September 18, 2019 Hosted by Oxford Properties, in partnership with REALPAC and S&P Global

1. Toronto – September 18, 2019

2. Assess and benchmark ESG
performance of real assets, providing
standardized and validated data to
capital markets.
2

3. Institutional
Investors
GRESB
Assessments
Fund managers
Listed companies
I N V E S T O R
P E R S P E C T I V E
E S G A N A L Y T I C S
E S G A N A L Y T I C S
E S G P E R F O R M A N C E
D A T A
An interactive ESG Data platform for Real
Assets

5. Key Figures
Participants
Total property value (USD tn)
Properties covered
Institutional investors
Institutional capital (USD tn)
Industry associations
20
10
20
19
3 100
+100,000~18,000
0.9 4.1
1,005198
220.3
Partners1 +50
+403

6. Sustainability / ESG is a journey

7. Scores distribution
AVERAGE GRESB SCORE
40%
30%
20%
10%

8. Benchmark size & Assets Location

9. Benchmark size & Assets Location

10. 2019 Private market coverage
“75 of IPE Real Assets’ Top 100 Global Real Estate Investment Managers“

12. GRESB Overall Score Development

13. Regional Scores

14. Regional Scores

15. Country scores – Americas & US &
Canada
CANADA
IM: 75.2
MP: 80.5
Overall: 76.6
US
IM: 69.9
MP: 79.0
Overall: 72.3
AMERICAS
IM: 69.7
MP: 78.6
Overall: 72.0

16. Reporting of assets
38,274
53,015
8,703
1,089
2,107
# assets
AMERICAS
EUROPE
ASIA
OCEANIA
AFRICA
OTHER

17. From quantity to quality
+100,000
+66,000
+25,000
# assets
All assets
Assets
• Reported at asset-level
Assets
• Reported at asset-level
• With full data coverage
• Excluding outliers

18. AMERICAS
Energy Intensities per type & Environmental Impact
ENERGY
consumed
1.02%
WATER
consumed
-1.48%
GHG
emitted
-0.16%
WASTE
diverted
14%
GLOBAL

19. Country-level Energy and Water Intensities - CA

20. Country-level intensities - CA

21. 10 years of impact
LIKE-FOR-LIKE REDUCTIONS EQUIVALENT

22. AMERICAS
Building Certifications (% area)
GLOBAL
12.8%
8.8%
Design/Construction Operational
AMERICAS
GLOBAL
23.3%
15.8%

23. EUROPE
Building Certifications (% area)
GLOBAL
12.1%
8.8%
Design/Construction Operational
EUROPE
GLOBAL
16.0%
15.8%

25. GRESB Universe
(Like-for-like)
GRESB Universe
(Targets)
UN SDG
(Target 7.3)
Sustainable Development Goals
(SDGs)

26. Carbon Risk Real Estate Monitor
Property Investing in the Age of Climate Risk
CRREM
“CRREM is a framework for science based
decarbonization pathways and a toolkit to identify
stranded assets and promote sustainable investments
in the real estate industry.”
CRREM
EU funded H2020 research project: February 2018 – January 2021

27. NYC Carbon Reduction Law

29. Resilience module vs. TCFD
METRICS AND
TARGETS
RISK
MANAGEMENT
STRATEGY
GOVERNANCE

30. https://vimeo.com/356495575/95606682e8

31. MINI PANEL DISCUSSION
2019
GRESB
Results
Resilience
Moderator: Ben Shinewald, President and CEO, BOMA Canada
• Natalia Moudrak, Director, Climate Resilience, Intact Centre on
Climate Adaption
• Derek Billsman, Director, Real Estate Management and
Sustainability, HOOPP

32. MINI PANEL DISCUSSION
2019
GRESB
Results
ESG in Real Estate - Past and Future
Moderator: Michael Brooks, CEO, REALpac
• Darryl Neate, Director, Sustainability, Oxford Properties Group
• Hugh Molyneux, President, Refined Data Solutions
• Regan Smith, Director, Sustainability, Manulife Investment
Management

33. No content below the line
Dow Jones Green Real
Estate Indices
Copyright © 2019 by S&P Global.
All rights reserved.
For Financial Professionals/Not for Public Distribution
September 2019
Michael Orzano, CFA
Senior Director, Global Equity Indices
Product Management

34. No content below the line
Dow Jones Green Real Estate Indices
Key Attributes
2
• Constructed from the Dow Jones Select Real Estate Securities Indices (RESI), a
widely used listed real estate index series with approximately $29bn in index-
linked assets*
• Utilize data from GRESB – a leader in evaluating the ESG performance of real
estate companies
• Incorporate property level data that measure such criteria as energy and water usage, carbon
emissions and leasable area covered by green building certifications
• Index methodology is designed to improve the overall sustainability profile of the
index without significantly altering its investment characteristics
• Green indices have historically had low tracking error vs conventional real estate benchmarks
*Source: S&P Dow Jones Indices; Evestment; Morningstar. ETF data as of 2/28/2019. Index fund and other investment vehicle data as of 12/31/2017.
For Financial Professionals Only

35. No content below the line
Index Methodology Overview
3
*Companies that do not participate in the GRESB real estate assessment are scored as a zero for ranking purposes. Rebalancing occurs annually effective the 3rd Friday of December.
Source: S&P Dow Jones Indices. For more information see the index methodology at www.spindices.com. Charts are provided for illustrative purposes.
weight
reduced
by 30%
weight
increased
Each DJ Green Real Estate Index is the result of re-weighting its parent index by relative GRESB
ranking, as indicated in the following steps:
DJ Global Green RESI
DJ Global ex-U.S. Green RESI
DJ U.S. Green REIT
DJ Japan Green RESI
1) All constituents of each
relevant Parent Index are
included :
DJ Global Select RESI
DJ Global ex-U.S. Select RESI
DJ U.S. Select REIT
DJ Japan Select RESI
2) Within each parent index, constituents are
ranked by GRESB Total Score and relative
weights are redistributed :
• The weight of stocks in the lowest 50th
percentile
by GRESB score are reduced by 30% from their
current weight in the parent index*
• The weight of stocks in the highest quartile are
increased in order to redistribute the relative
weight that was reduced in the prior step
GRESBTotal
Score
Highest Score
Lowest Score
25th percentile
50th percentile
3) Re-weighted constituents of each
parent index form the new indices :
Dow Jones Green Real Estate IndicesDow Jones Select RESI
For Financial Professionals Only

36. No content below the line
Improved ESG Profile With Low Tracking Error
4
Dow Jones Global Green RESI Dow Jones Global ex-U.S. Green RESI
Dow Jones U.S. Green REIT Dow Jones Japan Green RESI
Source: S&P Dow Jones Indices. Data as of June 28, 2019. Charts are provided for illustrative purposes. GRESB Score improvement based on Weighted-Average GRESB Score for the indicated Dow Jones
Green Real Estate compared against the weighted average GRESB Score for the appropriate parent index as of Dec 2018. Tracking Error measured from inception (Dec 2014). Past performance is not an
indication or guarantee of future results. These charts and graphs may reflect hypothetical historical performance. Please see the Performance Disclosure at the end of this document for more information
regarding the inherent limitations associated with back-tested performance.
18.7%
0.51%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0%
5%
10%
15%
20%
Relative GRESB
Improvement
Tracking Error
TrackingError
GRESBScoreImprovement 17.1%
0.88%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0%
5%
10%
15%
20%
Relative GRESB
Improvement
Tracking Error
TrackingError
GRESBScoreImprovement
19.3%
0.57%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0%
5%
10%
15%
20%
Relative GRESB
Improvement
Tracking Error TrackingError
GRESBScoreImprovement
12.2%
1.60%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
0%
5%
10%
15%
20%
Relative GRESB
Improvement
Tracking Error
TrackingError
GRESBScoreImprovement For Financial Professionals Only

37. GLOBAL AND NORTH AMERICA SECTOR LEADERS
CommonWealth
partners

39. 40
- Institutional investors
- Asset managers
- Industry associations
- Asset managers
- REITs
- Service providers
- Data providers
Reporting framework
Benchmarking tool
ESG performance Assessment
Engagement tool
Stakeholder feedback loop
REAL ESTATE
Benchmark Committee
INFRASTRUCTURE
Benchmark Committee

40. - Strategy & Leadership
- Policies
- Reporting
- Risk Management
- Stakeholder Engagement
- Risks & Opportunities
- Monitoring
- Performance Indicators
- Energy
- GHG emissions
- Water
- Waste
Industry consolidation
- Targets
- Building Certifications
- Tenants
- Community Engagement

41. Assessment structure

42. Sustainable Real Assets