Deutsche EuroShop AG Annual Report 2022 E

K E Y F I G U R E S 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 per share Earnings per share EPRA Earnings per share Equity 2 Liabilities Total assets Equity ratio in % 2 Loan to value (LTV) in % EPRA LTV in % 4 Cash and cash equivalents Net tangible assets (EPRA) Net tangible assets per share (EPRA) Dividend per share Deutsche EuroShop / Annual Report 2022 2022 212,8 152,4 -22,3 130,2 -106,4 21,4 2,11 0,35 2,10 2.343,4 1.864,7 4.208,1 55,7 30,3 33,1 334,9 2.335,9 37,81 2,503 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 33,2 328,8 2.374,5 38,43 1,00 +/- 0% 0% 17% 4% -94% -64% 7% -64% 7% -1% -2% -2% 2% -2% -2% 150% 1 Including the share attributable to equity-accounted joint ventures and associates 2 Incl. non controlling interests 3 proposal 4 EPRA LTV is calculated on the basis of the Group’s share in the subsidiaries and joint ventures. RE VENUE in € millions EBIT in € millions EBT * in € millions FFO per share in € 224.1 211.8 212.8 161.2 152.5 152.4 127.6 125.6 130.2 2.00 1.98 2.11 2020 2021 2022 2020 2021 2022 2020 2021 2022 * excluding measurement gains / losses 2020 2021 2022

I N H A L T 2 0 2 2 Key figures (Travel)Report of the Executive Board Shopping Generation Z Book Tips Robot “Bella” brings the ice-cream to the table Our shopping centers Activities in the centers Tenant concepts Foodgarden Travel guide to the Centers Investor Relations The Shopping Center Share ESG-Report The Supervisory Board Memberships and Recognised Codes Awards, Certificates, Ratings Report of the Supervisory Board 2022 Corporate Governance Combined Management Report Basic information about the Group Economic review Report on events after the reporting date Outlook Risk report Opportunity report Report of the Executive Board on relations with affiliated companies U2 2 6 6 9 16 18 28 30 32 34 58 58 74 92 96 99 100 110 119 120 123 140 141 142 151 152 OUR VALUES We are the only public company in Germany that invests solely in shopping centers in prime locations. We invest only in carefully chosen properties. High quality standards and a high degree of flexibility are just as important to us as sustained earnings growth from index- and turnover-linked rental contracts. In addition, we boast a higher than average occupancy rate and professional center management. – these are the pillars of our success. Acquisition reporting Declaration on Corporate Governance Reporting on the Annual Financial Statements of Deutsche EuroShop AG Consolidated Financial Statements 2022 Consolidated Balance Sheet Consolidated Income Statement Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Consolidated Financial Statements Responsibility Statement by the Executive Board Independent auditor’s report EPRA Reporting Service Glossary Multi-year overview Quarterly figures Legal Disclaimer 1 153 154 154 158 160 162 163 164 165 166 203 204 212 220 224 224 226 227 OUR GOALS Deutsche EuroShop does not seek short-term success, but rather the stable increase in the value of our portfolio. Our objective is to generate a sustainably high surplus liquidity from the longterm leasing of our shopping centers to distribute an attractive div- idend to our shareholders. In order to achieve this, we shall acquire further prime properties and hence establish ourselves as one of the largest companies in Europe focusing on retail properties.

2 Deutsche EuroShop / Annual Report 2022 ( T R AV EL)REP OR T OF T HE E X EC U T I V E B OA RD Dear Shareholders, 2022 was a turbulent and momentous year for Deutsche EuroShop in many respects. In this report, I would like to take you on a jour- ney through our financial year, which I had the privilege of helping shape from the fourth quar- ter onwards. Along the way you will encounter some challenges that were overcome and meet some new travellers joining the voyage. One of those is me, Hans-Peter Kneip. With 17 years of experience in finance and real estate as well as in management positions and on the Executive Board of listed companies, I was appointed to the Executive Board of Deutsche EuroShop on 1 October 2022. As the new captain, so to speak, I have been given the opportunity to continue the Company’s onward journey, which began 22 years ago. After the last few years overshadowed by the coronavirus pandemic in particular, the time has come to set new goals. Our journey through the 2022 reporting year got off to a positive start, propelled by political tailwinds. After coronavirus meas- ures had already been relaxed abroad in March, the individual federal states in Germany followed suit. Calmer waters returned in the direction of a new normality. People took advantage of their regained freedoms and returned to cities and shopping centers. Our operating business also stabilised as a result, allowing us to leave the negative consequences of the pandemic further and further behind us. 2022 was a transitional year that was positive overall for us at Deutsche EuroShop. Expressed in concrete figures, our revenue rose to €212.8 million, EBIT remained unchanged at €152.4 million, the operating result increased to €130.2 million and consolidated 17 YEARS OF EXPERIENCE IN FINANCE AND REAL ESTATE AS WELL AS IN MANAGEMENT POSITIONS profit declined to €21.4 million due to a weaker measurement result. The key financial figures underline that our Company is on a firm footing. Funds from operations increased by 6.4% from €122.3 million to €130.1 million and the loan- to- value ratio reached a historic low of 30.3% – with liquidity of €334.9 million and an equity ratio of 55.7%. The collection ratio continued to normal- ise over the course of 2022, averaging 98.5%, and our occupancy rate remained high at 94.3%. The details and background are explained in detail in the management report. However, a new event ensured for continued choppy seas. The onset of the war in Ukraine in February 2022 marked the start of terrible suffering for millions of people and confronted the global economy – still recovering from the aftermath of the pandemic – with a new set of challenges. Supply chain problems, the energy crisis and skyrocketing inflation weighed on the consumer climate. Looking back, we can say that while our sector was again impacted by these developments, albeit to a lesser extent, the pop- ularity of our shopping centers meant that we were able to deftly navigate this stage as well. I would like to take this opportunity to thank my predecessor Olaf Borkers, who succeeded in keeping Deutsche EuroShop steadily on course throughout the first three quarters of 2022 – he is a skilled sailor, after all. I would also like to remember Wilhelm Wellner, who had to leave the Company in April 2022 due to illness and passed away in December 2022. With his many years of service on the Executive Board and as CEO, he was instrumental in ensuring Deutsche EuroShop‘s safe passage through the past few years while at the same time preparing it for the future.

4 Deutsche EuroShop / Annual Report 2022 SAILING UNDER A NEW FLAG BRINGS WITH IT A NEW DYNAMISM FOR ANY COMPANY Our Company’s journey was also impacted by changes later on in the year. The most sig- nificant of these is that we picked up some new fellow travellers. After a successful takeover bid, new owners came on board in July. The takeover by Hercules BidCo GmbH, a company set up by the bidding consortium of Oaktree Capital Management and CURA Vermögensver- waltung, represents a milestone for Deutsche EuroShop. Under the inves- tor agreement, €21.50 was offered for all outstanding shares in the Company. On top of this, the Compa- ny‘s shareholders, who accepted the bid, received a dividend for financial year 2021 in the amount of €1.00 per share, resulting in a total bid value of €22.50 per share. Sailing under a new flag brings with it a new dynamism for any company – the same is true for Deutsche EuroShop in terms of personnel. In October 2022, following comple- tion of the takeover, I took over the helm from the outgoing Executive Board members Olaf Borkers and Wilhelm Wellner, who had both ended their Executive Board activities by mutual and amicable agreement with the Supervisory Board. For me personally, this also marked the beginning of a new journey in my professional life, which I have since been undertaking with immense pleasure. One thing I was able to rely on right from the outset was the support of my team. With a crew like this behind you, anyone can weather the storm and reach any goal – that’s my initial personal assessment after around six months with Deutsche EuroShop. We are expecting additional tailwind from the expe- rience and capital strength of our new owners. We are very well equipped for the journey ahead and any challenges it may bring our way. With a high-quality real estate portfolio consisting of established shopping centers and our financial strength, I believe we are well positioned for the future. No refinancing is due until September 2025 – an advantage that should not be underestimated in the current stormy period of rising and volatile interest rates. New goals lie ahead of us as we journey through 2023, and I am confident that we will reach them together. The prospects for fur- ther operational improvement are positive. We expect inflation to be contained but to remain at a high level for the time being. This will lead to corresponding index rent increases, although it will probably not be possible to enforce these in all cases. Against this back- drop, and taking into account the acquisition of further shares in six shopping centers and their financing by means of a rights issue carried out in early 2023, we expect funds from operations of €153 million to €160 million for financial year 2023, an increase of more than 20% on the previous year. This positive outlook also marks the end of my travel report for our financial year 2022. I would like to take this opportunity to thank you for the trust you have placed in Deutsche Euro- Shop. Thank you for taking this journey with us through economically challenging times. If you find the time to visit one of our center locations this year, we have put together some things to inspire you in this report. Our motto for this year’s annual report is “Destination: Shop- ping”. I hope you enjoy reading these pages and planning your trip, and that you have lots of fun at your new destination! Best regards Hans-Peter Kneip

6 Generation Z Deutsche EuroShop / Annual Report 2022 /d en 'zi / –W H AT T EENS A ND T W EENS E X PEC T FROM A SHOPPING T RIP by Giovanni Giampietri, Junior Leasing Manager, ECE Marketplaces People associate shopping centers with gigantic temples of consumption with a focus on textiles, but Generation Z and subsequent generations expect much more from the “shopping centers” of tomorrow. The Main-Taunus-Zentrum, the first shopping center in Germany, was opened in 1964 to meet the needs of consumers. There are now around 500 shopping centers in Germany, which have undergone major changes over the course in response to shifting consumer behaviour, for example due to ethical reasons, digitalisation, demographic trends and other reasons. Especially for consumers of Generation Z (“Gen Z”), who are referred to as digital natives, the digital world – in the form of communication and consumption “ M Y P U R C H A S E O F T H E Y E A R " I N 2022 HANS-PETER KNEIP Member of the Executive Board “I treated myself to a new travel companion: my ‘War- ren Backpack’ from Tumi now always comes with me to roadshows or when I’m vis- iting our shopping centers. And it’s certainly already proven its worth day to day as a proper (back-friendly) ‘mobile office’.” through e-commerce in everyday life – is taken for granted. The annually growing trade in the online segment by providers such as Amazon or Alibaba, which are big players in this sector, is having a negative impact on the bricks-and-mortar retail trade, resulting in store closures and negative sales figures. The German bricks-and-mortar retail trade has been facing up to this competition for some time and countering it with new and con- temporary concepts. These are primarily aimed at young consumers with a view to making offline consumption attractive to them and gaining their trust. In Western Europe, the shopping center con- cept has reached the maturity or even shrinkage phase, leading to higher vacancy rates, turnover issues and closures in some places. There were 493 actively operated shop- ping centers in Germany in 2021. Of the retail centers in existence in 2018, 479 – or around 48.2% – operate in city centers and only 15.5% in so-called “greenfield sites”. In not only the current but also future development of shop- ping centers, the extensive and growing needs of consumers (especially those of the younger generations) are being met through revitali- sation measures, with mixed or lifestyle use becoming increasingly popular.

Generation Z 7 DIGITAL NATIVES, WHO BELONG TO THE AGE GROUP BORN BETWEEN 1997 AND 2010, ARE ALSO REFERRED TO AS GENERATION Z. Digital natives, who belong to the age group born between 1997 and 2010, are also referred to as Generation Z. Members of this age group – unlike their predecessor generation – have grown up in a digital world, which they take for granted and which is part of their lives. Their communica- tion and everyday life takes place largely online, regularly replacing face-to-face contact. This generation group is the first generation to be completely shaped by the internet, digitalisation and smartphones. In Germany, this generation makes up ten percent of the population. The next generation –Alpha – will also be confronted with the digital world from the very beginning. Today’s Gen Z consumers are highly ser- vice-oriented. This means that they want to live better and, as a result, they buy the services they need. In our post-industrial age, those with suffi- cient means want to enjoy life and combine con- sumption with experiences. Today’s customers, especially those of Generation Z, are no longer commodity-oriented but experience-oriented, and want to be entertained during consumption. The present-day consumer therefore not only shops for supplies, but also receives additional gratification from shopping locations offering a selection of gastronomic, cultural and entertain- ment facilities, which are designed to guarantee a good quality of experience and stay. Customers want to use the little and valuable time outside their domestic or workplace environment as effectively and enjoyably as possible. People are increasingly striving to live a happy life and fulfil their wishes and dreams. In the shopping context, the customer derives pleasure not only from purchasing the product, but also from enjoying the time spent on the shop floor as well as the services offered, which are presented in the retail space and consumers can take advan- tage of either during or before the purchase, e.g. in the form of a champagne bar, fresh food counter or café. As a result, the trend towards

8 Deutsche EuroShop / Annual Report 2022 COOPERATION WITH INFLUENCERS, INCLUDING THOSE IN THE FASHION SEGMENT, IS ALSO GAINING MOMENTUM. customisation is increasing all the time, with the result that demand is becoming ever-more com- plex. Visitors to shopping venues want service; “ M Y P U R C H A S E O F T H E Y E A R " I N 2022 NICOLAS LISSNER, Senior Manager Investor & Public Relations “At home, we’ve finally put an end to lugging around crates of bottled water. After years of refusing to set up a plastic eyesore in the kitchen, I was won over by the design of the ‘Carbonator III’ from Aarke. The water really does taste quite good and it’s very easy to use.” they have diminishing interest in pure merchan- dise. Since 2005, more money has been spent on services than on goods. The focus of consumers is no longer on goods but on services. Over 50% of income was invested in the consumption of goods in the 1950s and 1960s, compared with only about 12% today. Today’s consumer is also increasingly price-sensitive, resulting in declin- ing consumption levels. Moreover, buyers are more and more focused on getting the best value for money when buying goods. Price sensitivity and weakening consumption levels are chang- ing consumer behaviour, which means that consumers are mainly concerned with buying things they actually need. In addition, advancing globalisation is leading to ever-greater inter- dependencies between national markets and cultures, which – due to the growing variety of products – are also fuelling customer expecta- tions, especially in terms of individuality and

B O O K T I P S 9 MY 111 BEST HOUSEHOLD TIPS (Meine 111 besten Einkaufstipps) by Yvonne Willicks Yvonne Willicks has been pre- senting consumer topics on Ger- man television for more than ten years. As presenter of the WDR programmes “Servicezeit” and “Der Haushalts- Check mit Yvonne Willicks”, she shows how customers can better orient themselves in the confusing world of consumer goods – and what to look out for in order to correctly assess the quality of products. From groceries to drugstore products to household appliances – in Meine 111 besten Einkaufstipps, Yvonne Willicks has summarised the most important information for smart shopping. Together with journalist Stefanie von Drathen, she shows what matters before, during and after a trip to the store – the tips are always relevant to everyday life and easy to implement. Get in the know! www.haushaltscheck.wdr.de. Paperback, German, 112 pages, ISBN 9783947670-00-0, approx. €9.90 MARKETS AROUND THE WORLD (Märkte in aller Welt) by Maria Bakhareva und Anna Desnitskaya A visit to the market is always an experience – all the colours and smells, and people bustling about everywhere you look. Let’s embark on a journey to 24 famous markets around the world and wonder at the array they have to offer! From the floating market in Thailand to the fish market in Chile, from the spice market in Israel to the Great Market Hall in Hungary: there are exciting things to discover at every turn. In addition to many great tips for both adults and children and recipes typical for each country, this book offers lots more suggestions on how to get the most out of a visit to the market. The bustling market scenes, bursting with sur- prising details, bring us up close and personal with the cultures of other countries. Hardback, German, 80 pages, ISBN 9783947670- 6123- 3, approx. €26.00 I’VE NEVER ACTUALLY BEEN THERE. THE CABINET OF CURIOSITIES OF TRAVELLING IN GERMANY (Da war ich eigentlich noch nie. Die Wunderkammer des Reisens in Deutschland) Edited by Thomas Böhm Who really knows Germany? All of its regions, natural attractions, points of interest, both known and unknown? Who, when looking at a map of Germany, hasn't caught themselves thinking: “I’ve never actually been there!” Or maybe has found themselves getting excited or emotional when they see somewhere they rec- ognise, exclaiming: “I went there once as a kid with my parents.” The Wunderkammer des Rei- sens in Deutschland invites everyone – curious travellers, sentimental travellers, travellers changing their ways in the interests of environ- mental protection – to explore the many things Germany has to offer. Drawing on old travel reports, travel schools and hiking guides, and featuring forgotten, whimsical and philosophical texts about travelling in Germany, the book takes its readers on a journey to fairy-tale places off the beaten track, to ancient trees, parks, spas and monasteries. In addition to these treasures from older and more recent travel literature, the volume contains literary texts that sing the praises of our country, its cities and its land- scapes. On the way, the book pays homage to the magic of the travelling companion, the challenge of the right equipment, the pleasure of taking a break from everyday life: from coaching inns to the gourmet restaurants of yesteryear to motorway service stations with poetic names. Thus, the book is two things in one: a trip into the history of travel and a handbook for new discoveries on your next vacation in Germany. Hardback, German, 300 pages, ISBN 978-3946990505, approx. €25.00

10 Deutsche EuroShop / Annual Report 2022 THE MIXED-USE CONCEPT CAN BE SEEN LIKE A MICRO-CITY THAT OFFERS EVERYTHING NECESSARY FOR A PERSON'S LIFE IN ONE BUILDING. City-Point, Kassel the constant availability of goods as a matter of course. Something that is also characteristic of the present-day consumer, and is becoming increasingly important as a result, is morally aware, sustainable consumption. The value-ori- ented and sustainable consumer is committed to a conscious lifestyle. The Gen Z consumer therefore demands moral and ethical selection criteria in retail, in the form of organic and fair- trade products, whose details of origin and pro- duction are disclosed and, ideally, certified. It is important for consumers to hold in their hands a high-quality product that is low in pollutants, ecologically sound and produced under fair working conditions. The aspect of regionality can provide additional, positive incentives, making today’s consumers increasingly willing to spend more money on ethical and health-conscious consumption. The awareness of responsible and thus also sustainable consumption in terms of the environment and the realisation of the things we actually need – and not just the things we want – is shaping a growing proportion of the population, especially among the younger generations.

Generation Z 11 “ M Y P U R C H A S E O F T H E Y E A R " I N 2022 PATRICK KISS Head of Investor & Public Relations “It was the coup of the year from Swatch: an innovative version of the legendary Speedmaster Moonwatch was developed in a joint project with Omega. The result is the ‘Moonswatch’, available exclusively in selected Swatch Stores – and not online. After several unsuccessful visits to the store in Hamburg, I finally managed to secure one. Maybe I’ll be able to test it properly if I ever get rocketed to the moon.” MORE AND MORE RETAILERS ARE FOCUSING ON I NDIVIDUALITY AND LIMITED GOODS. If the face of this continually evolving con- sumer behaviour, the retail trade is taking on a completely new significance. The growing online trade, triggered by digitalisation, is transform- ing the consumer behaviour of visitors to retail locations such as shopping centers. This is prompting operators in par- ticular to respond to the needs of these new customers. Due to the increasing importance of leisure and experiences among the popu- lation, their growing awareness of the preciousness of time and their desire for more individuality, there is the potential that the traditional temples of consumption, with their relatively low leisure offerings, could be partially transformed into urban entertainment centers. These sites focus on experience, shopping and communication. The centers offer more and more cultural and entertainment-oriented services, including the- atres, cinemas, concert halls, art exhibitions and sports facilities such as bungee jumping and free climbing, along with a wide range of restaurants. At the same time, more and more traditional as well as digital arcades are emerging where vis- itors can immerse themselves in a virtual world with roller coasters, horror rides or car races. Artificially urban shopping centers should help the city center to become an interesting place to spend time on an everyday basis, and also create an urbanity all of their own. In recent years, the number of shops in shopping centers that have been “reimagined” for the needs of Gen Z has been steadily increasing, whether it’s a Red Bull, M&M, Tesla, Gin, Ritter Sport, Zalando or Nivea store, or a Mattel entertainment center. Coop- eration with influencers, including those in the fashion segment, is also gaining momentum. Cloth- ing shops and brands are being rethought in the bricks-and-mortar retail sector, with more and more retailers focusing on indi- viduality and limited goods, which are promoted in conjunction with digital platforms. Examples include, brands such as LFDY or WRSTBHVR, which operate successfully and with a simple shop design. Thanks to the more sustainable consumer behaviour of the younger genera- tions, the second-hand sector has also taken on a whole new meaning. A number of popular and well-known chain stores have already emerged based on the growing trend of second-hand fashion. Retail space has expanded significantly in recent years to provide customers with room for a more diverse selection and to entertain them as well. The fashion brand Tommy Hilfiger,

12 for example, has for some time – and in more and more shops – been inviting its customers to linger in a café integrated into the shop during or after their clothes shopping. Such a combination involving the Tommy Hilfiger brand can be found in Düsseldorf near the Kö. There, visitors will not only find a large selection of textiles, but also all kinds of luxury drinks and information about the history of Tommy Hilfiger. Today’s shopping centers are adapting to the high demands of consumers in terms of their enjoyment, as well as focusing on the feel-good factor with a variety of food and beverage offerings. These areas create a pub- licly accessible, urban desti- nation for visitors who like to enjoy themselves. They are also deliberately designed with plenty of daylight and sublime architecture, to increase the sense of well-being and the quality of stay. Examples include the “My Zeil” in Frankfurt am Main or the “Centro” in Oberhausen. A diverse tenant mix in all areas additionally enhances the overall experience, with all kinds of cultures converging colourfully on one level in the food and beverage hall. This diversity can be seen, among other things, in the “Manifesto” concept in the Pots- damer Platz Arkaden (The Playce). SMART STORES ARE ALSO CHARACTERISED BY DIGITAL TECH- NOLOGIES SUCH AS ELECTRONIC PRICE TAGS OR INTELLIGENT SHELVES. The term “smart store” describes a net- worked shopping experience fully in line with the needs of Gen Z, which creates a place where products that can be physically experienced are integrated into a digital world of experience and where high-quality and individual advice is guaranteed. More and more shopping center owners are asking individual retail tenants to upgrade the technology in their shops to meet these consumer demands. Shopping centers nowadays offer Wi-Fi access inside the building, which is freely available to visitors. This is designed to extend the length of stay and increase the location’s attractiveness. The customer of the future can also be integrated into the shopping experience through QR codes on the products and shelves. The prospective buyer receives additional, dig- ital product information and reviews from other buyers through the QR code, which can be read using a smartphone. Smart stores also feature digital technologies such as electronic price tags or intelligent shelves. Digital price tags make it possible to change price labels quickly and efficiently. This means that bargain hunters can be enticed in the early morning, while shortly before closing time, leftover fresh food is offered at a cheaper price to prevent it from being thrown away. Shopping apps can be used to inform consumers about discount promo- tions at individual retail branches in shopping centers, via push notifica- tions to their smartphones. Points can often be collected for discount campaigns or vouchers can be col- lected. This triggers feelings of hap- piness in many customers. a Time is the most valuable commodity for consumers, with long waiting times at checkouts tending to discourage them from visiting shopping centers. Retailers are therefore trying to prevent this “ M Y P U R C H A S E O F T H E Y E A R " I N 2022 BIRGIT SCHÄFER Secretary to the Executive Board “Even though I told myself for a long time that I didn’t need such a thing, I’ve had Thermomix in my kitchen since last year. Not only does it actually make my work in the kitchen much easier, it also provides healthy and delicious variety. I like my smoothies the best!”

13 “ M Y P U R C H A S E O F I N 2 0 2 2 T H E Y E A R " RALPH BORGHAUS Head of Finance “A new lounger for short breaks at home. Perfect for relaxing by the barbecue or enjoying a beer after work.” by using modern technologies, for example by deploying self-service checkouts. These give customers the option of scanning the products themselves and paying conveniently with a bank card, or using a mobile phone or digital watch. This has led to the creation of completely self-sufficient shopping worlds, such as Tegut’s pilot project “Teo” in the Main-Taunus-Zentrum in Sulzbach (see also p. 30). Here, customers can access approximately 950 products around the clock, seven days a week – and all without a sales assistant. Other elements also make things easier for retailers, such as virtual changing rooms. These are equipped with touch screens on which prospective custom- ers can select and order merchandise in different sizes, styles and colours. In addition, product information, sizes, colours, offers or availability can be called up and digital advice can be sought. The changes in consumer behaviour mean that various shopping centers of tomorrow are no longer just purely monotonous clothing stores, but instead offer so much more. Here, variety and the visitor come first. The so-called mixed-use centers do not restrict themselves to retailing and services, but are character- ised by their wide range of offerings which can FOR CONSU- MERS, TIME IS THE MOST VALUABLE COMMODITY. accommodate many different types of use. The mixed-use concept takes place like a normal shopping center under one roof and reduces dependence on a large-scale supply segment through diversification. This variety of different uses enables mutual benefit to be derived within a single complex building. A mixed-use property accommodates, for example, shopping outlets, sports offerings, services, leisure and cultural facilities, local suppliers, hotels (as exemplified by the Ring-Center II in Berlin with the “Niu-Hotel”), health facilities, office space, residential space (as in the Gerber building in Stuttgart, the capital of Baden-Württemberg), restaurants – and much more besides. There are no limits here to the creative possibilities. The Thier-Galerie Dortmund has even installed a roller disco. Indoor climbing walls or ice rinks are also possible. The Neukölln Arca- den, for example, is home to a cultural roof gar- den with a green oasis that invites visitors from near and far to get up close and personal with nature in the middle of Berlin. The focus of such concepts is mostly still on the traditional form of shopping centers in the retail sector, with the associated trend of experience orientation.

14 Deutsche EuroShop / Annual Report 2022 THE MIXED-USE CONCEPT CREATES A CENTRAL, URBAN INTEGRATED PLACE FOR MEETING, SUPPLY AND ENTERTAINMENT. “ M Y P U R C H A S E O F T H E Y E A R " I N 2022 BRITTA BEHRMANN Senior Manager Finance “As a true northerner, I spend a lot of time by the North Sea and Baltic Sea and this year I finally got myself a pair of rubber boots and waterproof trousers, bought in a small shop out there in the ‘flat country’ – and the things passed the water test very quickly!” centers. The real-estate concept is creating an artificial urbanity, which in turn is becoming an important link in the in the consumer economy. It will be exciting to observe in the coming years which further major changes will ensue and how shopping centers will remain contem- porary by adopting new, unusual and diverse concepts. The mixed-use concept can be seen as a micro-city that offers everything necessary for a person’s life in one building, creating a cen- tral, urban-integrated place to meet, shop and be entertained. These consumer properties, which are still in large-scale use, are expanding their offering with segments in the public space such as museums, zoological gardens or garden areas within, next to or on top of the buildings. There should be a convenient way for visitors to satisfy all kinds of leisure and shopping cravings in one place. A mixed-use center creates places for them to meet other people, and public spaces where they can experience something beyond the everyday. Out of the simple shopping func- tions and leisure opportunities, the mixed-use center provides a social function and gathering place that is usually only found in busy city

My holiday destination „ M Y H O L I D A Y D E S T I N A T I O N O F T H E Y E A R I N " 2023 15 HANS-PETER KNEIP Member of the Executive Board “After being drawn to the north for work, I’m also planning to stay in the north for my hol- iday this year. We want to travel to Helsinki once again and experience the white nights in the city and the nature of the surrounding countryside. We’re also looking forward to local food and shopping, with some highlights and insider tips.” BRITTA BEHRMANN Senior Manager Finance “My holiday destination in 2023 is Denmark. We’ve booked a small cottage just a stone’s throw from the North Sea. It’s in the middle of the dunes and has a large terrace for barbe- cuing and relaxing. In Denmark, everything is always nice and easy. The people are friendly and there are miles of beaches for walking or swimming.” PATRICK KISS Head of Investor & Public Relations “I visited New York for the first time with my family in 2013. Now, ten years later, we’re plan- ning another trip to Manhattan. The ‘kids’ are really looking forward to the ‘Big Apple’.” Barbecue and chill out in the dunes. The elephant symbolises good luck in Thailand, majesty, strength, diligence and intelligence. RALPH BORGHAUS Head of Finance “This year we will be going to Florida for the first time. We want to explore the “Sun- shine State” on a round trip from Key West to Orlando and, with a bit of luck, be there for a rocket launch at the Kennedy Space Centre.” NICOLAS LISSNER Senior Manager Investor & Public Relations “We’re looking forward to our summer holiday in Thailand, with plenty of pool time, strolls along the beach, curries and – most impor- tantly – eating mango sticky rice every day.” BIRGIT SCHÄFER Secretary to the Executive Board “I’m planning a trip to the Algarve in the autumn and I’m already looking forward to lots of sunshine, interesting excursions, beautiful beaches and good food.” The One World Trade Center - a New York landmark.

16 Herold-Center Deutsche EuroShop / Annual Report 2022 ROBO T “BELL A” BRING S T HE IC E-C RE A M T O T HE TA BLE by Annabell Behrmann, editor at Hamburger Abendblatt An ice-cream parlour was struggling with staff shortages – and now employs robots. How they work and how the guests react. “CHILDREN IN PAR- TICULAR FIND THE BELLAS A LOT OF FUN. WE'VE SEEN A LARGE INCREASE IN GUESTS SINCE THE ROBOTS HAVE BEEN IN USE.” “Attention, your delivery is on its way.” Bella is loaded with two passion fruit spritzers, a cookie sundae and a waffle. Her destination is table seven at the Giovanni L. ice-cream parlour on the top floor of the Herold-Center. “Dear guests, your order is here,” Bella says as she reaches the table. The guests take the plates and glasses off the tray on their own. “Thank you. Bon appétit and good- bye,” she says in farewell – and rolls away. Bella is a robot. Like so many restaurants, Gio- vanni L. has had problems finding new waiting staff for his establish- ments. Job ads on social media and hospitality platforms, as well as on signs placed directly on tables, failed to generate the desired response. Hardly any new employees were hired as a result. This means the few staff available were even busier. At the Herold-Center in Norderstedt, the ice cream parlour was unable to maintain its opening hours and had to open later and close earlier. AT GIOVANNI L. IN THE HEROLD-CENTER, ROBOTS BRING THE ICE CREAM TO THE TABLE To counteract the shortage of personnel, the management found inspiration at a trade fair in Asia, and now two robots have been serving since the beginning of September – the Bellas. Their job is to bring the guests their orders. “We’re having a lot of trouble finding staff. We don’t want to replace anyone with the robots. Rather, the aim is to relieve the burden on our employees,” clarifies Christo- pher Schönhoff. The 38-year-old is the managing director of Genuss- campus GmbH, which recently started running Giovanni L. in Norderstedt. The robot waiters offer great entertainment value, says Schönhoff. “Children in particular find the Bellas a lot of fun. We've seen a large increase in guests since the robots have been in use.” However, they first had to explain to some irritated customers that the Bellas are not meant to replace human staff. “They are a great help for our employees. But they can never completely replace a human being.” EMPLOYEE SEES ROBOTS AS HELPERS Kathrin Liebschwager has been working at the ice cream parlour in the Herold-Center for more than twelve years. She sees her new electronic colleagues as helpers. “They're a real help in everyday work. Thanks to them, I have more time to talk to the guests,” says the waitress.

Robot “Bella” brings the ice-cream to the table 17 “At first, I found the robots difficult to get used to. As a regular guest, I like to chat with the waiting staff. I was afraid people would stop coming,” says Christina, who visits the shopping center’s ice cream parlour several times a week. “But now, I think the Bellas are great. I under- stand that they are supposed to help staff, not replace them.” “THEY'RE A REAL HELP IN EVERYDAY WORK. THANKS TO THEM, I HAVE MORE TIME TO TALK TO THE GUESTS,” SAYS THE WAITRESS. A BELLA COSTS €18,500 FROM A GERMAN SUPPLIER 32-year-old Hannah enjoys sitting with her chil- dren at Giovanni L.'s. “My younger daughter is afraid of the robots,” she says. “But my older girl, who’s five, thinks they’re great.” The operator did not want to give any exact infor- mation on how much a Bella costs. That also depends on the number of units ordered. “It's expensive – but for the work it does, it pays off at the end of the day,” says Christopher Schönhoff from Genusscampus GmbH. At a Ger- man supplier with various robots in its range, a Bella costs €18,500. ROBOTS ARE NOT TO BE USED IN OTHER AREAS FOR THE TIME BEING “I think it’s a creative and innovative solution to optimise workflows. We've received mostly pos- itive feedback from our customers,” says center manager Agah Schaumburg. “Robots support humans at work – perhaps a hybrid working model is the way forward.” Similar to the food service sector, the retail sector is also facing a major shortage of staff. At the Herold-Center, many shops are desperately looking for new employees. However, there are no plans to use robots in other areas, says center boss Schaumburg. “After all, customers come to the shopping center to have direct contact with people.” Liebschwager still takes the cus- tomer orders herself. They are pre- pared behind the counter. Then Bella gets to work: the human employee loads the robot with food and drinks and then enters on the display the table number Bella needs to head for. The robot knows exactly where to go. The routes have been pre-programmed and sensors prevent collisions. “She’s pretty easy to handle,” says Kathrin Liebschwager. THE BELLAS CAN EVEN WISH GUESTS A HAPPY BIRTHDAY After Bella has delivered the order, she auto- matically finds her way back to the counter. She can then be loaded up again. Her elongated body consists of four trays. Bella’s head has the shape of a cat. When a guest strokes her ears, she makes a purring sound. “Your hands are really warm,” says the robot. However, if you touch the machine too often in succession, she gets cross: “Do you want to feel my claws?” scolds Bella. Or, “Stop it! I’m busy!” The robot can even wish guests a happy birthday. The robot waitress travels to the table playing “Happy Birthday” at loud volume to attract attention. On Bella’s back, “Happy Birth- day” flashes in large, illuminated letters.

Our shopping centers 19 Even after the extremely challenging times for the retail sector due to the pandemic, we are happy about the average occupancy rate of more than 94% at the end of 2022, and we are optimistic about the future. This figure confirms the quality of our portfolio, particularly given the current situation. It has remained at a con- sistently very high level ever since Deutsche EuroShop was established. Our investments are squarely focused on Germany, where 81% of our centers are located. Germany 17 880,600 2,030 94% No. of centers Leasable space in m² No. of shops Occupancy rate* Inhabitants in catchment area in millions 13.9 * as per EPRA, based on rental income As at 31 December 2022 Abroad 4 206,000 643 97% Total 21 1,086,600 2,673 95% 3.4 17.3 The importance of location for success A property’s location has always been an essential factor. If this property is a retailer, the location is the basis for success. Our tenants naturally want to be where their customers expect them to be. Our tenants and visitors can be sure that each of our 21 shopping centers is a prime location for them. Most of our properties are situated in urban cities – places where people have been gather- ing for hundreds of years to meet and sell their goods. In many cases, our centers are immedi- ately adjacent to local pedestrian zones. Our portfolio also includes shopping centers in established out-of-town locations. These centers, with their excellent transport links, have offered visitors and customers a welcome change for many years. In some cases, they even replace city shopping expeditions altogether and frequently have a strong pull beyond the imme- diate region. Optimum accessibility Whether in the inner-city or outside the city limits, we pay particular attention to transport links for our properties. In towns and cities, we like to be close to public transport hubs. In Hameln and Passau, for example, our centers are right next to the main bus stations, while our properties in Norderstedt and Hamburg-Billstedt are directly above or adjacent to underground stations. In Brno, we offer our visitors a free shuttle bus that runs several times a day between the center of town and the Olympia Center. Even on their way to the shops, our customers can do something for the environment: all our centers offer a connection to the public transport system. INFOBOX The first and last touch- point on a visit to a center is the car park. Our Car Finder makes life easier in this regard: customers simply scan the QR code on a Car Finder sign near their vehicle, which stores the parking spot in their smartphone. After shop- ping, they can then scan another QR code at one of the pay machines and conveniently be guided back to their car.

2 0 Deutsche EuroShop / Annual Report 2022 All our centers also have their own parking facilities that offer our customers convenient and affordable parking, even in downtown areas, ensuring optimum accessibility by car. Many of our properties outside urban cities offer free parking. These particular locations are alongside motorways, making them very easy to reach; examples include the A10 Center in Wildau on the A10 (Berlin ring road) and the Main-Taunus- Zentrum in Sulzbach on the A66. Parking spaces reserved for people with disabilities, families and women as well as extra-wide parking spaces are offered as part of our service at all our shopping centers. Charging stations for electric vehicles and joint ventures with car-sharing services are just a few exam- ples that show how we are always thinking of tomorrow. In addition, we are gradually fitting more and more of our parking facilities at the centers with LED parking space indicators, which enable visitors to find a convenient vacant parking space much more quickly. QR code- based guidance systems also quickly direct our visitors back to their parking spaces after they have finished browsing our shops. Successful mix Each of our 21 shopping centers has a unique leasing structure that is the result of a long, intensive and constantly evolving process. In these times of increasing online trading, it is par- ticularly important to take a targeted approach to meeting customer demands and expanding product ranges geared to the relevant urban location – and, of course, always to offer some- thing special and new. Our goal is always to work with retailers in our neighbourhood to make the location more attractive, so that everyone can benefit from the increased appeal of the down- town area as a whole. Our centers often actively engage in location marketing and city management together with the relevant town or city, providing financial support as well as manpower and creative input. We attach great value to fair collaboration and partnerships. Architecture with something special When designing our locations, special atten- tion is always paid to the architecture. Specific plot requirements are deemed no less impor- tant than the functional needs of our tenants. We also always have a responsibility towards the city and its residents, and it is important to us that we fulfil this. This includes the best-possible integration into the urban landscape, combined with an exterior that meets modern architectur- al stan dards. In seeking to achieve this, we work very closely with the local authorities. The results speak for themselves: the outcome is often an architectural gem, where even unique historical buildings can be lovingly integrated into the center if feasible, as is the case, for example, with the listed former Intecta depart- ment store, which is now a structural element of the Altmarkt-Galerie Dresden. Shopping without borders – for all! Step-free access, wide doorways and plenty of space to manoeuvre mean that people with disabilities can enjoy maximum mobility in our centers as well. What is inside counts too: the interiors of our shopping centers also need to be impressive, as the overriding goal is that our visitors and customers enjoy shopping there and experi- ence the space as something special. To achieve this, we opt for simple and timeless architec- ture, making use of premium materials that are often sourced from the local region. Quiet zones, pleasant greenery and fountains are an open invitation to linger. An innovative lighting and energy-saving concept provides a suitable atmosphere in the mall depending on the time of day, while state-of-the-art air-conditioning sys- tems guarantee a pleasant “shopping climate” as well as clean, safe air all year round.

Our shopping centers 21 Everything is designed to ensure that all visitors enjoy spending time at the center and want to come back. Ongoing modernisation and opti- misation ensure that our centers retain their value and remain competitive. We and our center management partner ECE have launched “At Your Service” – a large-scale initiative to examine all the aspects of our centers’ service, to highlight the exist- ing services even more clearly, and to optimise and supplement them where this is sensible and necessary. This includes major im- provements to the sig- nage inside the center, lighting upgrades and new colour schemes in the malls. Seating and lounge areas with smartphone charging facilities offer a relaxing break from shopping. Children’s play areas are provided for our smallest visitors. Visitors should feel happy and comfortable with us – whatever their age. It goes without saying that our centers are designed to be used by all generations. Wide malls, escalators and lifts mean that it is easy to explore every corner of the center, even with pushchairs or wheelchairs. Altmarkt-Galerie, Dresden Sustainability goes without saying In 2022, all our 21 shopping centers had contracts with suppliers that use renewable energy sources such as hydroelectric power for their electricity needs, and 19 used exclusively green electricity. We also want to reduce the overall energy con- AS NIGHT FALLS, THE ROOFS OF OUR CENTERS START TO MOVE. SMART CONTROL SYSTEMS OPEN FLAPS THAT ALLOW HOT AIR TO ESCAPE AND COLD AIR TO FLOW IN. THIS ELIMINATES THE NEED FOR MECHANICAL COOLING AND SAVES A LOT OF ENERGY. sumption of our properties on an ongoing basis and in so doing cut CO2 emissions. To this end, we use ultramodern technologies such as heat exchangers and LED lighting systems. We also constantly seek dialogue with our rental part- ners with the aim of working together to reduce energy consumption in the individual shops. The refuse in our centers is separated not just into paper/cardboard, lightweight packaging and glass, but also into leftover food and residual waste. The German Sustainable Building Council (DGNB) has awarded prestigious sustainability certificates in gold or platinum to all 21 shopping centers in our portfolio. You can find lots of additional information about sustainability in our shopping centers on page 74 in the ESG section.

2 2 A secure future through complete flexibility Retail is driven by constant change. One particular challenge we face as the lessor is to be able to meet the frequently changing require- ments and needs of our tenants. Some tenants expand their retail spaces so they can convert the shop from a purely retail area into a true experience arena. The idea is to give customers more opportunities to test the desired product on site at their leisure, as well as to incorporate increasingly intensive consultation. All these factors play an increas- ingly important role, particularly at a time when more and more people are shopping online. We provide customised solutions to meet the demand for ever more varied spaces. We can almost always offer all tenants the exact floor plan they need to make their concepts a reality in our centers, and are also able to accommo- date tenants if they want to make changes to an existing retail space later on. Movable internal walls means that virtually any retail space can be adapted without major effort or expense and made bigger or smaller to suit tenant require- ments. If a tenant wants to make a space smaller, this can, for example, create an opportunity to in- tegrate a new concept into the center at this site. It is precisely this factor that distinguishes our shopping centers from the traditional shopping street which, even today, generally offers only rigid floor plans that have to be accepted the way they are. In some cases, certain retailers wait to enter the market in a city until they are offered the right space in a shopping center because their search in the traditional pedestrian zone has proven unsuccessful. The entire retail sec- tor in the urban city benefits from the resulting increase in diversity. Main-Taunus-Zentrum, Sulzbach 145 million visitors in 2022 More than 17 million people live within the catch- ment areas of our shopping centers, almost 14 million of them in Germany. This represents more than 16% of the German population. The catchment area of a location is a major factor for us when it comes to selecting an invest- ment. This is ascertained at regular intervals according to standardised rules for all shopping centers, and represents the total number of po- tential customers for the location in question. In 2022, our 21 locations received a total of about 145 million visitors in spite of extensive coro- navirus-related restrictions at the local level in the initial weeks of the year. That figure was even higher in the years prior to the pandemic, at about 180 million. Our top 10 tenants H&M, one of the world’s major textile retailers is our top tenant, accounting for 2.8% of our rental income. The next spots in this league table are occupied by fashion retailer Peek & Cloppenburg, at 2.6%, and Ceconomy, with its two sales brands MediaMarkt and Saturn, at 2.4%. Our tenancy portfolio is highly diversified: our top 10 retail tenants account for no more than around 21% of our rental income, so there is no major dependency on individual tenants. Long-term leases Most of the leases that we conclude with our tenants are medium to long term. As at 31 De- cember 2022, the weighted residual term of the leases in our portfolio was 5.0 years, with 43% of our leases being secured until at least 2028.

2 4 Deutsche EuroShop / Annual Report 2022 All sides benefit from this system: as the land- lord, we are able to build a collaborative rela- tionship of trust with our tenants for the long term; our tenants benefit from high visitor num- bers due to the varied mix of offerings; and our customers appreciate the very wide choice of shops. These range from various fash- ion concepts to accessories, drugstores and supermarkets, right through to professional services such as dry cleaners as well as bank and post office branches. Culinary delights Surveys show that the food and drink offering is an increasingly important consideration for customers when choosing whether to visit a center. And it’s not just for this reason that we want to offer our visitors something special on the gastronomic front: cafés, fast-food restau- rants, ice-cream parlours, etc. offer a chance for refreshment and relaxation while shop- ping. The Phoenix-Center in Hamburg-Har- burg, the City-Point in Kassel and the Galeria Baltycka in Gdansk have their own food courts, with space for lots of diners to enjoy a wide va- riety of cuisines in a single seating area, so that friends or families can choose to eat from differ- ent outlets while still sitting together. Allee-Center, Magdeburg Our partner for center management The management of our 21 shopping centers has been outsourced to our partner ECE Marketplaces, Europe’s leading service provider for the man- agement of shopping centers. As part of the ECE Group, which operates in the real estate and investment sectors, ECE Marketplaces offers comprehensive expertise and more than 55 years’ experience in professionally operat- ing, marketing and letting shopping centers as well as continuously developing them into live- ly market places and attractive urban districts. ECE Marketplaces manages about 200 shopping centers in Europe. Deutsche EuroShop benefits from this experi- ence both within Germany and abroad. Thanks to our streamlined structure, we are therefore able to focus on our core business and expertise: portfolio management. www.ece.com Rent optimisation rather than maximisation One of the core tasks of center management is putting together the right combination of shops to suit the property and the local area. This mix of tenants and sectors is tailored exactly to each location and is constantly refined. It is the result of careful analysis of each local retail market. Center management is also about identifying the wishes and needs of customers. As a result, we like to attract retailers to our centers from sec- tors that are rarely found in urban cities due to the rent level at prime locations, for example toy shops and specialist porcelain shops. We set ourselves apart from the majority of building owners in pedestrian zones in one key respect: as long-term investors, it is our goal to achieve permanent optimisation rather than short-term maximisation of rents. We want to offer our customers and visitors an attractive mix. Instead of focusing on each shop space in isolation, we look at the property as a whole. The rent in each case is calculated primarily on the basis of the sales potential of the sector to which the tenant belongs, as well as its location with- in the shopping center. This also enables us to give opportunities to new businesses and niche concepts.

Our shopping centers 2 5 Focus on fashion The fashion industry dominates our retail mix at just under 50%. The extensive fashion offering and expertise of our centers is confirmed time and again in customer surveys. It is one reason why customers are willing to travel sometimes long distances from the surrounding area to enjoy the wide selection and quality of advice given. The individual mix of tenants provides each of our centers with a character all of its own. In our shopping centers, we always make sure that there is a healthy blend of regional and local retailers as well as national and international chains. The colourful structure of our centers offers visitors something different each time and the opportunity to satisfy a vast range of consumer needs. Digital sustainability The Internet continues to influence the transfor- mation of retailing – a trend has been accelerated in recent years due to the pandemic. We want to offer the best of both worlds at our centers, com- bining offline and online experiences and thus showcasing the strengths of our tenants: atmos- phere, services, fitting rooms, immediate avail- ability of merchandise. It is not for nothing that more and more online-only retailers are learn- ing that pure branding mostly takes place offline and that direct and personal contact with cus- tomers is often the best precondition for subse- quent purchases – even purchases made online. Multichannel marketing also has a part to play here, enabling our tenants to combine various means of communication and distribution. For example, products that are out of stock in a store in the required size or colour can be delivered directly to customers at home. Alternatively, cus- tomers can order their goods online from home and collect them from our tenant’s store in the center. RETAIL MIX (as % of rental space), as at 31 December 2022 Services 1.9% Leisure & entertainment 3.4% Catering 5.0% Health sector 6.6% Food 7.0% Department stores / consumer markets 9.0% Hardware / electronics 17.7% 49.4% Fashion

2 6 Deutsche EuroShop / Annual Report 2022 By integrating a variety of digital services into our centers, we are responding to the challenges presented by the current pandemic as well as by online trading. These include apps and social media offerings at each individual center. All our German shopping centers are connected to the Digital Mall developed by our partner ECE. This enables our customers to find information on the availability of products, sizes and prices in the center at any time, wherever they may be. The concept of the Digital Mall is based on the idea that customers can find out what is available at their local center from home without automat- ically being redirected to the major e-commerce providers when searching for products over the Internet. Our online product search function now offers more than 3.6 million products from more than 1,100 stores at all ECE centers. Negotiations with other tenants are currently underway. INFOBOX Find online, buy offline: The Digital Mall offers our custom- ers a seamless omnichannel experience. On the websites of all German centers in our portfolio, customers can expe- rience the variety of products offered by many shops, find out online about the offering available, and then buy the articles they want from the relevant retailer in the actual shopping center. Successful partner tenants Our tenants are among the key drivers of our suc- cess. They include, for example, Aldi, Apple, Bijou Brigitte, Birkenstock, Breuninger, C&A, Christ, Deutsche Post, Deutsche Telekom, dm-drogerie markt, Douglas, Fielmann, H&M, Jack&Jones, Lego, MediaMarkt, Mister Spex, Nespresso, New Yorker, Reserved, REWE, Rituals, Saturn, Sephora, Søstrene Grene, s.Oliver, Subway, Superdry, Thalia, TK Maxx, Tommy Hilfiger, Vero Moda, Vodafone and Zara. Togetherness is our strength Service always takes top priority at our centers. Friendly staff are on hand at service points in many centers to answer questions all about what the center has to offer. Gift vouchers and other items can also be bought there, and many of them hire out children’s buggies. Digital touch- points that enable communication with service staff by live video chat are the perfect comple- ment to traditional customer information. We are also leading the way with our 3D Wayfinders, which show users how to get to the shop they want with authentic 3D visualisation, or which can be downloaded onto personal smart- phones. Thanks to the deployment of discreet security personnel, customers can feel safe at all times. Baby changing rooms, modern cus- tomer toilets and cash machines complete the services. Cleanliness and hygiene are a given. Every one of our tenants is automatically also a member of the marketing association of the center in question. This means that each tenant pays a share of the center’s marketing costs and can play an active role in the marketing strate- gy committee. The marketing association plans events together with the center management, transforming the shopping center into a lively marketplace. Fashion shows, art exhibitions, country-themed weeks and information events dealing with a whole range of topics offer visitors new and fresh experiences time and again.

Our shopping centers 2 7 Local associations and municipal authorities are also involved in the plans and are given the opportunity to represent themselves in the center. The lavish center decorations for the Easter and Christmas periods are among the many projects handled by the marketing associations. Other important areas of work include coordi- nating coherent social media and advertising activities for the center as a whole as well as editing a center newspaper, which is distributed as an insert in regional daily newspapers in the catchment area and provides readers with regular and professional updates on all events and news relating to the center. Radio commer- cials, adverts on and inside local public trans- port, and illuminated advertising posters also ensure that the advertising measures reach a large audience. 3D Wayfinders, which show users how to get to the shop they want with 3D visualisation. INFOBOX It is important to offer custom- ers a variety of navigational aids, especially in large shop- ping centers. Our modern, digital 3D Wayfinder systems help them to find exactly what they are looking for: whether that’s a shop, a product, an ATM – or even the toilets. The route is displayed as an authentic, three-dimensional map from the customer’s perspective. It can also be downloaded from the Wayfinder system onto personal smartphones using a QR code.

2 8 Deutsche EuroShop / Annual Report 2022 AC T I V I T IE S IN T HE C EN T ERS Allee-Center, Hamm Phoenix-Center, Hamburg Hamm celebrates 30 years of the Allee-Center With the motto “30 years in the heart of the city”, the Allee-Center Hamm celebrated its birth- day from 20-30 October 2022 with a number of activities and highlights. Locals were of course warmly invited to take part in the festivities, where they were met with highlights for all the senses. Lovers of games, fun and music got their money’s worth, as did fans of art and magic. A variety of artists performed on the large stage on the first floor alongside piano acts, balloon artists, mime artists and magicians. Plus of course, there were also lots of prizes to be won, including at the interactive “buzzer wall”. And with a bit of luck, customers in the 90 or so stores got a pleasant surprise at the checkout and had their entire purchase paid for them as a gift by the Allee-Center Hamm as part of the “We’ll pay for your shopping!” campaign. www.allee-center-hamm.de Donations for “Die Tafel” at the Phoenix-Center At the end of November 2022, the Phoenix- Center in Hamburg and the Tafel Harburg kicked off a joint fundraising campaign. The manage- ment of the Phoenix-Center gave the associa- tion some space in the center’s basement free of charge. The Tafel Harburg relies on donations, and distributes food to disadvantaged peo- ple around the city on a daily basis under the motto “With us, you can be sure that your donation will reach those in need”. The fundraiser held at the center exceeded all expectations, and the volunteers had their hands full accepting the various donations in kind. On top of this, the donation boxes were left brimming with plenty of cash. Many customers combined their shop- ping in the center with an act of charity, and filled their shopping baskets or carts with a few extra products to help the cause. www.phoenix-center-harburg.de

Activities in the centers 2 9 Main-Taunus-Zentrum, Sulzbach Olympia Center, Brno Discover the World at the Main-Taunus-Zentrum Is Diet Coke really lighter than Coca-Cola? Why does a ball suddenly roll uphill? These were just two of the many questions that visitors to the Main-Taunus-Zentrum were able to investigate over the space of two weeks in August 2022. As part of the “Discover the World” event, vis- itors were invited to marvel at various experi- ments and phenomena or even try them out for themselves. For example, they were able to ob- serve the behaviour of waves with the help of an eight-metre-long spring, or use a mirror which may have seemed simple at first glance to gaze seemingly into infinity. Spending the summer holidays at home was anything but boring! The event was very well received by young and old alike, particularly because expert guides were on hand at all times to offer help and advice. www.main-taunus-zentrum.de Game Now in Brno During the 2022 summer holidays, the Olympia Center Brno was transformed into a digital gam- ing world for the first time, offered a unique form of entertainment for visitors young and old alike. The center was divided into three gaming zones, which also provided the backdrop for full- blown tournaments. Among other things, visi- tors could take part in races in the popular new game “Forza Horizon 5”, or challenge friends to a duel in arcade classics like “Pac-Man”. A Virtual Reality Zone was also a great hit with guests. Popular Czech influencers generated over 12.5 million impressions and plenty of atten- tion on social media. The TikTok account set up especially for the event achieved 3 million views alone. The event was a complete success, and showed that virtual gaming is ultimately most enjoyable in person in a real community. www.olympia-centrum.cz

3 0 Deutsche EuroShop / Annual Report 2022 T EN A N T C ONC EP T S The new concept has been so well received that tegut won the “German Sustainability Award Design 2022”. This prize is awarded to companies whose products are particularly successful at handling ecolog- ical and social challenges and which use sustainability as an economic opportunity. www.tegut.com/teo Main-Taunus-Zentrum Thanks to digital sales technology, you can shop at “teo” around the clock (24/7). TEGUT…TEO Main-Taunus-Zentrum In July 2022, a real innovation opened in the Main-Taunus- Zentrum: the first “tegut... teo” in a shopping center. Thanks to digital sales technology, customers can now shop here around the clock, seven days a week. With the help of self-scanning cash registers installed on site and a special- ly developed app, payment is made virtually in passing with- out having to queue up at the checkouts. With over 950 prod- ucts on sale within a footprint of just 50m2, customers can find almost everything for their daily grocery needs, including important household goods as well as cosmetics and hygiene products. What‘s more, teo looks great: the structure is largely made of wood, while the roof is planted with wild flowers and grasses. In addition, it offers practical extras such as comfortable seating in front of the door, a small “bicycle workshop”, a book exchange and a resting place for dogs.

31 A10 Center New world of experience for digital education, team building, leisure fun and films all about virtual reality. in the virtual world. In addition to games, fun and adventure, many of the virtual realities on offer also convey knowledge and information from subjects such as history, geography, sport, natural history and biology. www.cosmic-vr.de COSMIC VIRTUAL REALITY STUDIO A10 Center The Cosmic VR Studio, located in the leisure world of the A10 Center, is a unique world of experience for digital educa- tion, innovative team building, business events, leisure ex- periences and films all about virtual reality (VR). With fas- cinating 360° experiences to learn from and explore, the offering is aimed at all visi- tors to the center as well as educational institutions and companies. The range of virtual reality experiences already availa- ble today covers a broad spec- trum of topics and interests. These include, for example, VR learning and games, virtual es- cape rooms, 360° educational content, team-building experi- ences as well as virtual sports and adventure worlds. The offering is continually being expanded. Virtual reality is intended to inspire people – making an important technology of the future accessible and tangible through innovative entertain- ment and educational offer- ings. There is also an inter- active 360° experience for children and adults to discover. Covering over 400m2, the Cosmic Virtual Reality Studio currently offers five “VR spac- es” as well as two “VR motion simulators” for flight, racing and rollercoaster simulations. The location includes a bar with lounge area, where visi- tors can relax and wait for their next experience while watch- ing on screens what their fel- low players are experiencing

3 2 Deutsche EuroShop / Annual Report 2022 FOODGA RDEN The Main-Taunus-Zentrum, one of the biggest and best-performing shopping centers in Germany, can now offer visitors another high- light. In the middle of the open-air shopping center with its open design, a new lively and urban center is being planned with a high-qual- ity and varied range of restaurants and food offerings. Five new freestanding restaurant buildings are set to be built, some with covered terraces and some with open terraces, as well as attractively landscaped outdoor areas and sophisticated architecture. Deutsche EuroShop as well as the co-owner, a closed-end real estate fund, are investing around €28 million in the strategic development of the center. Work is scheduled to be carried out in 2024. The first gastronomy concepts are due to be presented in the near future. The new “Foodgarden” will be built over an area covering around 7,000m2 in the heart of the shop- ping center on the site of a former department store, and will include up to seven regional and international restaurant concepts as well as complementary delicatessen offerings

Foodgarden 3 3 Main-Taunus-Zentrum In the middle of the open-air shopping center with its open design, a new lively and urban center is being planned with a high-quality and varied range of restaurants and food offerings. with additional culinary specialities. The aim of the project is to supplement the high-quality tenant mix with additional highlights as well as an extensive gastronomic offering, to further increase the quality and the length of stay in the Main-Taunus-Zentrum, and to enhance its reputation as an open, urban destination center. The space is already being put to good use with a new gastronomy concept. A total of ten food trucks and stalls offer a variety of food and drinks out in the open air spanning more than 1,000m2 of space, and the temporary offering has proven a real hit with the center’s customers. The Main-Taunus-Zentrum, which opened in 1964, is home to 170 shops over a sales area of more than 90,000m2, including stores such as Apple, Anson’s, Breuninger, Hollister and Zara, as well as a multiplex cinema.

3 4 C E N T E R S I N G E R M A N Y We are the only public company in Germany that invests solely in shopping centers in prime locations. We invest only in carefully chosen properties. High quality standards and a high degree of flexibility are just as important to us as sustained earnings growth from index- and turnover-linked rental contracts. In addition, we boast a higher than average occupancy rate and professional center management – these are the pillars of our success. The Deutsche Gesellschaft für Nachhaltiges Bauen (German – Sustainable Building – Council, DGNB) awarded sustainability certificates in platinum and gold to all 21 shopping centers in our portfolio.

3 6 Facebook MainTaunus Zentrum 4,4/5 stars 34.927 fans Instagram maintaunuszentrum 10.096 follower Google 4,4/5 stars A mere 222.4 km² is the size of Main-Taunus, making it the smallest ad- ministrative district in Germany.. FOREST, WINE AND ECONOMIC POWER. Hardly any other region in Germany combines quality of life and economic strength so harmoniously as the district of Main-Taunus. The clean air in the forests and the idyllic villages along the riverbanks offer the perfect conditions to recharge your batteries. Pleasure is also celebrated here: the Riesling is world class, the hearty cuisine of the Hesse region is legend- ary and the cultural offering is extremely diverse. THE WINE. The vintages on offer at the popular Bad Sodener Weinta- gen wine festival after Whitsun are not the only temptation; local Hessian cider is also cel- ebrated. The region’s old towns offer countless cosy wine taverns, while the Main-Taunus- Zentrum shopping center hous- ing the „Wein und Wahrheit“ wine store is a premier address for connoisseurs. Gastro tip: experience the night of lights – “ Sommernachtsfest Bad Soden” on 19 August 2023, www.bad-soden.de/entdecken- erleben/feste/sommernachtsfest/ THE CULTURE. A trip to the Taunus mountain range is also well worth the effort: located to the north- west of Bad Homburg is the only reconstructed Roman fort in Europe, which served as a guard post for the border be- tween the Roman Empire and the Germanic territories. Today, it is an open-air museum where history comes alive again. Culture tip: go on a journey through time – “Römerkastell Saalburg”, Saalburg 1, 61350 Bad Homburg vor der Höhe ON THE TRAIL OF A CRIME NOVEL. Nele Neuhaus is one of the most successful authors in Germany. With her Taunus crime novels, she has become an important cultural ambas- sador for her homeland in recent years. Travelling to the real-life settings of her novels is an exciting adventure. Reading tip immerse yourself in crime scenes – “Die Lebenden und die Toten” (The Living And The Dead) by Nele Neuhaus, published by Ullstein-Verlag Deutsche EuroShop / Annual Report 2022 MAIN-TAUNUS DISTRICT T H E M A I N - T A U N U S - Z E N T R U M A T A G L A N C E Purchased: September 2000 Share: 52% Visitors 2022: 7.6 million Leasable space: 124,000 m2 of which retail space: 91,000 m2 (plus C & A) No. of shops: 170 Occupancy rate: 93% Catchment area: 2.1 million residents Parking spaces: 4,500 Grand opening: 1964 Modernisation: 2004 Expansion: 2011 Anchor tenants: Anson’s, Appelrath Cüpper, Apple, Breuninger, Galeria, H&M, Hollister, Intersport, MediaMarkt, Zara Address: Main-Taunus-Zentrum 1, 65843 Sulzbach (Taunus) www.main-taunus-zentrum.de THRIVING BUSINESSES. The Main-Taunus-Zentrum shopping center is not the only hub of economic activity in the region. Many well-known cor- porations such as Samsung and Procter & Gamble have settled in Main-Taunus. And home-grown SMEs happily co- exist here alongside interna- tional market leaders.

Travel guide to the Centers Facebook A10Center 4,3/5 stars 27.922 fans Instagram a10centerwildau 2.580 follower Google 4,4/5 stars BERLIN, DAHME-SPREEWALD Purchased: January 2010 Share: 100% Visitors 2022: 4.5 million Leasable space: 121,000 m2 of which retail space: 66,000 m2 No. of shops: 200 Occupancy rate: 89% Catchment area: 1.2 million residents Parking spaces: 4,000 Grand opening: 1996 Modernisation: 2010 – 2011 Anchor tenants: Bambooland, Bauhaus, C & A, Hammer, H & M, Kaufland, MediMax, Peek & Cloppenburg, SportScheck Address: Chausseestraße 1, 15745 Wildau www.a10center.de T H E A 1 0 C E N T E R A T A G L A N C E 3 7 70,000,000 curry sausages are eaten in the city of Berlin every year. CULTURAL CAPITAL OF THE WORLD. There are places that cannot be compared with anywhere else. Berlin is one such unique place. The cultural life in this city has inspired creative and visionary people for decades. Those who prefer to gain an insight into the city’s eventful past from above ground rather than below can of course take a walk alongside the wall at the East Side Gallery. Underground tip: Mysterious excursions into the hidden worlds of Berlin – “Führungen unter Tage” underground guided tours, info at www.berliner-unterwelten.de NATURAL PARADISE. In the midst of a big city with its many colourful impressions, sometimes you may also be in search of silence surrounded by green nature. No problem: The Müggelspree-Löcknitz for- est and lake area in south-east Brandenburg attracts visitors with an endless network of waterways, inviting you to enjoy extended trips by boat. The River Müggelspree is smooth and calm, allowing you to glide gently along the pictur- esque waters Excursion tip: by canoe through nature – Kanusport Spree GmbH, Hangelsberg Station, Bahnhofstraße 1, 15537 Grünheide (Mark) Political history was written here. This is where the worlds of tomorrow are created in an audacious start-up scene. The same is true of the surround- ing area: Electric car manu- facturer Tesla has built a new mega factory in the Oder-Spree district. INSPIRING. The cultural spectrum in this city sets standards world- wide. Whether cinemas, thea- tres, restaurants or nightclubs: everything here comes in all shapes and sizes, and each district attracts visitors with its own individual charm. The area around the Kulturbrauerei and Eberswalder Straße is es- pecially inspiring with such a great variety on offer. Tip for art lovers: galleries invite you to a tour of Berlin’s creative scene – “Gallery Weekend Berlin” from 28 to 30 April 2023, info at gallery-weekend-berlin.de UNDERWORLDS. Only a few people know that Berlin is actually twice as big. About 40% of the urban struc- ture is underground in the form of tunnels, bunkers and cellars.

3 8 14 million people visit the Dresden Frauenkirche on average every year. SCENES FULL OF STORIES. Dresden is famous for its art treasures and baroque buildings. In Germany‘s easternmost city, history is omnipresent – but of course there is much more to experience. DRESDEN For example, the vast open space of the Elbwiesen mead- ows banking the River Elbe. Or trendy neighbourhoods such as Neustadt. One trip alone to what is frequently referred to as the „Florence on the Elbe“ is not enough to capture the beau- ty of the city in all of its facets. CUISINE. A diverse culinary scene has established itself in the city, es- pecially in the baroque quarter between the Golden Rider stat- ue, Königstraße and Albert- platz. From award-winning cuisine to restaurants show- casing the latest food trends, around the city you will find cu- linary experiences to suit every taste – always garnished with a dash of creativity. Experience tip: the roller coaster restaurant “Schwerlos”, Wiener Platz 10, 01069 Dresden Facebook altmarkt.galerie 4,4/5 stars 86.979 fans Instagram altmarkt galeriedresden 4.931 follower Google 4,4/5 stars ARCHITECTURE. In Dresden your gaze is often pulled upwards. Up to majestic buildings that continue to cap- tivate visitors from all over the world. Perhaps the most mag- nificent of these is the Frauen- kirche church – the symbol of the city. It is a baroque memo- rial against war, and its stone dome is one of the largest in Europe. The city is also home to countless galleries showcasing all kinds of contemporary art. Culture tip: one of the oldest private galleries in Germany – “Kunstausstellung Kühl”, Nordstraße 5, 01099 Dresden ELBE PARADISE. If you have a little more time on your hands, you should definitely take a trip to the suburbs of Dresden flanking the Elbe. Often there is even more tangible history here than in Dresden itself. The res- idential districts of Blasewitz, Loschwitz and Weißer Hirsch, in particular, inspire with their numerous historical villas, vintners‘ cottages and farms. Panorama tip: an oasis of calm with centuries-old trees – “Lingnerschloss”, Bautzner Str. 132, 01099 Dresden A L T M A R K T - G A L E R I E T H E A T A G L A N C E Purchased: September 2000 Share: 100% Visitors 2022: 10.8 million Leasable space: 77,000 m2 of which retail space: 44,000 m2 No. of shops: 200 Occupancy rate: 96% Catchment area: 1.4 million residents Parking spaces: 500 Grand opening: 2002 Expansion: 2011 Anchor tenants: Apple, Hollister, H & M, New Yorker, REWE, Saturn, Sinn, SportScheck Address: Webergasse 1, 01069 Dresden www.altmarkt-galerie- dresden.de

Street Art The City of Colourful Walls – as Mannheim is now known – is definitely worth a visit. RHEIN-NECKAR TRIANGLE Purchased: September 2000 Share: 100% Visitors 2022: 7.6 million Leasable space: 69,500 m2 of which retail space: 60,000 m2 (plus Galeria und C & A) No. of shops: 110 Occupancy rate: 91% Catchment area: 1.6 million residents Parking spaces: 3,800 Grand opening: 1972 Restructuring/Expansion: 2002 Anchor tenants: Aldi, Engelhorn, Active Town, H & M, Hugendubel, Müller Drogerie, Peek & Cloppenburg, TK Maxx Address: Robert- Schumann-Straße 8a, 68519 Viernheim www.rhein-neckar-zentrum-viernheim.de T H E R H E I N - N E C K A R - Z E N T R U M A T A G L A N C E 3 9 Facebook RheinNeckarZentrum Viernheim 4,3/5 stars 59.097 fans Instagram rheinneckarzentrum_ viernheim 17.498 follower Google 4,4/5 stars WHERE PASSION IS AT HOME The tri-border region where the states of Baden-Württemberg, Hesse and Rhineland-Palatinate meet is one of the most sun-soaked areas of the country. The light there seems to moti- vate people to perform at their best: Many famous athletes like Steffi Graf hail from the area. A thriving local art scene has also emerged in recent years, inspiring visitors from all over the world. STREET ART. Thanks to the „Stadt.Wand. Kunst“ project, Mannheim has been a permanent feature on the graffiti map since 2013. Renowned street artists jostle for the opportunity to design a house wall here. The City of Colourful Walls – as Mannheim is now known – is definitely worth a visit. Culture tip: guided tour of the most beautiful works: info at stadt-wand-kunst.de TAKE LIFE AT A SLOWER PACE. Despite all the cultural inspi- ration that can be found in the cities, you never have to travel far to enjoy some peace and quiet surrounded by beauti- ful nature. Whether it‘s a drive along the Bergstraße moun- tain road with its many medie- val castles, a walk through the idyllic woodland landscape of Odenwald or a tour of the gentle rolling hills around Kraichgau: you truly are spoiled for choice. Tip for nature lovers: balloon ride for a new perspective – info at https://ballonfahrten-kampmann.de HOME TOWN GLORY. This region knows how to cel- ebrate itself and live life to the fullest. Ties to the past are omnipresent at street cele- brations, wine festivals, carni- val processions and Christmas markets. Gourmet tip: the largest wine festival in the region – “Winzerkerwe” in Rauenberg (usually on the 2nd weekend in October)

4 0 Deutsche EuroShop / Annual Report 2022 REGION HAMBURG 16,000 m² is the size of the striking glass façade of the Elbe Philharmonic Hall. That‘s more than two football pitches. CITY WITH MANY FACES. Even as you approach Hamburg via the Elbe bridges, the lights of the harbour are an impressive sight: this is a cosmopolitan city. With many different faces and forever inspiring. From the villa districts in the Elbe suburbs to the young creative and cultural scene in the Schanze district and the future project for Hamburg’s smartPORT: this city offers everything in the most beauti- ful way. and ELBE PANORAMA. A district like a small world of its own: winding alleys, Gründer- zeit houses nest led on hill- sides a view of the Elbe that really is too good to be true. The Blankenese Treppen dis- trict is a little gem that exudes a Mediterranean feel, in stylish contrast to Hamburg‘s metro- politan flair. 170 steps down a staircase – and suddenly you can feel the sand of the Elbe beneath your feet. You can‘t get more idyllic than this. Restaurant tip: traditional German food on a jetty over the Elbe –“Ponton op’n Bullen”, Strandweg 30, 22587 Hamburg CULTURAL MONUMENT. The Elbe Philharmonic Hall was a long time coming. It now towers 110 me- tres above the Elbe, and vis- itors from all over the world have been fall- ing under its enchanting acoustic and ar- chitectural spell since 2017. Only a few people know that the “Elphi”, as it is affectionately known, has the only arched es- calator in the world: the “Tube” is 82 metres long in total and leads from the main entrance to the top. Insider tip: exciting insights into foyers and halls – info about tours at https://www.elbphilharmonie.de/en/tours HIKER’S PARADISE. If you want to stroll along surround- the waterfront ed by beautiful nature, you’ll find what you’re looking for in Hamburg. The Alsterwander- weg walking trail is 37 km long and offers a wonderful en- semble of meadows and for- ests along the way. It finally leads into the Elbwanderweg hiking trail, where walkers are rewarded with views of huge container ships, among other sights. Excursion tip: by canoe or pedal boat along the River Alster “Anleger Hamburg”, Deelbögenkamp 2-3, 22297 Hamburg

Travel guide to the Centers 41 NORDERSTEDT HAMBURG/HARBURG HAMBURG/BILLSTEDT T H E H E R O L D - C E N T E R A T A G L A N C E T H E P H O E N I X - C E N T E R A T A G L A N C E T H E B I L L S T E D T - C E N T E R A T A G L A N C E Purchased: January 2013 Share: 100% Visitors 2022: 7.8 million Leasable space: 54,300 m2 of which retail space: 26,000 m2 (plus Rusta und Saturn) No. of shops: 140 Occupancy rate: 93% Catchment area: 0.5 million residents Parking spaces: 850 Grand opening: 1971 Expansion: 1995 and 2003 Anchor tenants: C & A, H & M, Peek & Cloppenburg, REWE Address: Berliner Allee 40, 22850 Norderstedt www.herold-center.de Purchased: August 2003 Share: 75% Visitors 2022: 7.2 million Leasable space: 43,400 m2 of which retail space: 29,000 m2 No. of shops: 130 Occupancy rate: 96% Catchment area: 0.6 million residents Parking spaces: 1,400 Grand opening: 2004 Expansion: 2016 Anchor tenants: C & A, H & M, MediaMarkt, New Yorker, REWE, Sinn, TK Maxx Address: Hannoversche Straße 86, 21079 Hamburg www.phoenix-center-harburg.de Purchased: January 2011 Share: 100% Visitors 2022: 9.9 million Leasable space: 42,500 m2 of which retail space: 29,500 m2 (plus Primark) No. of shops: 110 Occupancy rate: 98% Catchment area: 0.8 million residents Parking spaces: 1,500 Grand opening: 1969/1977 Restructuring: 1996 Anchor tenants: C & A, H & M, MediaMarkt, REWE, TK Maxx Address: Möllner Landstraße 3, 22111 Hamburg www.billstedt-center.de Facebook Herold.Center.Norderstedt 4,0/5 stars 28.729 fans Instagram heroldcenter 2.374 follower Google 4,1/5 stars Facebook Phoenix CenterHarburg 4,1/5 stars 26.166 fans Instagram phoenix centerharburg 3.576 follower Google 4,2/5 stars Facebook Billstedtcenter 4,0/5 stars 20.803 fans Instagram billstedtcenter_hamburg 4.423 follower Google 4,0/5 stars

4 2 Facebook rathauscenterdessau 4,0/5 stars 18.595 fans Instagram rathaus centerdessau 4.605 follower Google 4,2/5 stars Deutsche EuroShop / Annual Report 2022 14 is the number of years the legendary Bauhaus school was in existence – a short time considering it gave birth to one of the most influential aesthetic trends of the 20th century. THE NUCLEUS OF THE BAUHAUS STYLE. DESSAU-ROSSLAU Designers from all over the world are still inspired by the famous „form follows function“ principle. However, to reduce Dessau to the Bauhaus building by Walter Gropius would be an injustice to everything else this town has to offer. T H E R A T H A U S - C E N T E R A T A G L A N C E The pastoral landscape of the floodplain where the River Mulde flows into the River Elbe enshrouds the region in natural romanticism, while castle con- certs attract visitors from all over the world year after year. CULTURAL HERITAGE IN DESIGN. Dessau may be small, but it has had a huge impact: Famous fig- ures such as Paul Klee, Wassi- ly Kandinsky and Mies von der Rohe once studied at the Hoch- schule für Gestaltung design school. A visit to the “Bauhaus Museum Dessau” opposite the Rathaus-Center is a definite must. In 1996, it was included in the UNESCO World Heritage List. Hotel tip: the former student residence of the design school – “Prellerhaus”, Bauhaus Dessau Foundation, Gropiusallee 38, 06846 Dessau-Roßlau GARTENREICHSOMMER. Every year from May to Sep- tember, visitors are invited to embark on a musical jour- ney in the most picturesque of settings. Classical concerts are held in the festival halls of the Wörlitz, Luisium and Oranien- baum palaces, while gondola riders are serenaded by the sounds of the Dessau Anhalt Philharmonic Orchestra play- ing on the banks of the lake. Booking tip: See www.gartenreichsommer. de/fest-der-sinne for tickets. BIOSPHERE RESERVE. In 1979, the Steckby-Lödde- ritzer Forst nature reserve was declared one of the first Ger- man biosphere reserves. The varied floodplain topography of the Middle Elbe now extends throughout Saxony-Anhalt. The most beautiful section can be found today in Dessau and the surrounding area. Lakes, in- land dunes and wetlands dot the landscape, which is home to many rare species of plants and animals. Visit tip: on the trail of traditions – “Schiffbau- und Schifffahrtsmuseum Roßlau“, Clara-Zetkin-Straße 30, 06862 Dessau-Roßlau Purchased: November 2005 Share: 100% Visitors 2022: 4.1 million Leasable space: 52.500 m2 of which retail space: 32,900 m2 No. of shops: 90 Occupancy rate: 91% Catchment area: 0.3 million residents Parking spaces: 850 Grand opening: 1995 Anchor tenants: H & M, Modehaus Fischer, MediaMarkt, REWE, Rusta, Thalia, TK Maxx Address: Kavalierstraße 49, 06844 Dessau-Roßlau www.rathauscenter-dessau.de

Travel guide to the Centers 4 3 10% of the city of Magdeburg is covered by green spaces. Both visitors and locals particularly appreciate the many lawns for sunbathing on the picturesque banks of the Elbe. A LEAFY CITY. MAGDEBURG Purchased: October 2011 Share: 100% Visitors 2022: 8.3 million Leasable space: 51,300 m2 of which retail space: 35,000 m2 No. of shops: 150 Occupancy rate: 99% Catchment area: 0.9 million residents Parking spaces: 1,300 Grand opening: 1998 Expansion: 2006 Anchor tenants: H & M, REWE, Saturn, Sinn, SportScheck Address: Ernst-Reuter- Allee 11, 39104 Magdeburg www.allee-center- magdeburg.de T H E A L L E E - C E N T E R A T A G L A N C E Very few people know that Magdeburg is the second-greenest city in Germany. Numerous parks and meadows in the Center lend the Elbe metropolis a peaceful charm. More and more students are also appreciating the high living standards of this city with a history spanning over 1,200 years. HUNDERTWASSER BUILDING. Viennese artist and architect Friedensreich Hundertwasser worked on the plans for the “Green Citadel” until shortly before his death on 19 Feb- ruary 2000. It was complet- ed posthumously in 2005 on the basis of his detailed draw- ings. The result: a typical Hundert wasser with “dancing” windows, golden globes and undulating floors in the inner courtyards. A dream come true in pink. Accommodation tip: check in at the architectural work of art – “ART Hotel in der Grünen Zitadelle”, Breiter Weg 9, 39104 Magdeburg Facebook AlleeCenterMD 53.180 fans Instagram alleecentermagdeburg 4.877 follower Google 4,3/5 stars CHURCH RESTAURANT. The Immanuel Church, built in 1832, was still used as a place of worship until 1983. Today it serves excellent salads, pasta, fish and meat dishes in a sacred atmosphere. Fol- lowing the deconsecration and some rebuilding work, the place is now considered a model for a successful blend of architecture, art, church and gastronomy. Excursion tip: a gastronomic mini break right on the Elbe – “Die Kirche” restaurant, Alt Prester 86, 39114 Magdeburg HISTORY. Magdeburg played a lead- ing role in the Reformation in Medieval Europe. Martin Luther went to school here and later returned to the Augustinian monasteries. For anyone want- ing to experience where he lived and worked, guided tours can be booked at www.touris- mus-magdeburg.info. Literature tip: real eye-opener for visitors to this city – “Magdeburg Secrets” by Eva Maria Bast and Kerstin Hohlfeld

4 4 70% of Neunkirchen’s municipal area is made up of forest. A CITY THAT WILL TAKE YOU BACK IN TIME. Anybody looking for traces of times past will find them in Neunkirchen. One of these is the mining and metallurgy industry that shaped this city and whose history dates back more than 2,000 years. NEUNKIRCHEN T H E S A A R P A R K - C E N T E R A T A G L A N C E Another very different example are the baroque half-timbered buildings that exude the charm of days gone by. One thing is clear: this city has many stories to tell. FLOWER MAGIC. The 1,500 square metre rose garden in the “Leisure Center Finkenrech” is a fascinating place for fans of this species of plant. Its gardens were planted to resemble a long-stemmed rose and boast more than 3,700 different types of roses over a total area of around 1,500 square metres. Art tip: on the trail of current art trends – “Städtische Galerie Neunkirchen”, KULT. Cultural Center, Marienstraße 2, 66538 Neunkirchen Facebook Saarpark Center Neunkirchen 4,2/5 stars 44.454 fans Instagram saarparkcenter 5.870 follower Google 4,3/5 stars INDUSTRIAL NOSTALGIA. Today you can visit the 40 hect- are site of the former iron- works and immerse yourself in history along a foundry path. Or simply enjoy the nature that has reclaimed its surround- ings. Old machine parts, the water tower and a bunker add rustic charm to this idyllic site. Gastro tip: feast in a historic atmosphere – “Stumm’s Brauhaus Neunkirchen”, Am Wasserturm, Saarbrücker Straße 16, 66538 Neunkirchen CONCERT FUN. Forced air was once generated here to feed the blast furnac- es – nowadays, the converted “Gebläsehalle”, or Blast House, has become a popular venue for events. It showcases fur- naces a number of major, first- rate events ranging from con- certs to musicals and theatre performances. Experience tip: events in an industrial atmosphere – “Gebläsehalle Neunkirchen”, information on the current programme at www.nk-geblaesehalle.de Purchased: October 2016 Share: 90% Visitors 2022: 4.6 million Leasable space: 35,600m2 of which retail space: 33,500m2 No. of shops: 115 Occupancy rate: 94% Catchment area: 0.7 million residents Parking spaces: 1,600 Purchased: October 2016 Grand opening: 1989 Restructuring: 1999 and 2009 Anchor tenants: C & A, H & M, Müller Drogerie, Peek & Cloppenburg, TK Maxx Address: Stummplatz 1, 66538 Neunkirchen www.saarpark-center.de

4 5 7.5 kilometres is the length of the Goetheweg trail in Wetzlar. It takes about 2-3 hours to hike the trail to Garbenheim, where along the way you will pass some of the places Goethe describes in his novel „The Sorrows of Young Werther“. MEDIEVAL FLAIR IN THE LAHN VALLEY. In Wetzlar, it is almost as if time has stood still. The half- timbered buildings look like historical film sets – and yet everything here is real. WORLD LITERATURE. Goethe had originally planned to advance his legal career in Wetzlar. But things turned out differently. At a ball, he fell in love with Charlotte Buff, but she was already taken. Today, visitors to the Lottehaus muse- um can find out more about the man of letters‘ stay in the sum- mer of 1772. A little later Goethe wrote the novel „The Sorrows of Young Werther”, in which he talks about some of his experi- ences from his time in Wetzlar. Tip for historians: costume tours through the old town – information and bookings at www.hi-kostuem.de FESTIVALS. The famous Wetzlar Fest- spiele theatre festival has been held every summer since 1953. The open-air stage at the Rosengärtchen histori- cal park and the performance venue at the Hofgut farm in Herrmannstein are turned into impressive backdrops for jazz concerts, plays, operas and comedy shows. Veranstaltungs-Tipp: Romeo & Juliet on 24 June 2023 at 8.30 p.m. at the Rosengärtchen Wöllbachertorstraße, info at: www.wetzlarer-festspiele.de WETZLAR Purchased: October 2003 Share: 100% Visitors 2022: 6.7 million Leasable space: 34,500 m2 of which retail space: 23,500 m2 No. of shops: 110 Occupancy rate: 98 % Catchment area: 0.5 million residents Parking spaces: 1,700 Grand opening: 2005 Anchor tenants: Kaufland, MediaMarkt, Thalia, TK Maxx Address: Am Forum 1, 35576 Wetzlar www.forum-wetzlar.de It’s no wonder that Johann Wolfgang von Goethe drew in- spiration from here for one of his most well-known novels. His literary traces can be found everywhere. CATHEDRAL OVERLOAD. Romanesque, Gothic, Baroque: Wetzlar Dom, or Wetzlarer Cathedral, is an amalgama- tion of multiple architectural epochs. Time and again, pro- longed halts in construction led to new styles being added and integrated. The south tower was completed in 1490; the north tower remains an unfin- ished project to this day. Discovery tip: cathedral app with information on 21 stations in the church – just download: https://www.dbv-wetzlar.de/ mobil/ www.dbv-wetzlar.de/mobil/ T H E F O R U M A T A G L A N C E Facebook ForumWetzlar 4,2/5 stars 19.239 fans Instagram forumwetzlar 2.553 follower Google 4,3/5 stars

4 6 Facebook AlleeCenterHamm 4,0/5 stars 30.399 fans Instagram alleecenterhamm 3.315 follower Google 4,2/5 stars CREATIVITY BY THE WATER. 794 years of exciting city history are waiting to be discovered in Hamm. The hanseatic city was founded in 1226 by Count Adolf von der Mark – appropriately on an Ash Wednesday, given that carnival sessions have such a long tradition in the city. Hamm offers both: a culturally inspiring city, on the one hand, and a green oasis with many centrally located open spaces, on the other. The city even has a superlative to its name: in Maximilianpark recreational park, the „glass ele phant“ is the world‘s largest building shaped like an animal. EVENT CULTURE. From classical music in un- usual places such as an air- craft hangar to theatrical per- formances on an impressive forest stage: Hamm‘s event calendar is full to bursting with events all year round and offers something for every taste and age. Event tip: “KulturNacht” on 12 May 2023 as part of the KulturSommer summer cultural programme CREATIVITY. The Martin Luther district has become the city‘s trendy hot- spot in recent years. Here, res- ident artists have created fas- cinating works of art around the „Sternstraße“ boulevard in the form of statues, sculp- tures, light installations and fountains. Location tip: café, delicatessen and meeting point – “La Maison”, Nassauerstraße 28-32, 59065 Hamm CANAL PARADISE. The element of water has al- ways played a central role in the city. Hamm was founded at the confluence of the River Ahse and River Lippe and today is the second largest canal port in Germany. The city‘s rivers, canals and lakes also offer ideal conditions for water sports enthusiasts. Tip for adventure enthusiasts: cable-tow water skiing on Lake Haarenersee – see www.wasserski-hamm.de for more information TRADITION MEETS FUTURE. Wire industry, mining, energy industry and chemistry: Hamm has built a strong industrial platform around these fields in the last few decades. In more recent times, the Hamm- Lippstadt University of Applied Sciences and the private SRH University of Applied Sciences for Logistics and Economics have been pivotal in attracting young specialists to the city to study. Bolstered by a strong SME segment and successful tradition of family-run busi- nesses, Hamm is ideally posi- tioned for the future. HAMM T H E A L L E E - C E N T E R A T A G L A N C E Purchased: April 2002 Share: 100% Visitors 2022: 4.5 million Leasable space: 34,000 m2 of which retail space: 21,000 m2 No. of shops: 90 Occupancy rate: 96% Catchment area: 0.4 million residents Parking spaces: 1,300 Grand opening: 1992 Renovation/Restructuring: 2003 and 2009 Anchor tenants: C & A, H & M, Peek & Cloppenburg, Saturn, TK Maxx Address: Richard-Matthaei-Platz 1, 59065 Hamm www.allee-center-hamm.de

Travel guide to the Centers WOLFSBURG 47 Facebook city.galerie.wolfsburg 4,1/5 stars 12.636 fans Instagram citygaleriewolfsburg 5.384 follower Google 4,2/5 stars 21,529,464 legendary “Beetles” were produced worldwide. Production at the Wolfsburg plant ended back in 1974. It was still built in Emden until 1978, then exclusively in Mexico until 2003. Purchased: September 2000 Share: 100% Visitors 2022: 5.6 million Leasable space: 30,800 m2 of which retail space: 20,000 m2 No. of shops: 100 Occupancy rate: 92% Catchment area: 0.5 million residents Parking spaces: 800 Grand opening: 2001 Restructuring: 2011 Anchor tenants: Hempel, New Yorker, REWE, Saturn Address: Porschestraße 45, 38440 Wolfsburg www.city-galerie-wolfsburg.de T H E C I T Y - G A L E R I E A T A G L A N C E MORE THAN A CAR CITY. Seen from a bird’s eye view, the outline of the city resembles the shape of a heart. This is entirely appropriate, because Wolfsburg exhibits great passion in many respects. For cars, of course: there are more registered cars here than there are inhabitants. But cu- linary delights are also cele- brated, among others in the Michelin star-winning “Aqua” restaurant at the Ritz-Carlton Hotel. CASTLE MAGIC. The city is famously named after Wolfsburg Castle. The former moated castle dating back to 1302 has been trans- formed over the centuries into a fairytale Renaissance castle. It has been owned by the city of Wolfsburg since 1961 and its medieval charm attracts thou- sands of visitors every year. Culture tip: contemporary art spanning six floors in Wolfsburg Castle – “Städtische Galerie”, Schloßstraße 8, 38448 Wolfsburg BEACH IDYLL. Yes, really: Wolfsburg has a sandy beach. The grounds around the Lake Allersee cover an area equivalent to over 250 football pitches and feature a wide range of activ- ities such a climbing garden, a skate park and a wakeboard facility. Regattas for canoeists, sailors or rowers are also held here on a regular basis. Good mood tip: Germany’s biggest leisure and adventure pool – “BadeLand”, Allerpark 4, 38448 Wolfsburg PARK OF SUPERLATIVES. One day alone is not enough to capture the full fascination of the Autostadt Wolfsburg. Visitors can take a spectacu- lar journey back in time to the early era of automobiles, enjoy a diverse programme of events and cultural events, marvel at models from over 60 manufac- turers – or simply take delivery of their new Volkswagen. Special tip: impressive architecture and insights into the history of the legendary sports car – “Porsche Pavilion”, Autostadt Wolfsburg, Stadtbrücke, 38440 Wolfsburg

4 8 19,200 tons of steel were used to build the suspension railway. SOARING AND FLOATING. It almost seems as if this city has modelled itself on San Francisco. Steep streets. Lots of steps. No shortage of parks. Were it not for the suspension railway, which has given Wuppertal its unmistakable character since 1901. Or its green and idyllic loca- tion on the banks of the River Wupper. This small metropolis is a feast for the eyes in many ways. HIGH FLYER. No traffic jams. Speed of ap- prox. 60 km/h and a capacity of 85,000 passengers per day. There‘s no doubt that the Wup- pertal Suspension Railway is not only a landmark, but also an important means of trans- portation in city traffic. The ap- prox. 13 km journey between the 20 stations takes about 30 minutes. Hotel tip: central accommodation with vintage flair and Art Déco style – “Postboutique Hotel Wuppertal”, Platz am Kolk 3, 42103 Wuppertal OUTDOOR MUSEUM. The Waldfrieden Sculpture Park is symbolic of the creative side of the city, which reveals Facebook CityArkadenWuppertal 10.987 fans Instagram cityarkadenwuppertal 1.653 follower Google 4,2/5 stars itself to visitors in a wide range of interesting and ex- citing forms from street art to food festivals. The local Brit- ish sculptor Tony Cragg cre- ated the figures and also de- signed the green spaces in the park. The pavilion additionally hosts a variety of music and film events. Culture tip: a somewhat different ballet – “Tanztheater Wuppertal Pina Bausch”, info and booking at www.pina-bausch.de PETIT PARIS. If you take a trip to the Ölberg district in Wuppertal, you will find yourself transported to the second half of the 19th centu- ry, surrounded by middle class mansions built by industrial entrepreneurs. This stylish and charming neighbourhood is brimming with shops and gal- leries to browse and explore. Before the area was connected to the electricity grid, the res- idents were dependent on oil lamps to light their streets and houses. This is how Ölberg got its name, which literally means “oil mountain”. Café tip: hearty fare and sweet treats housed in former animal stables – “Das Johann’s”, In der Beek 33, 42113 Wuppertal Tony Cragg, created the figures and also designed the green spaces in the park. WUPPERTAL T H E C I T Y - A R K A D E N A T A G L A N C E Purchased: September 2000 Share: 100% Visitors 2022: 7.2 million Leasable space: 28.700 m2 of which retail space: 20,000 m2 No. of shops: 80 Occupancy rate: 97% Catchment area: 0.7 million residents Parking spaces: 650 Grand opening: 2001 Restructuring: 2011 Anchor tenants: Akzenta, H & M, Thalia, Reserved Address: Alte Freiheit 9, 42103 Wuppertal www.city-arkaden-wuppertal.de

Travel guide to the Centers 49 KASSEL Purchased: September 2000 Share: 100% Visitors 2022: 7.2 million Leasable space: 27,800 m2 of which retail space: 20,000 m2 No. of shops: 60 Occupancy rate: 92% Catchment area: 0.6 million residents Parking spaces: 220 Grand opening: 2002 Restructuring: 2009, 2015 Anchor tenants: H & M, New Yorker, Saturn, tegut Address: Königsplatz 61, 34117 Kassel www.city-point-kassel.de T H E C I T Y - P O I N T A T A G L A N C E : 7,000 oak trees were planted in Kassel over the course of several years as part of an art project by Joseph Buys. It was completed in 1987 for „documenta 8“. WHERE ART IS AT HOME. Kassel is full of discoveries. In many places around the city, former works of art from the documenta contemporary art exhibition reveal themselves as silent witnesses to the respective present. Culturally, this city is in a league of its own. But nature lovers as well will find plenty of places full of romance and idyll. UNESCO WORLD HERITAGE SITE. Like Christ the Redeemer in Rio, the mighty Hercules statue in the Bergpark Wilhelmshöhe scenic park towers above the city. But there are also plenty of other things for visitors to discover, including pyramids, temples of the gods and even a Chinese village. The park is rightly considered a master- piece of baroque horticulture. Experience tip: 1,200 m3 of water cascades down below the Hercules – “Water Games in Bergpark Wilhelmshöhe” from 1 May to 3 October 2023, every Wednesday, Sunday and public holidays Facebook CityPointKassel 50,615 fans Instagram citypointkassel 6,337 follower Google 4.3/5 stars FUN IN THE SUN. On the Karlswiese mead- ow in the park bearing the same name, people meet with friends and family to enjoy a picnic on the grass. For those who want to engage with the sun from a more scientific perspective, there is the Cab- inet of Astronomy and Physics with Planetarium, which is like- wise located in the park. Restaurant tip: feast in the former summer residence of Count Carl from 1710 – “Restaurant Schloss Orangerie Kassel”, Auedamm 20B, 34121 Kassel HOT ON THE TRAIL. Every five years, the documen- ta contemporary art exhibition is held over a period spanning 100 days. The exhibition venues are spread throughout the city, meaning there are inspiring examples of contemporary art around almost every cor- ner. The most well known are probably the „Granatfindling“ in the tree next to the orangery and the „Himmelsstürmer“ at the Kulturbahnhhof. Book tip: Kassel illustrated book on documenta 15 (18.06–25.09.2022) – “documenta-Stadt Kassel”, published by Wartberg Verlag

5 0 Facebook StadtgaleriePassau 4,3/5 stars 35.557 fans Instagram stadtgalerie_passau 8.081 follower Google 4,4/5 stars CITY, COUNTRY AND RIVER IN THEIR MOST BEAUTIFUL FORM. 17,974 pipes – capable of 233 registers – make up the organ in Passau‘s St. Stephen‘s Cathedral. This makes it the largest in the world. With its colourful roofs and the imposing Stephansdom, or St. Stephen‘s Cathedral, the university city of Passau exudes Italian dolce vita charm Everything that makes up a city trip is concentrated here in one place: old town flair in winding streets, a vibrant and varied culinary scene and idyllic wa- terfront living. CHURCH FASCINATION. St. Stephen‘s Cathedral is en- throned on a small hill above the old town of Passau. It is considered a masterpiece of Italian High Baroque and boasts the largest church in- terior in this style north of the Alps. The beginnings of the construction date back to the year 739. Only when fire ripped through the city in 1662 did the cathedral find its cur- rent baroque form. Culture tip: organ concerts from 12.00-12.30 p.m. (daily from May to October, except Sundays and public holidays), Information from www.bistum-passau.de CITY OF THREE RIVERS. You’re never far from the water in Passau, because the city is home to three rivers: the blue Danube, the green Inn and the black Ilz. The three major waterways make the city postcard-picturesque. But its waterfront location also harbours dangers. Passau has frequently been hit by floods, as evidenced around the city by the markings on the flood buildings. Excursion tip: enjoy Passau from the water – “Three Rivers City Tour”, info at www.donauschifffahrt.eu/ dreifluesse-stadtrundfahrt-in-passau/ MEDIEVAL FLAIR. If while wandering through the old town you suddenly see brightly coloured cobblestones under your feet, you’ve reached one of the most beautiful des- tinations in Passau: Höllgasse, or Artists’ Alley. Numerous art- ists have set up their studios here, forming the creative heart of the city. The old town itself should not be missed: it is located on a narrow peninsula directly where the River Inn and the River Danube come together. Restaurant tip: Bavarian delicacies with a panoramic view of the city – “Das Oberhaus”, Oberhaus 1, 94034 Passau PASSAU T H E S T A D T G A L E R I E A T A G L A N C E Purchased: December 2006 Share: 100% Visitors 2022: 5.9 million Leasable space: 27,700 m2 of which retail space: 21,000 m2 No. of shops: 90 Occupancy rate: 97% Catchment area: 0,8 million residents Parking spaces: 500 Grand opening: 2008 Anchor tenants: C & A, Saturn, Thalia, TK Maxx Address: Bahnhofstraße 1 94032 Passau www.stadt-galerie-passau.de

51 Facebook StadtGalerieHameln 4,0/5 stars 12.604 fans Instagram stadtgalerie hameln 2.258 follower Google 4,2/5 stars 136 pubs and restaurants are hidden in the streets of the old town of Hamelin – the highest density of any city in northern Germany. HAMELIN Purchased: November 2005 Share: 100% Visitors 2022: 4.3 million Leasable space: 26,000 m2 of which retail space: 19,000 m2 No. of shops: 85 Occupancy rate: 84% Catchment area: 0.3 million residents Parking spaces: 500 Grand opening: 2008 Anchor tenants: Müller Drogerie, New Yorker, Thalia Address: Pferdemarkt 1, 31785 Hamelin www.stadtgaleriehameln.de T H E S T A D T - G A L E R I E A T A G L A N C E A TOWN AND ITS MYTH. The town that is home to the Pied Piper of Hamelin is shrouded in mystery. Portraits of the famous flute player can be found almost everywhere, nestled among the rustic sandstone and half-timbered buildings. Whether or not there is any truth behind this legend re- mains unclear. One thing is clear, however: Hamelin is defi- nitely worth a visit. LEGENDARY. The dock where today‘s ex- cursion ships set sail on the River Weser marks the loca- tion where the city‘s infamous rats are said to have been lured to their death. According to the legend, this meant that the Pied Piper had done his job – but he wasn‘t paid the money he was owed for it. And so in revenge in 1284 he led 130 children out of the city with a tune played on his flute. The myth was born and has remained alive to this day. Experience tip: Pied Piper open-air play on the terrace of the “Hochzeitshaus”, or Wedding House, from 14 May to 17 September 2023. Info at www.rattenfaenger-spielgruppe.de OLD TOWN CHARM. Hamelin is rightly consid- ered an architectural jewel of the Weser Renaissance. The restored façades can be admired at their best in the old town, which was large- ly designed as a pedestrian zone. Bordered to the west by the River Weser, this area ex- tends outwards in a circle. Panorama tip: fantastic view 200 metres above the town – excursion to the local mountain “Klüt” and the Klütturm, 31787 Hamelin ISLAND IDYLL. A bridge next to the historic Pfortmühle water mill leads visitors to the Werder Island lo- cated in the middle of the River Weser. A small park, a circular path bordering the water and a cosy beer garden: that‘s all it takes to be happy here. In the summer months in particular, this is a popular place to take in views of the city skyline. Food tip: holiday atmosphere at the beer garden on the Werder Island – “Die Insel – Biergarten”, from April to October 2023, Inselstraße 6, 31787 Hamelin

5 4 1,000 is the length of the labyrinth of corridors below the Brno fruit and vegetable market. These vaults were used in the Middle Ages to keep the produce cold. MODERNITY MEETS COSINESS. More than anything else, Brno is wonderfully authentic. If you want to experience the Czech way of life without jostling with other tourists in Prague, you have come to the right place. There is a lot to discover, such as over 100 examples of im- pressive Bauhaus architec- ture, the largest opera house in eastern Europe and, of course, the delicious traditional dump- ling cuisine. COFFEE CREATIONS. The youthful freshness of the city is reflected in its wide range of creative coffee speci- alities. There are mobile trucks aplenty offering a variety of fla- vours including violet, chew- ing gum and banana, while in cafés the coffee is often gar- nished with a bonnet made of spun sugar. Tasting tip: try out this trendy café with a purist look – “SKØG Urban Hub”, 5, Dominikánské nám. 187, 602 00 Brno-střed 2. BAUHAUS ART. “Villa Tugendhat”, an The architectural jewel by Mies von der Rohe, is a fine exam- ple of functionalism. This UN- ESCO World Heritage Site combines what were then – at the end of the 1920s – truly visionary features: an air conditioning system, a photo- cell in the entrance area and steel columns as a supporting structure. Culture tip: functionalist and spectacular residential building – “Villa Tugendhat”, info on guided tours at www.tugendhat.eu NATURE IDYLL. The Denis Gardens are the perfect place to enjoy a view of old Brno and the modern skyscrapers in the south-east of the city, while surrounded by greenery. They are locat- ed on the slope of Petrov Hill between the city Center and Husova Street. Hotel tip: elegant accommodations within the old walls – “Royal Ricc”, information and booking at www.royalricc.cz Facebook olympiabrno 4,5/5 stars 44.799 fans Instagram olympia centrumbrno 6.678 follower Google 4,4/5 stars BRNO/ CZECH REPUBLIC T H E O L Y M P I A C E N T E R A T A G L A N C E Purchased: March 2017 Share: 100% Visitors 2022: 8.0 million Leasable space: 85,000 m2 of which retail space: 71,000 m2 No. of shops: 200 Occupancy rate: 94% Catchment area: 1.2 million residents Parking spaces: 4,000 Grand opening: 1999 Purchased: 2014 – 2016 Anchor tenants: Albert, H & M, Intersport, Peek & Cloppenburg Address: U Dálnice 777, 664 42 Brno, Czech Republic www.olympia-centrum.cz

5 5 9 million people were members of “Solidarność” in the mid-1980s. This union, which emerged from a strike movement, was founded in Gdansk in 1980 by Lech Walesa. A PEARL OF A CITY ON THE BALTIC SEA. Günter Grass was born here. As was the philosopher Schopenhauer. With its unmistakable beauty, this city not only inspires literary expression, but also stirs up holiday vibes. A colourful old town, maritime flair down at the harbour and an abundance of stories about amber make Gdansk one of the most charming places on the Baltic coast. OLD TOWN CHARM. The ideal starting point to soak up the vibe of the city is the Golden Gate. A fabulous pe- destrian zone extends from here, beginning on Langgasse. Framed by old merchants’ houses, visitors can take a lei- surely stroll to a multitude of sights, including the town hall tower. Restaurant tip: innovative “food pairing” with cocktails matching the food served – “Eliksir”, st. Hemara 1, 80-280 Gdansk Cathedral PANORAMIC VIEW. Cologne seats 4,000 people – in Gdansk’s St. Mary’s Church, there is room for a staggering 25,000 wor- shippers. It is an impressive 105 metres long, making it one of the largest brick churches in the world. Anyone who enjoys a good walk should climb the church tower: standing 80 me- tres high, it offers a magnifi- cent view of the city. Culture tip: spectacular finds in an unusual setting – “ Amber Museum Gdansk”, Wielkie Młyny 16, 80-849 Gdansk RIVIERA FEELING. Only a few kilometres away from Gdansk, Sopot is not just an idyllic Baltic seaside resort, it also boasts a record: a pier extending 512 metres over the ocean – the longest wooden pier in Europe. A visit to this popular holiday destination is definitely worthwhile. Break tip: rustic flair in the midst of Art Nouveau villas – “Café Kultura”, Królowej Jadwigi 7, 81-765 Sopot GDANSK/ POLAND Purchased: August 2006 Share: 100% Visitors 2022: 7.3 million Leasable space: 48,700 m2 of which retail space: 43,000 m2 No. of shops: 193 Occupancy rate: 97% Catchment area: 1.1 million residents Parking spaces: 1,050 Grand opening: 2007 Anchor tenants: Carrefour, H & M, Peek & Cloppenburg, Reserved, MediaMarkt, Zara Address: al. Grunwaldzka 141, 80-264 Gdansk, Poland www.galeria-baltycka.pl T H E G A L E R I A B A Ł T Y C K A A T A G L A N C E Facebook galeriabaltycka 4,3/5 stars 71.923 fans Instagram galeriabaltycka 6.333 follower Google 4,4/5 stars

5 6 Facebook cityarkaden klagenfurt 4,3/5 stars 21.294 fans Instagram cityarkaden klagenfurt 6.998 follower Google 4,4/5 stars 1869 was the year in which the postcard was invented in Klagenfurt by Dr Emanuel Alexander Hermann. In the “Neue Freie Presse” newspaper, he referred to the possibility of posting these cards in the mail. A PEARL OF A CITY BY THE LAKE. Carinthia’s capital city radiates a dignified serenity. Nestled right on the banks of the turquoise Lake Wörthersee, Klagenfurt has always had a touch of glamour and sophistication. But there is also a wonder- fully unassuming cosiness to this city, which is more than 800 years old. It would be hard to find a more beautiful holiday destination and health resort. MAGICAL LAKE WÖRTHERSEE With a water temperature of about 29 degrees Celsius, in summer it is considered one of the warmest alpine lakes in Europe. Filmed many times. Loved by the jet set. In Klagenfurt you will find the lake’s wonderful eastern bay: on the shore, visitors are en- ticed to sunbathe on the lawns and explore the many cycle paths and walking trails – with the striking colour of this uniquely beautiful lake always in view. Adventure tip: info and booking for paddle boarding – “Fanatic SUP Center Wörthersee”, Süduferstraße 116, 9073 Klagenfurt am Wörthersee FAIRYTALE CASTLES. If you are travelling as a fam- ily, you can embark on a real “castle crusade” in this region. There are over 23 magnificent buildings to admire. The best place to start is at the stone bridge, from where you can ex- plore the Falkenberg, Hallegg and Seltenheim estates. The Maria Loretto castle on the peninsula bearing the same name is also well worth a visit. Restaurant tip: typical Carinthian specialities in a rustic atmosphere – “Gasthaus Schloss Falkenberg”, Falkenberg 1-3, 9020 Klagenfurt am Wörthersee RENAISSANCE-JUWEL. Numerous buildings crafted by the Italian masters domi- nate Klagenfurt’s cityscape. A stroll through the old town can take a little longer here, but not just for this reason. The area boasts Austria’s longest pedestrian street, where deli- catessens, cafés and exclusive boutiques invite you to linger. Extra tip: farmers market featuring produce from fully organic farms – “Benediktinermarkt”, every Thursday and Saturday from 6.30 p.m. to 1 p.m. KLAGENFURT/ AUSTRIA T H E C I T Y A R K A D E N A T A G L A N C E Purchased: August 2004 Share: 50% Visitors 2022: 5.0 million Leasable space: 36,900 m2 of which retail space: 30,000 m2 No. of shops: 120 Occupancy rate: 98% Catchment area: 0.4 million residents Parking spaces: 880 Grand opening: 2006 Anchor tenants: C & A, Peek & Cloppenburg, Zara, H & M, Billa, Müller Drogeriemarkt, TK Maxx Address: Heuplatz 5, 9020 Klagenfurt, Austria www.city-arkaden-klagenfurt.at

Center 5 7 176 metres is the height of the TV tower at the top of Misina mountain – the 535-metre peak that offers visitors a breathtaking view of Pécs and beyond. PÉCS/ HUNGARY Purchased: November 2002 Share: 50% Visitors 2022: 10.9 million Leasable space: 35,400 m2 of which retail space: 33,500 m2 No. of shops: 130 Occupancy rate: 99% Catchment area: 0.7 million residents Parking spaces: 850 Grand opening: 2004 Anchor tenants: C & A, H & M, MediaMarkt, Interspar Address: Bajcsy Zsilinszky utca 11/1, 7622 Pécs, Hungary www.arkadpecs.hu T H E Á R K Á D A T A G L A N C E THE CITY OF FINE ARTS. Although thirteen years have passed since Pécs was designated as a European Capital of Culture, the opulence found throughout this city continues to set standards. Roman times, early Christian- ity and the Turkish occupation gave rise to landmarks featur- ing a wide range of different of styles. MUSEUM DIVERSITY. If you stroll through the city‘s museum district – Káptalan Street – you will be amazed by how many eras and themes are waiting to be discovered. From archaeology to natural history, Pécs offers everything a schol- ar‘s heart desires. One muse- um also features an impres- sive exhibition showcasing the city‘s own eventful history. Art tip: a journey into the world of optical illusions – “Vasarely Múzeum”, Pécs, Káptalan u. 3, 7621 Hungary Facebook arkadpecs 4,2/5 stars 43.635 fans Instagram arkad_pecs 3.234 follower Google 4,4/5 stars PREMIUM WINES. 30 kilometres outside of Pécs, Villány is synonymous with an- other important cultural asset: fine wines. Alleyways lined with wine cellars, wine press houses and family business- es offer an abundance of wine tastings. Hungary‘s southern- most wine-growing region is mainly known for its select varieties of red and rosé wines. Gastro tip: culinary creations at an elegant winery – “Maul Zsolt Pincészet – Lator Bor Bisztró”, Baross Gábor utca 71., Villany 7773 Hungary WORLD CULTURAL HERITAGE. The old town of Pécs surprises with a superlative: the area has more Roman-era monuments than the whole of central Europe combined. The exca- vations not far from the basil- ica date from the 4th century and offer fascinating insights into ancient times. The tombs of Sopianae, adorned by bib- lical scenes, are particularly impressive. Experience tip: guided city tour by tourist train – information and booking at www.pecsikisvonat.hu/htmls/mainpage.html

5 8 Deutsche EuroShop / Annual Report 2022 T HE SHOPPING CENTER SHARE SHARE PRICE PERFORMANCE SHAPED BY TAKEOVER BID After closing 2021 at €14.64 (Xetra), the Deutsche EuroShop share started got off to a posi- tive start in the first weeks of 2022, climbing to €18.36 by 17 February 2022. In the days that followed, the stock fell in response to the uncertain situation in Ukraine and the subsequent invasion by Russia, which began on 24 February 2022. The DES share hit its lowest price of the year on 7 March 2022 at €14.02, before recovering somewhat there- after. With the announcement that an investor agreement had been concluded concerning a voluntary public takeover bid by Oaktree and CURA on 23 May 2022, the share price settled at a level roughly between €22.00 and €22.50. After the end of the additional acceptance period on 26 July 2022, the share price initially fell slightly and then rose again briefly to its annual high of €26.38 by 15 August 2022. In the following weeks, the share lost some ground again, hovered around the level of €22.00 from mid-September and ended the year at a closing price of €22.12 on 30 Decem- ber 2022. Deutsche EuroShop’s market capitalisation stood at €1.37 billion at the end of 2022. Share price in € Volume in thousand 30 30.0 25 22.5 20 15 15.0 10 7.5 5 0 0.0 800 600 400 200 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr 2022 2023 in € Number of shares in thousand

The Shopping Center Share 5 9 SUCCESSFUL TAKEOVER BID On 23 May 2022, a consortium of private investment funds managed and advised by Oaktree Capital Management, L.P. and CURA Vermögens- verwaltung, the family office of the Otto family and parent company of the ECE Group, announced a public takeover bid. The key points of the takeover bid were set out in an investment agreement concluded with Deutsche EuroShop AG on the same day. Based on this investment agreement, the Executive Board and the Supervisory Board of Deutsche EuroShop supported the planned bid and its acceptance by the shareholders. On 9 June 2022, Hercules BidCo GmbH, which is indirectly controlled by the bidding consortium, published the bid documen- tation for its voluntary public takeover bid for all no-par value shares of Deutsche EuroShop after being granted permission by the German Federal Financial Supervisory Authority. The takeover bid was subject to certain condi- tions, including a minimum acceptance threshold of 50%plus one share (includ- ing certain shares already held by Alexander Otto and companies under his control, including CURA Vermögensverwaltung). The bidder expressed in the bid documentation that it € 22.50 PER DES SHARE SHARE OF HERCULES BIDCO AF TER COMPLETION OF THE TAKEOVER IN JULY 2022: 84.38% OF THE SHARE CAPITAL OF DEUTSCHE EUROSHOP did not intend to enter into a controlling and/or profit transfer agreement with DES. Accordingly, the bidder also did not intend to delist the DES shares from the regu- lated market of the Frankfurt Stock Exchange. The voluntary public takeover bid made to the shareholders of Deutsche EuroShop pro- vided for the acquisition of all registered no-par value shares in DES against pay- ment of a cash consideration in the amount of €21.50 per DES share, whereby the cash consideration was increased by €1.00 to €22.50 per DES share in accordance with the terms of the takeover bid, as the takeover bid was settled before the day on which the Annual General Meeting of Deutsche EuroShop AG resolved on the appropriation of profits for the financial year ended 31 December 2021. The deadline for accepting this takeover ended four weeks later on 7 July 2022. The following day, the bidder announced that all bid con- ditions had been met and that the bid was therefore successful. This triggered, a statutory “further accept- ance period” (Section 16 (2) sentence 1 German Wertpapiererwerbs- und Übernahme gesetz (WpÜG – Securities Acquisition and Takeover Act), which ran from 13 to 26 July 2022. The total number of DES shares for which the takeover bid was accepted within the two acceptance periods, plus the number of DES shares already held directly or indirectly by the bidder and persons acting with the bidder and their subsidiaries, ultimately amounted to 52,134,425 DES shares, which corresponded to approxi- mately 84.38% of the share capital of Deutsche EuroShop.

6 0 Deutsche EuroShop / Annual Report 2022 OUTPERFORMANCE OF EUROPEAN BENCHMARK AND PEERS Trend of share 5 year-on-year comparison indexed – 7 April 2023 150 150.0 150.0 150.0 140 130 120 117.5 117.5 117.5 Including the dividend of €1.00 per share distributed on 2 Sep- tember 2022, the Deutsche EuroShop share recorded a performance of +57.5% (2021: –20.5%). As such, our share price performance in 2022 was significantly higher than that of the European bench- mark for listed real estate companies, the EPRA index (–36.6%), and also topped the rankings among our European peer group 1, which suffered an average price drop of 4.7% (median: –4.0%). The bench- mark index for smaller com- panies, the SDAX, fell 27.3% in the year under review. Over the past year, German open-ended property funds achieved an average perfor- mance of +2.6% (2021: +2.3%) and attracted cash inflows of €4.5 billion (2021: €7.2 billion). 110 100 90 85.0 85.0 85.0 80 70 60 52.5 52.5 52.5 50 40 30 20.0 20.0 20.0 20 2018 2019 2020 2021 2022 ’23 EPRA SDAX Deutsche EuroShop 1 Carmila, Citycon, Eurocommercial Properties, Hammerson, IGD, Klépierre, Mercialys, Unibail-Rodamco-Westfield, Vastned Retail, Wereldhave STOCK MARKET PERFORMANCE Stock market performance DES share DAX SDAX EURO STOXX 50 (Europe) Dow Jones (USA) Nikkei (Japan) 2022 +57.5% –12.3% –27.3% –11.9% –8.8% –9.4% 2021 –20.5% +15.8% +11.2% +21.0% +18.7% +4.9%

The Shopping Center Share 61 Share performance in % Market capitalization in € billion 60 2.5 60 50 40 40 1.5 30 20 20 0.5 10 0 0 -10 -0.5 -20 –20 -30 -1.5 -40 –40 2.183 2.086 2.098 1.953 1.717 1.707 32.7 1.280 17.7 15.3 4.5 –11.1 –1.2 –8.6 1.566 1.632 10.4 1.140 0.904 57.5 1.367 2.5 2.0 1.5 1.0 0.5 0 –21.8 –20.5 –30.2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual development incl. dividend Market capitalization (basis: year-end closing price) in billion € billion FIGURES FOR THE DEUTSCHE EUROSHOP SHARE Figures German securities no./ISIN Ticker symbol Share capital in € Number of shares (no-par-value registered shares) Indices Official market OTC markets * indexed – 31 December. 2022 748 020/DE 000 748 020 4 DEQ 76,464,319.00 (61,783,594.00*) 76,464,31 (61,783,594*) CDAX, EPRA, MSCI Small Cap, HASPAX Prime Standard Frankfurter Stock Exchange and Xetra Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart

6 2 AWARDS FOR IR WORK AND REPORTING QUALITY Every year, institutional investor magazine WirtschaftsWoche and DIRK (German Investor Relations Association) honour outstanding investor relations work in Germany with the “Deutscher Investor Relations Preis” (German Investor Rela- tions Award). In 2022, Deutsche EuroShop took second place in the SDAX both as a company and with its IR managers. The European Public Real Estate Association (EPRA) has again recognised the transparency of our reporting in terms of sec- tor-specific financial ratios and on the topic of sustainability with a Gold Award. Further awards for our capital market communications can be found on our website at: www.deutsche-euroshop.de/awards Deutsche EuroShop / Annual Report 2022 Trend of share indexed – 7 April 2023 200 200 200 200 175 150 125 100 75 50 50 50 50 2022 2023 EPRA SDAX Deutsche EuroShop SHARE COVERAGE DECLINES Our shares are regularly cov- ered by nine analysts 1 from respected German and inter- national institutions 2, and their recommendations introduce us to new groups of investors. Due to the takeover of Deutsche EuroShop, the number of insti- tutions offering coverage of the DES share has declined. Information on the recom- mendations can be found at www.deutsche-euroshop.de/analysen The analysts are currently for the most part neutral with regard to the prospects for the DES share 2. 1 As at: 28 Feb. 2023 2 Baader Bank, Bank of America, Berenberg Bank, Deutsche Bank, Green Street, HSBC, Kepler Cheuvreux, M.M. Warburg and ODDO BHF.

6 4 Deutsche EuroShop / Annual Report 2022 CHANGED SHAREHOLDER STRUCTURE Shareholder structure The number of investors fell by just under 56% in 2022 as a result of the successful take- over bid: Deutsche EuroShop now has around 8,450 share- holders 1 (previous year: 19,000). The shareholder structure has accordingly changed signifi- cantly: Hercules BidCo (pooled shares of Oaktree, Alexander Otto and CURA) holds a com- bined stake of 73.96%, and Maren Otto and Thomas Arm- brust hold 7.75% and 3.44%, respectively, since the rights issue at the beginning of 2023. In addition, institutional inves- tors hold about 3.0% of shares (previous year: 34.4%) and private investors hold 11.8% (previous year: 24.2%). 11.8% Private investors 7.8% Maren Otto 3.4% Thomas Armbrust Shareholder structure regional 98% Germany 1 As at: 28 February 2023 2% Rest of the World 3% Institutional investors 74% Hercules BidCo There were also significant changes in the regional distri- bution as a result of the take- over. Domestic investors now hold around 98% of Deutsche EuroShop, mainly due to the fact that the takeover con- sortium chose a German vehicle to bundle the shares, Hercules BidCo GmbH. Inter- national investors currently hold around 2% of the shares in DES.

The Shopping Center Share 6 5 PROPOSED DIVIDEND: €2.50 PER SHARE The Executive Board, together with the Supervisory Board, has resolved to propose to the Annual General Meeting sched- uled for 29 August 2023 the payment of a dividend of €2.50 per share (+150% compared to the dividend paid in the previ- ous year) for the financial year 2022 in order to distribute to the shareholders parts of the profits retained for precaution- ary reasons during the Corona pandemic. From the dividend, a portion of € 0.10 per share will be subject to capital gains tax deduction. Dividend in € Share price at the end of the year in € 2.50 45 2.5 1.50 1.00 0.50 0 0 0.0 31.64 31.83 36.20 40.46 38.67 33.96 25.34 26.78 18.45 14.64 22.12 18.98 ¹ 45 40 35 30 25 20 15 10 5 0 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 0.04 1.00 2.50 ² 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Dividend (paid for previous year) Proposal Price on 13 April 2023 1 Year-end closing price ² Proposed dividend WOULD YOU LIKE MORE INFORMATION? Please visit our website or call us: Patrick Kiss and Nicolas Lissner Tel.: Fax: Email: +49 (0)40 – 41 35 79 20 /-22 +49 (0)40 – 41 35 79 29 ir@deutsche-euroshop.de Internet: www.deutsche-euroshop.com/IR PATRICK KISS AND NICOLAS LISSNER

6 6 Deutsche EuroShop / Annual Report 2022 Market capitalisation (basis: year-end closing price) (€ million) Number of shares (year-end) Weighted average number of shares High € Low € Year-end closing price (31.12.) € Dividend per share (€) Dividend yield (31.12.)% Annual performance excl. / incl. dividend Average daily trading volume (shares) EPS in € (undiluted) 2022 1,367 2021 904 2020 1,140 2019 1,632 2018 1,566 61,783,594 61,783,594 61,783,594 61,783,594 61,783,594 61,783,594 26.38 (15.08.2022) 14.02 (07.03.2022) 61,783,594 21.30 (13.08.2021) 14.00 (13.12.2021) 61,783,594 26.50 (03.01.2020) 9.52 (25.09.2020) 61,783,594 27.44 (21.05.2019) 22.54 (16.08.2019) 61,783,594 33.90 (02.01.2018) 24.98 (27.12.2018) 22.12 2.50 1 11.3 +51.1%/ +57.5% 145,982 (incl. Multilateral Trading Facilities >336,666) 2 0,35 14.64 1.00 6.8 -20,7%/ -20,5% 148,159 (incl. Multilateral Trading Facilities >418,885) 0,97 18.45 0.04 0.2 -30.2%/ - 153,503 (incl. Multilateral Trading Facilities >455,895) -4,07 26.42 0.00 0 4.3%/ 10.4% 149,891 (incl. Multilateral Trading Facilities >458,797) 1,81 25.34 1.50 5.9 -25.4% /-21.8% 192,835 (incl. Multilateral Trading Facilities >526,239) 1,29 All share price information relates to Xetra 1 Proposal 2 Source: Bloomberg, adjusted data, as of 22 Febuary 2023 FINANCIAL CALENDAR 2023 Kepler Cheuvreux GCC, Frankfurt 17.01. 21.03. Preliminary Results FY 2022 27.04. Publication of the Annual Report 2022 11.05. Quarterly Statement 3M 2023 14.08. Half-year Financial Report 2023 29.08. Annual General Meeting, Hamburg 18.09. 19.09. Berenberg and Goldman Sachs German Corporate Conference, Munich Baader Investment Conference, Munich 14.11. Quarterly Statement 9M 2023 Our ﬁnancial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com/IR

The Shopping Center Share 67 2017 2,098 2016 2,086 2015 2,183 2014 1,953 2013 1,717 2012 1,707 61,783,594 53,945,536 53,945,536 53,945,536 53,945,536 53,945,536 58,248,007 39.32 (18.04.2017) 30.37 (25.10.2017) 53,945,536 42.52 (09.06.2016) 35.86 (11.02.2016) 53,945,536 48.00 (10.04.2015) 36.32 (06.01.2015) 53,945,536 37.84 (12.06.2014) 30.72 (04.02.2014) 53,945,536 34.48 (20.05.2013) 29.45 (24.06.2013) 33.96 1.45 4.3 -12.2%/ -8.6% 212,422 (incl. Multilateral Trading Facilities >533,866) 2,31 38.67 1.40 3.6 -4.4%/ -1.2% 142,133 (incl. Multilateral Trading Facilities >412,750) 4,11 40.46 1.35 3.3 11.8%/ 15.3% 152,355 (incl. Multilateral Trading Facilities >449,500) 5,73 36.20 1.30 3.6 13.7%/ 17.7% 113,000 (incl. Multilateral Trading Facilities >250,400) 3,29 31.83 1.25 3.9 0.6%/ 4.5% 112,400 (incl. Multilateral Trading Facilities >204,000) 3,17 51,934,893 32.03 (01.11.2012) 23.72 (06.01.2012) 31.64 1.20 3.8 27.6%/ 32.7% 129,400 (incl. Multilateral Trading Facilities >174,000) 2,36 ANNUAL GENERAL MEETING Deutsche EuroShop’s Annual General Meeting (AGM) was held on 30 August 2022, albeit as a purely virtual event with- out the physical presence of shareholders for the third time due to the pandemic. For this, we set up a complete AGM stu- dio in Hamburg, where only a small team of technicians and specialists gathered subject to strict hygiene regulations alongside the Chairman of the Supervisory Board, the Executive Board, the notary and the proxy appointed by the Company. Registered shareholders and their proxies could follow the entire AGM, including the Q&A session and votes, by joining a live audiovisual broadcast via a password-protected online service. An average of about 80 people watched the live- stream of the virtual AGM. Member of the Executive Board Olaf Borkers informed the shareholders about the events and results of the previous financial year. In his speech, Mr Borkers first spoke about the impact of the coronavirus pandemic, and in particular of the lockdowns in 2021 on the

6 8 Deutsche EuroShop / Annual Report 2022 business model. Shareholders also received extensive infor- mation on the current eco- nomic climate and the state of the shopping center transac- tion market. Another focus of the speech was the takeover by Hercules BidCo, which had already been completed at the time of the AGM. Shareholders were given an opportunity to submit ques- tions online in advance via a portal. In all, we received approximately 50 questions from a total of seven individuals or institutions, each of which was answered by the Executive Board and Supervisory Board. These also included various questions from the SdK and DSW, the German associations for the protection of small shareholders and securities holders respectively. We had already put the speech by the CEO on our website before the right to ask ques- tions ended, meaning that questions could be asked based on the contents of the speech. The accompanying presentation was made avail- able to all interested parties shortly after the event at the web address given below. This site also contains an archive of agendas as well as other information relating to previ- ous AGMs. The agenda additionally in- cluded the elections to the Supervisory Board. Reiner Strecker was re-elected, while Benjamin Paul Bianchi, Lemara Dee Grant, Stuart E. Keith, Dr. Volker Kraft and Chantal Schumacher were newly elected to the Board. The attendance at the time of the vote on all agenda items was 90.9%. and The Annual General Meeting for financial year 2022 is due to be held as an in-person event in Hamburg on 29 August 2023. As part of this, it is important for us to provide our share- holders with the means to participate in a safe, inform- ative uncomplicated manner. You will be sent all the necessary documents by post or e-mail in good time. We will also keep you updated about this on our website. In the future, in order to promote sustainability and reduce costs, we would like to switch increasingly to electronic mailing of invitations. We hope wewill receive your consent to do so if you have not provided this to us already. www.deutsche-euroshop.de/ Investor-Relations/ Annual-General-Meeting INVESTOR RELATIONS CONFERENCES The coronavirus pandemic continued to have a major impact on our IR activities in 2022. Our Executive Board and Investor Relations team typi- cally attend conferences and run roadshows throughout the year to discuss specific topical issues as well as Deutsche EuroShop’s strategy in person with existing shareholders and to present the company to potential new investors. as well as fund and portfolio managers, we seek to under- stand the requirements of the capital market and learn which issues are perceived as most important. Conversely, many fund management companies also hinge their investment decisions on their ability to hold regular meetings with a company’s Executive Board. Direct contact with our share- holders is extremely important to us. By engaging in frank discussions with analysts In the spring of 2020, it already became clear that there would probably be no opportunities for in-person meetings for the time being and that travel would also have to be reduced to a minimum. To compensate for this, we remained at the disposal of our investors for virtual meetings during the pandemic, and in 2022 we once again participated in a number of online conferences organ- ised by banks. Fortunately, opportunities to meet in per- son have returned, including at conferences in Frankfurt, Munich and New York. In total, last year we held approximately 40 one-on-one meetings with investors. We also held numerous confer- ence calls once more, including

The Shopping Center Share 69 for the publication of our quar- terly and annual figures, which were streamed live on our website, where they could nat- urally also be viewed by anyone after the event or accessed as a podcast. We hope to be able to ramp up our investor relations activities during the remainder of 2023 in order to cultivate our contacts with existing investors as well as tap into new investor groups. For this, we will of course also continue using techniques such as virtual roadshows and conferences. You can find an overview in our financial cal- endar on page 66. A constantly updated version can also be found on our website at www.deutsche-euroshop.de/Home-en. ROADSHOWS A roadshow involves a team, usually consisting of an Executive Board member and an Investor Relations manager of Deutsche Euro- Shop, travelling together with representatives of the organising bank (such as analysts and client advisors) to a financial hub to visit existing or interested poten- tial investors in person and inform them about the Com- pany’s current development and/or strategy. Investors have the opportunity to meet the management personally and ask them questions. This allows up to 10 meetings to be held in one city on a single day. Alternatively, all appoint- ments can be organised as virtual meetings. CAPITAL MARKET CONFERENCES Generally organised by banks, these are con- ferences at which both investors and companies are given the opportunity to hold as many meetings as possible in a day. These one- on-one or group discussions can be used to address questions in detail either on site or virtually. Corporate presentations allow the Company to present itself to a wider trade audience. In the case of hybrid events, some of the appointments take place on site, while oth- ers are organised through virtual channels.

7 0 Deutsche EuroShop / Annual Report 2022 MARKETING Shopping and entertainment In 2022, to coincide with the publication of our most recent financial figures, we placed adver- tisements in the print and online trade press aimed at specific target groups. A key formula for success for shopping centers is the even closer integration of shopping and entertainment: “Strolling, enjoying, shopping and lingering – and being entertained at the same time” is also what attracts people to our centers. Vibrant market- places are undergoing an evolution into “urban places” – a hybrid of living, working and leisure. We are supporting this development with our versatile and variable shopping centers – which we illustrated with four examples in our “Retail- tainment” series of advertisements. RETAILTAINMENT Der Geschäftsbericht 2021 ist jetzt abrufbar unter www.deutsche-euroshop.de/IR RETAILTAINMENT Mehr Informationen zur Shoppingcenter-AG unter www.deutsche-euroshop.de Significantly higher media attention due to takeover DThe takeover bid by Hercules BidCo (Oaktree and CURA) announced in Q2 2022 gave a major boost to the coverage received in the media. The print circulation of the economic and financial media reporting on our companies increased by around 175% year on year from 3.4 million to 9.4 million copies, while the equivalent adver- tising value through reports in newspapers and magazines rose to €1.32 million (+91%, previous year: €0.69 million). MAINTAINING THE BRAND In addition to share marketing, we are also focussing on refining and maintaining the Deutsche EuroShop brand. Our goal is to boost the awareness and recognition of the brand even further. Deutsche EuroShop has established itself as the brand for investments in shopping centers. RETAILTAINMENTDer Halbjahresfinanzbericht 2022ist jetzt abrufbar unterwww.deutsche-euroshop.de/IRDie Quartalsmitteilung 3M 2022 ist jetzt abrufbar unterwww.deutsche-euroshop.de/IRRETAILTAINMENT

The Shopping Center Share 71 Published circulation in millions 12 12 10 8 9 6 6 4 2 3 0 0 2018 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Visitors in thousand has WEBSITE SEES SHARP RISE IN PAGE VIEWS been Our website extremely popular for years. It is always ranked among the best within the European real estate sector for both the information it provides and its user-friendliness. After the pandemic had already given our online presence an addi- tional boost as an information channel since 2020, this high level was maintained in 2022 – certainly also influenced by the takeover of Deutsche EuroShop. The number of page views (+3%) and the num- ber of website visitors (+33%) increased once more. www.deutsche-euroshop.de/Home-en Page views in millions 12 10 8 64 2 0 450000 12000 450 400 350 9000 337500 300 250 6000 225000 200 150 3000 112500 100 50 00 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Visitors (left axis) Page views (right axis)

7 2 Deutsche EuroShop / Annual Report 2022 SOCIAL MEDIA AS ADDITIONAL CONTACT CHANNEL Social media has estab- lished itself as a channel of communication – even for capital market partici- pants. For many years, we have shown ourselves to be open to technical inno- vations and we actively use social media to provide our investors and interested parties with news and supplementary information about Deutsche EuroShop. Perhaps we can maintain contact with you through one or more of these plat- forms too – we would be happy to see you there: Twitter Follow us on Twitter: www.twitter.com/DES_AG Facebook Become a fan on Facebook: www.facebook.com/euroshop Instagram See photos and videos from DES at: www.instagram.com/deutscheeuroshop IR Mall Our Investor Relations blog: www.ir-mall.com Flickr View our uploaded photos on the online platform Flickr: www.ﬂickr.com/desag SlideShare See our presentations and reports on SlideShare: www.slideshare.net/desag YouTube Watch our videos on YouTube: www.youtube.com/DeutscheEuroShop Left: Altmarkt-Galerie, Dresden Above: Billstedt-Center, Hamburg

74 Deutsche EuroShop / Annual Report 2022 E S G-REP OR T Environmental, social and governance (ESG) issues are a top priority for Deutsche EuroShop. We ﬁrmly believe that sustain- ability and proﬁtability are not mutually exclusive. Neither are the shopping expe- rience and environmental awareness. We attach particular importance to a good working environment, ongoing training and an intensive dialogue with our stakeholders. Long-term thinking is part of our strategy. This includes playing our part in our com- mitment to ESG. In addition, Deutsche EuroShop has for many years supported a range of local and regional activities that take place in our shopping centers in the areas of the envi- ronment, society and the economy. We are constantly developing the sustain- ability strategy for Deutsche EuroShop and our shopping centers and are prepared to make necessary investments. And of course we subject ourselves to measurement: the Executive Board compensation system includes ESG targets, the achievement of which is linked to financial incentives. In this ESG Report, we provide information on our environmental, social and governance practices and our contribution to a better future.

ESG-Report 7 5 SUSTAINABILITY TICKER + N E W S + N E W S + N E W S + N E W S + N E W S + N E W S + N E W S + N E W S + N E W S + In order to further reduce electricity con- sumption through lighting, efforts were ramped up in 2022 to convert to LED in vari- ous centers in the portfolio. Our tenants were given extensive information and advice on how to save energy through workshops held together with our partner ECE. In addition to this, lighting was partially switched off where possible, and switching times were adjusted or adapted to the inten- sity of the outdoor light by dimming, espe- cially within the context of the more general push to maximise savings due to the energy crisis. At Galeria Baltycka, energy and costs for operating the ventilation and cooling systems have been reduced by deploying VPPlant (www.vpplant.com) with the help of artificial intelligence. In addition, our on-site cleaning service provider has been certified to a sustainability standard. Optimised settings for the ventilation and air-conditioning systems reduced the energy consumption of the cooling system at several centers. To promote sustainable mobility, several centers were fitted with covered bicycle stands and e-charging stations. Allee-Center, Magdeburg

76 Deutsche EuroShop / Annual Report 2022 SUSTAINABILITY CERTIFICATES FOR ALL CENTERS The German Sustainable Building Council (DGNB) has awarded sustainability certificates to all 21 shopping centers in Deutsche EuroShop’s portfolio. Ten centers received Platinum certif- icates while eleven received Gold certificates. The successful certifications were based on the DGNB basic certificate for buildings in use, which our asset manager ECE was awarded back in 2016 and was the first company ever to receive it for sustainable work processes. ECE has optimised its equipment and processes in a way that now enables all of the shopping centers which it manages to be operated according to uniform sustainability principles. These pro- cesses include procurement, maintenance and “Green Leases”, i.e. leases which comply with sustainability standards. On this basis, the 21 centers were rated in an individual portfolio certification process by the DGNB with the aim of ensuring the continuous development of these shopping centers. The auditors looked in particular at property- specific aspects such as energy consumption, socio- cultural projects and mobility. This procedure follows a holistic approach in which all pillars of sustainability – economic, environmental and social aspects – are continually examined and optimised. GERMAN SUSTAINABLE BUILDING COUNCIL The German Sustainable Building Council (known as the Deutsche Gesellschaft für nach- haltiges Bauen e. V. in German, referred to here- inafter by its acronym DGNB) was founded in 2007 by architects, planners, building product manufacturers, investors and scientists who have long been concerned with the topic of sustainable building. The council seeks to exchange knowledge, promote further educa- tion and raise public awareness with regard to sustainability in the construction and operation of real estate of all kinds, with the overriding goal of advancing sustainable construction. The focus of DGNB’s activities is therefore on defining a uniform benchmark for sustainable buildings and, as a result, developing a transpar- ent certification system that makes it possible to designate and identify sustainable buildings. D G N B Sustainability Certiﬁcate Center GERMANY DGNB Sustainability Certificate Main-Taunus-Zentrum, Sulzbach/Ts. Gold A10 Center, Wildau Altmarkt-Galerie, Dresden Platinum Gold Rhein-Neckar-Zentrum, Viernheim Platinum Herold-Center, Norderstedt Rathaus-Center, Dessau Allee-Center, Magdeburg Phoenix-Center, Hamburg Billstedt-Center, Hamburg Gold Gold Gold Platinum Platinum Saarpark-Center, Neunkirchen Gold Forum, Wetzlar Allee-Center, Hamm City-Galerie, Wolfsburg City-Arkaden, Wuppertal City-Point, Kassel Stadt-Galerie, Passau Stadt-Galerie, Hameln ABROAD Olympia Center, Brno, Czech Republic Galeria Baltycka, Gdansk, Poland City Arkaden, Klagenfurt, Austria Árkád, Pécs, Hungary Platinum Gold Platinum Platinum Gold Platinum Gold Gold Gold Platinum Platinum

ESG-Report 7 7 THE “DGNB CERTIFICATE” The “DGNB Certificate” is a comprehensive eval- uation system for sustainable buildings, which is available in different system variants for numer- ous building types. It serves as a tool for planning high-quality real estate and was designed by the Federal Ministry of Transport, Building and Urban Development (BMVBS) together with the DGNB as a supplement to the BMVBS’s Guideline for Sustainable Building (LFNB). The basic idea of the LFNB is to create a building environment that is comfortable for people while affording special protection of the environment. At the same time, the implementation of the guideline is intended to promote the achievement of measurable oper- ational and economic benefits. The German Quality Seal for Sustainable Build- ing is based on research carried out by KIT and the University of Darmstadt on the develop- ment of a certification system as well as on the results of the DGNB’s protection target working groups. It was developed as part of a two-year collaboration between the Federal Ministry of Transport, Building and Urban Development (BMVBS), supported scientifically by the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR), and the DGNB. Consideration is given to the entire lifecycle of a building, encompassing ecological, economic, socio cultural, technical and process-related quality. The quality of a property’s location is also shown separately from the overall evaluation. The German Quality Seal for Sustainable Build- ing was designed as a scientifically sound, plan- ning-based evaluation system and is continually updated in close cooperation with research insti- tutions and market participants. As a result, it always reflects the latest international devel- opments in the field of sustainable construc- tion. Developers, investors and planners thus have a comprehensive guide at their fingertips right from the start of a building project, which conveys the principle of sustainable building in practical examples. STRUCTURE OF THE “DGNB CERTIFICATE” The DGNB Certificate comprises six main crite- ria groups: Ecological Quality, Economic Quality, Sociocultural and Functional Quality, Technical Quality, Process Quality and Location Quality. Each quality category is in turn broken down into a different number of criteria. This enables the most holistic possible view of the building under consideration. Ecological Economic Socio cultural Quality Quality and Functional Quality Technical Quality Process Quality Location Quality Main criteria groups of the DGNB Certificate MAIN CRITERIA GROUPS OF THE DGNB CERTIFICATE into By taking ecological quality features account, the aim is to conserve resources by optimising the use of building materials and products and minimising media consumption. The non-renewable and renewable primary energy requirements, for example, are found in the ecological evaluation group. Closely related to energy and media consumption are the result- ing environmental impacts. They are described, among other things, on the basis of the pro- files governing the potential for greenhouse emissions, acidification, ozone layer depletion, ozone formation and eutrophication, as well as on the basis of the risks to the local and global environment.

7 8 Deutsche EuroShop / Annual Report 2022 The lifecycle costs and value stability profiles are representative of the economic quality of a build- ing. They take into account not only the acquisi- tion and construction costs, but also the follow-up costs incurred over the entire service life. Alongside ecological and economic aspects, sociocultural and functional concerns are incorporated as the third pillar of sustainability, addressing the issues of indoor air, repurposing capabilities and space efficiency. Aesthetic and design qualities as well as aspects of health protection, comfort and accessibility are also examined. The criteria for assessing technical quality are used to record the structural condition of a build- ing. Here, for example, the focus is on how easy it is to clean, maintain and repair the materials used and the building structure, or what the physical properties are of the building envelope. The criteria for assessing process quality con- sider the design and realisation of the property in question. The “integral planning” profile, for example, documents whether and from which point the experts and authorities involved are included in the planning process. In the area of location quality, an evaluation is conducted of the possible effects of the local site conditions on the building as well as of the effects of the building on the surroundings and thus also on society. Examples of this include the image and condition of the site, but also how well the building is connected to public trans- port networks to reduce pollutants and prevent urban sprawl. Platinum Gold Allee-Center, Hamm City-Arkaden, Wuppertal City-Point, Kassel Saarpark-Center, Neunkirchen Rhein-Neckar-Zentrum, Viernheim

8 0 Deutsche EuroShop / Annual Report 2022 OVERVIEW OF E-CHARGING INFRASTRUCTURE IN OUR PORTFOLIO CONCEPT • At least 1% of our parking spaces should be equipped with a charging point in the future • Access for all makes of e-vehicles • Charging options for people with limited mobility • Multiple payment options, including ad-hoc payment • Separate transformer position and medium voltage connection • On-demand charging services for long-term parkers, center customers and “charging customers” C E N T E R with charging points Center Number of charging points Rhein-Neckar- Zentrum, Viernheim 29 Charging method Provider/ CPO DC/AC Allego/Tesla Rathaus-Center, Dessau A10 Center, Wildau Forum, Wetzlar Main-Taunus- Zentrum, Sulzbach Olympia Brno, Czech Republic 4 2 4 8 6 AC DC AC Stadtwerke Dessau Allego Energie- und Wasser- gesellschaft mbH AC Symcharge HPC Tesla AC = Alternating current, DC = Direct current (higher power) HPC = High power charging C E N T E R with planned charging points by the end of 2024 Number of planned charging points Center Charging method Allee-Center, Hamm Allee-Center, Magdeburg Billstedt-Center, Hamburg Phoenix-Center, Hamburg City Arkaden, Klagenfurt, Österreich City-Point, Kassel City-Galerie, Wolfsburg City-Arkaden, Wuppertal Herold-Center, Norderstedt Stadt-Galerie, Hameln Altmarkt-Galerie, Dresden Galeria Baltycka, Gdansk, Poland Árkád, Pécs, Hungary Stadt-Galerie, Passau 14 14 10 10 10 10 10 10 10 10 10 10 10 10 Saarpark-Center, Neunkirchen 16 HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC HPC/DC/AC

ESG-Report 81 GREEN ELECTRICITY In 2022, all of our 21 shopping centers had contracts with suppliers that use renewable energy sources, such as hydroelectric power, for their electricity needs, and 19 centers exclusively purchased green electricity. The TÜV Süd certified this electricity for our centers in Germany with the renowned “Eco Power Product” label. In the coming years, the remaining two centers shall be completely switched to green electricity, as far as possible. Our 21 centers used a total of around 61.8 million kWh of green electricity in 2022. This represented 75% of the electricity requirements to operate the shopping centers. Based on conservative calculations, this meant a reduction of around 21,460 tonnes in carbon dioxide emissions, which equates to the annual CO2 emissions of more than 975 two-person households. The use of heat exchangers and energy-saving light bulbs allows us to further reduce energy consumption in our shopping centers. Reduction of CO2 emissions and electricity consumption 22,0 80,000 70,000 16,5 60,000 50,000 11,0 40,000 30,000 5,5 20,000 10,000 0 0,0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CO2 reduction in t Total electricity consumption in mwh Number of centers included 20 15 10 5 0

8 2 Deutsche EuroShop / Annual Report 2022 CAMPAIGN “LEBEN STATT LOCKDOWN” It has brought Germany more than 750,000 vac- cinations closer to the goal of herd immunity. Thank you so much for that.” Vaccination campaign “Leben statt Lockdown” [Choose life over lock- down] receives German Brand Award Outstanding commitment: the vaccination campaign “Leben statt Lockdown. Lass dich impfen” [Choose life over lock- down. Get Vaccinated] received the highest award with “Brand Impact of the Year” and was thus one of the big winners at the German Brand Award 2022 – one of the most important brand awards in Germany. “Choose life over lockdown” is a joint campaign organised by the retail sector and retail property sector and supports the Federal Government’s “Zusammen gegen Corona” [Together against Corona] initiative. The goal was to increase vac- cine take-up against COVID-19 in Germany. We wanted to inform people in Germany about vac- cinations and motivate them to get vaccinated. We also wanted to provide space for immunisa- tion services at selected sites. Because the more people who get vaccinated, the faster everyone can get back to normal. The jury gave the following reasons for the award: “Although sufficient coronavirus vaccines were available in autumn 2021, vaccination progress has stagnated. “Choose life over lockdown. Get vaccinated” was the largest privately organ- ised vaccination campaign in Germany. The cam- paign, which achieved 40 million contacts a day, not only encouraged people to get vaccinated, but also created lots of vaccination options that made it easy to get vaccinated, for example at shopping centers. It was great to see how food retailers and non-food retailers joined forces side by side to create such a huge social impact. www.german-brand-award.com WHISTLEBLOWER TOOL As a listed company, it is our duty, also in the interests of our shareholders, to prevent any form of unlawful or criminal activity within our own sphere of influence. This includes provid- ing reporting channels, meaning that employees and external parties can report indications of possible misconduct with ease and in the strict- est confidentiality. Major economic scandals such as the “Wirecard” case or “Dieselgate”, as it has come to be known, ensure that the topic of whistleblowing stays in the news and that legislators continue to push ahead with more and more regulations – most recently the EU Whistleblowing Directive, which in Germany has resulted in the Whistleblower Protection Act. In this context, the term “whistle- blower system” appears on a regular basis. Using a whistleblower system, whistleblowers – for example, employees of a company or organi- sation, suppliers or customers – can report anon- ymous information about observed grievances or violations of rules without fear of negative conse- quences. This means that whistleblowers do not have to fear termination, workplace discrimina- tion or intimidation. A digital whistleblower system, such as the one used by Deutsche EuroShop, is software (more precisely a Software-as-a-Service solution) that whistleblowers can use to submit a report on our website. The reporting system is therefore accessible at any time and from any location and provides a central point of contact for whistle- blowers. When reporting, whistleblowers fill out a case template, which is used to gather important information. The whistleblower is

ESG-Report 8 3 free to leave their personal details or can sub- mit the report anonymously. In the latter case, the reporting system creates a mailbox through which the caseworker can continue to commu- nicate with the whistleblower without disclosing their identity. If a tip-off is received by the Com- pliance Manager, he or she examines the case and initiates any further steps. www.deutsche-euroshop.de/compliance GREEN LEASE CONTRACTS Store operators play a key role in improving energy efficiency and resource conservation in shopping centers. After all, they can influence a considerable portion of total energy consump- tion, for example by managing their retail areas with a view to saving energy. Since the end of 2015, therefore, green lease contracts have been used for new leases. According to these contracts, Deutsche EuroShop and its tenant partners undertake to base their leases on sus- tainable criteria. Specifications concerning the materials used for constructing and converting rental space and regulations on energy-saving management form part of the contracts. At the end of 2022, green lease contracts had been concluded for just under 31% of the rental space in Deutsche EuroShop’s portfolio. The Stadt-Galerie in Passau was at the top of the list of DES centers in the last financial year, with more than 63% of its rental space subject to green lease contracts. It is an ongoing goal to continue to increase the percentage of green lease contracts in all centers each year. www.zia-deutschland.de/project/green-lease Stadt-Galerie, Passau

8 4 Deutsche EuroShop / Annual Report 2022 E P R A S B P R R E P O R T I N G – 2 0 2 2 INTRODUCTION We report on our energy, GHG emissions, water and waste impacts, and social and governance measures in accordance with the 3rd edition of the EPRA Sustainability Best Practice Recom- mendations (sBPR). Our reporting response has been split into 2 sections: 1. Overarching Recommendations 2. Sustainability Performance Measures OVERARCHING RECOMMENDATIONS Organisational boundaries We use the operational control approach for our data boundary, which includes 15 assets 1. There were no changes to our portfolio between 2021 and 2022, meaning the scope of assets included in our Absolute and Like- for-Like performance measures is the same. Coverage We report on all properties within the organi- sational boundary defined above, and for which we are responsible for purchasing utilities as the landlord (see Boundaries – reporting on landlord and tenant consumption). 1 A10 Center Wildau, Allee-Center Hamm, Altmarkt-Galerie Dresden, Billstedt-Center Hamburg, City-Arkaden Wuppertal, City-Galerie Wolfsburg, City-Point Kassel, Forum Wetzlar, Galeria Baltycka Gdansk, Herold-Center Norderstedt, Main-Taunus-Zentrum, Olympia Center Brno, Rathaus-Center Dessau, Rhein-Neckar-Zentrum and Stadt-Galerie Hameln. Estimation of landlord-obtained utility consumption Of the consumption data reported, approxi- mately less than 10% (five centers), of our port- folio electricity consumption, less than 5% (two centers) of district heating and cooling and 20% (one center) of fuel consumption data has been estimated in 2022. The estimated data is based on 2021 figures for which 2022 data is not yet available. There has been no estimation of water data. Boundaries – reporting on landlord and tenant consumption The electricity consumption reported includes electricity which we purchase as landlords and refers to common areas only. Consumption data for fuels, district heating and cooling and water include tenant data as it is not possible to separate common area and tenant area consumption. Waste data also includes tenant waste. Analysis - Normalisation Energy and emissions intensity indicators are calculated using floor area (m2) for whole buildings whilst water intensity is calculated using the total number of visitors. We are aware of the mismatch between nominator and denominator, as our consumption for elec- tricity relates to common areas only, whereas fuels, district heating and cooling and water data covers the entire building as we cannot separate common area from tenant area consumption. For our own offices, we report energy and emissions intensity performance measures using the floor area we occupy within the building whilst water intensity is cal- culated using the total number of employees.

ESG-Report 8 5 Analysis – Segmental analysis (by property type, geography) We have not carried out a ¬¬segmental analy- sis as this is not informative for our portfolio, given that our assets are all shopping centers located in similar climatic zones, similar in age, and the majority have similar EPC ratings. certified by the TÜV Süd. Of the 33.3% of electricity supply that was not a renewable supply, supplier factors were not available at the time of publication and we have used loca- tion-based factors. We are working to locate appropriate residual factors for this scenario in future publications. Third Party Assurance We do not have third party assurance. Disclosure on own offices Our own occupied offices are reported sep- arately to our portfolio. Please see Table on page 89. Narrative on performance Portfolio performance Government limitations relating to COVID-19 continued to have an impact on our business activities in 2021, particularly in Germany. As 2022 was the first year of operating with business as usual, we saw some increases in our portfolio. As a result, the energy effi- ciency (measured in kWh/m2) of our portfolio decreased by 1% between 2021 and 2022. Although there was 7% increase in absolute and like-for-like electricity consumption, we saw a 8% reduction in absolute and like-for- like fuel consumption and a 12% decrease in absolute and like-for-like district heating and cooling consumption. This year we have reported both mar- ket-based and location-based Scope 2 emis- sions, adjusting last year’s values accordingly. We use a market-based emission factor of 0 T CO2e where we procure renewable elec- tricity in our operational control, and the location-based emissions use country-spe- cific factors. In both cases, where we report district heating and cooling, we use the equiv- alent location-based factor as we do not have any supplier factors. Market-based emissions factors account for the 67.3% of our electric- ity supply that comes from green contracts We saw an 8% decrease in direct Scope 1 emis- sions equal to the decrease from fuels and a 5% increase in indirect Scope 2 GHG emissions due to greater electricity consumption using the location-based methodology). Overall, the GHG emissions intensity of our portfolio increased by 3% 2022. Seeing our first year of normal operations, we were able to implement several asset-level measures at various locations in 2022. In order to reduce electricity consumption through lighting, the conversion to LED was driven for- ward in various centers. In addition, lighting was switched off where possible, switching times were adjusted or dimmed to match the outdoor light intensity. By optimising the settings of the ventilation and air-conditioning systems, the energy consumption of the cool- ing system was reduced in several centers. In addition, the tenants were informed about energy saving. In Poland, energy consumption and costs are being reduced through the use of VPPlant (www.vpplant.com) with the help of artificial intelligence and the cleaning service provider is certified according to a sustainabil- ity standard. To promote sustainable mobility, several centers were equipped with covered bicycle stands or e-charging stations. Water consumption increased by 7% in abso- lute and like-for-like terms. However, the water intensity of our portfolio decreased to 0.003 m3/ visitor due to the increase in visitors compared to 2021. All water is from the municipal supply.

8 6 Deutsche EuroShop / Annual Report 2022 Waste produced across our portfolio increased by 33% to 7,299 tonnes in 2022 due to the business returning to normal operations. As a result, we saw an increase in composting from 12 to 15%, although there was a decrease in recycling by 17%. Overall, 12% of our total waste was sent to incineration. Given that most waste is generated by our tenants, this is not under our direct operational control. We none- theless work with tenants to promote waste separation to increase the proportion of waste that is recycled. The changes compared with 2021 can be attributed to the fact that tenants have returned to business as usual and our continued efforts to collect more accurate separation data. In 2022, we continued to recertify our assets and can report that all our assets are certified to the DGNB standard. The breakdown is as follows: DGNB PLATINUM 1. A10 Center Wildau, 2. Billstedt-Center Hamburg, 3. City-Galerie Wolfsburg, 4. Rhein-Neckar-Zentrum Viernheim, 5. Forum Wetzlar 6. City-Arkaden Wuppertal. Together, these represent 38% of our portfolio by leasable floor area. DGNB GOLD 1. Allee-Center Hamm, 2. Altmarkt-Galerie Dresden, 3. City-Point Kassel, 4. Galeria Baltycka Gdansk, 5. Herold-Center Norderstedt, 6. Main-Taunus-Zentrum Sulzbach, 7. Olympia Center Brno, 8. Rathaus-Center Dessau 9. Stadt-Galerie Hameln. Together, these represent 62% of our portfolio by leasable floor area. We have listed other noteworthy ESG activities in our centres in the “Sustainability Ticker” on page 75. Own office performance During 2022, electricity consumption within our own office varied slightly compared with 2021, as we saw 4% increase in electricity consumption whilst we had no change in our consumption of district heating and cooling. As district heating and cooling represents 80% of our energy use, the energy intensity of our own office increased only by 1%. As we have begun reporting on a market-based approach for our portfolio, so we have reported our own office performance on the same basis. All our procured electricity is provided on the basis of a renewable supply and so we use an emission factor of 0 T CO2¬e. Our market-based Scope 2 emissions are therefore only those associated with district heating and cooling, when we use the equivalent location-based factor as we do not have any supplier factors.

ESG-Report 8 7 In March of 2022, we installed water meters, enabling the collection of more accurate water data. Due to this new technology, we saw our absolute and like-for-like water consumption decreased significantly by 86%. The first three months of 2022 were estimated using figures collected throughout the remainder of the year. As our staff numbers stayed consistent, so did our water intensity. Despite a 9% increase in waste produced by our offices in 2022, we saw a reduction in recy- cling by 2% resulting in a 2% increase in waste incineration. The changes compared with 2021 can be attributed to the fact that we continue to collect more accurate separation data. Social and governance performance measures We report on the EPRA sBPR Social and Governance Performance Measures that are material given our employee profile, and for which we can collect the required information. Deutsche EuroShop directly employs five full- time members of staff and there is one mem- ber of our Executive Board. In line with German company law, Deutsche EuroShop has a dual management and control structure comprising two executive bodies, the Executive Board and the Supervisory Board. There are nine mem- bers of the Supervisory Board, three of whom are independent. Not including the Executive Board, 40% of our employees are female. Our reporting on gender diversity is in line with the German Corporate Governance Code and our approach and performance is detailed in the Corporate Governance chapter of this report (see page 108). Information on the composition of our Supervisory Board, our processes for nomi- nating and selecting members, and the avoid- ance of conflicts of interest is also provided in this section. During 2022, 80% of our employees attended training amounting to an average of 27 hours per employee. Training focuses on building the skills and knowledge we need to fulfil our business strategy, and supporting employees’ career development goals. Emp-Dev is marked as not applicable: although every employee meets with the Executive Board members annually which provides the opportunity for open conversations to be had, these meetings do not constitute a formal review process. Due to the small number of full-time employ- ees, reporting on employee health and safety (H&S-Emp) is not meaningful. Nonetheless, we can report that there were no workplace accidents during the reporting period. No employees joined or left the company in 2022, meaning our new hire and turnover rate was zero. Location of EPRA sustainability performance measures EPRA sustainability performance measures for our portfolio and own offices can be found in Table Own office environmental perfor- mance measures on page 89 of this report.

8 8 Deutsche EuroShop / Annual Report 2022 SUSTAINABILITY PERFORMANCE MEASURES Portfolio environmental performance measures Indicator EPRA code Unit of measure Total electricity consumption Elec-Abs kWh % from renewable sources kWh 2021 Cover- age 100% 64,644,466.00 67.29% 100% 64,644,466.00 60,197,035 69.56% 60,197,035 2022 Cover- age 100% 100% Change 7% -3% 7% kWh % from renewable sources 26,236,838 n/a 100% 23,161,171.30 n/a 100% -12% Elec-LFL DH&C-Abs DH&C-LFL kWh 26,236,838 100% 23,161,171.30 100% -12% Fuels-Abs Fuels-LFL kWh % from renewable sources kWh 27,591,370 0 27,591,370 100% 25,301,011.70 0 100% 25,301,011.70 Energy-Int GHG-Dir-Abs kWh/m² tCO2 GHG-Indir-Abs tCO2 (market based) tCO2 (location based) tCO2/m² (market based) tCO2/m² (location based) Total m3 m3 100 5,575 13,253 28,590 0.017 0.030 325,097 325,097 100% 100% 100% 100% 100% 100% 99 5,111 14,423 29,917 0.017 0.031 348,414.67 348,414.67 100% 100% 100% 100% 100% 100% 100% 100% -8% -8% -1% -8% 9% 5% 4% 3% 7% 7% Like-for-like electricity consumption Total energy consumption from district heating and cooling Like-for-like consumption from district heating and cooling Total energy consumption from fuel Like-for-like consumption from fuel Building energy intensity Direct GHG emissions (total) Scope 1 Indirect GHG emissions (total) Scope 2 Building GHG emissions intensity GHG-Int Total water consumption Like-for-like water consumption Building water consumption intensity Weight of waste by disposal route (total Water-Abs Water-LFL Waste-Abs Weight of waste by disposal route (Like-for-like) Waste-LFL Type and number of assets certified Cert-Tot Water-Int m3/visitor 0.004 100% 0.003 100% -21% 5,479 46 12 42 5,479 46 12 42 100% 100% 100% 100% 7,299 38 15 47 7,299 38 15 47 100% 100% 100% 100% 33% -17% 25% 12% 33% -17% 25% 12% 0% tonnes % recycled % composted % sent to incineration tonnes % recycled %composted % sent to incineration % of portfolio certified OR number of certified assets % of portfolio by leasable space na = not applicable, n/a = not available. GHG emissions: We calculate our emissions based on the GHG Protocol methodology. The market based Scope 2 emissions are calculated by taking into consideration that renewable electricity comes from specific contracts certified by the TÜV Süd. Since market-based emissions factors for Scope 2 GHG emissions from district heating are not available at the time of publication, location-based emissions factors were used. The location based Scope 2 emissions are calculated by using country-specific emission factors.

ESG-Report 8 9 Own office environmental performance measures Indicator EPRA code Unit of measure 2021 Cover- age 2022 Cover- age Change Total electricity consumption Elec-Abs kWh 11,998 100% 12,421 100% 4% % from renewable sources 100 100% 10,556 100% 12,421 100% 18% 50,971 100% 50,971 100% % from renewable sources n/a n/a Like-for-like electricity consumption Total energy consumption from district heating and cooling Like for like consumption from district heating and cooling Total energy consumption from fuel Elec-LFL DH&C-Abs kWh kWh DH&C-LFL Fuels-Abs kWh kWh % from renewable sources Like-for-like consumption from fuel Fuels-LFL kWh Building energy intensity Energy-Int kWh/m² Direct GHG emissions (total) Scope 1 Indirect GHG emissions (total) Scope 2 GHG-Dir-Abs tCO2 GHG-Indir-Abs tCO2 (market based) tCO2 (location based) Building GHG emissions intensity GHG-Int tCO2/m² (market based) Total water consumption Water-Abs Like-for-like water consumption Water-LFL m3 m3 Water-Int m3/employee 50,971 100% 50,971 100% na na na 229 0 7.8 11.9 0.028 254 254 5 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% na na na 231 0 100% 100% 100% 100% 100% 8.6 100% 12.90 0.031 36 36 5 100% 100% 100% 100% 0% 0% 1% 10% 8% 10% -86% -86% 0% 9% -2% 2% 9% -2% 2% Building water consumption intensity Weight of waste by disposal route (total) Weight of waste by disposal route (Like-for-like) Type and number of assets certified Cert-Tot Waste-Abs tonnes 0.226 100% 0.245 100% % recycled % sent to incineration 57 43 56 44 Waste-LFL tonnes 0.226 100% 0.245 100% % recycled % sent to incineration % of portfolio certified OR number of certified assets 57 43 0 100% 56 44 0 100% na = not applicable, n/a = not available. GHG emissions: GHG emissions: We calculate our emissions based on the GHG Protocol methodology. The market based Scope 2 emissions are calculated by taking into consideration that renewable electricity comes from specific contracts certified by the TÜV Süd. Since market-based emissions factors for Scope 2 GHG emissions from district heating are not available at the time of publication, location-based emissions factors were used. The location based Scope 2 emissions are calculated by using country-specific emission factors. No fuels are used at our office building. heating and cooling and waste are calculated using figures for the whole building, and the m² percentage the DES office occupies (DES has an office of 275m² in a building of 6,088m²), as these are not metered separately.

9 0 Deutsche EuroShop / Annual Report 2022 Social and governance performance measures Indicator EPRA code Unit of measure Indicator Employee gender diversity Diversity-Emp % of male & female employees" Supervisory Board Executive Board Other employees Employee training and development Emp-Training Average number of hours Average hours of training undertaken by employees in the reporting period % of employees Number of employees Employee performance appraisals Emp-Dev % of total workforce % of total employees who received regular performance and career development reviews during the reporting period New hires and turnover Emp-Turnover Total number and rate New employee hires Employee departures Employee turnover Gov-Board Total numbers Number of executive board members Composition of the highest governance body 2022 33% female 67% male 100% male 40% female 60% male 27 80% na 0 0 0% 9 3 3,3 3 Corporate Governance Section (pg XX) Number of independent / non-executive board members Average tenure on the governance body Number of independent / non-executive board members with competencies relating to environmental and social topics The nomination and selection processes for the Board of Directors and its committees and the specific criteria used for nominating and selecting highest governance body members Process for nominating and selecting the highest governance body Gov-Selec Narrative description Process for managing conflicts of interest Gov-COI. Narrative description Processes to ensure that conflicts of inter- est are avoided and managed in the highest governance body and how they are reported Corporate Governance Section (pg XX) na = not applicable. Please see narrative on peformance.

The Executive Board 91 THE EXECUTIVE BOARD HANS-PETER KNEIP, born 11 July 1979 Hans-Peter Kneip holds a degree in business administration and graduated from European Business School in Oestrich-Winkel in 2004. He gained first professional experience in the finance and banking sector, including at Merrill Lynch in New York and J.P. Morgan in Frankfurt, before starting his career at French bank Société Générale in Paris in 2005. He worked in the bank’s corporate and investment banking divi- sion, most recently as Vice President in Equity Capital Markets and Strategic Equity Transac- tions. During this time, he was mainly involved in IPOs, capital increases and structured equity financings for German and international listed companies. From 2012, Mr. Kneip was Head of Corporate Finance at the MDAX-listed Berlin-based GSW Immobilien AG and played a leading role in the company’s merger with Deutsche Wohnen AG. Hans-Peter Kneip From 2014 to 2020, Mr Kneip worked for MDAX-company LEG Immobilien AG in Düssel- dorf, where he was initially responsible for cor- porate finance and later also took over treasury, controlling and risk management. After the IPO, he built up the group’s capital market financing and, as a member of the executive management, was entrusted with the strategic development of the company and its real estate portfolio. Until 2021, Mr Kneip was Chief Financial Officer of listed residential real estate company Accentro Real Estate AG in Berlin. Before joining Deutsche EuroShop AG, he was Managing Director of Deutsche Teilkauf GmbH in Cologne. Hans-Peter Kneip is a member of the Executive Board of Deutsche EuroShop AG since October 2022. He is married and has German citizenship.

9 2 Deutsche EuroShop / Annual Report 2022 THE SUPERVISORY BOARD As at 31 December 2022 Name Born Place of residence Nationality On the Supervisory Board since Elected until Committee activities Membership of other legally required supervisory boards and memberships in comparable domestic and foreign supervisory bodies for business enterprises Position Key positions held Reiner Strecker (Chairman) 1961 Wuppertal German 2012 2025 Annual General Meeting Chairman of the Executive Committee, Member of the Audit Committee • Eckes AG, Nieder-Olm (Chair since 1 April 2022) • Carl Kühne KG (GmbH & Co.), Hamburg (Chair) • akf Bank GmbH & Co. KG, Wuppertal Management consultant • 1981–1985: Degree in business administration, Eberhard Karls University, Tübingen • 1986–1990: Commerzbank AG, Frankfurt • 1991–1997: STG-Coopers & Lybrand Consulting AG, Zurich (Switzerland) • 1998–2002: British-American Tobacco Group, Hamburg, London (United Kingdom), Auckland (New Zealand) • 2002–2009: British-American Tobacco (Industrie) GmbH, Hamburg, Member of the Executive Board for Finance and IT • 2009-2021: Vorwerk & Co. KG, Wuppertal: - 2010-2021: Personally liable partner • since 2022: Management consultant Chantal Schumacher (Deputy Chairwoman) 1970 Munich Luxembourgish 2022 2027 Annual General Meeting Chairwoman of the Audit Committee • SCOPE SE & Co. KGaA, Berlin Global Program Director, Allianz SE, Munich (until 31 December 2022), Independent management consultant (since 1 January 2023) • 1989-1994: Degree in Industrial Engineering, Solvay Brussels School of Economics and Management (Belgium) • 1994-1997: Banque Générale du Luxembourg (Luxembourg), Financial Analyst, International Lending and Structured Finance • 1997-1999: MBA studies at the University of Chicago, Chicago (USA) • 1999-2022: Allianz Group, Munich of which - 1999-2001: Allianz SE, Munich, Assistant to the Board of Management, Asset Management - 2001-2002: Fireman’s Fund Insurance Company, Novato (USA), Actuarial Associate - 2002-2004: Allianz of America Corp, Novato (USA), Controller - 2004-2005: Allianz SE, Munich, Project Manager - 2005-2015: Allianz Global Corporate & Specialty, Munich, Global Head of Planning & Performance Management - 2015-2016: Allianz Partners SAS, Paris (France), Global Finance Director Travel & Assistance - 2016-2018: Allianz Reinsurance, Munich, Chief Financial Officer (CFO) and Member of the Divisional Board - 2018-2020: Euler Hermes Group SAS, Paris (France), Group Chief Financial Officer (CFO) and Member of the Board of Management - 2020-2022: Global Program Director, Allianz SE, Munich • since 2023: Independent management consultant x x x x x Profile of skills Retail sector Real estate Business management Accounting/audits Funding Capital market Law Corporate governance/ESG Relationship to controlling/ major shareholders or Deutsche EuroShop AG Deutsche EuroShop securities portfolio as of 31 December 2022 none 0 x x x x x none 0

The Supervisory Board 9 3 Benjamin Paul Bianchi 1975 London (United Kingdom) American 2022 2027 Annual General Meeting Member of the Executive Committee – Henning Eggers 1969 Halstenbek German 2019 2024 Annual General Meeting Member of the Executive Committee, Member of the Audit Committee • ECE Group GmbH & Co. KG, Hamburg Member of Management, CURA Vermögensverwaltung G.m.b.H., Hamburg • 1990–1995: Degree in business administration, University of Hamburg, certified business economist • 1999: German tax advisor exam • 1995–2000: PKF Fasselt Schlage auditing and tax consulting firm, Hamburg • since 2000: KG CURA Vermögensverwaltung G.m.b.H. & Co., Hamburg (family office of the Otto family) - since 2013: Member of Management Managing Director and Head of Europe, Oaktree Capital Management, London (United Kingdom) • Degree in engineering with double major in mathematics and civil engineering, Vanderbilt University, Nashville (USA) • 1998-2001: Goldman Sachs Group, Inc. / Archon Group, Dallas (USA), Tokyo (Japan), Seoul (South Korea) and Bangkok (Thailand), Associate • 2001-2005: Moore Capital Management / Moore SVP, Tokyo (Japan), Senior Vice President • 2005-2012: Deutsche Bank AG, London (United Kingdom) and Hong Kong (SAR): of which - 2005-2007: Director SSG Europe - 2007-2009: Managing Director, Head of SSG Asia & Co-Head of CRE Asia - 2009-2012: Managing Director, Global Head of Special Situations Group • 2013: Highbridge Principal Strategies, New York (USA), Consultant • since 2014: Oaktree Capital Management, London (United Kingdom) and New York (USA) of which - 2014-2019: Managing Director, Member of the Investment Committee - since 2019: Managing Director, Head of Europe x x x x x x x x x Shareholder representative of Oaktree Capital Management 0 Shareholder representative of the Otto family 0.09 % (indirectly)

94 Deutsche EuroShop / Annual Report 2022 Name Born Place of residence Nationality On the Supervisory Board since Elected until Committee activities Membership of other legally required supervisory boards and memberships in comparable domestic and foreign supervisory bodies for business enterprises Position Key positions held Lemara Dee Grant 1991 London (United Kingdom) British 2022 2027 Annual General Meeting – – Vice President and European Tax Counsel, Oaktree Capital Management, London (United Kingdom) Dr Henning Kreke 1965 Hagen/Westphalia German 2013 2023 Annual General Meeting Chairman of the Capital Market Committee • Douglas GmbH, Dusseldorf (Chair) • Thalia Bücher GmbH, Hagen/Westphalia • Encavis AG, Hamburg • Axxum Holding GmbH, Wuppertal • Noventic GmbH, Hamburg • Perma-tec GmbH & Co. Euerdorf • Slyrs Destillerie GmbH & Co. KG, Schliersee Managing Partner, Let‘s Go JMK KG and Kreke Immobilien KG, Hagen/Westphalia • 2010-2013: Law degree (LL.B Hons), Nottingham Trent • Studied business (BBA and MBA) at the University University, Nottingham (United Kingdom) • 2014: Intensive legal practice course • 2014-2016: Clifford Chance LLP, London (United Kingdom), Trainee Solicitor • 2016-2021: Kirkland & Ellis International LLP, London (United Kingdom), Tax Associate - 2018-2019: European Tax Secondee • since 2021: Oaktree Capital Management, London (United Kingdom), Vice President and European Tax Counsel of Texas at Austin, Austin (USA) • Doctorate (political science) from the University of Kiel • 1993-2017: Douglas Holding AG, Hagen/Westphalia - 1993-1997: Assistant to the Executive Board - 1997-2001: Member of the Board of Management - 2001-2016: Chairman of the Board of Management • since 2016: Let’s Go JMK KG und Kreke Immobilien KG, Hagen/Westfalen, Managing Partner Profile of skills Retail sector Real estate Business management Accounting/audits Funding Capital market Law Corporate governance/ESG Relationship to controlling/ major shareholders or Deutsche EuroShop AG x x x x x x x x Shareholder representative of Oaktree Capital Management none Deutsche EuroShop securities portfolio as of 31 December 2022 0 0

The Supervisory Board 9 5 Stuart E. Keith 1982 London (United Kingdom) British 2022 Dr Volker Kraft Claudia Plath 1972 Hamburg German 2022 1971 Hamburg German 2019 2027 Annual General Meeting Member of the Capital Market Committee – 2027 Annual General Meeting Member of the Capital Market Committee • Aliansce Sonae Shopping Centers S.A., Sao Paulo (Brazil) 2024 Annual General Meeting Member of the Capital Market Committee • Ceconomy AG, Düsseldorf MEC Metro-ECE • Centermanagement GmbH & Co. KG, Düsseldorf Managing Director, ECE Real Estate Partners G.m.b.H., Hamburg CFO, ECE Group Verwaltung GmbH, Hamburg • 1993-1997: Degree in business administra- • 1993–1996: Degree in business administration, Technical University of Berlin, certified business economist • 1996–2020: Verwaltung ECE Projekt- tion, University of St. Gallen, St. Gallen (Switzerland) • 1997-2000: Doctorate, University of St. Gallen, St. Gallen (Switzerland) • 2001-2008: Allianz Capital Partners GmbH, Munich, Director • since 2008: ECE Real Estate Partners G.m.b.H, Hamburg, Managing Director management G.m.b.H., Hamburg: of which - 1996–2001: Controller - 2001–2003: Group Manager Controlling - 2004–2009: Divisional Head of Controlling - 2009–2010: Director Asset Management & Controlling (national) - 2010–2012: Senior Director Asset Management (national/international) • since 2021: ECE Group Verwaltung GmbH, - 2013–2020: CFO Hamburg, CFO Senior Vice President Real Estate (until 28 February 2023), Managing Director, (since 1 March 2023) Oaktree Capital Management, London (United Kingdom) • Studied at Edinburgh University, Edinburgh, Scotland (United Kingdom), MA International Business • 2005-2007: Robert W. Baird & Co, London (United Kingdom), Analyst, Mergers & Acquisitions • 2007-2008: Goldman Sachs & Co, London (United Kingdom), Analyst, Investment Banking • 2008-2012: Arcapita Limited, London (United Kingdom), Associate, Real Estate Private Equity • 2012-2020: Partners Group, London (United Kingdom), Vice President, Private Real Estate • since 2020: Oaktree Capital Management, London (United Kingdom), of which - 2020-2022: Senior Vice President Real Estate - since 2023: Managing Director x x x x x x x x x x x x x x Shareholder representative of Oaktree Capital Management Member of the Management Board of ECE Real Estate Partners G.m.b.H., Hamburg (Alexander Otto (major shareholder) is partner of the partner here) 0 0.17 % (indirectly) Member of the Management Board of ECE Group Verwaltung GmbH, Hamburg (Alexander Otto (major shareholder) is the Chairman of the Management Board) 260 shares + 0.09 % (indirectly)

96 Deutsche EuroShop / Annual Report 2022 MEMBERSHIPS AND RECOGNISED CODES Diversity as part of our identity – the Real Estate Industry Code Deutsche EuroShop is a member of various associations whose guiding principles we also follow and whose codes we comply with. 1. We are aware of the major impor- tance of diversity as an issue in the real estate industry and accept the associated social responsibility. ZIA The Zentraler Immobilien Ausschuss (ZIA – German Property Federation) is the driving force of the German real estate industry and an intermediary to political decision-makers. It promotes and assists with appropriate meas- ures to safeguard and improve the real estate industry’s economic, legal, fiscal and political environment. The members of the ZIA want to achieve the social goals together through effec- tive measures. The basis for this is the ZIA ESG Charter, which makes statements on the impor- tance, voluntary commitments, activities, and transparency and monitoring of the real estate industry on ESG issues. The ZIA has drawn up a code of conduct on the subject of diversity, which Deutsche EuroShop also follows. www.zia-deutschland.de ICG The Institute for Corporate Governance in the German Real Estate Industry (ICG) is commit- ted to value-oriented, sustainable corporate governance. ICG members share the belief that economic value and values, compliance with the law and personal integrity, and economic, legal and social responsibility together form the basis of business success and a good reputation for the industry. www.icg-institut.de 2. Diversity as defined by the “Diversity Charter” is an integral part of our companies’ value systems, strategies and structures. 3. We do not tolerate discriminatory behaviour. 4. Diversity that is lived out in companies opens up opportunities and options for innovative and creative entrepreneur- ial solutions – due to the diversity of employees with their different back- grounds, skills and talents – and is an indispensable component of value- oriented corporate management. 5. We foster an organisational culture characterised by mutual respect and appreciation. We create the conditions for managers and employees alike to recognise, share and exemplify these values. Managers have special obliga- tions in this regard. 6. We want to raise our employees’ awareness of diversity and involve them in its implementation, especially when they are inducted into the company. Diversity training includes raising awareness of issues related to diversity and developing diversity management skills.

Memberships and recognised codes 9 7 7. We develop measures for sustainable diversity management. We want to achieve continuous improvements in the implementation of these measures beyond the minimum legal require- ments and therefore set an example. 8. We pursue the goal of establishing and further developing appropriate industry standards and measure ourselves against these. We aim to publicly report on our activities and progress in promoting diversity and appreciation at regular intervals. 9. We promote and ensure equal opportunities and diversity – especially in the real estate industry’s management bodies. 10. In our public relations work, we pro- vide transparent and comprehensive information on the importance and implementation of the topic of diver- sity in our companies. GCSP The German Council of Shopping Places (GCSP) is the only nationwide association represent- ing the interests of the commercial real estate industry. More than 750 member companies in the fields of development and analysis, financing, center management, architecture, commercial real estate, retail and marketing make up an active association of interests here as an ideal networking base for commercial real estate players. With about one million employees and directly related service providers, GCSP member companies are a nationally significant industry. www.gcsp.de Principles of value-oriented corporate management in the real estate industry 1. Sustainable value creation: The companies are committed to the goal of sustainable management and also take into account their associated groups (stakeholders). This includes all three components of social, eco- nomic as well as ecological sustaina- bility. The aim is also to achieve a high level of diversity in the workforce. Stakeholders include investors, share- holders, business partners, tenants, employees and the general public. 2. Value-based corporate governance: Integrity, professionalism, trans- parency and sustainability define our corporate actions. 3. Avoiding conflicts of interest: The companies take effective precautions to communicate potential conflicts of interest transparently and avoid them as far as possible. 4. Expert bodies: The companies are managed by professionally qualified and well-informed management, supervisory and advisory bodies. 5. Continuous training: The companies ensure the ongoing training and development of their employees. The aim is to ensure compliance with the principles of sustainable management at all operational levels. This also includes members of management and supervisory and advisory bodies.

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9 8 Deutsche EuroShop / Annual Report 2022 6. Modern risk management: The com- panies implement a risk management system that can adequately represent entrepreneurial activities and prepare decisions. These include controlling instruments and a binding compliance management system. 7. Final audit of financial statements: The companies’ financial statements are audited by independent and qualified auditors. Re-tendering should be done on a regular basis. 8. Transparent real estate appraisals: Real estate assets are appraised by independent and qualified experts. The appraisal is adequately explained. 9. Comprehensible business model: The companies’ business model, organisational structure and share- holdings are presented in detail, clearly and comprehensibly on its website, in advertising brochures and investor information, and in other corporate presentations. Changes are accompanied by an appropriate explanation. 10. Fair communication: The information policy is guided by the principles of transparency, credibility and clarity. EPRA The European Public Real Estate Association (EPRA), based in Brussels, is the mouthpiece of the listed European real estate sector. Listed real estate companies are the custodians of many of the highest-value assets in our cities, from office complexes to shopping centers, to healthcare and senior living facilities. Listed companies are also pioneering sustainability in the built environment to meet their responsi- bilities to local communities and shareholders’ demands when it comes to future-proofing their investments in the face of the global challenge of climate change. EPRA promotes investments in listed real estate companies by providing better information to investors, improving the general framework, supporting best practices and strengthening the sector. www.epra.com ECSP The European Council of Shopping Places (ECSP) is the European voice of an industry that plans, designs, finances, develops, builds and manages shopping centers throughout Europe. The asso- ciation’s members are a catalyst for sustainable urban renewal and serve an important civic func- tion in virtually every European community. ECSP advocates at the European level for the critical economic and social importance of retail and mixed-use sites, bringing together the entire value chain of those who invest in, create, man- age and support these places and destinations. In doing so, the association promotes a sustain- able and level playing field for all market players and stakeholders. www.ecsp.eu DIRK The Deutscher Investor Relations Verband (DIRK – German Investor Relations Association) is the largest European professional associa- tion for the connection between companies and capital markets. As an independent authority, it optimises the dialogue between issuers, capital providers and the relevant intermediaries and draws up professional quality standards for this purpose. www.dirk.org

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Awards, Certificates, Ratings Awards, Certificates, Ratings 9 9 9 9 AWARDS, CERTIFICATES, RATINGS EPRA SUSTAINABILITY REPORTING 2022 saw Deutsche EuroShop awarded the EPRA sBPR Award in “Gold” by the European Public Real Estate Association (EPRA) for the sixth time in a row. CERTIFICATES TÜV Süd has certified the electricity used in Deutsche EuroShop’s German centers with the prestigious “Ökostrom” green electricity label. intended The EPRA Sustainability Best Practices Recommendations (sBPR) are to improve the standards and consistency of sustainability reporting for listed real estate companies across Europe. Each year, EPRA honours companies that have published the best annual sustainability report in their class. Companies are awarded Gold, Silver or Bronze based on compliance with the EPRA sBPR in their reporting. See www.epra.com/ sustainability/sustain ability-reporting/sbpr-awards for more information The German Sustainable Building Council (DGNB) has awarded sustainability certifi- cates to all 21 Deutsche EuroShop shopping centers, 11 in Gold and 10 in Platinum. RATINGS Deutsche EuroShop has partic- ipated in the Carbon Disclosure Project (CDP) since 2010 and reports the environmental data pertaining to its portfolio. The following institutions regularly analyse Deutsche EuroShop with regard to its ESG fac- tors: EthiFinance, ISS ESG, Moody‘s ESG Solu- tions, MSCI ESG Ratings, S&P Global Corporate Sustainability Assessment and Sustainalytics.

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10 0 Deutsche EuroShop / Annual Report 2022 REPORT OF THE SUPERVISORY BOARD 2022 Dear Shareholders, Please find below a report on the work of the Supervisory Board in the past financial year. COLLABORATION BETWEEN THE SUPERVISORY BOARD AND THE EXECUTIVE BOARD During financial year 2022, the Supervisory Board performed the duties incumbent on it according to the law and the Articles of Association and closely oversaw the performance of Deutsche EuroShop AG. The Executive Board coordinated the strategic orientation of the Company with the Supervisory Board, and discussed the status of strategy implementation with us at regular intervals. The Supervisory Board monitored and advised the Executive Board on its manage- ment of the business, and the Executive Board informed us regularly, promptly and in detail about business developments. As the Chairman 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 ongo- ing, detailed briefings between meetings of the Supervisory Board and its committees in regular conference calls with the Executive Board. The Executive Committee and the “Related Party Transactions” committee” (initially referred to as the “Project Hercules” committee), which was formed in March 2022, together with the “Project Lion” committee, which was formed in Novem- ber 2022, were kept continuously informed of current developments throughout 2022 and in the run-up to planned, more far-reaching deci- sions made by the Executive Board. Reiner Strecker, Chairman FOCUS OF ADVISORY ACTIVITIES We conducted detailed examinations of our Com- pany’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 effi- cient system of monitoring our Company were met and that the means of supervision at our disposal were effective. We were informed on an ongoing basis of all significant factors affecting the business. We considered the performance of the portfolio properties, specifically their sales and visitor number trends, the accounts receivable and occupancy rates, and the Company’s liquidity position. Furthermore, we were again provided with prompt and continuous information about the payment patterns of our tenants. From March 2022 to June 2022, we discussed the takeover bid of the CURA/Oaktree Capital bidder group and the current status of negotiations with the bidders on a weekly basis in the committee formed for this purpose. From November 2022 to February 2023, the newly formed “Project Lion” committee dealt with the intended acquisition of shopping center shares and the associated planned capital increase. The discussions of both committees focused in particular on the interests of the shareholders and of the Com- pany. During the phase immediately following the coronavirus-related retail closures, the

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Report of the Supervisory Board 2022 101 entire Supervisory Board continued to focus its regular deliberations on the Company’s liquidity planning and on changes in the key performance indicators from the operating leasing business. Regular discussions were conducted with the Executive Board regarding trends on the cap- ital, credit, real estate and retail markets and the impact of these on the Company’s current and medium-term situation. As part of this, the Executive Board and the Supervisory Board examined various refinancing options. We received regular reports detailing the turnover trends of our tenants and banks’ lending poli- cies. The Executive Board and the Supervisory Board also held regular discussions on how the Company was valued by the stock market and its participants and made peer group comparisons. This year we again devoted a lot of attention to the expected and implemented legislative changes that affect our Company. One of the focal points of our discussions and meetings was also the composition of the Executive Board following the sudden and unexpected serious illness of CEO Wilhelm Wellner in April 2022 and his death in December 2022. We also dealt with the future composition of the Supervisory Board given that: the mandates of three members of the Supervi- sory Board will expire at the end of this year’s Annual General Meeting; Mr Alexander Otto had resigned his mandate as a member of the Super- visory Board in May 2022 for good cause with immediate effect, and the investor group had claimed a total of six seats on the Supervisory Board as a result of the takeover. The Chairman of the Supervisory Board and the Executive Committee of the Supervisory Board also discussed other topical issues with the Executive Board as required. At regular meetings, the Executive Board informed the Supervisory Board about current developments relating to the repercussions of the pandemic on our operating business. Transactions requir- ing the approval of the Supervisory Board or a committee were discussed and decided on at the scheduled meetings. Where required, cir- cular resolutions were passed in writing by the Supervisory Board or the responsible committee for transactions of the Executive Board requiring approval. All resolutions in the reporting period were passed unanimously. To avoid conflicts of interest, any parties affected abstained from voting. Some meetings were held without the Executive Board present. MEETINGS, TELEPHONE AND VIDEO CONFERENCES Four ordinary meetings and, due to the takeover bid by the investor group CURA/Oaktree Capital, seven extraordinary meetings were held in finan- cial year 2022. While the ordinary meetings could be held as face-to-face events, the extraordinary meetings were held as video conferences due to their frequency and short notice. The newly formed “Related Party Transactions” committee (initially referred to as “Project Hercules”) met in eleven video conferences during the months of March through June 2022. The Executive Committee met once in an ordi- nary session and once in an extraordinary ses- sion in its simultaneous function as nomination committee. The Audit Committee held four ordinary meet- ings by video conference. The newly formed “Project Lion” committee met twice via video conference. No meeting of the Capital Market Committee was held in financial year 2022. With the exception of Mr Alexander Otto, no mem- ber of the Supervisory Board attended only half, or fewer than half, of the meetings of the Super- visory Board and the committees on which they serve during the reporting year. The absences of Mr Alexander Otto and also of Ms Claudia Plath and Mr Henning Eggers served to avoid conflicts of interest during the “Hercules” takeover pro- ceedings. You can find the individual attend- ance record of the members of the Supervisory Board in meetings of the Super visory Board and its committees in the following overview:

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10 2 Deutsche EuroShop / Annual Report 2022 Supervisory Board Reiner Strecker (Chairman) Karin Dohm (Deputy Chairwoman) Dr. Anja Disput Henning Eggers Dr Henning Kreke Alexander Otto Claudia Plath Klaus Striebich Roland Werner Benjamin Paul Bianchi Dr Volker Kraft Stuart E. Keith Lemara Dee Grant Chantal Schumacher (Deputy Chairwoman) Member since 2012 2012 2019 2019 2013 2002 2019 2012 2015 2022 2022 2022 2022 Appointment ends Annual General Meeting 2025 30 August 2022 30 August 2022 Annual General Meeting 2024 Annual General Meeting 2023 23 May 2022 Annual General Meeting 2024 30 August 2022 30 August 2022 Annual General Meeting 2027 Annual General Meeting 2027 Annual General Meeting 2027 Annual General Meeting 2027 Annual General Meeting 2027 2022 Plenum / ordinary and extra or- dinary Executive Committee Audit Committee “Related Party Transactions” committee “Project Lion” committee 11/11 9/9 9/9 7/11 10/11 3/6 7/11 9/9 8/9 2/2 2/2 2/2 2/2 2/2 2/2 2/2 – 2/2 – – – – – – – – – 4/4 3/3 – 4/4 – – – – – – – – – – – 11/11 11/11 11/11 – 8/11 – – 5/11 1 4/11 1 – – – – – 2/2 – – – 2/2 – – – – – – – – 2/2 1 invited as a guest APRIL MEETING At the first ordinary meeting on 21 April 2022, the Executive Board and the auditor’s repre- sentatives explained the annual financial state- ments 2021 for the Company and the Group as well as the audit procedures and results. The Executive Board explained its dividend pro- posal of €1.00 per share, which we approved. Finally, we approved and adopted the annual financial statements of the Company. We also approved the consolidated financial state- ments. The conference moved on to a report by the Executive Board on current developments and, in particular, on the diminishing effects and after- effects of the lockdown measures mandated by the authorities and possible risks for our Company resulting from higher energy costs or an energy shortage. The Executive Board provided information on the timely refinancing of loans and the covenants for financial ratios in loan agreements, as well as the possible impact of the intended acquisition of our Company on ongoing loan negotiations. The Executive Board presented legal changes in the Company’s environment and explained their possible impact. We conducted a detailed examination of the updated liquidity planning provided by the Executive Board. As Chairman of the Supervisory Board, I explained to the

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Report of the Supervisory Board 2022 10 3 entire Supervisory Board the background to the resolution passed by circulation on the previous day, according to which Mr Wellner’s function as a member of the Company’s governing body would be suspended for health reasons, and reported on the current status of the succession for the expiring mandates of three members of the Supervisory Board. Finally, the agenda for an Annual General Meeting on 23 June 2022, including the dividend proposal of €1.00 per share agreed on 1 April 2022, was unanimously approved. 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 VIDEO CONFERENCE The virtual Annual General Meeting had been postponed to 30 August 2022 due to the ongo- ing acquisition of the Company. Our ordinary meeting was nevertheless held on 23 June 2022 as a video conference. The Executive Board reported to us on current developments in visitor numbers, retail sales and rental payments, and outstanding accounts. We discussed the liquidity situation and current planning with the Executive Board. The Executive Board explained the cur- rent credit situation and the current status of the intended sale of properties that are not required for shopping center operations. With the Execu- tive Board, we discussed ways of taking greater account of sustainability aspects for our Com- pany, including in the work of the Supervisory Board. It was decided to expand the necessary competence within the Supervisory Board to include the subject area “Environmental, Social, Governance - ESG”. Finally, the Executive Board presented us with a current projection for the Company and the Group for financial year 2022. AUGUST MEETING Our meeting on 30 August 2022 was held fol- lowing the Annual General Meeting with a sig- nificantly changed composition. As the oldest member of the Supervisory Board, I welcomed the five new members to the Supervisory Board and we began the meeting with the elections to appoint the Chairman, Vice Chairwoman and Financial Experts and to determine the composition of committees. The Board then reported on the current status of visitor num- bers, retail sales and rental payments. After this, the Executive Board presented its current liquidity planning for the next few years and also elaborated on the current status of preparations and negotiations for the sale of properties no longer required. At this meeting, the Executive Board reported on the preparation and submis- sion by ECE of an energy refurbishment roadmap (energetische Sanierungsfahrplan, ESF) for our shopping center portfolio. The Executive Board explained the legal basis and the need to step up efforts in this regard. Finally, the Executive Board reported on its preparations to carry out a capital increase for a possible minority acquisition of shopping centers, with the aim of optimising the portfolio structure. In the absence of the Executive Board, I informed the members of the Supervisory Board about the status of the selection process for two new members of the Executive Board to succeed CEO Wilhelm Wellner, who by then had left the Executive Board, and Olaf Borkers, who was the sole mem- ber of the Executive Board at the time. NOVEMBER MEETING At the meeting on 16 November 2022, our new Executive Board member Hans-Peter Kneip reported on the current status of leases, rental income and visitor numbers in our shopping center portfolio. He also addressed recent bankruptcy cases involving well-known retailers who are also our tenants. The Executive Board then explained the Company’s current credit situation after all follow-up financing for 2022 and 2023 had been agreed by September 2022. The Executive Board also addressed the current situation on the capital markets. The intended disposal of unneeded properties from the portfolio was discussed against the backdrop of current price developments and it was decided to postpone the disposals for the time being. The Executive Board presented the investments still scheduled in our shopping centers. Major updates are planned at the A10 Center, Stadt-Galerie Hameln and, in particular, Main-Taunus-Zentrum to enhance the appeal of these centers. The Executive Board reported in

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10 4 Deutsche EuroShop / Annual Report 2022 detail on the preparation of the planned capital increase and the intended purchase of shopping center minority interests (“Project Lion”). In addi- tion, the Executive Board presented the current projection of the 2022 business figures as well as planning for the financial years 2023 to 2027. At this meeting, due to changed circumstances and following a legal review, we decided to qualify Dr Henning Kreke as independent within the meaning of the law and the Code. We subsequently elected the members of the now four-member Capital Market Committee. Finally, a representative from ECE reported on the potential energy refurbishment roadmap for our portfolio. This is to be analysed by the Exec- utive Board pending further decisions on imple- mentation as part of our Company’s ESG strategy. COMMITTEES The Supervisory Board has established three fixed committees: the Executive Committee, the Audit Committee and the Capital Market Committee. The committees have three or four (Capital Market Committee) members. The Executive Committee functions simultaneously as the nomination committee. Given the size of the Company and the number of Supervisory Board members, we still consider the number of fixed committees and committee members to be appropriate. In addition, two special committees with inde- pendent members of the Supervisory Board were formed during the financial year, each of which dealt with special matters for a limited period of time. The Supervisory Board’s “Related Party Transactions” committee dealt with the acquisition of our Company; initially referred to as “Project Hercules”, during the period from March to June 2022. The committee was com- posed of four independent members (Mr Reiner Strecker, Ms Karin Dohm, Dr Anja Disput and Dr Henning Kreke). The newly formed “Project Lion” committee dealt with the acquisition of shopping center minority interests and the capital increase planned for this purpose on behalf of the Supervisory Board from November 2022 to February 2023. The committee was composed of three independ- ent members (Mr Reiner Strecker, Ms Chantal Schumacher and Dr Henning Kreke). In the reporting period, the Supervisory Board held ordinary meetings on 21 April, 23 June, 30 August and 16 November. The Supervisory Board held extraordinary meetings without the members with conflicts of interest (Mr Alexander Otto, Mr Henning Eggers and Ms Claudia Plath) on 8 March, 28 March, 13 April, 3 May, 21 May, 21 June and 19 July. The Executive Committee met in a ordinary session on 1 April and in an extraordinary session in its continuing role as nomination committee on 23 August. The Audit Committee held four ordinary meetings on 1 April, 5 May, 8 August and 11 November to hear reports from the Executive Board and auditor on the annual financial statements 2021 and to discuss the interim reports 2022 with the Executive Board. The “Related Party Transactions” committee (initially referred to as “Project Hercules”) met 11 times on 11 March, 18 March, 23 March, 1 April, 11 April, 14 April, 22 April, 29 April, 3 May, 13 May and 17 June. The “Project Lion” committee met on 13 Decem- ber and 16 December during financial year 2022. During financial year 2023, the committee met on 6 January, 11 January, and 1 February. The meetings of the two special committees were also regularly attended by the advisors of the banks assisting us and by our legal advisors. The Audit Committee issued the audit mandate to the auditor elected by the Annual General Meeting, monitored the services provided by the auditor and discussed the controls on the quality of the audit.

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Report of the Supervisory Board 2022 10 5 CORPORATE GOVERNANCE In February 2022 and February 2023, together with the Executive Board, we issued an updated declaration of conformity in relation to the rec- ommendations of the Government Commission pursuant to Section 161 of the Aktiengesetz (AktG – German Public Companies Act) and made this permanently available on the Deutsche EuroShop AG website. A separate report on the implementation of the Deutscher Corporate Governance Kodex (DCGK – German Corporate Governance Code) is included in this Annual Report. The members of the Supervisory Board and the Executive Board declared in writing at the beginning of 2023 that no conflicts of interest had arisen during financial year 2022. We have published a competence matrix of the Supervisory Board members in the “Corporate Governance Statement”. We regularly review the competence profile of the Supervisory Board and adjust it if necessary. In 2017, the Supervisory Board decided that the Chairman of the Supervisory Board may conduct talks with investors on topics of relevance to the Supervisory Board in accordance with the rec- ommendations of the DCGK and the “Principles for Dialogue between Investor and Supervisory Board”. No such talks were conducted in finan- cial year 2022. In the financial year, initially five and, following the new elections to the Supervisory Board on 30 August, subsequently three members of the Supervisory Board were independent. FINANCIAL STATEMENTS OF DEUTSCHE EUROSHOP AG AND THE GROUP FOR THE PERIOD ENDING 31 DECEMBER 2022 At the Audit Committee meeting on 3 April 2023 and at the ordinary Supervisory Board meeting on 25 April 2023, the Audit Committee and the Supervisory Board respectively exam- ined in detail the annual financial statements of Deutsche EuroShop AG in accordance with German commercial law and the consolidated financial statements in accordance with Inter- national Financial Reporting Standards (IFRS), each as at 31 December 2022, as well as the combined management report and Group man- agement report for financial year 2022. The repercussions of the coronavirus pandemic for Deutsche EuroShop AG were discussed together with the Executive Board, as were the expected accounting effects of the acquisition of minority interests in January 2023, which will be reflected for the first time in the quarterly financial state- ments as at 31 March 2023. Furthermore, the dependency report, which had been prepared for the first time, was submitted to us for review. The auditor explained to us all matters which it regarded as being of particular significance for its audit of the consolidated financial statements and of the dependency report, doing so in a man- ner that was easy to follow. The Supervisory Board shares the auditor’s assessment of the importance of these matters for the consolidated financial statements and the dependency report. The documents relating to the financial state- ments, the dependency report, 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 30 August 2022 – BDO AG Wirtschaftsprüfungs- gesellschaft, Hamburg – had already audited the financial statements and issued an unqualified audit opinion in each case. The auditor also con- firmed that the accounting policies, measure- ment methods and methods of consolidation in the consolidated financial statements complied with the relevant accounting provisions. In addi- tion, 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.

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10 6 Deutsche EuroShop / Annual Report 2022 The auditor’s representatives took part in the discussion of the annual financial statements and the consolidated financial statements on the occasions of the Audit Committee meeting on 3 April 2023 and the ordinary Supervisory Board meeting on 25 April 2023 and explained the main findings. The Supervisory Board has come to the con- clusion that there are no objections to be raised against the annual financial statements, the dependency report or the audit conducted by the auditor. The combined management report meets statutory requirements in the opinion of the Supervisory 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 agree- ment with the result of the audit of the annual financial statements and approved the annual financial statements of Deutsche EuroShop AG and the consolidated financial statements of the Deutsche EuroShop Group, whereupon the financial statements are adopted. In addition, the Supervisory Board endorsed the Executive Board’s proposal for the appropriation of net income, according to which a partial amount of €191,160,797.50 of the unappropriated surplus of €691,160,885.44 for financial year 2022 is to be used to pay a dividend of €2.50 per no-par-value share carrying dividend rights, and the remain- ing partial amount of €500,000,087.94 is to be carried forward to new account. The repercussions of the coronavirus pandemic, increased inflation and heightened uncertainties are a challenge for the retail industry and, as a result, for our daily operations. At the same time, the current market environment holds opportu- nities and development prospects for Deutsche EuroShop. The new financing arrangements agreed in recent years, which we were able to conclude in financial year 2022, are having a stabilising effect. The next refinancing round is therefore not due until September 2025. We also expect positive impetus for the Company from our new major shareholders. A first successful step was the capital increase in January 2023 and the purchase of shopping center shares financed by this, which enabled us to further strengthen our equity base and simplify our portfolio structure. The Supervisory Board would like to thank the departing members of the Supervisory Board, the departing Executive Board and the new Executive Board, as well as all employees of Deutsche EuroShop AG for their dependable work and extraordinary commitment in a year of significant changes for the Company. Hamburg, 25 April 2023 Reiner Strecker, Chairman

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10 8 Deutsche EuroShop / Annual Report 2022 CORPORATE GOVERNANCE 2022 AND DECLARATION ON CORPORATE GOVERNANCE 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-spe- cific conditions governing management of a listed company, we strive to promote the trust of investors, creditors, employees, business partners and the public in the management and supervision of our Company. This goal is consistent with the requirements of a demand- ing corporate governance system. In conformity with principle 22 of the Deutscher Corporate Governance Kodex (DCGK – German Corporate Governance Code) as well as Section 289f (1) of the Handelsgesetzbuch (HGB – German Com- mercial 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 potential 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 divi- dend. To this end, the Company invests its capital in shopping centers in different European regions in accordance with the principle of risk diversifi- cation. Germany is the main focus of investment. Indexed and turnover-linked commercial rents form the basis to achieve the high earnings targets. 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. On the basis of a planned investment grade rating and the development of new financing instruments, the financing structure is to be diversified further in the future. As a general rule, long-term inter- est 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 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 high level of investment security. SEIZING OPPORTUNITIES AND MAXIMISING VALUE In line with our fundamental buy and hold strat- egy, we consistently place greater importance on the quality and yield of our shopping centers than on our portfolio’s rate of growth. We contin- uously monitor the market and make portfolio adjustments through acquisitions and sales when economically attractive opportunities arise. Rapid decision-making chains as well as considerable flexibility regarding potential investments and financing structures allow Deutsche EuroShop to react to very wide-rang- ing competitive situations. At the same time, the Group’s management focuses on optimising the value of the existing portfolio of properties. TAILORED RENT STRUCTURE One key component of the rental model is a tailored rent structure. While individual owners in inner cities are often concerned with achiev- ing the highest possible rents for their property (which results in a monostructured retail offer- ing), we ensure an attractive sector mix and long-term optimisation of our rental income through combined costing. Rental partners pay sector-specific and turnover-linked rent that is regularly hedged through indexed minimum rents during the rental period.

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Corporate Governance 2022 10 9 THE SHOPPING EXPERIENCE CONCEPT We have outsourced center management to an experienced external partner, Hamburg-based ECE Marketplaces GmbH & Co. KG (ECE; formerly ECE Projektmanagement GmbH & Co. KG). ECE has been designing, planning, building, letting and managing shopping centers since 1965. The Company is currently the European market leader, with around 200 shopping centers under management. We consider professional center management to be the key to the success of a shopping center. In addition to guaranteeing standard opening hours and a consistently friendly, bright, safe and clean shopping envi- ronment, the center management can make use of unusual displays, promotions and exhibitions to turn shopping into an experience. As a long- term average, between 500,000 and 600,000 people visit our 21 centers every day and are captivated by not only the variety of sectors represented but also our wide range of thematic exhibitions, casting shows, fashion shows and attractions for children. As a result, the shop- ping centers become lively marketplaces where there is always something new and spectacular on offer. In addition, new offers and services are constantly being created as part of the ongoing integration of bricks-and-mortar and online retailing. WORKING METHODS OF THE EXECUTIVE AND SUPERVISORY BOARDS The strategic orientation of the Company is coordinated between the Executive Board and the Supervisory Board, and the progress of strategy implementation is discussed at regu- lar intervals. The Executive Board is required to inform the Supervisory Board regularly, promptly and in detail of business develop- ments. The Executive and Supervisory Boards examine the Company’s net assets, financial position and results of operations, as well as its risk management, regularly and in detail. In this context, a check is performed to verify the formal conditions for implementing an efficient system of managing and monitoring the Com- pany, and to determine whether the means of supervision are effective. The significant factors affecting the business are determined by the Executive Board, which notifies the Supervisory Board. The committees advise on the develop- ment of the portfolio properties, their turnover trends, accounts receivable, occupancy rates, construction measures and liquidity, as well as investment cost trends for our new development projects. The sales trends and payment patterns of tenants are monitored in detail so that conse- quences can be drawn from these at an early stage wherever required. New investment opportunities are examined by the Executive Board and, if necessary, presented to the Supervisory Board at regular Supervisory Board meetings. Investment decisions are made by the Executive Board and then submitted to the Supervisory Board for approval within the framework of a decision paper. Moreover, the Executive and Supervisory Boards discuss developments on the capital and credit markets as well as the effects of these not only on the Company’s strategy but also in terms of raising equity and obtaining borrowed capital. The Supervisory Board and its committees also discuss other topical issues with the Executive Board as required. Transactions requiring the approval of the Supervisory Board are discussed and resolved upon at the scheduled meetings. Online retailing, its impact on footfall and sales in centers and the countermeasures taken to combine the strategic advantages of our shop- ping centers with the opportunities afforded by e-commerce are becoming increasingly impor- tant in Executive Board reporting. In financial year 2022, the anticipated medium-term impact of the COVID 19 pandemic, coupled with the potential consequences of energy shortages and price increases, as well as high inflation, were at the forefront of discussions and decisions as they pertained to the operating business. In addi- tion, the Executive Board and the Supervisory Board dealt in depth with the takeover bid from the CURA/Oaktree investor group.

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110 Deutsche EuroShop / Annual Report 2022 For transactions by the Executive Board that require approval, telephone or video confer- ences are also conducted with the Supervisory Board or its committees and circular resolutions are passed in writing. CORPORATE GOVERNANCE 2022 Deutsche EuroShop AG complies with all but one of the recommendations of the German Corporate Governance Code in the version dated 28 April 2022 (Code 2022) applicable at the time of issuing the current declaration of conformity on 14 February 2023. The same applied until that date to the Code, as amended, on 16 December 2019 (Code 2020). THE EXECUTIVE BOARD AND THE SUPERVISORY BOARD The Supervisory and Executive Boards per- formed their statutory duties in financial year 2022 in accordance with the applicable laws and the Articles of Association. The strategic orien- tation of the Company was re-adjusted between the Executive Board and the Supervisory Board, and the progress of strategy implementation was discussed at regular intervals. The Super- visory 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 financial year 2022 can be found in the Annual Report 2022 of Deutsche EuroShop AG. In financial year 2022, 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 Executive 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 remuneration report for financial year 2021 approved by the Annual General Meeting on 30 August 2022 and the auditor’s report on its audit are available to the public on the Deutsche EuroShop AG web- site at www.deutsche-euroshop.de. The remu- neration report for financial year 2022 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 2022 and the auditor’s report in accordance with Section 162 AktG also form part of the Annual Report 2022 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 com- position, both of which were confirmed in 2017 and last updated in 2019. The Supervisory Board gears itself to 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 primarily 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 financ- ing of listed real estate companies, accounting principles and internal control processes in accordance with German and/or international regulations, corporate governance, and the field of law and business management. It is intended that the proportion of women on the Super- visory Board is at least 30%. The upper age limit for members of the Supervisory Board is 70.

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Corporate Governance 2022 111 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 which skills are provided by the individual members of the Supervisory Board. The current competence matrix is as follows: Reiner Strecker (Chair- man) Chantal Schumacher (Deputy Chairwoman) Benjamin Paul Bianchi Henning Eggers Lemara Dee Grant Dr Henning Kreke Stuart E. Keith Dr Volker Kraft Claudia Plath 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 x Name Profile of skills Retail sector Real estate Business management Accounting/audits Funding Capital market Law Corporate governance/ESG Board. The terms of office of Karin Dohm and Klaus Striebich came to their scheduled end on 30 August 2022. Three of the total of nine Supervisory Board members are independent. These are Reiner Strecker, Chantal Schumacher and Dr Henning Kreke. The German Corporate Governance Code states that a member of the Supervisory Board is not deemed independent if they have a personal or business relationship with the Company, its governing bodies, a controlling shareholder or an associate thereof that could give rise to a material conflict of interest which is more than temporary. In 2015, the Supervisory Board of Deutsche EuroShop AG stipulated that the materiality criterion does not apply to tenants accounting for less than 1% of Group rental income. This was the case for Roland Werner, Chairman of the Management Board of tenant Bijou Brigitte Modische Accessoires AG. Roland Werner resigned from his position as a mem- ber of the Supervisory Board with effect from 30 August 2022 as part of the replacement of the Supervisory Board requested by the new major shareholders. For the same reason and at the same time, Dr Anja Disput resigned from her position as a member of the Supervisory

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112 Deutsche EuroShop / Annual Report 2022 The length of service on the Supervisory Board ranges from 0.5 to 10.5 years, the average being around three years (as at 31 December 2022). Name Dr Henning Kreke Reiner Strecker Henning Eggers Claudia Plath Dr Volker Kraft Benjamin Paul Bianchi Stuart E. Keith Lemara Dee Grant Chantal Schumacher Average: Function Initially since until the AGM, which will decide on ... Membership (years) on the Supervisory Board as at 12/2022 AGM in Chairman Deputy Chairwoman 20 June 2013 13 July 2012 12 June 2019 12 June 2019 30 August 2022 30 August 2022 30 August 2022 30 August 2022 30 August 2022 2022 2023 2023 2023 2026 2026 2026 2026 2026 2023 2024 2024 2024 2027 2027 2027 2027 2027 9.5 10.5 3.5 3.5 0.5 0.5 0.5 0.5 0.5 3.3 The Supervisory Board regularly assesses its effectiveness and that of its committees (self- assessment) on the basis of a questionnaire. The members of the Supervisory Board have the opportunity to express criticism, make sug- gestions and propose improvements. This effi- ciency review has potential implications, which are discussed on the Supervisory Board and, where necessary, implemented in the Super- visory Board’s work. The last self-assessment took place in January 2021. No deductible is provided for the D&O insurance policy of the Supervisory Board. In the Execu- tive Board and the Supervisory Board’s view, a deductible has no effect on the sense of respon- sibility and loyalty with which the members of these bodies perform the duties and functions assigned to them. The Supervisory Board supervises and advises the Executive Board in its management activi- ties in accordance with the provisions of Ger- man company law and its rules of procedure. It appoints the members of the Executive Board, and significant transactions by the Executive Board are subject to its approval. The Super- visory Board is composed of nine members, who are elected by the Annual General Meeting. The Supervisory Board has established the noti- fication and reporting duties to be met by the Executive Board. In addition to a three-member Supervisory Board Executive Committee (which also functions as a nomination committee), an Audit Committee and a Capital Market Commit- tee were established (also consisting of three or four members).

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Corporate Governance 2022 113 The members of the Supervisory Board are: • Reiner Strecker, Chairman • Chantal Schumacher, Deputy Chairwoman • Benjamin Bianchi • Henning Eggers • Lemara Dee Grant • Stuart E. Keith • Dr Volker Kraft • Dr Henning Kreke • Claudia Plath Mr Strecker, Mr Bianchi and Mr Eggers are members of the Supervisory 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 govern- ance principles. The Executive Committee of the Supervisory Board also fulfils the role of a nomination committee. The Audit Committee consists of Ms Schumacher as Financial Expert and Chairwoman as well as Mr Eggers as second Financial Expert and Mr Strecker. It is responsible for issues relating to financial reporting, auditing and the prepa- ration 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 internal 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 Schumacher qualifies as a financial expert in both accounting and auditing through her education (MBA with specialisation in finance in 1999) and her professional activities at the Allianz Group (1999 – 2022), including Head of Controlling as well as Chief Financial Officer in various subsidiaries of the Group. Since 2021, Ms Schumacher has been a member of the Supervisory Board and Chairwoman of the Audit Committee at the rating agency Scope SE & Co. KGaA, Berlin. 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 Fasselt Schlage Wirtschaftsprüfungs- gesellschaft (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. The Capital Market Committee comprises Ms Plath, Mr Keith, Dr Kreke and Dr Kraft. The Capital Market Committee is chaired by Dr Kreke. The Supervisory Board’s powers relating to the utilisation of approved capital and conditional capital are transferred to the committee for deci- sion-making and processing. In addition, deci- sions on the approval of the Supervisory Board for financing 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 Company in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of procedure and in its schedule of responsibilities. The chief man- agement 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 Executive 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 propor- tion 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

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114 Deutsche EuroShop / Annual Report 2022 base. This should take into account the require- ments of accounting with high capital investment as well as the largely national activities in long- term investment in retail properties. The mem- bers of the Executive Board are expected to have knowledge and experience in the following: the application of accounting principles and internal control procedures according to German and/or international accounting standards, the retail trade and the management of shopping centers, equity and debt financing, the capital market, corporate governance, corporate and personnel management, corporate acquisitions and merg- ers, and 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 at 31 December 2022, the Executive Board of Deutsche EuroShop AG comprised one member. Hans-Peter Kneip Born 11 July 1979 First appointment: 1 October 2022 until: 30 September 2025 Hans-Peter Kneip joined Deutsche EuroShop AG in 2022 as a member of the Executive Board. He is a managing director and director at various companies in the Deutsche EuroShop Group, and is additionally responsible for ESG issues (environmental, social and governance) on the Executive Board. Together with the Executive Board, the Super- visory Board ensures long-term succession planning. The Supervisory Board devotes par- ticular attention to the deferred end of the terms of office of members in combination with their respective experience and areas of expertise. Discussions and negotiations on potentially extending terms of office usually begin at least one year before the end of the current term of office so that internal and external successors can be appointed. Following the serious illness of CEO Wilhelm Wellner, as a result of which he stepped down in April 2022, his return to the Executive Board was originally expected on 1 October 2022. However, this did not happen. The Supervisory Board was thus able to start the search for a CEO for the Executive Board only belatedly and has not yet completed the process. Quota of women The Supervisory Board and the Executive Board took into consideration the Act on the Equal Participation of Women and Men in Executive Positions in the Private and Public Sector that entered into force in 2015, and defined corre- sponding quotas. A quota of women of at least 30% was set for the Supervisory Board and the Executive Board. The Executive Board also set the same target for the management levels below the Executive Board. Given that there are five employees in total, there is only one man- agement level. Since the quota was established in 2015, the tar- get for the nine-member Supervisory Board has been met with three female members. The quota of women on the one-member Exec- utive Board as at 31 December 2022 was 0%. In July 2022, Mr Wellner’s term of office on the Executive Board, which was originally scheduled to end on 30 June 2025, was dissolved early effective 30 September 2022. Mr Borkers’ term of office on the Executive Board contract, which expired on 30 September 2022, was not extended at his request. The quota of women in the first management level below the Executive Board, which consists of two people, also stood at 0% on 31 December 2022.

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Corporate Governance 2022 SHAREHOLDINGS Executive Board As at 31 December 2022, the Executive Board held no shares, and hence less than 1% of Deutsche EuroShop AG’s share capital. Supervisory Board As at 31 December 2022, members of the Super- visory Board held 260 shares and indirect share- holdings totalling 0.35%, and therefore less than 1% of Deutsche EuroShop AG’s share capital. 115 In addition to the general statutory provisions requiring public disclosure, the rules of proce- dure of the Executive Board and of the Super- visory Board govern the reporting duties of Executive and Supervisory Board members in the event of dealings involving shares in the Company or related rights of purchase or sale, as well as rights directly dependent on the Com- pany’s share price. Directors’ dealings The following securities transactions by mem- bers of the Executive Board or of the Supervisory Board or by certain persons related to members of the executive bodies were notified to Deutsche EuroShop AG during financial year 20221 in accordance with Section 15a of the Wertpapier- handelsgesetz (WpHG – German Securities Trading Act). Name / Company name Roland Werner Claudia Plath Klaus Striebich Name of financial instrument Aktie 1 Share 1 Share 1 Henning Eggers Share 1 Reiner Strecker Olaf Borkers Klaus Striebich Share 1 Share 1 Share 1 Christiane Huber Share 1 Transaction type Sale (takeover bid ²) Date Price (€) 22.50 8 July 2022 Number 525 Total volume (€) 11,812.50 Sale (takeover bid ²) Sale (takeover bid ²) Sale (takeover bid ²) Sale (takeover bid ²) Sale (takeover bid ²) Sale (takeover bid ²) Sale (takeover bid ²) 8 July 2022 22.50 7,000 157,500.00 8 July 2022 22.50 11,000 247,500.00 8 July 2022 22.50 1,100 24,750.00 8 July 2022 22.50 9,975 224,437.50 8 July 2022 22.50 3,500 78,750.00 18 July 2022 22.50 14,000 315,000.00 25 July 2022 22.50 5,943 133,717.50 Place Outside a trading venue Outside a trading venue Outside a trading venue Outside a trading venue Outside a trading venue Outside a trading venue Outside a trading venue Outside a trading venue ISIN: DE0007480204 1 ² Takeover bid by Hercules BidCo GmbH Relationships with shareholders Shareholders exercise their rights in matters concerning the Company at the Annual General Meeting. The Annual General Meeting elects the members of the Supervisory Board and passes resolutions approving the actions of the Executive and Supervisory Boards. It decides on the utilisation of the unappropriated surplus and amendments to the Company’s Articles of Asso- ciation. The Annual General Meeting, at which the Executive and Supervisory Boards give an account of the past financial year, takes place

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116 Deutsche EuroShop / Annual Report 2022 once a year. When resolutions are adopted at the Annual General Meeting, each share confers entitlement to one vote in line with the principle of “one share, one vote”. All shareholders are entitled to attend the Annual General Meet- ing and to speak and submit questions about items on the agenda. The COVID-19 Mitigation Act allowed companies to hold a virtual Annual General Meeting again in financial year 2022 to avoid the risk of infections. In this context, the rights of shareholders were partially restricted. Our Company again held a virtual Annual Gen- eral Meeting in August 2022. In doing so, the management endeavoured to ensure maximum transparency: In the run-up to the Annual Gen- eral Meeting, the speech of the Executive Board was published on the Internet three days before the end of the period for submitting questions, and at the Annual General Meeting all questions were answered in detail by the management. At the Annual General Meeting on 30 August 2022, five members of the Supervisory Board were newly elected by the shareholders – mainly as a result of the acquisition by Hercules BidCo GmbH – and Mr Strecker was re-elected as Chairman of the Supervisory Board. Dr Kreke’s term of office as a member of the Supervisory Board ends with the Annual General Meeting for the 2022 financial year. The term of office of Dr Kreke as a member of the Supervisory Board ended at the Annual General Meeting for finan- cial year 2022. Deutsche EuroShop reports to its shareholders and to the public on the Company’s business per- formance, financial position and results of oper- ations 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 accordance 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 Compa- ny’s investor relations activities. Analyst con- ferences, for example to accompany earnings announcements, are streamed on the Internet, where they are available to anyone interested in the Company. In addition, Deutsche EuroShop AG provides financial information and other infor- mation about the Deutsche EuroShop 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 management system and the internal control system (ICS) were adapted in particular to the requirements of ARUG II (Act on the Implementation of the Shareholders’ Rights Directive), which came into force on 1 January 2020. The Company set up a system for the collection of anonymous internal and external information (whistleblower system) in the first quarter of 2018. Accounting and audits The Deutsche EuroShop Group prepares its financial statements according to International Financial Reporting Standards (IFRS) on the basis of Section 315a HGB. The annual financial statements of Deutsche EuroShop AG will con- tinue to be prepared in line with the accounting provisions of the HGB. The Executive Board is responsible for preparation 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.

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Declaration of conformity 117 At the Annual General Meeting on 30 August 2022, BDO AG Wirtschaftsprüfungsgesellschaft was elected as the statutory auditor and Group auditor for financial year 2022. BDO AG Wirtschaftsprüfungsgesellschaft has audited the annual and consolidated financial state- ments of Deutsche EuroShop AG from 2005 to 2022 without interruption. The responsible audi- tors within the audit company have changed sev- eral times during the above-mentioned period. With the annual financial statements 2022, the auditor Olaf Oleski performed his third 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 2022 in the amount of €113,000. The consolidated financial statements are pub- lished within 120 days of the end of the financial year (Code Section F.2). It is important to the Company to publish audited financial statements that have been approved by the Supervisory Board. An earlier publication date is not feasible due to the schedules for the preparation, auditing and adoption of the finan- cial statements. Unaudited data of relevance to the capital market are published in advance. Hamburg, 14 February 2023 The Executive Board and the Supervisory Board Deutsche EuroShop AG DECLARATION OF CONFORMITY In February 2023, the Executive and Supervisory Boards of the Company jointly submitted their updated declaration of conformity with the rec- ommendations of the Government Commission on the German Corporate Governance Code for financial year 2023 in accordance with Section 161 AktG. The declaration was made perma- nently available to the public on the Company’s website at www.deutsche-euroshop.de. Joint declaration by the Executive Board and the Supervisory Board of Deutsche EuroShop AG relating to the recommendations of the Government Commission on the German Cor- porate Governance Code in accordance with Section 161 AktG The Executive Board and the Supervisory Board of Deutsche EuroShop AG declare that the Company has complied with, and will continue to comply with, the recommendations of the Government Commission on the German Corpo- rate Governance Code as published on 28 April 2022, subject to just one exception.

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COMBINED MANAGEMENT REPORT Contents Combined Management Report Basic information about the Group Group business model, targets and strategy Management system Economic review Macroeconomic and sector-specific conditions Business development and overall comment on the Group’s financial situation Results of operations of the Group Financial position of the Group Net assets of the Group Report on events after the reporting date Outlook Dividend policy Risk report Principles governing the risk management system and internal control system Accounting-related internal control system Evaluation of the overall risk position Presentation of material individual risks Opportunity report Report of the Executive Board on relations with affiliated companies Acquisition reporting Declaration on Corporate Governance (Section 289f, Section 315d HGB) Reporting on the Annual Financial Statements of Deutsche EuroShop AG 119 120 120 122 123 123 126 128 134 137 140 141 142 142 142 144 144 145 151 152 153 154 154

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12 0 Deutsche EuroShop / Annual Report 2022 C OMBINED M A N AGEMEN T REP OR T The information provided in the combined management report applies to both the Group and Deutsche EuroShop AG, except where otherwise stated. The annual financial statements of Deutsche EuroShop AG are reported on in a separate section of the combined management report. The remuneration report is no longer part of the combined management 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. BASIC INFORMATION ABOUT THE GROUP Group business model, targets and strategy 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 shopping centers in Germany, Austria, Poland, Hungary and the Czech Republic are held in the real estate port- folio. The Group generates its reported revenue from rental income on the spaces 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 incor- poration of these companies into the consoli- dated annual results is provided in the notes to the consolidated financial statement. 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. Objectives and strategy The management focuses on investments in high-quality shopping centers in urban cities and established locations offering the poten- tial for stable, long-term value growth. A key investment target is the generation of high sur- plus liquidity from leases in shopping centers, of which a significant portion can be 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 diversifi- cation. Germany is the main focus of investment. Indexed and revenue-linked commercial rents ensure that high earnings targets are achieved. The Company may invest up to 10 % of equity in joint ventures in shopping center projects in the early stages of development. Deutsche EuroShop aims to take advantage of favourable financing conditions while main- taining and expanding its pool of lenders and funding sources. The Company has histori- cally financed its investment activities primarily through secured borrowings from various lend- ers. In order to further diversify its capital and financing structure, especially in a market envi- ronment of rising interest rates and a tendency

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Combined Management Report Basic information about the Group towards stricter credit requirements, the man- agement is looking into expanding the capi- tal and financing structure. Market opportuni- ties for issuing of one or more capital market instruments are also being explored and eval- uated. As a result, the Group’s LTV ratio could be increased to a range of 50 % to 60 %. Any issues are subject to prevailing market condi- tions and are intended to have an investment grade rating, depending on the financing instru- ment. In addition, the Company’s future ability to pay dividends was increased by the capital increase from reserves (combined with a capital reduction in the same amount) resolved at the Annual General Meeting on 30 August 2022 and entered in the Commercial Register on 16 Sep- tember 2022. Diversified shopping center portfolio Deutsche EuroShop has a balanced and diver- sified portfolio of German and European shop- ping 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. Seizing opportunities and maximising value In line with the buy & hold strategy, the man- agement is increasingly concentrating on shop- ping center quality and returns rather than rapid portfolio growth. We continuously moni- tor the market and make portfolio adjustments through acquisitions and sales when economi- cally attractive opportunities arise. Rapid decision-making chains as well as considerable flexibility regarding potential investments and financing structures allow Deutsche EuroShop to react to very wide-rang- ing competitive situations. At the same time, the Group’s management focuses on optimising the value of the existing portfolio of properties. 121 Tailored rent structure One key component of the rental model is a tailored rent structure. While city center prop- erty owners often focus on obtaining the highest possible rents for their properties – creating a monolithic retail offering – Deutsche EuroShop’s management uses a calculation combining a range of factors to create an attractive sector mix and optimise long-term rental income. Rental partners pay rents that are customary in this sector and regularly consist mainly of a minimum rent linked to the consumer price index and a revenue-linked rent. The shopping experience concept Deutsche EuroShop has outsourced center management to an experienced external partner: ECE Marketplaces GmbH & Co. KG (ECE), based in Hamburg. The ECE Group has been designing, planning, building, letting and managing shopping centers since 1965. The Company is currently the European market leader, with some 200 shopping centers under management. Deutsche EuroShop views pro- fessional center management as the key to successful shopping centers. In addition to guaranteeing standard opening hours and a consistently friendly, bright, safe and clean shopping environment, the center management can make use of unusual displays, promotions and exhibitions to turn shopping into an expe- rience. Each day, 400,000 to 500,000 shoppers visit the 21 Deutsche EuroShop centers, where they are impressed by the range of sectors rep- resented, the gastronomic diversity, the leisure facilities and promotional activities including car, talent and fashion shows, as well as a wide variety of attractions for children. As a result, the shopping centers become marketplaces where there is always something new and spec- tacular on offer.

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12 2 Deutsche EuroShop / Annual Report 2022 Omni-channel approach From Deutsche EuroShop’s point of view, the interconnection between the offline and online worlds is becoming more and more impor- tant. With a view to offering this omni-channel approach in its own centers, the Company supports the “Digital Mall” developed by ECE Marketplaces, which aims to enable customers to research, advance-reserve and order prod- ucts that are immediately available in a shop- ping center – conveniently and in just a few clicks via their smartphone or over the Internet. At the end of 2022, a total of over 89 retail part- ners in 62 shopping centers and 850 shops with over three million products for sale were con- nected in all ECE-managed shopping centers. As part of the Digital Mall concept, shopping centers should be able to serve as microhubs. Deutsche EuroShop considers the network of shopping centers managed by ECE Market- places in Germany to be a unique selling point, as around 80 % of the population in Germany live within 45 minutes’ drive of one of the more than 100 shopping centers managed by ECE Marketplaces. Board of Executive Management system The Deutsche EuroShop AG manages the Group in accordance with the provisions of German company law and with its rules of procedure. The Executive Board’s duties, responsibilities and business procedures are laid down in its rules of proce- dure and in its schedule of responsibilities. The Group targets shopping centers with sus- tainable and stable value growth and a high liquidity surplus generated from long-term leases. These parameters are then used to derive relevant management indicators (per- formance indicators); for the Group, these are revenue, EBIT (earnings before interest and taxes), EBT (earnings before taxes) excluding measurement gains / losses and FFO (funds from operations) per share. Due to the higher rent defaults and arrears in the last three years as a result of the coronavirus pandemic, the collection ratio was also used for manage- ment purposes and will continue to be used until further notice. The collection ratio meas- ures the ratio of incoming payments to rent and ancillary cost receivables from tenants. Under commercial law, the performance indicators for the annual financial statements of Deutsche EuroShop AG are income from investments and earnings before taxes. Based on three-year medium-term planning for each shopping center, aggregated Group planning is drawn up once a year and the man- agement indicator targets are established. Throughout the year, current performances are compared periodically (quarterly) against these targets and current projections. In addi- tion, the value drivers behind the management indicators, such as rental income, visitor num- bers, re-letting statistics and collection ratios, are monitored in monthly controlling reports. This is intended to ensure that any urgent meas- ures required within the Group can be taken in good time. The Supervisory Board supervises and advises the Executive Board in its management activ- ities in accordance with the provisions of German company law and its rules of proce- dure. It appoints the members of the Execu- tive Board, and significant transactions by the Executive Board are subject to its approval. The Supervisory Board comprises nine members, all of whom are elected by the Annual General Meeting. Members of the Executive Board are appointed and dismissed on the basis of Sections 84 and 85 of the Aktiengesetz (AktG – German Public Companies Act). Changes to the Articles of Association are made in accordance with Sections 179 and 133 AktG, and the Supervisory Board is also authorised, without a resolution of the Annual General Meeting, to adapt the Arti- cles of Association to new legal provisions that become binding on the Company, as well as to resolve changes to the Articles of Association that only relate to the wording. More information about the Executive Board and the Supervisory Board can be found in the declaration on corporate governance.

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Combined Management Report Economic review ECONOMIC REVIEW Macroeconomic and sector-specific conditions Although the pandemic situation began to ease over the course of 2022, gross domestic prod- uct (GDP) rose by only 1.8 % in the year under review (2021: 2.6%) due to the consequences of the war in Ukraine with rising energy prices, supply and material shortages and other price increases, according to calculations by the Federal Statistical Office. This marked a recov- ery from the massive slump in GDP following the outbreak of the coronavirus pandemic, with GDP 0.6% higher than pre-coronavirus in 2019. In 2022, the trend in economic output com- pared to the previous year varied across the individual sectors. Other services (+6.3 %), which include entertainment as well as trans- port and hospitality (+4.0 %), made up consider- able ground after the protective measures were lifted. The construction industry, on the other hand, suffered a significant decline (–2.3 %) due to a shortage of materials and skilled labour, rising construction costs and increasing financ- ing costs. Private consumer spending was the main growth driver, with a price-adjusted increase of 4.6% compared to 2021, almost reaching the pre-pandemic level of 2019. Catch-up effects after the protective measures were lifted led to significantly higher spending, especially in the areas of accommodation and restaurant services as well as leisure, entertainment and culture. Government spending on consump- tion increased only moderately by 1.1% in price-adjusted terms after two years of heavy spending to combat the coronavirus pandemic. The significant reduction in spending on the pandemic response was offset by higher spend- ing on refugees from Ukraine and other coun- tries. The catch-up effect in private consumer spending is also reflected in the savings rate, which fell year on year by 4 percentage points to 11.2 %. The savings rate is thus back close to the long-term average. 12 3 Unemployment and underemployment con- tinued to fall in 2022, reducing the number of unemployed to an annual average of 2.4 million. This equated to an unemployment rate of 5.3 % (2021: 5.7 %). The number of people in short- time work also fell again significantly on annual average from 1.85 million in 2021 to 0.43 million in the year under review. Consumer prices in Germany jumped by 7.9 % versus 2022. This was due in particular to the extreme price increases for energy and food since the beginning of the war in Ukraine. Energy products rose by 34.7 %, goods by 13.5 %, food by 13.4% and services by 2.9 %. Real employee pay decreased by 4.1% in the year under review, according to figures from the German Federal Statistical Office. While in 2021 it was mainly the increased prevalence of short-time work that contributed to the neg- ative development in nominal and real wages, in 2022 high inflation eroded the nominal wage increase, although at 3.4% this was highest level seen since 2008. Based on preliminary calculations by the Federal Statistical Office, the German retail sector (including online retail) achieved a nom- inal increase in revenue of 7.8 % in the year under review; in real terms, however, the retail sector suffered a decline in revenue of 0.6% compared to 2021 due to inflation. In addition to the sharp uptick in prices, especially for food and energy, the discontinuation of the corona- virus protective measures in the food service industry, which continued to prop up record sales in food retail in the previous year, may also have been a contributing factor here. The retail trade with textiles, clothing, shoes and leather goods exhibited the highest revenue growth in real terms compared to the previ- ous year at 27.0 %. However, this did not fully compensate for the corona virus-related losses of the previous years. Compared to the pre- corona virus year 2019, revenue in this sector was still 7.6% lower in real terms.

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12 4 Deutsche EuroShop / Annual Report 2022 Online retail did not contribute to the positive development of retail sales in 2022, posting a nominal decline of 2.0 % (–6.9 % in real terms). Online retail, which has recorded strong and continuous growth in the past, saw this trend flatten after two brisk years where consum- ers shifted to this shopping option due to the corona virus. It is nevertheless expected that bricks-and-mortar retail will not be able to regain its full share of sales after the pandemic 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 urban cities and other shop- ping centers in the catchment area. The centers also have to compete with major regional urban 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 may be additional competition for inner- city retail in the form of growing numbers or expansions of factory and designer outlets on greenfield sites outside the city limits and, to a certain extent, also within them. There are currently controversial plans to expand a designer outlet in Zweibrücken, Saarland, which is in the catchment area of the Saarpark-Center in Neunkirchen. Retail sector According to calculations by JLL, a consultancy firm in the real estate sector, the conclusion of contracts for retail space in Germany in 2022 was only slightly down on the previous year at –3 %. A total of 421,000 sqm were leased in 914 transactions. The textile sector returned to the top of the take-up rankings with a share of 33 %, after the food service and food sectors had dominated in the previous year. According to the institute of German textile retail traders BTE Handelsverband Textil, sales of fashion, shoes and accessories in 2022 were almost back to pre-coronavirus levels. However, there were clear differences between the sales chan- nels. For example, although online retail lost 6.9 % of revenue in real terms compared to 2021, it was up strongly compared to 2019, by an estimated 34%. In contrast, bricks-and-mortar retail in fashion, shoes and leather goods con- tinued to lag significantly behind pre-coro- navirus figures. Compared to 2021, fashion stores, shoe shops and leather goods business increased sales by around a quarter, but were still around 8 % short of 2019 levels. According to the German Retail Federa- tion (HDE), revenue in online retail in 2022 was around €85.0 billion. This corresponds to a share of about 13.5 % (2021: 14.7 %) of total retail sales, which according to the HDE statistics came to €631.9 billion (2021: €589.5 billion). Bricks-and-mortar retail in Germany recorded a nominal rise in reve- nue of 8.8 % in 2022, with bricks-and-mortar fashion retail – which is important anchor for shopping centers – increasing sales by around 27 % (price-adjusted), although this can largely be explained by the low benchmark due to the prolonged lockdown in spring 2021. While the revenue of bricks-and-mortar food retail declined by 4.6% after price adjustments, bricks-and-mortar non-food retail recorded an increase in revenue of 2.0 %.

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Combined Management Report Economic review Real estate market According to JLL, the investment market for real estate in Germany closed the year at €66 billion, representing a significant decline of 41% in 2022 following the record year in 2021 with a trans- action volume of €111 billion. The main reason for this were higher interest rates, which again significantly increased the attractiveness of tra- ditional financial investments for institutional investors compared to real estate. Accounting for around 55 % of transaction volume, the office and residential asset classes continued to dom- inate, although their share of the total volume was down on the previous year when it stood at 73 %. Retail real estate accounted for 14% of volumes (previous year: 8 %). According to calculations by real estate broker CBRE, in German shopping centers totalled around €2.7 billion in full-year 2022 (2021: €0.9 billion), an almost three- fold increase on the previous year. This devel- opment was mainly due to the acquisition of Deutsche EuroShop AG by Oaktree and CURA, which took place in the third quarter. JLL speaks of a “revival” of shopping centers; CBRE calls it a “comeback”. JLL observed some significant increases in top returns in the individual sectors ranging from 15 basis points for shopping centers to 90 basis points for logistics properties, driven by the rise in interest rates. Accordingly, at the top shop- ping centers in Germany, top returns averaged 5.00 % at the end of the year (2021: 4.85 %). investments 12 5 Share price performance After closing 2021 at €14.64 (Xetra), the Deutsche EuroShop share got off to a posi- tive start in the first weeks of 2022, climb- ing to €18.36 by 17 February 2022. In the days that followed, the share price fell in response to the uncertain situation in Ukraine and the subsequent invasion by Russia, which began on 24 February 2022. The DES share hit its lowest price of the year on 7 March 2022 at €14.02, before recovering somewhat there- after. With the announcement that an inves- tor agreement had been concluded concern- ing a voluntary public takeover offer by Oaktree and CURA on 23 May 2022, the share price set- tled at a level roughly between €22.00 and €22.50. After the end of the additional accept- ance period on 26 July 2022, the share price ini- tially fell slightly and then rose again briefly to its annual high of €26.38 by 15 August 2022. In the following weeks, the share lost some ground again, hovered around the level of €22.00 from mid-September and ended the year at a clos- ing price of €22.12 on 30 December 2022. Taking into account the dividend of €1.00 per share paid on 2 September 2022, this corresponds to a per- formance of +57.5 %. The SDAX fell by 27.3 % over the same period. Deutsche EuroShop’s market capitalisation stood at €1.4 billion at the end of 2022.

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12 6 Deutsche EuroShop / Annual Report 2022 Business development and overall comment on the Group’s financial situation Key consolidated figures in € million Revenue EBIT EBT (excluding measurement gains / losses1) EPRA ² Earnings FFO Equity ratio in % 3 LTV ratio in % 4 EPRA ² LTV in % 5 01.01. – 31.12.2022 212.8 152.4 130.2 129.6 130.1 55.7 30.3 33.1 01.01. – 31.12.2021 211.8 152.5 125.6 122.0 122.3 55.6 30.5 33.2 in € EPRA ² Earnings per share FFO per share EPRA ² NTA per share Weighted number of no-par-value shares issued 01.01. – 31.12.2022 2.10 2.11 37.81 61,783,594 01.01. – 31.12.2021 1.97 1.98 38.43 61,783,594 Change in % 0.5 0.0 3.7 6.3 6.4 Change in % 6.6 6.6 –1.6 0.0 1 Including the share attributable to equity-accounted joint ventures and associates ² European Public Real Estate Association 3 Including third-party interests in equity 4 Loan-to-value ratio (LTV ratio): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method) 5 EPRA loan-to-value ratio (EPRA LTV): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are calculated on the basis of the Group’s share in the subsidiaries and joint ventures.

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12 7 Last year’s annual financial statements contained the following forecast for financial year 2022: slightly lower sales revenue, EBIT on a par with the previous year, a marginal uptick in EBT (excluding measurement gains / losses) and FFO per share in the corridor of €1.95 and €2.05. While EBIT and EBT (excluding meas- urement gains / losses) were within the antici- pated range, sales revenue and FFO per share outperformed expectations. The main reasons for this were lower defaults on rent receiva- bles and smaller declines in rents than previ- ously forecast. In the opinion of the Executive Board, the Group’s results of operations developed pos- itively overall in spite of the challenges faced last year (war in Ukraine, energy crisis and significantly higher inflation). The Executive Board still views the Group’s net assets as very solid, with an equity ratio of 55.7 % and an LTV ratio of 30.3 %. The Group’s financial posi- tion also continued to improve, with liquidity of €334.9 million. Combined Management Report Economic review The waning influence and repercussions of the coronavirus pandemic, which had still had a major impact in the previous year, paved the way for an operational upturn in financial year 2022. However, the year under review contin- ued to face headwinds, above all from the war in Ukraine, disrupted supply chains, the energy crisis and sharply rising inflation. Customer footfall in 2022 at around +36% was encouragingly higher than in the previous year with its lengthy lockdown periods. Visitor num- bers were approximately 80 % of the levels seen in 2019, prior to the pandemic. Tenant revenue was on average around 34% higher than in the previous year or 82 % of the 2019 figure. The collection ratio, the ratio of incoming payments to rent and ancillary cost receivables from tenants, once again reached a very high level, coming in at 98.5 % (previous year: 94.8 %). The occupancy rate remained unchanged at 94.3 % as at the reporting date. While the previous year was still strongly affected by business closures in the first half of the year, which required write-downs of €25.0 million, these were reduced to €8.1 mil- lion in 2022. Expenses in connection with the acquisition of the majority of the shares in Deutsche EuroShop AG by the bidder consor- tium of Oaktree Capital Management and CURA Vermögensverwaltung, which was completed in mid-2022, preparations for the capital measure completed in early 2023 and the acquisition of further shares in shopping center invest- ments, as well as the replacement of the Exec- utive Board, led to a significant increase of €12.6 million in other operating expenses. With revenue almost unchanged, these two oppos- ing effects meant that EBIT remained on par with the previous year at €152.4 million (pre- vious year: €152.5 million). Earnings before taxes and measurement gains / losses (EBT excluding measurement gains / losses) rose by 3.7 % to €130.2 million. EPRA Earnings and FFO adjusted for measurement and special effects were €129.6 million and €130.1 million, respec- tively, up 6.3 % and 6.4% on the previous year.

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12 8 Deutsche EuroShop / Annual Report 2022 Results of operations of the Group in € thousand Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI Other operating income Other operating expenses EBIT At-equity profit / loss Measurement gains / losses (at equity) Deferred taxes (at equity) At-equity (operating) profit / loss Interest expense Profit / loss attributable to limited partners Other financial gains or losses Financial gains or losses (excl. measurement gains / losses) EBT (excl. measurement gains / losses) 12,926 16,604 –7 Measurement gains / losses Measurement gains / losses (at equity) –89,746 –16,604 Measurement gains / losses (including at-equity profit / loss) Taxes on income and earnings Deferred taxes Deferred taxes (at equity) Deferred taxes (including at equity) Consolidated profit 2,594 7 Revenue at previous year’s level In contrast to the previous year, which was sig- nificantly affected by store closures mandated by the authorities, tenants were able to open their stores throughout 2022. The rental con- cessions granted for the closure periods in 2021 are mainly reflected in the previous-year item “Write-downs and derecognition of receiv- ables” and only to a small extent in revenue. As a result, revenue was only slightly higher than in the previous year at €212.8 million, despite the fact that there were no closure periods. 01.01. – 31.12.2022 212,811 01.01. – 31.12.2021 211,752 + / - 1,059 Change in % 0.5 –37,213 –8,130 167,468 5,504 –20,540 152,432 29,523 –36,107 –15,954 272 –22,266 130,166 –106,350 –5,060 2,601 21,357 –32,547 –4,666 –14.3 –25,029 154,176 6,265 –7,940 152,501 25,652 –39,188 –13,408 7 –26,937 125,564 –54,729 –3,293 –7,597 59,945 16,899 13,292 –761 –12,600 –69 3,871 3,081 –2,546 265 4,671 4,602 –51,621 –1,767 10,198 –38,588 67.5 8.6 –12.1 –158.7 0.0 15.1 7.9 –19.0 3,785.7 17.3 3.7 –94.3 –53.7 134.2 –64.4 29,612 –4,092 132 –58,821 4,092 –7,465 –132 The protective measures still in place, espe- cially in the first quarter of 2022, and the con- tinued effects of the coronavirus pandemic – such as defaults by tenants who got into pay- ment difficulties, lower revenue-linked rents, longer post-rental periods and higher vacancy rates – meant that revenue fell far short of its pre- pandemic levels.

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Combined Management Report Economic review Revenue 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 Rathaus-Center, Dessau Stadt-Galerie, Hameln City-Point, Kassel DES Verwaltung GmbH Germany Galeria Baltycka, Gdansk Olympia Center, Brno Abroad Total 01.01. – 31.12.2022 34,291 24,162 17,925 17,201 11,844 10,468 9,970 9,743 8,311 8,116 7,347 6,941 6,733 1,159 174,211 16,707 21,893 38,600 212,811 01.01. – 31.12.2021 34,442 24,283 18,317 17,044 11,794 10,732 10,036 9,522 9,039 8,601 7,442 6,344 7,465 837 175,898 15,823 20,031 35,854 211,752 + / - –151 –121 –392 157 50 –264 –66 221 –728 –485 –95 597 –732 322 –1,687 884 1,862 2,746 1,059 12 9 Change in % –0.4 –0.5 –2.1 0.9 0.4 –2.5 –0.7 2.3 –8.1 –5.6 –1.3 9.4 –9.8 38.5 –1.0 5.6 9.3 7.7 0.5 Revenue 1 in € million 225.0 231.5 224.1 211.8 212.8 36.7 37.7 33.8 35.9 38.6 188.3 193.8 190.3 175.9 174.2 +0.5% 2018 2019 2020 2021 2022 Domestic Abroad 1 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 year 2018 is therefore only possible to a limited extent. Center operating expenses up on previous year due to higher maintenance expenses Operating center expenses of €37.2 million in the reporting period (previous year: €32.5 mil- lion), which mainly comprised center manage- ment fees, non-allocable ancillary costs, land taxes, building insurance and maintenance, increased year on year by 14.3 %. Operating center expenses as a percentage of revenue increased from 15.4% to 17.5 %. This was due to planned and backlogged maintenance measures. Decline in write-downs The write-downs and derecognition of receiva- bles in the previous year took into account the major part of the agreed and expected rental concessions implemented to mitigate the eco- nomic consequences of the far-reaching store closures at the beginning of 2021. Further- more, in both the previous year and 2022,

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13 0 Deutsche EuroShop / Annual Report 2022 EBIT unchanged Earnings before interest and taxes (EBIT), at €152.4 million, were on a par with the previous year (€152.5 million). The lower write-downs were offset by higher real estate operating and administrative expenses and increased other operating expenses. Improvement in financial gains or losses excluding measurement effects At-equity (operating) earnings were impacted in the previous year by higher write-downs on rent receivables and revenue shortfalls as a result of the coronavirus pandemic, but improved in 2022 by €3.8 million to €29.5 million (previous year: €25.7 million). The interest expenses of Group companies were reduced by a further €3.1 mil- lion. Positive contributing factors here included scheduled repayments and also the lower inter- est rates agreed for refinancing arrangements for the Billstedt-Center Hamburg, the City- Galerie Wolfsburg and the Altmarkt-Galerie Dresden. The share of earnings attributable to limited partners increased by €2.5 million to €15.9 million due to improved EBIT. receivables at risk of default had to be written down and insolvency-related receivables had to be derecognised. Overall, the necessary write-downs and derecognition of receivables decreased from €25.0 million to €8.1 million compared with the previous year. Other operating income and expenses Other operating income, stemming primarily from the reversal of provisions, reimburse- ments and compensation payments, income from rental receivables written down in pre- vious years and additional payments in conjunction with ancillary costs, amounted to €5.5 million, down on the previous year (€6.3 million). A coronavirus subsidy of €2.0 mil- lion recognised in income and the reimburse- ment of a road expansion contribution paid in 2018 in the amount of €0.5 million had a positive impact in the previous year. Other operating expenses, which mainly com- prised general administrative costs and per- sonnel costs, came in at €20.5 million (previous year: €7.9 million), a significant increase on the previous year due in particular to higher con- sulting expenses in the context of the takeover bid, the preparation for the acquisition of further shares in shopping center investments in early 2023 in conjunction with a capital increase, as well as the severance payments to departing Executive Board members.

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Combined Management Report Economic review Income statement of the joint ventures in € thousand Allee-Center, Magdeburg Phoenix-Center, Harburg Stadt-Galerie, Passau Saarpark-Center, Neunkirchen City-Arkaden, Klagenfurt Árkád, Pécs Other Revenue Operating and administrative costs for property Write-downs and derecognition of receivables NOI Other operating income Other operating expenses EBIT Interest income Interest expense Financial gains / losses Taxes on income and earnings At-equity profit (excluding measurement gains / losses) Measurement gains / losses Deferred taxes Share of profit / loss 01.01. – 31.12.2022 8,316 6,675 7,410 6,016 6,725 4,415 38 39,595 –5,891 –1,827 31,877 1,212 –644 32,445 10 –2,713 –2,703 –219 01.01. – 31.12.2021 8,196 6,708 7,282 5,845 6,314 4,229 40 38,614 –5,693 –3,833 29,088 605 –699 28,994 0 –3,172 –3,172 –170 + / - 120 –33 128 171 411 186 –2 981 –198 2,006 2,789 607 55 3,451 10 459 469 –49 29,523 –16,604 7 12,926 25,652 4,092 –132 29,612 3,871 –20,696 139 –16,686 131 Change in % 1.5 –0.5 1.8 2.9 6.5 4.4 –5.0 2.5 –3.5 52.3 9.6 100.3 7.9 11.9 – 14.5 14.8 –28.8 15.1 –505.8 105.3 –56.3 Improved EBT (excluding measurement gains / losses) The improvement in EBIT and at-equity profit / loss combined with the further reduction in interest expenses boosted EBT (excluding measurement gains / losses) by 3.7 % from €125.6 million to €130.2 million. Measurement gains / losses negative The significant increase in interest rates in the year under review had a negative impact on the valuation of the Group’s real estate assets (IAS 40) and resulted in a measurement loss of €–106.3 million (previous year: €–54.7 million). Measurement losses on real estate assets, after minority interests, broke down into €–89.7 mil- lion (previous year: €–58.8 million) from the measurement of the real estate assets reported by the Group and €–16.6 million (previous year: €4.1 million) from the measurement of the real estate assets of the joint ventures recorded on the balance sheet according to the at-equity method. The average value of Group properties, after ongoing investments, fell by –3.0 % (previous year: –1.5 %); individual measurement gains / losses ranged between –6.3 % and 3.4%. The occupancy rate at the end of the year was unchanged from the previous year at 94.3 %.

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13 2 Deutsche EuroShop / Annual Report 2022 Increase in taxes on income and earnings, deferred taxes Taxes on income and earnings increased to €5.1 million (previous year: €3.3 million) as a result of the improvement in earnings. Deferred tax provisions, including the share included in the at-equity result, were reduced by €2.6 million in the year under review as a result of the decline in the fair values of real estate (previous year: increase of €7.6 million). EPRA Earnings up, consolidated profit down on previous year EPRA Earnings, which exclude measurement gains / losses, recovered to €129.6 million or €2.10 per share, in particular as a result of year- on-year lower write-downs on rental receiv- ables. Standing at €21.4 million, consolidated profit was down €38.5 million on the previous year (€59.9 million) and earnings per share fell from €0.97 to €0.35. EPRA Earnings Consolidated profit Measurement gains / losses on investment properties1 Deferred taxes in respect of EPRA adjustments ² EPRA Earnings Weighted number of no-par-value shares issued EPRA Earnings in € million / per share in € 158.3 2.56 147.4 2.39 124.5 122.0 129.6 2.10 2.02 1.97 2018 2019 2020 2021 2022 01.01. – 31.12.2022 per share in € thousand in € 0.35 21,357 1.72 106,350 0.03 1,889 129,596 2.10 61,783,594 01.01. – 31.12.2021 per share in € thousand in € 0.97 59,945 0.89 54,729 0.11 7,284 121,958 1.97 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates ² Relates to deferred taxes on investment properties and derivative financial instruments

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Combined Management Report Economic review Development of funds from operations Funds from operations (FFO) are used to finance our ongoing investments in portfolio proper- ties, scheduled repayments on our long-term bank loans and as the basis for the distribution of dividends. Significant non-recurring effects that are not part of the Group’s operating activ- ities are eliminated in the calculation of FFO. FFO increased by 6.4% from €122.3 million to €130.1 million or from €1.98 to €2.11 per share. 13 3 Funds from operations (FFO) in € million / per share in € 150.4 149.6 123.3 122.3 130.1 2.43 2.42 2.11 2.00 1.98 2018 2019 2020 2021 2022 in € thousand 21,357 106,350 4,997 –2,601 130,103 01.01. – 31.12.2022 per share in € 0.35 1.72 0.08 –0.04 2.11 61,783,594 01.01. – 31.12.2021 per share in € thousand in € 0.97 59,945 0.89 54,729 0.00 0 7,597 0.12 1.98 122,271 61,783,594 Funds from operations Consolidated profit Measurement gains / losses on investment properties1 Expenses in connection with the takeover offer ² Deferred taxes1 FFO Weighted number of no-par-value shares issued 1 Including the share attributable to equity-accounted joint ventures and associates ² After consideration of taxes

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13 4 Deutsche EuroShop / Annual Report 2022 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 finan- cial statements): in € thousand Revenue Domestic Abroad EBIT Domestic Abroad EBT (excl. measurement gains / losses) Domestic Abroad 01.01. – 31.12.2022 227,952 182,590 45,362 181,842 142,421 39,421 147,100 114,459 32,641 01.01. – 31.12.2021 226,449 184,061 42,388 166,459 132,798 33,661 128,074 101,323 26,751 + / - 1,503 –1,471 2,974 15,383 9,623 5,760 19,026 13,136 5,890 Change in % 0.7 –0.8 7.0 9.2 7.2 17.1 14.9 13.0 22.0 capital and financing structure could increase the Group’s LTV ratio to a range of 50 % to 60 % in the future. We finance our real estate projects on a long- term basis and also use derivative financial instruments to hedge against rising capital market rates. Hedging transactions are used to hedge individual loans. Deutsche EuroShop AG also has access to short-term financing instru- ments to enable to respond immediately to investment opportunities. Until used for invest- ment, any cash not needed is invested short- term to finance ongoing costs or pay dividends. As a global event, the coronavirus pandemic had a strong negative impact on all our shop- ping centers, which countries responded to differently in the form of restrictions and pro- tective measures. Accordingly, revenue and thus EBIT and EBT (excluding measurement gains / losses) in the segments recovered compared with the previous year. 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 %. Market opportuni- ties for the issuance of capital market instru- ments are also explored. A reorganisation of the

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Combined Management Report Economic review Financing analysis As at 31 December 2022, the Deutsche EuroShop Group reported the following key financial data: in € million Total assets Equity (including third-party shareholders) Equity ratio (%) Net financial liabilities Loan-to-value ratio (LTV ratio) in % 31.12.2022 4,208.1 2,343.4 55.7 1,144.3 30.3 31.12.2021 4,278.8 2,377.8 55.6 1,173.3 30.5 13 5 Change + / - –70.7 –34.4 0.1 –29.0 –0.2 At €2,343.4 million, the Group’s economic equity capital, which comprises the equity of the Group shareholders (€2,036.2 million) and the equity attributable to third-party sharehold- ers (€307.2 million), was down on the previous year due to the dividend paid (previous year: €2,377.8 million). The equity ratio increased year on year to 55.7 % (previous year: 55.6%) and was thus still at a high level and on a firm footing. Financial liabilities in € thousand Non-current bank loans and overdrafts Current bank loans and overdrafts Total Less cash and cash equivalents Net financial liabilities Current and non-current financial liabilities fell from €1,502.1 million to €1,479.3 million in the year under review, a decline of €22.9 million, due to scheduled repayments. Together with the rise in cash and cash equivalents by €6.1 mil- lion, net financial liabilities, at €1,144.3 million, were on balance €29.0 million lower than at the end of 2021 (€1,173.3 million). 31.12.2022 1,464,917 14,334 1,479,251 334,943 1,144,308 31.12.2021 1,264,748 237,366 1,502,114 328,839 1,173,275 Change + / - 200,169 –223,032 –22,863 6,104 –28,967 The net financial liabilities existing at the end of the year are used exclusively to finance non-current assets. This brought the percent- age of non-current assets financed with debt capital (LTV) at the reporting date to 30.3 % (pre- vious year: 30.5 %).

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13 6 Deutsche EuroShop / Annual Report 2022 The EPRA LTV 1, which is based on the Group’s pro-rata share in joint ventures and subsidiar- ies, amounted to 33.1% on the reporting date (previous year: 33.2 %). EPRA loan-to-value ratio (EPRA LTV) Proportional values in € thousand Non-current and current bank loans and overdrafts Owner-occupied property (IFRS 16, lease liability) Cash and cash equivalents Net financial debt Investment properties Owner-occupied property (IFRS 16, right-of-use asset) Intangible assets Other assets (net) Real estate assets EPRA LTV in % 31.12.2022 1,481,149 354 –330,894 1,150,609 3,474,145 351 29 3,445 3,477,970 33.1 31.12.2021 1,504,549 88 –324,339 1,180,298 3,544,148 86 32 6,600 3,550,866 33.2 Change + / - –23,400 266 –6,555 –29,689 –70,003 265 –3 –3,155 –72,896 –0.1 The financing terms for consolidated bor- rowing as at 31 December 2022 were fixed at 2.43 % p. a. (previous year: 2.09 % p. a.) with an average residual maturity of 6.8 years (previous year: 4.7 years). The loans to Deutsche EuroShop are maintained as credit facilities with 18 banks and savings banks in Germany, Austria and the Czech Republic. Loan structure as at 31 December 2022 Interest rate lock-in up to 1 year 1 to 5 years 5 to 10 years Total as % of loan 0.0 30.0 70.0 100.0 in € million 0.0 444.1 1,035.1 1,479.2 Average residual maturity (years) 1.0 3.8 8.1 6.8 Average interest rate (in %) 0.00 2.61 2.35 2.43 Of the 18 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 leverage ratio and the loan-to-value ratio (LTV) of the property. The loan conditions were met in financial year 2022. Based on current planning and estimates, the loan conditions will also be met in 2023. With regard to the uncertainties relating to the planning period as a result of the coronavirus pandemic and the war in Ukraine, please refer to the report on events after the reporting date. 1 February 2022 saw the publication of EPRA’s revised Best Practices Recommendations, introducing the EPRA loan-to-value ratio as a key change. The EPRA LTV is almost identical to our previously reported (pro-rata) LTV, which was also calculated on the basis of the Group’s share in the assets and liabilities of the subsidiaries and joint ventures. In contrast to the previous (pro-rata) LTV, the EPRA LTV includes additional assets and liabilities. The main other item is other assets (net), which include trade receivables as well as other assets less trade payables, tax liabilities, other provisions and other current liabilities. The EPRA LTV replaces the previous key figure of (pro-rata) LTV in the reporting. For reconciliation of the EPRA LTV, please refer to our “EPRA reporting” in our financial report.

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Combined Management Report Economic review Scheduled repayments totalling €14.8 million will be made from current cash flow during financial year 2023. Over the period from 2024 to 2026, repayments will average €13.3 million per annum. A loan in the amount of €209.1 million, set to expire at the beginning of 2023, was already extended in 2022. A loan in the amount of €58.7 million is due to be extended in 2025. Liquidity analysis in € thousand 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 equivalents at end of period 13 7 Investment analysis In financial year 2022, investments continued to be made in modernising and positioning the existing portfolio and amounted to €39.5 million after €18.8 million in the previous year. 01.01. – 31.12.2022 140,625 –39,498 –95,023 6,104 328,839 334,943 01.01. – 31.12.2021 130,266 –18,791 –48,666 62,809 266,030 328,839 The Group’s operating net cash flow of €140.6 million (previous year: €130.3 mil- lion) constitutes the amount generated by the Group through the leasing of shopping center space after deduction of all costs. It is primar- ily used to finance the dividends of Deutsche EuroShop AG and payments to third-party shareholders as well as ongoing loan repay- ments and investments. Cash flow from investing activities consisted of cash-effective investment in portfolio proper- ties (€39.5 million; previous year: €18.8 million). The cash flow from financing activities of €–95.0 million included the cash outflow from current repayments of financial liabilities of €25.5 million, the cash inflow from the assump- tion of financial liabilities of €2.7 million, the dividend payment to Group shareholders of €61.8 million (previous year: €2.5 million) and a pay-out to third-party shareholders of €10.4 million (previous year: €6.5 million). Cash and cash equivalents rose by €6.1 million in the year under review to €334.9 million (pre- vious year: €328.8 million). Net assets of the Group Total assets decline slightly The Group’s total assets fell by €70.7 million from €4,278.8 million to €4,208.0 million. in € thousand Current assets Non-current assets Current liabilities Non-current liabilities Equity (including third-party interests) Total assets 31.12.2022 382,858 3,825,248 59,085 1,805,654 2,343,367 4,208,106 31.12.2021 377,900 3,900,890 279,230 1,621,780 2,377,780 4,278,790 Change + / - 4,958 –75,642 –220,145 183,874 –34,413 –70,684

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13 8 Deutsche EuroShop / Annual Report 2022 Balance sheet structure in € million Assets Liabilities 4,278.8 4,208.1 377.9 382.9 4,208.1 4,278.8 59.1 279.2 3,900.9 3,825.2 1,805.6 1,621.8 2,343.4 2,377.8 Current assets Non-current assets 2021 2022 2022 2021 Current liabilities Non-current liabilities Equity (including thirdparty interests) Current assets at previous year’s level At the end of the year, current assets amounted to €382.9 million, almost at the same level as the previous year (€377.9 million). On the report- ing date, cash and cash equivalents amounted to €334.9 million (previous year: €328.8 million). The collection ratio, the ratio of incoming pay- ments to rent and ancillary cost receivables from tenants, showed the following movements in each individual month in 2022 (adjustments from agreed rent reductions already taken into account): Collection ratio in % Q1 2022 98% Q2 2022 99% Q3 2022 99% Q4 2022 98% 98 99 98 99 100 98 99 99 100 98 98 99 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

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Combined Management Report Economic review The Group’s receivables (after write-downs) fell accordingly by €5.8 million to €17.0 million (pre- vious year: €22.8 million). Other assets rose by €4.6 million from €26.3 million to €30.9 million, due in particular to rental incentives granted. Non-current assets down due to slight valuation loss on real estate assets Non-current assets fell by €75.7 million from €3,900.9 million to €3,825.2 million in the year under review. At 90.9 % (previous year: 91.2 %), they are still the most significant category of total assets. Investment properties fell by €63.6 million to €3,330.0 million, corresponding to a decline of –1.9 %. While additions and the costs of investments in portfolio properties came to €39.5 million, revaluation of the property portfolio resulted in measurement losses of €103.1 million. At-equity financial investments declined by €12.3 million from €455.3 million to €443.1 mil- lion. The change is attributable to the share of profit / loss (€12.9 million) and the losses for the financial year (€25.2 million). Current and non-current liabilities decrease overall In the previous year, the current liabilities of €59.1 million still included the loans expiring in 2022, which have since been extended. Non-current from increased €1,621.8 million to €1,805.6 million, constituting a rise of €183.8 million, owing primarily to the extension of the loans maturing in 2022 as well as the balance from scheduled repayments and the raising of new long-term loans. liabilities 13 9 Equity (including third-party interests) At €2,343.4 million as at the end of the report- ing year, equity (including third-party sharehold- ers) was down €34.4 million on the previous year (€2,377.8 million), due to the dividend paid of €61.8 million and the consolidated profit of €21.4 million. Redemption entitlements for third-party shareholders fell by €7.8 million, and the market values of swaps boosted equity by €13.8 million. (NTA) stood assets tangible Net tangible assets according to EPRA Net at €2,335.9 million or €37.81 per share as at 31 December 2022, compared with €2,374.4 mil- lion or €38.43 per share in the previous year. Net tangible assets were therefore down by €0.62 (–1.6%) per share year on year. EPRA net tangible assets in € million / per share in € 2,667.5 2,613.4 2,309.7 2,374.4 2,335.9 43.17 42.30 37.38 38.43 37.81 2018 2019 2020 2021 2022

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14 0 EPRA NTA Equity Derivative financial instruments measured at fair value1 Equity excluding derivative financial instruments Deferred taxes on investment properties and derivative financial instruments1 Intangible assets Goodwill as a result of deferred taxes EPRA NTA Number of no-par-value shares issued as at the reporting date Deutsche EuroShop / Annual Report 2022 in € thousand 2,036,237 5,637 2,041,874 345,789 –29 –51,719 2,335,915 31.12.2022 per share in € 32.96 0.09 33.05 5.60 0.00 –0.84 37.81 61,783,594 in € thousand 2,062,866 23,398 2,086,264 339,937 –32 –51,719 2,374,450 31.12.2021 per share in € 33.39 0.38 33.77 5.50 0.00 –0.84 38.43 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates REPORT ON EVENTS AFTER THE REPORTING DATE On 12 January 2023, the Deutsche EuroShop Group concluded six purchase agreements for the acquisition of further shares in six property companies in which it already held an inter- est of between 50 % and 75 % (see the notes to the consolidated financial statements, section “2. Basis of consolidation / Acquisitions after the reporting date”. On the same day, in order to finance these acquisitions, the Executive Board decided, with the approval of the Supervisory Board, to increase the Company’s share capi- tal by up to €14,710,375, with partial utilisation of the authorised capital, through the issue of up to 14,710,375 no-par-value registered shares against cash and non-cash contributions. After the end of the subscription period, the Execu- tive Board, with the approval of the Supervisory Board, set the final scale of the capital increase at 14,680,725 new shares on 1 February 2023. The share capital of the Company increased accordingly by €14,680,725 to €76,464,319. As part of the capital increase, shares were taken up in exchange for cash in the amount of €64,252 thousand and in exchange for pur- chase price receivables from the acquisition of the additional shares in six property companies in the amount of €251,384 thousand. On 31 March 2023, the Company concluded a loan contract with the major shareholder Hercules BidCo GmbH, Hamburg. Under this contract, Hercules BidCo GmbH shall grant the Company an interest-free loan if a resolution on the appropriation of profits adopted with its majority vote at the Company’s forthcoming or future Annual General Meetings results in the Company’s liquidity falling below the applicable minimum level (currently €100,000 thousand). The minimum liquidity level deemed appropri- ate by the Executive Board and the Super visory Board is regularly reassessed on the basis of corporate planning. The corresponding loan facility is generally concluded for an indefinite period and initially comprises €500,000 thou- sand, which may, however, be reduced over time if agreed events occur. The loan contract is still subject to approval by the Company’s Super- visory Board. No further significant events occurred between the reporting date and the date of preparation of the financial statements.

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Combined Management Report Outlook OUTLOOK General conditions The success of Deutsche EuroShop’s business depends mainly on the overall macroeconomic performance. This applies to both the global economy, due to our core market of Germany’s huge dependency on exports, and to the specific performance of the national economies within our five European markets. A thriving economy, based on stable political conditions and good trade relations as well as on functioning inter- national value creation chains, is in this respect a significant influencing factor on the growth of the respective population’s income, consumer confidence and retail sales. The German federal government, in its annual economic report published at the end of Janu- ary 2023, forecasts that gross domestic prod- uct will grow marginally by 0.2 % in the current year. The year 2023 will also be marked by the economic impact of the war in Ukraine, which had already triggered a massive increase in energy and food prices in 2022. For 2023, the federal government expects an annual average inflation rate of 6%, which will be lower than in 2022 but still at a very high level. The elec- tricity and gas price brakes introduced by law will have a dampening effect on the high price increases. However, the relief measures will not prevent real losses of income and purchasing power among private households, which can be expected to have a negative impact on domestic economic development. According to the federal government’s fore- cast, the recovery on the labour market in 2022 will come to a temporary halt in 2023 due to the economic consequences of the war in Ukraine. A slight rise in the unemployment rate from 5.3 % to 5.4% is expected. 141 The projection remains subject to a high degree of uncertainty due to the current framework conditions. In particular, a renewed rise in energy prices with corresponding interest rate measures by central banks to curb inflation or a renewed regional or global outbreak of the corona virus pandemic with negative repercus- sions on demand and supply chains could sig- nificantly impair developments. Expected results of operations On the one hand, the waning influence and con- sequences of the coronavirus pandemic led to an operational upturn in business in the year under review. On the other, private consump- tion was weighed down above all by the war in Ukraine, disrupted supply chains, the energy crisis and the major uptick in inflation. The operating figures of our tenants, in particular customer footfall and tenant revenue, devel- oped positively in 2022 and collection ratios normalised. We expect inflation to be contained in 2023, but to remain at a high level for the time being. Even though the majority of leases pro- vide for indexation, there is a risk that not all rent increases will be able to be enforced due to the economic burden on tenants. The same applies to allocable ancillary costs, which may no longer be able to be borne by individual ten- ants due to price increases. Against the back- drop of the challenging macroeconomic envi- ronment and taking into account the capital increase carried out at the beginning of 2023, a stable financial year 2023 is expected with funds from operations (FFO) of €2.00 to €2.10 per share. At the same time, sales revenue, EBIT and EBT (excluding measurement gains / losses) will be significantly higher than in 2022 due to

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14 2 Deutsche EuroShop / Annual Report 2022 the acquisition of additional shares in six shopping centers at the beginning of 2023 (see section “Report on events after the reporting date”). FFO per share in € Result 2.11 Target 2.00 – 2.10 Result 1.98 2021 2022 2023 In estimating the FFO for 2023, the calcula- tion took account of the additional shares in six shopping centers and their financing by means of a capital increase were taken into account. Incidental acquisition costs (including land transfer tax), any differences resulting from the first-time full consolidation and interest rate effects from the fair value measurement of loans were not included in the FFO forecast. Dividend policy One of Deutsche EuroShop’s key investment objectives is to generate an attractive liquidity surplus from the long-term leasing of shopping centers, which is distributed to shareholders in the form of regular dividends. The Company continually reviews opportunities to further increase its ability to distribute dividends in future years. In financial year 2022, Deutsche EuroShop increased its dividend capacity by reversing committed capital reserves. For this purpose, a capital increase from reserves was carried out in conjunction with a subsequent capital reduction, which was resolved by the Annual General Meeting on 30 August 2022 and entered in the Commercial Register on 16 Sep- tember 2022. In principle, the Company aims to distribute funds in excess of its liquidity require- ments to its shareholders. However, the distri- bution of dividends is highly dependent on pre- vailing economic conditions, financing needs for further growth and other factors. Due to the uncertainties regarding the scale and duration of the coronavirus pandemic, Deutsche EuroShop has accumulated significant liquid- ity reserves. With the effects of the pandemic subsiding and the operating business stabilis- ing, the plan is to reduce the Company’s cash position back to a normal level. For financial year 2022, the Executive Board, together with the Supervisory Board, and taking into account available liquidity and the stable operating out- look, has decided to propose to the Annual Gen- eral Meeting the distribution of a dividend of €2.50 per share. RISK REPORT Principles governing the risk management system and internal control system 2 Deutsche EuroShop’s strategy is geared towards maintaining and increasing sharehold- ers’ assets and generating sustainably high sur- plus liquidity from leasing real estate, thereby enabling the distribution of an appropriate and sustainable dividend. The focus of the risk management system is therefore on monitor- ing compliance with this strategy and, build- ing on this, on the identification and assess- ment of risks and opportunities as well as the fundamental decision on how to manage these risks. Risk management ensures that risks are ² This section of the combined management report is not subject to mandatory audit. Therefore, the information it contains has not been audited by the auditor.

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Combined Management Report Risk report identified at an early stage and can then be eval- uated, communicated promptly and mitigated. Monitoring and management of the risks iden- tified form the focal point of the internal con- trol system, which at the Group level is essen- tially the responsibility of the Executive Board. The Supervisory Board is notified regularly and, if necessary, immediately by the Executive Board about identified risks. The internal con- trol system is an integral part of the risk man- agement system. Within the framework of its legal mandate for auditing the annual financial statements, the auditor checks whether the early warn- ing system for risks is suitable for detecting at an early stage any risks or developments that might endanger the Company. The risk analysis, as a continuous process, promptly identifies, evaluates and commu- nicates the factors that may jeopardise the achievement of business targets. The process also includes management and control of the risks identified. The Executive Board was not aware of any infor- mation during the year under review that would have led it to believe that there were material inefficiencies in the effectiveness of the inter- nal control system or risk management sys- tem or that these systems were inappropri- ate in any way. Generally, however, it should be borne in mind that an internal control system, irrespective of its design, provides no absolute guarantee of identifying deficiencies in our busi- ness processes. Risk analysis Under existing service contracts, the Execu- tive Board of Deutsche EuroShop AG is contin- uously briefed about the business performance of the shopping centers and the correspond- ing property companies. Financial statements and financial control reports are submitted on a quarterly basis for each shopping center, with medium-term corporate plans submitted annu- ally. The Executive Board regularly reviews and analyses these reports, using the follow- ing information in particular to assess the level of risk: 14 3 1. Portfolio properties ■ Trend in amounts outstanding Trend in occupancy rates ■ ■ Retail sales trend in the shopping centers ■ Variance against projected income from the properties ■ Observance of financial covenants in loan agreements 2. Centers under construction ■ Pre-leasing levels ■ ■ Budget status ■ Construction status Development of financial covenants in loan agreements and observance of disburse- ment conditions Risks are identified by observing issues and changes that deviate from the original plans and budgets. Risk management also incorpo- rates the systematic analysis of economic data such as consumer confidence and retail sales trends. The activities of competitors are also monitored continually. Risk inventory The risks identified in the course of the risk analysis are summarised in a risk inventory and evaluated in terms of their potential loss amounts and likelihood of their occurrence in consideration of compensatory measures (from a net standpoint). The risk inventory is regularly examined and updated when necessary. Furthermore, the Executive Board uses scenario-based simulations, in which the key planning parameters (including rent, cost, return and interest rate trends) are altered to assess the way in which risk aggregation affects the Group’s continued existence. This analysis also allows for an evaluation to be car- ried out as regards which risks the Group is able to sustain. In the Supervisory Board meetings, the Executive Board reports on significant risks. In the event of risks that jeopardise the contin- ued existence of the Group, a report is issued immediately.

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14 4 Deutsche EuroShop / Annual Report 2022 Evaluation of the overall risk position 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 after-effects of the coronavirus pandemic continue to be a main factor in the analysis and assessment of the individual risks faced by the Deutsche EuroShop Group. The factors that could influ- ence the likelihood of occurrence and severity of the individual risks as well as the evalua- tion of the overall risk position due to the war in Ukraine cannot be estimated at the moment. Individual risks and the overall risk position are monitored on an ongoing basis and reassessed regularly. preparation decentralised Accounting-related internal control system Preparation of the financial statements is another important element of the internal con- trol system and is monitored and controlled at the level of the Group holding company. Internal regulations and guidelines should ensure the conformity of the annual financial statements and the consolidated financial statements. The of Group-relevant reports by the service provider is followed by the aggregation and consolidation of the individual annual financial statements and the preparation of the information for reporting in the notes and combined management report by the accounting department of the holding company, with the aid of the consolidation soft- ware Conmezzo. This is accompanied by man- ual process controls such as the principle of dual control by the employees charged with ensuring the regularity of financial reporting and by the Executive Board. In addition, within the scope of its auditing activities, the auditor of the consolidated financial statements performs process-independent auditing work, including with respect to financial reporting. Advice on limitations By virtue of the organisational, control and monitoring measures laid down in the Group, the accounting-related internal control system enables the full recording, processing and eval- uation of Company-related matters as well as their proper presentation in Group financial 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 application of the systems used cannot guarantee absolute security as to the correct, complete and timely recording of facts in Group financial reporting. The statements made relate solely to those sub- sidiaries 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 operat- ing policies.

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Combined Management Report Risk report Risk matrix h g i h s e s s o l f o t n u o m A m u i d e m 14 5 Valuation risk Risk of rent loss Market and sector risks Rental risk n o i l l i m 5 € > Currency risk Valuation and cost risks n o i l l i m 5 – 1 € Financing and interest rate risks Legal risk Personnel risk IT risk Risk of damage w o l n o i l l i m 1 € o t p u low 0% – 25% medium 25% – 50% high > 50% Likelihood of occurence 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. As in the previous year, the Executive Board conducted simulations using consolidated liquidity planning to assess the extent to which the Group is able to bear individual risks or the concurrence of multiple individual risks. The Executive Board is accordingly not aware of any risks or risk aggregations that would jeopardise the continued existence of the Company and the Group. The Executive Board is also of the opin- ion that the Group is adequately positioned to take advantage of opportunities that may arise without having to enter into unacceptable risks. Presentation of material individual risks Valuation risk The value of a property is essentially deter- mined by its capitalised earnings value, which in turn depends on factors such as the level of annual rental income, the management costs and investment needs, the underlying location risk, the general condition of the property, the evolution of capital market interest rates and, in particular, the demand for shopping center properties. The appreciation of property values is also impacted by various macroeconomic and regional factors as well as by factors specific to those properties, which are for the most part unforeseeable and beyond the control of the Company. The factors described are taken into account in the annual market valuations of our portfolio properties by independent appraisers. Changes in value are recognised in the income statement of the consolidated financial state- ments in accordance with the requirements of IAS 40 and may thus increase the volatility of consolidated profit. In addition, the market valuations of our portfolio properties may also affect compliance with loan conditions on exist- ing financing arrangements (e.g. compliance with debt ratios) as well as the terms of new financing and refinancing agreements. The assignment of external, independent appraisers with a great deal of experience in the industry, along with our own critical assess- ment of their appraisal, minimises the risk of measurement error. As part of efforts aimed at controlling value-driving factors, the Com- pany has adopted further measures aimed at minimising valuation risk. The main focus here is on professional management of the centers, costs and rentals at the shopping centers,

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14 6 Deutsche EuroShop / Annual Report 2022 Online retail will continue to grow in the future and increase its share of total retail sales. The segments of fashion, shoes and consumer electronics, in particular, continue to dom- inate online commerce, and are also espe- cially heavily represented in shopping centers. Despite this general trend, attractive retail spaces continue to be a strong draw for cus- tomers. Following the reopening of the stores, a rapid and significant recovery in customer foot- fall was observed. Although visitor numbers still lagged behind the levels recorded prior to the coronavirus, they show that attractive and spacious retail facilities that are leaders in their respective catchment areas and can offer cus- tomers a broad range of products, an enjoya- ble time and a special shopping experience can continue to hold their own. Alongside the growth in online retail, additional retail commercial space offered on the rental market, created for example through the build- ing, expansion or modernisation of shopping or factory outlet centers both in city centers and on the outskirts, as well as through the revital- isation of retail locations in city centers, may cause realisable revenues in bricks-and-mortar retail trade to be distributed over more rental space overall and lead to lower space utilisa- tion. Larger or improved rental space offerings in the competitive environment of our shopping centers and a potentially permanent redistribu- tion of retail revenues to online channels and the accompanying permanent drop in space uti- lisation for bricks-and-mortar retailers harbour the risk that subsequent leases and /or renew- als could be concluded at lower rent prices and / or under less favourable contractual terms. which is ensured through the selection of suita- ble asset managers. All of our shopping centers are currently managed by ECE, the European market leader in the area of shopping center management, with active maintenance manage- ment ensuring that the properties are continu- ously kept in a sound general condition. While the coronavirus pandemic had a direct impact on the valuation of the real estate port- folio in the last two years, the parameters used for estimation purposes, such as derived inter- est rates, market rents, management costs and re-letting periods, are currently influenced to a large degree by the indirect consequences of the war in Ukraine with rising inflation and interest rates. It is also not foreseeable what impact the changed coronavirus policy of the Chinese central government will have on the global economy. Given the resulting ongoing major uncertainty regarding future develop- ments, significant changes in market value can- not be ruled out in the short term. The probabil- ity and extent of loss of the valuation risk must therefore continue to be regarded as high. Market and sector risks The coronavirus pandemic and the hygiene and protective measures taken by the authorities have had a massive impact on the bricks-and- mortar retail trade in the form of lost sales. In addition to the temporary store closures in 2020 and 2021, which affected the majority of our ten- ants, some restrictions continued in early 2022 that negatively impacted bricks-and-mortar retail. The various access restrictions, such as 2G and 2G+ and the mask requirement, were gradually lifted over the course of 2022. The shopping experience, the marketplace concept as well as the role of the centers as a place to meet and have fun receded into the background during the periods when the access restric- tions existed. In addition, the closure measures and the fear of contagion had a significant and, in some cases, lasting impact on purchasing behaviour. In Germany, the share of purchases made online rose to 14.7 % in 2022.

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Combined Management Report Risk report To counter the rising share of online retail along with potential pressure on space utilisation, bricks-and-mortar retail is embracing floor- space restructuring and focusing on good retail locations, optimising product ranges, improv- ing quality of service and placing an emphasis on individual consultations when shopping. The interconnection between the offline and online worlds is also becoming increasingly important. In this respect, retailers are at different stages of progress and success, particularly as far as implementation of their omni-channel concepts is concerned. If bricks-and-mortar retailers did not have an online presence or maintained only a very limited online offering, this meant that during the periods of pandemic-related store closures and restrictions they had few or even no distribution options. As a result, the cor- porate reserves of the affected tenants were stretched to breaking as the pandemic contin- ued, and a number of retailers subsequently had to file for bankruptcy. The limited state sup- port measures and landlord concessions were only able to compensate for a portion of these losses. Since the start of the coronavirus pandemic, there has been an increased trend among retail- ers to step up the development or expansion 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 func- tionality (“product search”) of Digital Mall was rolled out in all of our German shopping centers by the end of 2019. The offering remains limited during the market launch phase. However, over 3.1 million products were already available by the end of 2022, and the omni-channel offering 147 continues to grow through the successive inte- gration of an ever-increasing number of retail- ers and locations. The leisure, customer experience and meet- ing 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 pleasur- able place to be and to raise the quality of ser- vice through targeted investments in, among other things, improved service and lounge areas, modern entertainment zones for kids, simplified in-house navigation when search- ing for shops or parking using touchscreens or smartphone solutions, and intelligent park- ing guidance systems. To increase the appeal of the centers, the expansion of the entertainment offering is also being examined and progressed; for example, an indoor skydive concept suc- cessfully opened in our Rhein-Neckar-Zentrum in 2021 and the Main-Taunus-Zentrum is in the process of receiving a “Foodgarden”, which will significantly expand the center’s culinary offer- ing. Such investments also improve the appeal of the locations beyond the immediate region. The conclusion of leases with as long a term as possible with tenants with high credit rat- ings across every retail segment also reduces market and sector risks. As a result of the war in Ukraine and the sanc- tions imposed on Russia, energy prices rose significantly in 2022 and played a major role in slowing economic growth, especially in Europe. In addition to increased costs, the continuing uncertainty about the further course of the war dampened consumer behaviour. For retailers, rising energy prices can become a massive burden if they cannot be passed on in full to cus- tomers. In addition, the cost increases as well as possible energy bottlenecks can lead to delivery

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14 8 Deutsche EuroShop / Annual Report 2022 problems at manufacturers and thus have a lasting negative impact on the revenue of our tenants. It is also not yet clear what macroeco- nomic impact China’s changed coronavirus pol- icy will have. Due to the ongoing uncertainties, we have set the loss amount and probability of occurrence of market and sector risks at high, which is unchanged. Rental risk long-term success of the Deutsche The EuroShop AG business model depends, in par- ticular, on leases for retail space and the gen- eration 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 com- panies in other sectors. However, given retail commerce’s greater dependency on the state of the economy, we cannot rule out the possibil- ity of a change in economic conditions impact- ing 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 con- ditions. Thus, there is the risk that floor space is not rented or is rented at inadequate prices or excessively unfavourable 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 share- holders 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. Our reaction to this risk is to transfer leas- ing management to professional market lead- ers in asset management as well as to closely monitor the market with continuous and early monitoring of upcoming regular or potentially expected unscheduled leasing. In addition, where enforceable on the market, we prefer to conclude medium- and long-term leases with proportionately high minimum rent agreements. The economic consequences of the coronavirus pandemic are influencing demand for floor space, rental rates and the contractual condi- tions for new and renewed leases. The time it takes for a space to be re-let has also increased, leading to higher vacancy rates. As a result, the vacancy rate increased from 2.9 % at the end of 2019 to 5.7 % at the end of 2022. Due to the massive impact of the store closures and restrictions of the past three years on our tenants and the associated increased pan- demic-related insolvency and re-letting risks, we have set the loss amount and likelihood of occurrence of the rental risk at high, which is unchanged. Risk of rent loss Deteriorating performance and credit ratings among tenants, which may also be triggered by serious external political or economic shocks as well as by nationwide store restrictions and closure orders imposed by the authorities in response to the pandemic and accompanying legislative measures, may lead to defaults on leases and other financial burdens, with the risk of default on leases comprising the rent pay- ments in their entirety, allocable ancillary costs and potential legal and reinstatement costs. Insolvency on the part of tenants, especially anchor tenants or shop chains, can moreover lead to increases in vacancy rates. Risk is minimised by carefully selecting ten- ants, regularly analysing their sales growth and amounts outstanding, as well as adopting re-letting measures early in the event of neg- ative developments. As a rule, tenants also put up commensurate security deposits, which are able to offset some of the financial burden in the event of default.

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Combined Management Report Risk report The requisite write-downs are recognised on the balance sheet in individual cases. These totalled €8.1 million in financial year 2022 (pre- vious year: €25.0 million). It is not possible to rule out high write-downs in the current finan- cial year in view of the significant structural change in bricks-and-mortar retail and given the dependency on economic developments, as influenced in particular by the further course of the war in Ukraine and developments relating to the coronavirus pandemic in China. Accordingly, we have left the loss amount and probability of occurrence unchanged at high. Management and cost risks The complexity of the applicable court deci- sions and changes thereto could lead to cor- rections and objections in relation to ancillary costs, which in turn could lead to limits being enforced on passing the burden on to tenants and /or to subsequent reimbursements to the same. Besides financial losses, this could also affect tenant satisfaction. Continuous examina- tion of ancillary cost invoicing based on current legislation minimises this risk. New changes in the law may also mean that additional costs cannot legally and /or economically be passed on in their entirety to tenants as ancillary costs in the future. In connection with the implementation of the EU climate taxonomy requirements, increased investment needs may arise in the future. The measures for this are successively and indi- vidually reviewed and evaluated as part of the maintenance cycles for the centers and included in the long-term planning for the centers. This ensures that the further development of the properties is cost-efficient and spread out over time, with the use of public subsidies where available. Expenditure on maintenance and investment projects can turn out higher than budgeted based on our past experience. Differences may also materialise owing to external damage or 149 loss, inaccurate assessment of maintenance requirements or deficiencies that are not identi- fied or are identified too late. We minimise risks from cost overruns in current investment projects and maintenance measures by taking cost models for all identifiable risks into account in our calculations as a precaution- ary measure at the planning stage. In addition, more large-scale construction contracts are normally only awarded on a fixed-price basis to general contractors with strong credit ratings. During the building phase, professional project management is assured by the companies we commission. However, it is impossible to com- pletely avoid cost overruns in individual cases. The war in Ukraine has led to rising energy costs in particular and thus has a direct and indirect influence on management and cost risks. In principle, a large portion of ancillary costs can be passed on to tenants, but a not inconsiderable portion remains with the land- lord, so cost increases have a direct effect here. Indirectly, the burden from the cost increases can lead to payment difficulties for tenants or even to the termination of tenancies, with the consequence of potentially longer vacancy peri- ods and necessary renovation measures. The share of non-allocable ancillary costs and nec- essary investments would therefore increase. To contain the cost risk from rising energy prices, our shopping centers are checked for energy efficiency and economically sensible measures, such as photovoltaic systems, are implemented. Financing and interest rate risks Interest rate levels are materially determined by underlying macroeconomic and political condi- tions and therefore cannot be predicted by the Company. There is a risk that refinancing may only be available at higher interest rates than before. This would negatively impact EBT and FFO.

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15 0 Deutsche EuroShop / Annual Report 2022 As at the reporting date, the Group’s finan- cial arrangement involved long-term interest rate hedging. Currently, no new finance or refi- nancing is planned (not until 2025). This means that, from today’s perspective, the Group is not exposed to any interest rate risk. We are con- stantly 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 deriv- ative financial instruments that qualify for hedge accounting to hedge interest rate risks. These interest rate swap transactions trans- form variable interest rates into fixed inter- est rates. An interest rate swap is an effec- tive hedge if the principal amounts, maturities, repricing or repayment dates, the interest pay- ment and principal repayment dates, and the basis of calculation used to determine the inter- est 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 through stringent examination of its contract partners which are also lenders. Interest rate swaps and the underlying transac- tion are generally reported as one item in the annual financial statements. Financial instru- ments are not subject to liquidity or other risks. A test of effectiveness for the hedges described is implemented regularly. An economic and financial crisis, the substan- tial indirect repercussions of the war in Ukraine on the operations and cash flow of retail prop- erties as well as a clear intensification of online competition or a stricter regulation of the finan- cial sector could lead to a significant deteriora- tion of banks’ lending policies with respect to credit margins, financing terms and expiries 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 refinancing. Deutsche EuroShop AG responds to this financing risk by concluding long-term loan agreements, avoid- ing the accumulation over time of loan matur- ities and observing conservative debt ratios. Furthermore, the Company maintains long-term business relationships with a large number of investment, commercial and mortgage banks in its target markets in order to secure the best possible access to the capital markets. Refinancing for the Group loan of €209 million expiring in 2023 was already concluded in 2022. 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 com- panies. These risks are not hedged because this is purely an issue of translation at the report- ing date and is therefore not associated with any cash flow risks. The currency risk from opera- tions is largely hedged by linking rents and loan liabilities to the euro. There is a risk that if the Hungarian 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 con- siderably higher rents denominated in a foreign currency. Risk of damage Real estate properties are subject to the risk of total or partial ruin due to 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 ade- quately covered by insurance policies, or that this insurance coverage cannot be maintained on adequate terms in light of changing condi- tions in the insurance market, or that sufficient insurance protection will not even be offered. In addition, insurers may deny their services or a

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Combined Management Report Opportunity report 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 pro- tection and anti-vandalism measures. Legal risk The concept for our business model is based on the current legal situation, administrative opinion and court decisions, all of which may, however, change at any time. In the wake of the coronavirus pandemic, various legislators in Europe, including Germany and Poland, were quick to enact new laws or amend existing laws that may provide temporary relief to tenants in terms of their rental payment obligations during public authority-mandated, pandemic-related business closures. The exact interpretation and impact of these laws is not yet possible in many cases due to a lack of precedents and rulings. Given the regular, consensus-oriented negotia- tions we have held with our tenants during the pandemic situation concerning the potential and appropriate limitation or division of losses for the affected periods, we do not currently fore- cast any increased legal risk. The Company is not currently aware of any legal risks that could have a major impact on its assets or results of operations. OPPORTUNITY REPORT Deutsche EuroShop AG forms part of a retail market undergoing dynamic structural trans- formation. While bricks-and-mortar retail is currently facing challenges from strong growth in online retail, and many transformation pro- cesses are being initiated more actively, the strict boundaries between the online and offline shopping world continue to disappear. The coronavirus pandemic has significantly increased the pressure to act and the required speed of implementation. Even before this, how- ever, there was a clear trend towards purely online retailers increasingly opening shops and branch networks or gaining access to bricks- and-mortar retail chains and their branch 151 Personnel risk Given the small number of employees of Deutsche EuroShop AG, the Company is depend- ent on individual persons in key positions. The departure of these key staff would lead to a loss of expertise, and the recruitment and induction of new replacement personnel could tempo- rarily impair day-to-day business. This kind of impairment is kept to a minimum by means of representation policies and the documentation of material work processes. IT risk Deutsche EuroShop AG’s information system is based on a centrally managed network solu- tion. Corrective and preventive maintenance of the system is carried out by an external service provider. A detailed access policy ensures that staff and external service providers are granted access exclusively to systems they require for their work. A virus protection concept and per- manent monitoring of data traffic with respect to hidden and dangerous content are designed to protect against external attacks. All data rel- evant to operations is backed up daily by remote backup and also regularly on multiple storage media. In the event of a hardware or software failure in our system, all data can be reproduced at short notice. network through acquisitions or joint ventures. This development is based on the expectation from customers that they will be able to buy all products online or offline depending on the situation. Lots of retailers had to accept that they were only able to generate revenue during the closure phase with an omnichannel sales approach, as this sales approach opens up new opportunities in the areas of customer con- tact and service and provides revenue growth potential. Attractive bricks-and-mortar retail spaces and thus also shopping centers will continue to play an important role in the trans- formation of the retail landscape to a largely integrated omni-channel distribution. This is

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15 2 Deutsche EuroShop / Annual Report 2022 evidenced by the rapid and relatively significant recovery in customer footfall and tenant reve- nue in many segments following the reopening of stores post-lockdown. In addition, bricks- and-mortar spaces are also increasingly lend- ing themselves to being used as local logis- tics hubs for fast and cost-efficient delivery services. Given the positioning of our shopping centers at first-rate locations, broad sector diversifica- tion within the centers, the increasing link-up between the shopping centers and online retail via Digital Mall, their conceptional adaptation with an emphasis on leisure, customer expe- rience and meeting point aspects, and the increasing complementary importance of shop spaces for online retail, we see opportunities for further success even during the current accel- erated phase of structural change. Due to the portfolio optimisation completed in early 2023 through the purchase of further minority interests (for more details, see the “Report on events after the reporting date”), we see opportunities to grow the Company’s earn- ings in the long term, to increase the Company’s agility and to achieve better access to financing opportunities on the capital market. Additional attractive financing opportunities can lead to positive effects on EBT and FFO, especially in a market environment of rising interest rates and a tendency towards stricter loan conditions. There are also growth opportunities for Deutsche EuroShop AG, in keeping with its clearly defined, selective investment strategy, through the acquisition of further shopping centers or stakes therein. This, in turn, would positively impact the results of operations. 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 hold- ings structures, our good reputation with banks and as a reliable partner in the real estate mar- ket, the Company is well positioned to be able to continue to operate in the transactions market in such a way as to exploit opportunities going forward. REPORT OF THE EXECUTIVE BOARD ON RELATIONS WITH AFFILIATED COMPANIES Pursuant to Section 312 AktG, the Executive Board has prepared a report on relations with affiliated companies, which contains the fol- lowing concluding statement: “I declare that, with regard to the legal transactions and other measures mentioned in the report on relation- ships with affiliated companies, and according to the circumstances known to us at the time legal transactions were carried out or measures were taken or omitted, the Company received appropriate consideration for each legal trans- action and was not disadvantaged by the fact that measures were taken or omitted.”

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Combined Management Report Acquisition reporting ACQUISITION REPORTING Deutsche EuroShop shares are traded on the Stock Exchange in Frankfurt am Main and other exchanges. As at 31 December 2022, 84.38 % of the shares were held by Hercules BidCo GmbH, which, based on voting agreements, belongs to Alexander Otto among others (previous year: 20.03 %). With regard to disclosures concern- ing direct or indirect shareholdings that exceed 10 % of voting rights, please refer to the notes and the notes to the consolidated financial statements. The share capital amounted to €61,783,594 on 31 December 2022 and was composed of 61,783,594 no-par-value registered shares. The notional value of each share in the share capital is €1.00. The appointment and removal of mem- bers of the Executive Board are governed by Sections 84 and 85 AktG and Article 7 of the Articles of Association. Pursuant to Article 7 (1) of the Articles of Association, the Executive Board shall consist of one or more persons; fur- thermore, the Supervisory Board shall deter- mine the number of members of the Executive Board. Amendments to the Articles of Associ- ation are subject to Sections 179 and 133 AktG and Article 13 of the Articles of Association. Pursuant to Article 13 (4) of the Articles of Asso- ciation, the Supervisory Board shall be author- ised to resolve amendments and addendums to the Articles of Association that relate solely to wording. According to Article 5 of the Articles of Associ- ation, the Executive Board was 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). No use had been made of this authorisation prior to the expiry of the Authorised capital 2017. By resolution of the Annual General Meeting of 30 August 2022, the Executive Board was authorised, with the approval of the Super- visory Board, to increase the share capital by up to a total of €18,535,078 through individual or 15 3 multiple issues of new no-par-value registered shares against cash and /or non-cash contri- butions before 29 June 2027 (Authorised capi- tal 2022). As at 31 December 2022, no use had been made of this authorisation. With regard to the utilisation of the authorised capital in early 2023, please refer to the section “Report on events after the reporting date”. In addition, the Executive Board was author- ised by a resolution of the Annual General Meeting held on 28 June 2018 to acquire treas- ury shares in the Company constituting up to 10 % of the share capital available on the entry into force or – if this is lower – on exer- cise of the authorisation by 27 June 2023. As at 31 December 2022, no use had been made of this authorisation. By resolution of the Annual General Meet- ing on 18 June 2021, the Executive Board was authorised, with the approval of the Super- visory Board, to issue once or several times, until 17 June 2026, convertible bonds with a total nominal value of up to EUR 200 million and a maximum term of 10 years and to grant the holders of the respective, equally privi- leged, bonds 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 convertible bonds (“Bond conditions”; Conditional capital 2021). The convertible 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 2022, no use had been made of this authorisation. A change-of-control arrangement has been agreed with two employees. Under this arrange- ment, 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.

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15 4 Deutsche EuroShop / Annual Report 2022 if Deutsche A change of control arises EuroShop AG merges with another company, if a public takeover bid has been made under the German Wertpapiererwerbs- und Über- nahmegesetz (WpÜG – Securities Acquisition and Takeover Act) and has been accepted by a majority of shareholders, if the Company is inte- grated into a new group of companies or if the Company goes private and is delisted. In the event of such termination of the employ- ment 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 lim- ited to a maximum of 24 months’ gross salary. The Deutsche EuroShop Group does not currently have any other compensation agree- ments 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 facil- ities 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. DECLARATION ON CORPORATE GOVERNANCE (SECTION 289F, SECTION 315D HGB) 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 REPORTING ON THE ANNUAL FINANCIAL STATEMENTS OF DEUTSCHE EUROSHOP AG As the Group managing company, Deutsche EuroShop AG is responsible for corporate strat- egy, portfolio and risk management, financ- ing and communication. As the holding com- pany, the economic development of Deutsche EuroShop AG depends primarily on the business development of the Group’s operating compa- nies. Deutsche EuroShop AG also directly par- ticipates in and shares the opportunities and risks of the Group companies. Therefore, please also refer to the reporting on the Group in the sections “Macroeconomic and sector-specific conditions”, “Business development and overall comment on the Group’s financial situation”, “Risk report” and “Opportunity report” in this combined management report. The annual financial statements of Deutsche EuroShop AG were prepared in accordance with the rules of the German Commercial Code (HGB), in compliance with the German Stock Corporation Act (AktG), while those of the con- solidated financial statements were prepared according to IFRS rules.

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Combined Management Report Combined Management Report Reporting on the Annual Financial Statements of Deutsche EuroShop AG Reporting on the Annual Financial Statements of Deutsche EuroShop AG Results of operations of Deutsche EuroShop AG (HGB) in € thousand Other operating income Personnel expenses Depreciation / amortisation and other operating expenses Investment income Financial gains / losses Taxes on income and earnings Net profit Profit brought forward Income from capital reduction Reversal and transfer to other retained earnings Unappropriated surplus 01.01. – 31.12.2022 459 –4,277 01.01. – 31.12.2021 3,829 –1,997 –13,489 46,700 –9,194 1,011 21,210 35 723,034 –53,118 691,161 –4,658 41,533 –3,931 –4,069 30,707 41,312 0 –10,200 61,819 + / - –3,370 –2,280 –8,831 5,167 –5,263 5,080 –9,497 –41,277 723,034 –42,918 629,342 15 5 Change in % –88 –114 –190 12 –134 125 –31 Financial year 2022 for Deutsche EuroShop AG was, on the one hand, boosted by the improve- ment in investment income, which in the previ- ous year had still been significantly influenced by the effects of the coronavirus pandemic, but on the other burdened by significantly higher other operating expenses and the impair- ment of the investment in Saarpark Center Neunkirchen KG. This also explains why, at €20.2 million, earnings before taxes did not reach the level expected (€28.0 million to €34.0 million). The previous year also benefited from one-off income, which was not matched by corresponding income in the financial year, as a result of which earnings before taxes fell by €14.6 million from €34.8 million to €20.2 million. The decline in other operating income is explained by a reversal of the investment in Saarpark Center Neunkirchen KG (€1.6 million) in the previous year as well as by the corona- virus subsidy of €2.0 million received in the pre- vious year. The coronavirus subsidy was applied for by Deutsche EuroShop AG for itself and its affiliated German companies and provides for a pro-rata reimbursement of fixed costs. The transfer of the proportion of the subsidy attrib- utable to affiliated companies was recognised under other operating expenses in the previous year in the amount of €1.8 million. Other operating expenses increased by €8.8 million compared to the previous year. This was mainly due to expenses in connection with the acquisition of the majority of shares in Deutsche EuroShop AG by the bidding consor- tium of Oaktree Capital Management and CURA Vermögensverwaltung, which was completed in mid-2022, the preparations for the capital measure carried out in early 2023 and the acquisition of further shares in shopping center investments, as well as the replacement of the Executive Board. A principal component of the Company’s earn- ings was investment income, at €46.7 mil- lion (previous year: €41.5 million), which was up by €5.2 million year on year, exceeding the prior-year forecast (€36 million to €42 million). Investment income improved in particular due to the reduction of the necessary write-downs on receivables, which had been expected to be higher for 2022. However, planned and back- logged maintenance measures had the oppo- site impact, negatively affecting the income of individual investments. The financial result was burdened by the write- down on the investment in Saarpark Center Neunkirchen KG in the amount of €5.3 million, which was performed on the basis of an exter- nal valuation report for the investment.

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15 6 Deutsche EuroShop / Annual Report 2022 Taxes on income and earnings were €1.0 mil- lion, compared with an expense of €4.1 million in the previous year. Of this amount, €1.5 mil- lion was attributable to the reversal of deferred taxes (previous year: increase of €3.6 million) and €0.5 million (previous year: €0.5 million) to taxes to be paid. Net assets of Deutsche EuroShop AG (HGB) in € thousand Financial investments Other non-current assets Receivables and other assets Cash and bank balances Assets Equity Provisions Liabilities Deferred tax liabilities Liabilities 31.12.2022 1,099,246 69 849 139,518 1,239,682 1,049,438 3,069 104,156 83,019 1,239,682 31.12.2021 1,159,112 104 3,439 119,069 1,281,724 1,090,010 1,966 105,201 84,547 1,281,724 Change + / - –59,866 –35 –2,590 20,449 –42,042 –40,572 1,103 –1,045 –1,528 –42,042 The decrease in financial assets resulted from the withdrawals from investees made in finan- cial year 2022, reduced by the proportional net profits under commercial law. The equity ratio of Deutsche EuroShop AG remained virtually unchanged at 84.7 %, a very healthy and high level. Financial position of Deutsche EuroShop AG (HGB) in € thousand Net profit 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 Inflows / outflows from bank loans 4. Inflows / outflows from financing activities 5. Other cash changes in the balance sheet 6. Dividend for the previous year Liquidity at the start of the year Cash changes in liquidity (1st to 6th subtotal) Liquidity at the end of the year 01.01. – 31.12.2022 21,210 55,773 5,324 –1,528 80,779 0 0 –1,988 –1,988 3,442 –61,784 01.01. – 31.12.2021 30,707 11,414 –1,637 3,557 44,041 0 0 –1,799 –1,799 87 –2,471 119,069 20,449 139,518 79,211 39,858 119,069

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15 7 Forward-looking statements This combined management report contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent esti- mates based on all of the information available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently forecast. Rounding and rates of change Percentages and figures stated in this report may be subject to rounding differences. The sign used to indicate rates of change is based on economic considerations: improvements are indicated by a plus (+); deterioration by a minus (–). Combined Management Report Reporting on the Annual Financial Statements of Deutsche EuroShop AG The free cash flow from operating activities of €80.8 million increased significantly com- pared to the previous year (€44.0 million) on the back of lower investment income in the previ- ous year and the partial waiver of distributions to strengthen liquidity in the investments. For the past financial year, there was a return on the equity paid in amounting to €1,369.0 mil- lion of 5.9 %, compared with 3.2 % in the previ- ous year. Free cash flow per share rose from €0.71 to €1.31. 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 €139.5 million. Forecast for Deutsche EuroShop AG (HGB) The forecast for financial year 2023 takes into account the increase in shares in six shop- ping center companies in early 2023 (for more details, see the “Report on events after the reporting date”). Management expects that in the key performance indicators will be rela- tively stable, developing as follows: income from investments of €45 million to €51 million, and thus comparable with 2022 (€46.7 million), and earnings before taxes of between €36 million and €42 million, thus slightly higher than the figure seen in 2022. Hamburg, 31 March 2023

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15 8 Deutsche EuroShop / Annual Report 2022 CONSOLIDATED FINANCIAL STATEMENTS 2022 Contents Consolidated Financial Statements Consolidated Balance Sheet Consolidated Income Statement Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements 1. 2. 3. 4. 5. 6. General disclosures Basis of consolidation Consolidation methods New accounting standards and changes in presentation Currency translation Significant accounting policies and valuation methods Intangible assets and property, plant and equipment Investment properties Investments accounted for using the equity method Notes to the Consolidated Balance Sheet 7. 8. 9. 10. Trade receivables 11. Other current assets 12. Cash and cash equivalents 13. Equity and reserves 14. Non-current and current financial liabilities 15. Other non-current and current financial liabilities 16. Deferred tax liabilities 17. Right of redemption of limited partners 18. Other provisions 160 160 162 163 164 165 166 166 166 167 169 170 171 171 176 176 176 179 181 181 182 182 184 185 186 186 187

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15 9 187 187 188 188 189 189 190 190 190 191 191 192 194 194 196 197 197 197 197 197 198 199 201 202 Notes to the Consolidated Income Statement 19. Revenue 20. Property operating costs 21. Property management costs 22. Write-downs and disposals of financial assets 23. Other operating income 24. Other operating expenses 25. Share of the profit or loss of associates and joint ventures accounted for using the equity method 26. Measurement gains / losses 27. Taxes on income and earnings 28. Earnings per share Segment reporting Other disclosures 29. Financial instruments and risk management 30. Notes to the consolidated cash flow statement 31. Other financial obligations 32. Headcount 33. Auditor’s fees 34. Declaration of Conformity with the German Corporate Governance Code 35. Related parties for the purposes of IAS 24 36. Voting rights notices 37. The Supervisory Board and Executive Board 38. Events after the reporting date Information on shareholdings – annex to the notes

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Consolidated Financial Statements Consolidated Balance Sheet 161 Liabilities in € thousand EQUITY AND LIABILITIES Equity and reserves Subscribed capital Capital reserves Retained earnings Total equity Non-current liabilities Financial liabilities Deferred tax liabilities Right of redemption of limited partners Other liabilities Non-current liabilities Current liabilities Financial liabilities Trade payables Tax liabilities Other provisions Other liabilities Current liabilities Total equity and liabilities Note 31.12.2022 31.12.2021 13. 14. 16. 17. 15. 14. 15. 15. 18. 15. 61,784 494,526 1,479,927 2,036,237 1,464,917 334,404 307,130 6,333 2,112,784 14,334 8,067 474 11,267 24,943 59,085 4,208,106 61,784 1,217,560 783,522 2,062,866 1,264,748 333,037 314,914 23,995 1,936,694 237,366 5,345 196 10,120 26,203 279,230 4,278,790

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16 2 Deutsche EuroShop / Annual Report 2022 CONSOLIDATED INCOME STATEMENT 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 taxes (EBT) Taxes on income and earnings Consolidated profit Earnings per share (€), undiluted and diluted Note 19. 20. 21. 10., 22. 23. 24. 9., 25. 17. 26. 27. 28. 01.01.-31.12.2022 212,811 –26,652 –10,561 –8,130 167,468 5,504 –20,540 152,432 01.01.-31.12.2021 211,752 –23,076 –9,471 –25,029 154,176 6,265 –7,940 152,501 12,926 –36,107 –15,954 272 –38,863 –89,746 23,823 –2,466 21,357 0,35 29,612 –39,188 –13,408 7 –22,977 –58,821 70,703 –10,758 59,945 0,97

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16 4 Deutsche EuroShop / Annual Report 2022 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY in € thousand 01.01.2021 Total profit Dividend payments 31.12.2021 01.01.2022 Total profit Capital increase Capital reduction Dividend payments 31.12.2022 Number of shares outstanding Note 61,783,594 13. 61,783,594 61,783,594 13. 723,034,380 13. –723,034,380 13. 61,783,594 Sub- scribed capital 61,784 0 0 61,784 61,784 0 723,034 –723,034 0 61,784 Capital reserves 1,217,560 0 0 1,217,560 1,217,560 0 –723,034 0 0 Other retained earnings 742,183 59,945 –2,471 799,657 799,657 21,357 0 723,034 –61,784 494,526 1,482,264 Statutory reserve 2,000 0 0 2,000 2,000 0 0 0 0 2,000 Cash flow hedge reserve –20,281 2,146 0 –18,135 –18,135 13,798 0 0 0 –4,337 Total 2,003,246 62,091 –2,471 2,062,866 2,062,866 35,155 –723,034 723,034 –61,784 2,036,237

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Consolidated Financial Statements Consolidated Cash Flow Statement 16 5 CONSOLIDATED CASH FLOW STATEMENT 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 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 26. 23. 25. 9. 10., 11. 18. 15. 26. 8. 14., 28. 14. 15. 17. 13. 12. 12. 01.01.-31.12.2022 21,357 2,466 38,863 01.01.-31.12.2021 59,945 10,758 22,977 155 89,746 25,198 827 1,147 1,326 181,085 –36,269 272 –4,463 140,625 –39,483 –15 –39,498 2,749 –25,450 –96 –10,442 –61,784 –95,023 6,104 328,839 334,943 171 58,821 18,788 –11,500 1,807 10,901 172,668 –38,922 7 –3,487 130,266 –18,732 –59 –18,791 6,678 –46,258 –98 –6,517 –2,471 –48,666 62,809 266,030 328,839

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16 6 Deutsche EuroShop / Annual Report 2022 NO T E S T O T HE C ONS OL IDAT ED FIN A NC I A L S TAT EMEN T S for financial year 2022 PRINCIPLES UNDERLYING THE CONSOLIDATED FINANCIAL STATEMENTS General disclosures 1. The Group parent company is Deutsche EuroShop AG, Hamburg, Germany. The Com- pany’s head office is at Heegbarg 36, 22391 Hamburg, Germany. The Company is entered in the Hamburg Commercial Register (HRB 91799). Deutsche EuroShop AG focuses on acquiring, managing, using and selling investments of all kinds, and in particular investments in retail properties. The consolidated financial statements of Deutsche EuroShop AG have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the Inter- national Accounting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the supplementary provisions of German commercial law required to be applied under Section 315e (1) of the Handelsgesetzbuch (HGB – German Commercial Code). All IFRS and IFRIC interpretations endorsed by the European Commission and required to be applied as at 31 December 2022 have been applied. The Exec- utive Board prepared the consolidated financial statements as at 31 December 2022 on 31 March 2023 and forwarded them to the Supervisory Board for examination and approval. In addition to the consolidated balance sheet, consolidated income statement and consoli- dated statement of comprehensive income, the consolidated financial statements comprise the consolidated statement of changes in equity, the consolidated cash flow statement and the notes to the consolidated financial statements. Amounts are mainly presented in thousands of €. The preparation of the consolidated financial statements necessitates the use of estimates and assumptions. These affect the reported amounts of assets, liabilities and contingent liabilities as at the reporting date, as well as the recognition of income and expenses during the reporting period. The actual amounts can differ from these estimates. Expected cash flows and the discount factor in particular are critical parameters for the measurement of investment properties (for more information, see the notes to section “8. Investment properties”). A detailed list of the companies included in the consolidated financial statements forms part of the notes. The annual financial statements of the consoli- dated companies were prepared on 31 Decem- ber 2022, the reporting date of the consolidated financial statements.

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Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements Basis of consolidation 2. The scope of consolidation has not changed compared with the previous year. As at 01.01. / 31.12.2022 Fully consolidated subsidiaries Joint ventures included in consolidated financial statements in accordance with the equity method Associates included in consolidated financial statements in accordance with the equity method Domestic 1 11 Abroad 1 4 4 0 3 1 167 Total 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 statements of the parent com- pany 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 inves- tee 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, Hamburg, 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 €677,817 thousand (previous year: €693,992 thousand) and current assets of €39,308 thousand (previous year: €37,235 thou- sand) as at the reporting date. Non-current lia- bility items amounted to €209,412 thousand (previous year: €209,412 thousand) and cur- rent liability items totalled €9,868 thousand (previous year: €9,208 thousand). The Com- pany generated revenue of €34,291 thousand (previous year: €34,442 thousand) and net profit (after earnings due to limited partners) of €-22 thousand (previous year: €9,968 thousand). A dividend of €7,443 thousand (previous year: €3,215 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 oper- ations and are accounted for using the equity method. Deutsche EuroShop AG has a 75% stake in Stadt-Galerie Passau KG, Hamburg. On the basis of corporate agree- ments, 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 exercise a significant influ- ence but not control over companies, these investments are measured using the equity method. Investees Investments over which Deutsche EuroShop AG has neither significant 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 adjustment in other income as well. As at 31 December 2022, the Group had no investees.

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16 8 Deutsche EuroShop / Annual Report 2022 Shareholdings The list of shareholdings as required by Sec- tion 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 Sec- tion 264b HGB and have exercised the option of exemption from specific provisions regard- ing the preparation, auditing and disclosure of the annual financial statements or management report. Acquisitions after the reporting date On 12 January 2023, the Deutsche EuroShop Group concluded six purchase agreements for the acquisition of further shares in six property companies in which it already held an inter- est of between 50% and 75%. Specifically, this involved the following companies: Allee-Center Magdeburg KG, Hamburg Group share 1. 2. Stadt-Galerie Passau KG, Hamburg 3. Saarpark Center Neunkirchen KG, Hamburg 4. Immobilienkommanditgesellschaft FEZ Harburg, Hamburg 5. Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, Hamburg Forum Wetzlar KG, Hamburg 6. The sellers undertook, under certain conditions and at the request of Deutsche EuroShop AG, to contribute the purchase price receivable result- ing from the sale (including accrued interest) to Deutsche EuroShop AG against the granting of new shares. The total purchase price (including accrued interest) amounts to €304,070 thou- sand and was financed by means of a capi- tal increase (for more information on the cap- ital increase, see section “38. Events after the reporting date”). Before acquisition 50% 75% 50% 50% 74% 65% Acquisition in 2023 50% 25% 40% 25% 26% 35% After acquisition 100% 100% 90% 75% 100% 100% As a result of the acquisition, the four compa- nies that were previously included in the Group as joint ventures (No. 1. – 4.) using the equity method are to be considered as subsidiar- ies in the future. The change in the consolida- tion method includes a revaluation of the pre- vious at-equity investments. The revaluation resulted in a valuation gain of €12,666 thou- sand in 2023, in particular due to the fair value measurement of loans. The inclusion of the four companies as subsidiaries for the first time requires the assets and liabilities being added to be compared with the consideration granted. The resulting differences were examined in respect of further hidden reserves or encum- brances and then recognised in profit or loss in the amount of €7,765 thousand in 2023 meas- urement gains / losses. The following table shows the assets and liabilities to be added in early 2023 for the four companies, as well as the differences recognised in profit or loss:

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Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements 169 in € thousand Non-current assets Investment properties Current assets Trade receivables Cash and cash equivalents Other current assets Non-current liabilities Financial liabilities Right of redemption of limited partners Current liabilities Financial liabilities Other current liabilities Total identifiable net assets at fair value Revalued at-equity method Purchase price of shares Consideration Excess of identified net assets acquired over cost of acquisition Allee-Center Magdeburg KG, Hamburg Immobilien- kommandit- gesellschaft FEZ Harburg, Hamburg Stadt-Galerie Passau KG, Hamburg Saarpark Center Neunkirchen KG, Hamburg 217,000 759 5,660 898 0 0 0 –1,342 222,975 111,488 112,769 224,257 1,282 227,000 667 4,603 423 –99,080 –32,840 –213 –2,042 98,518 65,679 29,440 95,119 –3,399 157,000 520 3,801 261 0 0 0 –690 160,892 120,669 39,435 160,104 –788 172,000 672 5,696 273 –48,158 –12,766 25 –2,852 114,890 63,828 46,203 110,031 –4,859 The acquisition of the remaining shares in companies 5. and 6. results in an expense of €7,766 thousand, which is the difference between the outgoing redemption entitlements of limited partners (€68,457 thousand) and the consideration granted (€76,223 thousand). The incidental acquisition costs for the purchase of the six additional company shares of around €21 million will be recognised in 2023 measure- ment gains / losses and mainly include the land transfer tax. A land transfer tax assessment had not been completed by the date these financial statements were prepared and is based on the best estimate. If the other company shares had already been acquired by 1 January 2022, this would have increased the consolidated revenue by a fur- ther €50,290 thousand and the earnings before taxes (excluding measurement gains / losses) by a further €19,442 thousand. Consolidation methods 3. Under the purchase method, the cost is elimi- nated 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 recognised 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.

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17 0 Deutsche EuroShop / Annual Report 2022 New accounting standards and changes in presentation 4. New accounting standards The following new or amended standards and interpretations relevant for the business activities of the Group are required to be applied for the first time to the financial years ending on 31 December 2022: Amendment / Standard Onerous Contracts — Cost of Fulfilling the Contract (amendment to IAS 37) Reference to the Conceptual Framework (Amendment to IFRS 3) Amendment Date applied (EU) 1 January 2022 The amendment specifies which costs should be considered when assessing whether a contract is onerous. 1 January 2022 An outdated reference in IFRS 3 to the framework concept was updated and again made it clear that contingent receivables must not be recognised in business combinations. Impact on the net assets, financial position and results of operations or cash flow of Deutsche EuroShop AG No impact No impact Annual Improvements Project 1 January 2022 Revision of selected provisions of IFRS 1, IFRS 9, IFRS 16 und IAS 41 No material impact The following new or amended standards and interpretations relevant for the business activ- ities of the Group are not yet compulsory and have not been applied prematurely: Amendment / Standard Classification of debt as current or non-current (Amendment to IAS 1) Disclosure of Accounting Policies (Amendment to IAS 1) Definition of Accounting Estimates (Amendment to IAS 8) Expected date of application (EU) 1 January 2024 Clarification of the classification Expected amendment of liabilities as current and non-current 1 January 2023 The amendments are intended to assist preparers of IFRS financial statements in deciding which accounting and measurement policies are significant and therefore subject to disclosure requirements. 1 January 2023 The amendment introduced a definition of accounting estimates that clarifies how changes in estimates differ from changes in accounting policies and corrections of errors. Impact on the net assets, financial position and results of operations or cash flow of Deutsche EuroShop AG No material impact No material impact No material impact Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendment to IAS 12) 1 January 2023 The amendment narrows the exemption rule according to which deferred taxes do not have to be recognised on the initial addition of assets and liabilities. The amendment is to be applied prospectively and may affect future transactions.

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Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements In addition, further standards and interpreta- tions were adopted which are not expected to have any impact on the Group. Currency translation 5. The Group currency is the euro (€). The companies located outside the eurozone that are included in the consolidated financial statements are treated as legally independent, but economically dependent, integrated compa- nies. 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 171 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 statement 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 in the case of discrepancies between the translation rates of the balance sheet and consolidated income statement are recognised in profit or loss. Translation was based on exchange rates: following the €1 = Hungarian forint (HUF) Polish zloty (PLN) Czech koruna (CZK) 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 report- ing 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 modification to the lease and are Closing rate 400.25 4.69 24.12 31.12.2022 Average rate 391.33 4.69 24.86 Closing rate 369.00 4.60 24.86 31.12.2021 Average rate 358.51 4.57 25.41 distributed on a straight-line basis over the remaining lease term from the date the agree- ment was reached. This approach is not appli- cable with respect to the suspension or reduc- tion of rental payments 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 state- ment. 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 insurance). The proceeds received through the transfer of these expenses, which are included in the property operating costs, are recognised in revenue (unnetted recognition).

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17 2 Deutsche EuroShop / Annual Report 2022 Intangible assets Intangible assets include acquired software and software licenses of Deutsche EuroShop AG and goodwill. Software additions are measured at cost. These are amortised at 33% using the straight-line method over the expected useful life of three years. The method of depreciation and the depreciation period are reviewed annually at the end of each financial year. Goodwill within the context of a company take- over arose as a positive difference between the fair value of the assets, liabilities and contingent liabilities at the time of acquisition as well as the deferred taxes of the acquired company and the consideration paid for it by the Group. Goodwill is not subject to amortisation. Property, plant and equipment Property, plant and equipment is reported at cost, less depreciation and, where applicable, impairment charges. Operating and office equipment comprises office equipment, tenant fixtures, fittings and technical equipment belonging to Deutsche EuroShop AG, and is depreciated using the straight-line method over three to 13 years. The method of depreciation and the depreciation period are reviewed annually at the end of each financial year. Property, plant and equipment also include right-of-use assets under leases. Other revenue and other operating income are recognised once the relevant service has been rendered or once the risk has passed to the customer. Other operating expenses are recognised once the service has been utilised or at the time when they are booked through profit and loss. Interest income and expense are accrued. Determination of fair values The Group regularly reviews the determina- tion of fair values for financial and non-financial assets and liabilities. It also conducts a regular assessment of significant, non-observable input factors and carries out valuation adjustments. When determining the fair value of an asset or liability, the Group uses observable market data wherever possible. Based on the input factors used in the valua- tion techniques, the fair values are categorised into different levels of the fair value hierarchy in accordance with IFRS 13: Level 1: Fair values determined using quoted prices in active markets. Level 2: Fair values determined using valuation methods for which the input factors that are relevant for the fair value are based on directly or indirectly observable market data. Level 3: Fair values determined using valuation methods for which the input factors that are rel- evant for the fair value are based on unobserv- able market data. In the case of assets or liabilities that are rec- ognised at fair value on a regular basis, it is determined based on a reassessment at the end of the financial year whether reclassifica- tions took place between the hierarchical levels. In financial year 2022, as in the previous year, no reclassifications were made between the hier- archical levels.

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17 3 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. Main- tenance 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 condition 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 according to IFRS 16 and, for the term of provision, recognises an asset for the right of use granted and a lease lia- bility. 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. Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements Impairment losses on intangible assets and property, plant and equipment The value of the goodwill is reviewed at least once a year (as at 31 December) at the level of the cash-generating units of the Group to which goodwill was allocated at the time of acquisition. The impairment loss test as at 31 December 2022 did not result in a need for write-downs, as in the previous year. For intangible assets with finite useful lives as well as for property, plant and equipment, the value is only reviewed if there are actual indi- cations of impairment. An impairment loss is recognised in income in the measurement gains / losses provided that the recoverable amount of the assets is lower than the carrying amount. The recoverable amount is the higher value from the fair value less costs of disposal and value in use. In the financial year, there were no indications of impairment for the intan- gible assets with finite useful lives or for prop- erty, plant and equipment. Investment properties Under IAS 40, investment property must ini- tially be measured at cost at the date of acqui- sition. Property that is under construction and intended to be used as investment property fol- lowing its completion also falls under the scope of IAS 40. Property held as a financial invest- ment 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 measurement gains / losses (recurring fair value measure- ment). Investment property is property held for the long term to earn rental income or capital gains. Under IAS 40, investment property meas- ured using the fair value model is no longer depreciated. Borrowing and initial rental costs that are directly attributable to the acquisition, con- struction 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 temporary invest- ment of specifically borrowed funds up to the point when these are used to obtain qualifying

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174 Deutsche EuroShop / Annual Report 2022 Right of redemption of limited partners The distinction between equity and liabilities under international accounting standards is set out in IAS 32 Financial Instruments: Pres- entation. In accordance with this standard, the equity interests of third-party shareholders in commercial partnerships are reclassified as liabilities due to the shareholders’ potential right of redemption. According to Sections 131 et seq. HGB, shareholders in commercial part- nerships have an ordinary legal right of termi- nation of six months with effect from the end of the financial year, which the shareholders’ agreement can define from a long-term per- spective, but cannot exclude. As a result of this stipulation, a liability rather than equity was recognised in the balance sheet. This liability must be measured at the repayment amount. Financial liabilities Liabilities to banks / bank loans and overdrafts are reported at amortised cost. Discounts are deducted, which under IFRS 9 must be amor- tised over the term of the loan agreement and recognised annually as an expense. Trade payables Trade payables are recognised at their repay- ment amount. Other liabilities Other liabilities are recognised at amortised cost. Government grants To mitigate the effects of the coronavirus pan- demic, the Group applied for bridging assis- tance III in the amount of €2 million in 2021. The bridging assistance III applied for must be rec- ognised in profit or loss as a government grant if there is reasonable 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 30 June 2023. 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 recog- nised 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 rec- ognised at amortised cost less write-downs. As a general rule, the Group applies the simplified approach permitted under IFRS 9 and meas- ures the write-down on the basis of the credit losses expected over the life of the asset. In the previous year, this did not include receivables due from tenants due to the temporary cessa- tion of rental payments as a result of the coro- navirus pandemic and for which no contractual agreement could been reached with the ten- ant by the last reporting date. The write-down for this receivable was measured based on the expected rent concessions to be granted.

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17 5 Deferred taxes In accordance with IAS 12, deferred taxes are recognised for all deductible temporary differ- ences between the tax accounts and the IFRS balance sheet, using the currently enacted tax rate. At present, deferred taxes are primarily formed on the differences between the IFRS carrying amounts of the properties and their carrying amounts for tax purposes. A uniform corporate tax rate of 15% plus the solidarity surcharge of 5.5% was used for German com- panies, and in some cases a rate of 16.45% for trade tax. For Hungarian taxes, a tax rate of 9% was taken, while for Polish taxes the rate was 19%, for Czech taxes it was 19% and for Austrian taxes it was 23%. In accordance with IAS 12.74, deferred tax assets on existing loss carryfor- wards are offset against deferred tax liabilities. Other provisions Under IFRS, other provisions may only be rec- ognised if a present obligation exists towards a third party and payment is more likely than not. Non-current provisions are discounted. Notes to the Consolidated Financial Statements Principles underlying the Consolidated Financial Statements Cash and cash equivalents Cash and cash equivalents include cash and bank balances (terms of up to three months) at their principal amounts. Derivative financial instruments Derivatives that qualify for hedge accounting in accordance with IFRS 9 are used to hedge interest rate risks. These are fixed-rate swaps to limit the interest rate risk of variable interest rate loans, which have terms extending to 2027. The interest rate hedges are recognised at fair value (recurring fair value measurement) under “Other assets” or “Other liabilities”. Changes are recognised directly in equity, provided that the conditions of the underlying and hedge trans- action are identical. The effectiveness of the hedging measures is verified regularly using the degree of harmony between the contract terms for the hedged item and the hedge (“crit- ical term match”). If the effectiveness between the hedged item and the hedge does not exist, the hedge is measured as a derivative at fair value in profit or loss. Present value is calcu- lated based on discounted cash flows using cur- rent market interest rates. The final maturities of the interest rate hedges and loan agreements are identical. Investments accounted for using the equity method Investments in associates and joint ventures are initially recognised at cost in the balance sheet and adjusted by changes in the Group’s share of the equity of the associate / joint venture after the date of acquisition. At every reporting date, the Group reviews whether there are indications that the shares are impaired in relation to the amortised carrying amounts.

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176 Deutsche EuroShop / Annual Report 2022 NOTES TO THE CONSOLIDATED BALANCE SHEET 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 2022 53,867 0 0 0 53,867 –2,148 0 0 –2,148 51,719 51,719 Goodwill 2021 53,867 0 0 0 53,867 –2,148 0 0 –2,148 51,719 51,719 Software and software licenses 2021 105 2022 135 Operating and office equipment 2021 837 2022 884 0 8 0 143 –103 –11 0 –114 32 29 0 37 –7 135 –92 –29 18 –103 13 32 329 7 0 1,220 –640 –144 0 –784 244 436 45 11 –9 884 –507 –142 9 –640 330 244 The goodwill arose from deferred tax liabilities for the real estate assets that had to be rec- ognised at the time of the initial consolidation (31 March 2017) of Olympia Brno. As at the reporting date, operating and office equipment included right-of-use assets under leases amounting to €373 thousand (previous year: €142 thousand). These result mainly from the rental of office space and the leasing of cars. 8. Investment properties in € thousand Carrying amount as at 1 January Additions Disposals Recognised construction measures Unrealised changes in fair value Carrying amount as at 31 December 2022 3,393,554 0 0 39,483 –103,042 3,329,995 2021 3,437,145 0 0 18,732 –62,323 3,393,554 Investment properties continue to include a cap- italised leasehold of €322 thousand. The annual ground rent of €10 thousand payable for this is charged to a tenant in the same amount. The unrealised changes in market value relate to appreciation and depreciation in accordance with IAS 40.

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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet The fair values of the properties in the period under review as at 31 December 2022 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 dis- counted cashflow method (DCF) was used. The compensation contractually fixed for the appraisal reports prior to preparation of the appraisals is independent of the measurement gain / loss. The DCF 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 plan- ning 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 cap- italisation interest rate). In a second step, the residual value is discounted back to the meas- urement date. 17 7 JLL applied the equated yield model in order to arrive at the discount and capitalisation inter- est rates. The capitalisation interest rate was derived for each property individually from ini- tial rates of return from comparable transac- tions. At the same time, such determinants of value as inflation and changes in rent and costs were implicitly taken into account in the capital- isation interest rate. The risk profile specific to each property was also adjusted by reference to the relevant individual indicators. Examples of such indicators include the quality of the prop- erty’s location and position, market trends and developments in the competitive environment. JLL likewise derived the discount interest rates from comparable transactions, albeit making adjustments for projected increases in rent and costs, since these had been explicitly shown in the relevant cash flow. JLL applied the same methods in valuing domestic and foreign real properties. The following overview shows the key assump- tions used by JLL to determine the market values: Valuation parameters in % Rate of rent increases Cost ratio Discount rate Capitalisation interest rate 31.12.2022 1.77 12.51 6.90 5.32 31.12.2021 1.34 11.59 6.06 5.24 Shopping center operations were affected to a lesser extent by legally mandated measures to protect against the coronavirus pandemic than they were in the previous year. In contrast to the prior-year valuation, turnover rent was again taken into account in the valuation. How- ever, this approach was confined to tenants that paid turnover rent in 2021. An additional corona- virus-related rental loss was no longer recog- nised in the valuation. The re-letting probabil- ity was also adjusted in line with the changed situation. The full extent of the war in Ukraine and its long-term macroeconomic consequences can- not be foreseen at present. However, repercus- sions due to higher inflation and interest rates on the real estate markets are already making their mark. Depending on the duration and fur- ther course of the war, there may be changes in market value. We will continuously monitor the situation and any changes in value and include these in our future reporting.

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17 8 Deutsche EuroShop / Annual Report 2022 A 25 or 100 bp change in a material parame- ter (sensitivity analysis) of real estate apprais- als would have the following pre-tax impact on measurement gains / losses (including the share attributable to at-equity consolidated companies): Sensitivity analysis – Valuation parameters Rate of rent increases Cost ratio Discount rate Capitalisation interest rate Basis 1.77 12.51 6.90 5.32 Change in parameter + 0.25 percentage points – 0.25 percentage points + 1.00 percentage points - 1.00 percentage points + 0.25 percentage points – 0.25 percentage points + 0.25 percentage points – 0.25 percentage points in € million 139.8 –94.5 –35.0 40.7 –67.5 64.3 –98.7 106.2 in % 4.0 –2.7 –1.0 1.2 –1.9 1.8 –2.8 3.0 Over the forecast period, rents were assumed to increase on average over the long term at 1.77% (previous year: 1.34%). On average, man- agement and administrative costs at 12.51% (previous year: 11.59%) were deducted from the forecast rents. This resulted in an average net income of 87.49% (previous year: 88.41%). Actual management and administrative costs (exclud- ing write-downs) amounted to 17.5% of rental income in the year under review (previous year: 15.4%). The appraisal showed that, for finan- cial year 2022, the real property portfolio had an initial yield before deduction of transaction costs of 6.37%, compared with the prior-year figure of 5.78%, and an initial rate of return net of transaction costs (net initial yield) of 6.01%, following 5.45% in the previous year. IFRS 13 hierarchy levels in € thousand Investment properties Outstanding tenant incentives granted and still to be distributed over the term of the rental agreements amounting to €21,826 thou- sand (previous year: €13,267 thousand) were deducted from the appraisal value. To the extent that these are rent-free periods, they are reported under trade accounts receivable. Other miscellaneous concessions, such as construc- tion cost subsidies, are reported under other current assets. The following shows details and disclosures in accordance with IFRS 13 for the hierarchical levels of the fair values of the Group’s invest- ment properties as at 31 December 2022: Level 1 0 Level 2 0 Level 3 3,329,995 The properties are predominantly secured by mortgages. There were secured financial lia- bilities in the amount of €1,479,251 thousand (previous year: €1,502,114 thousand). The rental income of the properties valued in accordance with IAS 40 was €212,811 thousand (previous year: €211,752 thousand). Directly associated operating expenses (excluding write-downs) amounted to €37,213 thousand (previous year: €32,547 thousand).

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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet 9. Investments accounted for using the equity method in € thousand Carrying amount as at 1 January Distributions and capital repayments received Share of profit / loss Carrying amount as at 31 December 17 9 2021 444,517 –18,788 29,612 455,341 2022 455,341 –25,198 12,926 443,069 Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are included in the consolidated 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 following asset and liability items and income items for the reporting year. The values do not correspond to the share attributa- ble to the Group, but the total amounts: Allee-Center Magdeburg KG, Hamburg 31.12.2021 220,211 7,606 31.12.2022 216,434 7,883 Immobilien - kommanditgesellschaft FEZ Harburg, Hamburg 31.12.2021 228,733 7,868 31.12.2022 225,206 7,489 Stadt-Galerie Passau KG, Hamburg 31.12.2021 161,653 4,883 31.12.2022 155,838 5,744 5,660 0 0 1,342 0 16,632 6 14,004 –3,777 0 10,227 0 10,227 4,772 0 0 2,091 0 16,391 0 12,515 217 0 12,732 0 12,732 4,603 111,818 111,818 4,146 2,104 13,350 –1,969 8,173 –3,534 0 4,639 0 4,639 4,214 113,710 113,710 4,391 2,072 13,416 –2,848 6,088 1,461 0 7,549 0 7,549 3,801 0 0 690 0 9,879 6 8,555 –5,999 0 2,556 0 2,556 2,342 0 0 596 0 9,709 0 7,521 2,035 0 9,556 0 9,556 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

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18 0 Deutsche EuroShop / Annual Report 2022 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 Saarpark Center Neunkirchen KG, Hamburg 31.12.2021 31.12.2022 180,029 171,126 7,515 7,131 EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna 1 31.12.2021 211,423 5,512 31.12.2022 207,861 7,191 Einkaufs-Center Arkaden Pécs KG, Hamburg 31.12.2021 98,000 6,124 31.12.2022 95,000 6,410 5,696 58,785 58,862 2,904 –25 12,031 –676 8,445 –9,732 0 –1,287 0 –1,287 5,042 58,764 58,837 2,680 –25 11,690 –677 8,077 82 0 8,159 0 8,159 4,657 88,250 88,250 2,959 541 13,450 –1,931 9,331 –4,118 0 5,213 0 5,213 4,032 89,315 89,315 2,422 567 12,628 –1,963 8,569 3,440 0 12,009 0 12,009 4,331 35,195 25,650 1,915 600 8,829 –813 6,686 –3,049 –412 3,226 0 3,226 5,210 35,810 26,250 1,684 600 8,458 –832 5,108 –68 –600 4,440 0 4,440 1 Includes the figures for the immaterial joint venture CAK City Arkaden Klagenfurt KG, Hamburg. The equity method valuation amounted to €912 thousand (previous year: €915 thousand) and the net profit for the year €32 thousand (previous year: net loss of €24 thousand). Under the equity method, the joint ventures changed as follows in the period under review: Allee-Center Magdeburg KG, Hamburg Immobilien - kommandit- gesellschaft FEZ Harburg, Hamburg Stadt-Galerie Passau KG, Hamburg Saarpark Center Neunkirchen KG, Hamburg EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna Einkaufs- Center Arkaden Pécs KG, Hamburg 112,863 5,114 7,002 –1,888 –6,489 59,251 2,320 4,087 –1,767 –3,205 124,455 1,917 6,416 –4,499 –5,703 62,858 –643 4,223 –4,866 –3,739 62,599 2,607 4,666 –2,059 –3,284 33,315 1,611 3,343 –1,525 –2,778 111,488 58,366 120,669 58,476 61,922 32,148 in € thousand Equity method valuation as at 01.01.2022 Share of profit / loss of which EBT (excl. measurement gains / losses) of which measurement gains / losses Deposits / withdrawals Equity method valuation as at 31.12.2022

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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet 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 Write-downs as at 31.12. 181 2021 39,494 –21,135 12,209 –7,805 –16,731 22,763 2022 26,883 –16,731 9,254 –2,415 –9,892 16,991 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. As a result of the coronavirus pandemic, some tenants did not make their payments in full in financial years 2020 and 2021, which led to an increase in receivables during those years. In the year under review, the receivables portfolio was reduced again. The measurement of receiv- ables as at 31 December 2022 and the derecog- nition of receivables during the year resulted in total expenses of €8,130 thousand (previous year: €25,029 thousand). 11. Other current assets in € thousand Deferred tenant incentives Prepaid center marketing costs Cash deposits Other receivables from tenants Coronavirus assistance Other current assets Other receivables from tenants mainly comprise receivables for heating and ancillary costs. 31.12.2022 17,660 3,804 3,334 2,931 0 3,195 30,924 31.12.2021 11,220 4,198 3,917 1,842 2,000 3,121 26,298

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18 2 Receivables in € thousand Trade receivables Other assets (previous year’s figures) Trade receivables (after write-downs) were mainly overdue as at the reporting date. As in the previous year, other assets were not over- due as at the reporting date. 12. Cash and cash equivalents in € thousand Current accounts Short-term deposits / time deposits Cash Deutsche EuroShop / Annual Report 2022 Total 16,991 (22,763) 30,924 (26,298) 47,915 (49,061) up to 1 year 16,991 (22,763) 30,924 (26,298) 47,915 (49,061) over 1 year 0 (0) 0 (0) 0 (0) 31.12.2022 294,942 40,000 1 334,943 31.12.2021 328,837 0 2 328,839 13. Equity and reserves Changes in equity are presented in the state- ment 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. The notional value of each share in the share capital is €1.00. According to Article 5 of the Articles of Asso- ciation, the Executive Board was authorised, with the approval of the Supervisory Board, 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). No use had been made of this authorisation prior to the expiry of the Authorised capital 2017. By resolution of the Annual General Meeting of 30 August 2022, the Executive Board was authorised, with the approval of the Supervi- sory Board, to increase the share capital by up to a total of €18,535,078 through individual or multiple issues of new no-par-value registered shares against cash and / or non-cash contri- butions before 29 June 2027 (Authorised cap- ital 2022). As at 31 December 2022, no use had been made of this authorisation. With regard to the utilisation of the authorised capital in early 2023, please refer to section “38. Events after the reporting date”. In addition, the Executive Board was authorised by a resolution of the Annual General Meeting held on 28 June 2018 to acquire treasury shares in the Company constituting up to 10% of the share capital available on the entry into force or – if this is lower – on exercise of the authorisa- tion by 27 June 2023. As at 31 December 2022, no use had been made of this authorisation. By resolution of the Annual General Meeting on 18 June 2021, the Executive Board was author- ised, with the approval of the Super visory Board, to issue once or several times, until 17 June 2026, convertible bonds with a total nom- inal value of up to €200 million and a max- imum term of 10 years and to grant the hold- ers of the respective, equally privileged, bonds conversion rights to new no-par value shares in the Company up to a total of 10,000,000 shares

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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet (€10.0 million), as detailed in the terms and conditions for convertible bonds (“Bond con- ditions”) (“Conditional capital 2021”). The con- vertible bonds may pay a variable rate of inter- est, 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 2022, no use had been made of this authorisation. By resolution of the Annual General Meet- ing on 30 August 2022, the share capital of Deutsche EuroShop AG was increased through a capital increase from company funds of €723,034 thousand to €784,818 thousand by converting some of the capital reserves in the amount of €723,034 thousand. On the same date, an ordinary capital reduction of €723,034 thousand from €784,818 thousand to €61,784 thousand was resolved by trans- ferring the reduction amount to other retained earnings. Deutsche EuroShop AG’s prior-year unappropri- ated surplus of €61,819 thousand was used to pay a dividend of €1.00 per share, corresponding 18 3 to a total dividend of €61,784 thousand, while the remaining amount of the unappropriated surplus of €35 thousand was carried forward to a new account. The Executive Board and the Supervisory Board will propose to the Annual General Meeting in August 2023 that Deutsche EuroShop AG’s 2022 unappropriated surplus of €691,161 thou- sand be used to pay a dividend of €2.50 per eligible share and that the remaining amount of €500,000 be carried forward to new account. The capital reserves contain amounts in accord- ance with Section 272 (2) nos. 1, 2 and 4 HGB. In addition, the capital reserves include costs of capital increases and their corresponding deferred tax assets. Retained earnings consist of the remeasure- ment reserves, currency items and accumu- lated profits carried forward at the time of transition to IFRS. Other total profit is divided into the following components: 2022 in € thousand Cash flow hedges 2021 in € thousand Cash flow hedges before taxes 17,761 before taxes 2,740 Taxes –3,963 Taxes –594 Net 13,798 Net 2,146

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18 4 Deutsche EuroShop / Annual Report 2022 14. Non-current and current financial liabilities in € thousand Bank loans and overdrafts non-current 1,464,917 31.12.2022 current 14,334 non-current 1,264,748 31.12.2021 current 237,366 Bank loans and overdrafts relate to loans raised to finance property acquisitions and investment projects. Land charges on Company properties totalling €1,479,251 thousand serve as security (previous year: €1,502,114 thousand). Current bank loans and overdrafts include the scheduled repayment portion of the long-term loans for 2023, accrued interest and repay- ments that were settled in early 2023. Discounts are amortised over the term of the loan. In the year under review, €26 thousand (previous year: €27 thousand) was recog- nised as an expense in the income statement. A total of €36,107 thousand (previous year: €39,188 thousand) was recognised in financial gains / losses as interest expense for bank loans and overdrafts. 14 of the 20 loan agreements currently contain arrangements regarding covenants. There are a total of 29l different covenants on debt ser- vice cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income, the equity ratio, the leverage ratio and loan-to-value ratios (LTV). The loan conditions were met in financial year 2022. Based on current planning and esti- mates, the loan conditions will also be met in 2023. The full extent of the war in Ukraine and its long-term macroeconomic consequences cannot be foreseen at present. However, reper- cussions due to higher inflation and interest rates on the real estate markets are already making their mark. Depending on the duration and further course of the war, there may be changes in market value that could affect indi- vidual loan covenants (e.g. LTV). We will contin- uously monitor the situation and any changes in value and include these in our future reporting. Non-current and current financial liabilities arose from the following changes affecting liquidity and not affecting liquidity: 2022 1,502,114 –22,701 –162 1,479,251 2021 1,541,428 –39,580 266 1,502,114 in € thousand Carrying amount as at 1 January Changes affecting liquidity Changes not affecting liquidity Change in carrying amount under the effective interest rate method Carrying amount as at 31 December Changes affecting equity consisted of the take-up of non-current financial liabilities in the amount of €2,749 thousand (previous year: €6,678 the repay- ment of current financial liabilities in the amount of €25,450 thousand (previous year: €46.258 thousand). thousand) and

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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet 15. Other non-current and current financial liabilities in € thousand Interest rate swaps Rental deposits Other liabilities to tenants Value added tax Debtors with credit balances Lease liabilities Other non-current 5,637 0 0 0 0 624 72 6,333 31.12.2022 current 0 4,932 10,477 649 5,589 72 3,224 24,943 non-current 23,398 0 0 0 0 367 230 23,995 18 5 31.12.2021 current 0 4,669 15,534 1,552 3,729 98 621 26,203 In connection with borrowing, interest rate hedges (interest rate swaps) were concluded to hedge against higher capital market interest rates. Their present value totalled €5,637 thou- sand as at the reporting date (previous year: €23,398 thousand). Other liabilities to tenants mainly comprise liabilities for heating and ancillary costs, obliga- tions from construction cost subsidies granted, as well as prepaid rent. Liabilities in € thousand Financial liabilities Trade payables Tax liabilities Other liabilities (previous year’s figures) Total 1,479,251 (1,502,114) 8,067 (5,345) 474 (196) 31,276 (50,198) 1,519,068 (1,557,853) current 14,334 (237,366) 8,067 (5,345) 474 (196) 24,943 (26,203) 47,818 (269,110) non-current 1,464,917 (1,264,748) 0 (0) 0 (0) 6,333 (23,995) 1,471,250 (1,288,743)

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18 6 Deutsche EuroShop / Annual Report 2022 16. Deferred tax liabilities Deferred tax assets and liabilities are the result of tax effects of temporary differences and tax loss carryforwards: in € thousand Investment properties Investments accounted for using the equity method Other liabilities Interest swaps (not recognised in profit or loss) Loss carryforwards Other Deferred taxes before netting Balance Deferred taxes after netting Deferred tax assets 0 0 1,300 5,465 1,132 7,897 –7,897 0 31.12.2022 Deferred tax liabilities 289,235 53,066 0 0 0 342,301 –7,897 334,404 Deferred tax assets 0 0 5,263 988 1,132 7,383 –7,383 0 31.12.2021 Deferred tax liabilities 287,851 52,569 0 0 0 340,420 –7,383 333,037 In measuring deferred taxes, the tax rates appli- cable in accordance with IAS 12 are those valid under current legislation at the date at which the temporary differences will probably reverse. In the year under review, a corporate tax rate of 15% was used for the companies in Germany. In addition, a solidarity surcharge of 5.5% on the calculated corporate tax and, in part, 16.45% in trade tax were recognised. €3,874 thousand (previous year: €7,836 thou- sand) of deferred taxes had been recognised directly in equity by the balance sheet date. 17. Right of redemption of limited partners in € thousand Settlement claim as at 01.01. Earnings contributions Share of measurement gains / losses Outflows Settlement claim as at 31.12. As at the reporting date, there were taxable temporary differences of €8,220 thousand (pre- vious year: €6,321 thousand) between the net assets of Group companies recognised in the consolidated financial statements and the tax basis of the shares in these Group companies (outside basis differences) for which no deferred taxes were recognised since the differences are not expected to be reversed in the foreseeable future. 2022 314,914 15,954 –13,296 –10,442 307,130 2021 311,525 13,408 –3,502 –6,517 314,914

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Notes to the Consolidated Financial Statements Notes to the Consolidated Income Statement 18 7 The right to redeem of limited partners includes the equity interests of third-party providers in the companies Main-Taunus-Zentrum KG, Forum Wetzlar KG and Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, which are to be reported in accordance with IAS 32 as debt capital. 18. Other provisions in € thousand Maintenance and construction work already performed but not yet invoiced Fees Other As at 01.01.2022 2,399 806 6,915 10,120 Utilisation Reversal Addition 1,932 72 4,869 6,873 327 3 695 1,025 2,850 891 5,304 9,045 As at 31.12.2022 2,990 1,622 6,655 11,267 Other provisions mainly include outstanding settlements for services received and person- nel expenses. As in the previous year, all provisions have a term of up to one year. NOTES TO THE CONSOLIDATED INCOME STATEMENT 19. Revenue in € thousand Minimum rental income Allocable property tax and insurance Turnover rent Other of which rental income directly attributable to investment properties in accordance with IAS 40 Other revenue relates primarily to settlement payments made by former tenants as well as compensation for use. 2022 201,010 6,055 4,243 1,503 212,811 212,811 2021 203,117 5,684 1,678 1,273 211,752 211,752

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18 8 Deutsche EuroShop / Annual Report 2022 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 classi- fied as investment properties have the follow- ing maturities: in € thousand Maturity within 1 year Maturity from 1 year to 5 years Maturity after 5 years 20. Property operating costs in € thousand Operating costs that cannot be passed on Real property tax Center marketing Maintenance and repairs Building insurance Other of which operating expenses directly attributable to investment properties in accordance with IAS 40 Ancillary costs which cannot be fully allocated are essentially operating costs which can- not 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 Center management / agency agreement costs depend to a large extent on the rental income generated. 2022 194,810 495,342 162,294 852,446 2022 8,502 6,062 5,127 2,978 1,841 2,142 26,652 26,652 2021 185,340 490,080 157,845 833,265 2021 8,613 5,455 3,861 1,630 1,557 1,960 23,076 23,076 2022 10,561 10,561 2021 9,471 9,471

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Notes to the Consolidated Financial Statements Notes to the Consolidated Income Statement 22. Write-downs and disposals of financial assets in € thousand Write-downs Disposals of financial assets of which operating expenses directly attributable to investment properties in accordance with IAS 40 Please refer to the information in the notes to the consolidated financial statements under section “10. Trade receivables”. 23. Other operating income in € thousand Reversals of write-downs Income from the reversal of provisions Coronavirus assistance Other Other operating income primarily consists of income from damages, insurance compensa- tion and other reimbursements. 18 9 2021 9,217 15,812 25,029 25,029 2021 1,464 898 2,000 1,903 6,265 2022 3,222 4,908 8,130 8,130 2022 1,863 1,025 0 2,616 5,504

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19 0 Deutsche EuroShop / Annual Report 2022 24. Other operating expenses in € thousand Legal, consulting and audit expenses Personnel expenses Appraisal costs Marketing costs Exchange rate losses Supervisory Board compensation Fees and contributions Write-downs Financing costs Other 2022 12,416 4,277 713 598 268 256 170 155 125 1,562 20,540 2021 1,841 1,997 620 505 163 263 198 171 171 2,011 7,940 Legal, consulting and audit expenses includes €412 thousand in expenses for the auditing of Group companies (previous year: €361 thou- sand). Personnel expenses includes social secu- rity contributions and expenses for pensions and other benefits amounting to €94 thou- sand (previous year: €234 thousand), of which €6 thousand (previous year: €146 thousand) is attributable to pension expenses. 25. Share of the profit or loss of associates and joint ventures accounted for using the equity method in € thousand Profit / loss from joint ventures Profit / loss from associates Profit / loss from equity-accounted associates 2022 12,910 16 12,926 2021 29,600 12 29,612 The profit / loss of equity-accounted companies included a measurement gain / loss before deferred taxes of €-16,604 thousand (previous year: €4,092 thousand). EBT (excl. measurement gains / losses) for equity-accounted companies amounted to €29,742 thousand (previous year: €25,822 thousand). 26. Measurement gains / losses in € thousand Unrealised changes in fair value Profit / loss attributable to limited partners 2022 –103,042 13,296 –89,746 2021 –62,323 3,502 –58,821

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Notes to the Consolidated Financial Statements Notes to the Consolidated Income Statement 27. Taxes on income and earnings in € thousand Current tax expense Domestic deferred tax expense / income Foreign deferred tax expense / income 191 2021 –3,293 –6,239 –1,226 –10,758 2022 –5,060 3,033 –439 –2,466 Tax reconciliation Income taxes in the amount of €2,466 thou- sand (previous year: €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 par- ent company’s statutory income tax rate to the profit before tax. This was calculated using a tax rate of 32.28%. in € thousand Consolidated profit before income tax Theoretical income tax 32.28% 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 Current income tax 2022 23,823 –7,690 1,303 3,085 –80 521 395 –2,466 2021 70,703 –22,823 4,069 7,062 446 717 –229 –10,758 tax expense / income Excluding for other periods, the effective income tax rate in finan- cial year 2022 was 12.0%. 28. Earnings per share Group shareholders’ portion of profits / losses (€ thousand) Weighted number of no-par-value shares issued Undiluted and diluted earnings per share (€) 2022 21,357 61,783,594 0.35 2021 59,945 61,783,594 0.97 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 report- ing date, e.g. through convertible bonds or share options, with the result that diluted earnings correspond to undiluted earnings.

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19 2 Deutsche EuroShop / Annual Report 2022 SEGMENT REPORTING Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Executive Board to manage the Group. Internal reports distinguish between shopping centers in Germany (“domestic”) and other European countries (“abroad”). As the Group’s main decision-making body, the Executive Board of Deutsche EuroShop AG first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains / losses. The measurement principles for segment reporting correspond to those of the Group. To assess the contribution of the segments to the individual performance indicators as well as to the Group’s performance, the income, expenditure, assets and liabilities of the joint ventures are included in internal reporting in proportion to the Group’s share in the same. Similarly, for subsidiaries in which the Group is not the sole shareholder, income, expenditure, assets and liabilities are only consolidated in proportion to the corresponding Group share. This results in the segments being divided as follows: Breakdown by geographical segment in € thousand Revenue EBIT Profit / losses of joint ventures and associates Interest income Interest expense EBT (excl. measurement gains / losses) Investment properties Additions and recognised construction measures for investment properties Goodwill Investments accounted for using the equity method Other segment assets Segment assets Segment liabilities Germany 182,590 142,421 0 85 –28,047 114,459 2,797,177 23,525 0 0 204,845 3,002,022 1,206,398 Abroad 45,362 39,421 0 66 –6,846 32,641 676,968 12,822 0 0 35,407 712,375 320,745 Total 227,952 181,842 0 151 –34,893 147,100 Reconcil- iation –15,141 –29,410 12,926 121 –1,214 –16,934 01,01.- 31.12.2022 212,811 152,432 12,926 272 –36,107 130,166 3,474,145 –144,150 31.12.2022 3,329,995 36,347 0 0 240,252 3,714,397 1,527,143 3,136 51,719 443,069 143,071 493,709 644,726 39,483 51,719 443,069 383,323 4,208,106 2,171,869

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Notes to the Consolidated Financial Statements Segment reporting Breakdown by geographical segment in € thousand Revenue EBIT Profit / losses of joint ventures and associates Interest income Interest expense EBT (excl. measurement gains / losses) Investment properties Additions and recognised construction measures for investment properties Goodwill Investments accounted for using the equity method Other segment assets Segment assets Segment liabilities 19 3 01,01.- 31.12.2021 211,752 152,501 29,612 7 –39,188 125,564 Total 226,449 166,459 0 6 –38,393 128,074 Reconcilia- tion –14,697 –13,958 29,612 1 –795 –2,510 3,544,148 –150,594 31.12.2021 3,393,554 18,325 0 0 254,674 3,798,822 1,569,316 407 51,719 455,341 123,502 479,968 646,608 18,732 51,719 455,341 378,176 4,278,790 2,215,924 Germany 184,061 132,798 0 5 –31,481 101,323 2,866,680 14,524 0 0 212,456 3,079,136 1,243,136 Abroad 42,388 33,661 0 1 –6,912 26,751 677,468 3,800 0 0 42,218 719,686 326,180 The adjustment of the proportionate consoli- dation 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 liabilities are considered by the Executive Board of Deutsche EuroShop AG cross-segmentally and are therefore included in the reconciliation 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 contains the companies that are not allocated to either of the two segments (Deutsche EuroShop AG, DES Management GmbH and DES Beteiligungs GmbH & Co. KG). These do not generate any revenue and were included in the reconcilia- tion column after intra-Group eliminations with their EBIT of €-17,283 thousand (previous year: €-4,434 thousand) and EBT (excl. measurement gains / losses) of €-17,181 thousand (previous year: €-4,434 thousand) as well as in the seg- ment assets with €141,137 thousand (previous year: €123,030 thousand) and in the segment liabilities with €4,476 thousand (previous year: €2,207 thousand). In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given.

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194 Deutsche EuroShop / Annual Report 2022 OTHER DISCLOSURES 29. Financial instruments and risk management Measurement category in accordance with IFRS 9 AC AC AC FLAC FLAC FLAC FLAC n. a. Measurement category in accordance with IFRS 9 AC AC AC FLAC FLAC FLAC FLAC n. a. Carrying amounts as at 31.12.2022 16,991 6,556 334,943 1,479,251 307,130 8,067 20,333 5,637 Carrying amounts as at 31.12.2021 22,763 6,247 328,839 1,502,114 314,914 5,345 22,715 23,398 Amount stated in line with IFRS 9 Amortised cost 16,991 6,556 334,943 1,479,251 307,130 8,067 20,333 Fair value recognised in income Fair value recognised in equity Fair value as at 31.12.2022 16,991 6,556 334,943 1,326,993 307,130 8,067 20,333 5,637 5,637 Amount stated in line with IFRS 9 Amortised cost 22,763 6,247 328,839 1,502,114 314,914 5,345 22,715 Fair value recognised in income Fair value recognised in equity Fair value as at 31.12.2021 22,763 6,247 328,839 1,522,818 314,914 5,345 22,715 23,398 23,398 in € thousand Financial assets Trade receivables Other assets Cash and cash equivalents Financial liabilities Financial liabilities ² Right of redemption of limited partners Trade payables Other liabilities Interest rate hedges not recognised in profit or loss ² in € thousand Financial assets Trade receivables Other assets Cash and cash equivalents Financial liabilities Financial liabilities ² Right of redemption of limited partners Trade payables Other liabilities Interest rate hedges not recognised in profit or loss ² 1 Corresponds to Level 1 of the IFRS 7 fair value hierarchy ² Corresponds to Level 2 of the IFRS 7 fair value hierarchy 3 Corresponds to Level 3 of the IFRS 7 fair value hierarchy Measurement categories in accordance with IFRS 9: Financial assets measured at amortised cost (AC), at fair value through other comprehensive income (FVOCI); financial liabilities measured at amortised cost (FLAC)

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Notes to the Consolidated Financial Statements Other disclosures Carrying amounts, valuations and fair values according to measurement category With the exception of derivative financial instru- ments and other financial investments meas- ured at fair value, financial assets and liabilities are measured at amortised cost. Due to the pre- dominantly short-term nature of trade receiva- bles, other assets and liabilities 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 meas- ured at fair value are interest rate hedges. Here, the fair value is equivalent to the cash value of future net payments expected to be received from hedging transactions (Level 2 in accord- ance with IFRS 13) based on current yield curves. 19 5 Risk management In risk management, the emphasis is on ensur- ing compliance with the strategy and, build- ing on this, on identifying and assessing risks and opportunities, as well as on the funda- mental decision to manage 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 monitored and planned. The subsidiaries regularly have sufficient cash to be able to pay for their current commitments. The contractually agreed future interest and principle repayments of the original financial liabilities and derivative financial instruments were as follows as at 31 December 2022: in € thousand Bank loans and overdrafts Carrying amount as at 31.12.2022 1,479,251 Debt service 2023 50,715 Debt service 2024 – 2027 591,575 Debt service from 2027 1,087,257 Credit and default risk The Group is exposed to significant default risks in respect of trade receivables that, for rea- sons 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”). The amounts relate to all contractual commit- ments 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 2022. The majority of the trade payables and other financial liabilities reported at the end of the financial year will fall due in 2023. Until August 2022, there was a credit line in the amount of €150,000 thousand, which was terminated by the lending banks within the context of the takeover bid and the resulting change of control. There had been no drawdown of the credit line in 2022 up to this date.

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196 Deutsche EuroShop / Annual Report 2022 Write-downs on trade receivables are deter- mined 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 writ- ten down. During the year under review, write- downs of rent receivables in the amount of €8,130 thousand (previous year: €25,029 thou- sand) were recognised under expenditure. in relation to The maximum default risk trade receivables and other assets totalled €47,915 thousand as at the reporting date (pre- vious year: €49,061 thousand). Currency and measurement risk The Group companies operate exclusively in the European Economic Area and conduct the lion’s share of their business in euro. This does not entail currency risks. With respect to the measurement risk of invest- ment properties, please refer to the sensitivity analysis in section “8. Investment properties”. in € thousand Equity Equity ratio (%) Net financial debt is the reported here including Equity compensation claims by limited partners. Net financial debt is determined from the finan- cial liabilities as at the reporting date less cash and cash equivalents. Interest rate risk A sensitivity analysis was implemented to determine the effect of potential interest rate changes. Based on the financial assets and liabilities subject to interest rate risk as at the reporting date, this shows the effect of a change on the Group’s equity. As at the report- ing date, interest rate risks existed only for credit borrowed and the associated interest rate hedges. An increase in the market interest rate of 100 basis points would lead to an increase in equity (before taxes) of €3,608 thousand (previ- ous year: €5,218 thousand). The vast majority of loan liabilities have fixed interest terms. As at the reporting date, loans totalling €93,000 thou- sand (previous year: €104,900 thousand) were hedged using derivative financial instruments. Capital management The Group’s capital management is designed to maintain a strong equity base with the aim of ensuring that its ability to repay its debts and financial well-being are maintained in the future. The Group’s financial policies are also based on the annual payment of a dividend. 31.12.2022 2,343,367 55.7 1,144,308 31.12.2021 2,377,780 55.6 1,173,275 30. Notes to the consolidated cash flow statement The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow, cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. Cash flow from operating activities is derived from consolidated profit using the indirect method. Net cash flow from operating activities, cash flow from investment activities and cash flow from financing activities are calculated using the direct method.

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Notes to the Consolidated Financial Statements Other disclosures Cash and cash equivalents comprise cash and cash equivalents that may be converted into cash at any time. As in the previous year, the financial resources fund as at the reporting date corresponded to the cash and cash equivalents (see section “12. Cash and cash equivalents”). 31. Other financial obligations There are other financial obligations of €57.1 million arising from service contracts. There are financial obligations of €10.4 mil- lion which will arise in 2023 in connection with investment measures in our shopping centers. 32. Headcount An average of five (previous year: five) staff members were employed in the Group during the financial year. 33. Auditor’s fees The total fees invoiced by the auditor for the consolidated financial statements for financial year 2022 amounted to €525 thousand (previous year: €365 thousand). Of this amount, €412 thou- sand (previous year: €361 thousand) related to auditing services. Other audit-related services were also provided by the auditor in the amount of €113 thousand (previous year: €4 thousand). 34. Declaration of Conformity with the German Corporate Governance Code The Declaration of Conformity with the German Corporate Governance Code required by Section 161 of the Aktiengesetz (AktG – German Public Companies Act) has been issued jointly by the Supervisory Board and the Executive Board, and has been made available to shareholders on the Deutsche Euroshop website under Investor Relations > Corporate Governance > Declaration of Conformity: https://www.deutsche-euroshop.de/ Investor-Relations/Corporate-Governance/ Entsprechenserklaerung 19 7 35. Related parties for the purposes of IAS 24 Deutsche EuroShop’s subsidiaries, joint ven- tures 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 in the compensation report portion of the com- bined management 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. Hercules BidCo GmbH held 84.38% of the shares in Deutsche EuroShop AG as at the report- ing date and is therefore considered a related party as defined by IAS 24. Hercules BidCo GmbH is indirectly under the joint control of the Oaktree Group and Kommanditgesellschaft CURA Vermögensverwaltung GmbH & Co. – the latter, in turn, being controlled by Mr Alexander Otto. Therefore, the ECE Group and CURATAX Treuhand GmbH Steuerberatungsgesellschaft, both of which are controlled by Mr Alexander Otto, are considered related parties as defined by IAS 24. Fees for service contracts and subsidy agree- ments with ECE Group and CURATAX Treuhand GmbH Steuerberatungsgesellschaft totalled €26,326 thousand in the year under review (pre- vious year: €19,205 thousand). These were par- tially offset by income from leases and mall marketing with the ECE Group in the amount of €9,597 thousand (previous year: €7,673 thou- sand). Receivables from the ECE Group came to €6,997 thousand (previous year. €5,494 thou- sand), while liabilities amounted to €5,039 thou- sand (previous year: €1,321 thousand). After the reporting date on 12 January 2023, the Group concluded share purchase agreements with Kommanditgesellschaft ARENA G.m.b.H. & Co. KG and KG Vermögensverwaltungs- gesellschaft Einkaufs-Center Danzig, both also ultimately controlled by Mr Alexander Otto, for the acquisition of further shares Vermögensverwaltung

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19 8 Deutsche EuroShop / Annual Report 2022 Immobilienkommanditgesellschaft FEZ in Harburg, Forum Wetzlar KG and Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG for a total purchase price of €91,979 thousand (please also refer to section “38. Events after the reporting date”). Transactions with related parties involving the provision of goods and services were at stand- ard market rates. 36. Voting rights notices In line with Section 160 (1) no. 8 AktG, we give notice that the following investments and changes to voting rights have been registered to Deutsche EuroShop AG in conformity with the duty of disclosure in accordance with Sec- tion 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: Shareholder Oaktree Capital Group Holdings GP, LLC, Wilmington, DE, United States of America CURA Vermögensverwaltung G.m.b.H., Hamburg Alexander Otto Thomas Armbrust Maren Otto Oaktree Capital Group Holdings GP, LLC, Wilmington, DE, United States of America CURA Vermögensverwaltung G.m.b.H., Hamburg Alexander Otto Claudia Morales Ramón and David Schorr The Goldman Sachs Group, Inc., Wilmington, DE, United States of America Morgan Stanley, Wilmington, DE, United States of America JPMorgan Chase & Co., Wilmington, DE, United States of America Norwegian Ministry of Finance on behalf of the Kingdom of Norway, Oslo, Norway BlackRock, Inc., Wilmington, DE, United States of America UBS Group AG, Zurich, Switzerland Shareholding report as at 3 February 2023 3 February 2023 3 February 2023 3 February 2023 3 February 2023 10 August 2022 10 August 2022 10 August 2022 10 August 2022 9 August 2022 22 July 2022 20 July 2022 14 July 2022 11 July 2022 11 July 2022 Event … in % ...falls below threshold (75) ...falls below threshold (75) Voluntary Group notification due to threshold reached by a subsidiary ...exceeds threshold (3) ...exceeds threshold (5) ...exceeds threshold (75) ...exceeds threshold (75) ...exceeds threshold (75) …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) New voting share in % of which direct in % of which indirectly attributable in % 73.96 73.96 76.69 3.44 7.75 84.38 84.38 84.38 0.00 2.04 2.46 0.29 1.26 2.95 2.38 0.00 0.00 0.46 0.01 0.32 0.00 0.00 0.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 73.961 73.96² 76.233 3.43 7.43 84.38 84.38 83.81 0.00 2.044 2.465 0.296 1.26 2.957 2.388

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Notes to the Consolidated Financial Statements Other disclosures 19 9 Shareholder DWS Investment GmbH, Frankfurt am Main PGGM Coöperatie U.A., Zeist, Netherlands State Street Corporation, Boston, MA, United States of America Shareholding report as at 5 July 2022 21 June 2022 31 March 2020 Event … in % …falls below threshold (3) …falls below threshold (3) …falls below threshold (3) New voting share in % of which direct in % of which indirectly attributable in % 0.77 1.53 1.22 0.00 0.00 0.00 0.77 1.53 1.22 1 In addition, we were notified of a “put option” (3.06%) by Oaktree Capital Group Holdings GP, LLC. ² In addition, we were notified of a “put option” (3.06%) by CURA Vermögensverwaltung G.m.b.H. 3 In addition, we notified of a “put option” (3.06%) by Alexander Otto. 4 In addition, we were notified of a “right to recall” (2.19%), a “right of use” (0.71%) and a swap (0.07%) by The Goldman Sachs Group, Inc. 5 In addition, we were notified of a “right of recall over securities lending agreements” (0.41%) and a “retail structured product” (0.00%) by Morgan Stanley. 6 In addition, we were notified of an “equity swap” (0.47%) by JPMorgan Chase & Co. 7 In addition, we were notified of a “lent securities (right to recall)” (1.16%) by BlackRock, Inc. 8 In addition, we were notified of a “right to recall lent shares” (0.00%) and “right to use over shares” (0.02%) by UBS Group AG. 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. 37. The Supervisory Board and Executive Board Supervisory Board The Supervisory Board of Deutsche EuroShop AG is composed of nine members. The Supervisory Board included the following members with membership of other statutory supervisory boards and membership of com- parable supervisory bodies of business enter- prises in Germany or other countries: Reiner Strecker, Wuppertal, Chairman Self-employed management consultant, Hamburg ■ akf Bank GmbH & Co. KG, Wuppertal Carl Kühne KG (GmbH & Co.), Hamburg (Chairman) ECKES AG, Nieder-Olm (since 1 April 2022; Chairman) ■ ■ Chantal Schumacher, Munich, Deputy Chairwoman (since 30 August 2022) Global Program Director, Allianz SE, Munich (until 31 December 2022), independent management consultant (since 1 January 2023) ■ Scope SE & Co. KGaA, Berlin Benjamin P. Bianchi, London / UK (since 30 August 2022) Partner, Oaktree Capital Management (UK) LLP, London (UK) Dr Anja Disput, Bad Soden am Taunus (until 30 August 2022) Partner at Disput Hübner Partnerschaft von Rechtsanwälten mbB, Frankfurt am Main Karin Dohm, Kronberg im Taunus, Deputy Chairwoman (until 30 August 2022) Member of the Executive Board, Hornbach AG and Hornbach Management AG, Bornheim bei Landau / Palatinate ■ Hornbach Immobilien AG, Bornheim ■ ■ Danfoss A / S, Norborg (Denmark) CECONOMY AG, Düsseldorf (since 25 March 2022)

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2 0 0 Deutsche EuroShop / Annual Report 2022 Henning Eggers, Halstenbek Member of Management, CURA Vermögensverwaltung G.m.b.H, Hamburg ■ ECE Group GmbH & Co. KG, Hamburg Klaus Striebich, Besigheim (until 30 August 2022) Managing Director, RaRE Advise, Besigheim ■ Unternehmensgruppe Dr Eckert GmbH, Lemara Dee Grant, London / UK (since 30 August 2022) Vice President and European Tax Counsel, Oaktree Capital Management (UK) LLP, London (UK) Stuart E. Keith, London / UK (since 30 August 2022) Senior Vice President (until 28 February 2023), Managing Director (since 1 March 2023), Oaktree Capital Management, London (UK) Dr Volker Kraft, Hamburg (since 30 August 2022) Managing Director, ECE Real Estate Partners GmbH, Hamburg ■ Aliansce Sonae Shopping Centers S.A., Sao Paulo / Brazil Dr Henning Kreke, Hagen / Westphalia Managing Partner, Let’s Go JMK KG and Kreke Immobilien KG, Hagen / Westphalia ■ Douglas GmbH, Düsseldorf (Chairman) ■ Thalia Bücher GmbH, Hagen / Westphalia Encavis AG, Hamburg ■ ■ Axxum Holding GmbH, Wuppertal ■ Noventic GmbH, Hamburg ■ Perma-tec GmbH & Co. KG, Euerdorf ■ Slyrs Destillerie GmbH & Co. KG, Schliersee Alexander Otto, Hamburg (until 23 May 2022) CEO, ECE Group Verwaltung GmbH, Hamburg ■ SITE Centers Corp. Inc., Beechwood, USA ■ Peek & Cloppenburg KG, Düsseldorf ■ Verwaltungsgesellschaft Otto mbH, Hamburg Claudia Plath, Hamburg CFO, ECE Group Verwaltung GmbH, Hamburg ■ ■ MEC Metro-ECE Centermanagement GmbH CECONOMY AG, Düsseldorf & Co. KG, Düsseldorf Berlin ■ Klier Hairgroup GmbH, Wolfsburg ■ Bez & Roth GmbH & Co. KG, Bietigheim-Bissingen (since 24 June 2022) ■ Sinn GmbH, Hagen (until 3 September 2022) Roland Werner, Hamburg (until 30 August 2022) Chairman of the Board of Management, Bijou Brigitte modische Accessoires AG, Hamburg The remuneration of the members of the Supervisory Board totalled €256 thousand in the period under review (previous year: €263 thousand). Executive Board Hans-Peter Kneip, Düsseldorf, Executive Board (since 1 October 2022) Wilhelm Wellner, Hamburg, CEO (until 20 April 2022) Olaf Borkers, Hamburg, Member of the Executive Board (until 30 September 2022) pension expenses, The compensation of the Executive Board, excluding totalled €1,336 thousand (previous year: €1,127 thou- sand), which includes performance-related compensation in the amount of €675 thousand (previous year: €585 thousand). €2,057 thou- sand (previous year: €0 thousand) was paid to former members of the Executive Board. We refer to the notes on the compensation of the Executive Board and Supervisory Board in the separate compensation report published on the Company’s website.

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2 01 No further significant events occurred between the reporting date and the date of preparation of the financial statements. Hamburg, 31 March 2023 Deutsche EuroShop AG The Executive Board Hans-Peter Kneip Notes to the Consolidated Financial Statements Other disclosures 38. Events after the reporting date On 12 January 2023, the Deutsche EuroShop Group concluded six purchase agreements for the acquisition of further shares in six property companies in which it already held an interest of 50% to 75% (for more information, see the notes in section “2. Basis of consolidation / Acquisi- tions after the reporting date”). On the same day, in order to finance the acquisition, the Executive Board decided, with the approval of the Super- visory Board, to increase the Company’s share capital by up to €14,710,375, with a partial uti- lisation of the authorised capital, through the issue of up to 14,710,375 no-par-value registered shares against cash and non-cash contributions. After the end of the subscription period, the Executive Board, with the approval of the Supervisory Board, set the final scale of the capital increase at 14,680,725 new shares on 1 February 2023. The Company’s share capital increased accordingly by €14,681 thou- sand to €76,464 thousand. As part of the capital increase, shares were taken up in exchange for cash in the amount of €64,252 thousand and in exchange for €251,384 thousand in purchase price receivables from the acquisition of the additional shares in six property companies. On 31 March 2023, the Company concluded a loan contract with the major shareholder Hercules BidCo GmbH, Hamburg. Under this contract, Hercules BidCo GmbH shall grant the Company an interest-free loan if a resolution on the appropriation of profits adopted with its majority vote at the Company’s forthcoming or future Annual General Meetings results in the Company’s liquidity falling below the applicable minimum level (currently €100,000 thousand). The minimum liquidity level deemed appropriate by the Executive Board and the Supervisory Board is regularly reassessed on the basis of corporate planning. The corresponding loan facility is generally concluded for an indefinite period and initially comprises €500,000 thou- sand, which may, however, be reduced over time if agreed events occur. The loan contract is still subject to approval by the Company’s Super- visory Board.

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2 0 2 Deutsche EuroShop / Annual Report 2022 INFORMATION ON SHAREHOLDINGS – ANNEX TO THE NOTES Shareholdings in accordance with Section 313 (2) HGB as at 31 December 2022: Company name and domicile Fully consolidated companies: DES Verwaltung GmbH, Hamburg DES Management GmbH, Hamburg DES Shoppingcenter GmbH & Co. KG, Hamburg1, ² DES Beteiligungs GmbH & Co. KG, Hamburg1 A10 Center Wildau GmbH, Hamburg Main-Taunus-Zentrum KG, Hamburg Forum Wetzlar KG, Hamburg Objekt City-Point Kassel GmbH & Co. KG, Hamburg1 Stadtgalerie Hameln GmbH & Co. KG, Hamburg1 Altmarkt-Galerie Dresden GmbH & Co. KG, Hamburg1, ² Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, Hamburg Einkaufs-Center Galeria Baltycka G.m.b.H. & Co. KG, Sp. kom., Warsaw, Poland CASPIA Investments Sp. z o.o., Warsaw, Poland City-Point Beteiligungs GmbH, Hamburg Olympia Brno s.r.o., Prague, Czech Republic Joint ventures: Allee-Center Magdeburg KG, Hamburg Stadt-Galerie Passau KG, Hamburg CAK City Arkaden Klagenfurt KG, Hamburg Saarpark Center Neunkirchen KG, Hamburg EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna, Austria Immobilienkommanditgesellschaft FEZ Harburg, Hamburg Einkaufs-Center Arkaden Pécs KG, Hamburg Associates: EKZ Vier Errichtungs- und Betriebs Ges.m.b.H., Vienna, Austria Interest in equity in % 100 100 100 100 100 52.01 65 100 100 100 74 99.99 100 100 100 50 75 50 50 50 50 50 50 1 For these companies, use was made of the exemption from the disclosure obligation in accordance with Section 264b HGB. ² For these companies, use was made of the exemption from the preparation of the management report in accordance with Section 264b HGB.

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Responsibility Statement by the Executive Board 2 0 3 RE SP ONSIBIL I T Y S TAT EMEN T BY T HE E X EC U T I V E B OA RD I declare that, to the best of my knowledge, and in line with the accounting policies to be applied, the consolidated financial statements present a true and fair view of the net assets, financial position and results of operations of the Group, and that the combined management report pre- sents the course of business including business 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, 31 March 2023 Hans-Peter Kneip

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2 0 4 Deutsche EuroShop / Annual Report 2022 INDEPENDEN T AUDI T OR’S REP OR T To Deutsche EuroShop AG, Hamburg ■ Report on the audit of the consolidated financial statements and of the combined management report Audit opinions We have audited the consolidated financial statements of Deutsche EuroShop AG, Hamburg, and its subsidiaries (the group), which comprise the consolidated statement of financial position as of 31 December 2022, and the consolidated statement of comprehensive income, consoli- dated statement of changes in equity and con- solidated statement of cash flows for the finan- cial year from 1 January 2022 to 31 December 2022, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined management report (report on the position of the company and of the group) of Deutsche EuroShop AG for the financial year from 1 Jan- uary 2022 to 31 December 2022. In accordance with the German legal requirements, we have not audited the content of those parts of the combined management report listed in section “OTHER INFORMATION”. In our opinion, on the basis of the knowledge obtained in the audit, the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these require- ments, give a true and fair view of the assets, liabilities and financial position of the group as at 31 December 2022, and of its financial performance for the financial year from 1 January 2022 to 31 December 2022, and the accompanying combined management report as a whole provides an appropriate view of the group’s position. In all mate- rial respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately pre- sents the opportunities and risks of future development. Our opinion on the com- bined management report does not cover the content of those parts of the combined management report listed in section “OTHER INFORMATION”. ■ Pursuant to § 322 (3) sentence 1 HGB (German Commercial Code), we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial state- ments and of the combined management report.

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Independent auditor’s report 2 0 5 Basis for the audit opinions We conducted our audit of the consoli- dated financial statements and of the com- bined management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Audi- tors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “AUDITOR’S RESPON- SIBILITIES FOR THE AUDIT OF THE CONSOLI- DATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT” section of our auditor’s report. We are independent of the group entities in accordance with the require- ments of European law and German commer- cial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) letter (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consoli- dated financial statements and on the combined management report. Key audit matters in the audit of the consolidated financial statements Key audit matters are those matters that, in our professional judgement, were of most signifi- cance in our audit of the consolidated financial statements for the financial year from 1 Janu- ary 2022 to 31 December 2022. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters. We have identified the following matters as key audit matters to be disclosed in our auditor’s report: 1. Measurement of investment properties 2. Recognition and measurement of deferred taxes 1. Measurement of investment properties Matter Deutsche EuroShop AG reported investment properties totaling EUR 3.330,0 million in its consolidated financial statements as of 31 December 2022 and held a participating interest in further material investment prop- erties through its stakes in joint ventures and associates (EUR 574,2 million). The shopping center properties held as investment property are measured at fair value in accordance with IAS 40. In financial year 2022, expenses from this measurement of EUR 103,0 million were recognized in the income statement. In addition, the profit / loss of equity-accounted joint ven- tures and associates included a measurement effect of EUR –16,6 million. The respective fair value measurements of investment properties in accordance with IFRS 13 are determined on the basis of the dis- counted cash flow method by one of the external appraisers appointed by Deutsche EuroShop AG. They are level 3 measurements pursuant to IFRS 13 that are based on significant input fac- tors not observable on the market. Forecasts of future cash flows from rental income and management, maintenance and administrative costs, as well as the derivation of the capitalisa- tion interest rate, involve significant judgemen- tal decisions and estimates. Due to aftereffects of the Corona pandemic as well as the war in Ukraine and the associated inflationary effects, the forecast of future cash surpluses is subject to increased uncertainty. In particular, the medium to longterm effects of the pandemic on consumer shopping behaviour and the future development of shopping centers are difficult to assess from today’s perspective. Due to the significance of the investment prop- erties for the consolidated financial statements of Deutsche EuroShop AG in terms of their

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2 0 6 Deutsche EuroShop / Annual Report 2022 amount and the significant uncertainties associ- ated with their measurement, this is a key audit matter of particular importance. The disclosures provided by Deutsche EuroShop AG on the measurement of invest- ment properties are included in sections “6. Sig- nificant accounting policies and valuation meth- ods / Investment properties” and “8. Investment properties” of the notes to the consolidated financial statements. Auditor’s response As part of our audit, we obtained evidence of the externally appointed appraiser’s competence and independence. We obtained an understanding of the selec- tion and application of the methods, signifi- cant assumptions and data upon which the appraiser’s valuation was based and tested the appraisals on a sample basis as to the appro- priateness, consistency and proper implemen- tation of the valuation methodology and the accuracy of the inputs (leased space and rental income). In addition, we conducted three center visits in financial year 2022. In addition, we acknowledged the projected values and param- eters (rental income, future vacancy rates, man- agement, maintenance and administrative costs and interest rates) used in the valuation and are convinced of the suitability of the decisions based on personal judgement and estimates. We had the assumptions contained in the fore- casts regarding the effects of the coronavirus pandemic on the future growth of the shopping centers explained to us by the Executive Board and the appraiser, compared them with pub- lished industry expectations and analyses, and verified their inclusion in the measurement. In conducting the audit, we consulted internal specialists in the field of real estate valuation. 2. Recognition and measurement of deferred taxes Matter Deutsche EuroShop AG reported deferred tax liabilities totaling EUR 334,4 million in its con- solidated financial statements as of 31 Decem- ber 2021. The recognition and measurement of deferred taxes in the consolidated finan- cial statements of Deutsche EuroShop AG take account of complex tax matters in connection with property companies under the legal form of commercial partnerships. The disclosures provided by Deutsche EuroShop AG on the determination and meas- urement 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 consolidated financial statements. Auditor’s response We acknowledged the calculation of deferred taxes with respect to their compliance with IAS 12. We also analyzed the confirmation letter of the tax consultant. We are satisfied with the com- petence and independence of the tax consultant assisting Deutsche EuroShop AG in the deter- mination of deferred taxes. We also examined the determination method used to measure and report deferred taxes, whereby we com- pared the values used with the tax calcula- tions of the company and the tax consultant by means of samples and verified the validity of the tax bases utilized. In auditing the deferred taxes, we consulted internal specialists in the field of deferred taxes.

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Independent auditor’s report 2 0 7 Other information The executive directors respectively the super- visory board are responsible for the other infor- mation. The other information comprises: ■ the separately published declaration on cor- porate governance referred to in the section “Declaration on corporate governance state- ment (§ 289f, § 315d HGB)” of the combined management report the components of the combined man- agement report on the appropriateness or effectiveness of the risk management system that are not audited in substance the separately published remuneration report according to § 162 AktG, to which reference is made in section “Combined Management Report” of the combined management report the other parts of the annual report with the exception of the audited consolidated finan- cial statements and combined management report as well as our audit opinion ■ ■ ■ ■ Our audit opinions on the consolidated finan- cial statements and on the combined manage- ment report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclu- sion thereon. In connection with our audit, our responsibil- ity is to read the other information and thereby acknowledge whether the other information ■ is materially inconsistent with the consol- idated financial statements, with the com- bined management report or our knowledge obtained in the audit, or otherwise appears misstated. to be materially If, based on the work we have performed, we conclude that there is a material misstate- ment of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the executive directors and the supervisory board for the consolidated financial statements and the combined management report The executive directors are responsible for the preparation of the consolidated financial state- ments that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pur- suant to § 315e (1) HGB and that the consoli- dated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the group. In addition, the executive directors are responsible for such internal control as they have determined neces- sary to enable the preparation of consolidated financial statements that are free from mate- rial misstatement, whether due to fraud (i.e. fraudulent financial reporting and misappropri- ation of assets) or error. In preparing the consolidated financial state- ments, the executive directors are responsible for assessing the group’s ability to continue as a going concern. They also have the responsibil- ity for disclosing, as applicable, matters related to going concern. In addition, they are respon- sible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the group or to cease oper- ations, or there is no realistic alternative but to do so. Furthermore, the executive directors are responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the group’s position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appro- priately presents the opportunities and risks of future development. In addition, the execu- tive directors are responsible for such arrange- ments and measures (systems) as they have considered necessary to enable the prepara- tion of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide suffi- cient appropriate evidence for the assertions in the combined management report.

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2 0 8 Deutsche EuroShop / Annual Report 2022 We exercise professional judgment and main- tain professional skepticism throughout the audit. We also ■ identify and assess the risks of material misstatement of the consolidated finan- cial statements and of the combined man- agement report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstate- ment resulting from fraud is higher than the risk of not detecting a material misstate- ment resulting from error, as fraud may involve collusion, forgery, intentional omis- sions, misrepresentations, or the override of internal controls. obtain an understanding of internal con- trol relevant to the audit of the consolidated financial statements and of arrangements and measures (systems) relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems. evaluate the appropriateness of account- ing policies used by the executive direc- tors and the reasonableness of estimates made by the executive directors and related disclosures. ■ ■ The supervisory board is responsible for over- seeing the group’s financial reporting process for the preparation of the consolidated finan- cial statements and of the combined manage- ment report. Auditor’s responsibilities for the audit of the consolidated financial statements and of the combined management report Our objectives are to obtain reasonable assur- ance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the group’s position and, in all material respects, is consistent with the consolidated financial state- ments and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our opin- ions on the consolidated financial statements and on the combined management report. Reasonable assurance is a high level of assur- ance, but is not a guarantee that an audit con- ducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) and supple- mentary compliance with the ISAs will always detect a material misstatement. Misstatements can arise from fraud or error and are consid- ered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

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Independent auditor’s report 2 0 9 ■ perform audit procedures on the prospec- tive information presented by the execu- tive directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the execu- tive directors as a basis for the prospective information, and evaluate the proper deri- vation of the prospective information from these assumptions. We do not express a separate opinion on the prospective infor- mation and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any signif- icant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and com- municate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, the actions taken or safeguards applied to eliminate independence threats. From the matters com- municated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. ■ ■ ■ ■ conclude on the appropriateness of the executive directors’ use of the going con- cern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or con- ditions that may cast significant doubt on the group’s ability to continue as a going con- cern. If we conclude that a material uncer- tainty exists, we are required to draw atten- tion in the auditor’s report to the related disclosures in the consolidated financial statements and in the combined manage- ment report or, if such disclosures are inad- equate, to modify our respective audit opin- ions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group to cease to be able to continue as a going concern. evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial state- ments present the underlying transactions and events in a manner that the consoli- dated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e (1) HGB. obtain sufficient appropriate audit evi- dence regarding the financial information of the entities or business activities within the group to express audit opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, super- vision and performance of the group audit. We remain solely responsible for our audit opinions. evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with [German] law, and the view of the group’s position it provides.

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210 Deutsche EuroShop / Annual Report 2022 Other legal and regulatory requirements Report on the assurance on the electronic rendering of the consolidated financial statements and the combined management report, prepared for publication purposes in accordance with § 317 (3a) HGB Assurance Opinion We have performed assurance work in accord- ance with § 317 (3a) HGB to obtain reasona- ble assurance as to whether the rendering of the consolidated financial statements and the combined management report (hereinafter the “ESEF documents”) contained in the electronic file “529900Y9QTEFHFEKQ736-2022-12-31-de (3).zip” and prepared for publication purposes complies in all material respects with the requirements of § 328 (1) HGB for the electronic reporting format (“ESEF format”). In accord- ance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the combined man- agement report into the ESEF format and there- fore relates neither to the information contained within these renderings nor to any other infor- mation contained in the file identified above. In our opinion, the rendering of the consoli- dated financial statements and the combined management report contained in the electronic file identified above and prepared for publication purposes complies in all material respects with the requirements of § 328 (1) HGB for the elec- tronic reporting format. Beyond this assurance opinion and our audit opinion on the accompa- nying consolidated financial statements and the accompanying combined management report for the financial year from 1 January 2022 to 31 December 2022 contained in the “REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE COMBINED MANAGE- MENT REPORT” above, we do not express any assurance opinion on the information contained within these renderings or on the other informa- tion contained in the file identified above. Basis for the Assurance Opinion We conducted our assurance work on the of the consolidated financial statements and the combined management report contained in the file identified above in accordance with § 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports, Prepared for Publication Purposes in Accordance with § 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described in the “Auditor’s Responsibilities for the Assurance Work on the ESEF Documents” section. Our audit firm has applied the requirements of the IDW Quality Management Standards, which implement the IAASB’s International Standards on Quality Management. Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents The executive directors of the company are responsible for the preparation of the ESEF documents with the electronic renderings of the consolidated financial statements and the com- bined management report in accordance with § 328 (1) sentence 4 No. 1 HGB and for the tag- ging of the consolidated financial statements in accordance with § 328 (1) sentence 4 No. 2 HGB. In addition, the executive directors of the com- pany are responsible for such internal controls that they have considered necessary to ena- ble the preparation of ESEF documents that are free from material intentional or uninten- tional non-compliance with the requirements of § 328 (1) HGB for the electronic reporting format. The supervisory board is responsible for over- seeing the process for preparing the ESEF documents as part of the financial reporting process.

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Independent auditor’s report 211 Auditor’s Responsibilities for the Assurance Work on the ESEF documents Our objective is to obtain reasonable assur- ance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of § 328 (1) HGB. We exercise professional judg- ment and maintain professional skepticism throughout the assurance work. We also ■ identify and assess the risks of material intentional or unintentional non-compli- ance with the requirements of § 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assur- ance evidence that is sufficient and appro- priate to provide a basis for our assurance opinion. obtain an understanding of internal con- trol relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls. evaluate the technical validity of the ESEF documents, i.e. whether the file contain- ing the ESEF documents meets the require- ments of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, on the technical specification for this electronic file. evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated finan- cial statements and to the audited combined management report. evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regula- tion (EU) 2019/815, in the version in force at the date of the financial statements, enables an appropriate and complete machine-read- able XBRL copy of the XHTML rendering. ■ ■ ■ ■ Further information pursuant to article 10 of the EU audit regulation We were elected as group auditor by the consol- idated general meeting on 30 August 2022. We were engaged by the chairman of the audit com- mittee of the supervisory board on 9 Novem- ber 2022. We have been the group auditor of the Deutsche EuroShop AG without interruption since the financial year 2005. We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit committee pur- suant to Article 11 of the EU Audit Regulation (long-form audit report). Other matter — use of the auditor’s report Our auditor’s report must always be read together with the audited consolidated finan- cial statements and the audited combined man- agement report as well as the assured ESEF documents. The consolidated financial state- ments and the combined management report converted to the ESEF format — including the versions to be published in the German Federal Gazette — are merely electronic renderings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion con- tained therein are to be used solely together with the assured ESEF documents provided in electronic form. German public auditor responsible for the engagement The German Public Auditor responsible for the engagement is Olaf Oleski. Hamburg, 12 April 2023 BDO AG Wirtschaftsprüfungsgesellschaft sgd. Kaletta Wirtschaftsprüfer sgd. Oleski Wirtschaftsprüfer

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212 Deutsche EuroShop / Annual Report 2022 EPR A REP OR T ING The Brussels-based European Public Real Estate Association (EPRA) has set itself the goal of improving the transparency and comparability of reports published by listed companies in Europe. To this end, EPRA has defined key figures in its Best Practices Recommendations. Deutsche EuroShop supports this goal as a member of EPRA. The EPRA Best Practices Recommendations (hereinafter “BPR”), as amended, 1 were used to determine the key figures. February 2022 saw the publication of the current revised BPR, which include the introduction of an EPRA loan-to-value ratio (LTV) as a key change. Overview of EPRA key figures EPRA Earnings EPRA NRV EPRA NTA EPRA NDV EPRA loan-to-value ratio (EPRA LTV) 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 31.12.2022 31.12.2021 Change in € thousand 129,596 2,563,274 2,335,915 2,130,683 per share in € 2.10 41.49 37.81 34.49 in € thousand 121,958 2,601,155 2,374,450 1,999,963 per share in € 1.97 42.10 38.43 32.37 +/- in € thousand 7,638 –37,881 –38,535 130,820 in % 6.3 –1.5 –1.6 6.5 31.12.2022 in % 33.1 5.4 5.4 27.3 26.3 5.7 31.12.2021 in % 33.2 5.1 5.1 28.2 27.3 5.7 Change in % points –0.1 0.3 0.3 –0.9 –1.0 0.0 1 The current version of the EPRA Best Practices Recommendations can be found at http://www.epra.com/finance/financial-reporting/guidelines

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EPRA Reporting EPRA Earnings EPRA EARNINGS EPRA Earnings represent sustained operat- ing earnings and thus lay the foundation for a real estate company’s ability to pay a dividend. To calculate this, the profit / loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on opera- tional performance. EPRA Earnings are there- fore essentially comparable with the “funds from operations” (FFO) parameter that we employ. In contrast to EPRA Earnings, in the case of FFO all non-cash deferred taxes are adjusted. 213 EPRA Earnings in € million / per share in € 158.3 2.56 147.4 2.39 124.5 122.0 129.6 2.02 2020 61.8 1.97 2021 61.8 2.10 2022 61.8 2018 61.8 2019 61.8 Weighted number of no-par-value shares issued in million EPRA Earnings Consolidated profit Measurement gains / losses on investment properties Measurement gains / losses on investment properties (at equity) Measurement gains / losses on investment properties 1 Measurement gains / losses on derivative financial instruments 1 Deferred taxes on adjustments 1 EPRA Earnings Weighted number of no-par-value shares issued in € thousand 01.01.– 31.12.2022 per share in € 0.35 in € thousand 21,357 in € thousand 01.01.– 31.12.2021 per share in € 0.97 in € thousand 59,945 per share in € –0.62 Change in % –63.9 89,746 16,604 58,821 –4,092 106,350 0 1,889 129,596 1.72 0.00 0.03 2.10 61,783,594 54,729 0.89 0.83 0 7,284 121,958 0.00 0.11 1.97 61,783,594 0.00 –0.08 0.13 93.3 – –72.7 6.6 1 Including the share attributable to equity-accounted joint ventures and associates

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214 Deutsche EuroShop / Annual Report 2022 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 Company in the existing form. This approach excludes sales of assets and consequently does not include deferred taxes. The ancillary acquisi- tion costs needed to rebuild the entity are added back at their appraisal value. EPRA NRV Equity Derivative financial instruments measured at fair value 1 Deferred taxes on investment properties and derivative financial instruments 1 Goodwill as a result of deferred taxes Less ancillary acquisition costs 1 EPRA NRV Number of no-par-value shares issued as at the reporting date in € thousand 2,036,237 5,637 31.12.2022 per share in € 32.96 0.09 in € thousand 2,062,866 23,398 31.12.2021 per share in € 33.39 0.38 345,789 –51,719 227,330 2,563,274 5.60 –0.84 3.68 41.49 339,937 –51,719 226,673 2,601,155 5.50 –0.84 3.67 42.10 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 as Deutsche EuroShop’s business model is geared towards generating long-term rental income rather than selling shopping centers for short-term profit. EPRA NTA EPRA NRV Ancillary acquisition costs 1 Intangible assets EPRA NTA Number of no-par-value shares issued as at the reporting date in € thousand 2,563,274 –227,330 –29 2,335,915 31.12.2022 per share in € 41.49 –3.68 0.00 37.81 61,783,594 in € thousand 2,601,155 –226,673 –32 2,374,450 31.12.2021 per share in € 42.10 –3.67 0.00 38.43 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates

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EPRA Reporting Net asset value 215 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 deferred taxes from the balance sheet and from the fair value measurement of the financial liabilities will be realised and will therefore have to be deducted. EPRA NDV EPRA NRV Ancillary acquisition costs 1 Derivative financial instruments measured at fair value 1 Difference between non-accounted financial liabilities measured at fair value and their carrying amount 1 Deferred taxes on difference between non-accounted financial liabilities measured at fair value and their carrying amount 1 Deferred taxes on investment properties and derivative financial instruments 1 EPRA NDV Number of no-par-value shares issued as at the reporting date in € thousand 2,563,274 –227,330 –5,637 31.12.2022 per share in € 41.49 –3.68 –0.09 in € thousand 2,601,155 –226,673 –23,398 31.12.2021 per share in € 42.10 –3.67 –0.38 176,083 2.85 –15,346 –0.25 –29,918 –345,789 2,130,683 –0.48 –5.60 34.49 4,162 –339,937 1,999,963 0.07 –5.50 32.37 61,783,594 61,783,594 1 Including the share attributable to equity-accounted joint ventures and associates EPRA NRV / NTA / NDV per share in € / in € million 47.42 46.43 43.17 42.30 41.11 37.38 42.10 38.43 41.49 37.81 34.22 34.63 31.31 32.37 34.49 in € million EPRA NRV EPRA NTA EPRA NDV 2018 2,929.8 2,667.5 2,114.4 61.8 2019 2,868.6 2,613.4 2,139.5 61.8 2020 2,540.0 2,309.7 1,934.2 61.8 2021 2,601.2 2,374.4 2,000.0 61.8 2022 2,563.3 2,335.9 2,130.7 61.8 Number of no-par-value shares issued as at the reporting date in million

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216 Deutsche EuroShop / Annual Report 2022 EPRA loan-to-value ratio (“EPRA LTV”) The EPRA LTV 2 indicates the ratio of net debt to real estate assets. The assets and liabili- ties taken into account in the calculation are included in proportion to the Group’s share in the respective items. Reporting is in accordance with the Best Practices Recommendations for the first time in 2022. The main difference to the LTV figures previously reported in the Group is the inclusion of other assets in the EPRA LTV. EPRA LTV in € thousand Bank loans and overdrafts Securities Hybrid financial instruments Bonds Derivative financial instruments in foreign currency Other liabilities (net) Owner-occupied property (liabilities) Debt with equity features Less cash and cash equivalents Net debt Investment properties Owner-occupied property Real estate assets held for sale Real estate assets under construction Intangible assets (excluding goodwill) Other assets (net) Financial assets Property assets 33.1 EPRA LTV in % ² The EPRA LTV is almost identical to our (proportional) LTV previously presented in the combined management report, which was also calculated on the basis of the Group’s share in the assets and liabilities of the subsidiaries and joint ventures. In contrast to the previous (proportional) LTV, the EPRA LTV includes additional assets and liabilities. The main other item is Other assets (net). Other assets (net) include trade receivables as well as other assets less trade payables, tax liabilities, other provisions and other current liabilities. 31.12.2022 31.12.2021 Share of third- party share- holders –142,001 0 0 0 Total (propor- tional) 1,481,149 0 0 0 Group at-equity 143,899 0 0 0 1,479,251 0 0 0 Share of third- party share- holders –143,229 0 0 0 Total (propor- tional) 1,504,549 0 0 0 Group at-equity 145,664 0 0 0 1,502,114 0 0 0 0 0 354 0 0 0 0 0 0 0 0 0 0 0 354 0 0 0 88 0 0 0 0 0 0 0 0 0 0 0 88 0 –334,943 1,144,662 3,329,995 351 –15,351 128,548 574,696 0 19,400 –330,894 –328,839 –122,601 1,150,609 1,173,363 3,393,554 –430,546 0 86 3,474,145 351 –13,415 132,249 590,441 0 17,915 –125,314 –439,847 0 –324,339 1,180,298 3,544,148 86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 2,468 0 3,332,843 0 1,780 0 32 6,600 0 576,476 –431,349 3,477,970 3,400,272 29 3,445 0 0 –803 0 0 1,988 0 0 –1,988 0 32 6,600 0 592,429 –441,835 3,550,866 33.2

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EPRA Reporting Net asset value 217 EPRA net initial yield and EPRA “topped-up” net initial yield The EPRA net initial yield is calculated on the basis of annualised rental income as at the reporting date less the costs that are not allo- cable to tenants, calculated in proportion to the market value of the property including ancillary acquisition costs. The EPRA “topped-up” net ini- tial yield also takes into account granted rental incentives in the determination of annualised rental income. EPRA net initial yield (EPRA NIY) and EPRA “topped-up” net initial yield in € thousand Market value investment properties Market value investment properties (at equity) Market value investment properties Less expanded space 1 Less ancillary acquisition costs 1 Market value 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) in % EPRA “topped-up” net initial yield in % 31.12.2022 31.12.2021 3,329,995 574,696 3,393,554 590,441 3,904,691 –10,960 227,330 4,121,061 249,739 –28,191 221,548 1,037 222,585 5.4 5.4 3,983,995 –10,960 226,673 4,199,708 244,107 –28,843 215,264 1,015 216,279 5.1 5.1 1 Including the share attributable to equity-accounted joint ventures and associates EPRA vacancy rate 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. EPRA vacancy rate in € thousand Market rent for vacancy 1 Total market rent 1 EPRA vacancy rate in % 31.12.2022 13,714 239,521 5.7 31.12.2021 13,727 239,970 5.7 1 Including the share attributable to equity-accounted joint ventures and associates EPRA cost ratio The EPRA cost ratio compares the sum of operat- ing and administrative costs with rental income, allowing for an estimation of cost efficiency across comparable real estate companies. Operating and administrative costs comprise all expenses that cannot be allocated or passed on from the management of the property portfolio (excluding depreciation, interest and taxes) as well as Group management costs. Costs are not capitalised.

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218 Deutsche EuroShop / Annual Report 2022 EPRA cost ratio in € thousand Operating and administrative costs for property 1 Write-downs and derecognition of receivables 1 Other operating expenses 1 excluding financing costs Other revenue from cost allocations and reimbursements 1 EPRA costs (incl. direct vacancy costs) Direct vacancy costs 1 EPRA costs (excl. direct vacancy costs) Rental revenue (excluding cost allocations and reimbursements) 1 EPRA cost ratio (incl. direct vacancy costs) 2 in % EPRA cost ratio (excl. direct vacancy costs) 3 in % 01.01. - 31.12.2022 43,104 9,957 21,059 –7,079 67,041 –2,599 64,442 245,327 27.3 26.3 01.01. - 31.12.2021 38,240 28,862 8,404 –6,763 68,743 –2,230 66,513 243,603 28.2 27.3 1 Including the share attributable to equity-accounted joint ventures and associates ² The EPRA cost ratio (incl. direct vacancy costs) excluding write-downs and derecognition of receivables would be 23.3% (previous year: 16.4%). 3 The EPRA cost ratio (excl. direct vacancy costs) excluding write-downs and derecognition of receivables would be 22.2% (previous year: 15.5%). Investments in real estate assets Investments in the Group’s real estate assets amounted to: EPRA investments in real estate assets in € thousand Acquisitions Developments, new construction Investment properties Creation of additional rental space Without creation of additional rental space Rental incentives EPRA investments in real estate assets 1 Group at-equity 0 0 0 859 243 1,102 0 0 0 39,483 5,559 45,042 31.12.2022 Total 0 0 0 40,342 5,802 46,144 Group at-equity 0 0 0 1,758 399 2,157 0 0 0 18,732 3,050 21,782 31.12.2021 Total 0 0 0 20,490 3,449 23,939 1 Investments in 2022 and 2021 almost entirely affect cash in the year in question. Investments in portfolio properties result from investments in center infrastructure and rental areas as well as the “At-your-Service” and “Mall Beautification” investment programmes launched in the 2018 financial year and contin- ued in the current financial year. Interest was not capitalised as part of the investments.

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2 2 0 Deutsche EuroShop / Annual Report 2022 GLOSSARY Adverstising value equivalence Index number for the assessment of the mone tary value of an editorial article. It is based on the advertising rate of the medium. Annual financial statement Under German (HGB) accounting principles, the annual financial statements consist of a company’s balance sheet, profit and loss account, the notes to the financial statements and the management report. The annual financial statements of a public company are prepared by its executive board, audited by a certified public accountant (in Germany: Wirtschaftsprüfer) and adopted by the super visory board. Benchmark A standard of comparison, e. g. an index which serves as a guideline. Cash flow per share (CFPS) The cash flow per share is calculated by divid- ing the cash flow by the number of shares issued by a company. The cash flow per share is taken as the basis for calculating the price / cash flow ratio. Class of assets Division of the capital and real estate market into dif- ferent classes of assets or asset segments. Collection Ratio The collection ratio measures the ratio of incoming payments to rent and service charge receivables from tenants. Consumer price index Also called the cost-of-living index, this is calculated in Germany by the Federal Sta- tistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given period is compared with the price of the same basket during the base year. This change is also known as the infla- tion rate. Core Designation of a real estate investment and / or individual properties as well as the name of an investment style. The term refers to the relationship between risk and return. Core designates mature, transparent, suffi- ciently large markets or high-quality, well- situated properties that are fully let on a long-term basis to tenants with strong credit ratings. Other return / risk categories are val- ueadded and opportunistic. Corporate governance The rules for good, value-driven corporate management. The objective is to control the company’s management and to create mech- anisms to oblige executives to act in the inter- ests of their shareholders. Covenants A clause in a loan agreement which pertains to and contractually defines the binding warranties to be adhered to by the borrower during the term of a loan. Coverage Information provided on a listed public com- pany by banks and financial analysts in the form of studies and research reports. DAX Germany’s premier equity index. The compo- sition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 40 largest German companies listed in the Prime Standard in terms of market capitalisa- tion and market turnover. Discounted-cashflow-modelL (DCF) Method for the assessment of companies which is used to determine the future pay- ments surplusses and discount them to the valuation date.

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Glossary 2 21 Dividend The share of the distributed net profit of a company to which a shareholder is entitled in line with the number of shares he or she holds. The DES calculation is performed using the currently valid version of the EPRA Best Practice Recommendations, which can be found at www.epra.com / finance / financial-reporting / guidelines EPRA NTA EPRA NTA: The EPRA NTA represents the net asset value based on a long-term busi- ness model. Here, Group equity is adjusted for assets and liabilities that are unlikely to be realised if held over the long term. Intangi- ble assets are eliminated in the process. The DES calculation is performed using the cur- rently valid version of the EPRA Best Prac- tice Recommendations, which can be found at www.epra.com / finance / financial-reporting / guidelines Fair value The Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Food court Catering area of a shopping center, in which different vendors sell food at stations about a common seating area. Free cash flow The surplus cash generated from operat- ing activities recognised in the profit and loss account. This expresses a company’s inter- nal financing power, which can be used for investments, the repayment of debt, dividend payments and to meet funding requirements. EBIT Earnings before interest and taxes. DES calculation: EBT excluding net finance costs and measurement gains / losses (also see the consolidated income statement on page 162). EBT Earnings before Taxes. EBT (excluding measurement gains / losses) DES calculation: EBT less measurement gains / losses (including at-equity profit / loss) and less the deferred taxes included in at-equity profit / loss. E-commerce Direct commercial relationship between supplier and buyer via the internet including the provision of services. EPRA European Public Real Estate Association: EPRA is an Amsterdam-based organisation that represents the interests of the major European real estate companies in the pub- lic sphere and supports the development and market presence of European real estate corporations. EPRA earnings EPRA earnings represent sustained operat- ing earnings and thus lay the foundation for a real estate company’s ability to pay a dividend. To calculate this, the profit / loss for the year is adjusted to reflect any income components that have no sustained, recurring impact on operational performance.

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2 2 2 Deutsche EuroShop / Annual Report 2022 Funds from operations (FFO) Inflow of funds from operations used to finance our ongoing investments in portfo- lio properties, scheduled repayments on our bank loans and the annual distribution of dividends. DES calculation: Consolidated profit after adjustment for measurement gains / losses (including at-equity profit / loss), the noncash expense of conversion rights and deferred tax expense. Gearing Ratio which shows the relationship between liabilities and equity. International financial reporting standards (IFRS) International Financial Reporting Standards are based on International Accounting Stand- ards (IASs). Since 1 January 2005, listed com- panies have been required to apply IFRSs. IASs / IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair pres- entation that is not qualified by aspects of pru- dence or risk provision. Loan-to-value ratio (LTV ratio) Ratio of net financial liabilities (financial liabil- ities less cash and cash equivalents) to non- current assets (investment properties and investments accounted). Hedge accounting Financial mapping of two or more financial instruments that hedge one another. Mall Row of shops in a shopping center. ifo business climate index The ifo Business Climate Index is an important forward indicator for economic development in Germany. In order to calculate the index, the ifo Institute asks approximately 7.000 compa- nies every month for their assessment of the economic situation and their short-term cor- porate planning. Interest rate swap Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. Market capitalisation The current quoted price for a share multi- plied by the number of shares listed on the stock. MDAX German mid-cap index comprising the 50 most important securities after the 40 DAX members. Measurement gains / losses DES calculation: Measurement gains / losses comprise unrealised changes in the market value of properties held as a financial invest- ment (investment properties) before taxes. In the case of fully consolidated companies, the portion of the company that does not belong to the Group is deducted. Measurement gains / losses of associates and joint ventures accounted for using the equity method are contained in the at-equity profit / loss.

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Glossary 2 2 3 Roadshow Corporate presentations to institutional in vestors. Savings ratio Share of savings of the income available in households. SDAX The small-cap index comprising the 70 most important securities after the members of the DAX (40 members) and the MDAX (50 members). Subprime Mortgage loan to borrower with a low degree of creditworthiness. TecDAX The successor to the NEMAX 50, comprising the 30 largest German listed technology secu- rities in terms of market capitalisation and market turnover. Volatility Statistical measure for price fluctuations. The greater the fluctuations in the price of a secu- rity, the higher its volatility. Xetra An electronic stock ex-change trading sys- tem that, in contrast to floor trading, uses and open order book, thus increasing market transparency. The trading hours Measurement gains / losses (including at-equity profit / loss) DES calculation: Measurement gains / losses plus the measurement gains / losses included in at-equity profit / loss. Multi channeling Using a combination of online and offline communication tools in marketing. Net asset value (NAV) The value of an asset after deduction of lia- bilities. With regard to shares, the NAV con- stitutes their intrinsic value. The net net asset value (NNAV) is calculated by deducting deferred taxes from the NAV. Net finance costs Net finance costs at DES comprise the fol- lowing income statement items: Share of the profit or loss of associates and joint ventures accounted for using the equity method, inter- est expense and income, the share of profit attributable to limited partners, income from investments and all other financial income and expenditure. Peer-group A share price performance benchmark consisting of companies from similar sectors, put together on the basis of individual criteria. Performance The term performance describes the percent- age appreciation of an investment or a securi- ties portfolio during a given period. Retail space Space in a building and /or an open area that is used for sales by a retail operation and that is accessible to customers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business.

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2 2 4 Deutsche EuroShop / Annual Report 2022 M U L T I - Y E A R O V E R V I E W in € million Revenue 5 EBIT Net finance costs (excluding measurement gains / losses 1) EBT (excluding measurement gains / losses 1) Measurement gains / losses 1 Consolidated profit Funds from Operations (FFO) FFO per share in € Earnings per share in € ² EPRA Earnings per share in € Equity 3 Liabilities Total assets Equity ratio in % 3 Cash and cash equivalents Net tangible assets (EPRA) Net tangible assets per share in € (EPRA) Dividend per share in € 2013 188.0 165.8 – 52.3 113.4 58.4 171.0 112.0 2.08 3.17 1.74 1,642.4 1,752.5 3,394.9 48.4 40.8 1,650.4 30.59 1.25 2014 200.8 177.5 – 52.5 125.0 89.7 177.4 120.5 2.23 3.29 1.84 1,751.2 1,741.0 3,492.2 50.1 58.3 1,789.4 33.17 1.30 2015 202.9 176.3 – 49.3 127.0 267.7 309.3 123.4 2.29 5.73 2.18 2,061.0 1,790.6 3,851.6 53.5 70.7 2,135.2 39.12 1.35 1 Including the share attributable to equity-accounted joint ventures and associates 2 undiluted 3 incl. non controlling interests 4 proposal 5 In 2020, there was a change in the disclosure of revenue with adjustment of the comparative figure for the previous year 2019. A comparison with the years 2013 to 2018 is therefore only possible to a limited extent. Q U A R T E R L Y F I G U R E S 2022 in € million Revenue Net operating income (NOI) EBIT EBT (excluding measurement gains / losses 1) EPRA Earnings FFO EPRA Earnings per share in € FFO per share in € 01.01. – 31.03.2022 52.1 40.4 39.3 33.4 31.3 31.3 0.51 0.51 01.04 – 30.06.2022 53.6 43.7 36.7 31.3 29.5 35.4 0.47 0.57 01.07. – 30.09.2022 53.0 39.8 35.5 29.7 29.7 29.7 0.49 0.48 01.10. – 31.12.2022 54.1 43.6 40.9 35.8 39.1 33.7 0.63 0.55 1 Including the share attributable to equity-accounted joint ventures and associates

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Multi-year overview & Quarterly figures 2022 2 2 5 2016 205.1 178.6 – 44.1 134.5 145.5 221.8 129.9 2.41 4.11 2.29 2,240.7 1,873.8 4,114.5 54.5 64.0 2,332.6 43.24 1.40 2017 218.5 192.4 – 39.1 153.3 12.9 134.3 148.1 2.54 2.31 2.42 2,574.9 2,052.1 4,627.0 55.6 106.6 2,668.4 43.19 1.45 2018 225.0 199.1 – 38.2 160.9 – 58.3 79.4 150.4 2.43 1.29 2.39 2,573.4 2,036.8 4,610.2 55.8 116.3 2,667.5 43.17 1.50 2019 231.5 197.5 – 34.3 163.1 – 120.0 112.1 149.6 2.42 1.81 2.56 2,601.5 1,957.1 4,558.6 57.1 148.1 2,613.4 42.30 0.00 2020 224.1 161.2 – 33.6 127.6 – 429.6 – 251.7 123.3 2.00 – 4.07 2.02 2,314.8 1,922.6 4,237.4 54.6 266.0 2,309.7 37.38 0.04 2021 211.8 152.5 – 26.9 125.6 – 54.7 59.9 122.3 1.98 0.97 1.97 2,377.8 1,901.0 4,278.8 55.6 328.8 2,374.5 38.43 1.00 2022 212.8 152.4 – 22.3 130.2 – 106.4 21.4 130.1 2.11 0.35 2.10 2,343.4 1,864.7 4,208.1 55.7 334.9 2,335.9 37.81 2.50 4 Main-Taunus- Zentrum, Sulzbach

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2 2 6 L E G A L Published by Deutsche EuroShop AG Heegbarg 36 22391 Hamburg Germany Phone: +49 (0)40 - 41 35 79 0 Fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.de ir@deutsche-euroshop.de Editors Patrick Kiss (Editor in chief) Nicolas Lissner (Editorial management) Translation Lionbridge Guest Editors Annabell Behrmann, Giovanni Giampietri, and Martin Witt Concept Deutsche EuroShop AG, Hamburg Art Direction & Design Silvester Group, Hamburg Pictures Deutsche EuroShop, adobe stock, Cosmic VR Studio, ECE, gettyimages, istockfoto.com, Patrick Kiss, Nicolas Lissner, Axel Martens, Ben Pakalski, tegut. Responsible for the editorial content Deutsche EuroShop AG, Hamburg

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2 2 7 DISCLAIMER Information on wording: Wherever any terms indicating the male gender only (he, him, etc.) have, in the interests of simplicity, been used in this Magazine, such references should be construed as referring equally to the male, female and divers gender. Author contribu- tions: Sections of text bearing an author’s name do not necessarily reflect the views of Deutsche EuroShop AG. The authors in ques- tion are responsible for the content of the texts. Trademarks: All trademarks and brand or prod- uct 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 subject to round- ing differences. The prefixes before rates of change are based on economic considera- tions: improvements are indicated by a plus (+); deteriorations by a minus (–). Forward-look- ing statements: This Annual Report contains forward-looking statements based on esti- mates of future developments by the Execu- tive Board. The statements and forecasts rep- resent estimates based on all of the information available at the current time. If the assump- tions on which these statements and fore- casts are based do not materialise, the actual results may differ from those currently being forecast. Publications for our shareholder: Annual Report (German and English), Quarterly Statement 3M, Quarterly Statement 9M and Half-Year Financial Report (German and Eng- lish). The Annual Report of Deutsche EuroShop is available on the Internet at www.deutsche- euroshop.de as a PDF file and ePaper. Convenience Translation – the German version is the only binding version Galeria Bałtycka, Gdansk