16 Dutch office properties at year-end 2016 (€ 503 million, 213,186 m²)

Dear stakeholders,

D.J.

Despite the initial fears triggered by the Brexit vote, the Dutch economy continued its steady recovery in 2016 and with economic growth of over 2% actually outpaced earlier projections.

The Fund’s strategy is to optimise its portfolio through targeted acquisitions and continuous enhancement of core assets.

16 properties, all in the G4

The Fund realised a total fund retun of 5.5% (2015: 0.5%), consisting of a 3.6% income return (2015: 4.2%) and a 1.9% capital growth (2015: -3.7%). The total return in Euro's grew to € 30.5 million in 2016, from € 4.0 million in 2015.

The recovery of the Dutch economy firmed up in 2016 and according to forecasts is set to book steady growth of 1.5% to 2% in the years ahead. On top of this, unemployment continues to fall and consumer confidence is returning to pre-crisis levels.

Bouwinvest aims to provide a solid return on real estate investments for institutional investors and their beneficiaries and to do this in a responsible manner.