Bouwfonds European Residential - Catella Real Estate AG

Bouwfonds European Residential
Open-Ended Real Estate Fund
Annual Report as at 30 April 2009

Key Figures at a Glance
Fund assets As at 30 April 2009 As at 30 April 2008
Fund assets – net 97,717 48,900 € thousand
Fund assets – gross (net fund assets plus loans) 97,717 48,900 € thousand
Net inflow of funds 1 45,926 48,540 € thousand
Leverage ratio 2 0.0 0.0 %
Real estate assets
Total real estate assets (aggregate market values) 83,669 30,230 € thousand
of which directly held 80,410 30,230 € thousand
of which held via real estate companies 3,259 0 € thousand
Total Fund properties 6 2
of which held via real estate companies 1 0
of which under construction/renovation 1 0
Changes to the real estate portfolio
Property purchases 4 2
Property sales 0 0
Letting rate 3 81.0 64.1 %
Liquidity
Gross liquidity 14,584 19,606 € thousand
Committed funds 4 10,340 19,265 € thousand
Net liquidity 5 4,243 341 € thousand
Liquidity ratio 6 4.342 0.697 %
Fund performance (BVI return) 7
Financial year (1 May 2008 to 30 April 2009) 4.5 0.8 %
since launch 8 5.3 0.8 %
Units
Units in circulation 9,308,147 4,851,244 Units
Redemption price/unit value 10.50 10.08 €
Issuing price 9 11.03 10.58 €
Distribution
Distribution date 3 Aug. 2009 1 Aug. 2008
Distribution per unit 0.37 0.03 €
Total expense ratio 0.70 n/a 10 %
Launch date: 27 December 2007
ISIN: DE000A0M98N2
WKN: A0M98N
Internet: www.catella-realestate.de
1 In the period under review from 1 May 2008 to 30 April 2009, in the previous year from 27 December 2007 to 30 April 2008.
2 Total loans as a proportion of the aggregate market values of all directly and indirectly held properties.
3 Based on the annual estimated gross rental as at the reporting date.
4 Committed funds: funds earmarked for the next distribution, funds reserved for purchases and construction projects, real estate management
costs, liabilities from real estate purchases and construction projects, other liabilities and current provisions.
5 Gross liquidity less committed funds.
6 The ratio of net liquidity to net fund assets.
7 Calculated according to the documentation from the Bundesverband Investment und Asset Management e.V. (BVI). Calculation based on the
investment, final valuation and reinvestment of the distribution at the unit value (no charge for reinvestment). The Investment Fund’s historical
performance is not necessarily indicative of future performance.
8 Information as at 30 April 2009 for the period from 27 December 2007 to 30 April 2009, information as at 30 April 2008 for the period from
27 December 2007 to 30 April 2008.
9 Since no front-end charge is levied at the present time, the issue price corresponds to the unit value as at the reporting date.
10 This was not calculated as the ratio is not meaningful in the Fund’s first year.
5

Table of Contents
05 Key Figures at a Glance
08 Fund Management Report
14 Overview – Returns, Valuation and Leasing
16 Development of the Fund (Multi-year Review)
17 Development of Returns (Multi-year Review)
20 Development of the Fund
22 Statement of Assets and Liabilities as at 30 April 2009
26 Schedule of Properties
28 Overview – Market Values and Rents
30 Schedule of Real Estate Purchases and Sales
31 Liquid Assets
32 Statement of Income and Expenditure
34 Calculation of the Distribution
36 Tax information
44 Committees
7

Fund Management Report
Real estate investment markets
2008 proved to be extremely difficult for international real
estate markets, as for many other sectors. For example, the
INREV “All Property European Total Return Index” recorded
a drop of 26.8% in 2008, which was mainly due to a 30.3%
depreciation in property values. However, total returns in the
BVI index averaged 4.4% in Germany. Here, the financial
crisis made itself felt in a different way: in the temporary
closing of 12 open-ended real estate funds.
One positive result of the financial crisis is that professional
investors are increasingly seeing residential property as an
independent asset class. According to INREV’s 2009
“Investment Intention Survey”, German residential properties
are the number one investment target for institutional
investors in Europe. This is reflected in increasing competition
among providers of comparable products. However,
Bouwfonds European Residential (BER) is currently the only
fund in its segment that systematically ensures risk diversification
by investing throughout Europe.
Real estate markets
In 2008, our target countries generated average economic
growth of around 1.3% (Germany), 2.1% (Netherlands),
0.7% (France) and 1.1% (Belgium). 1
The trend in the number of households is of particular strategic
interest as a long-term indicator. The tendency towards a
rising number of households in BER’s target countries is
having a positive effect on returns. In 2008, prices for residential
real estate in our target countries performed as
follows:
France: At 0.6%, the rise in purchase prices for existing residential
real estate of was restrained. However, considerable
regional differences were recorded (e.g. Grenoble –4.7%
versus Paris +8.7%).
Rental price trends for French residential properties also
varied in line with this, with the slight overall increase of
1.4% being spread unevenly across the regions. Whereas
Grenoble, Montpellier and Paris, for example, saw increases
of between 2.3% and 4.3%, rents in Lyon, Marseille and
Toulouse stagnated. 2
8
Germany: A slight decline in prices – but still within the
bounds of normal price fluctuations – was felt across
Germany. Prices for existing real estate fell on average by
between 0.5% and 1.0%, while prices for new builds in the
residential segment were flat. However, significant regional
differences are to be seen in both areas, with price increases
of up to 8.0% in large cities.
As a whole, rental prices across Germany remained relatively
stable. Metropolitan areas in particular saw increases of
2.0% to 4.0% for new lettings. In contrast, structurally weak
rural regions experienced increasing vacancies and a slight
drop in rental prices. 3
Netherlands: Prices for residential properties remained
unchanged between 2007 and 2008. The slight price increases
seen in the summer levelled off again at the end of the year. 4
The rental market recorded an annual average rise of 1.9%. 5
Belgium: The prices for residential real estate in Belgium
rose once again. Single-family homes saw a price increase of
5.2% and apartment houses of 4.0%. In 2008, the rent index
was 4.0% higher on average than the previous year. The last
ten years saw average annual growth of 1.7%.
Bouwfonds European Residential’s strategy
The Fund is aiming for the following allocation during the
first three years:
• Germany (30%-50%)
• France (30%-50%)
• Benelux (10%-40%)
In addition, the Fund can invest up to 10% of fund assets in
other countries in the European Economic Area and
Switzerland. However, since the Fund follows a regional
strategy that involves making focused investments in regions
with above-average growth, it is equally important to
consider the regional allocation:
• Service regions (40%-60%)
• High-tech regions (20%-30%)
• Financial services regions (20%-30%)
• “Government and administrative locations” (10%-20%)
1 Source: Eurostat
2 Sources: Callon, CNAB, OLAP
3 Source: IVD, Wohnpreisspiegel 2008/2009
4 Source: Nederlandse Vereniging van Makelaars o.g. en vastgoeddeskundigen NVM, NVM-cijfers van het 1 kwartaal 2009 voor heel Nederland
5 Source: Centraal Bureau voor de Statistiek, Consumentenprijzen; de gemiddelde verhoging woninghuur in Nederland

In terms of product strategy, the Fund invests in apartments
(80%-90%) and in niche markets such as senior citizens’
apartments, serviced apartments and student accommodation
(10%-20%). In order to offer investors additional yield
potential, the Fund permits privatisations, although these are
restricted to 20%. Investments in development projects of up
to 20% are also permitted.
The financial crisis has created new investment opportunities.
In Sweden and the United Kingdom, for example, residential
real estate’s risk/reward profile has improved substantially.
In some regions, these markets had experienced pronounced
price imbalances. The mark-to-market valuations used in
these countries are currently having a positive effect on price
levels. The Fund’s management expects excellent investment
opportunities in the Fund’s target countries, although the
markets there show fewer signs of volatility and hence no
significant declines in prices are being seen. As a result, the
Fund’s management will reassess its investment strategy as
of the next semi-annual report. This applies in particular to
the 10% quota for properties located outside the target countries
of Germany, France and the Benelux countries, which
the Fund’s management will make use of if attractive opportunities
arise.
Developments in the financial year
The Fund was unable to achieve the target volume it had
originally aimed for within the allocated time frame. Despite
the significant advantages offered by the residential real
estate asset class, the financial crisis prevented a large number
of institutional investors from making new investment
decisions.
Overall, net inflows of €23 million were received from outside
investors who are not associated with Bouwfonds’ asset
managers and joint venture partners bringing assets under
management to approximately €100 million.
At the end of the financial year, the Fund’s management
negotiated a loan facility of approximately €20 million. This
has enabled the Fund to profit from the current extremely
attractive financing terms and the banks’ interest in financing
a core residential real estate fund.
1 According to the BVI method
Performance and liquidity
Against the backdrop of fundamentally difficult conditions
in the European real estate markets, the BER open-ended real
estate fund achieved a total return of 4.5% in its first year of
operation, 1 slightly above the sector average of 4.4%.
Nevertheless, the original target performance of 5-6%
(according to the BVI method) was not achieved. This is
mainly due to the letting rate for the new building in Markt
Schwaben, which is significantly off target. Bouwfonds has
successfully implemented the concept of constructing new
rental homes for young families with children in many
European markets, including on a significant scale in
Germany. As a result, the Fund’s management believes that
it should be possible to increase the letting rate significantly
in the course of the financial year. (Read more about Markt
Schwaben in the section entitled “Developments at existing
properties”).
Based on its assessment of the current market environment
in the medium term, the Fund’s management believes that
the target return can be achieved. Additional arguments
supporting this conclusion are the increased marketing
measures being undertaken in Markt Schwaben, debt
financing offering positive leverage and additional acquisitions.
Moreover, since the appraisers classed our properties’ risk
premiums and initial returns as stable, the Fund has not
recorded any losses in value. This goes to show that BER is
living up to its claim to be a core product by remaining stable
during market downturns. This is due to the low correlation
of residential properties as an asset class with other assets
and inherent low volatility, as well as to the systematic selection
of the Fund’s assets.
New acquisitions
Markt Schwaben:
Markt Schwaben (11,000 residents) is a typical commuter
town in the Munich area with excellent transport links. The
municipality boasts above-average economic output and one
of the lowest unemployment rates in Germany. In the last
decade, Markt Schwaben’s population has grown by around
14%. The market for residential real estate is strongly influenced
by the shortage of living space in Munich. Strong
9

Fund Management Report
demand, in particular for single- and two-family houses, is
reflected in high rental and purchase prices. The development
project in Markt Schwaben, comprising 48 terraced
houses with full cellars, has total rental space of 5,470 m 2
and 48 underground parking spaces.
Berlin:
The federal capital with its around 3.4 million inhabitants is
the most populous city in Germany and is also the centre of
the Berlin-Brandenburg metropolitan area. This makes it one
of Europe’s most important political, cultural and scientific
centres. The service sector dominates Berlin’s economy,
accounting for almost 83% of the workforce. Of the major
German cities, only Frankfurt has a higher service sector
ratio. As an important agglomeration area, Berlin will
continue to profit from future demographic change. Not only
will it experience relatively stable population levels, but it will
also benefit from an increase in the number of households.
Steglitz-Zehlendorf is one of Berlin’s most expensive
addresses in which to rent property, surpassed only by
Charlottenburg-Wilmersdorf. This district, with its 288,000
or so residents, has an excellent social structure. Its appeal is
attributable in part to the extensive range of leisure facilities
and green areas, as well as a very convenient transport infrastructure.
The property, which is situated in a quiet location
with substantial green areas, consists of a 4- to 12-storey
apartment complex built between 1970 and 1971. Previously
in private hands, the property was always well cared for;
nevertheless, we are planning to make further energy
management-related improvements over the coming years.
The complex comprises a total of 235 apartments with
aggregate living space of 16,440 m2. Access is provided
through ten entrances. There is also an underground garage
with 136 parking spaces as well as 84 outside parking spaces.
The strategy is to maintain or further reduce the low vacancy
rate and to let the property in the long term.
Hamburg:
Hamburg, a federal city state and Germany’s second-largest
city (1.78 million inhabitants), is North Germany’s commercial
centre and hence one of Northern Europe’s most important
hubs. The city and metropolitan area of the same name
have undergone a structural change to become a service,
trade and media location.
Jobs in the maritime industries have been replaced by positions
in the tertiary and quaternary sector, even though the
Port of Hamburg remains one of Europe’s most important
10
logistics centres. Nonetheless, large sections of the port are
experiencing urban renewal, being repurposed for office and
retail use as well as seeing the development of new urban
districts. The district of Harburg, which is located on the
southern banks of the River Elbe, is well integrated with
Hamburg’s transport infrastructure. The area, which mainly
focuses on providing industrial added value, is home to
around 200,000 people. The Hamburg-Harburg property has
nine four- and nine-storey apartment blocks built between
1960 and 1962 on land encumbered with heritable building
rights. Extensively refurbished and now offering state-of-theart
energy management, among other things, these buildings
contain a total of 245 apartments with aggregate living
space of 16,605 m 2 that can be accessed through 22
entrances. The complex also has 41 outside parking spaces.
At the time of notarisation, around 2.2% of the apartments
were vacant.
The strategy for the property is to sign long-term letting
agreements, allowing the Fund to benefit optimally from the
positive developments on the Hamburg real estate market.
Ville-la-Grand, France:
BER made its first acquisition outside Germany in February
2009. The complex in question is a new development in
Ville-la-Grand, located approximately 10 km from Geneva’s
city centre. The area is home to a large number of commuters
who live in France but work in Geneva, due to the significantly
higher salaries in Switzerland. Demand for housing
on the French side is high as rents and purchase prices here
are up to 20% lower than in Switzerland. The development
project, which will be completed in 2010, comprises 45
residential units with an aggregate of 2,740 m2 of living
space and 58 parking spaces. Construction work is progressing
according to plan.
Developments at existing properties
Technical, portfolio and Fund management have evaluated
the return for the period under review at property and portfolio
level and have established the strategies and the related
technical and commercial budgets for financial year
2009/2010. The original property strategies have been
retained for the properties in Frankfurt, Hamburg-Harburg,
Berlin-Steglitz and Kiel. In these cases, the Fund is continuing
to aim for full occupancy, which will generate stable cash
flows. The investment in new builds and modernised housing
stocks significantly reduces maintenance costs. The

modernisation measures that had already been planned for
Berlin-Steglitz when it was purchased will lead to adequate
rent increases in the medium term.
Awareness of the Markt Schwaben property – and hence its
rental appeal – are to be raised using an original promotion
campaign in collaboration with a well-known Munich radio
station. This marketing concept has proven to be very
successful for similar property types, including some in the
same region. The Fund’s management is convinced that this
campaign (launched on 15 June 2009) will significantly
increase letting rates by raising awareness of the complex on
the one hand and putting across the quality of living that our
houses offer on the other.
Vacancies
Due to the ongoing leasing phase in Markt Schwaben, Fund
vacancies currently amount to some 20%.
The remaining properties have average vacancy rates of
2-4%, which are due to ongoing changes of tenants.
Human resources and organisation
Bouwfonds Real Estate Investment Management is responsible
for portfolio and asset management under the overall
aegis of Catella Real Estate AG Kapitalanlagegesellschaft.
Bouwfonds is a subsidiary of Rabobank, which has a AAA
rating, and employees some 2,000 people. Within Bouwfonds
Real Estate Investment Management, this task is performed
by a portfolio manager and local transaction and asset
managers.
Bouwfonds Asset Management now trades as Bouwfonds
Real Estate Investment Management.
Catella Real Estate AG Kapitalanlagegesellschaft is a steadily
growing regulated company that currently has 20 employees.
Outlook
The Fund’s management expects both the direct return and
the total return to rise due to a clear decline in vacancies in
Markt Schwaben. In addition, the use of attractively priced
financing should support the positive leverage of total return
by providing positive leverage. Further acquisitions abroad
are designed to underline our international orientation by
diversifying our risk. Although the effects of the financial
crisis may endanger these aims, we will do everything in our
power to avoid any problems that emerge with the necessary
flexibility.
11

12
Fund Management Report
Geographical breakdown of Fund properties
(basis: market value)
Frankfurt area 31.6%
Hamburg area 23.6%
Munich area 18.2%
Berlin area 17.9%
Other cities/regions
in Germany 4.8%
France 3.9%
Type of use of Fund properties
Residential 91.2%
Parking 4.4%
Retail/Catering 3.3%
Office 0.7%
Other 0.4%
Industry
(Warehouse/Facilities)
0.0%
1
(calculated on the basis of the estimated net rental income)
Size classification of Fund properties
up to € 10 m 5.0%
€ 10 m ≤ € 25 m 62.1 %
€ 25 m ≤ € 50 m 32.9 %
1
(basis: market value)
Economic age of Fund properties 1
(based on the remaining useful lives quoted in the appraisal)
≤ 15 years 51.9 %
5 ≤ 10 years 5.0 %
more than 20 years 43.1 %
Investor structure
Others 74.0 %
Pension funds 10.3 %
Insurers 7.6%
Funds of funds 6.0%
Private banks 2.1%
2
(basis: number of units)
1 Not including properties under construction.
2 No guarantee can be given for the accuracy of the investor information.

Fund Management Report
Overview of loans
There were no loans at the reporting date.
Overview of currency risk
There was no currency risk at the reporting date.
Overview of interest rate risk
There was no interest rate risk at the reporting date.
Voltastraße, Frankfurt/Main
13

Overview – Returns, Valuation and Leasing
Returns
14
Return ratios in % 1
(of average Fund assets)
I. Properties
DE
direct
Other
countries
direct
Total
direct
DE
indirect
Other
countries
indirect 2
Total
indirect
Total
direct and
indirect
Gross income 3 5.3 0.0 5.3 0.0 0.0 0.0 5.3
Management expenses 3 - 0.6 0.0 - 0.6 0.0 0.0 0.0 - 0.7
Net income 3 4.7 0.0 4.7 0.0 0.0 0.0 4.6
Changes in value 3 1.3 0.0 1.3 0.0 0.0 0.0 1.3
Income tax incurred outside Germany 3 0.0 0.0 0.0 0.0 2.1 2.1 0.0
Deferred taxes incurred outside Germany 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income before loan expenses 3 6.0 0.0 6.0 0.0 2.1 2.1 5.9
Income after loan expenses in
currency 4 5.8 0.0 5.8 0.0 2.1 2.1 5.7
Exchange rate changes 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total income in Fund currency 4 5.8 0.0 5.8 0.0 2.1 2.1 5.7
II. Liquidity 5 3.7 0.0 3.7 0.0 0.0 0.0 3.7
III. Total Fund income
before Fund expenses 6 5.1 0.0 5.1 0.0 2.1 2.1 5.1
Total Fund income after Fund expenses (BVI method) 4.5
Capital information
(average figures in € thousand) 7
DE
direct
Other
countries
direct
Total
direct
DE
indirect
Other
countries
indirect
Total
indirect
Total
direct and
indirect
Directly held properties 50,856 0 50,856 0 647 647 51,503
Properties held via
equity interests
0 0 0 0 0 0 0
Properties, total 50,856 0 50,856 0 647 647 51,503
Liquidity 15,961
Loan volume 0
Fund assets (net) 70,198
1 The Investment Fund’s historical performance is not necessarily indicative of future performance.
2 Calculated using the average values from 28 February 2009 to 30 April 2009; property under construction.
3 Calculated using the average directly or indirectly held real estate assets in the respective country in the period from 30 April 2008 to 30 April 2009.
4 Calculated using the Fund’s average directly or indirectly held equity-financed real estate assets in the period from 30 April 2008 to 30 April 2009.
5 Calculated using the Fund’s average liquidity portfolio in the period from 30 April 2008 to 30 April 2009.
6 Calculated using the Fund’s average liquidity portfolio and equity-financed real estate assets in the period from 30 April 2008 to 30 April 2009.
7 The average figures are calculated on the basis of 13 end-of-month values (30 April 2008 to 30 April 2009).

Valuation
Information on changes in value
(at the reporting date in € thousand)
DE
direct
Other
countries
direct
Total
direct
DE
indirekt
Other
countries
indirect
Total
indirect
Total
direct and
indirect
Appraised market values,
portfolio 1 80,410 0 80,410 0 3,259 3,259 83,669
Appraised rent,
portfolio 2 5,105 0 5,105 0 0 0 5,105
Positive changes in value
according to appraisals
280 0 280 0 0 0 280
Other positive changes
in value
378 0 378 0 0 0 378
Negative changes in value
according to appraisals
0 0 0 0 0 0 0
Other negative changes
in value
0 0 0 0 0 0 0
Changes in value according to
appraisals, total
280 0 280 0 0 0 280
Other changes in value,
total
378 0 378 0 0 0 378
Leasing 2
Leasing information
Leasing information 3
in %
DE
direct
Other
countries
direct
Total
direct
DE
indirect
Other
countries
indirect
Total
indirect
Total
direct and
indirect
Annual rental income, office 0.7 0.0 0.7 0.0 0.0 0.0 0.7
Annual rental income,
retail/catering
3.3 0.0 3.3 0.0 0.0 0.0 3.3
Annual rental income, hotel 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Annual rental income,
industry (warehouses, facilities)
0.0 0.0 0.0 0.0 0.0 0.0 0.0
Annual rental income, residential 91.2 0.0 91.2 0.0 0.0 0.0 91.2
Annual rental income, leisure 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Annual rental income, parking 4.4 0.0 4.4 0.0 0.0 0.0 4.4
Annual rental income, other 0.4 0.0 0.4 0.0 0.0 0.0 0.4
Vacancy rate, office 0.2 0.0 0.2 0.0 0.0 0.0 0.2
Vacancy rate, retail/catering 0.3 0.0 0.3 0.0 0.0 0.0 0.3
Vacancy rate, hotel 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Vacancy rate, industry
(warehouses, facilities)
0.0 0.0 0.0 0.0 0.0 0.0 0.0
Vacancy rate, residential 17.5 0.0 17.5 0.0 0.0 0.0 17.5
Vacancy rate, leisure 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Vacancy rate, parking 1.0 0.0 1.0 0.0 0.0 1.0
Vacancy rate, other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Letting rate 81.0 0.0 81.0 0.0 0.0 0.0 81.0
1 In the case of properties under construction, the information refers to the proportion completed.
2 Not including properties under construction.
3 Annual rental income was calculated using the estimated net rental income; vacancy rates and the
letting rate were calculated using the estimated gross rental income.
15

16
Expiring tenancy agreement
As the Fund is primarily a residential real estate fund where the majority of tenancy agreements are signed for indefinite
periods, the residential tenancy agreements and parking space leases characterised by short-term notice periods are presented
on an aggregate basis in the ‘unlimited’ column. The graph depicting expiring commercial leases shows 2009 to 2019.
Expiring tenancy agreements (basis: estimated net rental)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1.5% 0.0% 0.3% 0.1% 1.6% 0.6% 0.0% 0.8% 0.0% 0.0% 0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Development of the Fund (Multi-year Review)
All figures in € thousand 30 April 2009 30 April 2008
Properties 80,410 30,230
Equity interests in real estate companies 72 0
Securities 0 0
Bank deposits 14,584 19,606
Receivables and other assets
4,174
16,321
Less liabilities and provisions
1,523
17,257
Fund assets 97,717 48,900
Number of units in circulation 9,308,147 4,851,244
Unit value (€) 10.50 10.08
Distribution per unit (€) 0.37 0.03
Distribution date 3 August 2009 1 August 2008
95,1%
unlimited

Development of Returns (Multi-year Review) 1
Return ratios in %
I. Properties
1 The Investment Fund’s historical performance is not necessarily indicative of future performance.
2 For the short financial year from 27 December 2007 to 30 April 2008.
3 According to the BVI method.
Financial year
2008/2009
Financial year
2007/2008 2
Gross income 5.3 3.3
Management expenses -0.7 0.0
Net income 4.6 3.3
Changes in value 1.3 8.0
Income tax incurred outside Germany 0.0 0.0
Deferred taxes incurred outside Germany 0.0 0.0
Income before loan expenses 5.9 11.3
Income after loan expenses in currency 5.7 11.3
Total income in currency 5.7 11.3
Exchange rate changes 0.0 0.0
Total income in Fund currency 5.7 11.3
II. Liquidity 3.7 3.0
Total Fund income after Fund expenses 3 4.5 0.8
17

Ville-la-Grand, Frankreich

Development of the Fund
20
Realized
gains/
losses
€
Unrealised
changes in value
in previous years
€
Income for
the period
under review
€
Unit
transactions
Fund assets at the beginning
48,899,592.00
of the year
Distribution for the previous year -145,537.32
Adjustment item for units
0.00
issued/redeemed up to the
distribution date
Inflow of funds from sale of units
Outflow of funds from redemption of units
Net inflow/outflow of funds
€
Total
€
46,005,425.67
-79,624.35
45,925,801.32 45,925,801.32
Equalisation paid -1,019,084.09
Ordinary net income 3,457,593.88
Realised gains
less unrealised changes in value in
previous years
on properties
(of which in foreign currency)
on equity interests in real estate companies
(of which in foreign currency)
on liquid assets
(of which in foreign currency) 0.00
Realised losses
less unrealised changes in value in
previous years
on properties
(of which in foreign currency)
on equity interests in real estate companies
(of which in foreign currency)
on liquid assets
(of which in foreign currency) 0.00
Changes in value of
unrealised gains
on properties
1,939,800.70
(of which in foreign currency)
on equity interests in real estate companies
(of which in foreign currency)
on liquid assets
1,939,800.70
(of which in foreign currency)
Changes in value of
unrealised losses
on properties
-1,301,715.00
(of which in foreign currency)
on equity interests in real estate companies
-39,315.35
(of which in foreign currency)
on liquid assets
-1,341,030.35
(of which in foreign currency)
Changes in exchange rates
on properties
on equity interests in real estate companies
on measurement of receivables and other assets
on liquid assets 0.00
Fund assets at financial year-end 97,717,136.14

Notes to the Statement of Changes in Fund Assets
The Statement of Changes in Fund Assets indicates the transactions
during the reporting period that led to the assets
reported in the Fund’s Statement of Assets and Liabilities. It
provides a breakdown of the difference between the assets at
the beginning and the end of the financial year.
The distribution for the previous year is the distribution
amount reported in the Annual Report for the previous year
(see the “Calculation of the Distribution” in that document).
The equalisation paid item is used to account for the issue
and redemption of units during the period between the end
of the financial year and the distribution date. Investors who
acquire units between these two dates participate in the
distribution even though their unit purchases were not
recognised as a cash inflow during the prior-year reporting
period. Conversely, investors who sell their units between
these two dates do not participate in the distribution even
though the redemption of their units was not recognised as
a cash outflow during the prior-year reporting period.
The inflow of funds from the sale of units and the outflow of
funds from the redemption of units are calculated by multiplying
the respective issue/redemption price 1 by the number
of units issued or redeemed. The issue/redemption price
includes the accrued income per unit (equalisation paid).
The equalisation paid is deducted from or added to the inflows
and outflows of funds, which thus only indicate the
change in assets. The effect of the equalisation paid is that
changes in the number of units in issue do not affect the
amount distributed per unit.
The ordinary net income is given in the Statement of Income
and Expenditure.
The changes in value of unrealised profits or losses on
properties and equity interests in real estate companies are
the result of remeasurement gains and losses and changes
in carrying amounts during the financial year. Changes in
market value due to revaluations and gains on initial valuation
are recognised, as are all other changes in the carrying
amounts of the properties or equity interests. These may be
due to the creation or reversal of provisions, purchase price
adjustments after the fact, or cost reimbursements, for
example.
1 No front-end charge or redemption fee is levied at the present time.
21

Statement of Assets and Liabilities as at 30 April 2009
I. Properties
22
1. Residential rental properties
(of which in foreign currency) (0.00)
2. Commercial properties
(of which in foreign currency) (0.00)
3. Mixed-use properties
(of which in foreign currency) (0.00)
Total properties
(of which in foreign currency) (0.00)
II. Equity interests in real estate companies
1. Majority interests
(of which in foreign currency) (0.00)
2. Minority interests
(of which in foreign currency) (0.00)
Total equity interests in real estate companies
(of which in foreign currency) (0.00)
III. Liquid assets
1. Bank deposits
(of which in foreign currency) (0.00)
2. Investment fund units
(of which in foreign currency) (0.00)
Total liquid assets
(of which in foreign currency) (0.00)
IV. Receivables and other assets
1. Receivables from property management
(of which in foreign currency) (0.00)
2. Receivables from real estate companies
(of which in foreign currency) (0.00)
3. Interest receivables
(of which in foreign currency) (0.00)
4. Other assets
(of which in foreign currency) (0.00)
Total receivables and other assets
(of which in foreign currency) (0.00)
Total I. – IV.
(of which in foreign currency) (0.00)
€ €
Share of
Fund assets
in %
76,410,000.00 78.2
0.00
4,000,000.00 4.1
80,410,000.00 82.3
72,259.77 0.1
0.00
72,259.77
0.1
14,583,561.09 14.9
0.00
14,583,561.09 14.9
806,111.38
3,258,640.87
58,958.31
50,836.26
4,174,546.82
4.3
99,240,367.68 101.6

V. Liabilities
1. from loans
of which from secured loans (section 82(3) of the InvG)
(total in foreign currency)
No items in foreign currency existed as at the reporting date.
€ €
(0.00)
(0.00)
2. from real estate purchases and construction projects
(of which in foreign currency) (0.00)
3. from property management
(of which in foreign currency) (0.00)
4. Other liabilities
(of which in foreign currency) (0.00)
Total liabilities
(of which in foreign currency) (0.00)
VI. Provisions
(of which in foreign currency) (0.00)
Total V. – VI.
(of which in foreign currency) (0.00)
0.00
533,090.97
780,148.65
124,291.75
Share of
Fund assets
in %
1,437,531.37 1.5
Fund assets 97,717,136.14 100.0
Unit value (€)
Number of units in circulation
85,700.17
1,523,231.54
10.50
9,308.147
0.1
1.6
23

Notes to the Statement of Assets and Liabilities
Fund assets
The Fund’s assets amounted to €97,717 thousand at the
reporting date (30 April 2009). With 9,308,147 units in issue
at the end of the financial year, this corresponds to a unit
price of €10.50.
In the period under review, 4,464,508 units were issued and
7,605 units redeemed. This corresponds to a net inflow of
funds of €45,926 thousand.
As at 30 April 2009, the Bouwfonds European Residential
portfolio contained five directly held properties in Germany
and one property under construction that is held via a real
estate company in France. Detailed information on the real
estate assets can be found in the Schedule of Properties.
Properties
Directly held real estate assets totalled €80,410 thousand as
at the reporting date and comprised four residential properties
and one mixed-use property in Germany.
Equity interests in real estate companies
The Fund held a 100% equity interest in a French real estate
company as at the reporting date.
Liquid assets
Liquid assets totalled €14,584 thousand at the reporting date
and were held in their entirety in current accounts. Detailed
information on liquid assets can be found in the Liquid Assets.
€4,886 thousand of the total liquidity of €14,584 thousand
has been earmarked to comply with the statutory minimum
liquidity. €780 thousand has been reserved to settle liabilities
from property management, and €533 thousand for liabilities
from property purchases and construction projects.
Receivables and other assets
Receivables and other assets totalled €4,175 thousand as at
the reporting date.
24
Receivables from property management in the amount of
€806 thousand comprise rent receivables (€55 thousand)
and receivables from chargeable operating expenses
(€751 thousand). Receivables from real estate companies
relate to the shareholder loans (€3,259 thousand) that have
been granted. Interest receivables in the amount of
€59 thousand are the result of shareholder loans to the
French real estate company (€35 thousand) and bank interest
(€24 thousand). Other receivables (€51 thousand) include
capitalised transaction costs from real estate purchases
(€38 thousand) and VAT receivables against the Investment
Company (€4 thousand).
Liabilities
Liabilities totalled €1,438 thousand as at the reporting date.
Liabilities from real estate purchases and construction
projects (€533 thousand) mainly consist of performance
guarantees (€500 thousand) for the property in Markt Schwaben.
The liabilities from property management of €780 thousand
primarily comprise advance payments of operating expenses
in the amount of €746 thousand. Other liabilities of
€125 thousand include liabilities from value added tax of
€7 thousand, liabilities relating to the Custodian Bank fee
of €4 thousand and of €42 thousand for Fund management.
Liabilities were also reported for other loans (€63 thousand);
these mainly relate to the commitment fees for two loans.
In the Annual Report as at 30 April 2008 it was stated that, to
support the launch, the Investment Company has so far
waived the fee of €394 thousand payable by the Fund for the
acquisition of the Voltastrasse property in Frankfurt. If the
first revaluation of the property revealed a gain on initial
valuation, Catella would exert its claim against the Fund, providing
that the gain on initial valuation was sufficient, up to
a maximum of the full amount of €394 thousand (debtor
warrant). This fee was finally waived.
Provisions
As at the reporting date, provisions for audit costs had been
recognised in the amount of €38 thousand, as had provisions
for tax consulting of €30 thousand and for publication costs
of €18 thousand.

Burgerfeld, Markt Schwaben
25

Schedule of Properties 1
I. Directly held properties in eurozone countries 2
II. Directly held properties in countries with other currencies
There were no directly held properties in countries with other currencies as at the reporting date.
2, 6
III. Equity interests in real estate companies in eurozone countries
IV. Equity interests in real estate companies in countries with other currencies
There were no equity interests in real estate companies in countries with other currencies as at the reporting date.
26
No. Location of
property
1
2
3
4
5
Grot Steenbusch
DE – 24145 Kiel
Grot Steenbusch 30-40
Voltastraße
DE – 60486 Frankfurt / Main
Voltastrasse 63-65
Burgerfeld
DE – 85570 Markt Schwaben
Burgerfeld
Hanhoopsfeld
DE – 21079 Hamburg
Hanhoopsfeld 2a-11, Schneverdingerweg 1,3
Gelieustrasse
DE – 12203 Berlin
Gelieustrasse 5-6g
No. Location of
property
6
Type of property
C Commercial property
MX Mixed-use property
H Heritable building right
R Residential rental property
UC Property under construction
Ville-la-Grand
F – 74100 Ville-la-Grand
Rue Léon Burgeois,
Rue des Voirons
Type of use
O Office
R/C Retail/catering
I Industry (warehouses, facilities)
R Residential
Ho Hotel
L Leisure
P Parking
Ot Other
Information on the
equity interest
BERF France I SAS, Paris
Equity interest: 100%
Shareholder loan: € 3.259 thousand
Features
OP Outside parking spaces
D District heating/cooling
G Garage
AC Air conditioning
GL Goods lift
PL Passenger lift
Type of
property
MX
R
R
R, H
R
Type of
property
UC -
Type of use
in % 3
12% O
51% C/R
33% R
4% P
1% C/R
92% R
7% P
97% R
3% P
99% R
1% P
92% R
6% P
2% Ot
Type of use
in % 3

Acquisition date 4 Year constructed/
renovated
Area of land
in m 2
Floor space,
commercial
in m 2
Floor space,
residential
in m 2
Features
03/2008 2003 3,375 1,351 1,197 OP, D, PL
04/2008 2008 4,698 101 9,846 D, G, PL
11/2008 5 2009 5,720 - 5,470 G
11/2008
1960-1962
1994
2007-2008
(modernisation)
24,129 - 16,605 OP, D, PL
12/2008 1971 16,575 - 16,440 OP, D, G, PL
Acquisition date 4 Year constructed/
renovated
-
Completion scheduled
for approx. mid-2010
Area of land
in m 2
Floor space,
commercial
in m 2
Floor space,
residential
in m 2
Features
2,659 - 2,740 7 -
1 In contrast to the BVI guidelines, the properties in the individual categories are listed in order of their
acquisition date and not according to location.
2 All information taken from the expert appraisals unless stated otherwise.
3 The floor space is allocated on the basis of the annual estimated net rental income.
4 Transfer of risks and rewards of ownership.
5 The carrying amount recognised on transfer was calculated on the basis of the proportion completed as of
1 November 2008, 1 December 2008 and 1 February 2009.
6 Where properties are held via real estate companies, all information is given for the property as a whole,
independent of the size of the equity interest.
7 Planned floor space after completion.
27

Overview – Market Values and Rents
I. Directly held properties in eurozone countries
28
No. Property Letting rate (as a proportion
of rental income) as at
30 Apr. 2009 in %
1
2
3
4
5
Grot Steenbusch
DE – 24145 Kiel
Voltastrasse
DE – 60486
Frankfurt / Main
Burgerfeld
DE – 85570
Markt Schwaben
Hanhoopsfeld
DE – 21079
Hamburg
Gelieustrasse
DE – 12203
Berlin
No. Property Letting rate (as a proportion
of rental income) as at
30 Apr. 2009 in %
Anchor tenant
sector 1
Expiring leases (as a
proportion of rental income)
in %
Estimated net rent 2
annualised
€ thousand
90.5% - - 286.8
96.8% - - 1,485.9
10.1% - - 840.1
96.5% - - 1,260.1
95.8% - - 1,108.3
II. Directly held properties in countries with other currencies
There were no directly held properties in countries with other currencies as at the reporting date.
III. Equity interests in real estate companies in eurozone countries
1
Rue Léon Burgeois,
Rue des Voirons
F – 74100 Ville-la-Grand
Anchor tenant
sector 1
Expiring leases (as a
proportion of rental income)
in %
Estimated net rent 2
annualised
€ thousand
- - - -
IV. Equity interests in real estate companies in countries with other currencies
There were no equity interests in real estate companies in countries with other currencies as at the reporting date.
1 No calculation is possible, as the focus is on residential properties.
2 Figures as at 30 April 2009.
3 Information relates to acquisition costs paid to date.

Purchase price/
construction costs
€ thousand
Transaction
costs
€ thousand
Estimated rent (annualised) as
a proportion of acquisition costs
in %
Estimated rent p.a. acc.
to appraisal
€ thousand
Current market value acc.
to appraisal
€ thousand
3,591.3 242.7 7.5% 280.5 4,000.0
24,707.0 1,500.0 5.7% 1,487.4 26,460.0
15,258.9 1,284.1 5.1% 783.7 15,250.0
17,654.9 1,060.4 6.7% 1,402.7 19,700.0
13,039.0 1,215.1 7.8% 1,150.2 15,000.0
Acquisition costs for the equity interest
€ thousand
Estimated rent (annualised) as
a proportion of acquisition costs
in %
Estimated rent p.a. acc.
to appraisal
€ thousand
Current market value acc.
to appraisal
€ thousand
111,6 3 - - -
29

Schedule of Real Estate Purchases and Sales
Purchases
I. Directly held properties in eurozone countries
II. Directly held properties in countries with other currencies
No directly held properties in countries with other currencies were purchased in the period under review.
III. Equity interests in real estate companies in eurozone countries
Sales
There were no sales in the period under review.
30
Country Location of property Type of property Transfer of risks
and rewards of
ownership
Germany 85570 Markt Schwaben, Burgerfeld R 11/2008 1
Germany 21079 Hamburg, Hanhoopsfeld 2a-11 R, H 11/2008
Germany 12203 Berlin-Steglitz, Gelieustraße 5-6g R 12/2008
Country Name of the real estate company Registered office
of the real estate
company
Equity interest Transfer of risks
and rewards of
ownership
France BERF France I SAS Paris 100% 02/2009
IV. Equity interests in real estate companies in countries with other currencies
No equity interests in real estate companies in countries with other currencies were purchased in the period under review.
1 The carrying amount recognised on transfer was calculated on the basis of the proportion
completed on 1 November 2008, 1 December 2008 and 1 February 2009.

Liquid Assets
The liquid assets with a total volume of €14,584 thousand
(14.9% of the Fund assets) are held as bank deposits.
I. Money market instruments As at 30 April 2009
No money market instruments were held at the reporting date.
II. Investment units As at 30 April 2009
No investment units were held at the reporting date.
III. Securities As at 30 April 2009
No securities were held at the reporting date.
IV. Securities repurchase and lending transactions As at 30 April 2009
No securities repurchase or lending transactions existed at the reporting date.
V. Hedging transactions As at 30 April 2009
There were no hedging transactions at the reporting date.
Voltastraße, Frankfurt/Main
31

Statement of Income and Expenditure for the Period
from 1 May 2008 to 30 April 2009
I. Income
32
1. Income from properties
(of which in foreign currency) (0.00)
2. Income from equity interests in real estate companies
(of which in foreign currency) (0.00)
3. Income from liquid assets
3.1 Income from bank deposits
(of which in foreign currency)
3.2 Income from money market instruments
(0.00)
(of which in foreign currency)
3.3 Income from investment units
(0.00)
(of which in foreign currency)
3.4 Income from securities
(0.00)
(of which in foreign currency)
(0.00)
4. Interest on the Fund’s own resources from construction projects
(of which in foreign currency) (0.00)
5. Other income
(of which in foreign currency)
Total income
(0.00)
(of which in foreign currency) (0.00)
II. Expenditure
1. Real estate management costs
1.1 Operating costs
(of which in foreign currency)
1.2 Maintenance costs
(of which in foreign currency)
1.3 Property management costs
(of which in foreign currency)
1.4 Other costs
(of which in foreign currency)
€ € €
(0.00)
(0.00)
(0.00)
(0.00)
2. Ground rents, life annuities and term annuities
(of which in foreign currency) (0.00)
3. Interest expenses
(of which in foreign currency) (0.00)
4. Foreign taxes
(of which in foreign currency) (0.00)
5. Investment Fund administration costs
5.1 Fund management fee
5.2 Custodian Bank fee
5.3 Expert fees
5.4 Other expenses in accordance with section 13(5) BVB
(of which in foreign currency) (0.00)
Total expenditure
(of which in foreign currency) (0.00)
594.005,27
0.00
0.00
0.00
31,243.51
91,048.87
102,762.17
97,645.34
319,653.43
48,794.17
10,169.45
113,338.39
2,707,187.27
0.00
594,005.27
0.00
50,223.88
3,351,416.42
322,699.89
13,858.12
84,393.18
0.00
491,955.44
912.906,63
III. Equalisation paid 1,019,084.09
Ordinary net income 3,457,593.88

Notes to the Statement of Income and Expenditure
Income
Income in the reporting period totalled €3,351 thousand.
Income from properties of €2,707 thousand represents the
rental income generated by the properties.
Income from liquid assets totalled €594 thousand in the year
under review. This stemmed from interest income on time
deposits of €366 thousand and from interest on bank
accounts and other interest income of €228 thousand. Time
deposits are invested with the objective of generating returns
and with a view to risks, as well as in accordance with the
provisions of the Investmentgesetz (InvG – German Investment
Act).
The Other income item of €50 thousand in total relates
mainly to interest income from the shareholder loan of
€35 thousand granted to the equity interest in France, as well
as to refunded insurance contributions (€15 thousand).
Expenditure
Expenditure of €913 thousand mainly comprises Investment
Fund administration costs and real estate management costs.
The Real estate management costs item of €323 thousand
consists of operating expenses, maintenance costs, property
management costs and other costs.
Operating costs of €31 thousand relate to incidental costs
that cannot be passed through to tenants. The maintenance
costs item of €91 thousand relates long-term value presentation
to measures. Property management costs of €103
thousand relate mainly (€98 thousand) to the costs of
managing the individual properties.
Other costs (€98 thousand) contain costs for initial and
subsequent letting (€47 thousand), €35 thousand chargeable
to the Investment Fund in accordance with section 13(5) of the
Special Fund Rules (BVB) and other costs of €16 thousand.
In the period under review, ground rent of €14 thousand was
recognised for the Hamburg-Harburg property.
Interest expenses (€84 thousand) include loan interest for a
short-term loan that has since been repaid in full (€21 thousand)
and commitment fees for two additional loans that have not
yet been drawn (€63 thousand).
The Investment Fund administration costs of €492 thousand
mainly include the ongoing Fund management fee
(€320 thousand), the Custodian Bank fee (€49 thousand)
and audit and publication costs (€109 thousand).
Acquisition fees for the properties are not included here, as
they are not recognised as income but rather as incidental
acquisition costs for the properties concerned.
Equalisation paid
The Equalisation paid item of €1,019 thousand is the net
amount of the sums paid by investors acquiring units in the
period under review to offset accrued income and of income
reimbursed by the Fund on redemption as part of the unit
redemption price.
Ordinary net income
Ordinary net income for the past year totalled €3,458 thousand.
Total expense ratio (TER)
The Total expense ratio (0.70%) expresses the sum of all
costs and fees as a percentage of the average fund assets in
the financial year.
Total expenses comprise the Fund management fee, the
Custodian Bank fee and the expert fees, as well as other
expenses in accordance with section 13(5) of the BVB
(excluding transaction costs).
Sales provisions
The Investment Company is not reimbursed for fees and
expenses paid to the Custodian Bank and third parties by the
Investment Fund. The Investment Company grants brokers,
e.g. banks, brokerage fees (“trail commission”) from the
fund management fee paid to it.
33

Calculation of the Distribution
Ordinary net income
As of 30 April 2009, ordinary net income amounted to
€3,457,593.88.
Realised gains
There were no realised gains as at the reporting date.
Carried forward from previous year
€27,278.87 was carried forward from the previous year.
Surplus retained
No surplus was retained from the net profit for the
financial year.
34
total per unit
Ordinary net income € 3,457,593.88 0.371
Realised gains less taxes on profits
paid in countries abroad
- on properties
- on equity interests in real estate companies
- on liquid assets
€
€
€
0.00
0.00
0.00
0.000
0.000
0.000
Carried forward from previous year € 27,278.87 0.003
Surplus retained in accordance with section 14(2)
of the Special Fund Rules (BVB) €
0.00 0.000
Amount available for distribution € 3,484,872.75 0.374
Reinvestment in accordance with section 14(5) of the BVB
Carried forward to new account
€
€
0.00
40,858.36
0.000
0.004
Advance distribution € 0.00 0.000
Total amount distributed for 9,308,147 units € 3,444,014.39 0.370
Catella Real Estate AG Kapitalanlagegesellschaft
Dr. A. Kneip B. Fachtner
Spokesman Managing Board
Munich, June 2009
Carried forward to new account
Income in the amount of €40,858.36 was carried forward
for new account.
Income intended for distribution
There are 9,308,147 units in circulation, meaning that the
distribution on 3 August 2009 amounts to €3,444,014.39.
€0.37 will be paid out per share.

Voltastrasse, Frankfurt/Main
35

Tax Information
Income tax treatment of the distribution and retained amounts
36
Section 5(1) sentence 1 no. 1 of the InvStG Private
investors
Other business
investors
Corporations
a) Amount of distribution made on 3 August 2009 0.3700 1 0.3700 1 0.3700 1
- Deemed distribution from previous years
included in the distribution, broken down
by financial year
0.0021
- of which financial year 2007/2008
0.0021 2
0.0021
0.0021 2
0.0021
0.0021 2
memo item: the distribution made on 3 August
2009 relates to the following cash distribution:
0.3700 0.3700 0.3700
b) Amount of distributed income 0.2777 3 0.2777 3 0.2777 3
b) Deemed distribution 0.0072 0.0072 0.0072
- of which non-deductible income-related expenses as
defined in section 3(3) sentence 2 no. 2 of the InvStG
0.0072 0.0072 0.0072
c) Amounts included in the distribution/deemed
distribution
aa) - (repealed) - - -
bb) - Tax-free capital gains as defined by section 2(3)
no. 1 sentence 1 of the InvStG in the version
applicable on 31 December 2008
0.0000 - -
cc) - Income as defined in section 3 no. 40
of the EStG; 100%
- 0.0000 -
dd) - Income as defined in section 8b(1)
of the KStG; 100%
ee) - Disposal gains as defined in section 3 no. 40
of the EStG; 100%
ff ) - Disposal gains as defined in section 8b(2)
of the KStG; 100%
gg) - Income as defined in section 2(3) no. 1 sentence
2 of the InvStG in the version applicable on
31 December 2008, insofar as the income is
not investment income as defined in section 20
of the EStG (tax-free capital gains on subscription
rights attached to bonus shares)
hh) - Tax-free capital gains from properties as defined
in section 2(3) no. 2 of the InvStG
ii) - Income as defined in section 4(1) of the InvStG
(foreign income exempt under double taxation
agreements)
jj) - Income as defined in section 4(2) of the InvStG
for which no deduction under (4) has been made
kk) - Income as defined in section 4(2) of the InvStG
which gives rise to an entitlement to credit tax
deemed to have been paid against income or
corporation tax in accordance with a double
taxation agreement
ll) - Income as defined in section 2(2a) of the InvStG
- of which retained
- of which distributed on 3 August 2009
- - 0.0000
- 0.0000 -
- - 0.0000
0.0000 - -
0.0000
- -
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
-
-
-
0.0827
0.0814
0.0013
0.0827
0.0814
0.0013

Section 5(1) sentence 1 no. 1 of the InvStG Private
investors
d) Basis of calculation for imputable/reimbursable
Investment income tax as defined in section 7(1)
and (2) of the InvStG
- of which distributed on 3 August 2009
- of which retained
Investment income tax as defined in section 7(3)
of the InvStG
e) Amount of imputable/reimbursable
Investment income tax as defined in section 7(1)
to (3) of the InvStG
- of which distributed on 3 August 2009
- of which retained
Investment income tax as defined in section 7(3)
of the InvStG
f ) Foreign taxes relating to income included in
the distribution as defined in section 4(2) of
the InvStG
aa) - imputable foreign withholding tax on income
as defined in section 4(2) of the InvStG
aa) - of which on income not subject to the
Teileinkünfteverfahren (partial income method)
bb) - deductible foreign taxes (section34c(3) of the
EStG) on income as defined in section 4(2) of
the InvStG
cc) - notional foreign withholding tax on income as
defined in section 4(2) of the InvStG
cc) - of which on income not subject to the
Teileinkünfteverfahren (partial income method)
g) Amount of depreciation/depletion as defined in
section 3(3) sentence 1 of the InvStG
- of which distributed on 3 August 2009
- of which retained
0.2849 4
0.2777
0.0072
0.0000
0.0712 5
0.0694
0.0018
0.0000
Other business
investors
0.2849 4
0.2777
0.0072
0.0000
0.0712 5
0.0694
0.0018
0.0000
Corporations
0.2849 4
0.2777
0.0072
0.0000
0.0712 5
0.0694
0.0018
0.0000
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
0.0000 0.0000 0.0000
0.0916
0.0916
0.0000
0.0916
0.0916
0.0000
h) (repealed) - - -
1 Distributed income and deemed distributions are deemed to have accrued on the respective distribution date or when the resolution
on the distribution is passed.
2 The amount disclosed is the income calculated in accordance with tax provisions. The amount determined in line with investment
law provisions is EUR 30,989.54, or EUR 0.0033 per unit certificate.
3 The amount stated includes the taxable income of the Investment Fund calculated in accordance with section 3 of the InvStG. This
amount includes income that is fully taxable for investors as well as income that falls under section 2(2) and (3) and section 4(1) and
(2) of the InvStG. However, the deemed distribution from previous years contained in the distribution is not included.
4 The amounts stated correspond to the basis of calculation to be applied for investment income tax. Exceptions may apply to specific
investors in individual cases, for example due to non-assessment certificates.
5 When held in custody. The German withholding tax disclosed does not include the solidarity surcharge.
0.0916
0.0916
0.0000
37

Tax Information
€0.37 per unit will be distributed on 3 August 2009 for the
financial year ended 30 April 2009.
Taxation at fund level
In Germany, investment funds are legally exempt from all
income taxes. Income is taxed at the level of the investors.
Taxation at private investor level
If the units are held as private assets, taxable income from
the Fund is treated as income from capital investments. This
also includes the income distributed by the Investment Fund,
deemed distributions and interim profits, as well as gains on
the purchase and sale of fund units if these were or are
purchased after 31 December 2008. This income is taxed in
the year it accrues.
Income from capital investments is subject to 25% withholding
tax (plus solidarity surcharge and, if applicable,
church tax). As the tax withheld is generally definitive (flat
tax), income from capital investments does not, as a rule,
have to be disclosed in the investor’s income tax return.
When withholding the tax, the custodian, as a matter of
principle, already offsets any losses and credits any foreign
withholding taxes.
Nevertheless, the tax withheld may not have definitive effect
in some circumstances, e.g. if the investor’s personal tax rate
is lower than the flat tax rate of 25%. In this case, income
from capital investments can be disclosed in the investor’s
income tax return. The tax office then applies the lower personal
tax rate and counts the tax withheld against the investor’s
personal tax liability (Günstigerprüfung – most
favourable tax treatment).
If no tax has been withheld on income from capital investments
(for example because a gain on the sale of fund units
is generated in a foreign securities account), this income
must be disclosed in the tax return. This income from capital
investments is then also subject to the 25% flat tax rate or
the lower personal tax rate in the course of the assessment.
Even if the tax has been withheld and the investor has a
higher personal tax rate, information on income from capital
investments must be disclosed if, for example, extraordinary
personal expenses or special personal deductions (e.g.
donations) are claimed in the investor’s income tax return.
No tax needs to be withheld if the investor is a German tax
38
resident and has submitted an exemption instruction,
provided that the taxable income components do not exceed
EUR 801 for single persons or EUR 1,602 for married couples
assessed jointly. The same also applies if a non-assessment
certificate has been submitted or if foreign investors furnish
proof of their non-resident status for tax purposes.
Distributed or retained domestic rental income, interest,
other income, foreign dividends and gains on the sale of
domestic real estate within the 10-year holding period that
are held in domestic custody are subject to the 25% withholding
tax (plus solidarity surcharge and, if applicable,
church tax).
If units are held in an investment fund classed as an accumulating
fund for tax purposes, the Investment Company
itself remits the 25% tax (plus solidarity surcharge) withheld
on the retained income that is subject to tax. Thus, the issue
and redemption prices for the fund units are reduced by the
tax withheld at the end of the financial year. As investors are
generally unknown to the investment company, church tax
cannot be retained in this case; as a result, investors who are
subject to church tax must disclose the corresponding information
in their income tax return.
Gains on the sale of domestic and foreign properties not
falling within the 10-year holding period
Gains on the sale of domestic and foreign properties not
falling within the 10-year holding period that are generated at
the Investment Fund level are always tax-free for the investor.
Foreign rental income and gains on the sale of foreign
properties within the 10-year holding period
Foreign rental income and gains on the sale of foreign
properties in respect of which Germany has waived taxation
under a double taxation agreement (exemption method) are
also tax-free (general rule). The tax-free income also has no
effect on the applicable tax rate (i.e. Progressionsvorbehalt
– progression clause – does not apply).
If, exceptionally, the tax credit method has been agreed in the
relevant double taxation treaty or no double taxation treaty
has been signed, the statements made regarding the treatment
of gains on the sale of domestic real estate within the
10-year holding period shall apply analogously. Taxes paid in
the relevant countries of origin may be offset against German
income tax where appropriate, insofar as the taxes paid
have not already been claimed as income-related expenses at
the level of the Investment Fund.
Gains on the sale of securities, gains on forward transactions
and income from option premiums

Gains on the sale of shares, equity-equivalent profit participation
rights and investment units, gains on forward transactions
and income from option premiums generated at the
Investment Fund level are not recognised at the level of the
investor unless they are distributed.
Gains on the sale of securities that are distributed are taxable;
25% tax is withheld if the units are held in a domestic
custody account (plus the solidarity surcharge and church
tax, if applicable). However, distributed gains on the sale of
securities and gains from forward transactions are tax-free
if the securities were acquired at Investment Fund level before
1 January 2009 or the forward transactions were entered into
before 1 January 2009.
Negative taxable income
If, after negative income has been offset against similar
positive income at Investment Fund level, a negative overall
amount is produced, this is carried forward at Investment
Fund level. It can be offset against similar future positive
taxable income at Investment Fund level in subsequent periods.
Negative taxable income may not be directly allocated
to investors.
Repayments of capital
Repayments of capital (e.g. in the form of construction
project interest) are not taxable.
Capital gains at investor level
If a private investor sells units in an investment fund that
were acquired after 31 December 2008, the disposal gain is
subject to the 25% flat tax. If the units are held in a domestic
securities account, the custodian withholds the tax. The 25%
tax (plus the solidarity surcharge and church tax, if applicable)
need not be withheld if a sufficient exemption instruction or
a non-assessment certificate has been submitted.
If investment units in an investment fund that were acquired
before 1 January 2009 are resold by a private investor within
twelve months of their purchase (taxable period), any capital
gains are taxable as income from private disposals. If the
total gains from “private disposals” during a calendar year
amount to less than €600, these gains are tax-free (exemption
limit). If the exemption limit is exceeded, the total private
disposal gains are taxable.
If units acquired before 1 January 2009 are sold outside the
taxable period, the gains are tax-free for private investors.
In calculating the capital gains, the interim profit at the time
of acquisition must be deducted from the acquisition costs,
and the interim profit at the time of disposal must be deducted
from the selling price, so that interim profits are not
1 In accordance with section 2(2a) of the InvStG, the taxable interest must
be taken into account for the purposes of the earnings stripping rule in
accordance with section 4h of the EStG.
taxed twice (see below). In addition, the retained income that
the investor has already taxed must be deducted from the
selling price, so that double taxation is also avoided in this
respect.
Gains on the sale of fund units acquired after 31 December
2008 are tax-free insofar as they relate to income that is taxfree
under double taxation agreements, that accrued to the
Fund during the holding period, and that has not yet been
recognised at the investor level (gain on real estate for the
proportionate period of ownership).
The investment company publishes the gains on real estate
on each valuation date as a percentage of the value of the
investment units.
Units Held as Business Assets (German Tax Residents)
Domestic rental income, interest and similar income
Domestic rental income, interest and other income from
units are taxable by investors 1 . This applies regardless of
whether this income is retained or distributed.
Foreign rental income
Germany generally exempts rental income from foreign real
estate from taxation (exemption due to a double taxation
agreement). However, investors that are not incorporated
entities are subject to the progression clause.
If, exceptionally, the tax credit method has been agreed in the
relevant double taxation agreement or no double taxation
agreement has been signed, income tax paid in the relevant
countries of origin may be offset against German income tax
or corporation tax where appropriate, insofar as the taxes
paid have not already been claimed as income-related
expenses at the level of the Investment Fund.
Gains on the sale of domestic and foreign properties
Retained gains at Fund level on the sale of domestic and
foreign properties not falling within the 10-year holding
period are of no significance for tax purposes at the investor
level. Gains only become taxable upon distribution, whereby
Germany generally does not tax foreign gains (exemption
due to a double taxation agreement).
Gains on the sale of domestic and foreign properties within
the 10-year holding period, whether retained or distributed,
are taxable at the investor level. Gains on the sale of domestic
properties are fully taxable.
Germany generally exempts gains on the sale of foreign real
estate from taxation (exemption due to a double taxation
39

Tax Information
agreement). However, investors that are not incorporated
entities are subject to the progression clause.
If, exceptionally, the tax credit method has been agreed in the
relevant double taxation agreement or no double taxation
agreement has been signed, income tax paid in the relevant
countries of origin may be offset against German income tax
or corporation tax where appropriate, insofar as the taxes
paid have not already been claimed as income-related
expenses at the level of the Investment Fund.
Tax need only not be withheld, or withheld tax can only be
refunded, upon presentation of a corresponding nonassessment
certificate. Otherwise, the investor receives a tax
certificate documenting the tax withheld.
Gains on the sale of securities, gains on transactions
forward and income from option premiums
Gains on the sale of shares, equity-equivalent profit participation
rights and investment fund units, gains on forward
transactions and income from option premiums are of no
significance for tax purposes at the investor level if they are
retained.
If they are distributed, they are taxable at the investor level.
Gains on the sale of shares are fully tax-free for investors that
are corporations (5% of the profits are considered as nondeductible
business expenses) or 40% tax-free for other
business investors such as sole proprietorships and partnerships
(partial income method).
In contrast, disposal gains on bonds/capital claims, gains on
forward transactions and income from option premiums are
fully taxable.
Income from the sale of capital claims that are not included
in the list above must be treated in the same way as interest
for tax purposes (see above).
Distributed disposal gains on securities, distributed gains on
forward transactions and distributed income from option
premiums are subject to withholding tax (25% investment
income tax plus the solidarity surcharge). This does not apply
to gains on the sale of securities purchased before 1 January
2009 and to gains on forward transactions entered into before
1 January 2009. However, the paying agent does not
withhold any tax in particular if the investor is a corporation
with unlimited tax liability or if the investment income represents
operating income of a domestic business and this is
declared to the paying agent by the creditor of the investment
income in an official form.
Domestic and foreign dividends (particularly from real
estate corporations)
40
Dividends paid by domestic and foreign real estate corporations
that are distributed or retained in relation to units held
as business assets are tax-free for corporations with the
exception of dividends in accordance with the REIT-Gesetz
(German REIT Act) (5% of dividends are considered as
non-deductible business expenses). This income is taxable
at 60% for sole proprietorships or natural persons holding
equity interests in commercial partnerships (partial income
method).
Domestic dividends are subject to withholding tax (25%
investment income tax plus the solidarity surcharge).
Foreign dividends are generally subject to withholding tax
(25% investment income tax plus the solidarity surcharge).
However, the paying agent shall not withhold any tax in
particular if the investor is a corporation with unlimited tax
liability (whereby corporations as defined by section 1(1) no.
4 and 5 of the Körperschaftsteuergesetz (KStG – German
Corporation Tax Act) must submit a certificate from their tax
office to the paying agent) or the foreign dividends represent
operating income of a domestic business and this is declared
to the paying agent by the creditor of the investment income
in an official form.
Subject to certain conditions, dividends paid by foreign (real
estate) corporations may, as qualifying intercompany
dividends, be fully tax-free.
Negative taxable income
If, after negative income has been offset against similar
positive income at Investment Fund level, a negative overall
amount is produced, this is carried forward at Investment
Fund level. It can be offset against similar future positive
taxable income at Investment Fund level in subsequent periods.
Negative taxable income may not be directly allocated to
investors. This means that such negative amounts will only
be reflected in investors’ income or corporation tax assessments
in the assessment period (tax year) in which the
Investment Fund’s financial year ends, or in which the
distribution for the financial year of the Investment Fund for
which the negative taxable income has been offset at Investment
Fund level takes place.
Repayments of capital
Repayments of capital (e.g. in the form of construction
project interest) are not taxable.
Capital gains at investor level
Gains on the sale of units held as business assets are tax-free
for business investors, provided that these consist of foreign
rental income that has not yet accrued or been deemed to

have accrued, and realised and unrealised Investment Fund
gains on foreign properties, insofar as Germany has waived
taxation (gain on real estate).
The investment company publishes the gains on real estate
on each valuation date as a percentage of the value of the
investment units.
Furthermore, gains on the sale of units held as business assets
are tax-free for incorporated entities (5% of profits are
considered as non-deductible business expenses) if they consist
of dividends that have not yet accrued or been deemed to
have accrued, and realised or unrealised Investment Fund
gains on domestic and foreign real estate corporations (gains
on shares). These disposal gains are taxable at 60% for sole
proprietorships or natural persons holding equity interests in
commercial partnerships.
The investment company publishes the gains on shares on
each valuation date as a percentage of the value of the investment
units.
Non-residents for tax purposes
If a non-resident for tax purposes holds units in distributing
investment funds in a securities account at a German custodian
(custody), no tax is withheld on interest, other income,
disposal gains on securities, gains on forward transactions
and foreign dividends if the investor furnishes proof of his
or her non-resident status for tax purposes. The extent to
which withholding tax on German dividends may be offset or
reimbursed for a foreign investor depends on the double
taxation agreement in place between the investor’s country of
residence and the Federal Republic of Germany. If the custodian
concerned is unaware of the investor’s non-resident
status or if proof of this status is not furnished in good time,
the foreign investor is required to apply for reimbursement of
the tax withheld in accordance with section 37(2) of the
Abgabenordnung (AO – German Tax Code) to the tax office
at the place of business of the custodian.
If a foreign investor holds units of accumulating investment
funds in a securities account at a German custodian, the
investor is reimbursed the 25% tax withheld plus the
solidarity surcharge (unless it applies to domestic dividends)
on furnishing proof of his or her non-resident status for tax
purposes. If the application for reimbursement is made too
late, the investor may apply for reimbursement in accordance
with section 37(2) of the AO, as in the case where proof of
non-resident status is furnished too late by investors holding
units of distributing funds. This is the case if the income
has been retained.
Solidarity surcharge
A 5.5% solidarity surcharge is levied on the tax withheld to be
remitted when the Investment Fund distributes or retains
income. The solidarity surcharge can be offset in the
investor’s income tax and corporation tax return.
If no tax is withheld or if tax withheld is reimbursed where
income is retained – for example, because a sufficient
exemption instruction, or non-assessment certificate has
been presented or proof of non-resident status for tax purposes
has been submitted – there is no requirement to remit
the solidarity surcharge or, in the case of income being
retained, the withheld solidarity surcharge is reimbursed.
Church tax
If income tax is already levied via the tax withheld by a
German custodian (withholding agent), the church tax
payable on it is levied as a surcharge to the tax withheld in
accordance with the church tax rate for the religious
community to which the investor belongs. For this purpose,
persons subject to church tax must provide the withholding
agent with a written application stating the religion to which
they belong. In this application, married couples must also
declare which portion of the couple’s overall investment
income is attributable to each partner, so that the church tax
can be allocated, retained and remitted in line with this ratio.
If no allocation ratio is indicated, the allocation is made on a
per capita basis.
The deductibility of church tax as a special personal deduction
is already recognised as reducing the tax burden when the
tax is withheld.
Foreign withholding tax
Withholding tax is sometimes retained on the Investment
Fund’s foreign income in the country of origin.
The investment company may deduct the eligible withholding
tax in the same way as an income-related expense at the level
of the Investment Fund. In this case, the foreign withholding
tax cannot be offset or deducted at investor level.
If the investment company does not exercise its option to
deduct the foreign withholding tax at Investment Fund level,
the eligible withholding tax will be recognised as reducing
the tax to be withheld.
41

Taxation of interim profits
Interim profits consist of income included in the sale or
redemption price for interest received or accrued as well as
gains on the sale of capital claims not listed in section 1(3)
sentence 3 number 1 letters a) to f ) of the InvStG that have
not yet been distributed or retained by the Fund and are
therefore not yet taxable for the investor (comparable to
accrued interest on fixed-income securities). Interim profits
generated by the Investment Fund are subject to income tax
when units are redeemed or sold by German tax residents.
25% tax is withheld on interim profits (plus a solidarity
surcharge and, if applicable, church tax).
Interim profits paid on the purchase of units can be deducted
as negative income for income tax purposes in the year of
payment. They are already recognised as reducing the tax
burden for the purposes of tax withholding. If the interim
profits are not published, 6% of the payment made in
connection with the redemption or sale of the investment
unit must be recognised annually as interim profits.
Interim profits may also be ascertained regularly from the
account and income statements issued by the banks.
EU Savings Tax Directive/Zinsinformationsverordnung
The Zinsinformationsverordnung (ZIV – German Interest
Information Regulation), which implements Council Directive
2003 48/EC of 3 June 2003, OJ EU no. L 157 p. 38, is designed
to ensure the effective cross-border taxation of interest
income accruing to natural persons within the territory of the
European Union. The European Union has signed agreements
that largely correspond to the Savings Tax Directive
with a number of third-party states (and in particular with
Switzerland, Liechtenstein, the Channel Islands, Monaco
and Andorra).
Under these agreements, interest income that is credited by
a German credit institution (which to this extent acts as a
paying agent) to a natural person living in another country
in Europe or certain third-party states is reported by the
German credit institution to the Bundeszentralamt für
Steuern (German Federal Central Tax Office) and by the latter
ultimately to the foreign tax offices in the person’s country of
residence.
According to the ZIV, the investment company must specify
for each domestic and foreign fund whether it is subject to
the ZIV (“in scope”) or not (“out of scope”).
The ZIV contains two material investment thresholds to
assist in this assessment.
If a maximum of 15% of the fund assets consist of receivables
as defined by the ZIV, the paying agents, which ultimately
42
refer to the data reported by the investment company, do not
have to submit reports to the Bundeszentralamt für Steuern.
Otherwise, exceeding the 15% threshold triggers a requirement
on the part of the paying agents to disclose the interest
portion of the dividend to the Bundeszentralamt für Steuern.
If the 40% threshold is exceeded, the interest portion contained
in the redemption or sale of the fund units must be
disclosed. If the fund is a distributing fund, the interest portion
contained in the dividend must also be reported to the
Bundeszentralamt für Steuern. If the fund is an accumulating
fund, a disclosure is logically only made when fund units are
redeemed or sold.
The proportion of receivables held by Bouwfonds European
Residential as at 30 April 2009 was greater than 15% but less
than 40%. The interest portion amounted to €0.0827 per
unit.
Property transfer tax
The sale of units in the Investment Fund does not give rise to
any property transfer tax.
Notice:
The information concerning taxation is based on the legal
situation as it is known to stand at present. It is intended for
those persons with unlimited liability regarding German
income or corporation tax. However, no assurance can be
given that the tax treatment will not change as a result of
legislation, court rulings, or decrees issued by the tax
authorities.
Legal and tax risk
Amendments to inaccurately determined bases of taxation
for the Investment Fund for past financial years (e.g. as a
result of external tax audits) may lead, in the case of a
correction with negative tax consequences for investors, to
investors having to carry the tax burden arising out of the
correction for previous financial years even if they were not
invested in the Fund at the time. Conversely, the situation
may arise for investors in which they no longer benefit from
a positive tax correction for the current and past financial
years in which they were invested in the Fund because they
have redeemed or sold their units before the corresponding
correction is implemented.
In addition, corrections to the tax data may result in taxable
income and tax benefits being assessed for tax purposes in a
different tax period than that actually applicable, which may
have negative effects on individual investors.

Certification in Accordance with Section 5(1)
Sentence 1 No. 3 of the InvStG Regarding the
Preparation of the Tax Information
To Catella Real Estate AG Kapitalanlagegesellschaft (hereinafter: the Company):
The Company has appointed us, based on the records audited in accordance with section 44(5) of the InvG and the audited
Annual Report of the Bouwfonds European Residential investment fund for the period from 1 May 2008 to 30 April 2009, to
determine the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG and to submit a certificate
in accordance with section 5(1) sentence 1 no. 3 of the InvStG as to whether the tax information complies with the
provisions of German tax law.
Our task is to determine the information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG in accordance
with the provisions of German tax law on the basis of the books/records and the other documents of the Company for the
Bouwfonds European Residential Fund. Assessing the propriety of these documents and the information provided by the
Company did not form part of our task.
During the course of preparation of the reconciliation, the investments, income and expenses and their classification as
income-related expenses, were examined for compliance with the relevant provisions of tax law. Insofar as the Company has
invested funds in units of target funds, our task is limited solely to checking whether the tax information made available for
these target funds was correctly adopted in accordance with the certifications supplied in accordance with section 5(1)
sentence 1 no. 3 of the InvStG. We did not audit the corresponding tax information.
The determination of the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG is based on
the interpretation of the tax laws to be applied. Insofar as several possible interpretations exist, the decision was incumbent
on the management of the Company. When preparing the information, we satisfied ourselves that the decision reached was
justifiably supported in each case by explanatory memoranda to the legislation, court rulings, relevant specialist literature
and published opinions of the fiscal authorities. Your attention is drawn to the fact that future legal developments and in
particular new court rulings could necessitate a different assessment of the interpretation selected.
On this basis, we have determined the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG
in accordance with the provisions of German tax law.
Munich, 17 July 2009
Deloitte & Touche GmbH
Wirtschaftsprüfungsgesellschaft
Schulz ppa. Dirnaichner
(Lawyer/Steuerberater) (Wirtschaftsprüfer/Steuerberater)
43

Committees
Investment Company
Catella Real Estate AG
Kapitalanlagegesellschaft
Alter Hof 5
D-80331 Munich, Germany
Phone +49-89-189 16 65-0
Fax +49-89-189 16 65-66
Commercial register: Munich Local Court
Commercial register number: HRB 169 051
Formation:
18 January 2007
Subscribed and paid-in capital as at 31 December 2008:
€2.5 million
Liable capital as at 31 December 2008:
€3.1 million
Supervisory Board
Johan Ericsson (Chairman)
Catella Financial Advisory AB, Sweden
Group Chief Executive
Ando Wikström (Deputy Chairman)
Catella Financial Advisory AB, Sweden
Deputy Chief Executive/CFO
Anders Ek
Independent Advisor
Heimo Leopold
Asset Manager
Paul Vismans
Independent Advisor
Lennart Schuss (from 14 May 2009)
Catella Corporate Finance AB, Sweden
Chief Executive Officer
44
Managing Board
Dr. Andreas Kneip (Spokesman)
Bernhard Fachtner
Shareholders
Catella Property Fund Management AB, Sweden (94.5%)
Catella Tellaca Holding AB, Sweden (5.5%)
Custodian Bank
Bayerische Hypo- und Vereinsbank AG (until 30 June 2009)
Kardinal-Faulhaber-Strasse 1
80333 Munich, Germany
Subscribed capital as at 31 December 2008:
€2,407,151 thousand
Liable capital as at 31 December 2008:
€26,929,015 thousand
CACEIS Bank Deutschland GmbH (from 1 July 2009)
Lilienthalallee 34-36
80939 Munich, Germany
Subscribed capital as at 31 December 2008:
€5,113 thousand
Liable capital as at 31 December 2008:
€153,392 thousand
Auditors
PricewaterhouseCoopers AG
Wirtschaftsprüfungsgesellschaft
Elsenheimerstrasse 33
80687 Munich, Germany

Expert Committee
Catella Real Estate AG’s Expert Committee, which will be responsible for only Bouwfonds European Residential with
effect from 28 June 2009.
Stefan Brönner
Dipl.-Kfm./MRICS/Chartered Surveyor
Publicly certified and sworn expert for the valuation of
developed and undeveloped properties.
Klaus-Peter Keunecke
Dr.-Ing.
Publicly certified and sworn expert for the valuation of
developed and undeveloped properties. Chairman of the
Expert Committee.
Stefan Wicht
Dipl.-Ing., architect
Publicly certified and sworn expert for the valuation of
developed and undeveloped properties.
Florian Lehn
Dipl.-Ing. (FH)
Publicly certified and sworn expert for the valuation of
developed and undeveloped properties.
45

Catella Real Estate AG Kapitalanlagegesellschaft
Alter Hof 5
D-80331 Munich, Germany
Phone: +49 (0)89 189 16 65 - 0
Fax: +49 (0)89 189 16 65 - 66
Bouwfonds Real Estate Services Deutschland GmbH
Potsdammer Strasse 58
10785 Berlin, Germany
Phone: +49 (0)30 59 00 97 - 60
Fax: +49 (0)30 59 00 97 - 89