DES GB2015 Englisch

Mr Wilhelm Wellner has been serving as an appointed member of the Executive Board since 1 February 2015 and, as planned, succeeded Mr Böge as CEO on 1 July 2015. Mr Böge’s tenure of around 14 years ended on 30 June 2015. Upon his departure, the Supervisory Board thanked Mr Böge for his many successful years of service which con- tributed toward the Company’s positive development. Meetings Four scheduled Supervisory Board meetings took place during financial year 2015. Where members of the Supervisory Board were unable to attend individual meetings, they provided apologies and good reasons why they could not make it in advance. Dr. Kreke was unable to attend the meeting held on 24 April 2015. Ms Better and Mr Werner were un- able to attend the meeting held on 18 June 2015. Ms Bell was unable to attend the meeting held on 24 September 2015. Ms Better, Ms Dohm and Dr Kreke were unable to attend the meeting held on 27 November 2015. At the first scheduled meeting, on 24 April 2015, the Supervisory Board’s annual review of efficiency was completed and the agenda for the Annual General Meeting was approved. We selected the auditor, who was proposed to the shareholders for election. In relation to the audit of the annual financial statements, we once again attached great importance to the explanations of the Executive Board and those of the auditor on the real estate appraisals. In addition, the Executive Board presented the financial, accounting and tax aspects of the 2014 annual financial statements. The Executive Board also reported on its plan to commission an- other appraiser with the necessary annual valuation of the property portfolio. Finally, the Executive Board notified us of current acquisition opportunities and negotiations. At the constituent meeting on 18 June 2015, we elected mem- bers by open ballot to various functions on the Supervisory Board and its committees. The following were elected and/or returned to office: Chairman of the Supervisory Board Reiner Strecker Deputy Chairwoman of the Supervisory Board Karin Dohm Executive Committee Reiner Strecker (Chairman), Thomas Armbrust, Karin Dohm Financial Expert Karin Dohm Audit Committee Karin Dohm (Chairwoman), Thomas Armbrust, Reiner Strecker Capital Market Committee Thomas Armbrust (Chairman), Reiner Strecker (Deputy Chairman), Dr Henning Kreke The Executive Board then reported on the status of expansion/reno- vation measures at the Phoenix-Center Harburg and City-Point Kassel. Additionally, the Executive Board requested our approval to commission Jones Lang LaSalle with the valuation of the property portfolio. We ap- proved the commissioning. In our new composition, we also continued to discuss the Company’s strategy in terms of the competitive envi- ronment and the capital markets. In this context, the Executive Board Reiner Strecker, Chairman presented us with its ideas for re- viewing the strategy. The third meeting was held on 24 September 2015 at the Phoenix- Center Harburg. We gained a first- hand impression of the ongoing ex- pansion activities at the shopping center on a tour of the construction site. During the meeting, the Exec- utive Board presented the planned acquisition of the Karstadt proper- ty in Dessau and requested our ap- proval. We approved the Executive Board’s proposal. It also reported about ongoing negotiations to refi- nance the three foreign properties. We approved the Executive Board’s planned €96  million refinancing arrangement for the City-Arkaden in Klagenfurt. 13 REPORT OF THE SUPERVISORY BOARD

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