To the shareholder of Bouwinvest Dutch Institutional Healthcare Fund N.V.

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

D.J.

The economic outlook for the Netherlands has improved strongly in recent times. Forecasts show that the Dutch economy is set to book a healthy growth of around 2.0% per year.

The Hotel Fund's strategy focuses on achieving stable returns and increasing the size of the Fund by acquiring, managing and adding value to hotel investment properties in the Netherlands.

In 2015, the Hotel Fund portfolio consisted of three standing assets with a value of € 142 million:

The Fund booked an income return (ROE) of 7.0% in 2015, 1.0%-point higher than in 2014. The increase is realised due to higher net rental income (€ 0.5 million) and also lower administrative expenses.

Travel and tourism activity in Amsterdam is continuing to increase. This increase will be a result of the increase of international visitors, which make up more than three quarters of total visits to the city.

All amounts in € thousands, unless otherwise stated

Before appropriation of result, all amounts in € thousands