout factor 0.25% 0.20% Amount paid out 324.8 259.8 in EUR mn 2018 2021 Change Market capitalisation 1,862.4 890.4 –972.0 Long-Term Incentive 2018 Payout factor Additional payout factor Change Amount paid out Increase in market capitalisation Wilhelm Wellner Olaf Borkers ≤ €500 mn > €500 mn 0.10% 0.05% 0.050% 0.025% EUR –972.0 mn €0 €0 Malus and clawback rules The applicable service contracts of the Executive Board members do not contain any specific malus and clawback rules. In financial year 2021, the Supervisory Board did not make use of the option to withhold variable remuneration components for the members of the Executive Board. Remuneration granted and owed to members of the Executive Board The table below shows the remuneration granted and owed in finan- cial year 2021 for the active and former members of the Executive Board. For the active members of the Executive Board, the remuner- ation granted is hereinafter understood to mean the remuneration whose relevant performance period was completed in financial year 2021. Thus, for the variable remuneration components, the bonus 2021 and the Long-Term Incentive Plan with the performance period July 2018 – December 2021 are shown as remuneration granted. Pension expenses are not part of the remuneration granted. 94

Deutsche EuroShop / Annual report 2021 REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD In accordance with Article 8 (4) of the Articles of Association, the Chair of the Supervisory Board receives annual remuneration of €50,000, the Vice Chair receives €37,500, and all other members of the Supervisory Board receive fixed remuneration of €25,000. Members of the Supervisory Board who join or leave the Supervisory Board in the course of a financial year receive pro rata remuneration for the corresponding financial year. In accordance with Article 8 (5) of the Articles of Association, mem- bers of the Supervisory Board are reimbursed for cash expenses incurred during performance of their duties. In addition, any sales tax incurred is reimbursed if the Supervisory Board members are entitled to invoice the Company separately for the sales tax. The remuneration granted and owed to the Supervisory Board is constituted as follows: Remuneration granted /owed to the Supervisory Board Reiner Strecker Karin Dohm Dr Anja Disput Henning Eggers Dr Henning Kreke Alexander Otto Claudia Plath Klaus Striebich Roland Werner 2021 2020 Fixed remuneration Total remuneration Fixed remuneration Total remuneration TEUR 50 37.5 25 25 25 25 25 25 25 % 100 100 100 100 100 100 100 100 100 TEUR 50 37.5 25 25 25 25 25 25 25 TEUR 50 37.5 25 25 25 25 25 25 25 % 100 100 100 100 100 100 100 100 100 TEUR 50 37.5 25 25 25 25 25 25 25 Information on the relative trend of the remuneration of the Executive Board, the remuneration of other employees, and the development of the Company’s earnings The table below shows the trend for the members of the execu- tive bodies in comparison with the development of the earnings of Deutsche EuroShop AG and the average remuneration of all employees in Germany on a full-time equivalent basis during the period 2017 to 2021. 96

Deutsche EuroShop / Annual report 2021 I N D E P E N D E N T A U D I T O R ’ S R E P O R T Basis for the audit opinion We conducted our audit of the compensation report in accordance with Section 162 (3) AktG in consideration of IDW auditing standard: Audit of the compensation report pursuant to Sec-tion 162 (3) AktG (IDW PS 870 (08.2021)). Our responsibility under said provision and standard is further described in the “Responsibility of the auditor” section of our report. As auditing prac-tice, we applied the require- ments of the IDW quality assurance standard: Requirements for quality assurance in auditing practice (IDW QS 1). We complied with the professional duties pursuant to the Wirtschaftsprüferordnung (WPO – German Public Accountant Act) and in ac-cordance with the professional statutes for auditors /chartered accountants, including the re-quirements regarding independence. O N T H E AU D I T O F T H E C O M P E N S AT I O N R E P O R T P U R S UA N T T O S EC T I O N 162 (3) A K T G To Deutsche EuroShop AG, Hamburg Audit opinion We have formally audited the compensation report of Deutsche Euro- Shop AG, Hamburg, for the financial year from 1 January 2021 to 31 December 2021 to determine whether the disclosures pursuant to Section 162 (1) and (2) of the Aktiengesetz (AktG – German Pub- lic Companies Act) have been made in the compensation report. In accordance with Section 162 (3) AktG, we have not audited the con- tent of the compensation report. In our opinion, the attached compensation report complies in all material respects with the dis-closures pursuant to Section 162 (1) and (2) AktG. Our audit opinion does not cover the content of the com- pensation report. 98

Deutsche EuroShop / 2021 L E G A L Published by Deutsche EuroShop AG, Heegbarg 36, 22391 Hamburg Phone: +49 (0)40 - 41 35 79 0, Fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.com, ir@deutsche-euroshop.com Art Direction & Design Silvester Group, Hamburg Translation Lionbridge D I S C L A I M E R Information on wording: Wherever any terms indicating the male gender only (he, him, etc.) have, in the interests of simplicity, been used in this Annual Report, such references should be construed as referring equally to the female gender. Trademarks: All trademarks and brand or product names mentioned in this Annual Report are the property of their respective owners. This applies in particular to DAX, MDAX, SDAX and Xetra, which are registered trademarks and the property of Deutsche Börse AG. Rounding and rates of change: Percentages and figures stated in this report may be sub- ject to rounding differences. The prefixes before rates of change are based on economic considerations: improvements are indicated by a plus (+); deteriorations by a minus (–). Forward-looking state- ments: This Annual Report contains forward- looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the information available at the current time. If the assumptions on which these statements and forecasts are based do not mate- rialise, the actual results may differ from those currently being forecast. Publications for our shareholder: Annual Report (in Eng- lish and German), Quarterly Statement 3M, Quarterly Statement 9M and Interim Report H1 (in English and German). Online Annual Report: The Deutsche EuroShop Annual Report can be down- loaded in PDF format or accessed as an interactive online report at deutsche- euroshop.com. This Annual Report is also available in German. In the event of conflicts the German-language version shall prevail. Convenience Translation – the German version is the only binding version. 100

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