€ 877 million in Dutch retail properties (49 assets, 234,095 m2 NLA) at year-end 2017

Dear stakeholders,

D.J.

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

The Fund's strategy can be summed up as follows:

Portfolio composition at year-end 2017:

The Fund realised a total fund return of 7.8% (2016: 8.4%), consisting of a 4.5% income return (2016: 4.6%) and a 3.3% capital growth (2016: 3.9%). The total return in Euros was € 61.1 million in 2017, compared to € 64.3 million in 2016.

After a substantial period of headwinds, the increase in consumer spending and the restructuring of high streets and (some) retail formats, have started to change the tide.

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.