To the shareholders of Bouwinvest Dutch Institutional Office Fund N.V.

The Office Fund is structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

The Office Fund has three shareholders at year-end 2016. As of January 2017, a new investor commited for a total of € 25 million.

As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the Net Fiscal Realised Result to its shareholders through four quarterly interim dividend payments and one final dividend payment.

Bouwinvest reports environmental data of those assets where there is management control possible (operational control approach).

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

Assets under management is defined as the net asset value of the funds, as per the chosen valuation principles of the funds, that Bouwinvest manages as investment manager.

* Investment property under construction

2015 was a transition year for the Office Fund. We are confident about the future for the portfolio, which will deliver attractive returns for investors. The redevelopment of the Citroën buildings is part of our optimisation strategy. Here, we will create a dynamic and vibrant new destination for the city of Amsterdam.