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.

A new investor, a Dutch pension fund, committed for € 62 million in 2018. As of January 2019, an investor has expanded its commitment for an amount of € 26 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

Capital growth as a percentage is equal to the net result (INREV) minus the distributable result, divided by the INREV NAV at the beginning of the period, plus any capital calls (time-weighted) and less any distributed dividends/capital

The Fund’s ambition to increase the coverage and therefore the transparency of its environmental impact according to INREV Sustainability Reporting Guidelines is reflected in the summary of key performance indicators in the table above.