This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.

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

`To be updated

Bouwinvest Dutch Institutional Retail Fund N.V. is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

As of January 2017, one new and three existing investors committed for a total of € 55 million.

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.