Bouwinvest has implemented a risk management framework based upon the principles of The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Within the domain of the Retail Fund, we distinguish the following risk clusters: Allocation risks Generic sector risks Specific sector risks Management risks Allocation risks Following the decision to invest in real estate, an investor has

All amounts in € thousands unless otherwise stated  Note20142013 Gross rental income635,662 37,620  Service charge income61,930 1,982  Other income 159 207 Revenues

Before appropriation of profit, all amounts in € thousands As at 31 DecemberNote20142013  Assets    Non-current assets    Investment property12446,309459,830 Investment property under

For 2014, before appropriation of profit, all amounts in € thousands  Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance at 1 January

All amounts in € thousands  Note20142013 Operating activities    Rental receipts 38,13442,586 Service charge receipts 1,7612,884 Operating payments (10,582)(5,101) Service charge

The Retail Fund is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.

3.1 Financial risk factors The risk management function within the Fund is carried out with respect to financial risks.

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.