CR Report 2012 PDF

Responsible Real Estate Investment 2012 / 2013
BUSINESS IN BALANCE
BUSINESS INTEGRITY & COMPLIANCE
TOWARDS A GREEN PORTFOLIO
SUPPORTING LOCAL COMMUNITIES
GETTING THE BEST OUT OF OUR PEOPLE
TOWARDS SUSTAINABLE OFFICE OPERATIONS
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RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013
Index
3
HOW TO READ AND INTERACT
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OUR CORPORATE RESPONSIBILITY APPROACH
BUSINESS INTEGRITY AND COMPLIANCE
23 / 27
6/7
STATEMENT OF THE CEO
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OUR FIVE KEY THEMES
28 / 41
4/5
HIGHLIGHTS
42 / 47
56 / 62
8 / 14
OUR BUSINESS ACTIVITIES
63 / 103
ANNEXES: REPORTING PROCESS AND PRINCIPLES
48 / 55
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
ANNEXES
HOW TO READ THIS REPORT
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SCOPE OF THE REPORT

This report provides an overview of our CR efforts and theachievement of our 2012 CR objectives. In addition, wehave included our plans and vision for the future. This forward-looking information can be recognized by the use ofwords like: aim, expect, would like, consider, continuation, predict, target, objective, expectation, scenario, plan, vision, planning, ambition, intention and prediction. Forward-looking information is of course subject to risks and insecurities. For this reason, the auditor cannot provide any guarantees concerning future-oriented information. Please note that this report only covers the countries where Redevco was active in 2012: Austria, Belgium, France, Germany, Hungary, Luxembourg, the Netherlands, Portugal, the United Kingdom, Spain and Switzerland. Due to strategy
NEW TITLE: RESPONSIBLE REAL ESTATE INVESTMENT 2012/2013

Redevco has changed the title of its CR report to include the year 2013, whilst the scope of the report is calendar year 2012. Where we include events which occurred after this period, we quote the date. As the report is published only in September 2013 and used throughout the following year 2014, we feel adding 2013 to the title is necessary to ensure that our readers will understand this is, in effect, the latest CR report. Redevco consciously chooses not to publish the report earlier in the year, as this will reduce the data coverage and in our opinion negatively impacts the quality of our report. Secondly, we feel responsible real estate investment shows more accurately that corporate responsibility is an integral part of Redevco and the way we do business. The new title underpins our commitment to act as a responsible real estate investor aiming to realise our long term financial objectives while at the same time still maximise the positive effects and minimise the negative effects of our activities on society and the natural environment.
REDEVCO.COM/ CR/
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REDEVCO CORPORATE RESPONSIBILITY
changes announced in 2011, the following countries are excluded: Sweden, Finland, Italy, Poland, Turkey and China. For further details on the reporting process and principles, please refer tothe annexes in this report.
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
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HIGHLIGHTS 2012/2013
2012 WAS A YEAR OF FOCUS RENEWED STRATEGY WITH EMPHASIS ON CORE MARKETS IN EUROPE AS A RESULT: MAKING SELECTIVE DISPOSALS TO UPGRADE THE QUALITY OF THE EXISTING PORTFOLIO NEW MISSION STATEMENT: REDEVCO STRIVES TO BE THE REAL ESTATE PARTNER OF CHOICE FOR RETAILERS DESPITE ECONOMIC CIRCUMSTANCES CR REMAINS A PRIORITY LIMITED LEVEL OF ASSURANCE ON FULL REPORT BUSINESS INTEGRITY & COMPLIANCE REMAINS HIGH ON THE AGENDA WITH MORE THAN 90% OF ALL EMPLOYEES SIGNING THE BUSINESS INTEGRITY POLICY AND/OR ATTENDED OUR ANNUAL WORKSHOP FOR THE FIRST TIME WE CALCULATED INTENSITY FIGURES PER RETAIL CATEGORY 21 BREEAM IN USE CERTIFICATES AWARDED 25% OF NEW LEASES WERE GREEN LEASES
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HIGHLIGHTS 2012/2013
19% (BY INVESTMENT VOLUME) INVESTED IN LISTED BUILDINGS REDEVCO FOUNDATION SPENT 1,000,000 HELPING LOCAL COMMUNITIES MOVING FORWARD 65% OF THE REDEVCO EMPLOYEE VOLUNTARY DAYS WERE USED UP IN 2012, COMPARED TO 49 % IN 2011 EMPLOYEE SATISFACTION SURVEY SCORES ARE EXCEPTIONALLY HIGH COMPARED TO SEVERAL BENCHMARKS CONTINUED LOW ABSENTEEISM FIGURES 68% OF EMPLOYEES PARTICIPATED IN COURSES AND RECEIVED TRAINING CARBON EMISSIONS PER EMPLOYEE DECREASED AGAIN, TO 4,564 KG CO2 PER HEADCOUNT REDUCED COMPANY CAR EMISSIONS FOR FIVE CONSECUTIVE YEARS
STATEMENT OF THE CEO >
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
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OUR CR APPROACH
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TO OUR STAKEHOLDERS
This is a special moment in Redevcos corporate responsibility history as we publish the fifth edition of our CR report. Not only is it special because we are celebrating the reports fifth anniversary, but also because we present consolidated key energy and water consumption data per retail category. We believe this is a first in the world of retail real estate and that is something for which we are very proud. It has only been possible due to the good relationship with our tenants, who have been instrumental and extremely cooperative in providing our CR team with the required information. And it is the cooperation with our stakeholders that, in my opinion, is key to make sustainability a success. In addition, I am especially proud that we managed to keep the topic of sustainability high on our corporate agenda. Despite worsened economic conditions which in many companies would lead to weakened attention to the topic, we kept significant focus on the matter. Even in an extremely turbulent year, where we have downsized the number of countries where we operate, concentrating our strengths, whilst at the same time continually repositioning our portfolio, in size, value and sustainability, we continued to improve our CR practices. We have been working hard, to embed CR further in our organisation, in our daily operations - which remains challenging - and our business planning. And we will continue to do so. It is our belief that by continually and visibly working on CR, this will help us realize one of our key objectives to
become future proof, ensuring a sustainable organisation and increasing our portfolios attractiveness to stakeholders. We will therefore aim to report more regularly on key CR issues in 2013, improving our CR visibility and management control. Our reports are and will be in accordance with international standards like the Global Reporting Initiatives G3.1 Sustainability Reporting Guidelines of which we follow the Construction and Real Estate Sector Supplement (CRESS) and the INREV Sustainability Reporting Recommendations. The economic crisis in Europe continues and surely these are challenging times for many of our tenants. On the other hand the current situation also seems to have an upside. We found that our CR approach has proven useful to our retail clients as it can lead to a reduction in costs. We fundamentally believe that greening our portfolio will also result in reduced operational costs for our tenants. Being able to talk about this is the result of continuing sustainable long term relationships with our key clients. I invite you to read the report carefully and think of how you can help us further improve our commitment to CR. We value your input, and any new ideas are welcome, however small they may be. Id like to thank you all, as its by working together, that we will achieve the targets set out for the future.
Our belief is that by continually and visibly working on CR, this will help us become future proof, ensuring a sustainable organisation and increasing our portfolios attractiveness to stakeholders.
ANDREW VAUGHAN, Chief Executive Officer
ANDREW VAUGHAN Chief Executive Officer
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
ANNEXES
OUR MISSION
REDEVCOS VIEW
CORPORATE GOVERNANCE
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WHO WE ARE
Our mission statement is where we begin, aseverything we do supports this. We are an independent, international real estate company owning and managing major retail portfolios in Europe. Our overall portfolio comprises over 500 properties at top locations in major European cities. We purchase, develop, let and manage properties, ensuring that our portfolio optimally reflects the current requirements of our tenants. We believe it is our task to meet the needs of the market with the most relevant, sustainable and inspiring real estate solutions. As a service provider for retailers, we work together with our tenants to gain a thorough understanding of their needs so that we can help them respond to a rapidly changing environment. We understand that physical stores must add tangible value in a multi- channel strategy. With our focus on prime properties in the dominant shopping areas of Europes most resilient retail markets, we are able to do just that. We have been investing in high-quality retail for many decades and will continue to do so, also in the Internet age: people want to experience retail with all their senses and meet and be entertained in areas
with history, atmosphere and a mix of functions. We want to create sustainable retail solutions in an urban context and close to public transport, in energy-efficient properties that will inspire and appeal to future generations. Throughout our longhistory, we have been able to leverage our extensive knowledge of the dynamics of consumerism and urban development principles to be able to offer our clients the right retail space at the right time and in the right place.
OUR MISSION: WE STRIVE TO BE THE REAL ESTATE PARTNER OF CHOICE FOR RETAILERS
PORTFOLIO DEVELOPMENT AND SECTOR SPREAD OF REDEVCO
100 in % 100
PORTFOLIO CHANGES TO REFLECT OUR TIMES

For a number of years, it has become even more clear that economic and demographic developments will continue to have an impact on the real estate sector. In addition, consumer behaviour continues to change due to fast upcoming new tech nologies that accelerate the adoption of e-commerce. The dynamics of these developments, the way this influences retailers business and, in the end, the choices we make as a real estate company specialised in retail is described in more detail below. It became apparent though, that changes in our strategy were required in response to the new economic
GEOGRAPHICAL SPREAD
up to 31-12-2012 in billions 10 10 up to 31-12-2012
80 80
8 8
12.8% 12.8 9.3% 9.3
27.2 27.2%
60 60
6,7
6,7%
7,6
7,6%
7,2
7,2
7,1
7,1
7,4
7,4
7,3
7,3
6,5
6,5
6 6
9.3 9.3%
4 4
40 40
7.8 7.8% 18.4 18.4%
15.2 15.2%
20 20
2 2
Belgium Belgium France France Germany Germany Netherlands Netherlands Spain/Portugal Spain/Portugal Switzerland/Central Europe Switzerland/Central Europe United Kingdom United Kingdom
0 0
0 0 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 Retail Retail Ofces Ofces Developments Developments Industrial Industrial Other Other Portfolio Value Portfolio Value
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environment and the changing retail landscape. This strategy change, effective end of 2011, required us to upgrade the quality of our portfolio and focus on our core markets in Europe. In 2012, Redevco withdrew its activities in Italy, Finland, Poland, Sweden, Turkey and China. The sale of these assets is reflected in the development of our portfolio value. More detail can be found in our press release archive.
but we also share this with our tenants to be more than a landlord and become their retail real estate partner of choice.
STAKEHOLDER ENGAGEMENT
Our ambition is to strike the right balance between social impact, profitability and eco-friendliness. Its only when stakeholders work together and create a winwin situation that sustainability in all its facets can be achieved. Redevco recognises the importance and added value of maintaining an excellent relationship with our stakeholders: our tenants, our employees, our shareholders, the local and regional communities and authorities where our buildings are situated, our fellow investors and developers/partners in joint projects, our consultants and advisers, our peers in the real estate business, and the various branch organisations inthe countries we have our offices in. It is important to Redevco to ensure we meet the needs and concerns of these relations. Wetherefore regularly engage in interaction to openly discuss the sustainability topics at hand, for example in the form of active participation in international overarching committees like the Sustainability Working Goup and the EU Public Affairs Committee of the ICSC (International Council of Shopping Centers) or in local branch organisations. Another example is informing and engaging tenants, residents and other stakeholders in our (re) development plans, as we did for our redevelopment in Gouda or our development in Bordeaux. Great efforts are being made to involve our internal stakeholders our employees to ensure they understand the CR strategy and agenda, and are given the opportunity to contribute
CLOSER TO OUR TENANTS

We continuously work on improving the quality of our organisation, our portfolio and our performance. We use our extensive knowledge of trends in demographics, consumer preferences and distribution channels to achieve this. Our priorities lie in increasing the value of the portfolio by broadening the tenant mix and intensifying use, as well as through active asset management, redevelopment and repositioning. Reflecting our mission statement, which was newly drafted in 2012, we are dedicated to our tenants, the retailers. We work on the principle that, if our tenants are successful, this will, in turn, lead to our own sustainable growth. It is our ambition to maximise our clients success and create an even more favourable business environment for our tenants. We are convinced this starts by understanding our retailers business; the developments that have an impact on the retail sector, the challenges it faces and the opportunities that lie ahead. To be able to do this, we have strengthened our retail relationship management activities with a dedicated International Retail Clients department to get closer to our tenants. Furthermore, Redevcos in-house research department continuously researches and monitors the trends and developments that are affecting our clients. Theresults of these activities are not only used to fuel Redevcos strategy,
GOUDA -THE NETHERLANDS
themselves.
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REDEVCOS VIEW ON RETAIL LANDSCAPE

Redevco is a retail real estate investor with a long term focus. For Redevco, sustainability means investing in the right locations, as only these will help our clients to be successful in the current economic climate. Therefore, we are dedicated to fully understanding the developments that ultimately determine where we need to invest. In this section we briefly review the major events and trends that affect our business, placing CR in the context of what we do. Adverse economic conditions and structural changes have had and will continue to have a great impact on our business. We continually monitor and reassess the retail market in order to reduce our risks and identify and maximise development opportunities. Our bespoke Internet Strategy Platform reviews the European retail market and, where necessary, we commission research to deepen our understanding. We need to know what modern consumers want, how they think and where they aspire to shop. In the following sections, we outline the implications of some of the most important trends.
Population Growth by size of administrative region, 2010-2020 Based on selected European countries Source: Oxford Economics. Note: The analysis is based on the data
6.00% 4.00% 2.00% 0.00%
-1.48% -3.60% -0.88% 1.46% 3.88% 5.40%
Consumers shopping behaviour viewed by Redevco Source: Redevco. Changing consumer shopping preferences: brand experience andvalue for money.
Convenience Experience
FUTURE POPULATION GROWTH BY NUTS 3 SIZE (NO. OF INHABITANTS) FOR AT, BE, CH, DE, FR, NL, SP AND UK (2010-2020)
TOWARDS EVER LARGER CITIES

The size of a population with access to shopping locations is an important factor for the retail sector, and therefore, for us. In Europe, we live in an urban society and, according to Oxford Economics (2013), most of the larger cities will continue to grow, while non-urban populations will decline. We can note that much of our property is located in the centre of Europes major cities.
for the United Kingdom, the Netherlands, Belgium, France, Spain, Germany, Austria and Switzerland.
-2.00% -4.00%
< 50,000 50,000 - 100,000 100,000 - 200,000 > 1,000,000
200,000 - 500,000
500,000 - 1,000,000
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INCREASING CONVENIENCE AND EXPERIENCE

The rise of e-commerce is one of the most important structural changes tothe way we live and shop: shopping is increasingly becoming AWATAD (anywhere, anytime, anydevice). Redevco has a dedicated Internet Strategy Platform which continuously investigates changes in consumer shopping habits and retailers performance. One of the major trends identified in 2012 (amongst others based on consumer research in United Kingdom, France, Germany and The Netherlands) is that cross-channel shopping will become the leading shopping pattern in 2015. This in turn will cause retailers to change strategies, as they adapt physical store locations to attract consumers to the true shopping experience, combining shopping with leisure and convenience. This again is most likely to occur in the major cities, which offer consumers a blend of culture, history and high quality amenities.
3.00%
SUCCEEDING IN TIMES OF CRISIS

The economic crisis has resulted in a decline in disposable income in many of our key countries with cautious overall spending as a result. We expect this trend to continue in the near future as countries experience structurally lower levels of economic growth. The market has witnessed a number of major retailers falling into administration, however there are plenty of examples of those who manage to be extremely successful despite the adverse economic conditions, for example. Apple, Zara, Primark, and IKEA. So, consumers are still willing to spend, but they have become much more critical about what they spend their income on. This can also be seen in the luxury goods sector, where annual spending is predicted to increase by over 50% between 2010 and 2015 (Verdict), a trend driven mainly by tourism from emerging countries with growing wealth levels.
INCREASING RETAIL REAL ESTATE POLARIZATION

So what do these trends mean for our business, and in turn for our commitment to CR? These trends are already having an effect on the demand for retail real estate. In the best locations in larger cities, demand is increasing, whilst the opposite is true for smaller cities and secondary locations. IPD data shows that at the end of 2012, the retail sector clearly exhibited both positive rent and yield movements which reflects continuous demand for the best assets in the most popular locations. This is where most of our property is, and this is where we will continue to invest in the near future.
Retail sales development (% change yearon-year, volume), 2005-2015 Based on selected European countries Source: Oxford Economics, Q1 2013. Note: The analysis is based on the data for the United Kingdom, the Netherlands, Belgium, France, Spain, Germany, Austria, Switzerland, Hungary, Portugal and Luxembourg.
2.00% 1.00% 0.00% -1.00% -2.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2.21% 1.98% 2.15% 0.08% -1.30% 1.22% 0.10% -0.21% -0.24% 1.23% 1.58%
There is a retail revolution going on! This means that we constantly reflect on our strategy in order to keep the company future proof. Ithink the latter is very much what Corporate Responsibility is all about.
MARRIT LANING, Head of Research and Strategy
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CORPORATE GOVERNANCE AND STRUCTURE

Redevco has a decentralised organisation with offices throughout Europe. The structure reflects the fact that market conditions vary from country to country and that real estate is to a great extent a local business. We therefore have teams at country level who are deeply connected to and have broad knowledge of the local markets. The activities in the countries in which we operate are coordinated and supported at a strategic level by Redevcos Head Office in Amsterdam. In 2012 Redevco had offices in eight countries. However, at the time ofpublication of this report, Redevco has closed its Austrian office andconcentrated the management of its Central European operations inSwitzerland.
TAX FINANCE RESEARCH
REDEVCO BOARD
HUMAN RESOURCES
PR & CORPORATE COMMUNICATIONS
CORPORATE RESPONSIBILITY
LEGAL
INFORMATION TECHNOLOGY
INVESTMENT MANAGEMENT
CONCEPT & DESIGN
MD
UNITED KINGDOM
MD
GERMANY
MD
SPAIN
MD
FRANCE
MD
BELGIUM
MD
MD
SWITZERLAND NETHERLANDS
PORTUGAL
LUXEMBOURG
AUSTRIA
HUNGARY
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THE REDEVCO BOARD

WOLTER BRENNINKMEIJER Chairman
In April 2013, Wolter Brenninkmeijer was appointed Redevco Chairman. From 1991 to 2000, Wolter held commercial and store operating positions at C&A in France and Belgium. In 1997 he became Executive Board member, responsible for all C&A European stores. He then founded Agora Business Centers, a subsidiary of Redevco, COFRA Holdings Real Estate Organisation. Wolter joined Bregal Investments in 2003 as part of the Fund Investment Team, and currently serves on a number of Fund Investment Committees and Advisory Boards. From 2004 till 2010, he served on the COFRA Supervisory Board as Non-Executive Director.
MARCEL EGGENKAMP Chief Financial Officer

Marcel Eggenkamp joined Redevco as Group Controller in 2005 where he was responsible for Group and Holding financial and management reporting, internal control environment, valuation of Redevco real estate assets, and coordination of external audits. In 2011, Marcel was appointed CFO of Redevco. His current responsibilities include IT operations, Legal, Tax, Business Control and Group Control functions. Prior to joining Redevco, Marcel worked at KPMG Advisory, where he was responsible for the advisory projects related to financial management, restructuring and corporate recovery. He has also worked for Ballast Nedam and KPN.
ERIC VAN DYCK Chief Operating Officer

Eric Van Dyck joined Redevco as the Belgium Managing Director in 2010. In 2012, Eric was nominated to the Board in the role of COO. His current responsibilities include Belgium and advising the Board on large real estate investments and divestments. Prior to joining Redevco, Eric worked for Cushman & Wakefield (C&W) for 27 years. He ran the Belgian Retail Agency team, set up a separate Retail Investment department in 1993 and became Managing Partner of the Belgian office in 2002. He was appointed Equity Partner in 1995, and became member of C&Ws EMEA Board and accepted the role of the Chairman of the Management Board for the Netherlands,
JAVIER HORTELANO Chief Operating Officer

Javier Hortelano joined Redevco as the Spain & Portugal Managing Director in 2004. Between 2004-2008, he developed the portfolio from 240m to 750m, whilst expanding the team from 4 to 15 employees. In 2008 -2011, he became responsible for Italy, France and Switzerland. In 2012, in his role as COO, he became a member of the Board. Currently, Javier is responsible for France, Germany, Spain & Portugal, Central Europe, the Netherlands and Switzerland. Prior to joining Redevco, Javier served as Director of the shopping centres asset management subsidiary of Carrefour (1993-2000) and as Managing Director of Spain & Portugal at VastNed (2000-2004). He is Vice Chairman of the Spanish Council of Shopping Centers (AECC) and a member of the faculty of the Programa de Direccion de Empresas Inmobilarias (Real Estate Management Degree) at the Instituto de Empresa (Ie) in Madrid.
Greece, Turkey and Germany in 2007. Eric is also a non-executive Director at Leasinvest Real Estate, a listed Belgium-based REIT.
ANDREW VAUGHAN Chief Executive Officer

Andrew Vaughan joined Redevco as the United Kingdom Managing Director in 2000. In 2004 he was appointed Managing Director for United Kingdom & Nordics and in 2007 was nominated to the Board in the role of COO of Western Europe (except Benelux). In 2010, Andrew took responsibility for the entire European portfolio and subsequently was appointed CEO in November 2011. Prior to joining Redevco, Andrew served at Moorfield Group Plc (1997-2000), where he managed the joint venture partnership with the Blackstone Group and other US PE Groups. From 1992 to 1997 he worked for Friends Provident Life Office, where he was ultimately appointed Fund Manager, assuming responsibility for the entire City and West End portfolio.
JUDITH DRGE Chief Human Resources & Corporate Responsibility Officer

Judith Drge joined Redevco in 2010 as Director of Human Resources. In 2012, she was appointed Chief Officer of Human Resources and CR. Prior to joining Redevco, Judith served as HR Director for Western Europe at DLA Piper, as HR Manager EMEA for Cisco Systems, and worked as a consultant at Accenture.
IN 2012 REDEVCO HAD OFFICES IN EIGHT COUNTRIES.
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DEDICATED TO CR
MATERIAL ISSUES
OUR CORPORATE RESPONSIBILITY APPROACH

BUILDING BETTER REPORTS
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DEDICATED TO CORPORATE RESPONSIBILITY

From the perspective of CR, 2012 was, once again, an important year for Redevco. We implemented a number of major strategic changes, ending our activities in a number of countries, leaving us a smaller and more vital company. These changes did not, however, affect the goals we set out to achieve for CR. This report presents a detailed overview of our CR approach, our successes and our dilemmas. We resolutely believe that CR is one of the drivers that strengthens our portfolio, improves relations with our tenants, motivates our employees, and makes us a responsible investor. We seek to be a leader in our sector and contribute in this way to a more sustainable society. In our 2010 report we set ourselves the target to seek external assurance and to achieve GRI application level B+ by 2013. Since then, we have worked towards this objective and Im proud that this 2012-2013 CR Report was subject to an external audit. The underlying reason is to reaffirm our belief in transparency and accountability, and demonstrate the progress we have made in the fields of integrity and compliance, corporate giving and HR policy, and the greening of our corporate offices and portfolio. The audit helps us by further embedding CR best practices and policies in our organisation, stimulating management, staff and stakeholders to drive CR forward. Perhaps most importantly, is that through this report we show our stakeholders that CR is part of our day-to-day work processes and an essential part of our decision-making. We are committed to making the impact of new initiatives Probably one of the key aspects in our business is integrity. We feel it is the cornerstone of our values, culture, business strategy and actions. That is why we attach so much importance to a strong culture of integrity, internal risk management, compliance, governance and in- and external audits. High ethical standards are characteristic to Redevco and seem to be in our DNA. This was also demonstrated by the fact that the Board and our Managing Directors all unanimously put business integrity at the top of the list, when asked what is key to our company values. Despite our great attention to compliance, we did encounter one case of none-compliance in 2012, involving a procedural mistake with regard to a building permit. This resulted in Redevco having to stop building activities and file a new building permit application which we are now preparing. We are dedicated to solve this issue and more strongly to prevent such events happening in the future. I think it is a clear indication of how seriously we are committed to CR. I would just like to reflect on some of last years events that I feel represent how we integrate CR in our daily business. clearly visible as we continue to develop our relationships with our stakeholders, working together with them to jointly achieve the best results. The CR platform at Redevco, for which I am responsible, has driven the achievements described in this report, and will continue to work on fine-tuning our CR KPIs, our policies and targets.
We resolutely believe that CR is one of the drivers that strengthens our portfolio, improves relations with our tenants, motivates our employees, and makes us a
responsible investor.
JUDITH DRGE, Chief Human Resources & Corporate Responsibility Officer
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As a sustainable organisation, Redevco is dedicated to reflecting its responsibility for the environment, nature and the world in the way it manages its real estate projects and properties. It is our aim to increase the share of BREEAM certified properties in our portfolio and as mentioned, we have also been working on engaging our tenants in our greening programme. We understand that especially in challenging economic times, reducing energy and water consumption is not their priority. But one way to involve our tenants is to provide feedback on their energy intensity compared to their peers. This is why we have started to calculate the intensity figures per retail category. To do this, we depend on our tenants to provide us with the data on water and energy usage. This is a continuous challenge in itself, which is reflected in not achieving the 2012 target of 75% for coverage of water data, which we set for ourselves. Instead we achieved coverage of 67%, which is not bad considering that it increased dramatically over the last five years from 28% in 2008. It only shows the complexity involved in gathering the water and energy consumption data.
work generates more than value, it creates good will, commitment and happiness.

Our employees are the heart of our company. We strive to offer our staff a working environment based on a number of key-principals like a high level of professionalism and possibilities to grow. We measure employee satisfaction every two years and I am very proud to say that the scores of last years survey are exceptionally high, outperforming the targets set, not only when compared to the 2010 survey but also to the General Industries Benchmark or the High Performing Benchmark.

Developing a sustainable portfolio starts with the way our own employees address environmental aspects relating to their work at Redevco, such as travel, the use of water and saving energy. Once again we are able to report that the emissions per employee have decreased. This is the sum of many activities and setting ourselves substantial and challenging targets.

It is our vision that people and surroundings are inseparably linked. Therefore we intrinsically feel that part of doing business is also about giving something back to the communities where we are active. It is amazing what our staff achieved in Brussels, Belgium on our Corporate Sustainability Day. Almost 200 colleagues spent an enjoyable day cleaning, renovating and refurbishing a school for special needs education. The reactions from the school, the students and from our own employees were indescribable; this form of social
In the report you will of course find other examples of our many CR success stories. We also report on the issues and dilemmas encountered on the way, as these are the challenges to be overcome in the future. Redevco International
JUDITH DRGE Chief Human Resources & Corporate Responsibility Officer
Event 2012, Brussels Belgium
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MATERIALITY MATRIX
LOW MEDIUM HIGH
EXCLUDED ISSUES
WASTE
HIGH
OCCUPATIONAL HEALTH & SAFETY MATERIAL USE HUMAN RIGHTS & ILO
ENERGY PERFORMANCE, CO2 EMISSIONS (INCL. PORTFOLIO) BUSINESS INTEGRITY GREEN BUILDING, CERTIFICATION (INCL. RESPONSIBLE MARKETING) LEGISLATION RISKS (COMPLIANCE) ENGAGEMENT OF TENANTS ON SUSTAINABILITY ISSUES (E.G. GREEN LEASES) DIVERSITY, TRAINING EDUCATION SUPPORTING LOCAL COMMUNITIES AND CORPORATE GIVING
FOCUSING ON MATERIAL ISSUES

Redevcos CR approach is best reflected in our approach Business in Balance, as in ourview, people and their surroundings are inseparable. This means strengthening the positive impact of our activities on society as a whole, while reducing any negative effects,
MEDIUM
Issue Waste
Reason for exclusion Redevcos portfolio exists mainly out of high street properties. In these types of properties, waste is the responsibility of the tenant. We cannot influence the waste they generate.
Transport (portfolio)
Our high street retail properties are primarily situated in city centres. We cannot influence the way that consumers travel to their shoppingdestinations.
RELEVANCE FOR STAKEHOLDERS
TRANSPORT (PORTFOLIO) BIODIVERSITY CRADLE-TOCRADLE DESIGN
ECONOMIC ENVIRONMENTAL COST WATER USE
and without jeopardizing the economic return on investments. We do not simply comply with minimum legal requirements; our aspirations reach further. Where feasible, wetry to stay ahead of regulations and prepare for future legislation. In 2011/12, Redevco indentified five key themes: Business integrity and compliance, Towards a green portfolio, Supporting local communities, Getting the best out of our people and Towards sustainable office operations. Within these key themes we chose to focus on a short list of material issues that are important to the real estate industry in general, and Redevco in particular. We developed a materiality matrix which combines two perspectives: that of Redevco and that of its stakeholders.
Biodiversity
The proportion of soft landscape and the plot size of our properties in city centres limits our influence on biodiversity in cities.
Cradleto-cradle design
The vast majority of our operations relate to existing properties ie materials already used in existing buildings. When redeveloping our properties weaim to comply with internationally transparent green building certification standards like BREEAM.
GREEN IT
LISTED BUILDINGS & CULTURAL HERITAGE
LOW
Economic Environmental costs
As a private company Redevco does not disclose any financial figures.
RELEVANCE FOR REDEVCO
We aim to strengthen the positive impact of our activities on society as a whole, while reducing any negative effects, and without jeopardizing the economic return on investments.
DERK WELLING, Head of Corporate Responsibility
WHERE FEASIBLE, WE TRY TO STAY AHEAD OF REGULATIONS AND PREPARE FOR FUTURE LEGISLATION.
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This year we have set another step forward in the development of our internal CR reporting tools. By doing so we ensure a proper data trial and safeguard reliable and complete data. Measuring and monitoring CR data makes us able to further improve our non-financial performance.
LARS DE VRIJ, Corporate Responsibility Manager
Redevco reports on the materiality issues listed in the blue shaded areas. The issues in the grey areas have little relevance to our portfolio and we can only exert a very limited influence on them. It is not that these issues are unimportant; we have included our reasons for exclusion in the table Excluded Issues on page 18.
CR GOVERNANCE STRUCTURE
COFRA CHAIRMAN CR REDEVCO

CR PLATFORM
OUTPERFORMING INDUSTRY AVERAGES

In 2013, we benchmarked Redevcos materiality performance against a database of 240 real estate companies in an external analysis conducted by Sustainalytics. We can report the following outcomes: Redevcos reporting on environmental, social, and governance (ESG) issues is relatively strong within the real estate industry and its level of transparency is in line with best practice on many issues. The company demonstrates a strong sustainability performance inmany areas, including policies on bribery and corruption and discrimination, scope of supply chain standards and programmes aiming to reduce greenhouse gas emissions and toincrease investments in sustainable buildings. Redevco has not been involved inany significant ESG controversies. There are a few areas in which Redevco isnot perceived as a leader. Redevco may beable to address these gaps through improved disclosure on its policies and practices.
CR HO MD CR MANAGERS PORTFOLIO DIRECTOR / MANAG. CR DATA PROVIDERS
Judith Drge, Chief HR & CR (Chair) Derk Welling, Head of CR Lars de Vrij, CR Manager Priscilla Tomasoa, Head of PR & CC Farisa El Moussaoui, PR & CC Robert Bakker, the Netherlands Christian Socha, Germany Eric Teng, France Yves Van Herpe, Belgium Christopher Sdl, Switzerland & Central Europe Manual Rodrigues, Spain/Portugal Miriam Keane, United Kingdom
REDEVCO SUSTAINALYTICS BENCHMARK PERFORMANCE

OVERALL SCORE ENVIRONMENT 59.0 72.6 34.0 SOCIAL 37.3 45.7 27.7 GOVERNANCE 47.1 61.2 37.6
The benchmark did not yield any new issues. Although Redevco outperforms the weighted industry average, we underperform the weighted best practice average due to a lack of disclosure on a number of indicators. This is partially due to our being a private company, and we therefore publish less
Redevco Weighted Best Practice Average Weighted Industry Average
50.4 62.8 33.4
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CR MANAGEMENT PROCESS
data than listed companies. However, this does not mean thatwe cannot improve: in fact, by conducting the analysis itself, we have already improved our rating as the analysis is externally assured, and secondly, this years CR report also includes abiography of our Board Members. Both will improve our governance score, however, governance transparency will need to take into account Redevcos status as aprivate company. We can also improve our environmental benchmark position by increasing the share of our portfolio covered by green leases, achieving the target set of 67% coverage of all lease contracts. We can easily improve our position by strengthening our CR reporting, for example by including information on the total percentage of Redevcos portfolio invested in sustainable buildings. Both these actions are reflected in this years report. Another action to improve our position will be initiated in 2013.
inthe Netherlands which will focus on the sustainability of shopping streets and how Redevco can contribute to the retailer to make annual tenant satisfaction survey, and disclose the response received in the 2013 CR report. By regularly benchmarking ourselves and listening to our stakeholders, we aim to continuously improve our CR performance, strengthening our positive impact and minimizing our negative impact. All readers of this CR report areinvited to help us by providing feedback and suggesting new ideas. The process of continuous improvement will be better supported by more frequent reporting on the CR targets and issues described in this report. As of 2013, our progress on five CR KPIs will be monitored on a quarterly basis as part of the standard quarterly management reporting process. Theseare the KPIs set for the themes Towards a Green Portfolio and Supporting Local Communities. Quarterly reporting alerts us to any issues early on in the process, allowing us to take remedial action if and where necessary.
CORPORATE RESPONSIBILITY KEY PRIORITIES
NEW THEMES
PROCESS STEPS
them more sustainable. We will conduct an
TOWARDS A GREEN PORTFOLIO GATHERING DATA & MEASURING CORPORATE RESPONSIBILITY PERFORMANCE INDICATORS NON CONFORMITIES/ CORRECTIVE AND PREVENTIVE ACTIONS
OBJECTIVES & TARGETS
INTERNAL AUDIT
ANNUAL REVIEW & PROGRESS REPORTING
STAKEHOLDER DIALOGUE MATERIALITY ASSESSMENT PEER REVIEW / BENCHMARK
IMPROVING CONTINUOUSLY AND REPORTING MORE FREQUENTLY

In addition to the Sustainalytics benchmark, Redevco listens to its stakeholders. In 2013, wewill organise a second stakeholder dialogue
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We want to be and be seen as a top retail real estate company, and our sustainability drive can help us achieve that.
THIERRY CAHIERRE, Managing Director Redevco France
LEARNING FROM FEEDBACK
BUILDING BETTER REPORTS
HEINZ BRENNINKMEIJER Managing Director Redevco Germany

We are positive about the 2011 CR Report. Although well-received, we wantmore people, staff and stakeholders, to be aware of what were doing, for example in greening our portfolio and where were going to go with sustainability and CR in the future.
Redevcos approach to all aspects of management is driven by continuous improvement. We listen to and learn from feedback provided by all our stakeholders, both internal and external. This was also true when creating this years CR report. The feedback received from our country officess hasplayed an important role in determining the new focus and format. This has resulted in a full, audited report on our website in the form of an interactive PDF. Here we enriched the report with links to other sources ofcontent and information, like short movie clips. In addition, we replaced the printed summary with a much shorter teaser document that only provides the highlights and QR codes for fast and easy access to the full report on our website. One of the key comments was to improve communication about this report to our staff and to our most important stakeholders. Both Redevco Germany and Redevco France were very clear on this point.
THIERRY CAHIERRE Managing Director Redevco France

Our CR mission could be made clearer for tenants and the local communities where are our properties are. We want to be and be seen as a top retail real estate company, and our sustainability drive can help us achieve that. The 2011 report shows that we take sustainability and CR seriously, supporting this mission. We need to work hard to ensure that CR becomes part and parcel of our daily activities, both in the company itself and for our stakeholders. The five themes introduced in the 2011 CR report reflect social developments in the outside world; in media, politics and legislation. These themes show our stakeholders that Redevco is responsible and sustainable in areas which make sense to them. However, we do not treat the report as a good news message; it reflects the true dilemmas faced by our organisation when working on achieving CR policies. You are invited to let us know what you think of our CR report and policies email us.
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OUR FIVE KEY THEMES

> READ MORE
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23

Integrity in our DNA Business integrity and compliance is in our DNA, its the way we work, not only internally as professionals, but externally, for and with our shareholders, customers and partners. Integrity is such an important part of our lives; it lies behind the way we do business, the way we comply with requirements, and the way we subscribe to the values of sustainable business. Every year, we take time to check that, throughout our company we are still focusing on and complying with the business integrity policy and the targets we have set for that year.
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CORPORATE OBJECTIVES MAINTAIN A HIGH BUSINESS INTEGRITY AWARENESS KPI % OF STAFF WHO SIGNED AND/OR PARTICIPATED IN INTEGRITY WORKSHOP
WORKING ON AWARENESS
At Redevco, weve been actively working on Business Integrity and Compliance for a long time. We have our own Business Integrity Policy (BIP), based on the COFRA Group Business Principles, our parent company. In 2011 we completely renewed our BIP for publication on our website. The new policy was effected on 1 January 2012 and is available in English, German, Spanish, Dutch and French. All our employees have to sign the BIP each year. This usually occurs during performance reviews. In 2012, 91% of all our employees signed the BIP (85% of management and 92% of non-management). Reasons for not signing were mainly downto things like maternity leave or illness; not one of our
In 2011, we created BIP workshops to communicate the new BIP to our employees. During the workshops, we use the COFRA Value Game Cards on the Table, which confront our employees with integrity dilemmas. These workshops are heldonce every two years, although local offices are free to organise them as they wish, or arrange alternative events, asdid Redevco Netherlands. CHONY MARTIN Financial Director Redevco Spain We have prepared an internal BIP compliance booklet which each employee must sign. Whats new in 2012 is a separate booklet in Spanish, setting out corporate responsibility topics such as the use of company cars, etc.
CORPORATE OBJECTIVES COMPLY WITH BIP, REGULATIONS AND LEGISLATION KPI TOTAL NUMBER OF INCIDENTS, BREACHES AND SANCTIONS AS A RESULT OF NON-COMPLIANCE
90%
ACHIEVED
TARGET
TARGET
0
1
91%
NOT ACHIEVED
2012 PERFORMANCE
employees refused to sign the BIP for reasons ofprinciple orother reasons.
2012 PERFORMANCE BY WHEN
BY WHEN
ANNUALLY
During a workshop with the Board and local country Managing Directors, we asked everyone to make a list of their top 3 Redevco values. Without exception, Integrity was at the top of everyones list it really is in our DNA!
MARCEL EGGENKAMP, Chief Financal Officer
ANNUALLY
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ROBERT BAKKER Development Manager Redevco Netherlands

In 2012, we organised an employee visit to the theatre to watch the playDe Verleiders (The Seducers), a play based on the Dutch bestseller De Vastgoedfraude (The Real Estate Fraud), The play describes the extensive Dutch real estate fraud case De Klimop involving institutional property developers, investigated at the turn of this century. This visit hadan enormous impact and led to animated discussions between staff, specifically as it made the dilemmas around property dealsso evident. Itssomething we still talk about regularly.
Suppliers for building and maintenance work were asked to sign our BIP for contracts above 10,000.
CHRISTIAN SOCHA, Project Manager Portfolio Redevco Germany
whywere doing this. The document is not legally binding. This makes it difficult to act in case the BIP is not upheld. For example, who is liable in the case aCEO signs the document and an employee doesnt stick to it? This strategy is gaining impetus. Redevco United Kingdom sent the BIP toalltheir suppliers in 2012, and the German BIP for suppliers has now alsobeen translated into Dutch, and will be sent to all major suppliers and contacts in 2013. Another trend that we as Redevco have to be aware of, is that our tenants also have their own BIP which they would like us to sign. We have received BIPs from a number of international retail organisations, for example a major fashion retailer who presented their BIP to us in 2013, for notification purposes only. Redevco has actually signed this BIP. We dotry to ensure that the agreements contained in it are practical and executable.
SIGNING UP TO BIP
In 2010, Redevco Germany developed a version of the BIP to be signed byall their suppliers.
CHRISTIAN SOCHA Project Manager Portfolio Redevco Germany

Suppliers for building and maintenance work were asked to sign our BIPfor contracts above 10,000. By the end of 2012, more than 50 partners signed the document and we havent had any issues with peoplenot wanting to sign. All our business partners understand
COMPANY-WIDE INTEGRITY
The Human Resource Department is invariably involved in business integrity and compliance, as this is an individual employee issue. Integrity has to be tackled in the intake discussions, before a decision is made on employment. At the moment, candidates are not asked for a certificate of good conduct, and there is no explicit review of a candidates antecedents, but this is likely to change in the future.
This visit had an enormous impact and led to animated discussions between staff, specifically as it made the dilemmas around property deals so evident.
ROBERT BAKKER, Development Manager Redevco Netherlands
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PRACTICING WHAT WE PREACH

CAROLINE VAN SLOOTEN Head of Legal and Compliance Officer Its my job
to review any BIP related case, certainly if property is involved. Imthe linking pin between the local countries and Head Office. In 2012, Iwas asked to look at a number of cases: for example, does the vendor orpurchaser reputation check give us enough comfort to proceed with thisparty. Also, I give guidance to the local management in questions like what if I or one of my staff is invited to a football match bya supplier or business relation; what should Ido with business related Christmas presents, or, if I or one of my staff is invited on aglider trip? As Head of Legal, Caroline is involved with compliance with national legislation, We expect our local lawyers to remain up to date on property-related legislation, via their network, congresses, jurisprudence, professional literature etc. This, so we can rely on them to advise and informus correctly. Caroline is member of the Integrity Platform of the IVBN (Association of Institutional Property Investors in the Netherlands)
andmember of the ICSC (International Council of Shopping Centres) legalgroup. Integrity is a central theme for both platforms, and in this waywe know whats going on and what our peers are doing. In 2012, Redevco was involved in one case of non-compliance, resulting fromactivities in the previous year. It involved a redevelopment project of theDrogenbos retail park in Belgium. On 23 March 2009, Redevco filed a building permit application for the renovation and extension of the retail park. On 12 October of the same year, the municipality of Drogenbos notified Redevco regarding the permit for the project. We started work and informed the municipality on 26 January 2010. 16 months later, Drogenbos notified Redevco that they had committed a procedural mistake as the decision of12 October 2009 was only an advice about the permit. Redevco filed a new application on 18 August 2011 for the same work, but Drogenbos and the province had to refuse following a binding negative opinion from the Flemish planning board. Redevco is now preparing a new building permit application, responding to the comments made by the Flemish planning board.
We expect our local lawyers to remain up to date on propertyrelated legislation, via their network, congresses, jurisprudence, professional literature etc.
CAROLINE VAN SLOOTEN, Head of Legal and Compliance Officer
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EXAMPLES OF LOCALLY RESOLVED INTEGRITY DILEMMAS

In one case in the Netherlands, a new purchaser for one of our properties was found by an estate agent. We found out that the potential purchaser was someone involved in an extensive property fraud, and who had been convicted for this. We discussed this internally and decided that we had to let the real estate agent know that we could not go ahead with this deal. We reviewed the case using local research and expertise, demonstrating that we can pro-actively work using our own BIP. In this case, there was no need to consult with head office. Redevco Belgium had a similar locally resolved case, where it was immediately clear that no deal couldbe made with a candidate purchaser for one of our properties. Another example comes from Redevco United Kingdom. There was a vacant retail unit in one of our properties in the United Kingdom. Strong interest came from a local start-up company for a bar and restaurant operation. During the negotiations our Managing Agents with local knowledge advised that the individual backing the company was suspected of ghosting but had not been charged. The local press hadreported that he continued to accept payments for nursing homeresidents who had passed away. This rang alarm bells for Redevco United Kingdom, we ceased negotiation and let the unit to a different tenant.
IMPROVING RISK MANAGEMENT

We found out that the potential purchaser was someone involved in an alleged extensive property fraud, so we did not continue discussions with this individual.
CLEMENS BRENNINKMEIJER, Managing Director Redevco Netherlands
The Redevco CR Report 2012 includes objectives for structural improvement of the Internal Control Risk Management (ICRM). One objective required an external risk assessment: external auditors Ernst & Young were asked to conduct a risk-assessment which took placefrom October till March 2013. During the audit 252 ICRM controls were tested over ten processes and ten locations. A second aim of the audit was to include corruption and fraud as risk factors in overall risk assessment. The audit was not conducted to expose fraudulent practice, however in practice, it reported that in 50% ofthe checks, Redevco ran a risk of possible fraud. The audit process hasto ensure that any cases of fraud are detected, however the main aimis to ensure that fraud is prevented upfront. Based on the audits results, Redevco will continue to actively improve its risk management framework. These improvements focus on all areas of the risk management framework, including continuing improvements in the area of strategic risk management, further rationalising the design ofthe framework, and local implementations of improvements.
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This sections title Towards a green portfolio shows that we are still working on greening our operations and were not there yet. Thats quite logical; from the start we have seen this as a process of continuous improvement. This has paid off so far, as our policy of taking small steps has not been interrupted by events like the economic crisis.
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CORPORATE OBJECTIVES: ENGAGE TENANTS TO REDUCE ENVIRONMENTAL IMPACT OF OUR PROPERTIES KPI: % OF NEW LEASE CONTRACTS WHICH ARE GREEN LEASES BY WHEN: 2013 TARGET
The fundamental principle behind Redevcos approach towards a green portfolio is our belief that by greening the portfolio: operating costs for our tenants will be reduced, making them more competitive; the risk profile of our assets is lowered, consequently improving the quality offuture cash flow; we can positively contribute to the global fight against climate change, albeit on asmall scale. This principle demonstrates our sincere commitment to greening our portfolio. The progress we make is measured against a set of KPIs and regular performance indicators (PIs). However, describing our objectives, designing KPIs and setting targets is one thing; achieving what we set out to do is another. In 2012 we did not achieve all the targets set, however we did move forward. In this section we describe what we achieved, what the remaining challenges are, and where we are going.
DECREASING INTENSITY, ENGAGING TENANTS

There are a number of areas of greening where we dont always have the operational control we would like to have. We measure energy, carbon and water intensity across our portfolio in order to get a better understanding of the total environmental impact of our portfolio. We are convinced that our continuous redevelopment programme will yield lower intensity figures as time goes by, sowe need to know where we can achieve the most significant reductions. In our previous CR report, we were able to demonstrate a three-year continuous decline inenergy and carbon intensity. In 2012 we haveseen minor improvements; in some casesthings got marginally worse. We have torecognize that energy intensity figures are influenced by weather patterns, opening hours and different retail categories. We are working on engaging our tenants in our greening programme, and
67%
IN PROGRESS
CORPORATE OBJECTIVES: ENSURE THAT SAMPLE SIZE OF CONSUMPTION DATA IS SUFFICIENT KPI: ENERGY AND WATER DATA COVERAGE INVESTMENT PORTFOLIO BY WHEN: ANNUALLY TARGET
JAVIER HORTELANO Chief Operating Officer By greening our portfolio we achieve a win/win situation as it makes our tenants more competitive (by reduced operating costs) but at the same time, this complies with our strategic and operating targets.
continually monitor their progress. However we notice that, for example, reducing water intensity is not always one of their priorities. We will continue to work with our tenants to improve awareness and involve them in our greening process: it is one of our fundamental concerns. One way to achieve this is by providing them with feedback on their energy intensity compared to their peers.
75%
MINIMUM ACHIEVED TARGET
CORPORATE OBJECTIVES: ENSURE ENHANCED PERFORMANCE IN GREENING OUR PORTFOLIO KPI: NUMBER OF BREEAM IN-USE CERTIFICATES FOR EXISTING BUILDINGS BY WHEN: 2012 TARGET KPI: NUMBER OF BREEAM IN-USE CERTIFICATES FOR EXISTING BUILDINGS BY WHEN: 2013 TARGET KPI: % OF BUILDINGS WITH EPCS IN PROGRESS BY WHEN: 2013 TARGET
76%
21
NOT ACHIEVED
50
100%
ENERGY DATA IN PROGRESS WATER DATA NOT ACHIEVED
67%
PROPERTIES PER REGION (IN TOTAL 35) TO BE CERTIFIED
PROPERTIES TO BE CERTIFIED IN A CALENDAR YEAR
IN PLACE WHERE LOCAL LEGISLATION IS IN PLACE
30
SCOPE ENERGY & CO2 DATA number of properties
LFL M 390 207
5 26 21 46 2 48 4 18 12 25
INTENSITY FIGURES PORTFOLIO

RETAIL
Austria Belgium France Germany Hungary Netherlands Portugal Spain Switzerland United Kingdom
TOTAL NUMBER OF PROPERTIES IN PORTFOLIO
ENERGY INTENSITY kWh/m2/year

2011 LFL 227 202
278 145 218 256 449 145 222 185 138 198
CARBON INTENSITY kgCO2/m2/year

2012 M 2011 LFL 58 61
45 30 20 91 124 50 84 55 11 85
SCOPE WATER DATA number of properties

2012 M
WATER INTENSITY m3/m2/year

2011 LFL 0.39 0.33
0.42 0.13 0.72 0.36 0.46 0.07 0.07 0.32 0.64 0.26
2012 LFL 225 208

257 157 219 260 483 146 209 186 180 192
2012 LFL 56 60
47 33 21 89 137 49 53 44 12 83
LFL 237 119

4 10 9 33 1 27 3 5 11 16
M 345 166
5 12 16 46 2 42 3 9 12 19
2012 LF 0.37 0.30

0.44 0.13 0.57 0.35 0.60 0.07 0.09 0.26 0.41 0.20
2012 M q q
p = q q p = p q q q = q p
527
High Street
343 182
5 23 14 46 1 42 4 15 11 21
q
p
225 210
257 159 282 260 468 149 209 184 178 175
q q
p p p q p q q q p q
55 59
47 34 26 89 132 49 53 44 12 75
0.34 0.31
0.41 0.13 0.53 0.37 0.57 0.07 0.09 0.22 0.42 0.19
262
5 44 24 59 2 58 6 19 14 31
q p p p p p q p p q
RETAIL
Austria Belgium France Germany
ox / Park / B Supermarket
138
4 96 3 11 1 17 5
74
0 50 1 0 1 17 5
83
0 53 2 5 1 17 5
331
350 223 109 218 158
314
332 167 128 211 169
314
-
70
73 17 36 65 8
66
70 13 39 50 11
66
-
66
4 52 0 0 1 4 5
94
4 55 2 11 1 16 5
0.43
0.42 0.43 0.03 0.85 0.14
0.43
0.36 0.44 0.01 0.50 0.18
0.45
0.36 0.43 0.32 0.09 0.01 0.84 0.18
q q
333 218 144 128 211 169
q q
70 17 44 39 50 11
Netherlands Spain Switzerland
p q p
p q p
q q p
RETAIL
Shopping Centre
79
1 8 24 11 1 10 4 11 1 8
57
1 5 18 5 0 9 3 8 1 7
68
1 6 24 5 0 9 4 11 1 7
182
117 187 200 180 120 245 170 80 209
197
115 179 230 174 120 242 195 117 232
p
q q p q = q p p p
202
115 172 232 174 120 248 210 117 232
49
18 41 16 67 43 93 51 2 91
48
22 38 21 65 43 62 46 3 100
q
p q p q = q q p p
47
22 37 21 65 43 63 50 3 100
34
1 2 3 7 0 7 3 7 0 4
54
1 2 19 7 0 7 4 7 0 7
0.44
0.12 0.06 0.20 0.24 0.06 0.13 0.71 1.38
0.40
0.15 0.07 0.47 0.34 0.04 0.10 0.17 1.53
q
p p p p
0.30
0.15 0.07 0.17 0.34 0.04 0.10 0.17 1.05
Luxembourg Netherlands Portugal Spain Switzerland United Kingdom
q q q
LFL = like-for-like, M = measured
31
SCOPE ENERGY & CO2 DATA number of properties
LFL M 390 16
0 1 12 3 0
INTENSITY FIGURES PORTFOLIO

INDUSTRIAL
Belgium France Germany Spain United Kingdom
TOTAL NUMBER OF PROPERTIES IN PORTFOLIO
ENERGY INTENSITY kWh/m2/year

2011 LFL 227 128
103 145 95 -
CARBON INTENSITY kgCO2/m2/year

2012 M 2011 LFL 58 31
14 36 28 -
SCOPE WATER DATA number of properties

2012 M

2011 LFL 0.39 0.14
0.07 0.82 -
2012 LFL 225 109

85 118 101 q q p
2012 LFL 56 27
10 32 24 q q q
LFL 237 6
0 0 5 1 0
M 345 16
0 1 12 3 0
2012 LF 0.37 0.09

0.07 0.26 -
2012 M q q 0.34 0.12

0.03
527 28
1 1 22 3 1
343 15
0 1 11 3 0
q q
225 105
85 111 101 -
q q
55 26
10 30 24 -
=
q
0.09 0.23 -
OFFICES
Austria Belgium France Germany Hungary Netherlands Spain United Kingdom
20
2 4 1 4 1 1 1 6
15
2 0 1 4 1 0 1 6
16
2 1 1 4 1 0 1 6
186
127 448 164 258 80 199
206
153 378 200 256 83 207
p p
222
153 314
54
21 42 51 68 24 83
63
27 35 63 67 20 79
p p
63
27 62
12
2 1 1 4 1 0 1 2
15
2 1 1 4 1 0 1 5
0.52
0.68 0.18 0.54 0.47 0.87 0.86 0.73
0.52
0.80 0.17 0.54 0.50 0.26 0.95 0.68
=
p q
0.54
0.80 0.17 0.54 0.50 0.26 -
q p q
378 200 256 -
q p q
35 63 67 -
=
p q
p p
83 207
q q
20 79
p q
0.95 0.66
*LFL = Like-for-like, properties of which the consumption figures for two consecutive years are based on measeured consumption data in order to compare the consumption performance year on year. For reasons of comparison, Redevco makes a distinction between LFL and measured intensity figures. The number of properties included to calculate the LFL intensity figures is listed in the column Scope under LFL. The number of properties included to calculate the measured intensity figures is listed in the column Scope under Measured (M) and is based on all properties for which complete and validated consumption data were available in 2012. Please note that the 2011/12 like-for-like sample in this table may differ from previous years. Consequently the 2011 data listed in this table may differ from previous years.
TOTAL ENERGY CONSUMPTION (M) BY ASSET CLASS
7% 9% 4% 37% 9%
TOTAL CARBON EMISSIONS (M) BY ASSET CLASS

7% 5% 43%
TOTAL WATER CONSUMPTION (M) BY ASSET CLASS

1% 11% 9% 28%
TOTAL ENERGY CONSUMPTION (M) BY COUNTRY

7% 1% 4% 1% 46% 2% 6% 2%
TOTAL CARBON EMISSIONS (M) BY COUNTRY

10% 7% 1% 5% 1% 39% 1%
TOTAL WATER CONSUMPTION (M) BY COUNTRY

9% 4% 6% 1% 1% 48% 23% 3% Austria Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom
25% 43% RETAIL High Street 36% 51% RETAIL Box / Park / Supermarket RETAIL Shopping centre INDUSTRIAL OFFICES 6% 33% 3%
5%
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ENERGY DATA COVERAGE FROM 27% IN 2008 TO:
INCREASING ENERGY DATA COVERAGE

We rent most of our properties to retail clients. They themselves purchase the energy and water for these properties. To get insights into the energy and water usage, we are therefore required to collect this data from our tenants. Since we started this process, energy data coverage has steadily grown from 27% in 2008 to 76% in 2012 (2011: 70%). The data coverage for water use has also increased dramatically in the same period, from 26% in 2008 to 67% in 2012 (2011: 51%). And even though many of our tenants are not able to provide insights into this data and we ourselves set higher targets for data coverage, we are pleased with the results. Somehow not all the tenants monitor the energy and water consumption. They mostly keep track of the costs of energy and water consumption.
per retail category. We plan to use these figures when engaging with our tenants. We want to work together with them to convince them of the mutual advantages of energy intensity reduction.
IN 2012 (2011: 70%)
76%
DATA COVERAGE FOR WATER USE FROM 26% IN 2008 TO:
GREENING TENANT LEASES

A green lease is a covenant between a landlord and a tenant that incor porates voluntary and/or legally binding commitments to minimise the environmental impact of the building and the use of the building. Theintroduction of green leases facilitates the more efficient resource use inour properties. In some countries, like France, green leases are obligatory for retail unitsover 2,000 m2 (Grenelle II), however this is not true for all countries, and there are great differences between countries. At the moment the Netherlands, France and Spain are Redevcos leading green lease countries (see table on page 33). A current issue is that the green lease isnot binding everywhere in Europe.
INTENSITY FIGURES PER RETAIL CATEGORY

A further development of our energy data collection is that, from 2012, we havestarted to calculate the intensity figures per retail category. This helps usto prioritize the retail categories we should focus on in order to reduce theenvironmental impact. The graph on page 33 presents the intensity figures
IN 2012 (2011: 51%)
67%
Im very enthusiastic about the fact that well start sharing intensity information per retail category with our tenants as of this year. Weve always claimed that greening the portfolio is a collaborative effort. The fact that were giving something tangible back to retailers is positive proof of this.
JORIS DE VAN DER SCHUEREN, Head of International Retail Clients at Redevco
33
INTENSITY FIGURES PER RETAIL CATEGORY
Accessories, Jewelry Books / Stationary Catering Children - Maternity Cultural products D.I.Y. and Gardening Department Stores Dry cleaning, launderettes Florists Gastronomy, Food Stores Hairdressers Health,Hygiene Services Household electrical Household equipment Hyper/Supermarkets Leather goods - Luggage Lingerie Market Sector Services Mens Ready-to-Wear Mixed Ready-to-Wear Non Market Services Office Optician Other shops Perfumery Pharmacy Records, video, DVD (non hire) Service/Gas Station Shoes Sports goods Storage Tableware and decoration Telephony, Internet Tobacco Toys, gifts Travel Agency Vehicles Womens Ready-to-Wear Grand Total
Energy Intensity by Lease Type kWh/m2 /year

339 279 375 214 191 277 159 400 357 369 352 325 202 98 318 329 395 352 245 206 519 210 336 248 801 241 307 144 168 486 111 174 427 356 189 351 138 377 227 200 400 600 800
Carbon Intensity by Lease Type kgCO2/m2 /year

77 88 86 42 28 58 38 82 68 102 73 100 36 33 67 62 58 75 26 57 108 57 64 57 68 42 79 44 44 153 28 33 135 74 26 75 17 109 55 20 40 60 80 100 120 140 160
Water Intensity by Lease Type m3/m2 /year

0.66 0.36 1.06 0.66 0.32 0.49 0.45 1.06 0.64 1.97 1.15 0.93 0.25 0.11 0.44 0.41 0.31 0.46 0.66 0.23 0.64 0.46 0.57 0.37 2.51 0.12 0.42 0.09 0.18 0.72 0.12 0.14 0.54 0.38 0.23 0.54 0.34 0.13 0.34 0,5 1 1,5 2 2,5
Green leases ( ) as Percentage of New Leases 2012 ( ) %

50 20 50 50 100 80 50 100 100 100 100 100 71.4 50 40 25 16.7 28.6 50 60 100 75 83.3 100 100 100 100 33.3 100 10.7 25 28.6 89,3 75 71.4 100 100 100 100 22.2 33.3 77.8 66.7 100 100 75 100 100 100 100 25 20 40 60 80 75 100 25 100 66.7
21 10 81 4 7 38 16 13 11 32 51 29 12 19 86 7 7 42 8 263 10 193 26 80 10 6 8 5 26 13 63 12 23 1 3 22 3 10 1271
20 9 86 4 4 41 5 14 12 38 55 30 11 17 91 7 9 42 8 242 10 191 25 88 14 9 8 11 32 18 71 14 20 1 8 21 6 18 1310
4 2 5 2 1 10 1 0 1 7 8 5 2 4 6 1 1 3 4 24 1 28 4 14 1 0 2 0 9 3 5 3 4 0 2 2 1 2 172 %
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THIERRY CAHIERRE Managing Director
In most countries where we are active, we have already introduced green leases. In 2012 we closed a total of 172 new lease contracts of which approximately 25% were effectively green leases. This is far below our target for 2013 of 67%. We see that tenants show different attitudes to green leases; if signing a green lease results inraising costs (e.g. investment in lighting concepts, then this of course raises a dilemma. Our policy is that we still agree non-green lease contracts in these cases. However, we see differences in different retail categories, as can be seen on page 33 which shows the uptake of green leases as a percentage of the total leases in each category. As there is still no agreed definition of what constitutes a green lease in the sector, Redevco welcomes the initiative from the International Council for Shopping Centers (ICSC) to re-start the Sustainability Working Group in 2013.
We will aim to get for each property a schedule of what we can do and how much it is going to cost to improve the energy performance of our portfolio. We will then have a business plan for every asset and even if it is let for another ten years, we will know what can be done to improve the energy rating when the opportunity arises. Hopefully this can be done in conjunction with our tenants, although it is possible that in the end whatever we do to improve sustainability in a building will be on our account
ADAM STARR, Managing Director Redevco United Kingdom
Redevco France We want to go further than what is understood by green lease under French law. This is a light version of the green lease that we at Redevco want. The difference between our green leases and the Grenelle II light green lease is that ours include the communication of energy consumption data, and more specifically tenant involvement in reducing consumption in future years. Green leasing is an important way of engaging our tenants and aligning our mutual objectives to reduce the environmental impact of assets
OVERVIEW NUMBER OF GREEN LEASES GREEN LEASES (by country)

COUNTRY
Austria Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom Total
(% by m2) 2012
0.0% 0.1% 9.1% 0.1% 0.0% 0.0% 84.1% 1.4% 0.6% 0.0% 0.5% 5.4%
SHARE OF GREEN LEASE

2011
0.0% 0.0% 2.8% 0.0% 0.0% 0.0% 83.7% 0.0% 0.0% 0.0% 0.0% 4.5%
(% by total leases) 2012

0.0% 1.6% 12.6% 0.9% 0.0% 0.0% 52.2% 9.1% 8.3% 0.0% 1.0% 7.1%
(% of new leases) 2012

0.0% 15.2% 46.7% 11.1% 0.0% 0.0% 81.8% 100.0% 60.0% 0.0% 6.5% 25.0%
they rent from us. Increasing numbers of property developers are turning to green leases. We expect that by increasing the number of green leases, we will increase the energy and water intensity data coverage. We also expect that green leases will help us to reduce the intensity figures.
2012
0 10 22 2 0 0 70 1 12 0 2 119
2011
0 0 11 0 0 0 75 0 0 0 0 86
2011
0.0% 0.0% 5.4% 0.0% 0.0% 0.0% 49.7% 0.0% 0.0% 0.0% 0.0% 4.8%
IN 2012 TWO REDEVELOPMENT PROJECTS WERE AWARDED A BREEAM CERTIFICATE: AN EXCELLENT RATING FOR GEORGE HOUSE, GLASGOW (UNITED KINGDOM) AND A VERY
GOOD RATING FOR
KLEIWEG 24-28 IN GOUDA (THE NETHERLANDS)
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BEFORE
WERE AMBITIOUS, SO WE DO TRY TO GET NEW TENANTS TO SIGN A QUALIFIED GREEN LEASE
GOUDA KLEIWEG REDEVELOPMENT: BREEAM VERY GOOD In June 2011, Redevco Netherlands announced development plans for the retail complex Kleiweg 24/28 in Gouda. From the start, we decided to ensure that the project would be BREEAM certified. The redevelopment of this 7000 m2 property started in the first quarter of 2012 and the project was completed in October the same year. After completion, The Sting also aBREEAM-certified building team. The reconstruction work has led to improvements in the environmental impact of the buildings, with great savings in energy and water use. In 2013, we will know exactly how great the savings are. However, its not only energy savings that won awards: the new Kleiweg 24/28 has considerably improved the ambience of the shopping street for both the tenants and residents. It involved the local council, residents, tenants, property developers and others, with a website keeping everyone informed: www.forumgouda.nl Clemens Brenninkmeijer, Managing Director of Redevco Netherlands, This redevelopment shows our ability to maximise sustainability with a good balance on social impact and return on investment a true win-win situation.
Redevco will participate in this group, which will also focus on topics like landlord and tenant engagement and green leases. Concerted action is needed at European level to increase the uptake of green leases in the industry. YVES VAN HERPE Environmental Manager Redevco Belgium The problem is that there is no clear definition of a green lease. Some are really strict, with clauses that lead to heavy fines; others are light and only go as far as determining the use of state-of-the-art lighting systems. Were ambitious, so we do try to get new tenants to sign a qualified green lease, as this will lead to getting a better BREEAM certificate.
WORKING ON BREEAM
In 2008, Redevco selected BREEAM as its green building standard. Since then it has been our objective that any new development project with a construction spend of more than 10 million should be BREEAM certified, aiming at a Very Good rating. In 2012 two redevelopment projects were awarded a BREEAM certificate: an Excellent rating for George House, Glasgow (United Kingdom) and a Very Good rating for Kleiweg 24-28 in Gouda (the Netherlands). Examples of future BREEAM redevelopment projects are Sainte Catherine in BordeauxFrance (target: BREEAM Very Good) and ALEA 101 in Berlin-Germany (target: BREEAM Excellent).
became atenant, alongside existing clients like C&A, WE, Blokker and V&D. The original Kleiweg arcade has been transformed into retail space and the facades have been completely restored in the architectural style fitting the area. The redevelopment was awarded a BREEAM-NL Very Good certificate. The project was qualified as a Sustainable building project by the NRW (Dutch Council for Shopping Centres). Redevco only worked with
AFTER GOUDA -THE NETHERLANDS
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DISTRIBUTION OF INVESTMENT VALUE OVER BREEAM-IN-USE PERFOMANCE LEVELS % (ASSET SCORE ONLY)
In 2012, we started to assess our portfolio in terms of BREEAM-inUse and since then we have made an improvement by being able to implement it in a growing number of properties and markets but also by learning from our experiences. This tool enables us to measure the status of our properties and really work on continuous improvement in our day-to-day operations, something essential to achieve the operational excellence for which we strive. We also continue to apply BREEAM for our (re)developments.
In 2012, we started to assess our portfolio in terms of BREEAM-in-Use. This tool allows us to measure the status of our properties and work oncontinuous improvement: the rating scale begins with acceptable andmoves up to outstanding. We have now measured the number of BREEAM-in-Use properties as well as the share as a percentage of total investment volume. We set the KPIs for BREEAM-in-Use for 2012 at five certifications per Redevco region (total of 35). We did not achieve this; a total of 21 properties were certified in 2012. Less certificates were awarded than targeted, as we gave priority to a laborious sales program in 2012. The BREEAM-in-Use certificates represent 8.6% of our total investment volume. However, this experience has been a learning experience for the future. We now expect the certification process to run more smoothly and effectively throughout Europe. It is a continuous improvement process and our progress can be viewed on our website. In the future the focus will be on making the BREEAM scores more transparent. It is our aim to improve the ratings, but we have to be realistic about which target is economically feasible within our portfolio. In 2013, Redevco United Kingdom aims to achieve ten BREEAM-in-Use certificates for its properties. Redevco Spain/ Portugal aims to add another ten properties to the five existing BREEAM certifications achieved in 2012. CHRISTOPHER SDL Portfolio Manager Redevco Switzerland and CentralEurope For 2013 we are working on the refurbishment of the C&A shop of 1800 m2 in Solothurn. For that reason we have formed a working group with C&A and an external consultant to bring everyone in contact and in line with BREEAM and BREEAM-in-Use. This will act as a pilot for
outstanding
excellent pass
very good
good
acceptable
not certified
JAVIER HORTELANO, Chief Operating Officer
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how to work on larger refurbishment projects. For the C&A store in Linz, all the work for a BREEAM-in-Use has been completed. Sdl, We hope to be BREEAM certified in the summer of 2013. The whole process with C&A worked well and is an example for other BREEAM-in-Use projects with C&A. In Belgium, Yves Van Herpe, Environmental Manager Redevco Belgium, In2012 we set our sights on five BREEAM-in-Use certificates. We actually managed four; the last project in Auderghem will be certified
DISTRIBUTION OF INVESTMENT VALUE OVER EPC RATINGS
ENERGY PERFORMANCE CERTIFICATE
EPCS AVAILABLE AS % OF ECPS REQUIRED EPCS NOT AVAILABLE NO LEGISLATION IN PLACE
in2013. Thisyear we aim to have 15 new single-tenant properties certified with BREEAM-in-Use.
G
COUNTRY
Austria Belgium France Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom* Sub total Germany** Total
100% 100% 91% 67% 0% 100% 80% 100% 100% 93% 93% 92% 93%
0.0% 0.0% 0.0% 0.0% 0.0% 14.7% 0.0% 0.0% 0.0% 0.0% 1.4%
50.0% 0.0% 0.1% 0.0% 0.0% 10.9% 76.3% 0.0% 0.0% 2.4% 4.1% 46.0% 18.0%
47.6% 0.0% 0.0% 0.0% 0.0% 27.3% 6.1% 0.0% 0.0% 8.7% 5.8%
2.4% 0.0% 1.2% 0.0% 0.0% 19.9% 0.0% 0.0% 0.0% 48.2% 10.1% 38.9% 15.6%
0.0% 0.0% 6.9% 12.2% 0.0% 13.3% 0.0% 0.0% 0.0% 14.8% 5.1%
0.0% 0.0% 6.8% 5.6% 0,0% 5.3% 0.0% 0.0% 0.0% 2.9% 2.3% 3.9% 22.4%
0.0% 0.0% 83.2% 0.0% 0.0% 8.7% 0.0% 0.0% 0.0% 18.7% 19.4%
0.0% 0.0% 1.8% 82.2% 100.0% 0.0% 17.6% 0.0% 0.0% 1.5% 1.6% 11.2% 3.4%
0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 2.8% 50.2% 0.0% 40.6%
INCREASING INVESTMENT IN ENERGY EFFICIENT BUILDINGS

The Energy Performance of Buildings Directive (EPBD) states that all buildings, when being sold or up for lease renewal, have to have an energy performance certificate (EPC). Here again, Redevco is striving to go further than the basic requirement and aims to certify all its properties by the end of2013 in all countries where this legislation came into force. We count the number of EPCs available and divide this number by the (theoretical) number of certificates we legally should apply for when selling a property or sign a newlease. By the end of 2012, Redevco had already achieved 93% of the required number of certificates. The situation varies in different countries. In 2013, we expect the EPBD tobe implemented in Spain; in Switzerland there is no legal requirement; Belgium is lagging behind. However, we expect to be able to achieve the KPI set of 100% EPBD certification in 2013. The table on this page shows the
* The 2.8% in United Kingdom represents a property on Channel Islands, Jersey, where EPBD is not implemented. ** For comparability reasons German EPCs have been reclassified: electricity and heating better then reference (rating A-C), electricity or heating better than reference (rating D-E) and electricity and heating worse than reference (rating F-G).
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ELECTRICITY GENERATED ON-SITE kWh NOT REQUIRING IMPORTS (x 100,000 kWh)
spread of investment volume across the different EPCs. By the end of 2012, approximately 18% was invested in properties with a label A,B or C, with Germany outperforming the reference.
We looked at installing PV panels in our Gouda redevelopment. However, in 2012 the energy market was extremely turbulent with unreliable suppliers and variable prices. Our tenants are also able to purchase energy at reduced rates, so alternative energy sources are not as attractive as we would like. And thirdly, we as owner would be held liable should a tenant leave and the new tenant wanted to contract their own energy deals. All in all, a very precarious situation for us. When developing the KPIs related to onsite generation, Belgium and Germany conducted feasibility studies regarding on-site electricity generation for a number of properties. It was concluded that the investments were high, andour tenants were unenthusiastic about co-investing. As in the Netherlands, the major retailers purchase energy centrally for very attractive rates, and therefore had little motivation to migrate to on-site energy.
In our Wilrijk property, we installed PV panels on the roof. Our tenant originally wasnt interested in green energy, however when we won them over, we found that we had great problems with their energy supplier.
ERIC VAN DYCK, Chief Chief Operating Officer and Managing Director Redevco Belgium
25 20 15 10 5 2008 2009 2010 2011 2012
GENERATING OUR OWN ENERGY

On-site energy generation is one of the options towards a green portfolio. However, on-site generation is not always practical or economically feasible. Thierry Cahierre, Managing Director Redevco France, In 2012 we carried out two feasibility studies on on-site energy generation. Both reports show that wind energy and PV panels are economically not feasible. This is a dilemma, as in France, regular energy is not as expensive as it is in other countries, thus making PV panel installation non profitable, even when a real estate company sells this energy to the grid at a subsidized, non-market conform price. For each development, we assess whether we will invest in on-site generation. As our portfolio is dominated by inner city high street
2008 2009 2010 2011 2012
ELECTRICITY GENERATED ON-SITE kWh REQUIRING IMPORTS (x 100,000 kWh)
25 20 15 10 5
To date, Redevco has two properties where electricity is generated with help from PV panels. In the last four years, the amount of energy generated has increased slightly as a per cent of the total on-site energy requirements (not requiring imports). This amounted to
properties, this will remain a challenge, as it is often not possible to place energy-generating devices in these locations. Robert Bakker, Development Manager Redevco Netherlands,
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When you let a building in the United Kingdom a tenant generally has full responsibility to repair and insure the property under the lease obligations for the contractual term. This makes Landlord intervention difficult during tenant occupation. The FRI-structure in the United Kingdom (FRI imposes Full Repair and Insurance obligations with leases for various lengths) makes it folio because difficult to improve the port ofthe lease.
MIRIAM KEANE, Portfolio Manager Redevco United Kingdom
217,404 kWh. (2011: 215,043 kWh). The amount of electricity requiring imports (e.g. CHP) decreased from 1,534,259 kWh in2011 to 1,321,113 in 2012.
DISTRIBUTION OF INVESTMENT VALUE OVER DIFFERENT ASBESTOS CATEGORIES %
Austria
45 22 51 26
30 78 27 71 82 100 4 4
25
In our Wilrijk property, we installed PV panels on the roof. Ourtenant originally wasnt interested in green energy, however when wewon them over, we found that we had great problems with the energy distribution system operator, since they demanded drastic changes to theinstallation and building, which was not feasible for Redevco and the tenant, so the tenant couldnt make use of the energy generated. There are some expensive technical and legal issues to be resolved, but for the time being we will leave thesituation as is.
Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland 5
14 3 18
19
80 100 92 30 60 25 53 60 11 20 30 40 50 60 70 80 90 11 100 9 3
INCREASING HEALTH AND SAFETY CONSCIOUSNESS

Asbestos was commonly used in buildings in the 1950s up to 1990. It canbefound anywhere in a building and in many construction materials. Everyproperty investor with a large portfolio therefore will encounter asbestos related issues, especially in older buildings. All European countries have legislation that state precisely what has to be done if asbestos should be discovered in a building. Even inso-called asbestos-free buildings, with recent research methods, asbestos can stillbe detected. Although asbestos has long been on the Redevco agenda, we will only feedback on this issue from this report onwards. We have chosen a proactive approach with regards to detecting asbestos in our portfolio, and either removing it or encapsulating it so it no longer forms a health
United Kingdom Total %
22 27 10
No
Yes, but safe
Yes, safe but will be removed Dont know
Yes, shall be removed
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SHARE OF LISTED BUILDINGS AS PERCENTAGE OF TOTAL PORTFOLIO VALUE %

Austria Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom Total % 10 0.0 4.5 44.8 6.8 0.0 0.0 27
.6
problem. If cases of doubt, we will always choose for removal bycertified companies. However, it is still not easy to discover whether abuilding contains asbestos.
PROTECTING OUR HERITAGE

In many city centres where we own a large amount of high street retail property, many of the buildings are listed and (partly) protected. At the endof 2012, our portfolio had 60 listed buildings throughout Europe, representing a total market value of almost 1,2 billion, equalling 18.9%of Redevcos total real estate investment portfolio. This percentage increased in 2012 due to the sales of non-listed properties. Until 2012 we only classified our properties as listed or non-listed. In 2013 we are introducing a classification that will show the extent of listing for each property. The greening of listed and/or protected properties is not always an easy proposition. Legislation often prevents dramatic refurbishing of these buildings, even if the aims are sustainable. However, these buildings are part and parcel of Redevcos policy, as protecting listed and protected buildings is an important aspect ofmaintaining our historic and cultural values.
MIRIAM KEANE Portfolio Manager Redevco United Kingdom notes We are aware of and comply with legislation
regarding asbestos in the United Kingdom. We are sure the Redevco managed buildings do not contain asbestos as they have been stripped out in the past or redeveloped. Asbestos management is mainly the responsibility of the occupier under their FRI lease terms. Tenants should have an Asbestos Register for their building and make it available to any contractors doing works. Tenants are responsible for removal and associated costs if asbestos is found in their demise. The problem is you can have numerous professional reports but asbestos could still be found when a contractor is on site. In Belgium, all our properties have been screened and the asbestos has been removed. But, as techniques to detect asbestos are constantly changing and improving, some of
30 40 50
27.7 35.4 38.0 14.0 18

.9
20
our buildings that once were declared free of asbestos are no longer asbestos-free according to the new standards. Another example is a Dutch property which we have not been able to sell due to asbestos; the asbestos containing frame had been removed earlier, however microscopic particles remained in a false ceiling. To remove these would cause temporary closure, which the tenant refused. We are now investigating other methods to see if we can have the asbestos removed without having to close the shop.
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CASE PARIS: CLEANING FACADE

Another example can be found in our own offices in Paris in a listed building on the Boulevard Haussman, let to C&A on the
A BOOK ON HISTORY OF BUILDINGS Redevco Spain/Portugal has a substantial number of listed building initsportfolio. More than 35% of the investment volume is invested in listed buildings. Israel Casanova Lafuente, Managing Director Redevco Spain/Portugal, In 2012, we decided to publish a book with the history of 11 listed buildings in our portfolio conducted by an architecture firm in Madrid. This 80page book will be published in English and Spanish. In general terms, Spanish and Portuguese law requires property owners of Listed Buildings to provide all sorts of information of work to be conducted on them before permission for any work is granted. Briefly speaking, listed buildings benefit from two different degrees of protection, ranging from full to a lesser degree of protection degree, where only certain parts of them i.e. the faade are protected. As Redevco owns properties in both categories, we thought it was an interesting contribution to make this information available to a broader public and a way to safeguard part of our cultural and historical values. We are also in favour of launching an organisation ofowners of listed buildings but our efforts have proved unsuccessful to-date as most owners are individuals, ratherthan international companies.
CASE BASLE: REDEVELOPMENT

An example is the redevelopment of the listed Redevco property on the Freie Strasse in Basle (CH) in which C&A is the tenant. In2012, Redevco Switzerland & Central Europereplaced the windows, improved the insulation and C&A replaced the old technical installations for more energy efficient ones. The new energy data show investing in a simple refurbishment with a specific sustainable impact has resulted in profits, thanks to improvements in the energy performance. Redevco also restored the oldfaade of the building. The municipality required us to bring back the old windowstructure in the faade. The effect of this wasastounding: from outside, passers-by see two levels of the sales area through a window. We shared the refurbishment with our tenant, however we also funded some extra sustainability features. This is an example of how thegreen refurbishment ofalisted building can lead to profits whilst adding to the historic and cultural heritage ofthe city.
BEFORE
ground floor. In 2012, Redevco France cleaned the buildings faade. Thierry Cahierre, Managing Director Redevco France: We decided not to use traditional water or sand methods, but instead we usedthe frozen carbon dioxide method, which is 20% more expensive but veryenvironmentally friendly.
AFTER
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Real estate has a direct impact on the quality of the local environment and the community, and vice versa. For that reason the Redevco Foundation actively participates in communities, particularly in those cities where Redevco owns properties. It supports many educational, health and cultural projects, as well as initiatives for the homeless. It is not only a question of giving money, but of active contribution and involvement by Redevco staff.
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HELPING LOCAL COMMUNITIES, MOVING FORWARD

In 2012, Redevco took another major step forward in our commitment to helping communities in the countries where weoperate and, in some cases, even further afield. To more effectively coordinate our efforts in the field of corporate giving, we have bundled all our activities under the coordination of a single independent entity, the Redevco Foundation. The Redevco Foundation is responsible for coordinating the funding of societal projects for a total annual budget of 1million. We are proud to be able to note that this budget ismore than double than that of2011. We believe in local support: each Redevco country office is responsible for putting forward projects which support local communities in their own country, to an amount ofapproximately 100,000 per country per annum (graph Redevco Foundation spending, 2012). The distribution of the remaining sum (approximately 300,000 per annum) lies in the hands of the Head Office. We do not randomly decide which projects are to benefit from corporate
giving. In 2012 weidentified three key areas where we feel that we can actively contribute to communities: investing in the lives and living environment of the less privileged in society; invest in the environment; invest in historic / cultural heritage.
F O U N D A T I O N
REDEVCO FOUNDATION SPENDING 2012

Redevco Region Budget Spent
Budget available: 100,000
% of budget spent
Belgium
95,000
95%
Switzerland & Central Europe France
68,030
68%
100,000
100%
PARTICIPATING, HANDS-ON
We believe in stimulating our employees active contribution tolocal community projects under the motto of creating more sustainable cities. Not only do our staff help determine which projects are most relevant in their own city and country, they are also encouraged to participate in voluntary work and are given two days a year to do so. We are pleased to report that this offer is eagerly taken up by the majority of our staff, leading to many unexpected benefits, not just in their own community, but also
Germany
95,000
95%
Netherlands
208,440
208%
Spain & Portugal
166,800
167%
United Kingdom
100,330 Budget available: 300,000
100%
Head Office
166,390
55%
Total
100%
CORPORATE OBJECTIVES: ALL COUNTRIES TO SUPPORT LOCAL COMMUNITIES BY CORPORATE GIVING IN LINE WITH OUR REDEVCO FOUNDATION GUIDELINES KPI: FUNDS DONATED IN RELATION TO BUDGET AVAILABLE BY WHEN: 2012
CORPORATE OBJECTIVES: SOCIAL EVENT PARTICIPATION BY EMPLOYEES KPI: % OF HEADCOUNT BY WHEN: ANNUALY
TARGET
80%
OF BUDGET SPENT
MINIMUM
ACHIEVED
100%
80%
TARGET
ACHIEVED
100%
83%
OF THE AVAILABLE BUDGET WAS SPENT
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in terms of employee relations, commitment and motivation. Therefore we will also keep on encouraging our employees to make use of the available voluntary days.
A number of countries really took supporting their local communities to heart. For example,
the requested amount was cut back. In 2012 the Redevco Foundation funded over 60 different projects.
MANAGING CORPORATE GIVING

Corporate giving is supported throughout the organisation. That the Redevco Foundation has serious intentions is reflected in the make-up ofits Board: In 2012, board members were Dominic Brenninkmeyer, former Redevco Chairman; Andrew Vaughan, CEO, Judith Drge, Chief Human Resources and Corporate Responsibility Officer and Monique Pieters, Personal Assistant to the Chairman and the CEO. Commenting on 2012, DOMINIC BRENNINKMEYER former Redevco Chairman noted Corporate giving is about the awareness that Redevco plays a central role in society, wherever we work, with all the associated responsibilities. Herein lie the roots of the Redevco Foundation. 2012 was a great year and demonstrates the commitment of the Foundation and the employees of Redevco. We were able to spend all our budget, but more importantly, the beneficiaries were carefully selected and well chosen. Our regional organisations were extremely committed and were true ambassadors for the Foundation An important determinant for funding is that the project to be funded must not become dependent on Redevco funding: it must be seen as ancillary support. Also, in two cases, requests for funding were denied asthey were seen as being too political or too religious. In other cases,
RESOLVING DILEMMAS
One of our great dilemmas is the choice of projects to support. There are so many good causes, in so many countries. MONIQUE PIETERS Firstly, we are committed to funding projects in countries where we have a physical presence; in 2012 that was in Western Europe. We focus on small, less well-known projects in need of funding, projects that are close to the community and fall within the three key areas. However, this does not mean that we ignore the major care charities: if the need is high, then we respond as well, for example in the Philippines where, following a major earthquake, we helped Terre des Hommes by funding the rebuilding of a school.
after spending their budget, Spain indicated early on that they would like to increase some project funding, and due to underspending by some of the other countries, they were granted extra funds.
MONIQUE PIETERS Personal Assistant to the Chairman and the CEO and Boardmember Redevco Foundation
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In 2012, not everyone used this extra day, however we saw a great increase compared with 2011. That has led us, as one of our performance indicators, to set a higher target of 80% participation in volunteer days in 2013.
EDITH VERBOSSEN, Senior Human Resources Manager
% OF VOLUNTARY DAYS USED (2 DAYS / EMPLOYEE / YEAR)
Austria Belgium France
41 79 41 48 88 0 70 51 85 29 113 100 50 37,5 53 57 62 54 65 49
HELPING COMMUNITIES DEVELOP

Possibly of greater value to our organisation than direct project funding, is the involvement of Redevco employees in voluntary work. In 2012, 65%of the Redevco employee voluntary days were used up by employees. In Spain, our staff did even more: they supported local projects with voluntary work on more than the allotted two days, something that wevalue greatly. To structure and support our staff in the management of the two voluntary days, every second year one of the days is spent participating in the International Redevco Social Event, and in a Local Social Event the otheryear.
Germany Netherlands Spain Switzerland United Kingdom HO Total
20
40
60
80
100
120
DOING OUR BEST IN BRUSSELS

In 2012, a majority of colleagues participated in the Redevco International Social Event held in Brussels, Belgium. The volunteers spent an enjoyable day working hard to clean, renovate and refurbish a school for special needs education.
% of voluntary days used in 2012
% of voluntary days used in 2011
VANESSA WEIJN Director of the MPI Heemschool 1 in Brussels

Ourschool provides special needs education for 200 children of all ages,
IN 2012, OF THE REDEVCO EMPLOYEE VOLUNTARY DAYS WERE USED UP
65%
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so that they can live independently as adults when they leave school. Out of several potential projects Redevco chose our school for their social project. It was amazing to have hundreds of employees from an international property company helping us do up our buildings all the things weve needed doing for years and for which we have no budget! We were really moved by the volunteers enthusiasm and what they achieved. Redevco Belgium has informed the school that Redevcos commitment goes further than a single day, and that a smaller group will continue to help the school in a similar fashion, albeit on a smaller scale, in 2013.
EMPLOYEE PARTICIPATION IN SOCIAL EVENT
Austria Belgium France Germany Netherlands Spain
9 11 40 49 23 29 28 40 11 13 14 15 5 5 12 16 37 38 179 216
82%
82%
79%
70%
85%
93%
CLIMBING GALIBIER
Another example of a successful fund raising event was the climbing of the Col du Galibier in the French Alps by 60 hardy Redevco cyclists and their families. The highest point of the Col is over 2500 metres, and it is aregular part of the Tour de France. The Redevco Foundation sponsored each cyclist who completed the climb, and the entire team achieved this, raising 60,000 for good causes all over the world, for example Care International for emergency aid in Africa, and an orphanage in Nepal.
Switzerland United Kingdom HO Total
100%
75%
97%
83%
50
100
150
200
250
headcount
participated in social event
DICK VOS Senior Manager Research & Strategy It was a rewarding

experience to raise money for a good cause by climbing Mount Galibier
FOR A FULL ACCOUNT OF THE DAY, WATCH THE VIDEO
together with colleagues and our friends & family. It was particularly special that each one of us was able to select and ride for our own good cause. My children and I chose Wilhelmina Kinderziekenhuis in Utrecht to donate to.
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It was particularly special that each one of us was able to select and ride for our own good cause. My children and I chose Wilhelmina Kinderziekenhuis in Utrecht to donate to.
DICK VOS, Senior Manager Research &Strategy
HELPING THE NEEDY IN PARIS

Redevco France is an active supporter of theParisian charity Tout Autre Chose. The charity helps people in need who live in the9th Arondissement, especially women, immigrants and the elderly. Help is provided in many forms, ranging from legal aid, language and ICT lessons, to the provision ofhot meals; volunteers also visit the housebound sick and needy.
TEAMBUILDING FOR A GOOD CAUSE

In 2012, seven members of the Redevco United Kingdom staff participated in the Elifar Challenge. The Elifar Foundation (Every Life Is For A Reason) is a charity run almost entirely by volunteers, helping improve the quality of life mainly of profoundly disabled children and young adults, whether living athome or in residential care. The Elifar Challenge is the main fundraising event for Elifar. In 2012, more than 65,000 was raised. The Redevco United Kingdom staff used their volunteer day to take part. The fund purchases a wide range of specialised equipment, therapies and respite, which would otherwise beunavailable because of a lack of funding or statutory provision.
For us it was not only a contribution to the charity, but also a fantastic way of team building. We were so enthusiastic about the event that we decided to enrol a new team for the event in 2013.
SHANNON MCGEE, Assistant to the Managing Director Redevco United Kingdom
LINE DUCLOS Office Manager and ASTRID HEINESCH Assistant to the Managing Director have been responsible for our
involvement with this charity from the start. In 2012, Redevco France funded the charity fora sum of 15,000 however here again, just as important as funding isour voluntary work. Over 1000 people annually are helped by Tout Autre Chose. One of the activities we help with is La Table dHte, the charitys own lunch restaurant. Redevco employees work at the restaurant as well ashave lunch there, both privately and for business: allproceeds go tothe charity.
ELIFAR FOUNDATION
Read more about the Elifar Foundation.
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Our employees are the heart of our company. Redevco strives to offer its staff a working environment based on a number of key principles: a strong, values-driven organisation, ahigh level of professionalism, possibilities for professional development, based on equality and diversity, and with a balance between work and personal interests.
WATCH VIDEO
> READ MORE
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MANAGING CHANGE, MAINTAINING MOMENTUM

2012 was a year of great change for the company and for our employees. In 2011, Redevco decided to change its strategic course in response to the new economic environment and the changing retail landscape and thus to focus on the Western European retail property market. As a consequence the company sold the portfolio in countries outside Western Europe and reduced the number of local country offices. This of course resulted in having to say farewell to a number of our employees in thecountries affected. The challenges of achieving this are described further on in thissection, however we can note here that these changes were implemented successfully. Another notable change in 2012 was the internal migration of key staff to new positions, driven by the conscious decision of the Board that Redevco should stimulate internal functional change, rather than looking outside of the company, especially for management positions. Three new Board members were appointed: Javier Hortelano and Eric VanDyck and Judith Drge; Javier and Eric were both recruited from theircountry office. This in turn ledto room for internal promotions within country offices. Here again, positions werefilled from excellently qualified staff from within ourorganisation.
Whilst implementing these strategic changes to our organisation, we also worked hard to maintain the momentum initiated in previous years, as set out in our Corporate Objectives and key values which include: a strong, value-driven organisation, a high standard of professionalism, great teamwork, excellent benefits, opportunities for professional development, and maintaining an even balance between work and private life. The biennial employee satisfaction survey evaluated our performance on these key principles. Participation was high, as were the resulting scores; even better than those of the 2010 evaluation. Another key target was to review the mid and end year performance of at least 85% of our employees. We performed better than expected; 90% of all employees participated regular received performance feedback. A third objective was that at leasthalf of our staff should participate in a programme of continuous development. Here again we outperformed our target; in 2012, 68% of ouremployees participated in some form of training programme.
JUDITH DRGE Chief Human Resources & Corporate Responsibility Officer One of the key factors behind the high scores is the initiative
taken by the Board to increase employee involvement when formulating
CORPORATE OBJECTIVES: MEASURE EMPLOYEE ENGAGEMENT AND ENABLEMENT AND DEFINE IMPROVEMENT PLANS (EVERY TWO YEARS) KPI: HAY SURVEY OUTCOMES BY WHEN: 2012
CORPORATE OBJECTIVES: DEVELOP OUR EMPLOYEES KPI: % OF TOTAL EMPLOYEES HAVING HAD TRAINING OR DEVELOPMENT BY WHEN: ANNUALY TARGET ACHIEVED
CORPORATE OBJECTIVES: GETTING THE BEST OUT OF OUR PEOPLE BY GIVING CLEAR FEEDBACK AND GUIDANCE ON PERFORMANCE KPI: % OF EMPLOYEES HAVING RECEIVED REGULAR PERFORMANCE FEEDBACK BY WHEN: ANNUALY
75%
TARGET
ACHIEVED
76.5%
50%
68%
85%
TARGET
ACHIEVED
90%
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the companys mission and values. I have to admit that although initially many employees were a little sceptical, once they noticed that the Board was serious about this, they participated in the workshops enthusiastically and came up with a number of excellent ideas which led to the Board re-evaluating the mission statement and our four core values. As member of the Board, I can say that I really valued the process. The new Redevco Board was appointed in January 2012. One of their first tasks was to determine what was necessary to keep Redevco future proof. In the following sections, we reflect on how the organisation responded to this challenge in 2012 and on how we, as a sustainable and responsible employer, worked together with our staff to help us get the best out of our people.
2012 wasnt easy for a number of our offices and local country organisations. Internally, we communicated the closures well in advance to give those involved plenty of time to prepare for the new situation.
JUDITH DRGE, Chief Human Resources & Corporate Responsibility Officer
1 MANAGEMENT TEAM PRINCIPLE

BOARD AND MANAGING DIRECTORS WORK TOGETHER AS 1 TEAM
Another important factor is that the retail real estateindustry is a small world, so it is important to maintain excellent relationships. We noted that the employees faced with closure did not desert the company; in most cases, thanks to the extended period for jobsearch and the fact that they had worked for Redevco, they quickly found positions at other companies.
THE UP SIDE OF DOWNSIZING

Internally, the closures of offices were communicated well in advance in order to give those involved plenty of time to prepare for the new situation. In the period between announcing closure and the closure itself, the country office in question worked together with employees to search for the best solution for those persons affected. In practice, there were very few issues. Redevco is loyal to its employees, and this was reflected in the loyalty received, even in the cases where we had to say goodbye to an employee. This question of loyalty is even more important considering the many months between announcing an office closure andthe actual event itself. In that period, its business as usual, the workhas to be done.
EMPOWERING LOCAL COUNTRY OFFICES

To increase the interaction and involvement of the country offices with theHead Office, bringing the organisation closer together, the Board focused on a few initiatives in 2012. One of these was to stimulate country offices to work together by creating a one Management Team principle, where both Board and Managing Directors work together asone team. Also, the Managing Directors always attended meetings at the Amsterdam Head Office, however since 2012, the Board meet at the country offices eight times a year, and they plan time to meet the local Management Team informally.
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IMPLEMENTING THE 2012 EMPLOYEE SATISFACTION SURVEY

Every two years, the COFRA organisation invites all its employees to participate in the Hay Engagement Survey. This tool is used to measure employee satisfaction. Implementing the results of the 2012 survey is the second of the Boards initiatives. The reasoning behind this is that high levels of engagement and enablement lead to greater employee work satisfaction and productivity, more loyal customers, and stronger financial performance. The survey: provides a measure of culture and climate to track progress over time identifies organisational strengths and action areas provides leaders with direct, structured feedback from their teams facilitates dialogue with colleagues develops relevant actions to improve business performance.
The 2012 scores are exceptionally high, outperforming the targets set, not only when compared to the 2010 survey but also to the General Industries Benchmark or the High Performing Benchmark. The criterion Quality & Customer Focus scored an exceptional 87%.
Category
Quality & Customer Focus Redevco Local Questions* Respect & Recognition Resources Enablement Engagement Corporate Social Responsibility Confidence in Leadership Performance Management Collaboration Authority & Empowerment*
Fav | Neutral | Unfav

87 83 82 82 81 78 78 74 74 74 73 72 71 70 68 63
Vs. 2010
12 2 14 14 13 12 16 17 20 17 18 19 20 23 21 22 23 4 5 4 7 6 5 7 10 8 8 9 6 9 11 14 0 -+3 -1 +3 +4 +2 -5 0 +3 0 -10 +5 0 +2 -4
JUDITH DRGE This of course leads to the dilemma that,

slowly but surely, we are reaching a point where the scores can no longer be greatly improved, as we are already scoring so well in comparison with other companies. If you achieve scores of 90-100%, you take away the challenges of continuous improvement and self-reflection; thats not what we want. There is more emphasis on coaching and feedback, an improvement point from the 2010 survey. With regards to this, a pilot management development programme was started in Belgium with the aim of improving management level coaching skills. We also organised a Feedback course for all employees. We expect these new coaching skills to be disseminated throughout the organisation in order to receive more feedback from the staff.
Clear & Promising Direction* Work, Structure & Process Training Development Opportunities Pay & Benefits
*new question(s)/ category added in 2012
NO. QUESTIONS
VS. 2010
VS. GENERAL INDUSTRIES BENCHMARK

1 27 4
VS. HIGH PERFORMING BENCHARK

11
above same below
20
46
39
87%
QUALITY & CUSTOMER FOCUS SCORE
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In Belgium weve just completed the Feedback programme and now, as Managing Director, Im taking the coaching programme further; not just at management level, but involving the departments as well. The pilot has been really appreciated so far.
ERIC VAN DYCK, CHIEF OPERATING OFFICER AND MANAGING DIRECTOR REDEVCO BELGIUM
However, not everything was positive. Compared to 2010, the criterion Clear and promising direction scored 10 points down at 72%, however this is still above the industry benchmark. This can be explained by the major strategy changes announced in November 2011, where a number of offices were closed and the portfolio was restructured. This drop in score made it clear that not everyone understands the consequences of these changes and the future direction of the company. One specific aspect of the survey needs emphasising: the questions related to the companys CR policy. The results show that Redevco employees value CR highly. However, it is clear that CR activities have to be better integrated into an employees daily activities. To further engage employees, a CR communication plan will be formulated in 2013. Starting in 2000 we published a monthly newsletter for all employees and in 2012 we planned aroadshow with the aim of involving employees and management in CR strategy and activities; however this latter plan has temporarily been put onhold, as it may overstretch the organisations and Board in light of other priorities.
ACTIVE LEADERSHIP DEVELOPMENT

JUDITH DRGE Redevco has become more streamlined, with fewer
properties, less employees and thereby effectively fewer chances for employee development. Weve always had excellent employees at Redevco, and wewant to keep them, so that does raise a few issues regarding howwecan continue to offerour employees attractive and challenging employment and retain theircommitment. In 2012, the Board committed itself to strengthening its contact and alignment with the local country organisations. This requires transparency with regard to the performance expected from these organisations and their management, aswell as being open to feedback. Demonstrating their belief in the importance of open and transparent management, on their appointment the new Board participated in individual and group assessments, coached by professionals. The assessments resulted in a clear strength and weakness analysis and a dedicated personal development plan. A number of senior Redevco managers participated in the IMD programme*.
In 2013, the results of the employee satisfaction survey will be communicated throughout the organisation. Workshops are planned during which the results and points of improvement will be discussed further. These will inturn lead to action plans and the execution of these plans so that we canwork on these improvements.
The programme includes sessions on business development and people management, with the aim of giving participants a greater awareness of their own strengths and weaknesses in these areas, in order to become a more effective leader. Participants agreed that this was a stimulating programme. Internal change is driven by this process of active leadership development, and as a result, Redevco was able to achieve a high level of internal functional change, a significant achievement given the downsizing in numbers of
*IMD a Cofra-initiated leadership program hosted and taught at IMD, a highly regarded business school based inLausanne, Switzerland.
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offices and employees. Two good examples of employees benefiting from the new career policy are Adam Starr, Managing Director of Redevco United Kingdom and Israel Casanova, Managing Director ofRedevco Spain & Portugal. They have both moved into a leading management position.
COURSE PARTICIPATION, BY OFFICE RECEIVED TRAINING IN %
EMPLOYEES WITH FIRST AID TRAINING BY OFFICE ASOF TOTAL HEADCOUNT %
Total Head Ofce Austria Belgium France
68 61 55 61 83 93 69 47 60 50 20 40 60 80 100
Total Head Ofce Austria Belgium France Germany Netherlands Spain Switzerland United Kingdom %
19 11 9 12 14 9
JUDITH DRGE In 2012, there were a notable number of internal

changes. Wenow more consciously aim to stimulate internal promotion and internal growth in order to maximise employee through-put.
14 70
DRIVING PROFESSIONALISM FORWARDS

Continuous development is an important element of Redevcos drive toimprove the quality and professionalism of the organisation. In 2012, nearly 70% of all our employees participated in some form of training programme, ranging from Health & Safety to IT skills courses. Occupational Health & Safety is an important element of the overall Redevco HR package. In 2012, 19% of all employees participated in a FirstAid course, compared to 7% before 2012. Our German local office isnotable in this respect: 70% of all Redevcos German staff have now participated in a First Aid course.
Germany Netherlands Spain Switzerland United Kingdom %
23 0 20 13 20 40 60 80
% during reporting period
% before reporting period
WORKING TOWARDS GREATER TRANSPARENCY

Performance reviews are an important aspect of staff development. Mid-year and end-year reviews are held with all our staff during which
70%
OF GERMAN STAFF HAVE PARTICIPATED IN A FIRST AID COURSE
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REGULAR PERFORMANCE FEEDBACK, KPI* %
wediscuss their job, performance and ambitions. In 2012, 90% of our employees received regular performance feedback (90% female and 91% male), so we have outperformed our target in that respect. The other 10%
Total Head Ofce Austria Belgium France Germany Netherlands Spain Switzerland United Kingdom % 20
90 94 9 94 97 97 97 98 87 90 40 60 80 100
were unable to participate as they had either just joined or leftthe company, were on maternity leave, or had a prolonged illness. The low score for Austria can be related to the fact that the office was already informed about pending closure.
IMPROVING WORK-LIFE BALANCE

Another 2012 objective on the theme of Getting the best out ofour people, was the development and implementation of a company-wide policy for Home-Working and Sabbatical leave.
This low absenteeism figure is important as it reflects that our employees are committed to their work, and that we can say they have a reasonable work-life balance. This is
EDITH VERBOSSEN Senior Human Resources Manager

We started this in 2012, reviewed the legal implications, and implemented the policy. Up till then, we had an ad-hoc policy which was different for each country office. At theend of 2012, the new policy was complete and will be implemented throughout the company at the start of 2013. Should an employee want to structurally work at home, for example for one fixed day in the week, then this is noted in the employees contract. Since the start of this new policy, seven head office employees have taken advantage of this new structural home-working contract. Of course employees canalways work at home for a day, incidentally.
partially due to the fact that Redevco hasa generous has a generous holiday allowance in comparison to other employers, and that we ensure that our employees do actually take the leave due to them.
EDITH VERBOSSEN, Senior Human Resources Manager
*KPI calculation: Redevco puts twice as much weight behind the annual review compared to the mid-year review.
90%
OF OUR EMPLOYEES RECEIVED REGULAR PERFORMANCE FEEDBACK
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ABSENTEEISM %
2012 2011 2010
Total
1.6 2.2 2.5 0.7 1.1 2.1 2.6 1.2 1.4 1.8 1.1 3.2 1.4 4.9 3.1 3.1 3.4 3.5 1.3 2.4 2.2 0.1 1.0 0.1 2.5 0.4 1.0 0.8 4.2 2.2
1 2 3 3 5
1.6%
were even lower.
ABSENTEEISM HAS DECREASED IN 2012, WITH THE DOWNWARDS TREND CONTINUING.
Head Ofce
Austria
DECREASING ABSENTEEISM
The Redevco absenteeism figures have always been low, and in 2012 they
Belgium
France
TARGETS FOR 2013

Based on the achievements for 2012, the Board has set the following key objectives for2013: Ensure development plans for Board andManaging Directors Develop action plans and start execution of actions in light of the Employee Satisfaction Survey outcomes.
Germany
Netherlands
Spain
Switzerland
United Kingdom
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At Redevco, we are continuously working on reducing any negative impact of our operations on the planet. In this section we report on our targets and our achievements with regard to improving sustainable operations in many aspects of our own business. We look at the innovative ways we help our staff work more sustainably and how we reduce energy and water consumption in our offices, even if they are not our own property. We look at the way we travel, and how IT can help us. We have set substantial and challenging targets and are currently introducing environmental management systems (EMS) in compliance with ISO 14001 standards to measure and report on our performance.
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Our sustainability objectives have one continuing goal: to make our own office operations even more sustainable and to increase our efforts to identify and introduce sustainability best practices. We are pleased to be able to report that we have been able to meet most of the targets set for 2012.
WE MEASURE FOUR MAIN COMPONENTS WITH REGARDS TO EMPLOYEE CARBON EMISSIONS: air travel company (owned or leased) cars energy use in Redevco offices other (e.g. public transport, commuting with private car)
32.5% 26.2% 10.4% 30.9%
DECREASING EMPLOYEE CARBON EMISSIONS

We first saw a decline in employee carbon emissions in 2011, and are pleased to announce that we have been able to continue this trend in 2012. We have now decreased the emission level to 4,564 kg CO2 per employee, thereby exceeding the target set in 2009: to reduce emissions by 30% in 2020. We will continue to work on this, although at a certain stage it will become difficult to make the same progress seen in the last two years.
REDUCING TRAVEL EMISSIONS

Redevco encourages employees to reduce their air travel as much as possible. We have introduced new travel policies in our offices in Paris, London and Madrid, for example the train should be used for travelling to cities within a two hour or 200km distance. For longer trips, we encourage the use of public or reduced emission transport in the form of highspeed trains. The number of public transport kilometres travelled by Redevco employees has risen structurally since
CORPORATE OBJECTIVES DECREASE CO2 EMISSIONS PER EMPLOYEE
KPI KG CO2 EMISSIONS PER EMPLOYEE (HEADCOUNT)
4,842
KG CO2
TARGET
2020
BY WHEN
2012 PERFORMANCE
4,564 KG CO2 /EMPLOYEE
30%
THE AMOUNT OF REDUCTION OF EMISSIONS IN 2020
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CARBON EMISSIONS PER EMPLOYEE KG CO2 / HEADCOUNT

7000 6000 5000 4000 3000 2000 1000 0 2008 2009
company cars Company Cars
2008, whilst airtravel has declined over the same period. Westrive to maintain this trend of more public transport kilometres andadecline of airtravel. However due to the board structure, internal projects and the inherent travel schedule, this may yield in a rise in emissions next year. balanced by several other measures This potential increase can be counter that are in place. Late in 2012, we developed a new home-work policy which will be introduced in 2013. Thishome-work policy will allow employees to work from home more frequently, thus reducing CO2 emissions.
KILOMETRES TRAVELLED PER MODE OF TRANSPORT AS A PERCENTAGE OF TOTAL KILOMETRES TRAVELLED
Air
Public transport
2010 2011 2012
other Other
EXTENDING VIDEO CONFERENCING

Another measure taken is in the area of video conferencing. We now have video conferencing facilities in all our offices. The latest office to be equipped was in Paris, in 2012. This resulted in a reduction of travel between Paris and the Amsterdam head office. Thierry Cahierre, Managing Director Redevco France, We use the video conference system every week for our contacts with the Amsterdam head office. One of our largest projects is the Promenade Saint-Catherine in Bordeaux and our Paris staff travel mainly by TGV, a distance of 600 km. Air travel for this project is now an exception. Office based video conferencing has been successful in reducing travel emissions. However, its possible to go even further. In 2012, the IT department installed Yabber client software on a number of employees laptops. This software links the laptop to the video conference system, meaning that the employee can participate in a video conference wherever they are. At this stage, it is difficult to put a figure on the gain in reducing the energy consumption per employee; however, we are quite certain that this does have a positive effect.
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
air travel Air travel
energy use in Redevco offices Energy use in Redevco ofces
Company car
We use the video conference system every week for our contacts with the Amsterdam head office.
THIERRY CAHIERRE, Managing Director Redevco France
Private car
Walk/cycle
2012
2011
2010
2009
2008
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COMPANY CARS CARBON EMISSIONS gCO2/KM (LIKE-FOR-LIKE)
REDUCING COMPANY CAR CO2 EMISSIONS

Company cars are currently responsible for more than 32% of our employee emissions, so reducing this has become a focal point for our
180 160 140 120 100 80 60 40 20 0 2008 2009 2010 2011 2012 175 173 165 157 145
company. We currently have a total of 76 company cars in all the countries where we operate. In 2010, we approved a policy that company cars may not exceed emission levels of 150g CO2 per kilometre. As shown in the graph, we have achieved emission reductions consecutively for five years; our levels are now under the target set, at 150g CO2 per kilometre. As a result, we will have to change our policy, and now that even more emissionefficient cars are entering the market, we should be able to reduce the company car emissions even more in 2013. Additionally, Redevco Germany encourages employees to cycle to work! (See Dsseldorf case)
CASE DSSELDORF: ENCOURAGING COM MUTING BY BIKE

CLAUDIA SCHMIDT, Personal Assistant and HR and PR Officer Redevco Germany.
We have converted one parking space to an area reserved for bicycles. Two or three employees use this every day, depending on the weather. We are also thinking of installing a shower for employees who come by bike. We are not yet sure whether this is feasible, given the buildings structure and we also dont have a centralised hot water supply, so we have planned to install a boiler, and the new shower, in 2013.
REDUCING OFFICE ENERGY USE

Another success is the reduction achieved in energy intensity of Redevco offices in 2012. We used much less energy than in 2011, dropping from 175 to 158 kWh/m2. This does not include the offices in Madrid and Dsseldorf, where the landlord refuses to give insights into energy consumption; adilemma typical of a number of our offices as noted in the tentant vs
11%
landlord dilemma. For the eight offices where we can accurately monitor consumption, weconsumed about 1,049,000 kWh in 2012. In Dsseldorf and London, wehave ensured that the energy comes from renewable sources; about 11% of our total office consumption. Although we aim to increase the percentage of renewable energy, this is sometimes difficult to achieve in offices where we are the tenant.
ENERGY FROM RENEWABLE SOURCES
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CASE PARIS: REFURBISHMENT REDUCES OFFICE ENERGY CONSUMPTION

ERIC TENG, Head of Building and Maintenance Redevco France
REDUCTION ENERGY AND WATER CONSUMPTION

IN THE BOULEVARD HAUSSMANN COMPLEX IN THE YEAR
CASE: TENTANT VS LANDLORD

CLEMENS BRENNINKMEIJER, Managing Director Redevco Netherlands
2012 14.5% 12.8%

WATER USE COOLING HEATING
The more you do to reduce energy use in your own office, the greater the dilemma; how much should you spend to keep on improving? Theres also the, sometimes, challenging balance between tenant and landlord. We have done everything to reduce our energy emissions in our offices, but we cant effectively measure the impact of our efforts, as all utilities are controlled centrally. Given these limitations, we have done our best, installing LED lighting, turning off the lights etc. This challenging balance has also been experienced at our office in Spain where measures have been taken to decrease energy usage and water waste. Obtaining specific energy data is proven to be difficult here as well.
In 2012, we refurbished our offices in the Boulevard Haussmann-complex in Paris, owned by Redevco, achieving a reduction of both energy and water consumption. In a report from Savills, our external property manager, we were pleased to note that heating was reduced by 14.5%, cooling by 12.8% and water use by 8%. After installing sub-smart meters for cooling, heating and water in our own offices in 2013, we can measure our own energy consumption, except for the shared spaces like lifts. We have also implemented a number of recommendations made by our energy consultant.
8%
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84%
WE NOW HAVE DATA ON WATER CONSUMPTION IN 84% OF OUR OFFICES
REDUCING WATER USE

Water use is another important area of our sustainability drive. We now have data on water consumption in 84% of our offices, a major step forward from five years ago, when we only had data from 10% of our offices. We face similar landlord-tenant issues on water consumption asdescribed in a number of the cases, however where we have data, we have seen a 4% reduction on a like-for-like basis: from 1,911 m3 in 2011 to 1,835 m3 in 2012, or a reduction in water intensity from 0,39 m3/m2 to 0,37 m /m . Translating this to a more understandable value, in 2012 we
3 2
CERTIFYING ENVIRONMENTAL MANAGEMENT

In 2012, Redevco Spain/ Portugal achieved ISO 14001 certification, and we expect Redevco France to be the next local office to certify their operations in accordance with ISO 14001. In 2010, Redevco Netherlands was the first of our local companies to be awarded the ISO 14001 Environmental Management System (EMS) certificate. In 2012, the Dutch office once again complied with the standards for the EMS certificate. The Redevco experience has inspired Fortrus, one of our most important suppliers, to take on the ISO 14001 process for the management of their own property and facility management operations.
reduced our water use from 12.9 m3 to 12.7 m3 per headcount.
PATTY ROOSEN Property Manager Redevco Netherlands Before we

started this process, sustainability really wasnt part of our company
tons
53.1
CO2 WE SAVED BY PURCHASING RENEWABLE ENERGY FOR OUR OFFICES IN DSSELDORF AND LONDON
processes. Thanks to the ISO 14001 certification, it is now part and parcel
BECOMING CARBON NEUTRAL

There are more ways to achieve carbon neutrality than reducing consumption. Our current carbon emissions total 985 tons CO2 annually, including air travel, company cars and Redevco office energy consumption. In 2012, we saved 53.1 tons by purchasing renewable energy for our offices in Dsseldorf and London. To offset the remaining emissions, we traditionally purchase Voluntary Emissions Rights (VERs). In 2013, we will once more purchase VERs to offset the carbon emissions yielding from our own operations, making us carbon neutral.
ofour identity, and we focus on how to make our operations even more sustainable. This is also important, as it inspires our tenants if they see thatwe are doing our best. However, its worth noting that certification isnt gained easily theres alot of hard work going on, and management has to be fully committed to this. It is Redevcos objective to have more counties follow this example.
ISO 14001 certification isnt gained easily theres a lot of hard work going on, and management has to be fully committed to this.
PATTY ROOSEN, Property Manager Redevco Netherlands
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
ANNEXES
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IT ENABLING SUSTAINABILITY
In order to improve the efficiency of data collection for the annual CR report, IT at Head Office introduced a bespoke CR tool in 2012. The new web based tool ensures that the CR data collection process runs much smoother in every local office as well as in Redevcos Head Office. The tool works with a data provider role as well as a data validator role which is important for data integrity purposes. After an initial review of the data provided by local offices, we can conclude that the system has indeeed improved CR reporting process, both locally and centrally.
IT continuously tries to further improve the CR reporting process byintroducing new tools.
SVEN VON GLINSKI, Head of IT
CASE MADRID: SMALL THINGS MATTER

The ISO 14001 certification in Redevco Spain/ Portugal stimulated the involvement of employees across various aspects of sustainability. Small things really matter when working on improving this topic and creating awareness. Forexample, instead of buying products and drinks in plastic containers, the office now uses tap water and buys fresh fruit from a local community shop. This shop, called a tienda social employs people with all kind of social and financial problems and offers jobs to immigrants. In this way we contribute to the tienda and the people who work there canearn a decent living. Its a small contribution, but from acorporate responsibility point of view, it is something that wecan easily do.
ENGAGING EMPLOYEES
A recommendation from the bi-annual Hay survey was for Redevco to focus even more on embedding CR in day to day office operations. More effort needs to be made on internal communication to increase employees CR awareness. CR has now become a fixed item in the monthly newsletter, improving local companies awareness of what is going on in other Redevco countries. A recent French initiative has been to hang up the KPIs in the office, even in the kitchen. As part of the communication around this report, one of our objectives is to plan a CR roadshow in 2013to bring CR news to all our employees.
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
ANNEXES
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REPORTING PRINCIPLES
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ENVIRONMENTAL PERFORMANCE INDICATORS
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PROGRESS ON SUPPLEMENTARY OBJECTIVES AND ACTIONS
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ANNEXES: REPORTING PROCESS AND PRINCIPLES
SOCIAL PERFORMANCE INDICATORS
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GRI CROSSREFERENCE TABLE
101
ASSURANCE REPORT
> READ MORE
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REPORTING STANDARDS
This is our fifth CR report, and sets out our progress in the area of CR and reporting in 2012. The reporting period is based on the calendar year (1 January 2012 to 31 December 2012) to ensure consistency with national figures on greenhouse gas emissions. The full report is available as a PDF, and can be downloaded at www.redevco.com/cr. We have followed relevant best practice standards and international guidelines when compiling the CR performance covered in this report. The most important of these are the Global Reporting Initiatives (GRI) G3.1 Sustainability Reporting Guidelines of which we follow the Construction and Real Estate Sector Supplement (CRESS). Redevco complies with level B+ of these application levels. We report on the profile disclosures, the disclosures on management approach and at least 20 performance indicators. Besides the GRI guidelines, as of this year Redevco embraced the INREV Sustainability Reporting Recommendations. INREV core and additional indicators have been integrated in the GRI table. Previous reports and GRI tables can be downloaded at www.redecvo.com/cr. Our CO2 emissions data are presented according to the three scopes defined in the Greenhouse Gas Protocol for greenhouse gas (GHG) accounting and reporting purposes.
the relevance for our stakeholders and the impact on Redevco, and the level of influence or control we have on an issue through our business, and peer review. The materiality assessment is an on-going process, and we continue to monitor the relevance of each issue for our stakeholders and Redevco. 12 Key Performance Indicators have been defined based on issues that are of high relevance to our stakeholders and Redevco. Regular Performance indicators have been defined for issues with a lower level of priority for both our stakeholders and Redevco.
EXTERNAL ASSURANCE
All information represented in this CR report has been internally verified and approved by the country MDs and finally by the Management Board. Redevco has obtained limited assurance that the information in the CR report is, in allmaterial respects, a reliable and adequate representation of the policy, business operations, performance and events during the 2012 reporting year (see assurance report on page 101).
MATERIAL ISSUES AND FOCUS

Redevco conducted a materiality assessment in 2011 and 2012 to identify the key material CR issues for our company. We have mapped the issues in the materiality matrix in the introduction of this CR report, taking into account:
2012 SCOPE AND CHANGES

We make a distinction between portfolio data and corporate data. The portfolio data encompass data related to our investment portfolio, while the corporate data include our operating activities (fully owned 100% subsidiaries, if applicable).
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REPORTING SCOPE PORTFOLIO DATA

The reporting scope for the portfolio consumption data includes the entire investment portfolio excluding (re)development projects, residential, parking and land for development. This includes all properties owned or rented out byRedevco in the operating countries that were part of the portfolio on 31December of the reporting period. If a property was acquired in 2012, it isincluded in our reporting. Properties sold in 2012 are not included. Consequently, only properties owned by Redevco on 31 December 2012 fall within the scope of this report, excluding properties owned in Italy and Poland. Romania and Slovakia are excluded in the portfolio scope as Redevco only owns land for development. Properties in Turkey and Sweden have been sold during the reporting year. Activities at all properties owned by Redevco but which are beyond Redevcos operational control are included in the portfolio data. It is our goal to include all consumption data relating to tenants occupying properties owned (or rented out) by Redevco during the reporting year. In order to cover a complete reporting year, we include consumption data of tenants that left during the reporting year from 1 January to lease end date. Data of new tenants during the reporting year are included from lease start date till 31 December of the reporting year. Vacant units are included in case of whole year vacancy and temporary vacancy caused by tenant mutation. Vacant area caused by tenant mutation is normalised by number of vacancy days. The environmental performance of completed construction and redevelopment projects during the reporting year is measured by means of green building certification schemes if construction spend is more than 10 million. Properties rented out but not owned by Redevco are not valued in line with our financial reporting process. As a consequence (Key) Performance Indicators related to value (e.g. asbestos, BREEAM-in-Use, EPCs and listed buildings) included in this CR report (see towards a green portfolio) represented as percentage of total invested value do not include properties in this category.
REPORTING SCOPE CORPORATE DATA

The corporate data cover only activities and employees of Redevco itself and therefore exclude properties/assets occupied by tenants and their employees. Redevco employees are persons who have a contract with Redevco or one of its fully owned entities. Social data cover all employees, including temporary employees, but exclude contract workers. The headcount and FTE are determined on 31 December of each year. Employees who had a contract ending on 31 December are included in the headcount, and recorded as leavers in the following year. The reporting scope of our operating offices includes all offices operating on 31 December 2012. In case Redevco relocated to another office during the reporting year, the old office is included from 1 January till occupancy end date and the new office from occupancy start date till 31 December. As a consequence of our change of strategy in 2011, Redevcos operating offices in Hong Kong, Shanghai, Italy, Poland, and Sweden have been closed and Turkey has been sold during the reporting year. These offices are not included in this report.
RESTATEMENT
One employee in Germany was indicated as leaver in last years report while she was on maternity leave. We have corrected the data and included this employee in the 2011 headcount in this years report. Furthermore, one employee moved in 2012 from Redevcos former office in Shanghai to head office. We included this employee as an internal mover in this years report, asour former office in Shanghai was out of scope in 2011.
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SCOPE PER KEYTHEME
Business Integrity & Compliance
Towards a green portfolio
Supporting local communities
Getting the best out of our people
Towards sustainable office operations
COMPARABILITY
Data on energy, CO2 emissions and water are reported in absolute values and normalised values. Absolute values represent a good measure of acompanys exposure to risk (e.g regulatory risks, taxation) while normalised values show efficiency and a comparative trend. The denominator used to calculate normalised values vary. For Redevcos investment portfolio and occupied offices, the denominator used to calculate energy, carbon and water intensity is GLA (gross lettable area). For the corporate data, the denominator is headcount at year end for the calculation of carbon emissions per employee. Company car carbon emissions have been calculated by kilometres driven. For the investment portfolio and occupied-offices, Redevco reports on total energy consumption including all direct energy sources (gas, fuel oil, solid fuel and on-site energy produced) and indirect energy sources (electricity, district heating and district cooling). To calculate the CO2 emissions, country and energy source-specific IEA emission factors have been applied. Sites in Redevcos investment portfolio are included in like-for-like analyses only if environmental data (energy or water) are available andaccepted for two consecutive years. As a result, the like-for-like environmental performance indicators on energy use and CO2 emissions for Redevcos investment portfolio cover 343 of the 390 sites where energy data is measured. The like-for-like water use dataset comprises 237 of345 sites where water data is measured. Due to the nature of our investment portfolio, environmental data represented in this report is subject to a degree of uncertainty, as consumption data is not directly measured by Redevco business units but provided by tenants who are willing to cooperate.
Austria Belgium France Germany Hong Kong/ Shanghai Hungary Italy Luxembourg Netherlands Poland Portugal Romania Slovakia Spain Sweden Switzerland Turkey United Kingdom Head Office
= included = excluded = not applicable
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To evaluate the CO2 emissions relating to the properties owned and/or occupied by Redevco, emission factors from the International Energy Agency have been applied. In previous years the IEA has published an indicator for CO2 emissions per kWh for the electricity and heat generating industries. However, IEA replaced the former indicator with an electricity-only factor expressed in grams of CO2 per kWh. As a result, Redevco applied the new electricity-only factor for electricity and district cooling for 2011 and 2012. To calculate the carbon emissions related to business and commuter travel, the United Kingdom-based Defra conversion factors have been used.
reporting manuals, local training sessions, as well as through completeness and quality checks incorporated in the reporting tools. For each country, a data provider and adata validator were appointed; both received training onhow to complete the sheets and on how to validate the completed data. The quality controls that are performed bythe country validator are stored in a country validation sheet. The environmental data on the investment portfolio and Redevco-occupied offices are consolidated by the CR department at head office in the COFRA environmental database. Once the sheets are uploaded to the COFRA environmental database, 55 quality controls are performed by the corporate responsibility department. The results ofthese quality controls and issues are stored in a head office country validation sheet. These sheets are submitted to the country data validators and data providers, along with a request to respond to the issues and questions raised, yielding definitive validated and approved data.
validation sheet. After completion, data collated is automatically consolidated and aggregated in the corporate (Key) Performance Indicators represented inthis report. Commuter data of Redevco employees were collected by means of the commuter survey. The commuter survey is an annual online questionnaire sent to each individual employee. Employees are asked to indicate how far they commute and which mode of transport they use each way. The commuter survey is prepopulated with employee specific information collected by the corporate software regarding number of weekly days visiting the office, number of illness days and holidays. Based on country specific number of working days corrected for employee specific business travel days, illness days and holidays, the total annual commuting days are calculated. CO2 emission is calculated based on mode of transport and total number of annual commuting days.
REPORTING TOOLS AND METHODOLOGY

Early in 2012, Redevco decided to withdraw from the ISA and insource the calculation of the environmental data of the properties owned and occupied by Redevco, in order toensure data quality and a correct data audit trail. As a consequence, internal reporting tools and training and reporting manuals were developed in cooperation with an external consultant. The portfolio data are collated at local level using an owner input sheet for Redevco-owned properties. The quality and consistency of reporting is ensured through precise definitions of each indicator, through national
The corporate data are collated using a single reporting tool: the corporate responsibility data software (excluding energy and water use in Redevco-occupied offices). The corporate software was developed to improve the collection of reliable corporate data. In addition to clear instructions and definitions, the accessibility of the software is divided between data provider and data validator, each with different qualifications. The data provider can update datawhile the data validator can freeze data input after validation. The corporate data are validated at both country and head office level: all quality controls are stored in a A questionnaire was developed to obtain information from Redevco countries regarding the performance with respect to business integrity & compliance in accordance with the GRI. The questionnaire is a fact based document which was sent to the Managing Director of each country to complete and to return a signed version to head office. Thefollowing business integrity & compliance issues wereaddressed: incidents of discrimination and corrective actions actions taken in response to incidents of corruption
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total value of financial and in-kind contributions to political parties, politicians, and related institutions total number of legal actions for anti-competitive behaviour, anti-trust, and monopoly practices and their outcomes monetary value of significant fines for non-compliance with (non-environmental and environmental) laws and regulations concerning the provision and use of real estate assets total number of incidents of non-compliance with regulations and voluntary codes concerning the health and safety impacts of Redevcos real estate assets during operation, refurbishment and demolition of assets total number of incidents of non-compliance with regulations and voluntary codes concerning product and service information and labelling, by type of outcomes monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations.
At the Redevco group level, the reporting requirements and the reporting and consolidation principles are outlined in a document: Corporate Responsibility Reporting Manual Head Office Data Aggregation and Consolidation. In addition to the head office manual, the data collection principles, process, definitions, tasks and responsibilities and validation procedures at country level have been described in a country manual for both portfolio and corporate data collection.
included in this CR report relate to measured and validated data. The emissions associated with commuter travel per country and transport mode for employees who did not complete the survey were estimated using the response rate. The data for business travel were provided by local travel agencies. Consequently, the data do not include journeys that were not booked through travel agencies, i.e. all business journeys by taxi or private car. If train tickets were not booked through the internal travel department, these were excluded from the calculations. It is assumed that the vast majority of the business journeys in the calculations were booked through travel agencies. For company cars, estimates have been used for kilometres driven that do not cover a lease period (within the reporting year) or reporting year. In case kilometres driven were recorded over a period (in months) shorter or longer than a lease period or reporting year, the distance in kilometres was extrapolated or interpolated to cover a lease period or reporting year.
ESTIMATES
As consumption periods vary widely, the following estimates have been applied: For invoices that cover a whole year other than a calendar year, the data have been included as such. For invoices that do not cover a whole year: measurement periods of more than 8 months have been extrapolated to 12 months measurement periods longer than a year but less than 15 months have been interpolated to 12 months. In addition to the above estimates, all portfolio data
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DATA COVERAGE
Redevco strives to be as complete as possible. However, with regards to tenant data, we are entirely dependent on the willingness of our tenants to provide us with consumption data. For Redevco-occupied offices, we are dependent on the cooperation of our landlords, as most of our offices are leased from third parties.
DATA COVERAGE REDEVCOOCCUPIED OFFICES

Redevco offices Head Office, Amsterdam Austria, Vienna Belgium, Brussels France, Paris Germany, Dsseldorf Netherlands, Amsterdam Spain, Madrid Switzerland, Zurich United Kingdom, London
* adjusted for 2011 reporting scope
COMPLETENESS OF ENERGY DATA % by m2
COMPLETENESS OF WATER DATA % by m2
2012
91% 100% 100% 100% 100% 100% 100% 0% 100% 100%
2011
82% 100% 100% 100% 100% 0% 100% 100% 100% 100%
2010*
76% 100% 100% 0% 100% 100% 100% 100% 100% 100%
2009*
82% 100% 100% 100% 100% 100% 0% 100% 100% 100%
2008*
30% 0% 100% 100% 0% 0% 0% 100% 0% 0%
2012
84% 100% 100% 100% 100% 100% 100% 0% 100% 0%
2011
67% 100% 100% 100% 100% 0% 100% 0% 100% 0%
2010*
63% 100% 0% 0% 100% 100% 100% 100% 100% 0%
2009*
28% 0% 0% 0% 0% 100% 0% 100% 100% 0%
2008*
10% 0% 0% 0% 0% 0% 0% 100% 0% 100%
DATA COVERAGE COMMUTER SURVEY AND COMPANY CARS

Redevco offices Head Office, Amsterdam Austria, Vienna Belgium, Brussels France, Paris Germany, Dsseldorf Netherlands, Amsterdam Spain, Madrid Switzerland, Zurich United Kingdom, London
n.a. = not applicable * adjusted for 2011 reporting scope
COVERAGE OF COMMUTER SURVEY % by headcount
COVERAGE OF COMPANY CARS % of total company cars
2012
85% 97% 27% 82% 93% 88% 92% 93% 60% 81%
2011
83% 82% 79% 70% 81% 95% 92% 100% 100% 86%
2010*
81% 78% 100% 78% 82% 75% 86% 83% 80% 87%
2009*
80% 97% 86% 78% 71% 76% 92% 69% 67% 79%
2008*
64% 70% 83% 51% 67% 56% 63% 81% 80% 73%
2012
100% 100% 100% 100% 100% 100% 100% 100% 100% n.a.
2011
100% 100% 100% 100% 100% 100% 100% 100% 100% n.a.
2010*
100% 100% 100% 100% 100% 100% 100% 100% 100% n.a.
2009*
100% 100% 100% 100% 100% 100% 100% 100% 100% n.a.
2008*
100% 100% 100% 100% 100% 100% 100% 100% 100% n.a.
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COVERAGE OF PORTFOLIO DATA: ENERGY AND WATER DATA COVERAGE BY REGION AND ASSET CLASS
The data coverage for energy and water is based on the area of a property for which complete and accepted data are available, divided by the total m2 of that property. Redevco makes a distinction between total lettable floor area and lettable energy and water area. The latter is used to calculate the intensity figures excluding the lettable floor area not serviced by measured consumption data. As a consequence, in a multi-tenant site or building, only the lettable energy and water areas serviced by measured consumption data are accepted. This does not necessarily include the total lettable area of the whole site or building. Inrelation to energy, data acceptance is determined first for each energy source at both
the property level and per user (lease). The following energy sources are distinguished: electricity (divided into nonrenewable and renewable), gas, district heating, district cooling, fuel oil, solid/fossil fuels, and on-site electricity produced and exported. Energy data are not accepted unless data for all sources used at a property are available. The same applies to the acceptance of water data. If any of these energy sources are used at a site but no data are recorded, those data are regarded as incomplete and corresponding m2 are excluded from the analysis. The table below clarifies the energy and water data coverage for the portfolio KPIs as presented in the report (see Towards a green portfolio). For each indicator, the coverage for the KPI is expressed as the number of m2 for which energy or water data are available divided by the number of m2 that ideally should be included.
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DATA COVERAGE REDEVCOS INVESTMENT PORTFOLIO
Total lettable floor area** m2

Total lettable energy area*** m2
2,583,378 43,951 946,173 222,801 694,351 9,356 0 145,564 23,542 258,168 59,731 179,741 1,036,026 29,175 249,567 75,455 359,968 6,103 121,036 10,197 46505 38,646 99374

Total lettable water area*** m2
2,268,798 47,823 727,535 192,551 722,011 9,356 0 119,498 17,149 231,560 64,014 137,301 746,422 19,346 48,322 60,790 367,690 6,103 98,094 3,804 27,455 45,769 69,049
KPI
2012
2011
2010*
2009*
2008*
2012
2011
2010*
2009*
2008*
Water + Energy data coverage

71% 79% 60% 86% 79% 95% 0% 74% 82% 88% 82% 67% 72% 83% 48% 78% 90% 92% 77% 63% 72% 80% 57%
Redevco Investment Portfolio Austria Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom
3,402,927 57,947 1,392,079 240,499 901,879 9,872 4,838 178,629 24,761 279,013 75,418 237,992 1,241,279 29,369 307,655 87,882 405,271 6,619 142,345 11,066 51,281 52,445 147,346
76% 76% 68% 93% 77% 95% 0% 81% 95% 93% 79% 76% 83% 99% 81% 86% 89% 92% 85% 92% 91% 74% 67%
70% 79% 59% 63% 79% 95% 100% 80% 82% 87% 88% 74% 79% 86% 71% 52% 93% 93% 79% 85% 90% 83% 74%
72% 84% 62% 61% 82% 100% 0% 80% 100% 95% 98% 76% 83% 100% 49% 34% 100% 100% 77% 100% 93% 99% 76%
66% 73% 58% 82% 74% 100% 100% 74% 85% 84% 89% 30% 82% 73% 63% 81% 100% 100% 86% 68% 98% 94% 31%
27% 44% 9% 15% 56% 100% 0% 59% 78% 15% 28% 7% 56% 86% 21% 13% 93% 100% 82% 54% 34% 54% 11%
67% 83% 52% 80% 80% 95% 0% 67% 69% 83% 85% 58% 60% 66% 16% 69% 91% 92% 69% 34% 54% 87% 47%
51% 67% 52% 25% 52% 95% 100% 63% 71% 42% 79% 47% 49% 56% 16% 40% 68% 93% 58% 62% 54% 79% 47%
35% 80% 10% 35% 60% 100% 0% 80% 100% 95% 98% 76% 69% 85% 25% 63% 98% 100% 89% 100% 90% 100% 36%
65% 68% 65% 41% 75% 100% 100% 74% 85% 84% 89% 30% 82% 59% 71% 76% 100% 100% 92% 76% 98% 100% 9%
26% 64% 9% 4% 54% 100% 0% 59% 78% 15% 28% 7% 52% 86% 20% 13% 90% 100% 86% 0% 34% 0% 7%
RETAIL
Austria Belgium France Germany Hungary
High Street
Netherlands Portugal Spain Switzerland United Kingdom
* Adjusted for 2011 reporting scope ** The total lettable floor area is based on the lettable sq.m. of all reported properties, which excludes residential, (re)development projects, parking and land areas *** Redevco makes a distinction between total lettable floor area and lettable energy and water area. The latter is used to calculate the intensity figures excluding the lettable floor area not serviced by measured consumption data
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Total lettable energy area*** m2 273,952
5,825 20,358 89,246 47,221 0 22,575 13,345 37,449 4,728 33,205

Total lettable water area*** m2 232,391
6,196 4,869 73,909 56,845 0 19,451 13,345 29,326 0 28,450
KPI
2012
2011
2010*
2009*
2008*
2012
2011
2010*
2009*
2008*
Water + Energy data coverage 71%

97% 34% 88% 64% 0% 79% 97% 66% 50% 81%
RETAIL
Shopping Centres
355,270
6,196 37,423 92,944 81,663 3,489 26,526 13,695 50,612 4,728 37,994
77%
94% 54% 96% 58% 0% 85% 97% 74% 100% 87%
70%
95% 40% 64% 79% 100% 78% 79% 77% 89% 89%
81%
100% 32% 81% 100% 0% 100% 95% 89% 86%
66%
100% 32% 83% 100% 100% 100% 95% 0% 4%
38%
100% 19% 32% 89% 0% 100% 44% 0% 0%
65%
100% 13% 80% 70% 0% 73% 97% 58% 0% 75%
70%
98% 12% 21% 67% 100% 75% 79% 89% 0% 52%
52%
100% 13% 28% 82% 0% 100% 60% 0% 40%
49%
100% 44% 23% 83% 0% 100% 100% 0% 0%
26%
0% 8% 1% 69% 0% 100% 74% 0% 0%
Luxembourg Netherlands Portugal Spain Switzerland United Kingdom
RETAIL
ox / Park / B Supermarket
1,055,343
13,379 908,640 9,206 18,357 1,349 6,864 79,303 18,245 -
767,138
0 656,356 7,633 8043 0 1,953 76,796 16,357 -
73%
0% 72% 83% 44% 0% 28% 97% 90% -
67%
71% 65% 32% 5% 86% 91% 100% n.a.
76%
71% 73% 38% 92% 96% 96% 100% n.a.
70%
61% 71% 76% 6% 29% 98% 91% 21%
3%
0% 1% 7% 6% 3% 0% 0% 21%
791,083
13,330 654,452 7,385 18357 0 1,953 77,361 18,245 -
75%
100% 72% 80% 100% 0% 28% 98% 100% -
63%
65% 66% 9% 5% 82% 34% 100% n.a.
11%
87% 1% 30% 5% 13% 21% 100% n.a.
74%
70% 75% 40% 6% 30% 98% 91% 21%
6%
50% 0% 0% 6% 0% 0% 94% 21%
74%
50% 72% 82% 72% 0% 28% 97% 95% -
Luxembourg Netherlands Spain Switzerland United Kingdom
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Total lettable energy area*** m2 376,291
0 43,602 241,094 91,595 0

Total lettable water area*** m2 376,291
0 43602 241,094 91,595 0
KPI
2012
2011
2010*
2009*
2008*
2012
2011
2010*
2009*
2008*
Water + Energy data coverage 69%

0% 100% 67% 100% 0%
INDUSTRIAL
Austria Belgium France Germany Spain United Kingdom
545,928
48,768 43,602 358,563 91,595 3,400
69%
0% 100% 67% 100% 0%
59%
n.a. 0% 100% 67% 91% 0%
48%
n.a. 24% 78% 40% 100% 0%
34%
84% 0% 78% 35% 68% 0%
22%
84% 37% 0% 25% 0% 0%
69%
0% 100% 67% 100% 0%
27%
n.a. 34% 0% 30% 21% 0%
23%
n.a. 24% 0% 28% 17% 0%
36%
84% 18% 0% 38% 68% 0%
22%
84% 37% 0% 24% 0% 0%
OFFICES
Austria Belgium France Germany Hungary Netherlands Spain Switzerland United Kingdom
205,107
9,003 89,593 6,865 38,025 3,253 2,894 6,222 49,252
129,971
8,951 19892 6,865 38,025 3,253 0 5,823 47,162
63%
99% 22% 100% 100% 100% 0% 94% 96%
59%
100% 0% 70% 100% 100% 90% 96% n.a. 61%
70%
100% 60% 42% 86% 100% 75% 0% 0% 69%
78%
100% 60% 100% 100% 100% 75% 49% 49% 61%
25%
44% 57% 0% 13% 100% 0% 60% 60% 0%
122,611
8,951 19,892 6,865 38,025 3,253 0 5,823 39,802
60%
99% 22% 100% 100% 100% 0% 94% 81%
64%
100% 34% 70% 100% 100% 23% 83% n.a. 48%
33%
8% 60% 48% 0% 100% 75% 0% 0% 26%
66%
8% 63% 100% 100% 100% 46% 49% 0% 32%
30%
0% 55% 0% 34% 100% 28% 56% 0% 0%
62%
99% 22% 100% 100% 100% 0% 94% 88%
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CO2 EMISSIONS ACCOUNT RELATED TO REDEVCOS OWN OPERATIONS (GRI: EN5, EN6, EN7, EN16, EN17, EN29)
CO2 EMISSION ACCOUNTS 2012 kgCO2e 2011 LIKE-FOR-LIKE kgCO2e 2010 LIKE-FOR-LIKE kgCO2e 2009 LIKE-FOR-LIKE kgCO2e 2008 LIKE-FOR-LIKE kgCO2e
BUSINESS TRAVEL
Air - Domestic Air - Short haul Air - Long haul (business class) Business Travel Air - subtotal Business travel Rail Company cars (excl. commuter travel) Total Business Travel Emissions 100,595 98,538 105,648 304,781 24,022 174,889 503,692 10.2% 10.0% 10.7% 30.9% 2.4% 17.7% 51.1% 46,514 130,911 208,172 385,598 24,617 192,767 602,981 4.2% 11.9% 18.9% 35.0% 2.2% 17.5% 54.7% 62,161 124,041 346,784 532,986 19,731 230,351 783,068 4.4% 8.7% 24.4% 37.5% 1.4% 16.2% 55.1% 30,329 128,325 154,272 312,926 11,262 261,378 585,566 2.3% 9.5% 11.5% 23.2% 0.8% 19.4% 43.5% 44,052 153,011 214,510 411,573 14,478 335,475 761,526 3.1% 10.6% 14.9% 28.5% 1.0% 23.2% 52.8%
COMMUTER TRAVEL
Private car / motor cycle Company cars (excl. business travel and other) Walk/cycle Public transport Total Commuter Travel Emissions 44,927 145,322 0 33,712 223,961 4.6% 14.7% 0.0% 3.4% 22.7% 30,904 169,430 0 36,271 236,606 2.8% 15.4% 0.0% 3.3% 21.5% 34,111 178,194 0 59,393 271,699 2.4% 12.5% 0.0% 4.2% 19.1% 34,265 170,793 0 38,022 243,080 2.5% 12.7% 0.0% 2.8% 18.1% 58,268 127,499 0 27,421 213,188 4.0% 8.8% 0.0% 1.9% 14.8%
OFFICE ENERGY USE

Energy Use Occupied Offices Total Corporate Emissions Before Offsetting 258,172 985,825 26.2% 100.0% 262,867 1,102,454 23.8% 100.0% 367,254 1,422,020 25.8% 100.0% 517,899 1,346,545 38.5% 100.0% 468,522 1,443,235 32.5% 100.0%
75
DIRECT ENERGY USE & CARBON EMISSIONS LIKE-FOR-LIKE (GRI: EN3, EN6, EN7, EN16, INREV: 3.3, 3.5)
REDEVCOS INVESTMENT PORTFOLIO Energy use kWh/year
2012 Total
Gas Fuel oil Solid fuel Onsite production (renewable) Onsite production exported
REDEVCOS OCCUPIED OFFICES Energy use kWh/year

2011 28,471
25,366 3,105 0 0 0
CO2 emissions tCO2e/year

2011 2012 27,135
23,916 3,251 0 0 0

2011 344,540
320,420 24,120 0 0 0
2012 306,364
280,434 25,930 0 0 0
2012 59
51 8 0 0 0
2011 66
59 7 0 0 0
142,519,118
130,849,944 11,114,802 0 1,421,420 867,048
150,100,091
138,781,484 10,617,877 0 1,637,380 936,650
Head Office
Gas
81,144
81,144
82,643
82,643
15
15
15
15
Austria Belgium
Gas Fuel oil
0 87,775,998
79,315,432 8,460,566
0 89,501,668
81,537,557 7,964,111
0 16,971
14,497 2,474
0 17,232
14,903 2,329
0 190,706
190,706
0 231,254
231,254
0 35
35
0 42
42
France
Gas Fuel oil
4,010,181
3,975,816 34,365
3,460,651
3,415,229 45,422
737
727 10
637
624 13
Germany
Gas Fuel oil Onsite production (renewable) Onsite production exported
36,381,367
34,997,124 829,871 1,421,420 867,048
46,378,121
44,060,518 1,616,873 1,637,380 936,650
6,639
6,397 243
8,526
8,053 473
Hungary
Gas
1,004,949
1,004,949
1,138,325
1,138,325
184
184
208
208
* District heating and cooling is assumed not to be renewable
76
DIRECT ENERGY USE & CARBON EMISSIONS LIKE-FOR-LIKE (GRI: EN3, EN6, EN7, EN16, INREV: 3.3, 3.5)
2012 Luxembourg Netherlands
Gas

2011 0 979
979

2011 0 2012 0 1,088
1,088

2011 0 6,523
6,523
2012 0 8,584
8,584
2012 0 2
2
2011 0 1
1
0 5,950,491
5,950,491
5,354,707
5,354,707
Portugal
Fuel oil
4,697
4,697
4,697
4,697
1
1
1
1
Spain
Gas Fuel oil
28,613
19,523 9,090
8,268
6
4
8,268
Switzerland
Gas Fuel oil
1,704,698
1,704,698
1,442,745
1,442,745
312
312
264
264
25,930
24,120
25,930
24,120
United Kingdom
Gas Fuel oil
5,658,123
3,881,910 1,776,213
2,810,908
1,832,402 978,506
1,229
710 519
621
335 286
77
INDIRECT ENERGY USE & CARBON EMISSIONS LIKE-FOR-LIKE (GRI: EN4, EN16, INREV: 3.1, 3.2, 3.6)
2012 Total
Electricity total Electricity non-renewable Electricity renewable District heating* District cooling *

2011 56,112
51,109 51,109 0 4,737 266

2011 2012 56,585
50,780 50,780 0 5,570 228

2011 612,077
359,385 333,394 25,991 83,180 169,512
2012 554,843
365,304 308,267 57,037 70,347 119,192
2012 101
80 80 0 12 9
2011 134
107 107 0 14 13
402,227,972
368,142,982 177,602,858 190,540,124 32,177,230 1,907,760
398,288,931
369,044,637 165,711,285 203,333,352 27,365,615 1,878,679
Head Office
Electricity total Electricity non-renewable
70,500
70,500 70,500
72,900
72,900 72,900
29
29 29
31
31 31
Austria
Electricity total Electricity non-renewable Electricity renewable District heating District cooling
9,552,737
6,630,937 2,658,222 3,972,715 2,921,800 0
8,833,078
6,713,936 1,743,083 4,970,853 2,119,142
1,005
499 499 0 506 0
642
275 275 0 367
58,862
36,852 36,852
59,076
30,846 4,855 25,991
11
7 7
6
1 1
22,010
28,230
Belgium
Electricity total Electricity non-renewable Electricity renewable
164,699,207
164,699,207 21,115,093 143,584,114
172,994,237
172,994,237 21,224,407 151,769,830
4,636
4,636 4,636 0
4,626
4,626 4,626 0
88,881
88,881 88,881
96,417
96,417 96,417
20
20 20
21
21 21
France
Electricity total Electricity non-renewable Electricity renewable District heating District cooling
32,258,270
29,232,301 29,203,753 28,548 1,572,489 1,453,480
25,421,317
23,323,183 21,580,004 1,743,179 660,040 1,438,094
2,697
2,310 2,310 0 272 115
1,912
1,685 1,685 0 114 112
223,839
56,310 56,310
255,291
30,829 30,829
22
4 4
25
2 2
48,337 119,192
54,950 169,512
8 9
10 13
78
2012 Germany
Electricity total Electricity non-renewable Electricity renewable District heating

2011 16,872
12,867 12,867 0 4,005 0 0 0

2011 2012 17,878
13,359 13,359 0 4,519

2011 0 2012 0 2011 0
2012 0
97,989,863
71,883,492 28,985,782 42,897,710 26,106,371
95,482,804
72,346,636 27,576,158 44,770,478 23,136,168
Hungary
Electricity total Electricity non-renewable
2,579,889
2,579,889 2,579,889
2,490,326
2,490,326 2,490,326
818
818 818
780
780 780
Luxembourg Netherlands
Electricity total Electricity non-renewable Electricity renewable District heating
0 14,295,060
13,490,476 13,490,476
0 14,518,646
13,836,784 13,757,771 79,013
0 5,736
5,597 5,597
0 5,893
5,775 5,775 0
0 46,050
46,050 46,050
0 48,400
48,400 48,400
0 19
19 19
0 20
20 20
804,584
681,862
139
118
Portugal
Electricity total Electricity non-renewable District cooling
4,711,096
4,434,851 4,434,851 276,245
4,883,685
4,607,440 4,607,440 276,245
1,203
1,132 1,132 71
1,852
1,747 1,747 105
Spain
Electricity total Electricity non-renewable District cooling
39,496,597
39,318,562 39,318,562 178,035
40,163,591
39,999,251 39,999,251 164,340
9,399
9,357 9,357 42
11,924
11,875 11,875 49
79
2012 Switzerland
Electricity total Electricity non-renewable District heating

2011 338
205 205 133

2011 2012 344
210 210 134

2011 10,570
10,570 10,570
2012 9,674
9,674 9,674
2012 0,3
0.3 0.3
2011 0,3
0.3 0.3
8,466,878
7,694,891 7,694,891 771,987
8,641,826
7,873,423 7,873,423 768,403
United Kingdom
Electricity total Electricity non-renewable Electricity renewable
28,178,375
28,178,375 28,121,338 57,037
24,859,422
24,859,422 24,859,422
12,862
12,862 12,862
11,273
11,273 11,273
57,037
57,037 0 57,037
69,423
69,423 69,423
0
0 0 0
31
31 31
80
TOTAL CONSUMPTION DATA REDEVCOS INVESTMENT PORTFOLIO LIKE-FOR-LIKE (GRI: EN8, EN16, CRE1, CRE2, CRE3, INREV: 3.8)
TOTAL DIRECT AND INDIRECT ENERGY GJ/year
Redevcoinvestment portfolio
TOTAL DIRECT AND INDIRECT CARBON EMISSIONS tCO2/year

2011 Renewable* 2011 Nonrenewable
1,242,200 13,904 398,614 97,700 349,526 13,063 71,260 17,598 144,619 36,304 99,613
WATER USE** m3/year

2012 2011
2012 Renewable*
2012 Nonrenewable
1,275,145 20,088 392,008 130,464 329,305 12,905 72,884 16,977 142,291 36,618 121,606
2012 Total
2011 Total
2012
Taken into account renewables* 83,745 1,005 21,607 3,434 24,518 1,002 6,823 1,204 9,406 655 14,091
2012
Not taken into account renewables 135,815 1,752 53,132 3,436 44,289 1,002 6,823 1,204 9,406 655 14,117
2011
Taken into account renewables* 84,583 642 21,858 2,549 25,398 988 6,872 1,853 11,926 602 11,894
2011
Not taken into account renewables 139,507 1,425 54,940 2,686 46,288 988 6,905 1,853 11,926 602 11,894
Total Austria Belgium France Germany Hungary Luxembourg Netherlands Portugal Spain Switzerland United Kingdom
685,944 14,302 516,903 103 154,432 0 0 0 0 0 205
1,961,090 34,390 908,911 130,566 483,736 12,905 72,884 16,977 142,291 36,618 121,811
732,000 17,895 546,371 6,275 161,174 0 284 0 0 0 0
1,974,201 31,799 944,985 103,975 510,699 13,063 71,544 17,598 144,619 36,304 99,613
599,584 20,883 290,555 28,770 136,716 4,277 6,419 1,395 34,252 21,803 54,514
632,164 19,175 280,307 29,465 133,592 5,690 6,805 1,653 69,311 28,290 57,876
* District heating and cooling is assumed not to be renewable ** All water comes from municipal sources, 0% of total water was recycled and reused
81
TOTAL CONSUMPTION DATA AND INTENSITY FIGURES REDEVCO - OCCUPIED OFFICES (GRI: EN8, EN16, CRE1, CRE2, CRE3)
TOTAL LETTABLE FLOOR AREA
Redevcooccupied offices Total: 2 years like-for-like Total: 3 years like-for-like Total Head Office, Amsterdam Austria, Vienna Belgium, Brussels France, Paris Germany, Dsseldorf Netherlands, Amsterdam Spain, Madrid Switzerland, Zurich United Kingdom, London
TOTAL DIRECT AND INDIRECT ENERGY CONSUMPTION Kwh
ENERGY INTENSITY Kwh/m2/year
TOTAL DIRECT AND INDIRECT CARBON EMISSIONS* t/CO2e
CARBON INTENSITY* kgCO2e/m2/year
TOTAL WATER CONSUMPTION m3
2012
7,402 1057 575 1684 800 1284 617 651 204 530
2012
861,207 581,620 104,922,7 151,644 58,862 279,587 223,839 188,020 54,634 35,604 57,037
2011
956,617 628,946 998,762 155,543 59,076 327,671 255,291 54,923 42,145 34,690 69,423
2010
609,090 845,732 176,518 39,160 231,285 178,659 63,903 57,983 41,251 56,973
2012
158 154 155 143 102 166 280 146 89 175 108
2011
175 166 166 147 103 195 319 89 75 170 131
2010
168 158 167 62 289 139 104 134 188 186
2012
186 132 235 44 11 54 22 49 21 8 26
2011
204 141 217 46 10 63 25 22 13 7 31
2010
176 256 51 8 57 60 22 20 8 29
2012
34 35 35 42 19 32 28 38 34 0 38 49
2011
38 37 36 43 17 38 31 35 22 36 59
2010
48 48 48 13 71 47 36 47 38 94
2012
1,835 787 2,136 192 488 560 350 301 180 65 -
2011
1,911 790 1,911 131 450 671 384 213 62 -
2010
717 1,023 135 336 217 177 89 69 -
2012
0.37 0.29 0.34 0.18 0.85 0.33 0.44 0.23 0.29 0.32 -
2011
0.39 0.29 0.39 0.12 0.78 0.40 0.48 0.35 0.30 -
2010
0.27 0.23 0.13 0.42 0.17 0.29 0.21 0.31 -
* Carbon emission are not corrected for renewable electricity
82
TOTAL GHG EMISSIONS LIKE-FOR-LIKE (tCO2E/YEAR) ACCORDING TO GREENHOUSE GAS PROTOCOL (GRI: EN16, EN17, INREV: 3.4, 3.6)
EMISSIONS BY SOURCE CARBON EMISSIONS tCO2e/year
2012
Scope 1 Total Redevco-occupied offices not in Redevco-owned properties combustion of gas, fuel oil and fossil fuels Redevco-occupied offices in Redevco-owned properties combustion of gas, fuel oil and fossil fuels Company cars Scope 2 Total Redevco-occupied offices not in Redevco-owned properties electricity and district heating/cooling Redevco-occupied offices in Redevco-owned properties electricity and district heating/cooling Scope 3 Total Investment portfolio energy use by tenants* Business travel by air Business travel by rail Employees commuting by public transport Employees commuting by private car Total Scope 1, 2 and 3 234 59 0 175 101 68 33 84,119 83,712 305 24 34 45 84,454
2011
258 66 0 193 134 72 62 84,998 84,520 386 25 36 31 85,390
Scope 1: All direct GHG emissions Scope 2: Indirect GHG emissions from the consumption of purchased electricity, heat or steam Scope 3: Other indirect emissions, such as the extraction and production of purchased materials and fuels, transport-related activities in vehicles not owned or controlled by the reporting entity, electricity-related activities (e.g. T&D losses) not covered in Scope 2, outsourced activities and waste disposal. * Please note that the data relating to Redevcos investment portfolio are beyond Redevcos operational control. Therefore energy use by tenants is reported under Scope 3 in accordance with the Greenhouse Gas Protocol.
83
SOCIAL PERFORMANCE INDICATORS

HEADCOUNT, STAFF TURNOVER AND NEW HIRES BY REGION AND GENDER (LA1, LA2 AND LA12)
2012
Headcount* #
Total Female Male Head Office Female Male Austria Female Male Belgium Female Male France Female Male Germany Female Male Netherlands Female Male Spain Female Male Switzerland Female Male United Kingdom Female Male 216 112 104 38 14 24 11 6 5 49 26 23 29 16 13 40 24 16 13 7 6 15 7 8 5 4 1 16 8 8
2011
New hires***
25 12 13 4 3 1 0 0 0 0 0 0 9 3 6 2 2 0 2 1 1 2 0 2 2 2 0 4 1 3
2010
New hires***
21 13 8 5 3 2 1 1 0 5 4 1 5 3 2 2 1 1 0 0 0 0 0 0 0 0 0 3 1 2
% by gender
100% 52% 48% 100% 37% 63% 100% 55% 45% 100% 53% 47% 100% 55% 45% 100% 60% 40% 100% 54% 46% 100% 47% 53% 100% 80% 20% 100% 50% 50%
Leavers** #
25 18 7 7 2 5 3 3 0 3 3 0 7 5 2 1 1 0 1 1 0 1 1 0 1 1 0 1 1 0
Staff turnover % 11.6% 8% 3% 18% 5% 13% 27% 27% 0% 6% 6% 0% 24% 17% 7% 3% 3% 0% 8% 8% 0% 7% 7% 0% 20% 20% 0% 6% 6% 0%
Rate new hires %

11.6% 6% 6% 11% 8% 3% 0% 0% 0% 0% 0% 0% 31% 10% 21% 5% 5% 0% 15% 8% 8% 13% 0% 13% 40% 40% 0% 25% 6% 19%
Headcount #
215 118 97 38 13 25 14 9 5 53 29 24 27 18 9 38 22 16 12 7 5 15 8 7 4 3 1 14 9 5
% by gender
100% 55% 45% 100% 34% 66% 100% 64% 36% 100% 55% 45% 100% 67% 33% 100% 58% 42% 100% 58% 42% 100% 53% 47% 100% 75% 25% 100% 64% 36%
Leavers** #
28 11 17 6 1 5 1 0 1 4 2 2 6 4 2 1 0 1 2 1 1 3 1 2 2 0 2 3 2 1
Staff turnover %
13% 5% 8% 16% 3% 13% 7% 0% 7% 8% 4% 4% 22% 15% 7% 3% 0% 3% 17% 8% 8% 20% 7% 13% 50% 0% 50% 21% 14% 7%
Rate new hires %

9.8% 6% 4% 13% 8% 5% 7% 7% 0% 9% 8% 2% 19% 11% 7% 5% 3% 3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 21% 7% 14%
Headcount #
222 116 106 41 10 31 14 8 6 51 27 24 28 20 8 36 20 16 14 9 5 18 9 9 5 3 2 15 10 5
% by gender
100% 52% 48% 100% 24% 76% 100% 57% 43% 100% 53% 47% 100% 71% 29% 100% 56% 44% 100% 64% 36% 100% 50% 50% 100% 60% 40% 100% 67% 33%
Leavers #
19 9 10 4 0 4 0 0 0 4 3 1 6 4 2 2 1 1 1 0 1 2 1 1 0 0 0 0 0 0
Staff turnover %
8.6% 4% 5% 10% 0% 10% 0% 0% 0% 8% 6% 2% 21% 14% 7% 6% 3% 3% 7% 0% 7% 11% 6% 6% 0% 0% 0% 0% 0% 0%
New employee hires entering and leaving employment during reporting period: 1 female in France * 1 employee moved in 2012 from Redevcos former office in Shanghai to head office. We included this employee as intercompany new hire in this years report as our former office in Shanghai was out of scope in 2011.
** Leavers excluding intercompany movements *** New hires excluding intercompany movements
84
HEADCOUNT, STAFF TURNOVER AND NEW HIRES BY REGION AND AGE GROUP (LA2)
2012
Headcount* #
Total age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Head Office age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Austria age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Belgium age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 216 0 27 71 78 31 9 38 0 4 15 15 3 1 11 0 0 2 8 1 0 49 0 2 12 15 14 6
2011
New hires***
25 0 9 10 4 2 0 4 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2010
New hires***
21 0 7 9 5 0 0 5 0 0 4 1 0 0 1 0 0 1 0 0 0 5 0 2 1 2 0 0
% by office
100% 0% 13% 33% 36% 14% 4% 100% 0% 11% 39% 39% 8% 3% 100% 0% 0% 18% 73% 9% 0% 100% 0% 4% 24% 31% 29% 12%
Leavers** #
25 0 5 12 4 3 1 7 0 0 4 0 3 0 3 0 0 2 1 0 0 3 0 0 2 1 0 0
Staff turnover % 11.6% 0.0% 2.3% 5.6% 1.9% 1.4% 0.5% 18% 0% 0% 11% 0% 8% 0% 27% 0% 0% 18% 9% 0% 0% 6% 0% 0% 4% 2% 0% 0%
Rate new hires %

11.6% 0% 4% 5% 2% 1% 0% 11% 0% 3% 5% 0% 3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Headcount #
215 0 27 82 67 32 7 38 0 3 17 13 5 0 14 0 0 6 7 1 0 53 0 2 15 17 14 5
% by office
100% 0% 13% 38% 31% 15% 3% 100% 0% 8% 45% 34% 13% 0% 100% 0% 0% 43% 50% 7% 0% 100% 0% 4% 28% 32% 26% 9%
Leavers** #
28 0 6 7 10 4 1 6 0 1 1 3 1 0 1 0 0 0 1 0 0 4 0 1 0 2 1 0
Staff turnover %
13.0% 0.0% 2.8% 3.3% 4.7% 1.9% 0.5% 16% 0% 3% 3% 8% 3% 0% 7% 0% 0% 0% 7% 0% 0% 8% 0% 2% 0% 4% 2% 0%
Rate new hires %

9.8% 0.0% 3.3% 4.2% 2.3% 0.0% 0.0% 13% 0% 0% 11% 3% 0% 0% 7% 0% 0% 7% 0% 0% 0% 9% 0% 4% 2% 4% 0% 0%
Headcount #
222 1 29 83 69 34 6 41 1 3 19 12 6 0 14 0 0 6 7 1 0 51 0 1 13 18 15 4
% by office
100% 0.5% 13.1% 37.4% 31.1% 15.3% 2.7% 100% 2% 7% 46% 29% 15% 0% 100% 0% 0% 43% 50% 7% 0% 100% 0% 2% 25% 35% 29% 8%
Leavers #
19 0 5 4 6 3 1 4 0 0 1 2 1 0 0 0 0 0 0 0 0 4 0 1 1 0 2 0
Staff turnover %
8.6% 0.0% 2.3% 1.8% 2.7% 1.4% 0.5% 10% 0% 0% 2% 5% 2% 0% 0% 0% 0% 0% 0% 0% 0% 8% 0% 2% 2% 0% 4% 0%
New employee hires entering and leaving employment during reporting period: 1 in age group 21-30 in France * 1 employee moved in 2012 from Redevcos former office in Shanghai to head office. We included this employee as intercompany new hire in this years report as our former office in Shanghai was out of scope in 2011. ** Leavers excluding intercompany movements *** New hires excluding intercompany movements
85
2012
Headcount* #
France age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Germany age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Netherlands age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 Spain age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 29 0 10 9 6 3 1 40 0 2 9 20 8 1 13 0 1 6 4 2 0 15 0 0 11 4 0 0
2011
New hires***
9 0 5 3 1 0 0 2 0 0 1 0 1 0 2 0 0 2 0 0 0 2 0 0 2 0 0 0
2010
New hires***
5 0 2 2 1 0 0 2 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
% by office
100% 0% 34% 31% 21% 10% 3% 100% 0% 5% 23% 50% 20% 3% 100% 0% 8% 46% 31% 15% 0% 100% 0% 0% 73% 27% 0% 0%
Leavers** #
7 0 3 1 2 0 1 1 0 0 1 0 0 0 1 0 1 0 0 0 0 1 0 0 1 0 0 0
Staff turnover % 24% 0% 10% 3% 7% 0% 3% 3% 0% 0% 3% 0% 0% 0% 8% 0% 8% 0% 0% 0% 0% 7% 0% 0% 7% 0% 0% 0%
Rate new hires %

31% 0% 17% 10% 3% 0% 0% 5% 0% 0% 3% 0% 3% 0% 15% 0% 0% 15% 0% 0% 0% 13% 0% 0% 13% 0% 0% 0%
Headcount #
27 0 8 8 7 3 1 38 0 1 12 17 7 1 12 0 2 7 1 2 0 15 0 0 12 3 0 0
% by office
100% 0% 30% 30% 26% 11% 4% 100% 0% 3% 32% 45% 18% 3% 100% 0% 17% 58% 8% 17% 0% 100% 0% 0% 80% 20% 0% 0%
Leavers** #
6 0 1 2 2 1 0 1 0 0 0 1 0 0 2 0 1 1 0 0 0 3 0 0 2 0 0 1
Staff turnover %
22% 0% 4% 7% 7% 4% 0% 3% 0% 0% 0% 3% 0% 0% 17% 0% 8% 8% 0% 0% 0% 20% 0% 0% 13% 0% 0% 7%
Rate new hires %

19% 0% 7% 7% 4% 0% 0% 5% 0% 3% 3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Headcount #
28 0 8 7 10 3 0 36 0 1 11 17 6 1 14 0 3 9 0 2 0 18 0 1 13 3 0 1
% by office
100% 0% 29% 25% 36% 11% 0% 100% 0% 3% 31% 47% 17% 3% 100% 0% 21% 64% 0% 14% 0% 100% 0% 6% 72% 17% 0% 6%
Leavers #
6 0 3 1 2 0 0 2 0 1 0 1 0 0 1 0 0 1 0 0 0 2 0 0 0 1 0 1
Staff turnover %
21% 0% 11% 4% 7% 0% 0% 6% 0% 3% 0% 3% 0% 0% 7% 0% 0% 7% 0% 0% 0% 11% 0% 0% 0% 6% 0% 6%
New employee hires entering and leaving employment during reporting period: 1 in age group 21-30 in France * 1 employee moved in 2012 from Redevcos former office in Shanghai to head office. We included this employee as intercompany new hire in this years report as our former office in Shanghai was out of scope in 2011. ** Leavers excluding intercompany movements *** New hires excluding intercompany movements
86
2012
Headcount* #
Switzerland age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 United Kingdom age <21 age 21-30 age 31-40 age 41-50 age 51-60 age >60 5 0 1 3 1 0 0 16 0 7 4 5 0 0
2011
New hires***
2 0 1 0 1 0 0 4 0 2 0 2 0 0
2010
New hires***
0 0 0 0 0 0 0 3 0 2 0 1 0 0
% by office
100% 0% 20% 60% 20% 0% 0% 100% 0% 44% 25% 31% 0% 0%
Leavers** #
1 0 0 1 0 0 0 1 0 1 0 0 0 0
Staff turnover % 20% 0% 0% 20% 0% 0% 0% 6% 0% 6% 0% 0% 0% 0%
Rate new hires %

40% 0% 20% 0% 20% 0% 0% 25% 0% 13% 0% 13% 0% 0%
Headcount #
4 0 2 2 0 0 0 14 0 9 3 2 0 0
% by office
100% 0% 50% 50% 0% 0% 0% 100% 0% 64% 21% 14% 0% 0%
Leavers** #
2 0 0 1 0 1 0 3 0 2 0 1 0 0
Staff turnover %
50% 0% 0% 25% 0% 25% 0% 21% 0% 14% 0% 7% 0% 0%
Rate new hires %

0% 0% 0% 0% 0% 0% 0% 21% 0% 14% 0% 7% 0% 0%
Headcount #
5 0 3 1 0 1 0 15 0 9 4 2 0 0
% by office
100% 0% 60% 20% 0% 20% 0% 100% 0% 60% 27% 13% 0% 0%
Leavers #
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Staff turnover %
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
New employee hires entering and leaving employment during reporting period: 1 in age group 21-30 in France * 1 employee moved in 2012 from Redevcos former office in Shanghai to head office. We included this employee as intercompany new hire in this years report as our former office in Shanghai was out of scope in 2011.
** Leavers excluding intercompany movements *** New hires excluding intercompany movements
MANAGEMENT POSITIONS* BY GENDER (LA13)

Board, MDs and Directors 2012 2011 2012 2011 2012 2011 2012 2011 8 8 22 30 40 44 86 88 92 92 78 70 60 56 14 12
(RATE AND HEADCOUNT)
YEARS EMPLOYED BY REDEVCO
MANAGEMENT POSITIONS* BY AGE (LA13)

2012 2011 2012 2011 3 42 31 33 51 36 34 28 38 42 38 53 35 33 35 31 24 17 31 8 11 11 11 21 18 3 2 5 5 6
Board, MDs and Directors 40 more than 6 years 34 30 30 Senior Management
Senior Management
Professionals
4-6 years
29 23 30
17 Professionals 2012 2011 17 Professional assistance 2012 15 & Staff 2011 14 30 40 50 60 % 10 20
Professional assistance & Staff
0-3 years
37 47
10
20
30
40
50
60
70
80
90
100
10
20
30
40
50
60
70
80
90
100
female
male
2012
2011
2012
age 21-30
age 31-40
age 41-50
age 51-60
age > 60
*In 2011 one employee with a zero-hour contract has not been classified as staff or senior management
*In 2011 one employee with a zero-hour contract has not been classified as staff or senior management
87
EMPLOYMENT TYPE BY REGION AND GENDER (LA1)

2012
Full-time #
Total Female Male Head Office Female Male Austria Female Male Belgium Female Male France Female Male Germany Female Male Netherlands Female Male Spain Female Male Switzerland Female Male United Kingdom Female Male 172 73 99 29 7 22 8 3 5 36 15 21 26 13 13 33 17 16 8 3 5 15 7 8 2 1 1 15 7 8
2011
Part-time %
20% 35% 5% 24% 50% 8% 27% 50% 0% 27% 42% 9% 10% 19% 0% 18% 29% 0% 38% 57% 17% 0% 0% 0% 60% 75% 0% 6% 13% 0%
2010*
Part-time %
20% 31% 7% 26% 46% 16% 29% 44% 0% 28% 45% 8% 11% 17% 0% 11% 18% 0% 33% 43% 20% 0% 0% 0% 50% 67% 0% 7% 11% 0% 14 1 93% 7% 3 2 60% 40% 18 0 100% 0% 9 5 64% 36% 33 3 92% 8% 25 3 89% 11% 38 13 75% 25% 11 3 79% 21% 32 9 78% 22%
Part-time #
44 39 5 9 7 2 3 3 0 13 11 2 3 3 0 7 7 0 5 4 1 0 0 0 3 3 0 1 1 0
Full-time %
80% 65% 95% 76% 50% 92% 73% 50% 100% 73% 58% 91% 90% 81% 100% 83% 71% 100% 62% 43% 83% 100% 100% 100% 40% 25% 100% 94% 88% 100%
Full-time #
172 82 90 28 7 21 10 5 5 38 16 22 24 15 9 34 18 16 8 4 4 15 8 7 2 1 1 13 8 5
Part-time #
43 36 7 10 6 4 4 4 0 15 13 2 3 3 0 4 4 0 4 3 1 0 0 0 2 2 0 1 1 0
Full-time %
80% 69% 93% 74% 54% 84% 71% 56% 100% 72% 55% 92% 89% 83% 100% 89% 82% 100% 67% 57% 80% 100% 100% 100% 50% 33% 100% 93% 89% 100%
Full-time #
183
Part-time #
39
Full-time %
82%
Part-time %
18%
Full-time and part-time by gender not recorded in 2010
88
CONTRACT TYPE BY REGION AND GENDER (LA1)

2012
Temporary #
Total Female Male Head Office Female Male Austria Female Male Belgium Female Male France Female Male Germany Female Male Netherlands Female Male Spain Female Male Switzerland Female Male United Kingdom Female Male
Contract type by gender not recorded in 2010
2011
Permanent part-time #
42 38 4 9 7 2 3 3 0 12 11 1 3 3 0 6 6 0 5 4 1 0 0 0 3 3 0 1 1 0
Permanent #
Temporary %
Permanent %
Permanent full-time #
169 72 97 29 7 22 8 3 5 36 15 21 24 12 12 33 17 16 7 3 4 15 7 8 2 1 1 15 7 8
Permanent full-time %
80% 65% 96% 76% 50% 92% 73% 50% 100% 75% 58% 95% 89% 80% 100% 85% 74% 100% 58% 43% 80% 100% 100% 100% 40% 25% 100% 94% 88% 100%
Permanent part-time %
20% 35% 4% 24% 50% 8% 27% 50% 0% 25% 42% 5% 11% 20% 0% 15% 26% 0% 42% 57% 20% 0% 0% 0% 60% 75% 0% 6% 13% 0%
Temporary #
5 4 1 2 1 1 0 0 0 1 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0
Permanent #
210 114 96 36 12 24 14 9 5 52 28 24 26 17 9 38 22 16 11 6 5 15 8 7 4 3 1 14 9 5
Temporary %
2% 3% 1% 5% 8% 4% 0% 0% 0% 2% 3% 0% 4% 6% 0% 0% 0% 0% 8% 14% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Permanent %
98% 97% 99% 95% 92% 96% 100% 100% 100% 98% 97% 100% 96% 94% 100% 100% 100% 100% 92% 86% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Permanent full-time #
169 80 89 27 7 20 10 5 5 38 16 22 23 14 9 34 18 16 7 3 4 15 8 7 2 1 1 13 8 5
Permanent part-time #
41 34 7 9 5 4 4 4 0 14 12 2 3 3 0 4 4 0 4 3 1 0 0 0 2 2 0 1 1 0
Permanent full-time %
80% 70% 93% 75% 58% 83% 71% 56% 100% 73% 57% 92% 88% 82% 100% 89% 82% 100% 64% 50% 80% 100% 100% 100% 50% 33% 100% 93% 89% 100%
Permanent part-time %
20% 30% 7% 25% 42% 17% 29% 44% 0% 27% 43% 8% 12% 18% 0% 11% 18% 0% 36% 50% 20% 0% 0% 0% 50% 67% 0% 7% 11% 0%
5 2 3 0 0 0 0 0 0 1 0 1 2 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0
211 110 101 38 14 24 11 6 5 48 26 22 27 15 12 39 23 16 12 7 5 15 7 8 5 4 1 16 8 8
2% 2% 3% 0% 0% 0% 0% 0% 0% 2% 0% 4% 7% 6% 8% 3% 4% 0% 8% 0% 17% 0% 0% 0% 0% 0% 0% 0% 0% 0%
98% 98% 97% 100% 100% 100% 100% 100% 100% 98% 100% 96% 93% 94% 92% 98% 96% 100% 92% 100% 83% 100% 100% 100% 100% 100% 100% 100% 100% 100%
89
REDEVCO FOUNDATION 2012 OVERVIEW

REDEVCO ORGANISATION NAME OFFICE
Belgium DE STEIGER GANDAE VZW IMMOSOLIDARITY VZW DE RANKEN - SINT JANSHOF VZW SOCIALE WERKPLAATS DE SLEUTEL vzw TECHNICUM NOORD ANTWERPEN GOCA CVBASO (CRAFTS TRAINING CENTRE GHENT)
PROJECT TITLE
GRANT AMOUNT
30,000 20,000 5,000 10,000 10,000 10,000 10,000

France Make A Wish France LES BLOUSES ROSES LES BRUITS DE LA RUE Tout Autre Chose LES BRUITS DE LA RUE Tout Autre Chose La Chane de l'Espoir Association Louis-Delamare
PROJECT TITLE
GRANT AMOUNT
20,000 15,000 20,000 15,000 20,000 15,000 15,000 15,000
EXPANDING ROOM TRAINING FAMILY REPLACING HOME FOR MENTALLY & PHYSICALLY HANDICAPPED DECENT HOME FOR EVERYONE SCHOOLPROJECT RUSTIGE RUIMTE SOCIAL WORKPLACE AND LABOUR CARE CENTRE IN DE STEIGERS/ IN SCAFFHOLDING Facilitate (re)employment in the restoration sector
4 wishes + sponsor opening 2 new branches Full training program for 112 new voluntary helpers Offer a professional issue to 10 jeopardized persons Interior refurbishment premises and participation to functioning budget Offer a professional issue to 10 jeopardized persons Interior refurbishment premises and participation to functioning budget Healthcare of destitute children in France Exterior refurbishment of building association facade
Total Belgium
CE/CH* Concordia Transilvania Kinder-Krebs-Hilfe Wien, N, Bgld. Fundacja NIA Rzecz Chorych NA WYSPA Redevco Vienna Debra Austria - Verein zur Frderung der Epidermolysis Sterntalerhof - Verein fr ganzheitliche Lebensbegleitung Verein Schweizer Kinderhilfswerk Kovive kispex Kinder-Spitex Kt. Zrich Wyspa Island Concordia Transilvania - supporting first steps in Neudorf Equotherapy for children suffering severly from cancer Information and Supporting Center for Parkinsons' disease patients/families Academy of Arts Emergency support for villagers after natural disaster Help for Schmetterlingskinder (butterfly kids) Supporting chronically/terminally ill children and their families Enabling recreation for children/families living under difficult conditions Intensive care of seriously ill children at home General Support
95,000
5,000 10,000 5,923 3,554 10,000 5,000 5,000 10,000 10,000 3,554
Total France
Germany Diakonie Dsseldorf e.V. Die Arche christliches Kinder- und Jugendwerk e.V. Family counseling centre at the Berger Church Die Arche Dsseldorf
100,000
70,000 25,000
Total Germany
Head office Stichting Diabetes Fonds Stichting Impuls Nederlands Openluchtmuseum CARE International MSS Research Foundation De Eglantier VZW Eetcafe Van de Kook Research influence of type 1 diabetes on teenagers Children's building ground 't Landje Educatief Schoolproject mbt Migratie Emergency help for hunger crisis in Africa Support for research in rare Marshall Smith Syndrom Expansion daily care. Realization accommodation for short stays. Eetcafe Van de Kook extra donatie
95,000
10,000 20,000 44,000 1,000 3,000 9,500 5,000
Total CE/CH*
* Switzerland / Central Europe
68,031
90
REDEVCO FOUNDATION 2012 OVERVIEW

Head office Eetcafe Van de Kook Footsteps Foundation CARITAS ESPAA Het Raster Stichting Kinderkankervrij (KiKa) Stichting Vrienden van het WKZ Stichting Langtang Children Home St. Terre des Hommes Nederland Mcnat Chirurgie Cardiaque Enfants du monde Stichting Zwerfjongeren Nederland (SZN) The Story of Christmas
PROJECT TITLE
GRANT AMOUNT

Spain/ Portugal ASOCIACIN EQUITACIN COMO TERAPIA Fundacin Madrina -- Madrina Foundation FUNDACIN AMOVERSE MUY ILUSTRE CABILDO DE NUESTRA
PROJECT TITLE
GRANT AMOUNT
15,570 30,000 10,000 35,000 9,430 66,804
Galibier support Monique, Pleun en Nienke Annie Barnett Projet Employment Auti-Maatje - vrijwilligersorganisatie begeleiding mensen met autisme Support for innovative research among child cancer Team Moving Mountains Support for an orphanage Herbouw schoolgebouw nav aardbeving A Race to Save Lives Opvang App The Story of Christmas Appeal
3,000 3,000 8,000 9,500 1,000 4,000 2,000 20,000 8,000 3,000 12,394
Horses maintenance Redeveopment at Limonero St. premises Summer camps for Children at El Pozo neighborhood Reconstruction of the Rosario Chapel Ayudas de Emergencia Therapeutic swimming pool construction for cerebral palsy children
SEORA DE LA AMARGURA DE LORCA Fundacin Tomillo Asociacin Atenpace
Total Spain/ Portugal

United Kingdom The Elifar Foundation Mental Health Foundation EDC 2012 Elifar Challenge 13 June 2012 Mental Health Foundation Support Equipment for Disabled Children Pathways to Property provide a homestart for every child under five LandAid Charitable Trust Foundation Partner Scheme Venture Trust- Applecross Centre
166,804
3,408 1,197 10,000 12,772 10,000 12,629 50,321
Total Head office

Netherlands Stichting De Ster Stichting Hospice Amsterdam Voedselbank Amsterdam Redevco Nederland BV for transfer of shares held in Stadsherstel Historisch Rotterdam NV Stichting Mama Vita Provide office infrastructure to grow the Foundation's initiatives 12,000 Multifunctional car/minivan Construction of multifunctional farewell gateway and adjustment shower Complete refurbishment toilet units and canteen Transfer of shares held in Stadsherstel Historisch Rotterdam 120,943 27,000 34,000 14,500
166,394
Reading Real Estate Foundation (RREF) HomeStart
LandAid Charitable Trust
Total United Kingdom Grand Totals (61 items)
100,328
1,000,000
Total Netherlands
208,443
91
PROGRESS ON SUPPLEMENTARY OBJECTIVES AND ACTIONS

Supplementary objectives and actions
Maintain awareness of laws and regulations relating to greening the portfolio to ensure compliance Keep business integrity themes alive by sharing real-life dilemmas within Redevco Align with competitors and market practices on business integrity by an active and continuous participation in external platforms (e.g. IVBN, ICSC) Re-assess the current compliance function at Redevco Audit risk management framework Include corruption and fraud as risk factors in overall risk assessment Develop an employment screening policy
Performance Indicator
Board report 1 each month
Target
Annually and upon Board request 100%
By when
2013 This objective has been revised and will not be pursued, due to the fact that BIP workshops suffice Continuously
2012 Performance
Not applicable Not applicable
Participation in external platforms
n.a.
Achieved
Delivery of an assessment report to the CFO Framework externally audited Corruption and fraud included as risk factors in overall risk assessment Screening policy
2013 n.a. n.a. n.a.
2013 2012 2011 2014
Not applicable Achieved Achieved in 2012 Not applicable

Ensure enhanced performance in greening our portfolio
Number of BREEAM certificates with at least a Very Good rating for development and redevelopment projects
Target
All redevelopments > 10 million euros
By when
Annually
2012 Performance
No projects completed during 2012 > 10 million Achieved
Central Europe
Identify possible sustainability measures in planned refurbishment ofGenerali Centre in Vienna, Austria
France
Obtain BREEAM Very Good certificatin for Bordeaux
Certificate awarded
BREEAM Very Good
2015
In progress
Germany
Achieve 50% heating energy reduction through robust renovation ofagallery in the side wing of the Hansakontor, Dortmund
2011
Reduction of 43.2% consumption in 2012 compared with 2010. DGNB acheived BREEAM: still in progress
Germany
Conceptualise all new projects as green buildings from the outset. Dual green building certification BREEAM and DGNB (Pre-Certificate in Gold) standards for Alexanderplatz, Berlin
2013
92

Supplementary objectives and actions Netherlands
BREEAM-NL Very Good certificate for Kleiweg Gouda
Certificate awarded
Target
BREEAM-NL Very Good
By when
2012
2012 Performance
Achieved
Netherlands
Conduct a review of three properties with and EPC of D or worse to analyse possible improvements that would yield and EPC of C or better
2011
Two projects completed (Gouda and Rotterdam). Target reviewed: focus on BREEAM-in-Use. Achieved
Spain
Environmental audit to evaluate energy efficiency consumption of Spanish portfolio and upgrade maintenance by implementing an external audit system for the whole portfolio
2012
Switzerland
Carry out 3 restoration/energy improvement projects
2011
Two out of Three (Basle and Lausanne) were improved: not achieved. Achieved
United Kingdom
BREEAM Excellent certificate for George House, Glasgow
Certificate awareded
BREEAM Excellent
2012
United Kingdom
BREEAM Very Good certificate for 120 Moorgate, London
Certificate awareded
BREEAM Very Good
2014
Not started
United Kingdom
Install smart meters in all Redevco managed buildings
2011
In progress

Engage employees in charity by setting up a Redevco Foundation website for our employees
Availability of website and up to date information
Target
n.a.
By when
2012
2012 Performance
Achieved Achieved
Germany
Engage with TrebeCaf Dsseldorf (care for homeless girls); help obtain building permit for a pavilion; help build the pavilion and make donations
93

Set up mid-year review system Continue IMD leadership programme Pilot course on giving feedback in one office (Belgium) Develop and launch company-wide policies on working from home and sabbatical leave Develop core training curriculum for all employees below senior management level Review and align current employee bonus practices with company strategy: develop clear bonus policy for employees First aid courses Identify ways to directly and indirectly engage employees with Corporate Responsibility Implement performance management system for Redevco Germany
Working system % of selected individuals who participated % of total employees in Belgium who participated n.a. Number of training courses n.a. % of employees having participated in first aid course
Target
By June 2012 80% 80% n.a. 2 offerings n.a. 10% of employees per location
By when
2012 2012 2012 2013 2013 2012/2013 2013
2012 Performance
Achieved Achieved Achieved Achieved early 2013 Not yet started In progress Achieved Not yet started Achieved

Encourage employees to fill in the commuter survey Next social event to be held in a more central location in Europe tominimise related air travel Install smart metering in all offices Investigate and review use of disposables Facilitate distance working through green IT initiatives (e.g. skype, Lync) Obtain ISO 14001 Redevco Spain
% of employees who completed the commuter survey Location event % of Redevco offices equipped with smart meter Have an implementation plan in place IT department shall deliver plan including recommendations Certificate awarded
Target
90% Central in Europe 100% A clear recommendation on decreasing usage n.a. n.a.
By when
Annually 2012 2013 2013 2013 2012 2011 2011
2012 Performance
85% Achieved In progress Not started In progress Achieved Not applicable, as Redevco office Austria is closed Achieved in 2012
Central Europe
Replace current lighting in the Redevco office by LED
France
Install switches with proximity detection in the common areas in2011 and special clocks for day and night
Head Office
Obtain ISO 14001 for Head Office
2012
Not started
94
GRI CROSS-REFERENCE TABLE

We have benchmarked our report against the GRI: G3.1 Sustainability Reporting Guidelines & Construction and Real Estate Sector Supplement. We assess our application of the GRI reporting framework to be at level B+.
1. STRATEGY AND ANALYSIS

GRI Indicator
1.1 Statement from the most senior decision maker of the organisation Description of key impacts, risks and opportunities Note: Every chapter (theme) starts with the Key Performance Indicators. Process on supplementary objectives and actions of each theme have been included in the annex 95-98
2.7
Page
7, 16, 17 7, 16, 17
Report level
2.8
Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries Note: see for further information www.Redevco.com/portfolio/portfolio-information Scale of the reporting organisation Note:Redevco does not disclose total capitalization broken down in terms of debt and equity as this is proprietary information. Our shareholder does not allow this information to be disclosed Significant changes during the reporting period regarding size, structure or ownership Awards received in the reporting periodNote:
Report Scope and Boundary

3.5 3.6 Process for defining report content Boundary of the report State any specific limitations on the scope or boundary of the report Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities that can significantly affect comparability from period to period and/or between organisations Data measurement techniques and the bases of calculations, including assumptions and techniques underlying estimations applied to the compilation of the indicators and other information in the report Explanation of the effect of any restatements of information provided in earlier reports, and the reasons for such restatement Significant changes from previous reporting periods in the scope, boundary, or measurement methods applied in the report
18, 19 64, 65 64, 65
9, 10, 13
3.7
1.2
3.8
65, 66, 67
2.9
7, 9, 12, 16 34, 36
2.10
3.9
66, 67, 69
SOCIAL PERFORMANCE INDICATORS: PRODUCT RESPONSIBILITY

GRI Indicator Page Report level
2.1 2.2 2.3 Name of the organisation Primary brands, products, and/or services Operational structure of the organisation, including main divisions, operating companies, subsidiaries, and joint ventures Location of organisations head office Number of countries where the organisation operates, and names of countries with either major operations or that are specifically relevant to the sustainability issues covered in thereport Nature of ownership and legal form Note: Redevco is a privately held independent real estate company
1 9, 10 13, 14
3. REPORT PARAMETERS
GRI Indicator Report Profile
3.1 3.2 Reporting period for information provided Date of most recent previous report Note:2011 CR report, published in October 2012 Reporting cycle Note: Annual Contact point for questions regarding the report Note: P R & Communications Email: info@redevco.com Phone no.: +31 20 599 62 62
64 See note See note
Page
Report level
3.10
65
3.11
64-67
2.4 2.5
103 9
GRI Content Index

3.12 Table identifying the location of the Standard Disclosures in the report Note: www.redevco.com/cr
94
3.3
3.4
Assurance
3.13 Policy and current practice with regard to seeking external assurance for the report
64, 101
2.6
fully reported
not reported
partially reported
95
4. GOVERNANCE, COMMITMENTS AND ENGAGEMENT

GRI Indicator Governance
4.1 Governance structure of the organisation, including committees under the highest governance bodies responsible for specific tasks, such as setting strategy or organisational oversight Indicate whether the Chair of the highest governance body is also an executive officer Note: No he is not For organisations that have a unitary board structure, state the number and gender of members of the highest governance body that are independent and/or non-executive members Note: Redevco has a two-tier system/None Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body Linkage between compensation for members of the highest governance body, senior managers and executives and the organisations performance Note:Redevco does not publish certain data due to its ownership Processes in place for the highest governance body to ensure conflicts of interest are avoided Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/businessintegrity. Process for determining the composition, qualifications and expertise of the members of the highest governance body and its committees, including any consideration of gender and other indicators of diversity Internally developed statements of mission or values, codes of conduct and priciples relevant to economic, environmental and social performance and the status of their implementation
13, 14, 19
4.9
Page
Report level
Procedures of the highest governance body for overseeing the organisations identification and management of economic, environmental and social performance, including relevant risks and opportunities, and adherence or compliance with internationally agreed standards, codes of conduct and principles Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/business-integrity Processes for evaluating the highest governance bodys own performance, particularly with respect to economic, environmental and social performance
24-27
4.16
Approaches to stakeholder engagement, including frequency of engagement by type and by stakeholder group Note: In the figure on page 20 CR management process we mention annual review & progress reporting: including all stakeholders mentioned on page 10: Engagement with our stakeholders. Key topics and concerns that have been raised through stakeholder engagement, and how the organisation has responded to those key topics and concerns, including through its reporting
10, 18, 20
4.17
49, 50, 52
18
4.10
See note
4.2
GRI Indicator
See note
Page
Report level
4.3
DMA - DISCLOSURE ON MANAGEMENT APPROACH

GRI Indicator Page Report level
EC Economic Performance Market Presence Note:Redevco does not publish certain data due to its ownership and size. See specific indicators for further details www.redevco.com Indirect Economic Impacts
9, 10, 11, 12 9
Commitments to External Initiatives

4.11 Explanation of whether and how the precautionary approach or principle is addressed by the organisation Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity Externally developed economic, environmental and social charters, principles or other initiatives to which the organisation subscribes or endorses Note: All background information is provided in the different chapters (themes) Memberships of associations (such as industry associations) and/or national/international advocacy organisations note: RICS, ICSC, CNCC, GCSC, NRW, AECC, Green building councils and local branch organisations
7, 16, 17
4.4
18, 19, 20, 21
4.5
4.12
7, 64
39, 43, 45, 89, 90
4.6
24, 27
4.13
26
EN
4.7
49, 52
Stakeholder Engagement
4.14 List of stakeholder groups engaged by the organisation Basis for identification and selection of stakeholders with whom to engage Note: For each stakeholder, the report the influence Redevco has on those stakeholders, and vice versa. Then all stakeholders were categorised into four groups, depending on the level of influence
10
Materials Note: New developments are subject to a BREEAM assessment. BREEAM includes requirements regarding materials used, including the environmental impact and recycling. The Redevco portfolio consists mainly of retail high-street properties where we can only indirectly influence the retailer/tenants Energy Water
34, 35, 36
29-31, 74-79
4.15
7, 9, 16, 17
10, 18, 19
18, 30-33
4.8
Biodiversity Note: BREEAM and BREEAM-in-Use assessments include requirements regarding biodiversity. If applicable, an ecology study is conducted by a specialist meeting BREEAM requirements
34, 35, 36
fully reported
not reported
partially reported
96
Emissions, Effluents and Waste Note: BREEAM and BREEAM-in-Use assessments include requirements relating to effluents and waste Land Degradation, contamination and remediation Note: BREEAM and BREEAM-in-Use assessments include requirements relating to Land Degradation, contamination and remediation Products and Services Note: New developments are subject to a BREEAM assessment aiming at a Very Good rating. In addition, Redevco aims to obtain BREEAM-in-Use and EPCs for the existing portfolio, also when not required by regulations Compliance Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity Transport Overall LA Employment Labour/Management Relations Occupational Health and Safety Note: Redevco does not have a health and safety committee in place Training and Education Diversity and Equal Opportunity Equal remuneration for women and men Note: Redevco does not make any distinction concerning remuneration between women and men HR Investment and Procurement Practices Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity Non-discrimination Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity
29-33, 34-36
34-36
Freedom of Association and Collective Bargaining Note: No overall collective bargaining agreement, since Redevco is too small. Permitted and available at local country level Child Labour Note: Not applicable as we are mainly an office organisation
See note
PR
9 See note 9 See note See note
Customer Health and Safety Note: Improvements will be made based on: customer safety issues, such as asbestos, BREEAM requirements for new developments and BREEAMin-Use for the existing portfolio Product and Service Labelling Note: New developments have to meet BREEAM requirements. The existing portfolio has to meet EPC requirements, and Redevco started assessing the portfolio using BREEAM-in-Use Marketing Communications Customer Privacy Note: All data shared are treated confidentially Compliance Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity
34-36, 39
34-36
34-36
Prevention of Forced and Compulsory Labour Note: Not applicable as we are mainly an office organisation Security Practices Note: Not applicable as we are mainly an office organisation
17, 24-27 See note 24, 67, 68
24, 67, 68
Indigenous Rights Note: Not identified and therefore not reported on Assessment Remediation SO Local communities Note: Resettlement and displacement is not applicable as we are mainly an office organisation Corruption Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity Public Policy Note: Redevco Business Integrity Policy is applicable. It is not permitted to give financial and in-kind contributions to political parties, politicians and related institutions Anti-Competitive Behaviour Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity Compliance Note: Redevco Business Integrity Policy is applicable: www.redevco.com/about-redevco/ business-integrity
9 See note
57-59, 74 74, 80 49-55 50-52 53
25-27 67, 68 17, 50 9 See note 24, 67, 68
SOCIAL PERFORMANCE INDICATORS: LABOUR PRACTICES AND DECENT WORK

GRI Indicator Page Report level Aspect: Employment
LA1 Total workforce by employment type, employment contract, and region broken down by gender Total number and rate of new employee hires and employee turnover by age group, gender, and region Benefits provided to full-time employees that are not provided to temporary or part-time employees, by major operations Note: In terms of benefits provided to employees, Redevco does not make a distinction between full-time, temporary or part-time employees Return to work and retention rates after parental leave, by gender Note: Not available
83, 87, 88 83-86
52, 53 68, 83-88 See note
24
LA2
24, 67, 68
LA3
See Note
24-27
24, 67, 68
LA15
24, 68
fully reported
not reported
partially reported
97
Aspect: Labour/Management Relations

LA4 Percentage of employees covered by collective bargaining agreements Note: No overall collective bargaining agreement, since we are too small. Permitted and available at local country leve Minimum notice period(s) regarding significant operational changes, including whether it is specified in collective agreements Note: In general 3 months, but this differs per region
See note
LA11
Programmes for skills management and lifelong learning that support thecontinued employability of employees and assist them in managing career endings Note: Redevco provides sabbatical leave with guaranteed return to employment Percentage of employees receiving regular performance and career development reviews, by gender
50, 53, 54
HR3
Total hours of employee training on policies and procedures concerning aspects of human rights that are relevant to operations, including the percentage of employees trained Note: Not available
Aspect: Non-discrimination
54
LA5
50 See note
LA12
HR4
Total number of incidents of discrimination and actions taken Note: No incidents of discrimination reported
24, 67, 68
Aspect: Diversity and Equal Opportunity

LA13 Composition of governance bodies and breakdown of employee category according to gender, age group, minority group membership, and other indicators of diversity Note: Redevco does not distinguish indicators of diversity based on minority groups Ratio of basic salary of men to women by employee category Note: Not available. It is difficult to provide any meaningful insight into this ratio, as salaries reflect many variables, such as length of service, age, country and type of jobs
86
Aspect: Freedom of Association and Collective Bargaining

HR5 Operations and significant suppliers identified in which the right to exercise freedom of association and collective bargaining may be at significant risk, and actions taken to support these rights Note: See Business Integrity Policy www.redevco. com/about-redevco/business-integrity
Aspect: Occupational Health and Safety

LA6 Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programmes Note: None Rates of injury, occupational diseases, lost days, and absenteeism, and total number of workrelated fatalities by region Note: Absentee rate only Percentage of the organisation operating in verified compliance with an internationally recognized health and safety management system Note: None Education, training, counseling, prevention, and risk-control programmes in place to assist workforce members, their families, or community members regarding serious diseases Note: Not available. On an individual basis customized approach available Health and safety topics covered in formal agreements with trade unions Note: Not applicable. No formal agreement with trade unions
55
LA14
Aspect: Child Labour

HR6 Operations and significant suppliers identified as having significant risk for incidents of child labour, and measures taken to contribute to the elimination of child labour Note: Not applicable
LA7
CRE6
SOCIAL PERFORMANCE INDICATORS: HUMAN RIGHTS
Aspect: Forced and Compulsory Labour Report level

HR7 Operations and significant suppliers identified as having significant risk for incidents of forced or compulsory labour, and measures to contribute to the elimination of all forms of forced or compulsory labour. Note: Not applicable
LA8
GRI Indicator Aspect: Investment and Procurement Practices

HR1 Percentage and total number of significant investment agreements and contracts that include human rights clauses or that have undergone human rights screening Note: Not material Percentage of significant suppliers, contractors, and other business partners that have undergone human rights screening and actions taken Note: Not available
Page
Aspect: Security Practices

HR8 Percentage of security personnel trained in the organisations policies or procedures concerning aspects of human rights that are relevant to operations Note: Not available
LA9
HR2
Aspect: Training and Education

LA10 Average hours of training per year per employee by gender and by employee category
Aspect: Indigenous Rights

HR9 Total number of incidents of violations involving rights of indigenous people and actions taken Note: Zero incidents and no violations involving rights of indigenous people have been reported
See note
fully reported
not reported
partially reported
98
HR10
Percentage and total number of operations that have been subject to human rights reviews and/or impact assessments Note: Not available Number of grievances related to human rights filed, addressed, and resolved through formal grievance mechanisms Note: No grievances related to human rights have been reported
See note
SO4
Actions taken in response to incidents of corruption
24-27
Aspect: Public Policy

SO5 SO6 Public policy positions and participation in public policy development and lobbying Note: Not available Total value of financial and in-kind contributions to political parties, politicians, and related institutions by country Note: There were no financial and in-kind contributions committed by the reporting organisation during the reporting period. Redevco does not allow financial and in-kind contribution to political parties, politicians and related institutions
24, 67, 69
Redevcos Programme of Requirements, including health and safety requirements PR2 Total number of incidents of non-compliance with regulations and voluntary codes concerning health and safety impacts of products and services, by type of outcomes Note: Redevco has not identified any non-compliance with regulations and voluntary codes
24, 68, 69
HR11
Aspect: Product and Service Labelling

PR3 Type of product and service information required by procedures, and percentage of significant products and services subject to such information requirements Type and number of sustainability certification, rating and labeling schemes for new construction, management, occupation and redevelopment Total number of incidents of non-compliance with regulations and voluntary codes concerning product and service information and labeling, by type of outcomes Practices related to customer satisfaction, including results of surveys measuring customer satisfaction
34, 35, 36, 37
SOCIAL PERFORMANCE INDICATORS: SOCIETY

GRI Indicator Aspect: Community
SO1 Percentage of operations with implemented local community engagement, impact assessments, and development programmes Note: Not available Operations with significant potential or actual negative and positive impacts on local communities Note: Not available Prevention and mitigation measures implemented in operations with significant potential or actual negative impacts on local communities Note: Not available Number of persons voluntarily and involuntarily displaced and/or resettled by development, broken down by project Note: Not applicable
Page
Report level
Aspect: Anti-Competitive Behaviour

SO7 Total number of legal actions for anti-competitive behavior, anti-trust, and monopoly practices and their outcomes Note: There was no legal action pending or completed during the reporting period regarding anti-competitive behavior, anti-trust or monopoly practices during the reporting period
24, 67, 68
CRE8 PR4
34-37
24, 26, 67, 68
SO9
PR5
Aspect: Compliance
SO8 Monetary value of significant fines and total number of non-monetary sanctions for noncompliance with laws and regulations
24-26, 67, 68
SO10
Aspect: Marketing Communications

PR6 Programmes for adherence to laws, standards and voluntary codes related to marketing communications, including advertising, promotion, and sponsorship Total number of incidents of non-compliance with regulations and voluntary codes concerning marketing communications, including advertising, promotion, and sponsorship, by type of outcome Note: Not applicable
CRE7
SOCIAL PERFORMANCE INDICATORS: PRODUCT RESPONSIBILITY

GRI Indicator Aspect: Overall Page Report level
PR7
Aspect: Corruption
SO2 Percentage and total number of business units analysed for risks related to corruption Note: All business units have been analyzed during 2012. The risk assessment is biannual Percentage of employees trained in organisations anti-corruption policies and procedures Note: 8% of management and 5% of non-management have received business integrity training during the reporting period.
24, 27, 67, 68
PR1
SO3
24, 27
Life-cycle stages in which health and safety impacts of products and services are assessed for improvement, and percentage of significant products and services categories subject to such procedures Note: All Redevco-owned buildings are frequently assessed for improvement and compliance with local regulations. Frequency may differ per country. New development projects are assessed against
39
PR8
Aspect: Customer Policy

Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data Note: Not applicable
fully reported
not reported
partially reported
99
Aspect: Compliance
PR9 Monetary value of significant fines for noncompliance with laws and regulations concerning the provision and use of products and services Note: Redevco has incurred no significant fines for non-compliance with laws and regulations concerning the provision and use of our buildings, development and services
24, 67, 68
EC7
Procedures for local hiring and proportion of senior management and all direct employees, contractors and sub-contractors hired from the local community at significant locations of operation Note: Not recorded
EN7
Initiatives to reduce indirect energy consumption and reductions achieved
57-59 67, 68, 74
Aspect: Water
EN8
40, 43, 45, 46
Aspect: Indirect Economic Impacts

EC8 Development and impact of infrastructure investments and services provided primarily for public benefit through commercial, in-kind, or pro bono engagement Understanding and describing significant indirect economic impacts, including the extent of impacts
Total water withdrawal by source
60, 67, 68, 80, 81
EN9
Water sources significantly affected by withdrawal of water Percentage and total volume of water recycled and reused Building water intensity
61, 83, 80, 81 80, 81
ECONOMIC PERFORMANCE INDICATORS

GRI Indicator Aspect: Economic Performance
EC1 Direcct economic value generated and distributed, including revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments Financial implications and other risks and opportunities for the organisations activities due to climate change and other sustainability issues Coverage of the organisations defined benefit plan obligations Note: Per country application of local laws and regulations. Defined benefit plan obligations are not reported on per country Significant financial assistance received from government
89, 90
EC9
7, 16, 17-19, 42-46
EN10
Page
Report level
CRE2
30, 31, 67, 68, 81

GRI Indicator Aspect: Materials Page Report level
Aspect: Biodiversity
EN11 Location and size of land owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas Note: Not available Description of significant impacts of activities, products, and services on biodiversity in protected areas and areas of high biodiversity value outside protected areas Note: Not available. Impact is assessed on a project-by-project basis. Indicator is subject to BREEAM assessment Habitats protected or restored Strategies, current actions, and future plans for managing impacts on biodiversity Note: New developments are subject to a BREEAM assessment. In order to achieve a BREEAM certificate an ecology study is conducted by an independent expert, meeting BREEAM requirements (see also www.breeam.org) Number of IUCN Red List species and national conservation list species withhabitats in areas affected by operations, by level of extinction risk Note: Not available
34, 36
EC2
7, 16-19
EN1
Materials used by weight, value or volume Note: Redevco invests in existing buildings Percentage of materials used that are recycled and reused input materials
EN12
EC3
See note
EN2
Aspect: Energy
EN3 EN4 CRE1 Direct energy consumption by primary energy source Indirect energy consumption by primary source Building energy intensity
38, 74-76, 83 77-80 30, 31, 67, 68, 81
EN13 EN14
EC4
Aspect: Market Presence

EC5 Range of ratios of standard entry level wage by gender compared to local minimum wage at significant locations of operation Note: Not publicly available. It is standard Redevco HR policy for all employees to earn above the minimum wage Policy, practices, and proportion of spending on locally-based suppliers at significant locations of operations Note: Not recorded
EN5
Energy saved due to conservation and efficiency improvements
34, 37, 57-60, 67, 68, 80
EN15
EC6
EN6
Initiatives to provide energy-efficient or renewable energy-based products and services, and reductions in energy requirements as a result of these initiatives
29-38
fully reported
not reported
partially reported
100
Aspect: Emissions, Effluents, and Waste

EN16 Total direct and indirect greenhouse gas emissions by weight
67, 68, 74, 75-79, 80, 81
EN25
Identity, size, protected status, and biodiversity value of water bodies and related habitats significantly affected by the reporting organisations discharges of water and runoff Note: Not available Land remediation and in need of remediation for the existing or intended land use, according to applicable legal destinations Note: Not applicable
EN17
Other relevant indirect greenhouse gas emissions by weight Greenhouse gas emissions intensity from buildings
74, 82
CRE5
CRE3
30, 31, 67, 68, 81
Aspect: Products and Services

EN26 Initiatives to enhance efficiency and mitigate environmental impacts of products and services, and extent of impact mitigation Note: EPCs and BREEAM In Use for existing buildings. BREEAM for new developments with construction spend in excess of 10 million are subject to a BREEAM assessment. (see also www. breeam.org) aiming at very good. Percentage of products sold and their packaging materials that are reclaimed by category Note: Not applicable
29, 32, 34-38, 57-60
CRE4
Greenhouse gas emissions intensity from new construction and redevelopment activity Note: Not available Initiatives to reduce greenhouse gas emissions and reductions achieved
29, 32, 34-38, 57-60, 80, 81
EN18
EN19
Emissions of ozone-depleting substances by weight Note: Not available NOX, SOX, and other significant air emissions by type and weight Note: Not available Total water discharge by quality and destination Note: Not available Total weight of waste by type and disposal method Note: Not available Total number and volume of significant spills Note: Not available Weight of transported, imported, exported, or treated waste deemed hazardous under the terms of the Basel Convention Annex I, II, III, and VIII, and percentage of transported waste shipped internationally Note: Not applicable
EN27
EN20
Aspect: Compliance
EN28 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations Note: No significant fines or non-monetary sanctions for non-compliance with environmental law and regulations during reporting period
24, 67, 68
EN21
EN22
EN23
Aspect: Transport
EN29 Significant environmental impacts of transporting products and other goods and materials used for the organisations operations, and transporting members of the workforce
18, 57-59, 74
EN24
Aspect: Overall
EN30 Total environmental protection expenditures and investments by type Note: Not available
fully reported
not reported
partially reported
101
ASSURANCE REPORT
To: The board of Redevco B.V.
THE MANAGEMENTS RESPONSIBILITY

The management is responsible for the preparation of the Report in accordance with the Sustainability Reporting Guidelines of the Global Reporting Initiative (G3.1), the Guidance Note on Sustainability Reporting of the Dutch Accounting Standards Board and Redevcos reporting policy, including the identification of stakeholders and the selection of material topics. The choices made by management in respect of the scope of this report and the reporting policy are explained in the GRI index section of the Report. Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the Report that is free from material misstatement, whether due to fraud or error.
through a combination of analytical procedures and inquiries; interviews with responsible company officers; reviewing relevant company documents and consulting external sources; evaluating the reasonableness of estimates applied in the preparation of the Report; evaluating the overall presentation of the Report. The procedures to obtain limited assurance aim at determining the plausibility of information and are less extensive than those performed for assurance engagements aimed at obtaining reasonable assurance and therefore less assurance is provided. We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
ENGAGEMENT
The management of Redevco B.V. (hereinafter: Redevco) has engaged us to perform an assurance engagement with regard to Redevcos Responsible real estate investment 2012/2013 report (hereinafter: Report). Our assurance engagement was aimed to obtain limited assurance about whether the information in the Report is, in all material respects, an accurate and adequate representation of the policy, business operations and performance during 2012/2013. References in the Report (to www.redevco.nl, external websites and other documents) and the corresponding figures for non-financial data are not part of our engagement.
THE AUDITORS RESPONSIBILITY

Our responsibility is to provide limited assurance on the Report based on our procedures. We conducted our procedures in accordance with Dutch law, including Standard 3410N Assurance engagements relating to sustainability reports. This requires that we comply with ethical requirements and plan and perform procedures to obtain sufficient and appropriate evidence to substantiate our conclusion. Our review comprised the following main procedures: assessing the suitability of the criteria used and its consistent application; assessing the information contained in the Report on the basis of the criteria laid down in the Sustainability Reporting Guidelines (G3.1) of the Global Reporting Initiative and the Guidance Note on Sustainability Reporting of the Dutch Accounting Standards Board and included in Redevcos reporting policy; obtaining an understanding of the design and existence of systems and methods used to collect and process data that serve as a basis for the reported information; assessing the plausibility of the information in the Report
CONCLUSION
Based on our procedures we conclude that nothing came to our attention that causes us to believe that the information in Redevcos Report is not, in all material respects, an accurate and adequate representation of the policy, business operations, and performance during 2012/2013, in accordance with the Sustainability Reporting Guidelines (G3.1) of the Global Reporting Initiative, the Guidance Note on Sustainability Reporting of the Dutch Accounting Standards Board and the reporting policy of Redevco as described on page 64.
INHERENT LIMITATIONS
The Report contains forward-looking information in the form of ambitions, strategy, plans, forecasts and estimates. The achievement of such information is inherently uncertain. For that reason, we do not provide assurance in respect of the achievement of forward-looking information.
CRITERIA APPLIED
Redevco applies the Sustainability Reporting Guidelines of the Global Reporting Initiative (G3.1), the Guidance Note on Sustainability Reporting of the Dutch Accounting Standards Board supported with the internal reporting guidelines as described in the Reporting standards on page 64. It is important to view the performance data in the context of these criteria. We believe that these criteria are suitable in the view of the purpose of our assurance engagement.
EMPHASIS OF MATTER
We draw attention to the title of the report: Responsible real estate investment 2012/2013, on which management disclosed more information on page 3. Rotterdam, 2 September 2013 Ernst & Young Accountants LLP Signed H. Hollander RA
102
DISCLAIMER
Redevcos Corporate Responsibility Report has been prepared for the purpose of informing our stakeholders and to give details of Redevcos commitment and performance in the area of corporate responsibility. Nothing in this document is intended to extend or amend Redevcos existing obligations to its tenants, shareholder or other stakeholders. All policies, procedures, guidelines, statements or anything similar mentioned in this report are intended for Redevcos internal use only, and should under no circumstance be construed as creating any rights whatsoever vis-a-vis 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 Redevcos 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 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 Redevcos 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. Neither Redevco nor any of its subsidiary, sister, parent, and/or affiliated and related companies (collectively, the Redevco Group) nor any director or employee of any member of the Redevco Group makes any representation or warranty, express or implied, as to the reasonableness, accuracy or completeness of the information contained in this report or accepts any responsibility for any inaccuracy or misleading statement in it.
HIGHLIGHTS
OUR CR APPROACH
OUR FIVE KEY THEMES
ANNEXES
103
Concept and design: Link Design Amsterdam Copy: Tekstschrijvers.nl and Ruud de Wit
REDEVCO BV
Wibautstraat 224, 1097 DN Amsterdam, The Netherlands P.O. Box 94277, 1090 GG Amsterdam, The Netherlands Telephone: +31 20 599 62 62 Fax: +31 20 599 62 63 E-mail: info@redevco.com

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Responsible Real Estate Investment 2012 / 2013

BUSINESS INTEGRITY & COMPLIANCE

TOWARDS A GREEN PORTFOLIO

SUPPORTING LOCAL COMMUNITIES

GETTING THE BEST OUT OF OUR PEOPLE

TOWARDS SUSTAINABLE OFFICE OPERATIONS

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

BUSINESS INTEGRITY AND COMPLIANCE

SUPPORTING LOCAL COMMUNITIES

TOWARDS SUSTAINABLE OFFICE OPERATIONS

GETTING THE BEST OUT OF OUR PEOPLE

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

HOW TO READ THIS REPORT

SCOPE OF THE REPORT

NEW TITLE: RESPONSIBLE REAL ESTATE INVESTMENT 2012/2013

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

MORE HIGHLIGHTS >

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

STATEMENT OF THE CEO >

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

STATEMENT OF THE CEO

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RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

ANDREW VAUGHAN Chief Executive Officer

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

OUR BUSINESS ACTIVITIES

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

PORTFOLIO CHANGES TO REFLECT OUR TIMES

12.8% 12.8 9.3% 9.3

7.8 7.8% 18.4 18.4%

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

CLOSER TO OUR TENANTS

GOUDA -THE NETHERLANDS

RESPONSIBLE REAL ESTATE INVESTMENT 2012 / 2013

STATEMENT OF THE CEO

OUR BUSINESS ACTIVITIES

OUR FIVE KEY THEMES

REDEVCOS VIEW ON RETAIL LANDSCAPE

TOWARDS EVER LARGER CITIES