Disclaimer

This PDF annual report 2014 is an unofficial translation of the audited original Dutch annual report for the financial year 2014 of Bouwinvest Real Estate Investment Management B.V. In the event that differences occur between this translation and

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Message from the Chairman

In 2014, we saw the first real signs of a significant recovery in the real estate sector, as transactions in the Dutch market more than doubled compared to 2013, which was already quite a good year.

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Key financial information

All amounts in € thousands unless otherwise stated Highlights 2014 Dividend return of 3.9% Outperformance IPD Property Index (all properties) for fifth consecutive year (0.6%-points) Two new shareholders in the Fund (Rabobank pension fund and

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Website highlights 2014

Dividend return of 3.9% Outperformance IPD Property Index (all properties) for fifth consecutive year (0.6%-points) Two new shareholders in the Fund (Rabobank pension fund and the pension fund for the Dutch confectionary industry) Continued high

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Sustainability highlights

GRESB 'Green Star' classification two years ahead of schedule Renewable energy: 690 PV panels installed (67,458 kg CO2 reduction per annum) Policy: Sustainable update standard programme of requirements and update maintenance policy Refurbishment

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Key facts

Environmental Management System: 174 smart meters installed (86% of total) 1,600 high-efficiency central heating boilers installed 92.3% awarded a green energy label (A, B or C label) Average energy index improved to 1.33 from 1.36 Energy

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