The German Corporate Governance Code was not amended last year. Further intensive discussions were held on the diversity of management. Deutsche EuroShop is to focus more intently on this topic and plans to expand the Supervisory Board from six members to nine, in order to broaden expertise, particularly in retail and accounting. The Supervisory Board should in future contain at least one woman. An amendment to the Articles of Association to this effect and three candidates for election to the Supervisory Board should be put before the Annual General Meeting in June 2012.

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