Vastned attaches great importance to good corporate governance. As a listed company Vastned endorses the Dutch Corporate Governance Code 'the Code' and its principles. Currently Vastned complies with all best-practice principles of the Code. The document Main points Corporate Governance and the annual report elaborates in more detail on compliance with the Code and its best-practice principles.

Share ownership

Members of the Supervisory Board and the Executive Board hold shares in Vastned only for long-term investment; the shares were purchased at their own cost. When purchasing and selling shares, they act in accordance with the Regulation Private Investment Transactions as adopted by the company. Transactions are also reported to the Authority for the Financial Markets (www.afm.nl) in accordance with relevant regulations. Furthermore, Vastned has drawn up regulations in respect of trade in publicly listed securities. Transactions by members of the Supervisory Board, the Executive Board and other Vastned employees are reported to Vastned's compliance officer.

Specific corporate governance requirements for the Executive Board

Transactions of the member of the Executive Board

Vastned has not entered into any transactions with the member of the Executive Board other than those that arise from their employment contracts.

Conflicting interests of the member of the Executive Board

The member of the Executive Board has not entered into competition with Vastned in any way. No payments have been made by Vastned to the member of the Executive Board or their family members, no unjustified benefits have been provided to third parties by the member of the Executive Board, nor have any business opportunities been provided by Vastned to the member of the Executive Board or his family. In the context of the corporate governance pursued by Vastned, the member of the Executive Board declares to comply with the Code in all abovementioned cases.

Loans to the member of the Executive Board

Vastned has not provided loans to its member of the Executive Board, nor has the member of the Executive Board provided loans to Vastned.

Amendment of the Dutch Financial Markets Supervision Act

The Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) has been amended further to implementation of the European Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFMD"). Pursuant to this amendment, Vastned Retail NV is no longer an investment institution within the meaning of the Dutch Financial Markets Supervision Act, whereby the current license will not by operation of law be converted as of 22 July 2014. As a result hereof, the license of Vastned Management BV as manager of Vastned Retail NV ended as of 22 July 2014. The regulations applicable to listed companies, as amongst others laid down in the Dutch Financial Markets Supervision Act, continue to apply in full.