The Fund’s investment properties are valued by external valuation experts on a quarterly basis. The external valuation expert is changed every three years.

Investment property is not (red)developed within the Retail Fund but via external parties or within Bouwinvest Development B.V. or Bouwinvest Retail Development B.V..

The bank balances of € 39.8 million are freely available to the Fund as at 31 December 2016. In order to minimalise the costs of the negative interest rate on the bank balances, during 2016 the Fund used 30-day bank deposits.

For 2016, before appropriation of profit

The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.

In 2016, € 33.4 million (2015: € 29.1 million) was paid as dividend.

As at 31 December 2016, the Fund’s total future commitments amounted to € 30 million (2015: € 24 million).

The Retail Fund’s subsidiairies and members of the Supervisory Board and Board of Directors of Bouwinvest Real Estate Investment Management B.V. (Bouwinvest) and the other entities under management by Bouwinvest, qualify as related parties of the