In summary, the upcoming period seems to be filled with uncertainties and, like all real estate investors, the Fund expects to face multiple challenges. However, the high quality of the Fund's portfolio and the fact the Fund uses no leverage are notable strengths in this challenging environment. While the path to attaining the Paris Proof target has its fair share of hurdles, we are making steady progress and the full force of the organisation is committed to achieving the Fund's goals. Fortunately, the Fund has a diversified portfolio of assets that are perfectly aligned with its strategy.

In the coming three years, the Fund expects to provide investors with a total annual net return of between 1.1% and 9.0%. The performance and portfolio forecasts set out in this Fund Plan reflect the so-called base scenario. Given the many uncertainties in the market, the Fund has also drawn up additional upside, downside and stress scenarios.

Amsterdam, 26 March 2024

Bouwinvest Real Estate Investors B.V.

Mark Siezen, Chief Executive Officer and Statutory Director
Henk-Dirk de Haan, Chief Financial & Risk Officer and Statutory Director
Marleen Bosma, Chief Client Officer
Allard van Spaandonk, Chief Investment Officer Dutch Investments
Stephen Tross, Chief Investment Officer International Investment