€ 4.

Dear stakeholders,

D.J.

In the course of 2017, the Dutch economy gained additional positive momentum. GDP growth was dominated by strong export figures, private investments and increased household spending.

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy.

Portfolio composition at year-end 2017:

The Fund realised a total return of 15.6% in 2017 (2016: 20.5%), consisting of 2.8% income return (2016: 3.4%) and 12.8% in capital growth (2016: 17.1%).

The forecast growth in number of households will remain a major long-term factor in the increasing demand for homes.

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.