Before appropriation of result, all amounts in € thousands  Note20142013 Assets      Tangible fixed assets1     Leasehold improvements 765 960  Equipment 903 1,022

All amounts in € thousands  Note20142013 Management fee 12 27,854 27,324        Operating costs      Personnel costs1317,014 16,815  Depreciation

All amounts in € thousands  20142013 Cash flow from operating activities     Operating result2,933 2,649  Adjustments for:     Depreciations765 962  Deferred

Bouwinvest Real Estate Investment Management B.V. (‘Bouwinvest’ or ‘the company’), domiciled in Amsterdam, is a private company with limited liability incorporated on 9 October 2002.

Valuation of assets and liabilities and determination of the result take place under the historical cost convention.

Financial instruments include primary financial instruments, such as receivables and payables.

Equipment is stated at purchase price less straight-line depreciations, calculated while taking into consideration the estimated economic life of the assets in question, and, if applicable, less impairments in value.

Where significant influence is exercised, associated companies in non-consolidated group companies are valued under the net asset value method, but not lower than a nil value.

Upon initial recognition the receivables are included at fair value and then valued at amortised cost. The fair value and amortised cost equal the face value. Any provision for doubtful accounts deemed necessary is deducted.

The cash is valued at face value. If cash equivalents are not freely disposable, then this has been taken into account upon valuation.