The Investment Committee (IC) is an important advisory body for the Board of Directors in terms of risk management.

Early 2014, Bouwinvest was one of the first parties in the Netherlands to obtain an AFM licence as required by the AIFMD. This licence allows Bouwinvest's funds to manage funds that are open for other institutional investors besides bpfBOUW.

At Bouwinvest, monitoring risks is a fixed part of day-to-day activities of the managers responsible for same and an integral part of the planning and control cycle.

Social Data BOUWINVEST20142013   20132011 Human resources   Employee survey   Number of employees in fte (LA1)128.0122.6 Satisfaction 7.87.4 Fixed-term contract (%)

CSR targets 2014-2016  whenstatus 2014 Contributing to employee satisfaction   Retention management: set up training and development for key personnel, potentials and high performers2016achieved Vitality: maintain

Before appropriation of result, all amounts in € thousands  Note20142013 Assets      Tangible fixed assets1     Leasehold improvements 765 960  Equipment 903 1,022

All amounts in € thousands  Note20142013 Management fee 12 27,854 27,324        Operating costs      Personnel costs1317,014 16,815  Depreciation

All amounts in € thousands  20142013 Cash flow from operating activities     Operating result2,933 2,649  Adjustments for:     Depreciations765 962  Deferred

All amounts in € thousands unless otherwise stated

Bouwinvest Real Estate Investment Management B.V. (‘Bouwinvest’ or ‘the company’), domiciled in Amsterdam, is a private company with limited liability incorporated on 9 October 2002.