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

Bouwinvest believes it has a responsibility to make sure 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 in our sustainability strategy. The Fund incorporates the priorities and demands of tenants continuously and in various ways.

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) gives the Residential Fund greater insight into the opportunities to improve its sustainability performance at fund level.

Bouwinvest Dutch Institutional Residential Fund N.V. (the Residential Fund) was established in 2010.

The Residential 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 Residential Fund.

Bouwinvest has implemented a risk management framework based upon the principles of The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Within the domain of the Residential Fund, we distinguish the following risk clusters: