A liability represents a present obligation.

This adjustment represents the positive impact on NAV of the possible reduction of transfer taxes and purchaser’s costs for the seller based on the expected sale via the sale of shares.

Under IFRS, deferred tax (assets and liabilities) is measured at the nominal statutory tax rate. How the Fund expects to settle deferred tax is not taken into consideration.

The adjustment represents the positive impact on the NAV of the partial or full reversal of the negative equity of the specific subsidiary. If the vehicle has granted shareholder loans to the subsidiary, these should be taken into account.

At acquisition of an entity which is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise.

As per 31 December 2014, no adjustment had been made since the Fund holds no minority interests.

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

The Office Fund is structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

In the second quarter of 2014, Bouwinvest increased its share as a shareholder of the Fund. The issue of new shares to Bouwinvest has aligned the management company 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 Fiscal Realised Result to its shareholders through four quarterly interim dividend payments and one final dividend payment.