The Retail Fund has no employees.

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

The right of use of land is included as an integrated part of the investment property under construction.

The bank balances of € 29.5 million are freely available to the Fund as at 31 December 2019.

For 2019, before appropriation of profit

The average discount rate used for discounting the lease payments is 3%.

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 2019, the Fund paid out a dividend of € 129.60 per share (2018: € 118.16) which amounts to a total of € 45.9 million (2018: € 32.9 million).