Growth of assets under management to € 7.

All amounts in € thousands unless otherwise stated

Dear stakeholders,

The Bouwinvest Real Estate Investment Management (‘Bouwinvest’) Supervisor Board has the following four members: C.J. Beuving (Chairman), J.H.W.R. van der Vlist, R.Th. Wijmenga and C.G. Gehrels.

The Board of Directors prepared the Bouwinvest financial statements and discussed these with the Supervisory Board. Deloitte Accountants B.V. have audited the financial statements and provided them with an unqualified independent auditors’ report.

D.J.

Bouwinvest is one of the largest Dutch investment managers specialised in real estate with total assets under management of € 7.5 billion.

Bouwinvest is an investment manager specialised in real estate for institutional investors, with assets under management of € 7.5 billion, managed by 140 professionals (131.1 FTE), all of whom are based in Amsterdam.

Global real estate markets flourished in 2015, with worldwide investment volumes reaching or even exceeding pre-crisis levels.