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

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.

Bouwinvest Real Estate Investment Management B.V. (Bouwinvest) is one of the largest Dutch investment managers specialised in real estate for institutional investors.

As per 1 January 2015, the Supervisory Board of the Fund has the following four members: C.J. Beuving (Chairman), M. Sint (Vice-Chairman), J.H.W.R. van der Vlist and R.Th.

Chairman of the Board of Directors and Statutory Director D.J. (Dick) van Hal (1958, Dutch) Dick van Hal has been Chairman of the Board of Directors since his appointment on 1 March 2008.

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

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

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

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