Report of the Supervisory Board

Composition of the Supervisory Board

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. Wijmenga. Kees Beuving joined the Supervisory Board on 22 August 2014 and was appointed chairman of the board on 12 December 2014. Roel Wijmenga joined the board on 1 October 2014. J.C. van Ek stepped down as Chairman of the Supervisory Board on 11 December 2014, after serving the maximum term of two periods of four years.

All members of the Supervisory Board are independent in accordance with the criteria laid down in the Supervisory Board charter.

C.J. (Kees) Beuving

(1951, Dutch)

Chairman

Kees Beuving joined the Supervisory Board of the Fund in August 2014 and was appointed chairman in December 2014. Mr. Beuving has a long history in the banking industry. Until 2012, he was Chairman of the Board of Directors at Friesland Bank and, before that, held a number of functions within the Board of Directors of Fortis Bank, including Chairman from 2002 to 2006. In the period 2006 to 2010, Mr. Beuving held various executive positions and supervisory directorships, including the Fortis Nederland pension fund and Currence B.V. He is currently a member of the Supervisory Board of Bank Nederlandse Gemeenten (BNG) and chairman of the board of Stichting VSB Vermogensfonds. He is also chairman of the Supervisory Board of charity Tear and Dutch microfinance organisation Qredits. As per February 2015, he was appointed as a member of the Supervisory Board of Delta Lloyd Bank N.V.  Mr. Beuving studied Business Economics at Erasmus University Rotterdam.

M. (Marjanne) Sint

(1949, Dutch)

Vice-chairman

Marjanne Sint was first appointed to the Supervisory Board of the Fund when it was established in January 2010. She is currently chairman of the Supervisory Board of NL Healthcare BV, member of the Supervisory Board of Bank Nederlandse Gemeenten (BNG) and member of the Council for Public Health and Healthcare. Until February 2014, Ms. Sint was the Chairman of the Board of Directors of Isala clinics in Zwolle, the Netherlands, and until May 2014 she was chairman of the Supervisory Board of NV ROVA Holding. From 2000 to 2007, she was Secretary-General of the Ministry of Housing, Spatial Planning and the Environment. She had previously held various other senior positions in both central and local government and at VNU Business Publications.

J.H.W.R. (Jan) van der Vlist

(1954, Dutch)

Member

Jan van der Vlist was first appointed to the Supervisory Board of the Fund in 2013. Mr. Van der Vlist is currently Principal of Klockensteijn B.V., a Dutch real estate consultancy firm. Until 2011, he was Head of Investment Management and Managing Director at NIBC Bank N.V. Prior to joining NIBC, Mr. Van der Vlist held a number of senior positions at pension fund PGGM, most latterly as Director Structured Investments (Real Estate and Private Equity). Mr. Van der Vlist currently holds several (supervisory) positions, including Member of the Board of Directors of European Real Estate Investment Trust Ltd, member of the Supervisory Board of Holland Property Group BV, Chairman of the Board of NIBC Infrastructure Partners I B.V., Senior Board Advisor at NIBC Bank N.V., Member of the Advisory Board at NIBC Merchant Banking Fund IB and Director at Barrage Vastgoed B.V.

R. Th. (Roel) Wijmenga

(1957, Dutch)

Member

Roel Wijmenga has a background in the insurance industry and held a number of financial executive functions at leading Dutch financial companies, including AMEV, Interpolis and Eureko/Achmea. His most recent role was as CFO at insurer ASR Verzekeringen. Roel Wijmenga studied Economics at Erasmus University Rotterdam. Roel Wijmenga holds several (supervisory) positions, including chairman of the Philips Pension fund and member of the Supervisory Board of Achmea.

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