The adjustment represents the positive impact on the NAV of the partial or full reversal of the negative equity of the specific subsidiary. If the vehicle has granted shareholder loans to the subsidiary, these should be taken into account.

At acquisition of an entity which is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise.

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 Office Fund N.V.

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

In 2018 there were no new commitments. As of January 2019 there are new commitments for a total amount of € 223 from a new as well as an existing investor.

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