As per 1 January 2015, the Supervisory Board of the Fund has the following four members: C.J. Beuving (Chairman), M. Sint (Vice-Chairman), J.H.W.R. van der Vlist and R.Th.

Chairman of the Board of Directors and Statutory Director D.J. (Dick) van Hal (1958, Dutch) Dick van Hal has been Chairman of the Board of Directors since his appointment on 1 March 2008.

All amounts in € thousands, unless otherwise stated 20142013201220112010 Statement of financial position      Total assets689,847615,525593,034527,071499,073 Total shareholders’

The Bouwinvest Dutch Institutional Retail Fund’s focus on prime locations and daily shopping needs puts it in an excellent position to provide stable returns in the years ahead.

To determine the ‘best shopping cities’, Bouwinvest, including experts at its Research departments, conducts annual evaluations based on several variables.

Dear stakeholders, The Retail Fund had a relatively good year in 2014, as we recorded a good deal of progress in implementing our strategy of optimisation and growth, thanks to our acquisitions and investments in a number of upgrades

Role of the Supervisory Board The Supervisory Board supervises the policies of the Bouwinvest Board of Directors and the general affairs of the Fund and its related business The Supervisory Board monitors and supervises the composition,

The Dutch economy is projected to grow slightly by 1.5% in 2015. The modest economic growth projected for 2015 is partly due to increased household consumption and a rise in business investments.

To achieve its targets, the Retail Fund aims to optimise its portfolio through targeted acquisitions, the redevelopment of core assets and the disposal of non-core retail units.