Dialogue with stakeholders

The table below gives an overview of the structural dialogue between Vesteda and its key stakeholders.

Stakeholders	Dialogue	Content dialogue	Impact dialogue on policy Vesteda
Employees	• Feedback forms • Events for employees • Intranet • Works Council	• Vesteda Improves project, HPO • Onboarding day, Inspiration sessions, Business Plan presentation, Financial and business results, Celebrations (new year, breakfast sessions, Friday drinks etc) • Source of information • Discuss relevant developments and regulations concerning business strategy and employee impact, such as M&A, organisational changes and employee benefits • Working from home/hybrid working	• Identification of integral improvement programmes • Social connectivity and creation of Vesteda culture • Clear quarterly information about business progress and plans
Participants	• General Meeting of Participants (at least twice a year) • Regular investor meetings/quarterly conference calls • Annual informal Participants’ Day • Annual independent Participant satisfaction survey • Property tours • Investorweb (for participants)	• Business Plan 2025-2029 • Transition to zero-natural gas • Rent increase policy • Acquisitions and sales policy • Required returns • Sustainability • ISAE • Liquidity/redemptions	• Continued attention for affordability of housing and total cost of living • Continued attention for sustainability, e.g. the increase in reporting of ESG activities and performance • Feedback to improve reporting and other financial and ESG disclosures
Lenders/debt investors	• Annual credit review meetings • Regular debt investor/lender meetings • Information for debt investors on website • Financial covenant reporting • Roadshow for bond investors	• Strategy • Credit rating • Leverage • Reporting • Governance • Cash management • Sustainability	• Transparent reporting standards; improved reporting • Funding strategy; leverage • Development risk • Liquidity risk
Partners/business partners and local authorities	• Through membership and meetings of IVBN, INREV, ULI, NEPROM, DGBC and GBC-Z. • Local and national government(s) • Attending/giving lectures at business events/conferences • Attending conferences such as Expo Real, Provada and INREV • Joining expert meetings and working groups	• Increasing homes that are attainable for middle income households in the urban environment / affordable housing • Discuss local regulations, policies and market developments • Discuss relevant developments, such as sustainability, urban development, densification, ground lease, mobility, disruptive technologies, technical innovations and smart buildings • Discuss propositions for acquisitions, property sales and re-developments	• Sector effort to realise more affordable housing in urban environments • Translated market developments in our Business Plan • Adopting and improving best practices
Advisors/real estate experts	• Workshop on sustainability • Attending/giving lectures at business events	• Sustainability, re-development of existing properties • Energy transition • KPIs • Healthy living • Social cohesion • Market developments	• Research into sustainability and continued embedding in policy

INREV Guidelines Compliance Statement

The European Association for Investors in Non-Listed Real Estate Vehicles (INREV) published the INREV Guidelines incorporating industry standards in the fields of Governance, Reporting, Property Valuation, Performance Measurement, INREV NAV, Fees and Expense Metrics, Liquidity and Sustainability Reporting. The assessments follow these guidelines.

INREV provides an Assessment Tool to determine a vehicle’s level of compliance with the INREV Guidelines as a whole and its modules in particular.

The overall INREV Guidelines Compliance Rate of the Vesteda Residential Fund is 97%, based on eight out of nine assessments. The table below shows the compliance rate for each completed module of this self-assessment.

Compliance with the INREV Guidelines Assessment Results

INREV module	Level of adoption or compliance
Reporting	95%
Property Valuation	94%
INREV NAV	100%
Liquidity	100%
Governance	100%
Sustainability	100%
Fee and Expense Metrics	100%
Code of Tax Conduct	100%
Performance Measurement	80%

Assurance

This report has been provided with external assurance. You will find the assurance report of the independent auditor and their conclusion in the Assurance report of the independent auditor section of this report. Vesteda believes this assurance is important as it provides additional certainty regarding the accuracy of the information included.