Bouwinvest Dutch Institutional Residential Fund N.V. (the Fund) was established in 2010. The Fund has a governance structure that ensures effective and efficient management, combined with proper checks and balances. The Fund’s governance structure consists of a General Meeting of Shareholders, an Advisory Committee and the Management Board.

The Fund is governed by a robust framework with systems and processes to manage risks appropriately. Safeguarding the interests of its investors, integrity and transparency, the Fund fosters the following governance principles:

• The compliance, risk and internal audit functions are independent;

• Conflicts of interests are avoided and managed through compliance with Bouwinvest’s conflicts of interest policy;

• Robust checks and balances through established framework with three lines model;

• Focus on process management: ISAE 3402 type II certified;

• Compliant with AIFMD;

• An independent depositary function has been installed.

Rules and principles governing day-to-day business:

• Best-in-class system for valuation of assets;

• Elaborate approval process for all real estate investments;

• Transparency and integrity integrated in daily business conduct;

• Code of conduct;

• Transparent and open shareholder communication.