Chairman of the Board of Directors and Statutory Director D.J. (Dick) van Hal (1958, Dutch) Dick van Hal has been Chairman of the Board of Directors since his appointment on 1 March 2008.

Sustainability performance  201420132012 Response rate (based on NAV)    Listed 55%76%82% Non-listed70%59%46% Total Portfolio67%61%44%      Outperforming

All amounts in € thousands unless otherwise stated  20142013201220112010        Number of shares (actual)225,000225,000225,000225,000225,000        Net

In 2014, we saw the first real signs of a significant recovery in the real estate sector, as transactions in the Dutch market more than doubled compared to 2013, which was already quite a good year.

As per 1 January 2015, the Bouwinvest Real Estate Investment Management (‘Bouwinvest’) Supervisory Board has the following four members: C.J. Beuving (Chairman), M. Sint (Vice-Chairman), J.H.W.R. van der Vlist and R.Th.

Financial statements and profit appropriation The Board of Directors prepared the Bouwinvest financial statements and discussed these with the Supervisory Board.

The Dutch residential market has recovered in 2014 and the Dutch residential rental market as a whole offers stable rental income.

Bouwinvest is an investment manager specialised in real estate for institutional investors, with assets under management of € 6.7 billion, managed by 128 professionals (fte), all of whom are based in Amsterdam.

Fee income came in at € 27.9 million in 2014, 1.9% higher than in 2013.

Highlights 2014 Growth of assets under management to € 6.7 billion (10%)  Return on assets under management 6.5% (excl. forex) and 8.8% (incl.