All amounts in € thousands, unless otherwise stated

The Bouwinvest Dutch Institutional Retail Fund is an investment company with variable capital. We believe that convenience and experience are the key trends that will determine the future of retail real estate.

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

€ 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: