Declaration of Conformity

(Convenience Translation – the German version is the only legally binding version)

Joint Declaration by the Executive Board and the Supervisory Board of Deutsche EuroShop AG on the recommendations of the Government Commission on the German Corporate Governance Codex in accordance with section 161 of the AktG (German Public Companies Act).

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 ‘German Corporate Governance Code’ (as published by the German Federal Ministry of Justice in the official section of the electronic Federal Gazette (Bundesanzeiger) on 4 July 2003, and as amended on 26 May 2010 in the most recent version), subject to a limited number of exceptions, as indicated below:

1. The existing D&O insurance policy taken out for the members of the Supervisory Board does not provide for any deductible (Section 3.8 of the Code)

The Executive Board and the Supervisory Board of Deutsche EuroShop AG have acted in a responsible manner, managing and supervising the Company in line with the principles of creating enterprise value ever since the Company was established, preceding the official introduction of corporate governance guidelines. The Company therefore believed that the agreement of a deductible was not necessary, in particular as this had no effect on the level of the insurance premium.

2. There is no stipulated age limit for a Member of the Executive Board

(Section 5.1.2 of the Code)

The Supervisory Board believes that professional qualification and skills represent the key criteria for members of the Executive Board. An age limit policy might force the retirement of a qualified and successful Executive Board member.

3. There is no stipulated age limit for a Member of the Supervisory Board

(Section 5.1.2 of the Code)

The Supervisory Board believes that professional qualification and skills represent the key criteria for members of the Supervisory Board. An age limit policy might force the retirement of a qualified and successful Supervisory Board member.

4. The remuneration of Supervisory Board members does not comprise performance-based remuneration components (Section 5.4.6 of the Code)

The Company believes that a fixed remuneration package for members of the Supervisory Board best reflects the Company’s business model. The selection of shopping centers to be acquired and held, plus the quality of long-term leases, represent the key factors determining the Company’s long-term success.

5. The consolidated financial statements are published within 120 days of the end of the financial year (Section 7.1.2 of the Code)

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 financial statements. Preliminary (unaudited) key figures relevant for the capital market will be pre-published.

Hamburg, 30 November 2011

The Executive Board and the Supervisory Board

Deutsche EuroShop AG

Archive

(Convenience Translations – the German version is the only legally binding version)

• Declaration of Conformity 2011 (PDF file, 22 KB)
• Declaration of Conformity 2010 (PDF file, 22 KB)
• Declaration of Conformity 2009 (PDF file, 20 KB)
• Declaration of Conformity 2008 (PDF file, 20 KB)
• Declaration of Conformity 2007 (PDF file, 23 KB)
• Declaration of Conformity 2006 (PDF file, 18 KB)
• Declaration of Conformity 2005 (PDF file, 26 KB)
• Declaration of Conformity 2004 (PDF file, 56 KB)
• Declaration of Conformity 2003 (PDF file, 57 KB)
• Declaration of Conformity 2002 (PDF file, 56 KB)

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