All amounts in € thousands, unless otherwise stated

The Bouwinvest Dutch Institutional Retail Fund’s focus on prime locations and daily shopping needs puts it in an excellent position to provide stable returns in the years ahead.

42 Dutch retail properties (€ 719.

Dear stakeholders,

D.J.

The Dutch economy is projected to grow healthy by around 2.0% in 2015. The healthy economic growth projected for 2015 is partly due to increased household consumption and a rise in business investments.

To achieve its targets, the Retail Fund aims to optimise its portfolio through targeted acquisitions, the redevelopment of core assets and the disposal of non-core retail units.

A total of 42 properties across the Netherlands

The Fund’s income return (ROE) came in at 4.4%, which was 0.1%-point lower than in 2014, mainly due to the investment properties under construction.