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Report of the Board of Directors

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Market developments and trends

The Dutch economy is projected to grow healthy by around 2.0% in 2015. The healthy economic growth projected for 2015 is partly due to increased household consumption and a rise in business investments.

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The Fund’s optimisation strategy

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.

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We expect a cautiously positive outlook for the Dutch economy, with healthy economic growth, falling unemployment and stable consumer confidence, to have a positive impact on the Dutch retail sector in the year ahead.

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