Business Radar | Stichting Stadgenoot

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Financial Statements 2010 Contents Consolidated financial statements 2010 Consolidated balance sheet as at 31 December 2010 Consolidated profit and loss account for 2010 Consolidated cash flow statement for 2010 Notes to the consolidated financial statements Notes to the separate items of the consolidated balance sheet Contingent liabilities Notes to the separate items of the consolidated profit and loss account Notes on the current value of the consolidated balance sheet Company financial statements 2010 Company balance sheet as at 31 December 2010 Company profit and loss account for 2010 Notes to the company financial statements Notes to the separate items of the company balance sheet Other information Auditors’ report Statement concerning the disposition of funds in the interests of housing Post-balance-sheet events Provisions of the articles of association concerning the appropriation of results Proposed appropriation of the result Key figures Numbers of units under management Annex Financial summary of group companies, participating interests and strategic alliances 1

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Consolidated balance sheet as at 31 December 2010 In thousands of euros, after appropriation of result 31-12-10 31-12-09 Assets Fixed assets 1 Tangible fixed assets 1.1 Property in operation 2,081,229 2,017,089 1.2 Property under development 137,249 103,941 1.3 Property and other assets serving operations 26,489 39,328 2,244,967 2,160,358 2 Financial fixed assets BWS housing subsidies receivable 0 3,541 Other participating interests 12,863 30,729 Receivables from other participating interests 50,759 51,446 Other receivables 1,437 1,523 65,059 87,239 Total fixed assets 2,310,026 2,247,597 Current assets 3 Stocks 85,696 69.465 4 Work in progress 32,232 38.847 Debtors 5.1 Tenants 3,313 4,622 Public authorities 116 158 5.2 Tax and social security contributions 30,624 30,117 5.3 Other receivables 9,720 18,961 5.4 Prepayments and accrued income 22,469 39,130 66,242 92.988 6 Cash 32,476 30.944 Total current assets 216,646 232,244 Total assets 2,526,672 2,479,841 2

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Equity and liabilities 7 Group equity Share capital Statutory reserve Other reserves Total group equity Provisions 8.1 Provision for 8.2 Provision for 8.3 Other provisions Total provisions 9 Long-term liabilities Loans Guarantee deposits Total long-term liabilities Current liabilities 10.1 Amounts owed to credit institutions Prepayments on WIP Trade creditors 10.2 Tax and social Other amounts owed 10.3 Accruals and deferred income Total current liabilities Total equity and liabilities 31-12-10 31-12-09 16 20 for participating interests 9,039 9,325 690,324 669,030 699,379 678,375 deferred tax liabilities 9,013 12,188 unprofitable investments 19,787 28,452 1,561 2,170 30,361 42,810 1,622,592 1,532,414 9,974 9,533 1,632,566 1,541,947 47,815 65,638 942 5,105 20,622 28,319 security contributions 3,067 6,575 45,400 64,500 46,520 46,572 164,366 216,709 2,526,672 2,479,841 3

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Consolidated profit and loss account for 2010 In thousands of euros 2010 2009 Operating income 12.1 Rents 171,168 167,789 12.2 Charges 12,435 11,828 12.3 Proceeds from sales of property 38,633 118,321 12.4 Change in work in progress -4,163 -36,306 Capitalised production for own use 2,736 2,632 12.5 Other operating income 13,860 15,641 Total operating income 234,668 279,906 Operating expenses 13.1 Costs of subcontracted work 8,087 42,009 Depreciation and amortisation 2,784 2,516 13.2 Other movements in the value of tangible and 35,876 39,070 intangible fixed assets Ground rent 2,853 2,730 13.3 Wages and salaries 24,177 23,482 Social security charges 3,128 3,018 Pension charges 4,180 4,215 13.4 Maintenance costs 37,200 49,735 13.5 Exceptional changes in value of current assets -471 10,230 13.6 Other operating expenses 49,091 62,633 Total operating expenses 166,907 239,637 Operating result 67,761 40,270 Finance income and expense 14.1 Interest and similar income 4,284 805 14.2 Interest and similar charges 56,126 55,459 Total finance income and expense -51,842 -54.654 Group result on ordinary activities before tax 15,918 -14,385 15 Corporation tax 3,427 -7,026 Share in results of participating interests -26,217 -7,895 Group result after-tax before movements in the current value of tangible fixed assets -6,872 -29,306 1.1 Movements in the current value of property in 27,880 15,161 operation Net result 21,008 -14,145 4

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Consolidated cash flow statement for 2010 In thousands of euros 2010 2009 Cash flow from operating activities Operating result 67,761 40,270 Adjusted for:  depreciation/amortisation 2,784 2,516  other exceptional changes in value 35,405 49,300  movements in provisions -609 510 Changes in working capital:  movements in provisions 27,253 -17,844  movements in current liabilities -11,258 -20,002 53,575 14,480 Net cash flow from operations 121,336 54,750 Interest income 4,284 805 Interest expense -56,126 -55,459 Results of participating interests -26,217 -7,895 Tax paid/received -255 -199 -78,314 -62,748 Net cash flow from operating activities 43,022 -7,998 Cash flow from investing activities Investments in tangible fixed assets:  property in operation -27,878 -82,666  property in development -113,839 -96,907  property serving operations -6,121 -1,921  movements in work in progress/stocks -13,308 -18,494 Proceeds from disposals of tangible fixed assets 43,784 42,486 Movements in financial fixed assets 22,180 8,577 Net cash flow from investing activities -95,182 -148,925 Cash flow from financing activities Movements in guarantee deposits 441 372 Proceeds from long-term loans 211,240 334,500 Repayments of long-term loans -120,654 -119,427 Movements in save-as-you-earn accounts -408 83 Movements in short-term loans -19,100 -76,000 Repayment of share capital -4 -13 Net cash flow from financing activities 71,515 139,515 Net cash flow 19,355 -17,408 Movements in cash/amounts owed to credit institutions Opening balance -34,694 -17,286 Closing balance -15,339 -34,694 Total movements in cash 19,355 -17,408 5

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Notes to the consolidated financial statements General Regulatory framework: Pursuant to the requirements set forth in the Social Housing Decree applicable to accredited institutions, the financial statements have been prepared in accordance with the provisions of Part 9, Book 2, of the Netherlands Civil Code, with various specific exceptions. Included in the Guidelines for Annual Reporting in the Netherlands is Guideline 645 Officially Recognised Social Housing Institutions, containing a more detailed interpretation of the accounting standards. This Guideline also contains specific formats for the balance sheet and the profit and loss account. Guideline 645 exclusively governs matters specific to the sector. All other matters are governed by the generally applicable accounting guidelines. Accounting policies General The accounting policies used for the valuation of assets and liabilities and for the determination of results are based on historical cost unless otherwise mentioned. An important component, tangible fixed assets in operation, is measured at current value based on the value in use. Unless otherwise stated, assets and liabilities are included at face value. An asset is recognised in the balance sheet when it is probable that the future economic benefits will flow to the company and its value can be reliably measured. A liability is recognised in the balance sheet when it is probable that settlement thereof will be accompanied by an outflow of resources and the amount thereof can be reliably measured. The financial statements include both legal liabilities and constructive liabilities quantifiable as having been ‘internally formulated and externally communicated’. A constructive liability is linked to a decision-making and communication process connected with property development and restructuring. Income is recognised in the profit and loss account when an increase in the economic potential, associated with an increase in an asset or a decrease in a liability, has occurred, the amount of which can be reliably measured. Expenses are recognised when a decrease in the economic potential, associated with a decrease in an asset or an increase in a liability, has occurred, the amount of which can be reliably measured. If a transaction results in all or almost all of the future economic benefits and all or almost all of the risks relating to an asset or a liability being transferred to a third party, the asset or liability ceases to be included in the balance sheet. Assets and liabilities are also derecognised as and when the requirements of probability of future economic benefits and reliability of measurement cease to be satisfied. Income and expenses are attributed to the period to which they relate. Income is recognised if the company has transferred all significant risks to a purchaser. The preparation of the financial statements requires that management form judgements and make estimates and assumptions affecting the application of accounting policies and the reported amounts of assets and liabilities and of income and expenses. The actual results may differ from these estimates. The estimates and underlying assumptions are constantly reviewed. The effect of revised estimates is recognised in the period in which the estimate is revised and in future periods affected by the reappraisal. Basis of consolidation The consolidated financial statements contain the financial information of Woningbouwvereniging Stadgenoot and its group companies and other legal entities over which the company has control. Group companies are participating interests in which the company has a controlling interest or is able to influence policy on some other basis. The group companies are included in full in the consolidation with separate recognition of minority interests. Proportional consolidation is applied in the case of participating interests in alliances where the company has the same influence on policy as each of the other participants (joint ventures). Newly acquired participating interests are included in the consolidation from the date on which control is obtained. Participating interests which are disposed of are deconsolidated from the date on which control ceases. Intercompany accounts and transactions are eliminated in the consolidated financial statements, as are profits within the Group. The consolidated entities are: 6

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• Houdstermaatschappij Stadgenoot BV with subsidiaries: NV Stadsgoed (with subsidiary Stadsgoed Monumenten BV), BV Huismeesters van het Oosten, VVE Beheer Amsterdam BV (50%) (with subsidiary VE beheer Amsterdam Opleidingen BV), Het Oosten Monumenten BV, Amsterdamse Compagnie NV (66.6%), Stadgenoot Vastgoedbedrijf BV and Exploitatiemaatschappij Kadehotel BV. • Stadgenoot Diensten BV with subsidiaries: Stadgenoot Energie BV, Stadgenoot Participaties II BV • Stadgenoot Projecten BV with subsidiaries: Stadgenoot Ontwikkeling BV (with subsidiaries: Nieuw Amerika Ontwikkeling BV, Houthavens Ontwikkeling BV, Gershwin Ontwikkeling BV and Polderweg Ontwikkeling BV),Stadgenoot Maritiem BV, VOF Ontwikkelcombinatie IJ-Maritiem, 75% subsidiary of Stadgenoot Maritiem BV, IJ-Maritiem Holding BV, IJ-Maritiem BV, Forum Bos en Lommer Beheer BV 50%, Forum Bos en Lommer CV 50% and BLP Properties BV 50%. • VOF Kolenkit (43.1%) • Eerste Amsterdamse Gebiedsonderneming BV (33.3%) all domiciled in Amsterdam. The consolidated financial statements also include the owners’ associations in which Woningbouwvereniging Stadgenoot has a controlling interest. Financial instruments Financial instruments in the case of Woningbouwvereniging Stadgenoot comprise receivables included in financial fixed assets and in current assets , cash and long-term and current liabilities. Financial instruments are recognised at fair value on initial recognition, including directly attributable transaction costs. After initial recognition, financial instruments are carried at amortised cost. In the absence of any premium or discount and directly attributable transaction costs, the amortised cost is equal to the face value. A provision for bad debts is recognised in respect of receivables as necessary. As regards the amount of the deferred tax asset, reference is made to the section on Tax. In addition, in the case of Woningbouwvereniging Stadgenoot, financial instruments also include derivatives. Derivative financial instruments are carried at fair value, with changes in the fair value recognised in the profit and loss account. Woningbouwvereniging Stadgenoot uses interest rate derivatives to hedge interest rate risks, to which cost-based hedge accounting is applied. Hedge accounting at cost results in the following exception to the accounting policies relating to derivatives stated above. Using the cost-based hedge accounting model, the amount of a derivative on initial recognition, its subsequent carrying amount and its treatment in the profit and loss account depend on the exposure being hedged. This means that, if the hedged position is carried at cost, the amount of the derivative is also measured at cost and, as long as the hedged position remains on the balance sheet, any gains and losses on the derivative are not recognised. Using cost-based hedge accounting satisfies the requirements set forth in CAR 290. Woningbouwvereniging Stadgenoot uses cost-based hedge accounting for the interest-rate derivatives used to convert certain floating-rate loans into fixed-rate loans. Woningbouwvereniging Stadgenoot also uses cost- based hedge accounting for the interest rate derivatives used to hedge future financing transactions, on condition that it is highly probable that these transactions will become a reality. The gains and losses on the ineffective part of a hedge relationship are recognised in the profit and loss account. If an interest rate derivative ceases to satisfy the conditions for hedge accounting, matures or is sold, the hedging relationship is ended and the accumulated gain or loss is transferred to the profit and loss account. Property in operation The property in operation is carried at current value based on the value in use. Value in use is understood to mean the net present value of the future proceeds from operations less the net present value of the future operating expenses over the estimated remaining life of the individual let properties. A more comprehensive explanation of the way in which the value in use is calculated and properties are allocated to complexes for this purpose can be found further on in the notes to the financial statements. Any increase or decrease in the current value over the year is recognised in the profit and loss account as movements in the current value of tangible fixed assets. 7

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Property under development This concerns the projects under development for letting purposes. The carrying amount is measured at cost, including construction period interest costs plus project preparation and management costs, less an estimated provision for costs not covered and for other risks. If the recognised provision exceeds the capitalised costs on a particular project, the excess is included as provisions for property under development on the liabilities side of the balance sheet. Property and other assets serving operations The property and other assets serving operations are carried at cost less depreciation. The two head offices, on Sarphatistraat and on Bos en Lommerplein, are depreciated using the annuity method, based on a useful life of 50 years. The Bos en Lommerplein building was sold at the end of 2010. Fixtures and fittings are depreciated on a straight-line basis over a useful life of 10–20 years. Equipment is depreciated on a straight-line basis over a useful life of 5–10 years. Participating interests Participating interests in group companies and joint ventures are carried at net asset value. In calculating the net asset value, the accounting policies of Woningbouwvereniging Stadgenoot are applied. If the net asset value is negative, the amount is recognised in the provisions for participating interests on the liabilities side of the balance sheet. Participating interests where Woningbouwvereniging Stadgenoot has no significant influence are carried at cost or a lower amount, as necessary. Materials Stocks of materials are measured at the most recently paid purchase prices less a provision for obsolescence. Stock of unsold homes/land and development positions The land and development positions are carried at the price paid plus associated expenses. As and when actual development starts, the assets are transferred to property under development/work in progress. If the land and development positions become impaired to such an extent that their fair value is less than the capitalised costs, the impairment loss is taken to the profit and loss account. The stock of unsold homes concerns new housing completions and is carried at the lower of cost, including construction period interest and project preparation and management costs, and expected selling price.Work in progress This concerns the projects under development for the purpose of sale. The carrying amount is measured at cost, including construction period interest costs plus project preparation and management costs, less an estimated provision for costs not covered and for other risks. Profit is recognised in equal measure to the production of the homes which have been sold. Sales are recognised on project completion. Advance payments received are deducted from work in progress. If advance payments exceed the capitalised costs on a particular project, the excess is included in current liabilities. Statutory reserve for participating interests A statutory reserve for participating interests is formed for accumulated profits or capital gains which are not distributable. Loans No repayments are made on loans contracted in the past under the Dutch ‘dynamische kostprijshuursysteem’ and not the full amount of the interest due is paid either (loans with increasing principal) as long as the associated operation of the assets generates operating losses originally costed under the system. For the duration of this period, the loan principal is increased each year by a previously calculated amount. 8

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Rents Presented under this heading is the income under the terms of tenants’ leases. Rents are increased annually within the limits prescribed by law, as decided by Woningbouwvereniging Stadgenoot. Charges This concerns payments received from tenants for the supply of energy and in respect of service charges. Proceeds from sales of property The proceeds from the sale of newbuild owner-occupied housing are recognised on completion of an entire project or project phase and are made up of the invoiced instalments less discounts and net of value-added tax. The profit on the rented housing sold is recognised at the time of legal handover (conveyance). Change in work in progress The recognition of production relating to newbuild owner-occupied housing is in equal measure to the progress of the project. Profit recognition reflects the production of the homes sold. The change in work in progress is made up of the recognised costs and profits for the year relating to the newbuild owner-occupied housing less the invoiced instalments on the completed homes for sale. Costs of subcontracted work Costs of subcontracted work concerns the costs incurred on the newbuild owner occupied housing projects. Other movements in the value of tangible and intangible fixed assets Included here are the unprofitable investments relating to property in operation (purchases and renovation) and property under development. Wages and salaries/pensions At the beginning of 2009, the Council for Annual Reporting in the Netherlands published a new draft guideline, Guideline 271.3, concerning pensions, the requirements of which were optionally applicable with immediate effect. The basis of the new draft guideline is that, for all pension schemes, the pension charges to be recognised should in principle be the same as the amount of the pension contributions payable unless there were additional liabilities as at balance sheet date. Application of the new guideline did not result in any change in the accounting policies compared with the previous accounting treatment of pensions. Basically, the recognised pension charges for the year are equal to the pension contributions payable to the pension fund in respect of the period concerned. If the contributions payable have not been paid on the balance sheet date, a corresponding liability is recognised. If the contributions already paid as at balance sheet date exceed the amount of the contributions due, a prepayment is recognised if there will be any repayment by the pension fund or if the amount overpaid will be set against future contributions. In addition, a provision is recognised as at balance sheet date for existing additional liabilities vis-à-vis the pension fund and the employees if it is probable that an outflow of resources will be required to settle those liabilities and the amount of the liabilities can be reliably estimated. The existence of additional liabilities is assessed by reference to the terms of the administrative agreement with the pension fund, the pension agreement with the employees and other explicit or implicit commitments to the employees. The amount of the provision is based on the best estimate of the net present value of the amounts needed to settle the liabilities as at balance sheet date. If the pension fund has a surplus as at balance sheet date, a corresponding asset is recognised if such surplus is at the company’s disposal, it is probable that the surplus will accrue to the company and the amount of the asset can be reliably measured. Maintenance costs The maintenance costs include all costs of work carried out in the year in connection with day-to-day maintenance, changes of tenant, contract repairs and planned maintenance. The expense concerned does not lead to an increase in value of the asset. 9

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Finance income and expense The net figure is the balance of interest payable and receivable plus commission charges, costs of guarantees and results on interest rate swap contracts and the capitalised interest. Also accounted for in this item are changes in value of the income from financial assets and securities. Corporation tax The tax on the results comprises both current tax and deferred tax. The current tax relates to the expected tax liability on the result before tax, taking account of tax facilities, including the agreement with the Dutch Tax Administration establishing the tax liability and non-allowable expenses, and applying the standard tax rates as at balance sheet date and any adjustments in the tax liability relating to prior years. Tax is deducted from losses if there are profits from preceding years against which the loss can be set and this will result in a tax recovery. Tax is also deducted if it is reasonable to assume that it will be possible to set the loss against future profits. Deferred tax is calculated using the tax rates expected to be applicable when the temporary differences lapse and the tax loss carryforwards are utilised, and recognised at net present value (discount rate 6%). Movements in the current value of tangible fixed assets The gains and losses in the value of the property in operation are recognised directly in the profit and loss account. Cash flow statement The cash flow statement is prepared using the indirect method. This method involves adjusting the net result in respect of items in the profit and loss account which do not affect cash inflows and outflows during the year, changes in balance sheet items and items in the profit and loss account where the income and expenditure is not considered to be connected with operations. The cash position shown in the cash flow statement is made up of the cash balance less overdraft borrowing. A distinction is made in the cash flow statement according to operating, investing and financing activities. The cash flows connected with financing are also split into cash flows relating to the principal (included in cash flow from financing activities) and interest payments (included in cash flow from operating activities). 10

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Notes to the separate items of the consolidated balance sheet In thousands of euros Tangible fixed assets 1.1 Property in operation Value in use as at 1 January 2010 2,017,089 Movements in 2010: Investments 27,878 Impairment of purchased/renovated property -18,688 Transferred from under development 54,678 Disposals -27,608 Movements in current value 27,880 Value in use as at 31 December 2010 2,081,229 The book value based on historical cost is 1,703,688 1.2 Property under development Position as at 1 January 2010: Cost 181,459 Accumulated impairment -105,970 Book value as at 1 January 75,489 Movements in 2010: Investments 113,839 Impairment -17,188 Transferred to property in operation -54,678 Balance 41,973 Position as at 31 December 2010: Cost 219,344 Accumulated impairment -101,882 Book value 117,462 Recognised under: Property under development 137,249 Provision for unprofitable investments -19,787 117,462 During the year, an amount of €6.8 million was capitalised in respect of construction period interest relating to property under development. In the case of newbuild projects not financed on a specific basis, an average interest rate of 3.88% was applied. 11

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1.3 Property serving operations Position as at 1 January 2010: Cost 50,402 Accumulated depreciation -11,074 Book value 39,328 Movements in 2010: Investments 6,121 Disposals -16,176 Depreciation -2,784 Balance -12,839 Position as at 31 December 2010: Cost 36,129 Accumulated depreciation -9,640 Book value 26,489 BWS Receivables housing Other from other subsidies participating participating 2 Financial fixed assets receivable interests interests Other Total Position as at 1 January 2010 3,541 30,729 51,446 1,523 87,239 Movements in 2010: Investments/advances -3,541 1,706 0 -1,835 Disposals/repayments -1,539 -2,393 -86 -4,018 Share in results of participating -16,340 -16,340 interests Dividends received from 13 13 participating interests Changes in value 0 Position as at 31 December 2010 0 12,863 50,759 1,437 65,059 For a list of the participating interests of the officially recognised housing institution, reference is made to page 146. 12

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3 Stocks 2010 2009 Stocks of materials 249 254 Stock of unsold homes/land and development positions 85,447 69,211 85,696 69,465 Stocks of materials Cost 249 254 249 254 Stock of unsold homes/land and development positions Land and development positions 120,499 96,681 Unsold homes 8,630 10,033 Accumulated impairment -43,682 -37,503 85,447 69,211 4 Work in progress Capitalised costs 41,015 41,868 Recognised profits 0 324 Instalments received from purchasers -9,293 -8,450 Provision for expected losses -432 31,290 33,742 Presented under: Work in progress 32,232 38,847 Prepayments -942 -5,105 31,290 33,742 The cost of the work in progress as at year-end 2010 includes an amount of €1.1 million (2009: €0.3 million) in respect of capitalised interest calculated at a rate of 3.88%. Debtors 2010 2009 5.1 Tenants Rents receivable 6,131 6,813 Provision for bad debts in respect of rents -2,818 -2,191 3,313 4,622 The amounts receivable from tenants in respect of rents fall due within one year. 5.2 Tax and social security contributions Deferred tax assets 30,624 30,117 30,624 30,117 13

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Deferred tax assets The deferred tax assets relate to the recognised tax loss carryforwards and recognised temporary differences. Realisation of these assets is not expected to be possible within one year. The face value of the recognised deferred tax asset is €13.4 million (2009: €14.3 million). The average term of the asset is 10 years (2009: 11 years). The discount rate applied is 2.97% (2009: 2.97%). The amount of unrecognised deferred tax assets is €660 million (2009: €562 million). 5.3 Other receivables The other receivables include an amount of €0 (2009: €0) with a remaining term to maturity of longer than one year. 5.4 Prepayments and accrued income The prepayments and accrued income include an amount of €1.3 million (2009: €3.7 million) with a remaining term to maturity of longer than one year. 6 Cash Freely available bank balances 32,471 30,939 Deposits 5 5 32,476 30,944 The cash balance includes time deposits amounting to €5,000, maturing in periods ranging from 1 week to 3 months. The remainder of the cash is available on demand. 7 Group equity Shareholders’ equity Details of the shareholders’ equity can be found in the notes to the company financial statements. Provisions 8.1 Provision for deferred tax liabilities Position as at 1 January 2010 12,188 Movements in 2010: Added 265 Utilised -3,440 Released Position as at 31 December 2010 9,013 The provision for deferred tax liabilities reflects the tax effects of the differences between the reported profit and the profit calculated for tax purposes. Deferred tax with a remaining term of one year or less amounts to nil. The recognised deferred tax liability at face value amounts to €9.4 million (2009: €13.3 million). The average term of the liability is five years. The discount rate applied is 2.97%. 8.2 Provision for unprofitable investments For the detail of the provision for unprofitable investments, see item 1.2. 14

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8.3 Other provisions Position as at 1 January 2010 2,170 Movements in 2010: Added 0 Utilised -609 Released 0 Position as at 31 December 2010 1,561 Government Other loans and Guarantee amounts 9 Long-term liabilities borrowings deposits owed Total Position as at 1 January 2010 1,532,006 9,533 408 1,541,947 Movements in 2010: New loans 211,240 211,240 Repayments -120,654 -120,654 Other movements 441 -408 33 Position as at 31 December 2010 1,622,592 9,974 0 1,632,566 Term to maturity: < 1 year 103,938 103,938 1-5 years 458,628 458,628 > 5 years 1,060,027 9,974 1,070,001 The average interest rate is 3.91% (2009:4.0%). The duration amounts to 12.41 years (2009:11.48 years). Of the loans, an amount of €73 million was secured by mortgages as at balance sheet date. Current liabilities 10.1 Amounts owed to credit institutions The overdraft facility with Bank Nederlandse Gemeenten as at 31 December 2010 amounted to €60 million (2009: €60 million), with an interest rate of 0.88%. The overdraft facility with ING Bank as at 31 December 2010 amounted to €30 million (2009: €30 million), with an interest rate of 2.00%. 2010 2009 10.2 Tax and social security contributions Value-added tax 818 4,256 Social security contributions and wage tax 2,249 2,319 3,067 6,575 15

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10.3 Accruals and deferred income Interest on loans not yet due 22,427 23,048 Rents received in advance 2,530 3,397 Other 21,563 20,127 46,520 46,572 16

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Contingent liabilities 1 Investment commitments Not included in the balance sheet are newbuild and renovation project commitments totalling approximately €66 million relating to rented housing and housing for the owner-occupied market. 2. Ground rent liabilities in respect of existing housing stock A proportion of the property is built on leasehold land. In the case of new housing developments built since 1976, the long lease has been purchased. The annual ground rent payable on the other leasehold properties amounts to €2.4 million. 3. Part-buy part-rent The total exposure on part-buy part-rent homes sold based on 2010 repurchase prices as at year-end 2010 amounted to in excess of €3.9 million. 4. Interest rate derivatives Four derivative contracts were concluded in 2010, totalling €103 million. Three swaps were used in connection with the restructuring of our derivatives portfolio, enabling us to reduce our interest charges. The fourth swap contract serves to hedge the cash flow risk on a floating-rate loan. The entire derivatives portfolio as at 31 December 2010 amounted to €723.7 million (consolidated). The average interest rate on the payer swaps is 4.08%. The value of the interest rate swaps, both receiver and payer, as at 31 December 2010 was €86.6 million negative. The caps have a value of €1.9 million positive. 5. DIGH loan guarantee Stadgenoot has given a guarantee amounting to €4.7 million for the repayment of loans from the foundation Dutch International Guarantees for Housing. The foundation uses the funds from this loan to support housing projects in Suriname (in partnership with Stichting Brasa). For further information regarding financial support for institutions outside the Netherlands in 2010, reference is made to the directors’ report. 6. Vesteda profit-sharing rights In 2005, Stadgenoot transferred the beneficial ownership of 108 rented social housing units on the Drie Wachters development to Vesteda. In connection with this transfer, Stadgenoot has a right to share in Vesteda’s profits. The profit-sharing right concerns a proportion of the profit on the sale of the Vesteda homes in the development. Since sharing in the profit depends on a decision to sell by Vesteda and the timing of such sale cannot be estimated with any certainty, the profit-sharing right has not been recognised in the balance sheet. 7. Liability Stadgenoot bears joint and several liability for strategic alliances without definite legal personality and in the form of general partnerships (joint ventures). 8. Far West Far West is a joint initiative on the part of the Amsterdam housing associations Woonstichting De Key, Woningbouwvereniging Stadgenoot, Woningstichting Rochdale and Stichting Woonmaatschappij Amsterdam. The renovation projects of the four contributing housing associations in the Westelijke Tuinsteden district are being executed by Far West on behalf of the contributing housing associations. 9. Commitment to provide capital for Waarborgfonds Sociale Woningbouw As at 31 December 2010, the exposure of Woningbouwvereniging Stadgenoot to provide capital in connection with the guarantees given by Waarborgfonds Sociale Woningbouw amounted to €59 million. The committed capital can be called if it is found that WSW’s capital base is insufficient to meet the guarantee claims upon WSW. 10. NCT-Beheer guarantee Woningbouwvereniging Stadgenoot has given a guarantee in respect of its share (19%) in New China Town C.V. This guarantee was taken over by Houdstermaatschappij Stadgenoot BV on 25 May 2010. 17

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Houdstermaatschappij Stadgenoot BV guarantees up to 19% of the liabilities arising in connection with a loan, the principal of which totals a maximum of €70 million (Stadgenoot guarantee: €13.3 million), contracted by New China Town C.V. As at 31 December 2010, an amount of €64 million had been drawn down under this facility. 11. Loan servicing guarantee At the time of contracting the loan, Woningbouwvereniging Stadgenoot gave a guarantee in connection with a loan granted by FGH Bank N.V. to BLP 1 Properties B.V. covering 25% of the interest and repayment obligations. On 30 December 2010, Stadgenoot took over the position of Woningstichting Rochdale in Forum Bos en Lommer Beheer B.V. and, in doing so, assumed the guarantee obligations of Rochdale vis-à-vis BLP 1 Properties B.V., meaning that, with effect from 30 December 2010, Stadgenoot is guaranteeing a total of 50% of the interest and repayment obligations. The total amount of the loan is €28 million and it falls due on 31 December 2011. 12. Tax group Woningbouwvereniging Stadgenoot together with its subsidiaries forms a tax group for corporation tax and value-added tax purposes. The Stadgenoot tax group for corporation tax comprises the following companies: • Woningbouwvereniging Stadgenoot • Houdstermaatschappij Stadgenoot BV with its subsidiaries NV Stadsgoed with its subsidiary Stadsgoed Monumenten BV, BV Huismeesters van het Oosten, Het Oosten Monumenten BV, Stadgenoot Vastgoedbedrijf BV and Exploitatiemaatschappij Kadehotel BV. • Stadgenoot Diensten BV with its subsidiaries: Stadgenoot Energie BV, Stadgenoot Participaties II BV • Stadgenoot Projecten BV with its subsidiaries: Stadgenoot Ontwikkeling BV with its subsidiaries Nieuw Amerika Ontwikkeling BV, Houthavens Ontwikkeling BV, Gershwin Ontwikkeling BV and Polderweg Ontwikkeling BV and Stadgenoot Maritiem BV The Stadgenoot tax group for value-added tax comprises the following companies: • Woningbouwvereniging Stadgenoot • Houdstermaatschappij Stadgenoot BV with its subsidiaries NV Stadsgoed with its subsidiary Stadsgoed Monumenten BV, Het Oosten Monumenten BV and Stadgenoot Vastgoedbedrijf BV • Stadgenoot Ontwikkeling BV 18

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Notes to the separate items of the consolidated profit and loss account In thousands of euros Operating income 2010 2009 12.1 Rents Rents 177,676 175,983 Lost rental income due to vacancies -6,508 -8,193 171,168 167,789 Lost rental income expressed as % of rents 3.66% 4.66% Rent arrears as % of rents 2.36% 2.82% Rent owed by ex-tenants as % of rents 1.22% 1.05% 12.2 Charges Service charges 13,059 12,482 Lost service charge income due to vacancies -624 -654 12,435 11,828 12.3 Proceeds from sales of property Sales of existing housing stock 57,561 81,460 Value in use of existing housing stock -23,940 -37,480 Selling costs of existing housing stock -7,196 -10,276 26,424 33,705 Sales of new homes 12,209 84,616 38,633 118,321 12.4 Change in work in progress Subcontracted work in connection with sales of new 8,087 42,005 homes Result on sales of new homes -42 6,305 Production value 8,046 48,311 Sales of new homes -12,209 -84,616 Total change in work in progress -4,163 -36,304 12.5 Other operating income Costs passed on to third parties 4,564 4,665 Operating expenses passed on 1,253 1,515 Maintenance costs passed on 1,441 1,213 Owners’ Associations, management on behalf of third 6,077 8,073 parties Other income 525 176 13,860 15,641 19

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Operating expenses 2010 2009 13.1 Costs of subcontracted work Costs of subcontracted work on current projects 8,087 42,005 Miscellaneous selling costs 0 4 8,087 42,009 13.2 Other movements in the value of tangible fixed assets Tangible fixed assets in operation 36,907 41,187 Tangible fixed assets under development -1,031 -2,117 35,876 39,070 13.3 Wages and salaries Number of staff As at year-end 2010, the company had 473 employees (2009:501), made up of 200 women and 273 men. The wages and salaries can be analysed by employee category as follows: Management 1,786 1,791 Operations 16,469 15,720 Property development 1,479 1,037 Administration 2,960 3,234 Other 1,370 1,533 Participating interests 7,422 7,400 31,486 30,714 All staff are employed in the Netherlands. 13.4 Maintenance costs Planned maintenance 21,294 21,937 Work connected with changes of tenant 5,806 13,961 Day-to-day maintenance 8,503 11,251 Social needs /quality-of-life 1,597 2,586 37,200 49,735 13.5 Exceptional changes in value of current assets Land and development positions -471 8,454 Stock of unsold homes 1,776 -471 10,230 20

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In thousands of euros 2010 2009 13.6 Other operating expenses Operational expenses 11,656 10,796 Other expenses 23,143 36,191 Costs of supplying goods and services 14,293 15,646 49,091 62.633 Operational expenses: Tax 9,874 9,123 Insurance 1,450 1,379 Contribution to national federation 331 295 11,656 10.796 Other expenses: General overheads 9,608 9,448 Other staff costs 1,292 1,919 Temporary staff 1,255 6,762 Premises costs and office equipment 1,988 2,940 ICT costs 2,363 2,526 Property development project acquisition and 740 3,690 preparation costs Members’ Council 122 149 Merger costs 0 2 Professional fees 2,128 2,755 Miscellaneous operating expenses 3,646 6,001 23,143 36.191 Finance income and expense 14.1 Interest and similar income Interest in respect of BWS housing subsidies 0 -24 Interest on other financial fixed assets 4,284 828 4,284 805 14.2 Interest and similar charges Interest on long-term liabilities 63,470 60,518 Capitalised interest on property and movable assets under development -8,900 -8,699 Interest on current liabilities 1,556 3,640 56,126 55,459 21

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In thousands of euros 15 Corporation tax 2010 2009 Current tax liability for the year -332 -5,014 Current tax liability for prior years 0 -2,848 Movements in deferred tax 3,094 14,888 -3,427 7,026 The current tax liability for the year has been calculated as follows: Result before tax according to the consolidated 15,918 financial statements Unprofitable investments 47,656 Result on sales of existing housing stock -38,633 Other temporary and permanent differences -26,245 Total permanent and temporary differences -17,222 Taxable amount -1,304 Current tax liability for the year -332 The weighted average effective tax rate was 21.5% (2009:28.6%). 2010 2009 16 The number of members of the Managing Board is 2 Their remuneration is as follows: Managing Board Managing Board Member Member F. Bijdendijk F. Bijdendijk Fixed pay 171,315 177,898 Variable pay/year-end bonus*1) 26,685 17,797 Total annual pay 198,000 195,695 Deferred benefits (pension) - 6,275 Taxable expenses 24,057 14,842 Non-taxable expenses 4,339 4,563 Total of deferred benefits and expenses 28,396 25,680 Total remuneration 226,396 221,375 Benefit in kind of company car for tax purposes 53,350 53,350 (including 5% own contribution) Disclosure of information under the Act governing the Disclosure of Top Level Rewards in Publicly Funded Sectors (WOPT) is as follows: Taxable annual pay 228,328 214,975 Pension contributions - 9,363 Contractual working week (hours) 36 36 22

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In thousands of euros 2010 2009 Managing Board Managing Board Chairman Chairman G.P. Anderiesen G.P. Anderiesen Fixed pay 162,221 160,261 Variable pay/year-end bonus*1) 24,039 15,438 Total annual pay 186,260 175,699 Deferred benefits (pension) 40,295 39,207 Taxable expenses 996 1,289 Non-taxable expenses 2,400 3,169 Total of deferred benefits and expenses 43,691 43,665 Total remuneration 229,951 219,364 Benefit in kind of company car for tax purposes 55,996 55,996 (including 5% own contribution) Disclosure of information under the Act governing the Disclosure of Top Level Rewards in Publicly Funded Sectors (WOPT) is as follows: Taxable annual pay 189,167 180,495 Pension contributions 55,038 52,247 Contractual working week (hours) 36 36 As stated in the 2004 financial statements, the scheme proposed by the Committee on Conditions of Employment for Directors of Housing Associations (Izeboud Committee) has been applied with effect from 2005. In accordance with this scheme, the remuneration of the chairman of the Managing Board has been based on Scale H. In accordance with this scheme, the remuneration of the other member of the Managing Board has been based on Scale I, based on legacy entitlements. 2010 2009 WOPT disclosures: Finance Manager Finance Manager Taxable annual pay 168.366 *2) 146.144 Pension contributions 45.146 45.217 Contractual working week (hours) 36 36 2010 2009 WOPT disclosures: Property Development Property Development Manager Manager Taxable annual pay 164,003 *2) 135,457 Pension contributions 45,146 42,753 Contractual working week (hours) 36 36 23

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2010 2009 WOPT disclosures Letting Agent Letting Agent Taxable annual pay 243,757 *3) 62,394 Pension contributions 14,382 15,160 Contractual working week (hours) 36 36 The level of incentive pay was fixed on the basis of agreements reached at the time of entering into the contract of employment, which was before the WOPT came into operation. The fixed pay is in accordance with the new, recently adopted internal pay scheme for management, which is supported by external benchmarking of competitive pay structures. *1) Commencing in 2009, the variable remuneration was changed to a year-end bonus . The year-end bonus relating to 2009 was paid In 2010. The year-end bonus for the reporting period will be payable in the current year. *2) This includes the year-end bonus for 2009 and 2010. The 2010 year-end bonus would normally have been paid in 2011. *3) This concerns the payment for the termination of the contract with a letting agent under the terms of the social plan following the merger associated with the ‘new course’ reorganisation. Date of joining Stadgenoot: 1-3-1989. Date of severance: 30-11-2010. Date of birth 23-07-1955. Details of the gross remuneration paid to the chairman, vice-chairman and members of the Supervisory Board can be found in the report of the Supervisory Board on Page 77. 24

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Notes on the current value of the consolidated balance sheet 1. Introduction Stadgenoot measures the tangible fixed assets in operation using a form of current value, namely the value in use. Value in use provides Stadgenoot with an important tool for managing the value of the property portfolio and taking the right investment decisions. The value in use is given by the net present value of the future income from operation over the estimated remaining useful life of the let property. The value in use is calculated complex by complex and represents the future earning capacity of each complex. 2. Cause for changes in parameters Stadgenoot decided the basis of the calculation of value in use for the opening balance sheet in 2008. No material changes were made by Stadgenoot for the reporting period. WSW did, however, issue guidelines on the parameters to be applied which did result in adjustments. 3. Parameters The following paragraphs discuss the main parameters for Stadgenoot’s value in use calculations. A distinction is made in this context according to the following organisational elements of Stadgenoot: • Stadgenoot at company level: §3.1–3.7 • N.V. Stadsgoed (wholly-owned subsidiary): §3.8 • N.V. Amsterdamse Compagnie (subsidiary with 66.7% ownership): §3.9. 3.1 Discount rate and earning power value adjustment The discount rate applied reflects the minimum required return on the investments in tangible fixed assets, this being also specifically stated in the accounting standards (CAR 121.324). A discount rate reflecting the current market interest rate and the specific risks attaching to an asset is the minimum rate of return that would be demanded by investors when considering an equivalent investment in terms of cash flow, time horizon and risk. In the case of Stadgenoot, the following general principles apply: • The higher the risk, the higher the required rate of return; • Apart from the market for rented social housing (with its own investors, representing a certain risk and yielding a specific return), the Amsterdam housing association sector is also involved in a separate market for commercial property (letting of business/industrial premises and homes in the deregulated rental market). Finally, there is a separate discount rate applicable to garages and car parks. With effect from the 2010 financial statements, the discount rate has been reduced from 6.00% to 5.25% at the instigation of WSW, the inflation factor included in this figure having been reduced from 2.25% to 2.00%. Having regard to the requirements of the accounting standards and other considerations, it has been decided to use the standard discount rate, based on 2.00% inflation, for the next five years. The real discount rate will subsequently be applied for the period from the sixth year onwards. Finally, the interest on the funding side is accounted for separately by means of an earning power value adjustment. This has the advantage of ignoring short-term influences due to interest rate volatility and that both the long-term minimum return requirement and the effect of current interest rates on the portfolio are treated separately. The above can be presented in tabular form as follows: 25

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Tangible fixed assets in Period Standard or Return basis Inflation Risk markup Overall rate operation real of return Rented social housing 1-5 years Standard 3.25% 2.00% 0.00% 5.25% 6-50 years Real 3.25% 0.00% 0.00% 3.25% Deregulated 1-5 years Standard 3.25% 2.00% 0.25% 5.50% rented housing 6-50 years Real 3.25% 0.00% 0.25% 3.50% Commercial/industrial 1-5 years Standard 3.25% 2.00% 1.25% 6.50% premises 6-50 years Real 3.25% 0.00% 1.25% 4.50% Garages/car parks 1-5 years Standard 3.25% 2.00% 0.50% 5.75% 6-50 years Real 3.25% 0.00% 0.50% 3.75% Solids 1-5 years Standard 3.25% 2.00% 0.00% 5.25% 6-50 years Real 3.25% 0.00% 0.00% 3.25% 3.2 Parameters Price inflation for 2011 has been arrived at on the basis of the short-term estimates produced by the CPB, the Netherlands Bureau for Economic Policy Analysis. The wage inflation figure for 2011 has been taken from the CLA increase. For the ensuing years, the percentages have been extrapolated on a straight line to 2.00%. The rate of inflation for property prices used as the basis for the selling prices of the existing housing stock has been taken as being equal to the price inflation figure with a reduction of half a percentage point. The estimated rate of wage inflation in 2011 is higher than last year, with a lower estimate for ensuing years. The estimated rate of price inflation for 2011 is higher than last year, with a lower estimate for ensuing years. Estimated property price inflation is lower than last year for all years. Wage Wage Price Price Property Property inflation inflation inflation inflation price price inflation inflation Year 2010 2009 2010 2009 2010 2009 2010 n/a 1.00% 1.30% 1.00% n/a 1.00% 2011 1.50% 1.31% 1.50% 1.31% 1.00% 1.31% 2012 1.60% 1.63% 1.60% 1.63% 1.10% 1.63% 2013 1.70% 1.94% 1.70% 1.94% 1.20% 1.94% 2014 1.80% 2.25% 1.80% 2.25% 1.30% 2.25% 2015 1.90% 2.25% 1.90% 2.25% 1.40% 2.25% 2016 and beyond 2.00% 2.25% 2.00% 2.25% 2.00% 2.25% 3.3 Investments and disposals All expenditure on maintenance, with the exception of investments classed as expansion, taken into account in calculating the value in use is recognised as maintenance costs. There is therefore no capital expenditure on maintenance included in the value in use. Replacement investments no longer figure in the system because they are now part of the maintenance costs, which are included in the carrying amount for the remaining life of the property. For the approach to cash flow, the distinction between maintenance costs and replacement investments is not relevant. It was recently decided, in view of their nature, no longer to include some of the maintenance costs (ad hoc repairs, maintenance on change of tenant and planned maintenance) in the value in use. Work of this nature is now therefore treated as expansion investment. Cash flows relating to disposals are included in the calculation for a period of five years, as required by the accounting standards. The following table shows the net proceeds from sale and the number of homes sold each year. Net sales proceeds represents the selling price less costs, such as refurbishment costs and costs of dividing properties. Out of Stadgenoot’s total number of rental units (33,562), 7,859 are included in a ‘sales pool’ from which 26

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homes are sold to both sitting tenants and private buyers. This does not, however, imply that all these homes will ultimately be sold since it is Stadgenoot’s general policy that not more than 49% of the number of units in a particular complex can be sold off. Sales are only included in the calculation for the first five years. No sales are included in the value in use from the six-year onwards, even if a formal decision to sell has been taken. In thousands of euros 2011 2012 2013 2014 2015 Net sales proceeds 39,302 41,706 44,383 53,218 57,081 Number of homes sold 250 260 280 325 340 Net sales proceeds per rental unit 157 160 159 164 168 3.4 Rental income, vacancies and rate of turnover With effect from 1 July 2010, the level of social housing rents was adjusted in line with the inflation rate for 2009. The same system will be applied to the 2011 rent increase. With effect from 1 July 2011, the level of social housing rents will be adjusted in line with the inflation rate for 2010. That means a maximum rent increase for social housing in the coming year (1 July 2011–30 June 2012) of 1.3%. This has been laid down in a government decision. No decisions have yet been taken for the years beyond this and we are therefore applying the same figure. Section 5.4 describes the effect in financial terms of this inflation linked policy for the level of rents. As in the preceding year, the restriction on the number of homes in the core housing stock has again been abandoned. Last year, separate figures were still used for the percentage of lost rent for the Residential Property Business Unit and for the Commercial/Civic Property Business Unit. For calculating the value in use in 2010, the distinction was made between rented social housing, deregulated rented housing, commercial/business property and car parks. As in previous years, the value in use for 2010 takes account of different rates of tenant turnover according to dwelling units, garages and business premises. 3.5 Maintenance and remaining useful life The remaining useful life of the portfolio as at year-end 2010 is 26.6 years, representing an average increase of 0.2 years compared with 2009. For a large proportion of the properties, the useful life has declined by one year. The addition of 564 newbuild units and the completion of 19 upgraded units returned to operation had a minor moderating effect on the change in remaining useful life. A minimum life of 30 years is used for complexes included in the sales pool. This is the same as was used for the 2009 value in use. Also accounted for in the value in use for 2010, as in preceding years, are the demolition plans. The existing useful life has also been revised to take account of planned upgrading of properties and, where applicable, the useful life has been increased on completion of improvements. Again in 2010, planned maintenance is based on a long-term maintenance plan for each complex. The basis for this maintenance plan is a visual inspection of the state of repair of a complex (condition measurement), leading to a decision regarding the maintenance expenditure which is needed to achieve the remaining useful life and vice versa. In this way, the planned maintenance expenditure on a complex and the useful life of that complex are interlinked. 3.6 Average cash flows per rental unit Stadgenoot analyses its cash flows at individual asset level. Standard amounts are only used if there is no apparent relationship between asset and costs. To increase the insight into the value in use, we have calculated the average cash flows per rental unit over a period of five years. 27

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Average cash flows per rental unit per annum Stadgenoot (at company level) 2010 2009 Rents 5,214 5,107 Lost rent 152 149 Planned maintenance 703 785 Ad hoc repairs 219 290 Work connected with changes of tenant 99 197 Work connected with social needs / quality of life 82 31 Corporate expenses 375 351 Administrative expenses 1,048 1,023 Notes on significant changes • Average rental income increased largely as a result of the annual increase (1.2% on average with effect from 01-07-10) and the effect of harmonisation of rents. • The figure for lost rents was revised upwards slightly on the basis of improved insight. • Planned maintenance was slightly down, with considerably lower figures for ad hoc repairs and work connected with changes of tenant. This drop was partly due to the fact that the Property Division was included in Stadgenoot (company) with effect from 2010 whereas it was previously a subsidiary. This resulted in the transfer of costs from maintenance to administrative expenses. Improved insight also meant that certain costs are now treated as investments. Work connected with social needs / quality of life was increased but, overall, maintenance costs were adjusted downward. • Corporate expenses were higher overall. There was a reduction in ground rents as a result of allowing for the purchase of long leases on lease expiry, in line with City of Amsterdam policy, but there was an increase in tax and insurance, for which an upward adjustment was made, based on budget figures. • Administrative expenses were higher, owing to the incorporation of the Property Division into Stadgenoot (company). 3.7 Allocation to complexes In preparing their financial statements, housing associations are required to adhere to the provisions of Part 9, Book 2, of the Netherlands Civil Code, Guideline 645, among other standards. Guideline 645 was made more stringent, the new stipulations being applicable with effect from the 2004 financial statements. They include the requirement that the allocation to complexes for the purposes of calculating the value in use should reflect: • internal management structures • policy with regard to specific product/market combinations (consistency of policy). Within Stadgenoot, management of the portfolio in relation to future value is based on the different areas into which the Amsterdam market is divided. The allocation to complexes has been revised accordingly for calculating the value in use, with a new allocation being adopted for Stadgenoot. The two housing associations, AWV and Het Oosten, each have their own allocation to complexes for calculating their value in use. The allocation used in the opening balance sheet for 2008 was the same as that used in 2010. A change in the allocation to different complexes, incidentally, does not affect the amount of the value in use. 3.8 Subsidiary N.V. Stadsgoed N.V. Stadsgoed is a wholly-owned subsidiary of Stadgenoot, with property concentrated in the centre of the city. Stadsgoed applies the same parameters as Stadgenoot for calculating the value in use. With effect from the 2006 financial statements, Stadsgoed reduced the risk markup for business premises from 1.25% to 0.75%. The risk profile of the business premises in the centre of Amsterdam is very different from 28

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that of business premises elsewhere in the city or in other urban centres. This is mainly due to the relative scarcity of business premises, especially in the segment of the market in which Stadsgoed operates, namely that of small business premises and buildings housing several businesses. Other factors taken into account in the reduction of the risk markup were the low level of lost rents, the good state of repair of the property and the low turnover of tenants due to the acceptable level of normal market rents. 3.9 Subsidiary N.V. Amsterdamse Compagnie N.V. Amsterdamse Compagnie a subsidiary in which Stadgenoot has a 66.7% stake, the remaining 33.3% being owned by the City of Amsterdam. The object of this organisation is to provide small-scale business premises. In pursuing this object, Amsterdamse Compagnie attempts to improve the quality of life in a particular district wherever possible and necessary. N.V. Amsterdamse Compagnie applies the same parameters as Stadgenoot for calculating the value in use. 4. Overall picture of the tangible fixed assets in operation Summarising, the current value of the tangible fixed assets in operation in 2010 and 2009 was as follows: Tangible fixed assets in operation, in millions of euros 2010 2009 Difference Stadgenoot (company) 1,939.2 1,883.9 55.3 N.V. Stadsgoed 120.3 111.7 8.6 Amsterdamse Compagnie 21.7 21.5 0.2 Stadgenoot (consolidated) 2,081.2 2,017.1 64.1 5. Analysis of differences Compared with 2009, there was an increase of €64.1 million in the tangible fixed assets in operation. An analysis of the differences reveals the various movements in the value in use. The separate causes of these movements are presented in the following table and discussed below. Position as at 31-12-2009, 2,017.1 in millions of euros Step 1: organic changes -21.9 Step 2: movements in housing stock 60.5 Step 3: changes in parameters 114.2 Step 4: policy changes -0.3 Step 5: earning power value adjustment -97.2 Step 6: subsidiary N.V. Stadsgoed 8.6 Step 7: subsidiary Amsterdamse Compagnie 0.2 Position as at 31-12-2010 2,081.2 5.1 Organic changes: €21.9 million negative Step 1 shows the effect of organic changes in 2010, moving forward 12 months (to year-end 2010). The change in value is explained by the removal of cash flows in 2010 (€116.3 million negative) which is only partially offset by the effect of moving the remaining cash flows one year closer (€94.4 million). The remaining useful life of the complexes still averages 27 years. At this stage of the life-cycle, the value in use is generally seen to increase. In this case, however, that is not the picture. The cash flows removed from the equation in 2010 have a greater impact than the effect of discounting all future cash flows over a period that is shorter by one year. This is due to the absence of a substantial cash flow in the form of sales proceeds (€51.4 million). Overall, the effect of organic changes is to reduce the value in use by €21.9 million. 29

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The 2010 value in use figure, incidentally, also includes the expected sales for 2015 (the fifth year), since Stadgenoot proceeds on the basis of a sales pool which is replenished each year. The adjustments in the expected sales for the period 2011–2014 are also accounted for in the value in use. This effect is included in step 4, policy changes. 5.2 Movements in housing stock: €60.5 million positive Disposals: €1.4 million negative The projection was for 340 homes to be sold whereas in reality disposals totalled 253. In addition, 11 car parks were sold and 17 units, 10 homes and 7 business premises were transferred to a subsidiary of Stadgenoot. Also, as part of an exchange, 40 homes and 2 business premises were sold. The homes actually sold were, for the most part, not those included in the projections. This obviously depends on what actually happens during the year. The overall effect on the value in use was a drop of €1.4 million. New additions to the housing stock: €48.1 million positive New rental units were also brought into operation in 2010. Newbuilds totalled 583 rental units, including 19 units returned to the operating stock following completion of improvements, and purchases totalled 18 rental units. The value in use of newbuilds and purchases amounts to €47.3 million and €0.8 million, respectively. Improvements: €12.6 million positive Various properties were upgraded in 2010, resulting in additional rent increases, extensions to the useful life and/or extra WWS (home valuing scheme) points. The number of rental units involved is 1,018. The improvements concerned did not involve taking the rental units out of operation. Demolition: €1.2 million positive 150 fewer rental units were demolished in 2010 than had been expected. The expected figure was 735, whereas in reality 585 were demolished. The effect was to lift the value in use by €1.2 million. 5.3 Changes in parameters: €114.2 million positive The parameter changes stem from a change of view with regard to the future in relation to the various parameters that are important in the calculation of the value in use. We are not talking about policy changes at this stage but about the projected rate of inflation, discount rate and useful life. Indexation increases: €1.3 million positive The estimated rate of wage inflation is higher in the first year and lower in subsequent years than one year ago. The estimated rate of price inflation for 2010 and 2011 is higher than one year ago and lower thereafter. The estimated property price inflation rate is lower than last year for all years. The value in use increases by €1.3 million as a result of these changes affecting indexation. Discount rate: €112.0 million positive The discount rate applied by Stadgenoot varies per product, owing to risk markups. With effect from the 2010 financial statements, the discount rate has been lowered from 6.00% to 5.25% at the instigation of WSW. The inflation factor included in this has been reduced from 2.25% to 2.00%. Compared with the preceding year, a different discount rate has also been applied to a small number of rental units. There has been no change in the risk markups. The value in use increases by €112.0 million as a result of these adjustments. Useful life: €0.9 million The remaining useful lives of the complexes have been increased overall, rising from 26.4 to 26.6 years. Although the useful life is basically shorter by one year on the existing stock, 564 newbuild units with a remaining life of 50 years have the effect of increasing the average useful life. The value in use rises by €0.9 million as a result of the revised useful life. 5.4 Policy changes: €0.3 million negative Finally, apart from the altered assumptions for the parameters, changes in policy for 2011 and beyond also give rise to a change in the value in use. Rent policy: €2.8 million negative 30

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The government has decided that the level of rents in the social housing sector in 2011 should be increased in line with inflation, as was the case in 2010. The social housing sector rent policy used in calculating the value in use is based on the rate of inflation for all years, as it was for the previously calculated value in use. For the other categories of rented properties, the rent policy is likewise inflation-linked. As in the preceding year, the Commercial/Civic Property Business Unit is also applying an inflation-linked rent policy. The actual level of rents is on average lower than projected and WWS (home valuing scheme) points have been adjusted accordingly. Overall, these factors have a negative effect of €2.8 million. Lost rent: €2.2 million negative Previously, a figure of 4.8% was taken into account by the Commercial/Civic Property Business Unit and 2.5% by the Residential Property Business Unit for loss of rental income. Under the new policy, allowance is made for lost rent in respect of four different products: rented social housing (2.21%), deregulated rented housing (4.60%), business premises (2.45%) and car parks (38.00%). Overall, the value in use falls by €2.2 million as a result of these adjustments. Operating expenses: €65.3 million positive The following comments can be made with respect to operating expenses: • There was an increase in administrative expenses bearing on the value in use, mainly as a result of the transfer of Vastgoed BV to Stadgenoot (company), the overall effect of which was to reduce the value in use by €18.4 million. As regards the expenses of the development operations, a distinction is now made between selling activities and the other activities. Only the selling activities are now included in the calculation of the value in use, resulting in an increase in the value in use of €21.9 million. The expenses relating to the other activities are still included in the long-term plan but do not affect the value in use. • Ground rent: The value in use rises by €10.4 million. More long leases being purchased meant there was a reduction in the amount of ground rent payable, which had the effect of lifting the value in use. This development is in line with City of Amsterdam policy. • Tax and insurance: More costs have been included in the calculation, leading to a reduction in the value in use of €16.1 million. This results from an increased estimate of these costs for 2011 compared with the 2010 estimate. • Maintenance: The projected maintenance costs are lower than in the preceding year, resulting in an increase in the value in use of €67.5 million. The figures used for maintenance on change of tenant and ad hoc repairs were lower, having the effect of lifting the value in use by €37.3 million and €59.8 million, respectively. The figures used for maintenance and work relating to social needs/quality of life were higher, having the effect of reducing the value in use by €3.2 million and €26.4 million, respectively. This includes the effect of transferring Vastgoed BV to Stadgenoot (company), with the associated shift from maintenance costs to administrative expenses. It was recently decided, in view of their nature, no longer to include some of the maintenance costs (ad hoc repairs, maintenance on change of tenant and planned maintenance) in the value in use. Work of this nature is now therefore treated as expansion investment. The overall effect is to increase the value in use by €67.5 million. Investments and disposals: €60.6 million negative • Stadgenoot proceeds on the basis of a sales pool which is replenished each year. Sales over the next five years are included in the calculation, with the first year which is removed from the sales equation in connection with organic changes replaced by the addition of one year. The value in use in 2009 took into account 2,037 disposals and the 2010 figure took into account 1,455, or 582 fewer. The sales falling out of the equation in 2010 totalled 340, for the period 2011–2014, 582 fewer sales were included in the calculation and, for 2015, 340 fewer. In this step, therefore, 242 fewer sales were included in the calculation, resulting in a negative impact of €43.8 million. • The value of demolitions was up by €8.9 million. The 2009 value in use included 1,114 demolitions and the 2010 figure 910, some being different from the properties scheduled for demolition. The lower volume of demolitions results in a higher value in use, owing to the resultant increase in the average useful life, with an increased cash flow on balance. • The residual value at the end of the useful life increases by €21.6 million, chiefly as a consequence of now including the purchase of long leases on expiry of the lease, in line with City of Amsterdam policy. Where 31

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ground rent is still payable, the long lease is also purchased when properties are added to the sales pool. The resultant increase in the purchase of long leases leads to a higher residual value, since this figure is largely made up of the value of the purchased leasehold when properties reach the end of their life. • The allowance for purchase of long leases, as already mentioned, has been adjusted upwards, resulting in a reduction in the value in use of €47.3 million. 5.5 Earning power value adjustment: €97.2 million negative The decrease in the earning power adjustment is due to organic changes (approximately €10 million) and the lowering of the discount rate by 0.75 of a percentage point. The combined effect of these two factors overshadowed completely the positive result of €18 million achieved by raising new loans and careful portfolio management. The earning power value adjustment fell overall by €259.1 million to €161.9 million. 5.6 Subsidiary N.V. Stadsgoed: €8.6 million positive Like Stadgenoot, the wholly-owned subsidiary N.V. Stadsgoed measures its assets at current value. Compared with 2009, there was an increase of €8.6 million in the tangible fixed assets in operation. An analysis of the differences reveals the various movements in the value in use. The separate causes of these movements are presented in the following table and discussed below. Position as at 31-12-2009, 111.7 in millions of euros Step 1: organic changes 1.4 Step 2: movements in housing stock 5.0 Step 3: changes in parameters 9.9 Step 4: policy changes -6.7 Step 5: earning power value adjustment -1.0 Position as at 31-12-2010 120.3 Organic changes: €1.4 million positive The remaining useful life of the complexes still averages more than 40 years. The organic change in value is due to the different timings of the calculation of the value in use (31-12-2009 and 31-12-2010). Cash flows between these dates are removed and the remaining cash flows move one year closer. Therefore, even with no change in the portfolio, the same policy and unchanged parameters, the value in use will be different. The movement due to organic changes in 2010 was €1.4 million positive. Movements in housing stock: €5.0 million positive 17 rental units were purchased in 2010, increasing the value in use by €4.8 million. One rental unit was returned to operation following redevelopment, resulting in an increase in the value in use of €0.2 million. Changes in parameters: €9.9 million positive For years 2011 and beyond, slightly lower indices have been applied. This has a small negative effect on the net present value of the rental income and increases the operating expenses. Overall, the value in use falls by €0.1 million on the basis of the latest economic forecasts. The discount rate used for the first five years has been adjusted from 6.00% to 5.25%. Beyond the five-year horizon, the discount rate reflects the real interest rate, which has also been adjusted downwards by 0.5 of a percentage point. The new discount rate has the effect of increasing the value in use by €9.8 million. Policy changes: €6.7 million negative The actual rents as at year-end 2010 are slightly lower than projected, added to which, the lost rent percentage has been increased for 2011 and 2012. The combined effect of these two changes is to depress the 32

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value in use by €2.0 million. Lower expenditure has been budgeted for planned maintenance in the years ahead, increasing the value in use by €1.9 million. Finally, higher estimates for operating expenses produce a negative movement in the value in use of €6.6 million. Earning power value adjustment: €1.0 million negative The earning power value adjustment fell by €1.0 million. 5.7 Subsidiary Amsterdamse Compagnie(66.7%): €0.2 million positive Like Stadgenoot, N.V. Stadsgoed measures its assets at current value. Stadgenoot’s share in Amsterdamse Compagnie N.V. is 66.7%. Compared with 2009, there was an increase of €0.2 million in the tangible fixed assets in operation. An analysis of the differences reveals the various movements in the value in use. The separate causes of these movements are presented in the following table and discussed below. Position as at 31-12-2009, 21.5 in millions of euros Step 1: organic changes 0.4 Step 2: movements in housing stock 0.0 Step 3: changes in parameters 0.8 Step 4: policy changes 0.1 Step 5: earning power value adjustment -1.1 Position as at 31-12-2010 21.7 Organic changes: €0.4 million positive The total net cash flow in 2010 that was included in the value in use calculation as at year-end 2009 (the cash flow removed) amounted to approximately €0.8 million. The positive effect of all the remaining operating cash flows beyond 2010 moving one year closer is €1.2 million. The effect of the organic changes is a function of the remaining useful life of the complexes in continued use by the company. Movements in housing stock: €0.0 million There were no changes in the housing stock. Changes in parameters: €0.8 million positive The parameters based on the economic indices from 2009 have been replaced by the parameters from 2010. This means that the calculation uses slightly lower indices for the years 2011 and beyond. Overall, the negative effect of a lower rate of price inflation on the sales proceeds has the biggest impact, causing the value in use to fall by €0.2 million. The change in the discount rates has the effect of increasing the value in use by €1.0 million. The discount rate used for the first five years has been reduced by 0.75 of a percentage point. Beyond the five-year horizon, the discount rate reflects the real interest rate, which has also been adjusted downwards by 0.5 of a percentage point Policy changes: €0.1 million positive There have been various policy changes, with a minor impact on the value in use. A small proportion of the staff costs and overheads is now allocated to operation of the property portfolio, following the introduction of new activities in 2010. A change in the policy on disposals results in the inclusion of 308 sales of rental units, 116 more than in the preceding year. The effect on the value in use is nil. 33

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Earning power value adjustment: €1.1 million negative The organic changes lead to a drop in the earning power value adjustment of €0.1 million. A change in the parameter used for the calculation makes a further reduction in the earning power value adjustment of €1.0 million, resulting in the combined reduction of €1.1 million. 6. Reconciliation of the movements in tangible fixed assets in operation on the face of the balance sheet and the movements in the current value of property in operation recognised in the profit and loss account The relationship with the amount recognised in the profit and loss account is presented as a movement in value of €27.9 million, made up as follows: tangible fixed assets in operation Stadgenoot NV Amsterdamse Stadgenoot in millions of euros (company) Stadsgoed Compagnie NV (consolidated) Balance sheet movements 55.3 8.6 0.2 64.1 Investments -58.5 -5.2 -0.2 -63.9 Disposals 27.6 0.0 0.0 27.6 Movements in value in the profit and loss account 24.4 3.4 0.0 27.9 34

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Company balance sheet as at 31 December 2010 In thousands of euros, after appropriation of result Assets 31-12-10 31-12-09 Fixed assets Tangible fixed assets Property in operation 1,939,186 1,883,865 Property underdevelopment 91,970 53,475 Property and other assets serving operations 25,512 39,179 2,056,668 1.976.519 17 Financial fixed assets BWS housing subsidies receivable 0 3,541 Participating interests in group companies 78,099 72,516 Receivables from group companies 27,099 26,518 Other participating interests 33,216 49,286 Receivables from other participating interests 50,769 51,446 Other receivables 1,433 1,511 190,616 204.818 Total fixed assets 2,247,284 2,181,337 Current assets Stocks 54,719 54.137 Work in progress 12,225 14.533 Debtors Tenants 2,980 4,225 Public authorities 116 158 Group companies 37,274 48,770 Tax and social security contributions 29,873 30,220 Other receivables 5,106 9,309 Prepayments and accrued income 12,874 22,812 88,223 115.494 Cash 4,409 2.831 Total current assets 159,576 186,995 Total assets 2,406,860 2,368,332 35

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Equity and liabilities 31-12-2010 31-12-2009 18 Shareholders’ equity Share capital 16 20 Statutory reserve for participating interests 9,039 9,325 Other reserves 690,324 669,030 Total shareholders’ equity 699,379 678,375 Provisions Provision for participating interests 10,529 2,209 Provision for unprofitable investments 16,335 27,401 Other provisions 10,298 13,738 Total provisions 37,162 43,348 Long-term liabilities Loans 1,533,340 1,466,935 Guarantee deposits 9,213 8,784 Total long-term liabilities 1,542,553 1,475,719 Current liabilities Amounts owed to credit institutions 11,432 36,259 Prepayments on WIP 440 2,627 Trade creditors 3,718 10,502 Amounts owed to group companies 22,040 6,225 Tax and social security contributions 4,854 7,793 Other amounts owed 45,400 65,500 Accruals and deferred income 39,882 41,984 Total current liabilities 127,766 170,890 Total equity and liabilities 2,406,860 2,368,332 36

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Company profit and loss account for 2010 In thousands of euros 2010 2009 Operating income Rents 162,928 160,845 Charges 12,055 11,520 Proceeds from sales of property 34,347 114,255 Change in work in progress 3,905 -20,779 Capitalised production for own use 1,204 1,095 Other operating income 13,017 15,663 Total operating income 227,455 282,598 Operating expenses Costs of subcontracted work 10,987 55,225 Depreciation and amortisation 2,656 2,456 Other movements in the value of tangible and intangible 35,606 38,497 fixed assets Ground rent 2,775 2,677 Wages and salaries 18,743 18,334 Social security charges 2,392 2,343 Pension charges 3,205 3,291 Maintenance costs 41,573 55,339 Exceptional changes in value of current assets -471 10,230 Other operating expenses 46,591 59,274 Total operating expenses 164,057 247,667 Operating result 63,398 34,931 Financing command expense Interest and similar income 4,158 1,638 Interest on similar charges 53,548 53,978 Total financing command expense -49,390 -52,340 Result on ordinary activities before tax 14,008 -17,409 Corporation tax 3,094 -6,941 Share in results of participating interests -20,517 -4,330 Group result after-tax before movements in current value -3,415 -28,680 of tangible fixed assets Movements in the current value of property and operation 24,423 14,535 Net result 21,008 -14,145 37

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Notes to the company financial statements General For the balance sheet and profit and loss account items in respect of which disclosures are not made below, reference is made to the notes to the consolidated balance sheet and profit and loss account. Accounting policies The accounting policies used for the valuation of assets and liabilities and for the determination of results are the same as those used for the consolidated balance sheet and profit and loss account. Statutory reserve for participating interests A statutory reserve for participating interests is formed containing accumulated profits and capital gains which cannot be distributed by the officially recognised housing institution. 38

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Notes to the separate items of the company balance sheet 17 Financial fixed assets BWS Participating Receivables Other Receivables Other Total housing interests in from group participating from other subsidies group companies interests participating receivable companies interests Position as at 1 January 2010 3,541 72,516 26,518 49,286 51,446 1,511 204,818 Movements in 2010: Investments/advances 581 615 1,706 3 2,905 Disposals/repayments -3,541 -404 0 -113 -2,383 -81 -6,522 Share in results of participating 5,987 -16,585 -10,598 interests Dividends received from 13 13 participating interests Position as at 31 December 0 78,099 27,099 33,216 50,769 1,433 190,616 2010 For a list of the participating interests of the officially recognised housing institution, reference is made to page 146. Statutory reserve for participating Other 18 Shareholders’ equity Share capital interests reserves Total Position as at 1 January 2010 20 9,325 669,030 678,375 Movements in 2010: Repayments -4 -4 Transfers -286 286 0 Result for the year 21,008 21,008 Position as at 31 December 2010 16 9,039 690,324 699,379 19 Auditors’ fees The following fees charged by KPMG Accountants and other KPMG entities have been charged to the company (and its subsidiaries and other companies included in the consolidation), as referred to in Section 2:382a of the Netherlands Civil Code. 2010 2010 2010 2009 2009 2009 KPMG Other Total for KPMG Other Total for Accountants KPMG KPMG Accountants KPMG KPMG entities entities Audit of the financial 180 0 180 208 0 208 statements Other audit assignments 10 0 10 8 0 8 Tax consultancy 0 18 18 0 38 38 Other non-audit services 0 26 26 0 0 0 190 44 234 216 38 254 39

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Other information Report by the independent auditors Two: the Managing Board and Supervisory Board of Woningbouwvereniging Stadgenoot Statement concerning the financial statements We have audited the 2010 financial statements of Woningbouwvereniging Stadgenoot, Amsterdam, as included in this report. These financial statements consist of the consolidated and company balance sheets as at 31 December 2010, the consolidated and company profit and loss accounts for 2010 and the consolidated cash flow statement for 2010 together with the notes, including a summary of the principal accounting policies for financial reporting and other notes. The management’s responsibility The management of the officially recognised housing institution is responsible for preparing the financial statements, which are required to present a true and fair view of the assets, equity and liabilities and results, and for producing the directors’ report, both pursuant to the provisions relating to the financial statements and the directors’ report included in Section 26, subsection 1, of the Rented Social Housing Sector Management Decree, Guideline 645 published by the Council for Annual Reporting in the Netherlands and the Act governing the Disclosure of Top Level Rewards in Publicly Funded Sectors. The management of the officially recognised housing institution is also responsible for internal control systems deemed necessary to enable the preparation of financial statements free of material misstatements due to fraud or error. The auditors’ responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with the laws of the Netherlands, including Dutch auditing standards and the audit protocol under Heading A in Annex III of the Rented Social Housing Sector Management Decree. This obliges us to observe the standards of professional behaviour expected of us and requires us to plan and perform our audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes performing activities to obtain audit information on the amounts and disclosures in the financial statements. The precise activities to be performed depend on the auditors’ professional judgement including their assessment of the risks of material misstatements due to fraud or error. That assessment takes account of the internal control system relevant to the presentation of a true and fair view of assets, equity and liabilities and results in the financial statements in order to be able to make a proper decision concerning the appropriate audit activities in the particular circumstances but not with the object of expressing an opinion on the effectiveness of the officially recognised housing institution’s internal control system. An audit also includes assessing the suitability of the accounting policies used and the reasonableness of estimates made by the officially recognised housing institution’s management, as well as evaluating the overall financial statement presentation. We believe that the audit information obtained by us provides an adequate and suitable basis for our opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Woningbouw- vereniging Stadgenoot as at 31 December 2010 and of the result and the cash flows for the year then ended, in accordance with Section 26, subsection 1, of the Rented Social Housing Sector Management Decree, Guideline 645 published by the Council for Annual Reporting in the Netherlands and the Act governing the Disclosure of Top Level Rewards in Publicly Funded Sectors. Statement concerning other statutory requirements Pursuant to the provisions of Section 28, part a of the Rented Social Housing Sector Management Decree, we hereby state that no deficiencies were revealed by our examination of whether the directors’ report has been prepared in accordance with Part 9, Book 2, of the Netherlands Civil Code, and whether the information required pursuant to the provisions of Section 2:392, subsection 1g, of the Netherlands Civil Code has been included. We also state that, to the best of our judgement, the directors’ report and the housing report are consistent with the financial statements, as required by the provisions of Section 2:391, subsection 4, of the 40

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Netherlands Civil Code. We also state that the obligation to disclose in the directors’ report any financial support to foreign institutions within the meaning of MG 2005-04, MG 2008-03 and MG 2010-03, the obligation to disclose in the directors’ report any purchases of land within the meaning of MG 2001-26 and the obligation to disclose in the directors’ report any sponsorship activities within the meaning of MG 2006-04 have been complied with. Amstelveen, 18 May 2011 KPMG ACCOUNTANTS N.V. K.G.P. Tegel Statement concerning the disposition of funds in the interests of housing The Managing Board hereby states that all funds were spent in the interests of housing in the reporting period. Amsterdam, 18 May 2011 Managing Board Post-balance-sheet events In October 2010, the Managing Board and the Council of Members of Far West decided to terminate the Far West strategic alliance sooner than originally intended. In 2011, all the activities and all the assets, equity and liabilities will be transferred to the member organisations, guaranteeing the continuation of activities. The effect for the Far West association will be that this officially recognised housing institution ceases to exist. In 2011, the assets and equity and liabilities will be divided among the members, including the results of the Far West association in 2011. By way of indication , as at year-end 2010, Far West’s total assets amounted to €612.2 million. Stadgenoot will be taking over its share, i.e. 32.33%, of the assets, equity and liabilities in 2011. Provisions of the articles of association concerning the appropriation of results The articles of association do not contain any provisions relating to the appropriation of results. The object of the association is to pursue activities solely in the area of housing. Proposed appropriation of the result Recommendations of the Supervisory Board As stipulated in Articles 27 and 36 of the articles of association, the Supervisory Board has examined the financial statements for 2010. Having taken cognisance of the auditors’ report on these financial statements from KPMG Accountants NV, we invite the Council of Members of Woningbouwvereniging Stadgenoot to approve the 2010 financial statements as they stand. In anticipation of the approval of the financial statements by the Council of Members, it is proposed to add the surplus of €21,008,000 to the other reserves. The balance sheet has been drawn up after this proposed appropriation of the result. Approval by the Council of Members’ means official adoption of the financial statements, ratification of the decisions taken by the Managing Board and the supervision exercised by the Supervisory Board and consent to the appropriation of the result. Amsterdam, 18 May 2011 Supervisory Board 41

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Key figures Numbers of units under management Position as at 1-1-2010 Stadgenoot Far West Stadsgoed Vesteda Stadsgoed Stedenfonds Amsterdamse Prospect Total Monumente Compagnie Zuidas n Dwelling units 29,907 2,644 127 108 26 277 0 0 33,089 Business premises 1,579 246 113 0 25 11 264 0 2,238 Car parks 2,449 288 0 82 0 175 98 0 3,092 33,935 3,178 240 190 51 463 362 0 38,419 Stand per 31-12-2010 Dwelling units 29,450 2,492 128 108 36 277 0 34 32,525 Business premises 1,626 255 113 0 32 11 269 0 2,306 Car parks 2,486 287 0 82 0 175 95 0 3,125 33,562 3,034 241 190 68 463 364 34 37,956 Change -373 -144 1 0 17 0 2 34 -463 Analysis of change Added Purchases from officially 15 0 0 0 0 0 0 0 15 recognised housing institutions Purchases from third 2 0 0 0 0 0 0 0 2 parties Purchases from associated 0 0 0 0 17 0 0 0 17 entities Redevelopment 19 0 1 0 0 0 0 0 20 Reorganisation (division) 457 0 0 0 0 0 10 0 467 Internal transfer 19 0 0 0 0 0 0 0 19 Newbuild 564 15 0 0 0 0 0 34 613 Administrative adjustments 0 0 0 0 0 0 0 0 0 Removed Sales to private buyers -254 -12 0 0 0 0 0 0 -266 Sales to officially recognised -42 -50 0 0 0 0 0 0 -92 housing institutions Sales to sitting tenants -10 -3 0 0 0 0 0 0 -13 Sales to market participants 0 0 0 0 0 0 0 0 0 Sales to associated entities -17 0 0 0 0 0 0 0 -17 Demolition -585 -92 0 0 0 0 -3 0 -680 Redevelopment -114 0 0 0 0 0 0 0 -114 Reorganisation -408 -2 0 0 0 0 -2 0 -412 (combination) Internal transfer -19 0 0 0 0 0 0 0 -19 Administrative adjustments 0 0 0 0 0 0 -3 0 -3 Total change -373 -144 1 0 17 0 2 34 -463 42

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Annex Group companies, participating interests and strategic alliances For the purpose of clustering similar activities, Stadgenoot has three holding companies: Houdstermaatschappij Stadgenoot B.V., Stadgenoot Projecten B.V. and Stadgenoot Diensten B.V. in addition to the three holding companies, there are three associated entities within Woningbouwvereniging Stadgenoot: Eerste Amsterdamse Gebiedsonderneming B.V. Established 2006 Activities Eerste Amsterdamse Gebiedsonderneming (EAG) coordinates the planned activities of Stedenfonds. It was decided at the end of 2009 to wind up the activities of EAG. EAG will not be assuming any new obligations but will continue in existence as long as there are any rights and obligations under existing contracts. This mainly concerns guarantee commitments under turnkey purchase contracts. EAG’s management contracts have been taken over by the shareholders. Shareholders Stadgenoot (33.3%), Woonstichting De Key (33.3%) and Bouwfonds Ontwikkeling BV (33.3%). Management Woonstichting de Key, Bouwfonds Ontwikkeling B.V. and Woningbouwvereniging Stadgenoot. Internal supervision - Stedenfonds Amsterdam N.V. Established 2005 Activities Stedenfonds is a property investment fund set up by De Key, Stadgenoot and Rabo Vastgoed B.V. The shareholders of Stedenfonds have given commitments to fund the growth of the portfolio up to an amount of at least €275 million. Stadgenoot manages the complexes Basiushof, Parkrand, Ripperdahof, IJburg Blok 41 and IJburg Blok 56 on behalf of Stedenfonds. Shareholders Stadgenoot (4.2%), Woonstichting De Key, Rabo Vastgoed BV and nine pension funds. Management J.C.L. Severens. Internal supervision Supervisory Board comprising H.G. Hilverink, J.M.F.X. van Veggel, S. Kalkman and Thewessen. Far West Established 2000 Activities Far West is an association and officially recognised housing institution with three members: Woningbouwvereniging Stadgenoot, Woonstichting De Key and Woningstichting Rochdale. The members have transferred the beneficial ownership of homes, business premises and car parks/secure basement storage spaces to Far West in connection with the joint integrated Westelijke Tuinsteden district area development in the City of Amsterdam. Management remains in the hands of the transferring housing associations. Against the background of the current economic crisis, the Council of Members decided in October 2010 to wind up the Far West association and to transfer the economic ownership back to the members by dividing up the assets. The operating apparatus of Far West was largely dismantled at the end of March 2011. The members will be using the whole of 2011 to facilitate the return of the property in a managed fashion, including all the legalities. The finalised redistribution of the assets is scheduled for the end of 2011. Stadgenoot’s stake is 32.33%. 43

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Management J.J.M. Thielen. Internal supervision Supervisory Board comprising M.F. Werkman, R.T.F. Kleipool, E.J.J. van Leeuwen, D.M. Swagerman and P.L. Lahaye. Council of Members Stadgenoot (chair), Woonstichting De Key and Woningstichting Rochdale. Kristal N.V. (in liquidation) Established 2001 Activities Kristal was a property development organisation for six housing associations in the urbanised west of the Netherlands (Randstad). Partly as a consequence of the economic recession, the six housing associations have restricted scope for investment. Management, the Supervisory Board and shareholders of Kristal NV therefore decided to terminate the activities of Kristal NV on 30 September 2010. The staff of 50 at Kristal, working on projects, have been transferred to the various housing associations. The company’s affairs are currently being wound up and it should be possible to cease activities altogether in the course of 2011. Shareholders Stadgenoot (16.7%), ZVH, Stichting Haag Wonen, DUWO, Stichting Woonbron and Stadswonen. Liquidator R.J.A. van Hamersveld. Stichting Brasa Established 2000 Activities Stichting Brasa was founded in 2000 with the object of improving the housing situation and the quality of life for people in Paramaribo, in partnership with sister foundation Sekrepatu. Assisted by Brasa, the plan is for Sekrepatu to grow into a Suriname housing association with the object of building and managing affordable good-quality rented accommodation. Brasa is an initiative of Stadgenoot and Ontwikkelingsbedrijf Amsterdam. These partners were joined by Rochdale, in 2005, and by Woonstichting De Key, in 2006. Management Woningbouwvereniging Stadgenoot, Woonstichting De Key, Woningstichting Rochdale and B.A. van der Zande. Internal supervision - Coöperatieve Herverzekeringsmaatschappij Woningcorporaties U.A. Established 2005 Activities Reinsurance of the fire and related risks of residential buildings owned by the cooperative’s members (Amsterdam housing associations). The aim was to reduce the overall risk costs of the members and provide risk management support. At the general meeting of members held on 22 September 2010, it was concluded that the present setup of CHW was no longer supported by the members and that, as a consequence, CHW was to be wound down with effect from 31 December 2010. In a letter dated 26 November 2010, Stadgenoot announced that it would be entering into agreement with a different insurance company. Financial settlement will be completed in 2011. Stadgenoot has an interest of 9%. Management |.G. van Harten, N.T.J. Overdevest and G.G. Jörke. Internal supervision - 44

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Stichting Duurzaamheidsbarometer Established 2009 Activities The Foundation was set up by five housing associations (Woonbron, Tiwos, HaagWonen, SWZ and Stadgenoot), who have together developed the ‘Barometer’ as a tool for measuring sustainability in collaboration with Stichting Natuur & Milieu. This tool allows a picture to be obtained of the status and the development of the housing stock from the sustainability point of view. The methodology takes into account five aspects of sustainability, viz. future value, health, energy, use of materials and water. The participating associations began working with the Barometer in the first half of 2009, applying it to a number of complexes for the purpose of gaining experience. Management Woningbouwvereniging Stadgenoot, Woningstichting SWZ and Stichting Woonbron. Internal supervision - V.O.F. Kolenkitbuurt-Zuid Established 2005 Activities The district known as Kolenkitbuurt is a redevelopment area. Stadgenoot (AWV) and Far West finalised the Implementation Plan (Uitwerkingsplan (UWP) Zuidelijk Veld) in 2005. The plan is based on the demolition of all the homes in the area, totalling more than 700. AWV and Far West continued their partnership in 2005 by establishing a joint venture (VOF Kolenkitbuurt-Zuid), with the central object of completing the entire Implementation Plan, sharing the risks and costs on a joint basis. Of the five planned phases of the UWP Zuidelijk Veld scheme, demolition has taken place in Phase I and rebuilding is in full swing. The first homes are due for completion after the end of summer 2011. The go-ahead was given for Phase II at the end of 2010. In view of the economic circumstances, however, the JV has put the demolition/rebuilding work on hold provisionally for two years. The partners are still convinced of the quality of the development and are determined to stick to the original concept of the UWP scheme, albeit with a slower pace of implementation. In order to give the scheme the maximum chance of success, the successor to Far West will become a partner in the JV, which has district development company status (WOM status), conferring exemption from tax on conveyancing of property. Houdstermaatschappij Stadgenoot B.V. Established 2002 Activities Houdstermaatschappij Stadgenoot BV is the holding company for all of Stadgenoot’s operations. Shareholders Woningbouwvereniging Stadgenoot (100%). Management G.P. Anderiesen and F.P. Bijdendijk. Internal supervision) Supervisory Board of Woningbouwvereniging Stadgenoot. 45

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N.V. Stadsgoed Established 1999 Activities The area of operation of NV Stadsgoed covers a large portion of central Amsterdam, between the Singelgracht canal and the waterfront on the IJ. This zone includes sensitive areas in which the quality of life is sometimes severely compromised. In these areas, Stadsgoed buys up rundown property or property with undesirable uses and/or sector involvement, frequently dealing with criminal parties. Typical examples are Geldersekade, Prins Hendrikkade, Nieuwendijk, Amstel/Amstelstraat, Vijzelstraat and the Wallen. Stadsgoed’s goal is to develop an attractive, varied and lively inner-city for Amsterdam affording good quality of life. Buildings need to be well maintained and visitors need to be stimulated by attractive small businesses in a safe environment. Stadsgoed attempts to achieve these goals by renovating and/or restoring the premises it buys before redeveloping them for the desired type of use in partnership with committed users. In 2010, Stadsgoed carried out work, for example, on the premises purchased in 2009 on Damrak. The new hotel ‘The Exchange’ is expected to be opened in the summer of 2011. Hotel The Exchange is an initiative of Lloyd hotel in close partnership with Stadsgoed and marks the first step on the road to an improved and prettier Damrak. Stadgoed staff are employed by Stadgenoot and are seconded to N.V. Stadsgoed. Shareholders Houdstermaatschappij Stadgenoot BV (100%). Management J.A. Wiggers (employed by Stadgenoot). Internal supervision Supervisory Board comprising F.P. Bijdendijk, G. Anderiesen and I.J. Cohen. Stadsgoed Monumenten B.V. Established 2001 Activities Stadsgoed Monumenten BV has been active since January 2005 in connection with the purchase and operation of national listed buildings by Stadsgoed. Shareholders N.V. Stadsgoed (100%). Management N.V. Stadsgoed. Internal supervision Supervisory Board of N.V. Stadsgoed. De Amsterdamse Compagnie N.V. Established 2005 Activities Object of this organisation is to create small-scale business premises. In its projects, Amsterdamse Compagnie strives to improve the quality of life in the locality where possible and desirable. The company makes use of the capacity and expertise possessed by its shareholders. It accordingly requires only a small staff, who are seconded to it from Stadgenoot. With effect from 1 January 2011, the City of Amsterdam has stopped its investment grants for the creation and transformation of small-scale business premises. This has implications for Amsterdamse Compagnie’s possible purchases / investment horizon. The General Meeting of Shareholders now intends to explore other possibilities for stimulating purchasing policy. In 2010, with the approval of the General Meeting of Shareholders, Amsterdamse Compagnie added a new activity to its portfolio, namely the provision of services to third parties by letting small-scale business premises on the Stadgenoot campus Sarphatistraat. 46

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Shareholders Houdstermaatschappij Stadgenoot BV (66.66%) and gemeente Amsterdam (33.33%). Management A.S. de Vos (employed by Stadgenoot). Internal supervision - VvE Beheer Amsterdam B.V. Established 2001 Activities VvE Beheer Amsterdam BV provides a comprehensive package of services to associations and owners. Shareholders Houdstermaatschappij Stadgenoot BV (50%) and Woonstichting De Key (50%). Management B. Burgers. VvE Beheer Amsterdam Opleidingen B.V. Established 2009 Activities VvE Beheer Amsterdam Opleidingen BV provides training for Owners’ Associations. Shareholders VvE Beheer Amsterdam B.V. (100%). Management VvE Beheer Amsterdam B.V. Internal supervision - Stadgenoot Vastgoedbedrijf B.V. (no activities) Established 2006 Activities With effect from 31 December 2010, the activities and staff of Stadgenoot Vastgoedbedrijf have been transferred to Woningbouwvereniging Stadgenoot. The company no longer has any activities. Shareholders Houdstermaatschappij Stadgenoot BV (100%). Management P.N.L. van der Horst (employed by Stadgenoot). Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Exploitatiemaatschappij Kadehotel B.V. (no activities) Established 1999 Activities Exploitatiemaatschappij Kadehotel BV was set up to operate a hotel. The company’s activities ceased in 2001. Shareholders Houdstermaatschappij Stadgenoot BV (100%). Management Houdstermaatschappij Stadgenoot BV. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Het Oosten Monumenten B.V. (no activities) Established 2001 Activities Het Oosten Monumenten BV was set up to look after all national listed buildings in the Stadgenoot portfolio. As a result of a change in the regulations (governing tax on conveyancing), the national listed buildings have been transferred from the company to Stadgenoot. With the completion of this transfer, the company ceased its activities. Shareholders Houdstermaatschappij Stadgenoot BV (100%). Management Houdstermaatschappij Stadgenoot BV. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. 47

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B.V. Huismeesters van Het Oosten (no activities) Established 2001 Activities This company’s activities ceased on 30 June 2008. The janitorial services are now provided by Woningbouwvereniging Stadgenoot itself. Shareholders Houdstermaatschappij Stadgenoot BV (100%). Management Houdstermaatschappij Stadgenoot BV. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Stadgenoot Projecten B.V. Established 2006 Activities Stadgenoot Projecten B.V. is a holding company for all projects involving third parties. Shareholders Woningbouwvereniging Stadgenoot (100%). Management G.P. Anderiesen and F.P. Bijdendijk. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Stadgenoot Ontwikkeling B.V. Established 2003 Activities In November 2010, Stadgenoot Projecten B.V. took over the shares of Houdstermaatschappij Stadgenoot B.V. (95%) and Kristal N.V. (5%). At the same time, Kristal N.V. stepped down as director. Then, at the end of November, the company’s articles of association were amended and the name Het Oosten Kristal BV was changed to Stadgenoot Ontwikkeling B.V. The current projects of Stadgenoot Ontwikkeling B.V. will be transferred to Woningbouwvereniging Stadgenoot with effect from 1 July 2011. Shareholders Stadgenoot Projecten B.V. (100%). Management P.J.C. Kramers (employed by Stadgenoot). Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Gershwin Ontwikkeling B.V. Established 2001 Activities This company was set up with the object of developing and building new rented and owner-occupied housing and business premises in the district by the name of Gershwin in Amsterdam’s Zuidas zone. As at year-end 2010, Gershwin Ontwikkeling BV and Ymere each had a 50% stake in the consortium De Complete Stad, the original third partner, ING Vastgoed Ontwikkeling BV, having retired from the consortium in 2010. De Complete Stad holds a development position involving a 2 project made up of around 600 new homes and 11,500 m of office space and civic facilities as part of Amsterdam’s Zuidas expansion scheme. In view of the existing economic situation, the project will be put on hold for the time being. In April 2011, the shares were transferred to Stadgenoot Projecten BV, which also assumed the role of Managing Board of this company. Shareholders Stadgenoot Ontwikkeling B.V. (100%). Management Stadgenoot Ontwikkeling B.V. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. 48

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Polderweg Ontwikkeling B.V. Established 2001 Activities Polderweg Ontwikkeling BV is a partner in the development consortium (joint venture) Ontwikkelingscombinatie Polderweggebied V.O.F. In April 2011, the shares were transferred to Stadgenoot Projecten BV, which also assumed the role of Managing Board of this company. Shareholders Stadgenoot Ontwikkeling B.V. (100%). Management Stadgenoot Ontwikkeling B.V. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. Ontwikkelingscombinatie Polderweggebied V.O.F. Established 2005 Activities Ontwikkelingscombinatie Polderweggebied VOF was set up to develop the Oostpoort area (previously known as Polderweggebied). This central district in the Eastern sector of the city is destined to become a lively, urban, traffic-free neighbourhood, with intimate squares and streets inviting visitors on a journey of discovery. The first buildings have already been completed. The development of Oostpoort involves three subzones: - Oostpoort West - Oostpoort Central - Oostpoort East In Oostpoort West, a large underground car park is to be built with space for around 874 cars, on top of which will be a shopping centre and approximately 350 new homes. The underground parking facility will provide both a public car park and private parking spaces, cycle parking areas and secure storage areas. Above ground, the buildings will have commercial use at ground level and in some places at first-floor level, with rented social housing apartments and apartments for owner occupation in the upper storeys. The commercial property in Oostpoort West has been sold to the investor in the shopping centre and the public section of the underground parking. The social rented housing apartments with their associated parking spaces are to be taken over by Stadgenoot and Ymere at cost. The apartments intended for sale together with their associated parking spaces are to be taken over and marketed by OCPmarket, a backstop being provided by the partners (each with a 33% stake) in case any apartments remain unsold 12 months after completion. In Oostpoort East, the plan was to build the Danshuis. However, on 9 February 2011, Stadgenoot and Stichting Danshuis Amsterdam terminated their partnership. Stichting Danshuis Amsterdam what unable to sign the lease because an important future tenant of this proposed centre for professional dance companies and partner in the scheme had unexpectedly backed out, putting an end to the Danshuis project. Preparations for the start of construction were at an advanced stage, the building permit had been granted and site preparation had already been completed. The development consortium Ontwikkelingscombinatie OCP and Stadsdeel Oost are exploring the possibilities of rapidly finding an alternative use for the Danshuis project. The preference is for a plan which fits in as closely as possible with the existing design of the building and the building permit which has been issued for it. Oostpoort Central includes a large number of facilities. In addition to the new business district of Stadsdeelkantoor, there will be all kinds of functions of a cultural, sporting and educational nature. Some of these facilities are already in use. 49

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This subzone forms the lively heart of Oostpoort. Partners Polderweg Ontwikkeling B.V. (33.33%), Werkmaatschappij Projectontwikkeling Ymere VI BV (33.33%) and Bouwfonds Polderweg BV (33.33%). Houthavens Ontwikkeling B.V. Established 2001 Activities Houthavens Ontwikkeling BV is a partner in the joint venture Vof Houthavens. In April 2011, the shares were transferred to Stadgenoot Projecten BV, which also assumed the role of Managing Board of this company. Shareholders Stadgenoot Ontwikkeling B.V. (100%). Management Stadgenoot Ontwikkeling B.V. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. V.O.F. Houthavens Established 2001 Activities A total of 99 rented social housing units (50 homes intended for young people and 9 large social rented housing units), 184 homes intended for the deregulated market 2 and 9,500 m of business premises is being developed and built. The former port district of Houthaven is to become a lively part of Amsterdam, providing a unique addition to the supply of homes in the Spaarndammerbuurt neighbourhood. The project marks the culmination of the redevelopment along the south bank of the IJ. The ambition is to achieve a sustainable development with sustainable buildings in the Houthaven. More than 30% of the new homes are earmarked for the social rented housing sector, with the remainder being let at market rents or sold. The programme includes 50 homes specially intended for young people. These are small social rented housing units for working young people, for which there is a separate waiting list. Partners Houthavens Ontwikkeling B.V. (50%) and Vaartpoort VII B.V. (50%). Nieuw Amerika Ontwikkeling B.V. Established 2001 Activities Nieuw Amerika Ontwikkeling BV is a partner in the joint venture Ontwikkelings- combinatie Nieuw Amerika V.O.F. In April 2011, the shares were transferred to Stadgenoot Projecten BV, which also assumed the role of Managing Board of this company. Shareholders Stadgenoot Ontwikkeling BV (100%). Management Stadgenoot Ontwikkeling BV. Internal supervision Supervisory Board of Woningbouwvereniging Stadgenoot. 50

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