Amsterdam, 20 March 2017

Appropriation of profit is provided for in Article 20 of the new Articles of Association. This specific article is quoted below.

To the shareholder of Bouwinvest Dutch Institutional Hotel Fund N.V.

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

Solid result for the international portfolio of 5.

Bouwinvest’s International Investments portfolio is a result of its client’s investment beliefs combined with a number of preconditions defined by the client for its strategic real estate portfolio. The investment beliefs and preconditions of bpfBOUW, the pension fund for the Dutch construction workers, include a long-term investment horizon, ESG criteria, including investment in transparent real estate markets and low leverage.

A good way, amongst others, to achieve predictable and solid returns is optimal diversification, “You can diversify investments in terms of regions, sectors and risks, and listed real estate is a way to diversify in terms of investment strategies”,