Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2016 amounted to € 3.8 million (2015: € 3.5 million).

The table below shows the fees charged over the year 2016 by Deloitte Accountants B.V. and the Deloitte Network in respect of activities for the Retail Fund.

As of January 2017, three Dutch pension funds committed for a total of € 55 million.

Before appropriation of result, all amounts in € thousands

All amounts in € thousands, unless otherwise stated

All amounts in € thousands, unless otherwise stated

The Company financial statements of Bouwinvest Dutch Institutional Retail Fund N.V. (the Retail Fund) are included in the consolidated financial statements and are prepared in accordance with the legal requirements of Part 9, Book 2 of the Dutch

Reference is made to Note 3 of the consolidated financial statements.

The Fund acquired the shares (100%) of the following subsidiaries:

For 2016, before appropriation of profit