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General introduction

To provide investors with information on the transition from Net Asset Value (NAV) according to IFRS to adjusted NAV based on INREV valuation principles, the Vesteda Residential Fund FGR (VRF FGR) also publishes its financial statements in

Consolidated statement of profit or loss and other comprehensive income in accordance with INREV valuation principles

For the year ended 31 December 2020; amounts in € million

Consolidated statement of financial position in accordance with INREV valuation principles

For the year ended 31 December 2020; amounts in € million

Consolidated statement of changes in equity in accordance with INREV valuation principles

For the year ended 31 December 2020; amounts in € million.

INREV expense metrics

The increase in ratio of the Total Expense Ratio (both NAV and GAV) from 2019 to 2020 is mainly due to the increase of fund expenses in 2020.

Notes to the INREV financial statements

Amounts in € million

Independent auditor’s report

To the participants and the Supervisory Committee of Vesteda Residential Fund FGR