The Fund is structured as an investment company with variable capital, as defined in article 2:76a of the Dutch Civil Code, with its corporate seat in Amsterdam, the Netherlands. It is a fiscal investment institution (FII) within the meaning of Article 28 of the Dutch Corporate Income Tax Act 1969. Bouwinvest Real Estate Investors B.V. (‘Bouwinvest’) is the Fund's sole Statutory Director and management company pursuant to the management agreement. The management company has a licence within the meaning of Article 2:65 of the Dutch Financial Supervision Act and is subject to supervision of the Dutch Financial Markets Authority (AFM).

Subsidiaries

The Fund has two taxable subsidiaries, Bouwinvest Dutch Institutional Retail Fund Services B.V., which renders services that are ancillary to the Fund’s renting activities, and Bouwinvest Retail Development B.V., in which development activities are pursued that are ancillary to the Fund’s investment portfolio. Such activities are placed in these taxable subsidiaries to ensure the Fund’s compliance with the criteria of the FII regime.

Fund governance bodies

Advisory Committee

The Advisory Committee comprises a maximum of five shareholders: one representative from each of
the four shareholders with the largest individual commitments and one member to represent the collective interests of all other
shareholders. Each eligible shareholder shall appoint a member of the Advisory Committee for a period of one year running
from the Annual General Meeting.

Role of the Advisory Committee

The role of the Advisory Committee is to approve certain specified resolutions by the management company and to be consulted with regard to certain resolutions specified in the Terms and Conditions.

General Meeting of Shareholders

Shareholders of the Retail Fund must be professional institutional investors within the meaning of section 1:1 of the Dutch Financial Markets Supervision Act (FMSA). General Meetings of Shareholders are held at least once a year to discuss the annual report, adopt the financial statements and discharge the Statutory Director of the Fund for its management. Shareholder approval is required for the Fund Plan and for other resolutions pursuant to the Fund Documents.

Anchor investor

As at this annual report’s publication date, bpfBOUW held the majority of the shares in the Retail Fund.