HEALTH & WELL-BEING2017 GRESB

0 50 100 150 200 250

- NORTH AMERICA

PARTICIPATION IN H&W MODULE

PERCENTAGEH&W PARTICIPANTS

H&W PARTICIPANTS

174

252

by region

Real Estate Assessment Participants with a H&W Module

Represent

70 70 AVERAGE GRESB SCORE IN REAL ESTATE ASSESSMENT

32,749 INDIVIDUALASSETS

32,749 $ MILLION GAV

- EUROPE

- ASIA

- AUSTRALIA/NZ

- OTHER

30%2016: 23%

GRESB provides systematic assessment, objective scoring and peer benchmarking of the environmental, social and governance (ESG) performance of property companies and fund managers around the world, allowing investors to better manage ESG risks and to enhance returns. GRESB envisions a future where management of health and well-being is an inherent component of a high performing real estate company or fund. These new health and well-being indicators allow value associated with human capital to be better assessed and captured as part of overall ESG performance.

Increased participation in the Module highlights health and well-being as a growing priority for leading real estate companies and funds. Real estate investors and property companies are beginning to recognize intentional consideration of health and well-being performance as an opportunity to generate long-term value. Companies and funds are positioned to generate internal value by establishing a culture of health among their employees. Externally, companies and funds are able to create long-term value by intentionally developing and operating real estate in a manner that promotes health and well-being for tenants, customers, and surrounding communities.

50% H&W participants lead through both internal and external operations, compared to only 35% participants in 2016.

GRESB HEALTH & WELL-BEING PARTNERS

LEADING IN INTERNAL OPERATIONS AND PRODUCTS AND SERVICES

LEADING IN INTERNAL OPERATIONS

LEAD

ING

IN P

RO

DU

CTS/SER

VICES

100

50

0 50 100

PR

OM

OT

ION

OF

HE

ALT

H O

F E

MP

LO

YE

ES

PROMOTION OF HEALTH THROUGH PRODUCTS AND SERVICES

2017 Average

2016

GRESB HEALTH & WELL-BEING MODEL

H&W INTEGRATION IS THE NEXT FRONTIER FOR THE REAL ESTATE INDUSTRY

EMPLOYEE H&W

INTERNAL ESTABLISHING AN INTERNAL CULTURE OF

HEALTH WILL BE REFLECTED LONG TERM IN

THE REAL ESTATE PORTFOLIO

TE

NA

N

T & C O M M U N I TY H&

W

H&W PROCESSFOR EMPLOYEES

H&

W PROCESS FOR REAL ESTATE PORTFOLIO

EXTERNAL

MONITOROUTCOME

POLICY

TAKEACTION

UNDERSTANDNEEDS

0% 20% 40% 60% 80% 100%

- EXTERNAL - INTERNAL

MONITOR HEALTH &

WELL-BEING OUTCOMES

ACTION TO PROMOTE

HEALTH & WELL-BEING

UNDERSTANDINGOF HEALTH & WELL-BEING

NEEDS

HEALTH & WELL-BEING

POLICY

% PARTICIPANTS

- 2016

REAL ESTATE COMPANIES TYPICALLY START INTERNALLY WHEN IMPLEMENTING H&W PROGRAMS

58100

H&W AverageScore

Leaders

127

2016 2017

62

L ISTED

Advance Residence Investment Corporation AEW UK REIT plcAIMS AMP Capital Industrial REITAlexandria Real Estate Equities, Inc. Altarea Cogedim Befimmo SA Boston Properties Brandywine Realty Trust Brookfield Property PartnersCegereal Charter Hall Retail REIT (CQR) China Overseas Land & Investment Ltd. China Resources Land City Developments Limited Citycon Oyj COFINIMMO Corporacion Inmobiliaria Vesta S.A.B. de C.V. Corporate Office Properties Trust Cousins Properties Incorporated Credit Suisse Real Estate Fund Global Credit Suisse Real Estate Fund Green Property Credit Suisse Real Estate Fund Hospitality Credit Suisse Real Estate Fund Interswiss Credit Suisse Real Estate Fund LivingPlus Credit Suisse Real Estate Fund SIAT Daiwa House REIT Investment CorporationDerwent London Plc Dexus Office Trust DEXUS Property Group Federal Realty Investment Trust Foncière des Régions Frasers Logistics & Industrial Trust GECINA Government Properties Income TrustGrainger plc Great Portland Estates plc GRIP REIT Plc Growthpoint Properties Hang Lung Properties LimitedHost Hotels & Resorts, Inc. Hyprop Investments Limited Igd SiiqInmobiliaria ColonialJapan Real Estate Investment CorporationKenedix Office Investment CorporationKeppel REIT Kilroy Realty Corporation Land Securities Group PLC Mahindra Lifespaces Developers Limited McKay Securities PLCMirvac Mobimo Holding AG New World Development Company Limited Prologis Redefine Properties Limited SEGRO plcSekisui House Reit, Inc. SM Prime Holdings Standard Life Investments Property Income Trust Stockland Technopolis Plc The GPT Group The Macerich Company The UNITE Group Plc TIER REIT UK Commercial Property Trust Ventas, Inc. Vicinity Centres Direct Portfolio Victoria ParkWorkspace

GOVERNMENTAL ENTIT Y

U.S. General Services Administration

PRIVATE

AEW Capital Management AEW Europe Alberta Investment Management Corporation Alpha Investment Partners LtdAltera Vastgoed NVAmerican Realty AdvisorsAmundi Asset Management Amvest ASB Real Estate InvestmentsAXA Investment Management Bentall Kennedy Group Bioconstruccion y energia alternativa Bouwinvest REIM Brookfield Office Properties Australia Pty LtdCanary Wharf Group plcCapital and Regional CBRE Global Investors Cbus Property Charter Hall Chongbang Holdings (International) Ltd. CommonWealth Partners Credit Suisse Dexus e-Shang Cayman Limited ECE Real Estate PartnersFrasers Property Australia Genesta Property Nordic GID Investment Advisors LLC Global Logistic Properties LimitedGrosvenor Europe Grosvenor Fund Management GWL Realty Advisors Hartelt Fund ManagementHealthcare of Ontario Pension Plan Hemsö Fastighets ABHermes Real Estate Hines Hunter REIMIDERA Capital Management LtdINP Retail, LP InvenTRUST PropertiesNeptune Property Venture SàrlISPTIvanhoe CambridgeJamestown Properties Keppel Land LimitedKingSett Capital Lendlease LOGOS China MacFarlane Partners Investment Management Manulife Real Estate & John Hancock Real Estate Menkes Property Management Services LtdMetLife Investment Management Morgan Stanley NBIM NBREMNeinver SA Oxford Properties Group PGIM Real Estate Pine Tree Pradera Re-Vive NVRockspring Property Investment Managers Schroder Property Investment Management Limited Sonae Sierra Standard Life Investments Storebrand Fastigheter AB Syntrus Achmea Real Estate & Finance The Cadillac Fairview Corporation The Crown Estate The GPT Group The Lemon Tree Hotel Company The UNITE Group Plc Triovest Realty Advisors Inc. Vasakronan Vesteda Investment Management B.V.Vicinity Centres

TWO-YEARS PARTICIPATION 2017 LEADERS IN H&W

© 2017 GRESB BV

ABOUT GRESB

GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. 850 property companies and funds, jointly representing more than USD 3.7 trillion in assets under management, participate in the GRESB Real Estate Assessment. The Infrastructure Assessment covers 64 funds and 160 assets, and 25 portfolios complete the Debt Assessment.

GRESB data and analytical tools are used by 66 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 17 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value.

Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. Learn more at www.gresb.com

- 2016- 2017

SAME AS ESG DECISION MAKER

NONEOTHERHUMAN RESOURCES

SUST./ESG MANAGEMENT TEAM

SENIOR MANAGEMENT TEAM

BOARD OFDIRECTORS

0%

10%

20%

30%

40%

INTERNAL H&W POLICY

EXTERNAL H&W POLICY

47% 10%

10%23%

90%

67%

3%

52% 52%

76%15%

9%

30%

18%35%

13%

80%

12%8%

10% 70%

20%

50%

EMPOWERING H&W LEADERS ACROSS DISCIPLINES

DEVELOPING H&W POLICIES AT MULTIPLE LEVELS

IMPLEMENTING A VARIETY OF H&W STRATEGIES

INCREASING USE OF H&W METRICS

2017 GRESB HEALTH & WELL-BEING PARTICIPANTS

- 2016

- 2017

- 2017 LEADERS

EXTERNAL METRICSINTERNAL METRICS

20 40 60 80 1000

DESIGN AND OPERATIONS STRATEGIES

77% 87%

ACCESS AND OPPORTUNITY STRATEGIES

48% 89%

46% 79%

PROGRAMMATIC STRATEGIES

56%

ACTIONS IN SURROUNDING NEIGHBORHOOD AND COMMUNITY

- 2016

EX

TE

RN

AL

AC

TIO

NS IN

TE

RN

AL

AC

TIO

NS