Subsequent events

During the completion of this annual report, the world was confronted with the outbreak of the coronavirus (COVID-19). This crisis will also have an impact on the valuations of Bouwinvest’s real estate funds and real estate mandates, which are used to determine Bouwinvest’s management fee. The implications for the future results of Bouwinvest and its funds will only become clear in the course of 2020. Bouwinvest has long-term management fee contracts and at this point in time has sufficient reserves and cash and cash equivalents to absorb any temporary decline in its revenues, which puts the company in a good position to weather this crisis.