To the shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.

The Residential Fund is structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, with its corporate seat in Amsterdam, the Netherlands.

As of July 2016 and January 2017, six new Dutch pension funds committed for a total of € 302 million. At the end of 2016 there was one shareholder less compared to 2015 due to a transfer of shares to one of the other shareholders.

As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the net realised result to the shareholders through four quarterly interim dividend payments and one final dividend payment.

Bouwinvest reports environmental data of those assets where there is management control possible (operational control approach).

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

Assets under management is defined as the net asset value of the funds, as per the chosen valuation principles of the funds, that Bouwinvest manages as investment manager.