x € thousands, unless otherwise stated

Bouwinvest Real Estate Investment Management can look back on a good year. We recorded a return of 12.4% on our portfolio as a whole, excluding currency results. This marked the third year in a row that we have recorded a double digit return.

The Supervisory Board met seven times in 2017. In the context of its supervisory role, the Board also conducted six conference calls regarding investments in the international real estate portfolio and the investments in the Dutch real estate funds.

The global economy continued its growth last year and in the early part of 2018. This growth is being driven by improved business and consumer confidence, stronger industrial production and growing employment and trade.

The Supervisory Board has four members, all with Dutch nationality. All the members of the board are independent.

D.J.

Bouwinvest Real Estate Investment Management is one of the largest institutional real estate investors in the Netherlands, with assets under management of € 9.4 billion.

Bouwinvest has a family of funds structure with three international mandates and five Dutch funds.

Net income came in at € 4.7 million in 2017, compared with € 2.6 million in 2016. The operating income of € 4.8 million was € 2.3 million higher than in 2016.

Bouwinvest constantly follows the most significant trends in its relevant markets. The real estate sector is affected by a number of trends, such as global population growth, ongoing urbanisation and the growing importance of sustainability.