All amounts in € thousands unless otherwise stated 20142013201220112010 Statement of financial position      Total assets2,727,7252,609,0042,686,8592,819,8392,804,423 Total shareholders’

The Bouwinvest Dutch Institutional Residential Fund has a clear focus on high-quality residential properties in the mid-rental sector and the core regions it has identified on the basis of their solid economic and demographic outlook.

When we are structuring our portfolio, we take into account the following diversification categories:

Dear stakeholders, Last year, we finally saw the turnaround in the residential market we expected. This market has always had strong fundamentals, even during the crisis, which is why we continued to invest heavily in this segment.

The Dutch economy is projected to grow 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.

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy.

Portfolio composition at year-end 2014: A total of 210 properties across the Netherlands Total value investment properties of € 2.6 billion Diversification guidelines and investment restrictions During the financial year, the Fund

The Fund booked an income return (ROE) of 3.9%, which was higher than the 3.6% reported in 2013. In 2014, mainly due to the tendering of maintenance activities, total maintenance costs were lower than in 2013.

Sentiment positive, but recovery fragile Following an extended period of widespread uncertainty in the residential real estate sector, the market entered markedly calmer waters in 2014, and we expect this stabilisation of the market to continue