For 2014, before appropriation of profit  Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance at 1 January

 20142013 Trade payables948928 Bouwinvest Development B.V.

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 2014, € 27.6 million (2013: € 41.5 million) was paid as dividend.

As at 31 December 2014, the Fund’s total future commitments amounted to € 76 million (2013: € 91 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

Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2014 amounted to € 3.1 million (2013: € 2.9 million).

The table below shows the fees charged over the year 2014 by Deloitte Accountants B.V. and the Deloitte Network in respect of activities for the Retail Fund.

The Retail Fund has no significant subsequent events that need to be disclosed.

Amsterdam, the Netherlands, 16 March 2015 Bouwinvest Real Estate Investment Management B.V. Dick van Hal, Chairman of the Board of Directors and Statutory Director Arno van Geet, Managing Director Finance Allard van Spaandonk, Managing