Closed-End Fund

47 Dutch retail properties (€ 778 million; 209,979 m²)

Dear stakeholders,

D.J.

Despite the initial fears triggered by the Brexit vote, the Dutch economy continued its steady recovery in 2016 and economic growth with a level above 2% actually outpaced earlier projections.

The Retail Fund aims to increase its assets under management to approximately € 1 billion by 2019. The main drivers of this growth will be acquisitions.

47 Dutch retail properties

The Fund realised a total fund retun of 8.4% (2015: 4.5%), consisting of a 4.6% income return (2015: 4.4%) and a 3.9% capital growth (2015: 0.1%). The total return in Euro's grew to € 64.3 million in 2016, from € 32.2 million in 2015.

We are cautiously optimistic on the outlook for the Dutch economy, following a marked pick-up in growth in the course of 2016 as the Dutch economy appeared to shrug off the initial shock of the Brexit vote.