To: the shareholder and Supervisory Board of Bouwinvest Real Estate Investors B.V.

The Supervisory Board hereby offers the 2019 annual report of Bouwinvest Real Estate Investors B.V. (Bouwinvest), which includes the financial statements for 2019.

Bouwinvest Real Estate Investment Management B.V. (‘Bouwinvest’) is a wholly owned subsidiary of stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (bpfBOUW), the Dutch pension fund for the construction industry.

Bouwinvest is well aware that it invests the money of third parties. The organisation is compact and client centric. We add value by doing business on the basis of a sound vision of the developments in various real estate markets.

(1958, Dutch)

All amounts in € thousands

All amounts in € thousands

All amounts in € thousands, unless otherwise stated.

Bouwinvest Real Estate Investment Management B.V. (‘Bouwinvest’ or ‘the company’), with its head office in Amsterdam, at La Guardiaweg 4, is a private company with limited liability incorporated on 9 October 2002.