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.

A spread by retail location is applied in the analysis of the valuation of the investment property portfolio. The Fund’s key retail locations are: high street retail, shopping centres, other retail locations.

 20142013 Theoretical rent38,09040,866 Incentives(301)(347) Vacancies(2,127)(2,899) Total gross rental income35,66237,620 Download XLS The future contractual rent from leases in existence on 31 December 2014, until

 20142013 Taxes1,1621,166 Insurance8090 Maintenance751951 Valuation fees166159 Property management fees715787 Promotion and marketing165117 Letting and lease renewal fees296228 Other operating

 20142013 Management fee Bouwinvest3,0582,896 Audit fees2331 Other administrative expenses14290 Legal fees- - Other Fund expenses31154 Total administrative expenses3,2543,171 Download XLS Where

 20142013 Interest income54 Total finance result54 Download XLS

The Fund is structured as a fiscal investment institution (fiscale beleggingsinstelling, or ‘FII’) within the meaning of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).