x € thousands, unless otherwise stated

Dear stakeholders,

The Bouwinvest Real Estate Investment Management (‘Bouwinvest’) Supervisory Board has the following four members: C.J. Beuving (Chairman), J.H.W.R. van der Vlist, R.Th. Wijmenga and C.G. Gehrels.

The Board of Directors prepared the Bouwinvest financial statements and discussed these with the Supervisory Board. Deloitte Accountants B.V. have audited the financial statements and provided them with an unqualified independent auditors’ report.

D.J.

Bouwinvest has been investing in real estate on behalf of the pension fund for the construction industry (bpfBOUW) since 1952.

Bouwinvest believes the outlook is positive for the asset management of real estate for institutional clients:

The year started with a slowdown in Chinese economic growth, and a major dip in Asian stock markets, which did eventually rebound.

Bouwinvest's International Investments delivered a solid performance modest performance in 2016. The total return came in at 5.3%, excluding currency results and after management fees.

Net income came in at € 2.6 million in 2016, compared with € 4.4 million in 2015. The operating income was € 2.4 million in 2016, € 2.6 million lower than in 2015.