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.

Bouwinvest believes it has a responsibility to make sure that its investments meet sustainability criteria and that we operate in a responsible and ethical manner.

Close cooperation with our tenants and other stakeholders is an important element of our sustainability strategy.

Monitoring environmental performance data (energy and water consumption, greenhouse gas emissions and waste) is an important part of managing sustainability issues.

Benchmarking based on the Global Real Estate Sustainability Benchmark (GRESB) enables the Retail Fund to obtain more insight into the opportunities to improve the sustainability performance measured at fund level.

Bouwinvest Dutch Institutional Retail Fund N.V. (the Retail Fund) was established in 2010. Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (bpfBOUW, the pension fund for the construction industry) is the Retail Fund’s anchor investor.

The Retail Fund is structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, with its corporate seat in Amsterdam, the Netherlands.

Risk management and compliance are independent functions within Bouwinvest. Their role is to identify, assess, advise on, monitor and report on compliance and other risks faced by the Retail Fund.