In 2015, € 9.6 million (2014: € 8.9 million) was paid as dividend.

As at 31 December 2015, the Fund’s total future commitments amounted to € 20.1 million (2014: nil). The Fund closed a transaction for the Amsteltower Hotel in Amsterdam which is to be completed in Q4 2017.

The Hotel Fund and members of the Supervisory Board and Board of Directors of Bouwinvest Real Estate Investment Management B.V. (Bouwinvest) and the other entities under mangement by Bouwinvest, qualify as related parties of the Fund.

Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2015 amounted to € 0.7 million (2014: € 0.8 million).

The table below shows the fees charged over the year 2015 by Deloitte Accountants B.V. and the Deloitte Network in respect of activities for the Hotel Fund.

In January 2016, The Fund issued 24,995 shares at par value, satisfied by conversion of a part of the current share premium.

Amsterdam, the Netherlands, 14 March 2016

As of 4 January 2016, the Articles of Association of the Hotel Fund were amended. Appropriation of profit is provided for in Article 20 of the new Articles of Association. This specific article is quoted below.

The Annual General Meeting of shareholders on 20 April 2015 adopted and approved the 2014 financial statements of the Hotel Fund. A dividend of € 201,200 (in cash) per share was paid.

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 213,533 (in cash) per share be paid for 2015.