The Company financial statements of Bouwinvest Dutch Institutional Retail Fund N.V. (the Retail Fund) are included in the consolidated financial statements and are prepared in accordance with the legal requirements of Part 9, Book 2 of the Dutch

Reference is made to Note 3 of the consolidated financial statements.

The Fund acquired the shares (100%) of the following subsidiaries:

For 2019, before appropriation of profit

The Retail Fund has no employees.

Reference is made to Note 23 of the consolidated financial statements.

Appropriation of profit is provided for in Article 20 of the Articles of Association. This specific article is quoted below.

To the shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.

To the shareholders of Bouwinvest Dutch Institutional Retail 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 reports the adjustments according to the INREV valuation principles.