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Corporate Responsibility Report 2009

It is our pleasure to offer this Corporate Responsibility Report to all external and internal stakeholders who are interested in our social, ethical and environmental performance.

We have made progress in the past few years. We are proud of our achievements so far. At the same time, we realise that a number of challenges still lie ahead. That is why we have defined additional and further-reaching objectives for 2010 and beyond. As a company with strong values, we want to involve our stakeholders closely in achieving these objectives to create better retail environments for future generations. Our first Corporate Responsibility Report on our activities in 2008 received positive feedback. This prompted us to report on our non-financial performance this year as well, rather than waiting until 2010.

We hope you will find this report interesting and challenging. We welcome any feedback you might have. Indeed, listening to our stakeholders is an integral part of our Corporate Responsibility Policy.

Dominic Brenninkmeyer Chairman

REDEVCO Board Members

balanceinBusiness

SustainableThe Challenge of a

FutureDisclaimer

This Redevco’s Corporate Responsibility Report is made for the purpose of informing our stakeholders and to give details of Redevco’s commitment and

performance in the area of corporate responsibility. Nothing in this document is intended to extend or amend Redevco’s existing obligations to its tenants,

shareholder or other stakeholders. All policies, procedures, guidelines, statements or anything similar that have been mentioned in this report, are intended

for Redevco’s internal purposes only, and under no circumstance should they be construed as creating any rights whatsoever to third parties. In assessing

compliance with any of the policies and guidelines, the standards applied are subjective and any decision in relation thereto remains within Redevco’s

discretion. Redevco does not accept liability for whatever consequences may result from its not adhering to these policies, procedures, guidelines and

statements at its discretion at any time and can, at its own discretion, decide to make available to third parties (details of ) policies, procedures, guidelines,

statements or anything similar that have been mentioned in this report.

This report refers, by hyperlinks or other means to information provided by third parties. The reasonableness, accuracy or completeness of such information

has not been verified by Redevco and links to other sites do not constitute Redevco’s approval or endorsement of such sites or their products or

advertisements. Redevco accepts no liability whatsoever in connection with any such information that has been or will be provided by third parties.

This brochure is printed on TOP10 Green Gloss paper 100% post-consumer FSC Recylced certified fibres and PCF (Process Chlorine Free).

Amsterdam, September 2010

Realized by:Mobile Generationwww.mobgen.com

Redevco B.V. Wibautstraat 224 1097 DN Amsterdam The Netherlands

P.O. Box 94277 1090 GG Amsterdam

T +31 (0) 20 599 6262 F +31 (0) 20 599 6263 E [email protected]

www.redevco.com

How to read this report:The scope of this report is our performance on Corporate Responsibility (CR) issues in 2009.

The report consists of four main chapters describing firstly Redevco’s business activities and CR priorities, secondly our approach, thirdly how Redevco is addressing CR issues, and finally how we engage with our key stakeholders.

On each issue we report what we set out to do in 2008 for the year 2009, and then describe what we achieved. We conclude the section with a statement from a stakeholder and list what we aim to do in 2010 and beyond.

In the annexes you will find details about the data collection methodology and a quality statement.

For more details of our Corporate Responsibility programme, please visit our website: www.redevco.com/cr

This report is also available for iPad, iPhone and iPod Touch.

balanceinBusiness

It is our pleasure to offer this Corporate Responsibility report to all external and internal stakeholders who are interested in our social, ethical and environmental performance.

We have made progress in the past few years. We are proud of our achievements so far. At the same time, we realise that a number of challenges still lie ahead. That is why we have defined additional and further-reaching objectives for 2010 and beyond. As a company with strong values, we want to involve our stakeholders closely in achieving these objectives to create better retail environments for future generations. Our first Corporate Responsibility report on our activities in 2008 received positive feedback. This prompted us to report on our non-financial performance this year as well, rather than waiting until 2010.

We hope you will find this report interesting and challenging. We welcome any feedback you might have. Indeed, listening to our stakeholders is an integral part of our Corporate Responsibility policy.

Dominic Brenninkmeyer Chairman

REDEVCO Board Members


CHINA - WuhanWuhan Tiandi Riverview Plaza, strategic partnership with Shui On Land, kicked off BREEAM assessment

GERMANY - MainzC&A Eco-Store, BREEAM Certificate ‘Very Good’

BELGIUM - AntwerpMeir, redevelopment has started in 2010 (Listed Building)

UNITED KINGDOM - GlasgowPrinces Square, redevelopment has started in 2010 (Listed Building)

UNITED KINGDOM - London Connaught Place, BREEAM Certificate ‘Very Good’ and BREEAM Certificate Eco-Homes ‘Good’

SPAIN - Guadelajara Implementation of a water drainage system

THE NETHERLANDS - RotterdamThe HUF building, redeveloped in 2009 (Listed Building)

TURKEY - AnkaraGordion Shopping Center: BREEAM Certificate ‘Very Good’

TURKEY - EzurumEzurum Shopping Center: BREEAM Certificate ‘Very Good’

How to read this report:The scope of this report is our performance on Corporate Responsibility (CR) issues in 2009.

The report consists of four main chapters describing firstly Redevco’s business activities and CR priorities, secondly our approach, thirdly how Redevco is addressing CR issues, and finally how we engage with our key stakeholders.

On each issue we report what we set out to do in 2008 for the year 2009, and then describe what we achieved. We conclude the section with a statement from a stakeholder and list what we aim to do in 2010 and beyond.

In the annexes you will find details about the data collection methodology and a quality statement.

For more details of our Corporate Responsibility programme, please visit our website: www.redevco.com/cr

This report is also available for iPad, iPhone and iPod Touch.

balanceinBusiness

BUSINESS IN BALANCE 2

CONTENTS 3

ADDRESSING THE IMPACT OF OUR BUSINESS 4

OUR BUSINESS ACTIVITIES 6A YOUNG ORGANISATION WITH A RICH HISTORY 6

CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 8

OUR CORPORATE RESPONSIBILITY APPROACH 8CORPORATE RESPONSIBILITY ORGANISATION 8

REDEVCO’S CORPORATE RESPONSIBILITY MANAGEMENT FRAMEWORK 9

CORPORATE RESPONSIBILITY PRIORITIES 10CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 10

ENERGY USE AND CO2 EMISSIONS 12

WATER USE 20

LISTED BUILDINGS & PROTECTING CULTURAL HERITAGE 24

BUSINESS INTEGRITY 28

SUPPORTING LOCAL COMMUNITIES 30

EMERGING CORPORATE RESPONSIBILITY ISSUES 36

LISTENING TO AND LEARNING FROM OUR KEY STAKEHOLDERS

42

EMPLOYEES – BEING A RESPONSIBLE AND PREFERRED EMPLOYER 43

TENANTS – GREEN LEASES 45

SUPPLIERS – SOURCING RESPONSIBLY 49

SHAREHOLDER – CLOSE COOPERATION 49

SOCIETY AT LARGE – BEING A RESPONSIBLE CORPORATE CITIZEN 50

ANNEXES 52ABOUT THIS REPORT – DATA COVERAGE AND QUALITY 52

Global Reporting Initiative (GRI) Application Level Check

The Global Reporting Initiative (GRI) is a network-based organization who has developed international standards for sustainability reporting. There are three different levels (A, B and C), and these can be self-declared by a reporting organization, checked by a third party or checked by GRI.

The GRI 3 principles and recommendations were taken into account for the writing of this report. GRI has performed the Application Level Check to show to which extent the GRI guidelines have been utilized in the report. The check confirmed the self-declared B Level. The complete GRI indicators table can be found on the Redevco website www.redevco.com/cr

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2002 C C+ B B+ A A+ In Accordance

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This is a selection of the sustainable properties in Redevco’s portfolio. These properties have been awarded with BREEAM certificates or have been redeveloped by Redevco in 2009.


CHINA - WuhanWuhan Tiandi Riverview Plaza, strategic partnership with Shui On Land, kicked off BREEAM assessment

TURKEY - AnkaraGordion Shopping Center: BREEAM Certificate ‘Very Good’

TURKEY - ErzurumErzurum Shopping Center: BREEAM Certificate ‘Very Good’

BUSINESS IN BALANCE 2

CONTENTS 3

ADDRESSING THE IMPACT OF OUR BUSINESS 4

OUR BUSINESS ACTIVITIES 6A YOUNG ORGANISATION WITH A RICH HISTORY 6

OUR CORPORATE RESPONSIBILITY APPROACH 8CORPORATE RESPONSIBILITY ORGANISATION 8

REDEVCO’S CORPORATE RESPONSIBILITY MANAGEMENT FRAMEWORK 9

CORPORATE RESPONSIBILITY PRIORITIES 10CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 10

ENERGY USE AND CO2 EMISSIONS 12

WATER USE 20

LISTED BUILDINGS & CULTURAL HERITAGE 24

BUSINESS INTEGRITY 28

SUPPORTING LOCAL COMMUNITIES 30

EMERGING CORPORATE RESPONSIBILITY ISSUES 36

LISTENING TO AND LEARNING FROM OUR KEY STAKEHOLDERS

42

EMPLOYEES – BEING A RESPONSIBLE AND PREFERRED EMPLOYER 43

TENANTS – GREEN LEASES 46

SUPPLIERS – SOURCING RESPONSIBLY 49

SHAREHOLDER – CLOSE COOPERATION 49

SOCIETY AT LARGE – BEING A RESPONSIBLE CORPORATE CITIZEN 50

ANNEXES 52ABOUT THIS REPORT – DATA COVERAGE AND QUALITY 52

5 Redevco Corporate Responsibility Report 20094 Redevco Corporate Responsibility Report 2009

impactthe

of our

Addressing

Business

The real estate business is constantly changing, and so is the economic, social and environmental landscape of companies active in this sector. This constant flux creates an extra challenge to us in upholding our core value, which is keeping business in balance with our surroundings. The importance of socially responsible entrepreneurship and integrity in business is summarised by our key principle, ‘Business in Balance’.

‘Business in Balance’ means strengthening the positive impact of our activities on society as a whole while reducing any negative effects. People and their surroundings are inseparably linked, in our view. So we do not just meet the minimum legal requirement. Our aspirations reach further; where possible we try to stay ahead of the regulations. As an international company we aim to have our projects conform to the most stringent laws and regulations, even in countries where the prescripts are less strict.

Listening and learningWe recognise that we cannot address the impact of our business on our own. We therefore seek close cooperation with our clients and partners. To engage our stakeholders we must ‘listen and learn’. That is why we are developing an elaborate reporting and communication framework for dialogue with external and internal parties. Engaging with tenants is a particularly important aspect of this.

Our achievementsWe are pleased to confirm that 2009 was a year of many successes. These were our key achievements:

• WeincreasedtheenergydatacoverageonRedevco’sinvestment portfolio from 28% to 66%.

• TwodevelopmentprojectsinTurkey-inErzurumandAnkara-wereawardedaBREEAM‘VeryGood’certificate. A development project in the United Kingdom,-inLondon–wasawardedtwoBREEAMcertificates, one rated ‘Good’ and one rated ‘Very Good’.

• Redevcoparticipatedinvariousfocusgroups,suchas the Sustainability Taskforce of the IVBN (Dutch Association of Institutional Property Investors), the Board and the Advisory Group of the Dutch Green Building Council and the ICSC EU Public Affairs Committee.

• Around30ofouremployeescompletedaninternalBREEAM Awareness Training.

• RedevcoconductedaHaysurvey,whichyieldedanoverall good result.


Our challengesCorporate Responsibility is an ongoing process, and we cannot rest on our laurels. There is still a lot of work to be done before we reach a satisfactory standard. Among the challenges facing us for the years to come are the following:

• OurbiggestchallengeremainsthatofintegratingCorporateResponsibilityintoourday-to-daybusiness.Seniormanagement across the company are committed to embedding our Corporate Responsibility priorities as a central part of decision-making.Wewillbefocusinginthecomingyearsonformulatingclearobjectives,settingtargetsanddevelopingprocedures at the country level, in close cooperation with our local offices. They know best what is feasible and what is required.

• Thereisstillroomtoimprovedataqualityandcoverage.Oneoftheproblemswehavetosolveistheuncertaintythatarises when different sources report different data for the same asset.

• Wemustdeveloparesponsiblesourcingpolicybothatcorporateandlocalleveltoensurethatourpurchasingfullyconsiders environmental and social issues. We aim to review supplier contracts over the coming years.

• Developingandstructuringourstakeholderengagement,especiallyasregardsourtenants,isachallengingprocess,requiringastep-by-stepapproach.

In2010and2011wewillsettargetstofurtherintegrateourlong-termCorporateResponsibilityobjectiveswithourbusinessgoals. As well as setting targets, raising awareness and prioritising, it is essential to set a Corporate Responsibility agenda. This must include the topics affecting our company, and the ways in which we will deal with them.

As stated above, we cannot address the impact of our business on our own. That is why we seek cooperation and are making agreatefforttoengageourstakeholders.You,asareaderofthisreport,arelikelyoneofourstakeholders–atenant,supplier,employee or just a member of society interested in our activities. We would appreciate your engagement through feedback on our efforts to keep our business in balance. You can find the evaluation form on our website www.redevco.com/cr.

On behalf of the BoardJaap G. Blokhuis, CEO


Ourbusinessactivities

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A young organisation with a rich historyRedevco is an independent, international real estate company managing and developing one of the largest retail portfolios in Europe. The portfolio was valued at € 7.2 billion at the end of 2009 and comprised over 750 properties at top locations in 19 countries. We have also started operating in Asia, where we are building up a retail portfolio in the larger metropolitan areas, with a focus on China. It is our ambition to develop Asia as our second home market.

It is Redevco’s business to offer the right type of retail space to the market and to create sustainable retail solutions in urban environments that are inspiring and will appeal to futuregenerations.Ourmainfocusiscity-centreretail,butwe develop and invest in retail parks and shopping centres as well.

Investment and development

Redevco’s principal activity is managing an investment portfolio of retail properties and developing new retail projects. Retail properties account for around 90 per cent of our portfolio, which consists of prime retail properties on A1 locations in the centres of major cities. Our main tenants areC&A,Carrefour,Maxeda,Primark,LVMH(Sephora),H&M,GAP, Next, Metro, Dinosol Supermercados, Inditex and Birkart. See the figures below and www.redevco.com for further information.

Our investment activities involve the active and professional management of our assets with a view to optimising thereturnonourinvestment.Redevcopursuesalong-term strategy. Creating value for all our stakeholders, governments, consumers, tenants and shareholders is a central consideration in everything we do.

Project development has become an integral element of ourrealestateactivities.Ourmainfocusisonretail-relatedprojects that enable us to respond even more effectively to the needs of international clients. We develop real estate ourselves and in principle remain involved in our projects for many years. This enables us to make our knowledge and expertise available to our clients along the entire value chain.

All of our new development projects are assessed against international green building standards, so that we can be sure of best practice in sustainable design. In addition, we want to comply with or stay ahead of all legislation that relates to our activities.


Tenantandsectorspreadupto31.12.2009

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Finance PR & CorporateCommunications

Tax Redevco Concepts & Sustainability

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Company structure

Redevco has a decentralised organisational structure with offices in the countries we operate in. The structure reflects the fact that market conditions vary from country to country and real estate is very much a local business. The activities in the different countries are supported at the strategiclevelbytheRedevcoHeadOfficeinAmsterdam,which coordinates all Redevco’s international operations.

20%

20001999 2001 2002 2003 2004 2005 2006 2007 2008 2009

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Retail (incl. Development) Offices Industrial OtherTotal (Cofra)

ITALY–Bari


Our business&Corporate Responsibility

priorities

activities


Our CorporateResponsibility approach

Corporate Responsibility working group

Redevco believes that Corporate Responsibility can best be embedded in the organisation through the businesses rather than by appointing a separate director for Corporate Responsibility. In our decentralised organisation most activities are managed locally, although strategy on certain issues is determined at corporate level. Accordingly, we delegate the local management of our Corporate Responsibility activities to the Managing Directors. They are supported by the Corporate Responsibility Working Group (WG), which reports to the Board. We believe that this approach works best in the long run in fostering genuine commitment to the principles of Corporate Responsibility.

The focus of the Redevco Corporate Responsibility WG in 2009 was on getting Corporate Responsibility up and running in the organisation. Our main challenge is to integrate Corporate Responsibility into daily business operations, a process that takes time. In the short term, the Corporate Responsibility WG is making intensive efforts to raise awareness, set targets, establish priorities, formulate procedures and support the Board and Managing Directors in setting the agenda for Corporate Responsibility.

Targeted working groups

In 2009 the Corporate Responsibility WG established the followingtargetedandissue-specificworkinggroups: • GreenLeasesWG• CorporateGivingWG• StakeholderEngagementWG• GreenITWG

In 2010 new working groups will be established (e.g. Responsible Sourcing WG). Working groups may be dissolved once their specific task has been completed.

Redevcoʼs Corporate Responsibility Committee(3 people)

Data Handlers (9 people)

Director Human Resources

Head of PR & Corporate Communications

Manager Sustainability, Energy & Environment

Redevco Board (5 people)

Redevco Region (Managing Directors, 9 people)

Hierarchy Functional Cooperation

Corporate Responsibility organisation

9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009 9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009

Redevco’s Corporate Responsibility management framework Redevco’s Corporate Responsibility management framework aims at a continuous improvement process focusing on strengthening the positive impact of our activities on society while reducing their negative effects. It should ensure that we stay ahead of existing and impending legal requirements.

Through a process of stakeholder engagement and desk research Redevco identifies Corporate Responsibility priorities (see ‘Corporate Responsibility issues in the real estate sector’, page 10/11). Ideally, objectives and targets are defined for each issue. Then data is gathered to measure our performance against predefined performance indicators and reported.

When new issues are introduced, we first track performance prior to setting targets and reporting. Supporting local communities and listed building & cultural heritage have been approached in this way.

ThechallengeistoalignlocallyandregionallyformulatedobjectiveswithHeadOfficeandviceversa.Wewanttosupportabottom-upapproachwithclearprinciplesandscopebysettinggeneraltargetsandobjectives,leavingroomforlocalinterpretation and implementation.

To increase robustness of the management framework it is important to increase our data quality and coverage. Through audits, internal at first and then by a third party, we will increase commitment and reliability, as well as the quality of our data. More information on this can be found in the annex.

Stakeholder engagement

To get into a dialogue with our stakeholders we must first develop a reporting and communication framework as explained in the section entitled ‘Listening to and learning from our key stakeholders’. This format will be the basis for clear and effective reporting for the coming years.

The development of a structured stakeholder dialogue has started and will be explored further in 2010. Engaging with tenantsasoneofourmainstakeholdergroupsisespeciallyimportanthere.Wewillstartthischallengingprocessinastep-by-step approach involving small pilots with tenants in 2010.

Corporate Responsibility issues Management process steps

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Energy use and CO2 emissions

Water use

Listed buildings & cultural heritage

Business integrity

Supporting local communities

Emerging Corporate Responsibility issues

Objectives &

targets

Gathering data & measuring

Corporate Responsibilityperformance

indicators

Non conformities/corrective and

preventiveactions

Internalaudit

Annualreview &progressreporting


Responsibility Corporate

priorities

Corporate Responsibility issues in the real estate sector

Energy use and CO2 emissions (page 12 to 19)

Reducing energy demand and CO2 emissions caused by human activity is a major challenge worldwide. For an international real estate investor and developer like Redevco, energy use and the associated CO2 emissions is a key environmental issue. Buildingsaccountformorethan40%ofglobalenergydemandand30%oftheworld’scarbonemissions.Thisfacthasbeenrecognised by the European Commission, which has adopted a binding target that renewable energy should account for 20% of energy consumption by 2020. Other targets that have been adopted are a 20% increase in energy efficiency and a 20% reduction in greenhouse gas emissions. Accordingly, the forthcoming EU Energy Performance of Buildings Directive will require that all new buildings must be ‘nearly zero energy’ by 2020. Since the vast majority of existing buildings will still be standing in 2020, the existing built environment is key to the success of the EU objective of reducing carbon emissions. Furthermore, climate change may affect the buildings we own, so we need to adapt them to more extreme weather patterns, more frequent flooding and so on.

Wateruse(page20to23)

Water scarcity and droughts affect many parts of Europe. Climate change and population growth are predicted to exacerbate water problems in many regions. The European Union has recognised the acuteness of water scarcity and drought challenges. The Commission is exploring ways in which the European Union can address these. A number of assumptions were made in the Commission Work Programme 2010, including a Directive on Water Efficiency of Buildings. The potential for water savings in the EU is estimated at 40%. Binding rules could be envisaged to promote water savings in public and private buildings.

As part of this process the Commission is considering developing water efficiency labelling schemes for products such as taps andshowers,theinclusionofwater-savingstandardsinnationalbuildingregulationsandeffortstoencouragethere-useofgreywater(roofwater)toflushtoiletsorwatergardens.Asadeveloper,Redevcocanensurethatwater-efficientappliances,remote water metering and detection systems for major leaks are specified and installed in the buildings it develops. As a large owner of retail properties, Redevco can influence its occupiers to use water sparingly.

Listed buildings & cultural heritage (page 24 to 27)

As of this year Redevco will pay special attention to the listed and architecturally protected buildings in its portfolio, for severalreasons.Redevco’smainfocusisoncity-centreretailandmanyofthesepropertiesarehistoricbuildingsinuniqueculturalenvironments.Ineconomictermsthesebuildingsrepresentavalueof€533million,whichismorethan7.5%ofRedevco’s investment portfolio. From a social perspective, these buildings have an architectural singularity, represent the physical survival of our past, and have cultural value. The challenge is to balance the protection of our inheritance from past generations with the environmental needs of today that will affect generations to come.


Business integrity (page 28 to 29)

For Redevco the principle of ‘Business in Balance’ implies doing business in an ethical manner. From the start of our company this has been the keystone of our values, culture, business strategy and actions. Integrity is particularly relevant in our businesssector–realestate.Ouremphasisonethicalbehaviourandbusinessintegrityismanifestinouropennesstofeedback from external and internal stakeholders, in our treatment of these stakeholders and the environment with respect, and in our clear and honest communications.

Humanrights,intermsoflabourconditionsandgenderdiversity,areanotheraspectofbusinessintegritypolicy.So farwehaveaddressedthisissueimplicitly,withhumanrightsissuesbeingmanagedbyourHumanResourcesdepartment.Fromnow on we intend to make this topic more explicit, and will include it in the objectives for coming years.

Supportinglocalcommunities(page30to35)

Companies do not operate in a vacuum, but in an exchange with their surroundings, including local communities. Through their buildings, real estate companies contribute directly to the quality of the local community and vice versa. Redevco has been involved in local communities by participating in committees and stimulating the sharing of knowledge and expertise that benefit the community at large and the sector in general.

In addition to benefitting society through our business activities, we support many educational, health and cultural projects, and projects to help the homeless. We believe that, with the resources at our disposal, we have a duty to actively contribute to improving the quality of local communities.

Our contribution to local communities is in line with the current shift from pure ‘giving’ to ‘making an impact’. Redevco wants to make an impact that will create value for the community and have a positive effect on the company and its employees as well.

EmergingCorporateResponsibilityissues(page36to41)

Emerging Corporate Responsibility issues include other environmental issues for the real estate sector derived from internally recognised green building rating systems such as BREEAM. In addition to water and energy, a BREEAM assessment includes aspects like transport, waste, materials, health & wellbeing, management, land use & ecology, and pollution. Further information on these issues can be obtained at www.breeam.org.

Through stakeholder engagement we aim to keep track of emerging issues relevant for the real estate sector in general and Redevco in particular.

The following chapters describe in detail the type of action we have undertaken in response to each issue. They also set out our objectives for each issue for the coming years.


Energy useand CO2 emissions

The biggest opportunity to address our environmental impact lies in better management of energy use and CO2 emissions of the building stock in our portfolio. We are committed to staying ahead of new legislative requirements on the energy performance of buildings. We realise that we cannot reduce energy consumption and CO2 emissions in isolation, as to a large extent we share our responsibility in this area with our tenants. Our tenants are accountable for the vast majority of energy use and CO2 emissions in our investment portfolio.

We have also started to focus on activities we can influence directly, like the way we commute and travel for business, and the energy use and carbon footprint of the offices occupied by Redevco itself.

Review the company car policy with a view to reducing the average carbon emissions per kilometre caused by Redevco’s car �eet

Analyse and review video conferencing pilot in Amsterdam, Istanbul and Hong Kong, and identify actions

Obtain Energy Performance Certi�cates for all EU properties by 2012

Develop climate change risk assessment for all assets

Explore opportunities to install more energy-e�cient equipment

Perform annual review of energy issues in Redevco’s Programme of Requirements for development of new shopping centres

What we set out to do in 2009 Status

Achieved

Achieved

Achieved

In progress

In progress

Not started


Reduce CO2 emission per employee by

in 2020.30%Investment portfolio: lower energy use and CO2 emissions

The total energy consumption of buildings owned by Redevco is estimated at 1,046 GWh, while the associated emissions amount to 404,000 tonnes of CO2e or 89 kg CO2e/m2GLA.In2009thelike-for-likeenergyusageofRedevco’sinvestmentportfolio declined from 168 to 164 kWh/m2 GLA. This corresponds to a decline in carbon emissions from 81 to 80 kg CO2e/m2 GLA.

In2011,Redevcowilldefinemedium-andlong-termtargetstowards2015and2020regardingenergyuseandCO2 emissions intheinvestmentportfolio,witha3-yearaverage(2008–2010)asthebaseline.Inthemeantimewewillcontinuetoimplement measures yielding further improvements.

Redevco’s Investment Portolio

Retail Shopping Centre

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For details on the methodology and parameters, see annex.

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Increasedon-siteenergygeneration

PromptedbypendingEUlegislation,overtimerealestatepropertieswillbecomeenergy-producingunitswithinadecentralised energy network. In order to monitor this trend and assess its own performance in this area, Redevco collects dataregardingon-siteenergygeneration.In2009thevolumeofenergygeneratedon-siteincreasedfrom1,368to7,495MWh.Someoftheassetsproducedenergyyear-round(e.g.Mainz),whileothersbeganproductioninthecourseof2009(includingAnkaraandErzurum).Energygeneratedon-siteisexpectedtoincreasefurtheroverthenextfewyears.Asof2010Redevcowillproactivelymanageon-sitegeneration,aimingtoincreasetheshareto10%oftotalenergyconsumptionin Redevco’s investment portfolio by 2020. In 2008 and 2009 this share was 0.2% and 0.7% respectively. To achieve the 2020target,on-siteenergygenerationfornewdevelopmentsmustbemaximisedtoaneconomicallyfeasiblelevel.ThiswasachievedintherecentlycompletedcentresinTurkeybyincorporatingtri-generationsystems,resultinginlowerCO2 emissions than for any other shopping centre in Turkey.

In the Connaught Place development, the primary heating and cooling is provided by ground source heat pumps. An open loop system abstracts ground water from the subterranean aquifer. The water is used in the heating and cooling process and is then injected back into the aquifer.

Energygeneratedon-site

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TURKEY-Ankara,absorptionchiller, generates cooling using waste heat –aspartofatri-generationsystem.


181 new energy performance certificates

As required by the EU Energy Performance of Buildings Directive, Redevco has continued to obtain Energy Performance Certificates (EPCs). In 2009 the number of EPCs it secured rose from 79 to 260. Of these 260 certificates, 179 (69%) are rated A, B or C, or perform better than reference. Redevco is working to obtain EPCs for all its properties in EU countries by 2012. In addition, Redevco formulated a new target for the share of green labels (A, B, C or better than reference). Its aim is to increase this share to 80% (by number of required certificates) in the EU by 2015. To this end, the national Redevco organisations will be invited to develop Environmental Improvement and Action Plans for properties performing worse than A, B or C.

WhenitwasamendingtheEnergyPerformanceofBuildingsDirective,theEUdecidednottoharmonisetheEPCs.However,the amended Directive is expected to be accompanied by a voluntary common EU certification scheme to be developed by 2011. Redevco supports this move as it will make it easier to compare performance over countries.

BREEAM Performance new developments on energy

In 2009 two BREEAM certificates were awarded to completed developments in Turkey. Both developments achieved a BREEAM ‘Very Good’. The Gordion Shopping Center in Ankara and the centre in Erzurum scored 72% and 64% respectively for energy.IntheUKthepropertyat1-3ConnaughtPlaceinLondonwasalsocertified‘VeryGood’byBREEAM,scoring33.33%onenergyuse.4ConnaughtPlaceEco-homeswasrated‘Good’byBREEAMwithascoreof29.2%.Thestudyencompassestheenvironmental, legal and economic aspects of different concepts and the aim is to reduce energy demand and associated carbon emissions. The preferred energy concept will be selected on the basis of this feasibility study.

Energy performance certificates 2008

C: 33%

F: 17%

G: 6%

B: 11%

A: 6%

E: 6%

D: 22%

A B C D E F G

Listed buildings - Energy Performance Certificates

Heating

Elec

tric

ity

3

0

19

0

0

0

1

0

38

Worse than reference

Equal to reference

Better than reference


Equal to reference


Energy performance certificates 2009

C: 44%

F: 4%G: 4%

B: 8%

A: 7%

E: 8%

D: 26%

A B C D E F G


Heating

Elec

tric

ity

9

1

24

0

0

0

22

0

57


Equal to reference



Equal to reference




BetterunderstandingofperformanceofRedevco-occupiedoffices

TheextrapolatedenergyuseatRedevco-occupiedofficesrosefrom1,191,063kWhin2008to1,761,612kWhin2009.Theincrease is due to the mall management offices in the new shopping centres in Turkey and the offices in China and India (whichwereoccupiedforafullyearthisyear).In2009theenergyefficiencyofRedevco-occupiedofficeswas183kWh/m2 and the associated carbon intensity 76 kgCO2e/m2. Given our expansion in regions with a national energy mix yielding higher CO2 emissions it will be a challenge to reduce the CO2emissionsforRedevco-occupiedoffices.Aswemostlyrentourofficesfromthird parties, we understand how important it is that the landlord is willing to cooperate. We plan to conduct a Green IT scan andexploreenergy-savingmeasuresrelatingtoallIT.Inaddition,RedevcoHeadOfficewillreviewitslightingsystem.

0%

5%

10%

15%

20%

25%

30%

Air - Domestic

Air - Short-haul

Air - Long-haul(business

class)

Business Travel Rail

Owned/lease cars

(excl. commuter

travel)

Private car / motorcycle

Owned/lease cars

(commuting only)

Walk/cycle Public transport

2008 2009

Business and commuter travel (%)Business & commuter travel: we travelled more but more sustainably

In2009,Redevcoemployeestravelled31,012kilometresperemployee(2008:30,791km).Figure“BusinessandCommuter Travel (%)” provides a breakdown of the total distance travelled per mode of transport. The share of public transport and walking/cycling in the total distance travelled increased from 11% to 16%. Emissions from cars owned and leased by Redevco declined from 171 grams/km to 169 grams/km. Redevco reformulated its company car policy with the aim of further reducing carbon emissions associated with its car fleet. Whereas employees were formerly encouraged to lease moreenergy-efficientcarsbyawardingahigherbudgetforcars with an A, B or C energy label, they are now allowed to lease only cars in these categories. Since energy labels for cars are not used in all the countries where Redevco has a foothold, the company car policy will be reviewed in2010tofacilitateaninternationalroll-outthatwillcapthe emission rate of new company cars. It is proposed that this cap be subject to an annual depreciation factor for subsequent years. Due to the length of lease contracts, it will be possible to measure the effect of a stricter car policy only after a few years.

GERMANY-Mainz,C&AEco-Store


Total Averted and O�set

Total Corporate Emissions After O setting

Averted Emissions through purchasing at green tari�

Purchased Voluntary Emission Rights (VERs)

Aversion and O�setting

0

1.933.000

- 4.724 - 344

0

2.041.000

2.041.0001.933.000

Total Corporate Emissions Before O setting

Energy Use occupied o ces

O ce Energy Use

28% 36%732.139531.038

100%1.928.276 100%2.040.656

Total Emissions Commuter Travel

Commuter Travel

Private car/motor cycle

Owned/lease car (excl. business travel and other)

Walk/cycle

Public transport

3%

8%

0%

2%

13%

3%

10%

0%

2%

16%

61.168

152.109

0

34.969

248.247 328.763

68.217

209.836

0

50.710

Business Travel

Air - Domestic

Air - Short-haul

Total Emissions Business Travel

Air - Long-haul (business class)

Business Travel Air - subtotal

Business Travel Rail

Owned/lease cars (excl. commuter travel)

55.805 3%

13%

19%

36%

1%

23%

60%

1%

19%

48%

4%

9%

15%

28%

257.846

375.131

688.782

15.907

444.302

1.148.991

76.107

183.874

313.522

573.502

12.315

393.936

979.753

CO2 emission account 2008

kgCO2e kgCO2e

2009% %

Redevco aspires to be carbon neutral Since 2006 Redevco’s policy has been to voluntarily offset the residual carbon emissions relating to corporate activities by purchasing voluntary emission rights (VERs). In 2010 Redevco used the Gold Standard VERs it acquired to offset its corporate emissions in 2009 for a project involving the installation of a landfill gas (LFG) collection system and an electricity genera-toratalandfillsiteneartheTurkishcapitalofAnkara.Thesitereceivesapproximately3,500tonnesofmunicipalsolidwasteeverydayfromaround3.6millioninhabitantsintheAnkaraGreaterMunicipality,includingwastefromtheGordionShop-ping Center. Prior to the project’s realisation, the landfill site was emitting huge quantities of methane gas directly into the atmosphere. Within the scope of the project, an LFG collection system was installed and the gas recovered is now used to fuel several electricity generators at the site. Emission reductions are achieved through the combustion of the methane that is col-lected and displacement of grid electricity produced by fossil fuel based plants.

GERMANY-Mainz,C&AEco-Store



Video-conferencingfacilitiesinstalledat5locations

Afterasuccessfulpilotprojectin2009,weacquiredvideo-conferencingfacilitiesforourofficesinAmsterdam,IstanbulandHongKong.Avideo-conferencingsystemwasinstalledinthenewlyopenedshoppingcentresinAnkaraandErzurum.InVienna,DüsseldorfandZug,wehaveaccesstoCOFRAHoldingAG’svideo-conferencingsystem.Asaresult,businesstravelbyair(short-haulandlong-haul)declinedby25%.However,werealisethatalowerlevelofbusinessactivitymayalsohavecontributed to this reduction.

“Statement from a key stakeholder Prom of the Year Award, Mainz

All of the projects exemplify originality and functionality as well as particularly high energy efficiency. One of the aims of our competition is to sensitise developers and architects to the issue of energy efficiency. We will award ‘Prom of the Year’ to owners and architects who develop ecologically innovative yet economically viable solutions intheareaofenergy-efficientcommercialrealestate.

Dr. Knut Zschiedrich RWEEnergy’sHeadofSales

“Case studyFRANCE: business and commuter travel

In France fewer business flights took place. Areductionofapproximately30%wasachieved for national flights and 70% for international flights compared to 2008. Forcommutesoflessthan3hoursperdaya reduction of 70% was achieved. Less use was made of taxis and car rentalsthroughthevoluntaryuseofVélib–aself-servicebicyclesubscriptionscheme–forbusinessappointments. Redevco France uses a bicycle courier service and has set up a Prius carpool for internal needs.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Year

kgCO

2 e

mis

sion

s pe

r em

ploy

ee

Energy use redevco o�ces Lease cars Air travel Other

30% reduction

CO2 emission account

Reduced carbon emissions per employee As of 2009 Redevco introduced a new performance indicator to monitor carbon emissions related to energy use of offices occupied by Redevco, company lease/owned cars and air travel. In 2009 the CO2 emissions per employee were 6,917kg.Ourtargetistocutthisby30%in2020.Werealisethat this will be a challenge, especially if we open more offices in countries with high emission factors like in China.


Objective/targets/actions By When

Reduce CO2 emissions per employee by 30%, aiming at 4,842 kgCO2/employee 2020

Obtain Energy Performance Certi�cates for all EU properties 2012

Increase share of on-site energy production to 10% of total energy consumption in Redevco’s portfolio

2020

O�set our residual carbon emissions Annually

Develop climate change risk assessment for all assets 2012

Calculate 3-year average of energy e�ciency and carbon intensity for the investment portfolio and formulate a 2020 target per asset class by country

2011

Reporting our energy consumption and working with our tenants - the actual consumers of the energy - to achieve carbon savings and e�ciencies where possible

2010

Conclude study on low- and zero-carbon technology systems for the Wuhan Tiandi Riverview Plaza, China

2010

Conduct annual commuting survey among employees Annually

Review company car policy with a view to reducing average carbon emissions per km from Redevco’s car �eet

2010

Explore feasibility of extending video-conference facilities e.g. Spain 2010

Explore opportunities to install more energy-e�cient equipment e.g. review lighting system at Redevco Head O�ce

2010

Redevco’s Corporate IT Department will carry out a Green IT scan. Equipment will be examined to identify ways of reducing the environmental impact and cutting costs

2010

SpainReduce air travel and increase travel by train

Starting 2010

UKConduct feasibility study to reduce environmental impact of Redevco UK o�ce

2010

GermanySpeci�c measures to save energy and raise awareness among colleagues are being implemented in the Redevco o�ce

2010/2011

UKImprove standing of Redevco UK in the Carbon Reduction Commitment (CRC) league table, to be set up in April 2010

Annually

Increase the share of green certi�cates (A, B, C or better than reference) to 80% (by number of required certi�cates) in EU countries 2015


useWater

Water is often undervalued. Fresh water is frequently wasted even though it is becoming an increasingly scarce global resource. Due to climate change, more and more countries may place temporary limits on water use in order to prevent overuseduringdryseasons.Afterenergyproductionandagriculture,water-usingproductsinbuildingsareamongthemostimportantusesofwaterintermsoftotalwaterabstraction.However,itisimportanttonotethatwateruseinbuildingsappears to vary widely across Europe as the water source, living conditions, and water supply systems differ a lot between countries.Water-usingproductsinretailpropertiesincludetoilets,urinals,taps,washingmachines,dishwashers,icemakers,carwashes,pressurewashers,coolingsystemsandvariousoutdoorwater-usingproducts.

In order to identify the opportunities and risks associated with water, our company is committed to monitoring and improving its water footprint. We not only use water directly, but are also an indirect user since the efficiency of our buildings affects the volume of water used by the occupants of properties in our investment portfolio. The challenge is to increase waterefficiencyandaddressproblemsassociatedwithincreasedwaterrun-offduetomoreextremeweatherpatterns,notonly when developing new buildings, but in the properties in portfolio as well.

0.21Water e�ciency improved in 2009

m3/m2


Annual Review on water issues in Redevco’s Programme of Requirements for development of new shopping centres

Achieved


Improved water efficiency

In 2009 water efficiency improved from 0.22 m3/m2 to 0.21 m3/m2onalike-for-likebasis.Theextrapolatedwaterconsumptionisestimatedat1,135,613m3 compared with 880,814 m3 in 2008. Given the higher data coverage (see annexes), it is expected that the extrapolated figure for 2009 is more accurate.

Wateruseandthedistributionofwater-usingproductsincommercial buildings depends on the principal activities and use of the building (e.g. restaurant, laundry, car wash, supermarket, shopping centre). As a consequence, water efficiency may differ between asset classes, as the graph illustrates. Supermarkets and commercial offices are good examplestoillustratewater-usedisparitiesincommercialbuildings. Supermarkets rely heavily on cooling towers for refrigeration and air conditioning, and thus these represent the major water needs of this sector. Although office buildings also rely heavily on cooling towers, water consumption in restrooms contributes to a greater proportion of water use in this type of building.

When data over three years is available, we will calculate a three-yearaveragein2011andformulatea2020targetperasset class by country. Redevco will liaise with an expert NGO aiming to pilot a water footprint methodology for buildings in 2010 and 2011.

Water e�ciency(m3/m2)

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45

2008 2009




Retail High Street


O�ce

Industrial

Water efficiency

Ass

et C

lass

useWater


BREEAM performance of new developments on water

The two development projects in Ankara and Erzurum that were awarded a BREEAM certificate achieved a score of 66.67% onthecriterionofwateruse.InbothshoppingcentresthefollowingsixBREEAM-relatedmeasuresweretakenbeforetheassessment:

• Toiletswerefittedwith6/3Ldualflushcisternstominimisetheconsumptionofpotablewater.Dualflushtoiletsgivetheuser the choice of pressing a small or a large button depending on how much water is required to clear the toilet bowl. Research has proved that only one out of five visits to the WC warrants a full flush.

• Watermeterswithapulsedoutputwereinstalledonthemainsuppliestoeachbuilding,andsub-meterstotenancyareaswere installed. Pulsed water meters allow us to monitor the water use of a building through the Building Management System and contribute to efficient water data collation.

• Amajorleakdetectionsystemwasinstalled.Thissystemraisesthealarmintheeventofunusuallyhighconsumption,sothat we can take action to repair the water leak.

• Proximitydetectionshut-offwasfittedinthewatersupplytoallurinalsandtoilets.Thisdevicepreventswaterwastebyshutting off the water supply when no activity is detected.

• Rainwateriscollectedandusedforirrigation.Usingrainwaterisanexcellentwaytosavewaterwhenmaintaininggardensand lawns.

These measures resulted in the final design score of 66.67%.

1-3ConnaughtPlacescored66.67%onwateruseandBREEAMEcoHomesat4ConnaughtPlacescored33.33%.

Case studySPAIN

In 2008 Redevco decided to undertake a significant redevelopment of a property in Guadalajara in Spain. Due to difficulties with the building contractor, the expenditure overran the initial budget. Nevertheless, Redevco decided to increase expenditure by approximately 2% to improve the water drainage system in order to ensure compliance with corporate values.


Our objectives and targets for 2010 and beyond

Become a regular partner of the Water Footprint Network

Liaise with Water Footprint Network on water e�ciency in the built environment and pilot a water footprint analysis for an existing building

Calculate a three-year average per asset class by country and formulate a 2020 target

GermanySpecic measures to save water and to raise awareness among colleagues are being implemented in the Redevco o�ce

2010

2010/2011

2010

2010/2011

By When

““

Statement from a key stakeholder The interest in the concept of the water footprint and the accompanying methods and tools is overwhelming. We are pleased to welcome Redevco as a regular partner of the Water Footprint Network and look forward to cooperating with Redevco in 2010 and beyond. The application of the water footprint methodology to existing buildings and new developments is a new area for us too. We hope to use the partnership to explore the water footprint of buildings and assess whether current performance indicators on water use in buildings are appropriate.

Prof.dr.ir. Arjen Y. Hoekstra Professor in Multidisciplinary Water Management-UniversityofTwente &ScientificDirector-WaterFootprintNetwork

The Water Footprint Network The basis for the water footprint concept and methodologywaslaidbyProfessorArjenHoekstraatUNESCO-IHEandfurtherdevelopedattheUniversityof Twente in the Netherlands. The concept and methods have been firmly established in scientific literature. To date, dozens of institutions and thousands of individuals have expressed interest in further developing and/or applying the water footprint methodology. The interest focuses on questionssuchas:HowcanIimplementproperwaterfootprint accounting in the context of my country or organisation?Howcanweidentifytheplaceswherewaterfootprintshavethegreatestimpact?Howcanthose impacts be reduced and possibly offset? A big gap has grown between the demand for support in application and implementation and the capacity to supply this support. There is also a need to bring together on a structural basis developers of methods and tools and institutions that seek to apply these. In order to coordinate efforts to further develop and disseminate knowledge on water footprint concepts, methods and tools, a number of institutions have established a Water Footprint Network. The network is unique in that it brings together partners from diverseorigins-knowledgeinstitutions,non-governmental sector, private sector, government agencies and UN. Source: www.waterfootprint.org


cultural heritagebuildingsListed

&

Protecting cultural heritageAs a responsible investor we are aware that historic buildings are often unique and irreplaceable relics of the past, and that the responsibility for preserving them lies with the current generation. This heritage is an important aspect of the character and appearance of our towns, and adds to the quality of our lives. We recognise this and it inspires us to further improve environmental performance together with our tenants, and at the same time to protect the historical value of our buildings.Redevco owns thirty buildings throughout Europe in historic areas or city centres which are listed as buildings of cultural significance.Thebuildingsrepresentatotalvalueofaround€533million,i.e.morethan7.5%ofRedevco’sinvestmentportfolio. Understandably, these buildings are often well protected from substantial alterations, which make it a challenge to meet our environmental commitments. As part of our ‘Business in Balance’ principle, we seek a balance between the protection of our cultural history and the environmental needs of today.

Finding the right balance

Besides the environmental issues, a number of other aspects play a role in the use, preservation and restoration of these heritage buildings, such as the historic construction materials; the public interest; users; interior elements; construction regulations and environmental taxes. Other forces at play are the maintenance needs, the municipality, the interests of the owners, and changing demands in terms of the environment, convenience and facilities. The goal is to strike a balance between the various interests to ensure that future generations too can experience, use and appreciate these unique historic buildings.

Our progress against 2009 objectives and targets

As cultural heritage is a new issue in our Corporate Responsibility report, we did not set any objectives for 2009 that can be reviewed. Objectives and targets will be formulated in 2010. In formulating our cultural heritage policy we will adhere to the following basic principles:

listed buildings

Redevco owns30


cultural heritagebuildings

Carbon intensity(kgCO2/m2)

Redevco’s Listed Buildings


Retail High Street


O�ces

Industrial

0 20 40 60 80 100 120

2008 2009


not applicable

not available

Water efficiency

Water e�ciency(m3/m2)



Retail High Street


O�ces

Industrial not applicable

not available

not available

0.0 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80

2008 2009


Ass

et C

lass

Ass

et C

lass

Energy e�ciency(kWh/m2)



Retail High Street


O�ces

Industrial not applicable

not available

0 50 100 150 200 250 300

2008 2009

2008 - Like-for-like 2009 - Like-for-likeEnergy efficiency

Ass

et C

lass

Carbon intensity

Ass

et C

lass

ListedBuildings-EnergyPerformance Certificates

• Whenbuildingnewshoppingcentreswewillassesswhether a site is known to or likely to contain archaeological remains.

• Whenimportantremainsarepresentonoursites,wewill see to it that our project design avoids unnecessary damage or disturbance.

• Tounderstandlocalopinionwewillinvolvecommunityrepresentatives in the design process.

• Wewillretain,asfaraspossible,significantfeaturesin the exterior or interior of buildings, particularly the façades.

While these basic principles are being laid down and worked out in concrete prescriptions and protocols, we will ensure that the restoration or refurbishing of our listed buildings helps preserve cultural heritage.

Current performance

The graphs on the right and below on energy efficiency, carbon intensity, water efficiency and energy performance certificates of our listed buildings show that their environmental performance lags our average portfolio performance. This means that in the coming years we must make an extra effort to bring our historic buildings up to the energy efficiency standards of our overall portfolio. Connaught Place in the UK, a listed building, set the example by receiving a BREEAM ‘Very Good’ certificate in 2009 and aBREEAMEcoHomes‘Good’in2010.InCentralEuropediscussions with monument protection agencies took place in Lublin regarding preservation of the pedestrian zone, and in Toruń regarding the planned purchase of a historic retail building dating back to the 15th century.

Heating2009

Elec

tric

ity

0

0

1

0

0

0

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0

3


Equal to reference



Equal to reference


CF

G

E

D

A B C D E F G



cultural heritagebuildingsListed

&


Statement from a key stakeholder

It was quite a challenge to create a sustainable environment behindthe1950ssingle-glass-and-steelfaçadeoftheHUFbuilding in Rotterdam. We succeeded by using a unique kindofultra-thindoubleglazingespeciallydesignedforrenovation projects and by reintroducing a remake of the original awnings.

Robert Bakker Development Manager Redevco Netherlands

“ “Case studyUNITEDKINGDOM-Glasgow,PrincesSquare

The original buildings of what is now Princes Square Shopping Centre were built in blonde sandstone to a design by the celebrated Glasgow architect John Baird, and were completedinthemid-1800s.Originallyahotel,convertedinto business chambers and for commercial usage, the buildings have been Grade B listed since 1970. During the 1980s Princes Square was redeveloped into a covered indoor shopping centre by the addition of a glazed pitched roof. The addition of continuous balconies on the first, second and third floors created a galleried atrium space around which shop units were forged from within the retained Victorian sandstone buildings, preserving the original façades. Over the coming years, starting in 2010, the look and feel of the building will be refreshed without impacting its architectural and historic integrity.

HistoricbuildingsinSpain,PortugalandItalyAround30%oftheRedevcoportfolioinSpain,PortugalandItalyarelistedashistoricbuildings.IncitieslikeMadrid,Barcelona, Palma de Mallorca, Lisbon, Porto and Bari we devote time and resources to preserving these buildings. Below are some examples of recent interventions:

• AtRuaSantaCatarina,Porto,Portugal,werestoredthesculpturesthatcrownthebeautifulPalladiumbuilding.• AtRuaSantaCatarina,Porto,Portugalweengageaspecialisttocarryoutperiodicmaintenanceontheclockinthe

building. • AtRuaAugusta,Lisbon,Portugalwehavemanagedtocombinecommercialusewiththeexhibitionofarchaeological

remains.• AtCondedePeñalver-Goya,Madrid,Spainwehaveconductedperiodiccleaningandrestorationofthefaçade.

We believe that keeping these properties in good condition not only contributes to preserving their value, it also preserves the city centres where they are located. In this way we serve our goal of preserving our cultural heritage. We should not forget that the properties themselves have a rich history, having been able to adapt to different customer needs through the centuries.


Case studyTHENETHERLANDS- Rotterdam,HUFBuilding

RedevcoNetherlandsacquiredtheHUFBuildingin2007.Thebuildingwasdesignedin1953byarchitectsVandenBroek&Bakemaandcomprises 1,250 m2ofretailspaceand1,300m2ofofficespace.TheHufbuilding is widely recognised as one of Rotterdam’s finest monuments. After years of neglect, it was aquired by Redevco and restored to its former glory. The upper floors have been redeveloped to provide modern office space, while retaining the distinctive postwar architecture. The characteristic glass facade has been preserved, along with the striking details of the steel sections. Good climate control has been ensured by reintroducing a remake of the original awnings. Work on renovating the entire building commenced in 2008 and was completed in 2009.

Case studyBELGIUM-Antwerp,Meir

One of the many titles bestowed on Antwerp in the 16th century was ‘triomfelycke coopstad’, meaning ‘triumphant shopping city’. Today, shoppers are still wild about Antwerp’s pedestrian zones, historic dwellings and bustling shopping centres. Meir is the main shopping street. It is pedestrian-onlyandlinedwith18thand19thcenturyfaçades.Redevcoowns two adjacent listed buildings on Meir, which house the Inno department store. Meir 82 was built in 1901 for the Tietz department store, renownedforitsstrawhats.Themarvellousneo-classicistfaçadeistoppedbythreeglassdomes.Meir84wasbuiltin1903fortheMoysonelectricalstore.Thebuildinghasasplendidneo-classicistfaçadedecoratedwithseveral statues. The roof is topped with a golden statue of the goddess Electra. Redevco will commence a complete renovation of the façades and roofs in 2010. By the end of 2011 the building will shine again as in its early years.

Objectives/Targets/Actions By When

Central Europe Redevelop the Lublin property while preserving the historic pedestrian zone

GermanyCarry out robust renovation of a gallery in the side wing of the Hansakontor, a listed building in Dortmund. Measures must be implemented in strict compliance with conservation practices and regulations

2010/2011

2011

Central EuropeIncrease share of assets that are protected buildings and are under development to 15% 2015


BusinessIntegrity

Redevco’s Business Integrity Policy stems from our shareholder’s Code of Conduct. We have not yet initiated a review of our corevaluesandbusinessprinciples,sincewewishtoconductthatreviewtogetherwithourshareholder,COFRAHoldingAG.

employees all signed the BusinessIntegrity policy at the

beginning of 2009

283


Review our core values and business principles

Review supplier contracts with reference to the Business Integrity Policy and other relevant Corporate Responsibility issues

Conduct annual review of business integrity issues in Redevco’s Programme of Requirements for development of new shopping centres Achieved

Notstarted

Notstarted

The evaluation of the contracts with suppliers has not yet commenced, but remains an objective for the coming years. The process will start in 2010 as part of the Responsible Sourcing project.

Redevco’s283employeesallsignedtheBusinessIntegrityPolicyatthebeginningof2009, thereby reaffirming their commitment to the policy. Implementing this policy inday-to-daybusinessdecisionsremainsaprofoundchallenge.Aspartofthispolicy,Redevco Netherlands discusses ethics and dilemmas at sessions every Tuesday morning with staff.


BusinessIntegrity

“ “

Objectives/Targets/Actions

Develop a Maturity Programme to track progress with implementation

Develop a format for keeping the Business Integrity Policy alive. A special working group – the Ethical Committee – will be appointed to address the issue of implementation and to come up with practical tools

Review overall business principles in cooperation with COFRA Holding AG. Each business line will be responsible for highlighting issues relevant for their area

By When

2010

Starting2010

Starting2010

Statement from a key stakeholder Business Integrity – incidents

In the last few years Redevco has implemented the Business Integrity Policy, nominated a Compliance Officer and introduced a Whistleblower Policy. Only a limited number of incidents were reported and these have been dealt with. The fact that we are still a small organisation in terms of fulltime employees may help a lot. Like in a village where the social control mechanism is quite strong, it would be difficult to misbehave without anybody noticing.

Arjen Laan FormerHumanResourcesDirectorRedevcoHeadOffice

Values and ethics

In2010RedevcoandCOFRAHoldingAGwilljointlydevelopaformatforkeepingtheBusinessIntegrityPolicyalive.Aspecialworking group will be appointed to address the issue of implementation and to come up with practical tools.

Measuresplannedfor2010includedevelopingoverallbusinessprinciplesforCOFRAHoldingAGasagroup.Eachbusinessline will be responsible for highlighting those issues relevant for their area. In addition we will develop a Maturity Programme to track progress with implementation.

Employees playing the COFRA integrity game.


localcommunities

Supporting

COFRAHoldingAGhasalongtraditionofsupportinglocalcommunities,whichincludescorporategiving.Redevco’spolicyisbased on the COFRA policy on communities and donations, and has evolved gradually over the years. The basic principle of ‘acting as a responsible local citizen towards local communities’ has been interpreted in various ways and consequently the range of groups that have received donations is diverse.

non-pro�t organisations received a form of grant

24


Review corporate donations policy and identify clear targets and objectives related to Redevco’s core business

Engage with local Green Building Councils

Continue engagement with working groups and expert panels

Achieved

Achieved

Inprogress

InadditiontothebudgetspentbyCOFRA–whichispartlyfundedbyRedevco–wemadedonationsin2008of€292,063.In2009 Redevco donated a total of € 251,000 to good causes. That sum does not include the hours of voluntary work performed during the social events described below. The amount is lower than in 2008 because we received fewer requests for donations.


Making an impact

In 2009 we expressed a desire to identify alternative ways of engaging with the community. The donations we made had lost their impact as the focus was too broad. It was decided to review the Corporate Giving policy and identify clear objectives related to Redevco’s core business, as well as targets, focus, budget, output, procedures and instruments.

The review concluded that our Corporate Giving programme should add value to society in general, our employees and Redevco as a whole. In 2010 we aim to develop objectives which include:

• helpingthelessprivilegedand‘givingbacktosociety’withinthecommunitieswhereRedevcoisactive;• motivatingandinvolvingstaff,stimulatingteambuilding;• actingasaresponsiblecorporatecitizen. We plan to set targets on the number of employees involved, the budget and the impact a project should aim for.

Based on the output of interviews with several board members and Managing Directors, a workshop was planned at which the participants developed policy, described the beneficiaries and identified the expected input and output, including the use of different instruments. The results were presented during the Redevco Social Event 2010. The meeting also defined a Guiding Principle describing in general what we aim for and what investment in the local community or project with an NGO should entail: ‘Invest in the living environment, for example housing, education and the natural urban environment of the less privileged within the communities where Redevco is active.’

Statement from a key stakeholder Redevco’s donation enabled us at Direkthilfe Roma to finance two projects in 2009:

1) WewereabletofundspatreatmentforMartinaMateova,aseverelyhandicapped13-year-oldgirl.Martinahasspasticparaplegia and can only lie down, sit or kneel. Given the political and regional situation of the Roma in Slovakia, her motherhasnowayofearningmoneyherselftopayforthistreatment.Herfatherdiedtwoyearsago.Withjust€290amonth to survive on, mother and daughter live in a garage of about 12 m2. Redevco’s sponsorship helped to not only stop the girl’s condition from deteriorating, but also substantially alleviated the symptoms.

2) As in 2008, Redevco also supported our gherkin project in eastern Slovakia. This project aims to create jobs for the Roma people in the region, helping them to help themselves. Redevco’s donation went towards financing seeds, jars and various ingredients. We organise the work locally and sell the finished products in Austria. With Redevco’s support, this project encourages the people in this region to take responsibility for themselves through their own labour.

We would like to offer Redevco our sincere thanks for its support.

Heinz Kumpf Direkthilfe: Roma

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localcommunities

Supporting


Case studyTURKEY: Women’s Club

Redevco Turkey launched a Women’s Club in December 2009 to coincide with the opening of the Gordion Shopping Center. The objective of this club is to empower women and give them a sense of being part of the local community. It is a platform for members to embrace opportunities such as invitations to exclusive product launches, free lessons in areas such as painting, crafts and cooking, but above all to be a part of the Gordion community. The Gordion Women’s Club offers the local women of Ankara a forum to express themselves. In this way, we have created a safe environment that fosters social bonds among consumers. It is free of charge and members receive substantial discounts on various products at the Gordion. The club is a unique concept in Turkey.


Country Institution Short description

Central Europe Austrian Sustainable Building Council–ÖGNI

Became founding member

The Netherlands Dutch Green Building Council DiscussioninBREEAMIn-Useworkinggroup

NRW–DutchCouncilforShopping Centres Frontrunners in the retail on sustainability-initiativeofIVBN, DGBC, NRW, Nevap, Neprom, Vastgoedmanagement Nederland, and Agentschap.nl

Redevco is a member of the Contracts & Sustainability working group within the Sustainability Taskforce. Redevco shared its Green Lease format with the working group

Municipal authority of Leidschendam

Discussing the sustainability ambitions of the municipality and other issues

Sweden Working group of Landlords (www.trettongruppen.se)

This working group is setting up BREEAM in Sweden

United Kingdom Member of the British Council of Shopping Centres

Redevco is on the organising Committee

Spain Spanish BREEAM Council(www.breeam.es)

In 2009 Redevco Spain became a founding member of the Spanish BREEAM Council

Municipal authority of Chiclana Discussion with municipal and railway authorities on building an eco car park in relation to redevelopment project

Germany BREEAM Colleagues attending the BREEAM assessor training

German Sustainability Building Council (DGNB)

Founding member

Scientists/universities Contact because of the ‘Prom des Jahres’ award or several publications

France CNCC–FrenchbranchofICSC Permanent membership of commissions set up a by the CNCC: Sustainable Development Commission and Technical Commission

Seine Rivoli: clean building site charter

This charter was about noise and traffic regulation to protect the neighbourhood; applied by most contractors working with Redevco

BREEAM meetings Attendance of meetings organised by BREEAM

Turkey Turkish Green Building Council TGBC conferences

Some employees attended a conference of the Turkish Green Building Council

Engagement and participation

We addressed Corporate Responsibility in consultation with peers and lobby groups through our continued participation in various committees, working groups and similar.

The following table gives examples of local engagement.

localcommunities

Supporting


Overview of corporate giving projects in 2009 Country Institution Short description

Central Europe/Poland

Nuns of Warsaw The Polish team spent a day doing voluntary work in an orphanage managed by the nuns of Warsaw

Direkthilfe Roma Donation for a truck to bring used goods from Austria to the Roma-peopleinSoutheasternSlovakiaandbringcucumbersbackto Austria to sell to Austrian consumers. Donations for a motor repair of the truck in November 2009

Arche Noah Renovating new home of foundation for underprivileged children

Orphanage Helpandsponsorshiptoenablethechildrenoftheorphanagetogo on a summer vacation

The Netherlands Paint a Future Donation and exhibition, Office Redevco Netherlands

Zinnige Zaken Social event

Belgium HetDolfijntje(Alped’Huez) EUcolleaguesclimbedtheAlped’Huez(bybikeandonfoot)toraise money for a swimming pool for disabled children

De Eglantier Sponsoring of clinic for therapeutic day care for children

Turkey Rotary Istanbul Supporting nursery centre for disabled children

HeadOffice IMC weekend school Weekend school for international students

NCPG Horseridingforhandicappedchildren

HabitatforHumanity Building houses in South Africa

St. De Opkikker Colouring book for hospitalised children

FoundationEndiga(Alped’Huez) EUcolleaguesclimbedtheAlped’Huez(bybikeandbyfoot)andraised money for a school renovation project in Uganda

COR foundation Helpinglessprivilegedchildren

TerredesHommes Project in Indonesia

Cordaid Project in Bangladesh

Cordaan Renovation of old canal boat for use by clients of care organisation in Amsterdam

Germany Clinic Bad Sassendorf Spending a day with children with mental disorders

Spain Cycling tour Cycling with disabled people in Madrid, in cooperation with Fundación Deporte y Desafio

Fundación Apsuria Donation to cover running costs

India SukhdhamOldAgeHome Improve living conditions

United Kingdom Oasis Venture Playground in London

Rebuilding an adventure playground in London

Sweden The Municipality of Varmdo (near Stockholm)

Taking disabled children out for the day in the Nordics


Statement from a key stakeholder Dutch Green Building Council

As the frontrunner in Europe on sustainability in retail real estate, Redevco is stepping up the pace of the sector as a whole on sustainability. Redevco is the initiator of several councils, including the Dutch Green Building Council (DGBC). Redevco continues to contribute strongly to the DGBC, with its COO acting as chairman and several other employees participating in advisory bodies. Redevco helps the council’s work towards permanent change in the field of sustainability by taking ambitious but realistic steps to embed sustainability in business processes.

Stefan van Uffelen Director of the Dutch Green Building Council

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Our buildings and the local community

Various social and ethical issues were addressed during the development and launch of the Gordion Shopping Center in Turkey. For instance, an educational programme for children was launched on how to deal with waste. See ‘Emerging Corporate Responsibility issues’ for details page 40. In the Gordion and Erzurum shopping centres there is a room available during prayer time. Between 20 to 40 people make use of this room during the day.

Our objectives and targets for 2010 and beyond By When

Evaluate the Corporate Giving policy, develop procedures and implement policy

TurkeyRoll-out the environmental awareness programme for children in 2010

2010

2010


In addition to energy use, CO2 emissions and water use, Redevco’s activities have an impact on wider environmental issues, includingtransport,materials&waste,landuse&ecology,pollution,health&wellbeing,andmanagement.Furtherinforma-tion on the background of these issues, and effective measures to minimise the impact, can be obtained at www.breeam.org.

Redevcoiscommittedtominimisingthisnegativeenvironmentalimpact.Althoughthird-partycertificationisnotalwayspreferred, it is a means of achieving this. For new development projects with a construction spend larger than € 10 million Redevco requires a BREEAM assessment to be carried out, aiming for at least a ‘Very Good’ rating. Furthermore, we aim to ensure that our management systems are compliant with ISO 14001 standards.

We have no permanent programme to manage and measure the performance of the existing investment portfolio and our corporate offices in terms of emerging Corporate Responsibility issues. Nevertheless, a number of case studies will illustrate the effort we make in this regard. Once the BREEAM in Use scheme is launched for the European market, we will consider using this system to monitor the performance of our investment portfolio on these issues. This prompted us to become a founding member of the International Sustainability Alliance (see ‘Society at large’, page 50).

Redevco Netherlands was awarded an

ISO 14001certi�cate

CorporateResponsibility

Emerging

Issues


Complete development projects (> EUR 10 million): 100% BREEAM assessed and at least rated Very Good

Start ISO 14001 certi�cation procedure for 100%-owned shopping centres

Annual Review on environmental issues in Redevco’s Programme of Requirements for development of new shopping centres

Not achieved

Achieved

In progress


Four BREEAM certificates awarded

In 2009 Redevco completed two new shopping centres in Turkey, one in Ankara and one in Erzurum. Both projects were certified ‘Very Good’ under the BREEAM criteria, makingthemthefirstBREEAM-certifiedbuildingsinTurkey.Both projects served as pilot projects for the development of the BREEAM Europe Retail scheme. Redevco completed its development at Connaught Place, London, which was awarded a BREEAM ‘Very Good’ in 2009; the development alsoreceivedaBREEAMEcoHomes‘Good’atthebeginningof 2010.

Towards the end of 2009 a joint venture involving Redevco and Shui on Land in China began working with BRE Global to formulate suitable criteria for the BREEAM assessment of the Wuhan Tiandi Riverview Plaza. The aim is to meet high standards of sustainability, using BREEAM to benchmark and improve performance. The construction of the retail complex is expected to commence in the fourth quarter of 2010,withcompletionscheduledfor2013.Theassessmentwill be carried out under BREEAM International Bespoke 2008 (see www.breeam.org/international for details), which is involved in developing specific criteria tailored to local conditions and standards within an overall BREEAM framework. The target is to secure a rating of ‘Very Good’ for this development.

Environmental management system certified under ISO 14001

In2009,RedevcoNetherlandsimplementedathird-partyaudited environmental management system. Thanks to these efforts we were awarded the ISO 14001 certificate on 13January2010,applicabletoallofRedevcoNetherlands’business activities. This makes Redevco one of the first companies in the real estate business in the Netherlands to operate an environmental management system that conforms to the ISO 14001 standard.

InSpain,fourshoppingcentres–Glories,LaVaguada,LosArcosandParquesur–wereawardedanISO14001in2008and2009.Weareco-owneroftheseshoppingcentresandRedevco had no direct involvement in this certification process. Redevco aims to apply for ISO 14001 certification forallits100%-ownedshoppingcentresin2011.



Emerging

Issues


Case studyFRANCE: Internal environmental management

France has various environmental measures in place to reduce negative impact and increase positive impact. Some examples are the use of water fountains instead of individual water bottles; use of recyclable plastic cups, FSC copy paper (produced from recyclable material and with recyclable packaging), FSC pencils, refillable ballpoint pens made of recycled plastic bottles, and recycledpost-itrefillsboughtfromaCAT(Centred’Aidepar le Travail), employing handicapped people; fruit baskets bought from ‘Ferme de Gally’, whose profits go to cancer research; recycling of toner cartridges by a specialised company (CONIBI); recycling of used batteries; turning off office lights at noon break or at the endoftheworkingday;double-sidedandblack&whiteprinting whenever possible.

FRANCE: Vitrification of asbestos

Instead of being buried, asbestos removed from the C&A store in Maine Montparnasse was destroyed completely through vitrification in a factory in the Bordeaux region.


Turkey, Ankara:Gordion Shopping Center

Turkey, Erzurum:Erzurum Shopping Center

BREEAM Very Good.

A BREEAM assessment was carried out and a certificate awarded based on the following performance:

Management 46.67%Health&Wellbeing 63.64%Energy 72.00%Transport 100.00%Water 66.67%Materials&Waste 33.33%Land Use & Ecology 50.00%Pollution 47.06%

BREEAM Very Good.


Management 50.00%Health&Wellbeing 81.82%Energy 64.00%Transport 66.67%Water 66.67%Materials&Waste 33.33%LandUse&Ecology 33.33%Pollution 62.50%

United Kingdom, London: 1-3ConnaughtPlace

BREEAM Offices

BREEAM Very Good.


Management 88.89%Health&Wellbeing 61.54%Energy 33.33%Transport 66.67%Water 66.67%Materials&Waste 58.33%Land Use & Ecology 40.00%Pollution 40.00%

United Kingdom, London: 4 Connaught Place

BREEAMEcoHomes

BREEAM Good.


Management 80.00%Health&Wellbeing 25.00%Energy 29.20% Transport 87.50%Water 33.33%Materials & Waste 51.60%Land Use & Ecology 66.70%Pollution 45.50%


Emerging

Issues


Case studyTURKEY: Waste

During the development of the Gordion Shopping Center in Ankara Redevco discovered that the local municipality had very little awareness of waste and scarcely any strategy for waste management. Redevco has formed a joint venture with a private company to manage the different waste streams, which allows plastic, cardboard and metals to be separated and recycled.

Linked to this project, Gordion has started a special educational programme for children. The programme is called YESIL, which means ‘green’. The objective is to teach children in a playful manner about recycling of waste and what you can do with waste.


By When

2011

2013

2010

2010

2010

2011

2010

2010

Annually

Objectives/Targets/Actions

Obtain ISO 14001 certi�cation for all 100%-owned shopping centres and Head O�ce

Germany Conceptualise all new projects as green buildings from the outset Dual green building certi�cation – BREEAM and DGNB standard – for Alexanderplatz in Berlin

ChinaObtain BREEAM ‘Very Good’ rating for the Wuhan Tiandi Riverview Plaza development

SpainApply for BREEAM certi�cation for Chiclana redevelopment project in Cadiz

Central Europe – PolandImplement sustainability in the Lublin redevelopment

UK Secure planning permission for redevelopment of George House, Glasgow rated BREEAM ’Excellent’

Central Europe – AustriaIdentify possible sustainability measures in planned refurbishment of Generali Centre in Vienna

SpainUpgrade maintenance standards for some of our less well maintained assets through monitoring, i.e. implement an external audit system for the whole portfolio

Identify emerging corporate responsibility issues through di�erent forms of stakeholder engagement

Statement from a key stakeholder Gordion Shopping Center Ankara - waste partner

Recycling and collecting waste is important. Recycling one tonne of paper saves 17 pine trees and 54,000 litres of water. Recyclingonealuminiumcanmeansacomputercanberunfor3morehours.

Shopping centres are among the top packaging waste producers. Each day, thousands of visitors buy products, eat, and produce waste–mostlycomposedofrecyclables.Itisimportanttocollectthispackagingwasteeffectivelytopreservenaturalresourcesand extend the operational lifetime of landfills.

Gordion AVM is a frontrunner in its environmental approach. Unlike many shopping centres, it recycles in strict compliance with legal requirements. Since October 2009, packaging waste has been collected separately and picked up by a licensed packaging waste collection and sorting facility, ITC. To increase the effectiveness of its current packaging waste management activities, Gordion AVM will continue to support the collection of recyclables throughout the shopping centre and increase the quality of these activities by training shopping centre staff, both in the offices and working at strategic points that produce the most packaging waste (e.g. food courts).

Suna Ercan Trade & PR Manager ITC Invest Trading & Consulting AG

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We aim to provide information to our key stakeholders frequently, at their request and proactively. We are currently defining a policy for regular, direct communication with our stakeholders on corporate strategy issues. As well as our corporate website, we intend to use tools like an electronic newsletter and an annual meeting to engage with key stakeholders such as our tenants.

The main result in 2009 in terms of establishing a structure for dialogue was that we started to identify our stakeholders, our respective impact, and the various issues relevant for them. This process will continue in 2010 and beyond. In this section we will report on the progress we made in five main stakeholder categories:

• Employees• Tenants• Suppliers• Shareholder• Societyatlarge,includinggovernments,tradeassociations,NGOsandcommunitygroups

We have added an evaluation form to the report last year and we have recieved many reactions about our report. The conclusions from these can be summarised as follows: Redevco did well to publish a Corporate Responsibility report. The many informal reactions led to the decision to publish annually instead of biannually. We are grateful to those who provided us with feedback, which has encouraged us to continue in the direction we are heading. As we want to listen to and learn from our key stakeholders, we welcome any comments or feedback on this year’s report. Please visit our website to fill in the evaluation form, www.redevco.com/cr

We recognise the importance and added value of establishing partnerships with stakeholders to discuss Corporate Responsibility issues that affect both them and us in the short and long term.


Establish a permanent system of internal and external communication on Corporate Responsibility, including internal reporting, external reporting, newsletters, intranet and website

Establish structure for dialogue with and feedback from stakeholders Inprogress

Inprogress

Objectives / targets / actions By When

Work in alignment with the AA1000 principles Starting in 2010

Structure engagement at corporate level aligning local structures 2011

2010/2012Identify new forms of engagement with stakeholders


Employees–beingaresponsibleandpreferredemployer


Conduct employee engagement survey once every two years (next in 2010)

Conduct annual commuter survey

Organise in-company BREEAM training

Achieved

Achieved

Achieved

TheoverarchingprinciplebehindtheHRpolicyisthatitenablesRedevcotoachieveitsgrowthstrategybyhavingtherightleadersandprofessionalsintherightplace,withtherightskills,attherighttime.ThisimpliesthatallHR-relatedissues–culture, organisational structure, remuneration, secondary benefits, succession planning and training & career opportunities –shouldbegearedtothesizeofthebusinessandtheprincipleofsubsidiarity(1).ThekeyprinciplesoftheHRpolicyare:

• Continuousimprovementofallemployees.• Responsibilityofallemployeesfortheirownpersonaldevelopment.Redevcofacilitatesthisdevelopmentwithdueregard

to the interests of the individual and the business.

TheManagingDirectorshavetheirownresponsibilityforshapingHRpolicyinlinewiththeestablishedHRframeworkandprinciples. In view of the significant geographical spread of the company’s activities, practices vary greatly but within a solid framework.

1 The principle that a central authority should have a subsidiary function, performing only those tasks that cannot be performed effectively at a more

immediate or local level.

# of employees

Redevco employees

# of FTEs

# of women in headcounts

% of women

305

300

128

43%

280

275

134

48%

2008 2009

104,23

29,386,28

54,31

79,2

age 0-20

age 21-30

age 31-40

age 41-50

age 51-60

age>60

unknown

Keyfigures2008/2009asof31-12-2009

Statement from a key stakeholder The challenge of managing climate change and reducing carbon emissions lies in the fact that the objectives can be achieved only through the combined efforts of tenants and landlords. The first accomplishment has been to increase the availability of data from the majority of our tenants. This has raised awareness among tenants and landlords.

Dirk van Belleghem HeadofBuildingandMaintenanceRedevcoBelgium

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HayEngagementSurvey

Atthebeginningof2009RedevcoparticipatedintheHayEngagementSurveyconductedthroughoutCOFRAHoldingAG.Thissurveyisheldevery18monthsinordertoobtainaclearpictureofthemajorstrategicHRissuesandtoreconcilethecompany’sstrategywiththeresults.HayissuedinvitationstotakepartinthesurveytoallofRedevco’s283employees.Ofthem250responded,givingaresponserateof88%.TheHaysurveyisnormallyonlyconductedatseniormanagementlevel,but Redevco chose to engage all of its employees in the survey.

The outcome of the survey was generally positive, with relatively high scores on Quality and Customer Focus (85% favourable), Clear and Promising Direction (80% favourable), Respect and Recognition (79% favourable). Furthermore, 87% of respondents indicated that they are proud to work for Redevco.

AreasinwhichimprovementisneededareDevelopmentOpportunities(8%unfavourable),Pay&Benefits(13%unfavourable) and Training (15% unfavourable). The results differed from one country to another, so specific action plans have been drawn up at local level. On the issue of training, one of the conclusions from the survey was that there is a specific need for new employees to receive proper training. In Central Europe a programme is being developed to familiarise newcomers with the internal systems and procedures. In Germany the total training budget has been increased, as it has in Spain, where agreementsweremadeduringtheyear-endinterviewsonthetrainingcoursestobefollowedinthecomingyear.

In general our professional development strategy is based on 1. horizontal growth by assigning greater responsibilities, 2. vertical growth through regional and professional exchanges, i.e. giving individuals the opportunity to gain experience in internationalworkinggroupsengagedinareassuchasFinance,MallManagementorlargetransnationalacquisitions,and3.acceptance of the fact that people will leave.

Management review system

In 2009 we strengthened the planning and coordination of the placement of potentials, especially financial professionals, in otherbusinessunitswithinCOFRAHoldingAG.Sincetheplacementslast1-2years,weexpecttoseethefirstresultsin2010.The total number of these transfers will, however, remain limited.

Aspartofthisprocessweintroducedadigitalgroup-widemanagementreviewsystemforthe45keypositionswithinRedevco in 2009. This performance management system rates individuals on eight different competencies: innovation, visionary leadership, strategic planning, market orientation, business understanding, achieving business results, getting the best out of others, and personal influence.

Statement from a key stakeholder TheHayEngagementSurveyprovideduswithavery clear insight into the internal dynamics of the organisation and the key issues that we face. The structured feedback allowed us to identify and address these key issues and thus eventually improve morale and performance. This included improving the training for new employees, focusing more on coaching and ensuring challenging work was found for all employees.

Mark Siezen Former Managing Director Redevco Netherlands

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Repeat Hay Survey

Identify ways to engage directly and indirectly with employees onCorporate Responsibility

Address Corporate Responsibility issues during general meetings and secure the involvement of employees in every discipline

GermanySend one employee to train as DGNB consultant

By When

2010

2010

2010

2011

Training and awareness

Every employee has the opportunity to take training courses relevant to their position. In 2009 around 80% ofemployeesreceivedtraining.Around30employeesparticipated in the BREEAM training, where they learned to support the business in securing certificates and implementing the management systems needed to meet the criteria for the BREEAM certificate.

The total budget for training was € 591,000, compared with € 614,000 in 2008. This figure excludes all internal training, such as the Redevco Business School, BREEAM training, introduction days, courses at INSEAD and Ashridge and other corporate courses. These are partly organised in cooperationwithCOFRAHoldingAG.

ThroughCOFRAHoldingAG,Redevcoparticipatesintwomajor training programmes for potentials. The first is at Ashridge University in the UK for employees who are being groomed for a senior management role. Five employees participated in the programme in 2009 and were promoted to a senior management role after completing the programme.

The second programme is a Mini MBA Programme at INSEAD in Fontainebleau in France for employees aged 25-30.Afteraninitialassessment,fiveRedevcoemployeeswereselectedforthistwo-yearprogramme.

H1N1response

InApril2009,anewstrainofinfluenzaA(H1N1)viruswasfound to be spreading among humans. Redevco’s prime objective in its response was to protect the health and safety of its employees and stakeholders. The secondary objective was to ensure business continuity.

Redevco took the following actions:

• RedevcosetupanInfluenzaCrisisTeamconsistingoftheCFO,CEO,Financedirector,HRdirector,PRmanagerand IT manager.

• AllManagingDirectorsreceivedanInfluenzaPandemicContingency Plan to be implemented and adapted at local level.

• Allemployeeswererequestedtofamiliarisethemselveswith that document.

• Allemployeeswereaskedtotakeresponsibilityfortheir own health and, if in doubt, to contact their family doctor for advice.

• SpecialitemsontheInfluenzaPandemicContingencyPlanandareferencetotheWHOwebsite http://www.who.int/csr/disease/swineflu/frequently_asked_questions were published on the Redevco intranet.

In 2009 no employee fell sick or was diagnosed with symptomsoftheH1N1virus.

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Tenants–GreenLeases

Redevco engages with its tenants at corporate, country and individual building level. Establishing sound cooperative busi-ness relations with this stakeholder group is a key area of Redevco’s Corporate Responsibility policy. We share with them the responsibility to improve the environmental performance of the properties they rent. Working group on Green Leases In 2009 a working group on Green Leases was set up to define Redevco’s ambition in this area and explore the concept of Green Leases. The working group is chaired by Redevco’s CFO. With the introduction of the Green Lease concept, we intend to formpartnershipswithretailerstoimproveperformanceonatleastthetwokeyenvironmentalissues-energyuse/CO2 emis-sions and water. In 2010 the working group will organise talks with experts in these fields and interview all Redevco regions on these topics. The working group will contact some key tenants to exchange views and discuss Green Leases.

Green covenant in the Netherlands

In 2009 Redevco Netherlands developed a green covenant aiming to share environmental data with tenants and set shared targets to improve the environmental performance of specific buildings. By the end of 2009 the first tenant, Game Mania, had signed. In 2010 Redevco Netherlands will continue to approach its tenants to sign green covenants. Sharing data with tenants is key A huge flow of data is needed to calculate the environmental performance of an asset for Corporate Responsibility reporting. Data coverage on energy use and CO2 emissions for the buildings we let to our tenants increased in 2009 compared with 2008, thanks to the willingness of many tenants to share this information with Redevco (see annex ‘Data quality and coverage’, page 52).


Identify Corporate Responsibility issues in existing lease contracts In progress

What is a Green Lease? The term ‘Green Lease’ has no fixed meaning. It is commonly used to cover any initiatives taken by landlord or tenant regardingtheenvironmentalperformance(ortheuse)ofaproperty.Itcanrangefromanon-bindingtoalegallybind-ingdocument.Itcancoveronlyaclauseaboutdata-sharingonenergyorsetsharedtargetsandpenaltieswhentheseare not met. A Green Lease could take the form of a general agreement between a landlord and a tenant covering a number of properties in a certain country or region. It could also be entered into with respect to a specific building. Green Lease clauses could be included in traditional lease agreements (upon closing or renewal) or in a separate document.AGreenLeaseisnotastand-alonetopic,butameanstoachieveourCorporateResponsibilityobjectiveswithin a sound cooperative relationship with our tenants.


The response from our tenants was quite diverse. Only one or two retailers did not want to share information with us, for various reasons. Others even provided us with information about properties they do not rent from us. Some asked us to sign a separate confidentiality agreement to ensure we would not disclose their individual information.The more organisations that start to report on Corporate Responsibility, the more data needs to be exchanged between all stakeholders on each asset. Though Redevco has a lot of information about its properties, it often has no access to environmental data that relates directly to areas let to tenants. Conversely, we have information that tenants need to report on their environmental performance.Redevcobelievesitisimportanttocombinetheseflowsofinformationtodevelopalong-termprogrammeaimedatraisingtheenvironmentalperformanceofitsportfoliotoalevelthatisfuture-proof.ThiswasonereasonwhyRedevco became a founding member of the International Sustainability Alliance. The property environmental database created by the ISA will enable its members to upload and exchange environmental data for multiple purposes, such as internal/external reporting, benchmarking and certification.

Engaging with C&A in Germany

InGermanythesuccessoftheC&AEco-StoreinMainzisbeingusedasanincentivetosustainablyenhancetheenergyefficiency of the entire portfolio. One milestone planned is to reduce annual energy consumption (heating and electricity) for everypropertyintheportfoliotolessthan235kWh/(m²a)by2015–asavingofupto35%forsomebuildings.Thistargetisbased on the German Energy Performance Certificate and reflects the reference for Retail Buildings. To pursue this ambitious goal, we have formed a joint task force with our main tenant, C&A, to formulate and implement specific strategies and measurestoimprovetheenergystatusofbuildingswithabove-averageenergyconsumption.In2010RedevcoGermanywillcontinue its task force with C&A Germany.

In other countries Redevco also engaged on environmental issues with its tenants:

Region/Country Tenant Topics discussed

Spain C&A,Dinosol,Eroski,H&MandBarclays

Energy, CO2 , water consumption

Central Europe/ Austria

C&A Discussions with C&A regarding Green Building

The Netherlands Game Mania, Ado Bike, VDM, Finace, Praxis, Mexx, The Phone House,VanHaren,H&MandDouglas

Signing of green covenants. Discussing Green Leases / energy

Select retailer group Redevco gave an internal sustainability presentation

France All tenants A national enquiry was sent to collect carbon performance data

Turkey All tenants Tri-generationsystemwasdiscussed:itsbenefits,whatitis,howitworks and its positive environmental impact

Redevco becomes a founding member of the International Sustainability Alliance The International Sustainability Alliance (ISA) is a new initiative by the BRE Trust, supported by BRE Global, that brings together a global network of real estate developers, owners, occupiers and investors dedicated to achieving a more sustainably built environment by driving global carbon reduction commitments. BRE Global is owned by the BRE Trust, anot-for-profitcharitableinstitution.ISAwillhelpmemberscreateamoresustainablybuiltenvironmentandimprovereturn on investment by creating the world’s largest and most comprehensive property environmental database. ISA is gathering data on members’ portfolios to help create the world’s largest sustainability database. This will enable an organisation to assess its impact on the environment at individual building and portfolio level, thereby identifying whichpropertiesareperformingatoptimallevelandwhicharesub-optimal,sothatappropriatestrategiescanbecreated. The database includes Key Performance Indicators (KPIs) and consistent metrics that cross national boundaries. It will enable REDEVCO to produce accurate and verifiable Corporate Responsibility reporting. Source: www.internationalsustainabilityalliance.org

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By When

2010

2010

2010/2011

2010

2010

2010

2010

2010

2011


Meet experts in the �eld of green leases

Organise meetings with our main tenants in order to exchange views and ideas on improving the environmental performance of their stores and discuss green leases

Review and analyse structure of tenant engagement at country level

Central Europe - AustriaPlan discussions with Unibail-Rodamco and C&A on sustainability refurbishment of SCS shopping centre

Central Europe - AustriaContinue to discuss green building in Graz with C&A

GermanyContinue green building working group and engage with several external companies (suppliers)

NetherlandsContinue working with tenants on discussing and agreeing on green covenant to collect data on environmental performance

United KingdomWork with our tenants - the actual consumers of the energy - to achieve carbon savings and e�ciencies where possible

SpainDiscuss with tenants adding a non-binding ‘green annex’ to standard leases

“

“

Statement from a key stakeholder C&A and Redevco have a long association as business partners, and given that increasing focus on sustainability requires even closer partnerships for success, our cooperation has grown closer in recent years. This includes, for example, the sharing of important data, which will help both C&A and Redevco to be able to measure environmental performance within the building and real estate area, with efficient asset management an important part of our overall CSR startegy. We see this relationship therefore as delivering a win for both C&A, Redevco in support of our commitment to sustainability.

Phil Chamberlain HeadofSustainableBusiness Development C&A


Suppliers–sourcingresponsibly

As a real estate investor and developer we rely on the services and products delivered by our supply base. It is important to have a responsible sourcing policy in place at a corporate and local level to ensure that purchasing fully considers environmental and social issues.

The review of supplier contracts will remain an objective for the coming years. We will make a distinction between suppliers of office equipment and suppliers for development projects, contractors, etc.

Since the impact of suppliers varies depending on their relationship with Redevco and the Corporate Responsibility issues concerned, a complete list of the different groups of suppliers will be drawn up, with a focus on the suppliers who have the greatest impact.


Identify possibilities for including Corporate Responsibility issues and speci�c Business Integrity issues in supplier contracts

Inprogress


Establish Responsible Sourcing Working Group 2010

Review supplier contracts 2010/2011

The NetherlandsPut into practice the green clause included in the contract with Fortrus, a maintenance management partner of Redevco Netherlands

2010/2011

2010Responsible Sourcing Working GroupSelect top 10 purchasing categories and develop responsible sourcing criteria for each category

Shareholder–closecooperationRedevco’svaluesandbusinessprinciplescorrespondwiththoseofourshareholderCOFRAHoldingAG.In2009COFRAappointed a Chairman for Corporate Responsibility to coordinate the group’s Corporate Responsibility activities. TheChairmanworkswiththevariousprofessionalcommunitieswithinthegroup,includingtheHRcommunityandenvironmental professionals, to encourage attention to business ethics and carbon emissions.

In 2009 two main themes were identified as relevant for all businesses within the COFRA group, including Redevco. They are (1) creating uniform standards of ethical behaviour in the different Codes of Conduct and (2) the issue of carbon emissions.

In 2009 various meetings were held with COFRA. All the business units, including Redevco, attended a COFRA workshop on strategic risk management associated with Corporate Responsibility. The purpose was to identify the most relevant issues for the different business units. The topics that were identified were fraud, corruption, business integrity and environmental issues such as carbon emissions. All these topics are already on Redevco’s Corporate Responsibility agenda.

Global Corporate Responsibility Committee

Members of the Corporate Responsibility Working Group also sit on COFRA’s Global Corporate Responsibility Committee. This facilitates the exchange of best practice and the consistency of Corporate Responsibility plans and their implementation across all COFRA divisions. The team meets four times a year to discuss their local division Corporate Responsibility performance.

to and

from ourlearning

Listening

key stakeholders


What Institution

Speaker presenting on‘Retail Vastgoed: verandering in denkpatronen. Hetzaltochechtanders moeten...’/ ‘Corporate Responsibility. Hightimeforchange’

- NRWannuallyconferenceintheNetherlands

- SeminarorganisedbyRetailBouwManagement(RBM)intheNetherlands

- WinkellocatiemarktintheNetherlands

- ExpoRealinGermany

- RealestatedebateintheNetherlands

Various sustainability topics

ICSC Congress in Spain

Two lectures on sustainability in real estate

Amsterdam School of Real Estate

Various topics e.g. recycling real estate

ICSC International Advisory Committee Meeting in USA

At corporate level we engaged with various institutes and initiatives.

Societyatlarge–beingaresponsiblecorporatecitizen

We continued our membership of national and European shopping centre councils, in which we addressed and actively sought solutions for Corporate Responsibility issues in consultation with peers and lobby groups. We will expand our membership of national green building councils in the countries where they exist.

Status

Achieved

Achieved

Inprogress

What we set out to do in 2009

Continue to engage in working groups and expert panels

Identify other forms of engagement with the community

Engage with local green building councils


Thefollowingtablegivesexamplesoflocalengagementingeneral–notonlyrelatedtoCorporateResponsibility.

Region/Country Institution Short description

Central Europe RICSgroup–professionalbody for qualifications and standards in land, property and construction

Active participation in discussions on business integrity

Verein zur Förderung der QualitätinderÖsterreichischenImmobilienwirtschaft

Participation in the foundation that promotes quality in the Austrian real estate business

The Netherlands IVBN–AssociationofInstitutionalInvestors–Sustainability Task Force

- Discussionsonintegrity,sustainabilityandemployeedevelopment

- Ethicaldilemmaworkshop

Provada Redevco NL was moderator for forum on sustainability

United Kingdom Member of the British Property Federation

Investment Property Forum

France CNCC–FrenchbranchofICSC Permanent membership of commissions: member of the Sustainable Development Commission and of the Technical Commission

Green Lease conference in September 2009 organised by law firm Salans

Attendance


GermanyHold a presentation at Cleantech conference in Munich

GermanyUse trade fairs such as Expo Real and conference like ICSC, to interact with various stakeholders

2010

2010

Central EuropeBecome founding member of Qualitätsverein 2010

Statement from a key stakeholder Engagement. That was the word, which immediately came to mind as I read the Redevco Corporate Responsibility Report for 2008. The report clearly conveys the very important human measure. A company with a close team of employees, worldwide. Employees who accept their responsibility, dedicated and ethical. For me, this makes Redevco an example of a company setting the tone in terms of Corporate Responsibility. Not because it is sexy or because it is a hype, but from within. I would advise everybody to take notice of the Corporate Responsibility Report, and learn from it.

Linda Kruit Managing Director NRW (Dutch Council of Shopping Centres)

“ “


and qualityData coverage About this report -Annexes

ThisannualreportcoverstheperiodJanuary1,2009throughDecember31,2009.Whereweincludeeventswhichoccurredafterthisperiod,wequote the date. The Corporate Responsibility Working Group exercised oversight on the production of the report. The information contained in this report was provided by local data handlers appointed by the Managing Directors. The report was reviewed and approved by the Managing Directors and the Board. This is the second report on our performance in the area of Corporate Responsibility and therefore our first opportunity to provide a full progress update on the first year since we published our first report in October 2009.

Redevcoʼs Investment Portfolio

Energy Use & CO2 Emissions

- Industrial

- Offices

- Retail Box/Park/Supermarket

28%

27%

26%

3%

66%

34%

78%

70%

2008 2009

90%

90%

90%

90%

2013

2013

2013

2013

- Retail High Street

- Retail Shopping Centre

58%

40%

82%

66%

90%

90%

2013

2013

- Company owned/leased cars

- Commuter survey (response rate)

100%

60%

100%

74%

100%

95% 2010

Redevco Occupied Offices

Development projects

51%

n.a.

78%

100%

90%

100%

2011

Redevco Occupied Offices

Development projects

9%

n.a.

25%

100%

90%

100%

2011

Business & Commuter travel

- Air travel 100% 100% 100%

- Offices


41%

7%

66%

74%

90%

90% 2013

2013



55%

29%

82%

49%

90%

90% 2013

2013

2013

Redevcoʼs Investment Portfolio

- Industrial 34% 36% 90%

Target By when

28% 66% 90% 2013

Water Use

- Offices


n.a.

n.a.

64%

100%

100%

100% 2010

2010



n.a.

n.a.

72%

0%

100%

100% 2010

2010

n.a.

Redevcoʼs Listed Buildings

- Industrial n.a. n.a. n.a.

n.a. 68% 90% 2013

Listed Buildings & Cultural Heritage

Development projects n.a. 100%

Other Environmental Issues

Environmental Data

Data Coverage


Investment portfolio and Redevco occupied offices Environmental data for buildings, including Redevco’s investment portfolio and Redevco Occupied Offices, were processed, checked and comparedwithdatafor2008bytheUK-basedBuildingResearchEstablishment(BRE).Wealsoaskedthatorganisationforanexternalevaluationof the quality and coverage of the data. Since BRE was involved in the data collection process, its review should not be interpreted as an independent verification or assurance statement.

Besides collecting detailed environmental data for our existing investment portfolio, we are also undertaking the major task of improving the reliability and accuracy of the data that were collected. For this purpose, we have joined the International Sustainability Alliance (ISA), through which we will closely monitor and benchmark our performance against peers.

Toensureconsistencyinthelongterm,wehavesignedathree-yearcontractwithBREtoevaluatethecompleteenvironmentalfootprintofallbuildings owned, managed or occupied by Redevco.

As most of our offices are rented from third parties, we are dependent on the cooperation of our landlords. In some countries, the collection of environmental data for 2009 was complicated by the fact that information could not be provided until October 2010.

Like-for-likedata Like-for-likedataonenergyuse&CO2 emissions encompass 140 properties. Properties with an annual change of more than approximately 40% areexcludedinthelike-for-likeanalysis.Thatisthecasewith38properties.Thelike-for-likewaterdatasetencompasses142propertieswithanannualchangeoflessthanapproximately40%.Byapplyingthisrule,46propertieswereexcludedfromthelike-for-likeanalysis.Thisisaclearpoint of attention for coming years to ensure the data is reliable and accurate.

Business & Commuter Travel We repeated our employee survey to calculate the commuter data in 2009. The response rate rose from 60% in 2008 to 74%, which also improves the accuracy of the estimated emissions related to commuter travel. The commuter survey was translated into more languages than in 2008 (Turkish, French, Dutch and German), which may have contributed to the higher response rate.

Theenvironmentalfootprintleftbybusinessandcommutertravelwascalculatedin-house.Thedataforbusinesstravelwereprovidedbylocaltravel agencies. Consequently, the data do not include journeys that were not booked through travel agencies, i.e. all business journeys by taxi and private car and some train journeys. It is assumed that the vast majority of the business journeys in the calculations were booked through travel agencies.

A software tool, developed by Redevco’s IT department, was used to collate data on commuter travel and to calculate the associated emissions. Tocalculatethecarbonemissionsrelatedtobusinessandcommutertravel,theUK-basedDefra2008conversionfactorshavebeenused.Theemissions per employee are based on 295 employees. The number of employees is ten fewer than in 2008.

Development projects Following our policy, the environmental performance of our new developments exceeding 10 million Euros in construction cost spent, is included. For these developments we aim to secure a BREEAM certificate with a ‘Very Good’ rating. A BREEAM assessment is carried out by an independentthird-partyassessor.TheBREEAMratingisbasedontheperformanceforeachofthenineassessmentareas–Energy,Water,Trans-port,Management,Health&Wellbeing,LandUse&Ecology,Pollution,MaterialsandWaste.In2009Redevcocompletedtwonewdevelopmentprojects and both were awarded a BREEAM certificate with a Very Good rating. AdevelopmentprojectintheUnitedKingdom,-inLondon–wasawarded two BREEAM certificates, one rated ‘Good’ and one rated ‘Very Good’. The performance of these projects is disclosed in sections ‘Energy Use & CO2 emissions’, ‘Water Use’ and ‘Other Environmental Issues’.

TotalGHGEmissionsbyweightandscope TheGHGProtocoldefinesdirectandindirectemissionsasfollows:DirectGHGemissionsareemissionsfromsourcesthatareownedorcontrolledbythereportingentity.IndirectGHGemissionsareemissionsthatareaconsequenceoftheactivitiesofthereportingentity,butoccuratsourcesownedorcontrolledbyanotherentity.TheGHGProtocolfurthercategorizesthesedirectandindirectemissionsintothreebroadscopes:

• Scope1:AlldirectGHGemissions.• Scope2:IndirectGHGemissionsfromconsumptionofpurchasedelectricity,heatorsteam.• Scope3:Otherindirectemissions,suchastheextractionandproductionofpurchasedmaterialsandfuels,transport-relatedactivitiesin

vehiclesnotownedorcontrolledbythereportingentity,electricity-relatedactivities(e.g.T&Dlosses)notcoveredinScope2,outsourcedactivities, waste disposal, etc.

54 Redevco Corporate Responsibility Report 2009

By When

2010

2010

2013

2011

2010


Redevco wants to increase the availability of Corporate Responsibility data on all issues see table on enviromental data

Prepare and conduct internal audits

Prepare and conduct third party audit

Achieve GRI application level B+

Collating data by means of the ISA environmental data base of investment portfolio and Redevco occupied o�ces

Total energy use by fuel source (kWh) For Redevco’s Investment Portfolio and offices occupied by Redevco, the energy use by fuel source (kWh) was calculated by BRE. The amounts are not extrapolated and relate to 66% (by GLA) of Redevco’s Investment portfolio and 78% of Redevco Occupied Offices. The energy use related to business & commuter travel is not recorded.

Electricity

Gas

668.471

Investment portfolio

(kWh)

479.968.016479.299.545

432.665 191.949.324191.516.659

29.837 13.701.16213.671.325

169.260 42.985.37542.816.115

Redevco occupied

offices(kWh)

Total energy use

by fuel source (kWh)

Fuel oil

District heating

District cooling 11.100 1.979.2841.968.184

Social dataThe basic figures on the number of employees, data on FTEs, the number of women employed and the age distribution of the workforce, training, corporategiving,valuesandengagementwithstakeholders,etc.weresuppliedbytheHRDepartmentatHeadOfficelevel.TheManagingDirectors provided data on corporate giving, local communities and engagement with stakeholders through the local offices. The reference date is31December2009.TheresultsoftheHaysurveywereprocessedbytheHayCompany,withFebruary2009asthereferencedate.

Redevco’s investment portfolio

Energy use Redevco occupied oces

- Energy use Redevco oces in Redevco owned properties –/–

Business travel

120

237

426

(237)

Scope 1 Scope 2

403,499

- Air

- Company owned/leased cars 394

574

- Company owned/leased cars

- Public transport

210

51

- Rail

Commuter travel

12

- Private cars 68

Scope 3GHG emissions by weight (tCO2e) and scope (1, 2 and 3)

404,204426724

55Redevco Corporate Responsibility Report 2009

The objectives regarding data coverage and quality of this report are the same as those of last year. The intention was to continue gathering data about assets over which we have direct and indirect control and influence, to establish a structure to improve the quality of internal reporting and to increase the accuracy and completeness of the data provided . We find that the quality and robustness of the data collection process needs to improve further to give us a clearer picture of the environmental performance of our portfolio and allow us to set detailed targets and drive continuous improvement.

Quality statement by BRE on a selection of environmental data BRE was asked to gather the data on energy and water consumption for assets owned and occupied by Redevco in 2009 and to analyse the level of carbon emissions, energy and water efficiency by validating and assessing the quality of the data.

Thedata-collectionprocesswasdividedintodifferentstages.Inordertoensurethatallrelevantassetswereincludedintheanalysis,informationfrom the company’s own Property Management Systems was used to identify all assets owned and occupied by Redevco during the reporting period. Assets that were only partly owned/occupied were identified so that the consumption data could be adjusted accordingly.

The assets’ energy and water consumption data, as well as other relevant environmental information, were then collected. The emphasis was on the design of the data collection methodology, primarily with a view to identifying the types of energy sources used by assets, to allow for the identification of full versus partial data availability. Validation was performed to identify potential mistakes during data entry and asset allocation bycheckingthedataenteredagainstthepreviousyear’sreportedconsumptionandagainsttheassetarea,toidentifyinconsistenciesand“rough”data. Any such data found was either cleaned or rejected from the analysis as unreliable. This process is believed to have substantially increased the quality of the data for the analysis.

Once the environmental information was collected and validated, its completeness was assessed. Assets for which no data on water consumption were available were identified and excluded from the water performance analysis. Similarly, assets for which there were no reports or only partial reports on consumption were also excluded from the energy analysis.

Theseproceduresledtotheinclusionof57%(bynumber)ofallRedevco-ownedassetsintheenergyanalysisand61%(bynumber)inthewateranalysis;63%(bynumber)ofallRedevco-occupiedassetswereincludedintheenergyanalysisand37%(bynumber)inthewateranalysis.

Fortheevaluationofscopeemissions,theanalysisusedthe“CategorizingGHGEmissionsAssociatedwithLeasedAssets-AppendixFtotheGHGProtocolCorporateAccountingandReportingStandard–RevisedEditionJune2006,Version1.0”.Scopes1and2includedsomeupstreamemissionsfromfuelusewhicharenormallyassignedtoScope3becausethecarbon-emissionfactorsusedincludedupstreamemissionswhichcould not be separated out.

Relevantandup-to-dateemissionfactorshavebeenappliedtothedatasupplied.TheelectricityemissionfactorsusedarebasedonEcoInvent2007 emission factors for national electricity grids. For countries not covered in the EcoInvent database, the following assumptions were made:

• India’selectricityemissionfactorisequivalenttoChina’s• HongKong’selectricityemissionfactorisequivalenttoChina’s• Turkey’selectricityemissionfactorisequivalenttoGreece’s Lessons learned and recommendations Data for one and the same asset were sometimes collected from different sources (for example, Redevco’s property management system and information provided by tenants). In some instances, discrepancies were discovered between the data reported from the different sources for the same asset, particularly as regards asset classification (type) and reported areas. This has introduced a degree of uncertainty in analyses where thesedataareinvolved.Toaddressthisprobleminfuture,furthervalidationwillbeintroducedtocross-referencethesediscrepanciesastheyoccur, and data agreed and cleaned between the different sources.

In a few instances, the analysis appeared to suggest that the reported asset areas might not correspond with the areas for the reported energy and water consumption. The two might in fact have differed even within an asset. This could have been a result of breaking down the data collection into different stages, one for the information about the asset and another for the environmental information. We believe that these issues were identified in most cases (because the results in terms of efficiency by area were either too high or too low) and suspect cases were excluded from the analyses.

To overcome this problem, we propose collecting additional items of data as follows in future: in addition to the asset area, which needs to be knowntoassessthefullareaoftheportfolio,whencollectingtheenvironmentaldataemphasisshouldbeplacedonincludingthe“areaofenergyconsumption”and/or“areacoveredbythewaterconsumption”.Itisnotclearwhetherdataprovidersunderstoodthatthesecouldbedifferent and therefore energy and water consumption need to correspond to a specific area, which may be different from the total asset area. This is not believed to have been a widespread problem, since data were produced at different levels (for the total asset and per individual lease within assets), but introducing additional clarity may make the data collection and validation process easier for all parties.

BRE Global

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