Chairman of the Board of Directors and Statutory Director D.J. (Dick) van Hal (1958, Dutch) Dick van Hal has been Chairman of the Board of Directors since his appointment on 1 March 2008.

The Dutch economy is projected to grow slightly by 1.5% in 2015. The modest economic growth projected for 2015 is partly due to increased household consumption and a rise in business investments.

To achieve its targets, the Retail Fund aims to optimise its portfolio through targeted acquisitions, the redevelopment of core assets and the disposal of non-core retail units.

Portfolio composition at year-end 2014: 41 properties across the Netherlands 196,537 m2 of lettable floor space Total value investment properties € 654 million Diversification guidelines and investment restrictions Diversification

The Fund’s income return (ROE) came in at 4.5%, which was 0.6%-points lower than in 2013, mainly due to strategic vacancy in the investment properties under construction (Damrak/Nieuwendijk).

Due to ongoing growth in online shopping and continuing economic uncertainty, the retail market has become fiercely competitive and this is likely to continue for the foreseeable future.