All amounts in € thousands, unless otherwise stated

The Bouwinvest Dutch Institutional Residential Fund has a clear focus on high-quality residential properties in the mid-rental sector and the core regions it has identified on the basis of their solid economic and demographic outlook.

€ 3.

Dear stakeholders,

D.J.

The economic outlook for the Netherlands has improved strongly in recent times. Forecasts show that the Dutch economy is set to book a healthy growth of around 2.0% per year.

The Residential Fund has a well-defined growth strategy, as we believe the residential sector continues to offer good long-term investment opportunities, especially for investors with a liability hedge strategy.

A total of 216 properties across the Netherlands

The Fund booked an income return (ROE) of 3.8% in 2015 (2014: 3.9%). The distributable result increased by 5.3%, while the Fund’s time weighted NAV increased by 6.1%, resulting in a slight dip of 0.1% in the income return compared to 2014.