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.

To determine the ‘best shopping cities’, Bouwinvest, including experts at its Research departments, conducts annual evaluations based on several variables.

Dear stakeholders, The Retail Fund had a relatively good year in 2014, as we recorded a good deal of progress in implementing our strategy of optimisation and growth, thanks to our acquisitions and investments in a number of upgrades

Role of the Supervisory Board The Supervisory Board supervises the policies of the Bouwinvest Board of Directors and the general affairs of the Fund and its related business The Supervisory Board monitors and supervises the composition,

The Dutch economy is projected to grow slightly by 1.5% in 2015. The modest 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.

Portfolio composition at year-end 2014: 41 properties across the Netherlands 196,537 m2 of lettable floor space Total value investment properties € 654 million Diversification guidelines and investment restrictions Diversification

The Fund’s income return (ROE) came in at 4.5%, which was 0.6%-points lower than in 2013, mainly due to strategic vacancy in the investment properties under construction (Damrak/Nieuwendijk).

Due to ongoing growth in online shopping and continuing economic uncertainty, the retail market has become fiercely competitive and this is likely to continue for the foreseeable future.