This adjustment represents the impact on the NAV of the recognition of non-controlling interests on all of the above adjustments.

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

Bouwinvest Dutch Institutional Retail Fund N.V. is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

As of January 2020, an investor has expanded its commitment for an amount of € 78 million.

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

D.J.

La Guardiaweg 4 1043 DG, Amsterdam The Netherlands

The proportion of construction sites controlled by the reporting company which are registered under the Dutch considerate construction scheme ‘Bewuste Bouwers’ in a reporting year, weighted by purchase price.

The rights of the General Meetings of Shareholders and the Shareholders’ Committee are shown in the Governance Matrix.