Report of the Board of Directors

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Market developments and trends

The Dutch economy is projected to grow 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.

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The Fund’s growth strategy

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy.

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Portfolio developments 2014 in perspective

Portfolio composition at year-end 2014: A total of 210 properties across the Netherlands Total value investment properties of € 2.6 billion Diversification guidelines and investment restrictions During the financial year, the Fund

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Financial performance in 2014

The Fund booked an income return (ROE) of 3.9%, which was higher than the 3.6% reported in 2013. In 2014, mainly due to the tendering of maintenance activities, total maintenance costs were lower than in 2013.

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Sentiment positive, but recovery fragile Following an extended period of widespread uncertainty in the residential real estate sector, the market entered markedly calmer waters in 2014, and we expect this stabilisation of the market to continue

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