The Retail Fund has no employees.

Reference is made to Note 22 of the consolidated financial statements.

Amsterdam, 20 March 2017

Appropriation of profit is provided for in Article 20 of the Articles of Association. This specific article is quoted below.

The Annual General Meeting of shareholders on 18 April 2016 adopted and approved the 2015 financial statements of the Retail Fund. A dividend of € 108.84 (in cash) per share has been paid.

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 114.76 (in cash) per share be paid. Of the profit for 2016 amounting to € 64.3 million, € 64.3 million will be incorporated in the retained earnings.

In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund reports the adjustments according to the INREV valuation principles.

Before appropriation of result, all amounts in € thousands

All amounts in € thousands, unless otherwise stated

All amounts in € thousands