This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.

To: The shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.

Bouwinvest Dutch Institutional Retail Fund N.V. is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

Bouwinvest became a shareholder of the Fund in the second quarter of 2013. With the issue of new shares to Bouwinvest, the management company is aligned with the other shareholders of the Fund.

As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the Net Realised Result to the shareholders through four quarterly interim dividend payments and one final dividend payment.

Bouwinvest La Guardiaweg 4 1043 DG, Amsterdam The Netherlands Investor Relations E: ir@bouwinvest.

3 June 2014Payment interim dividend first quarter 2014, € 31.26 per share 2 September 2014Payment interim dividend second quarter 2014, € 29.23 per share 2 December 2014Payment interim dividend third quarter 2014, € 28.82 per

MunicipalityStreet name/property nameFloor space (in m²)No.

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.

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.