The upcoming period is still expected to be uncertain and, like all real estate investors, the Fund expects to face multiple challenges. One of the main advantages the Fund has in this challenging environment is the sheer quality of its portfolio and the fact the Fund uses no leverage. The road to the Paris Proof target is full of obstacles but we are progressing steadily, and the entire Bouwinvest organisation is committed to achieving the Fund's goals. Fortunately, the Fund has a diversified portfolio of assets very much in line with its strategy. The demarcation of the Fund's core and non-core portfolio, combined with the different maintenance strategies, will most certainly have a positive impact on the Fund's returns.

In the coming three years, the Fund expects to provide investors with a total annual net return of between -1.2% and 6.7%. The performance and portfolio forecasts set out in the most recent Fund Plan reflect the so-called base scenario. Given the many uncertainties in the market, the Fund has also drawn up and added additional upside, downside and stress scenarios to this plan.

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 Investments