Appropriation of profit is provided for in Article 23 of the Residential Fund’s Articles of Association.

The Annual General Meeting of shareholders on 24 April 2014 adopted and approved the 2013 financial statements of the Residential Fund. A dividend of € 94.87 (in cash) per share has been paid.

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 97.88 (in cash) per share be paid for 2014.

As of 2 January 2015, the Residential Fund has three new shareholders.

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

In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund also publishes the accounts according to the INREV valuation principles.

Before appropriation of result, all amounts in € thousands As at 31 December20142013  IFRSAdjustmentINREVIFRSAdjustmentINREV Assets       Non-current

All amounts in € thousands unless otherwise stated As at 31 December  2014   2013  IFRSAdjustmentINREV IFRSAdjustmentINREV Gross rental income156,049 156,049 152,233 152,233 Service

All amounts in € thousands For 2014, before appropriation of result  Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance according to IFRS at 1 January

All amounts in € thousands unless otherwise stated  Note Total 2014Per share 2014Total 2013Per share 2013  NAV as per the financial statements2,715,2832,602.682,599,6122,572.97  Reclassification of certain IFRS