7.3

billion

73

USD trillion

9.8

GtC/year

+0.810C above 20th century average

Worldwide

GDP CO2Population

ACTIAM

Aegon NV

Alberta Investment Management Corporation (AIMCo)

Amundi

AMP Capital

AP1 First Swedish National Pension Fund

AP2 Second Swedish National Pension Fund

AP3 Third Swedish National Pension Fund

AP4 Fourth Swedish National Pension Fund

AP7 Seventh Swedish National Pension Fund

Archbishops' Council

Armstrong Asset Management

ATP

Australian Ethical Investment

AustralianSuper

Aviva Investors

AXA

AXA IM

Baldwin Brothers Inc.

Bank J. Safra Sarasin

Bayerische Versorgungskammer

Bedfordshire Pension Fund

BMO Global Asset Management

BNP Paribas Investment Partners

Brawn Capital

Brown University Sustainable Investment Fund

BT Pension Scheme

California Public Employees' Retirement System

California State Teachers' Retirement System

Cathay Financial Holding Co., Ltd.

Catholic Super CBRE Global Investors

Cbus Super

CCLA

Central Finance Board of the Methodist Church

Christian Brothers Investment Services

Christian Super

Christopher Reynolds Foundation

Church Commissioners for England

Church of England Pensions Board

Church of Sweden

Connecticut Retirement Plans and Trust Funds

Dana Investment Advisors

Danske Bank Asset Management

Danske Civil- og Akademiingeniørers Pensionskasse

Deutsche Asset Management

Dragon Capital

EdenTree Investment Management Ltd.

Encourage Capital

Environment Agency Pension Fund

Epworth Investment Management Ltd

ERAFP

ESSSuper

ETF Partners

Eureka Funds Management

First Affirmative Financial Network

Friends Fiduciary Corporation

Friends Provident Charitable Foundation

FRR - Fonds de Réserve pour les Retraites

Greater Manchester Pension Fund

Henderson Global Investors

Hermes Investment Management

HESTA

HSBC Global Asset Management

IFM Investors

Impax Asset Management

Inflection Point Capital Management

Insight Investment

Jesuits in Britain

Juristernes og Økonomernes Pensionskasse

Kempen Capital Management

L&G Investment Management

Local Government Super

London Pensions Fund Authority

Mercer

Merseyside Pension Fund

Miller/Howard Investments, Inc.

Mirova MN Nanuk Asset Management Pty Ltd

Natixis Asset Management

NEI Investments

New York City Comptroller

New York State Common Retirement Fund

New Zealand Superannuation Fund

NextEnergy Capital

Nordea Wealth Management

North East Scotland Pension Fund

OFI

Ohman

Old Mutual Global Investors

OPTrust Oregon State Treasurer

OTTP

Pax World Management LLC

PensionDanmark

PGGM

PKA

Plater Trust

Railpen Investments

Rathbone Greenbank Investments

Representative Body of the Church of Ireland

Reynders, McVeigh Capital Management

Robeco

Russell Investments

Sisters of St. Dominic of Caldwell, New Jersey

Sonen Capital

South Yorkshire Pensions Authority

Stafford Sustainable Capital

Statewide Super

Tellus Mater Foundation

Temporis Capital LLP

The Barrow Cadbury Trust

The Joseph Rowntree Charitable Trust

The Pensions Trust

The Sustainability Group at Loring, Wolcott and

Coolidge

The United Reformed Church

Trillium Asset Management

Trustees of Amherst College

Unipension FAIF A/S

Unitarian Universalist Association

USS

Veris Wealth Partners

VicSuper

Vision Super Pty Ltd

Walden Asset Management

Wespath Benefits and Investments

West Midlands Pension Fund

West Yorkshire Pension Fund

WHEB

130

investors

Buildings are (a big part of) the problem…

99TWh 27.9Mt 0.47km3 15.5Mt

Innovation in renewable energy

…but also part of the solution

Innovation in waste management

…but also part of the solution

Market

Transformation

Sustainability Performance

Bu

ild

ing

Sto

ck

Leading

Green Mark Platinum

LEED Platinum

BREEAM Outstanding

Etc.

Regulation

Market transformationTop down, bottom up

Capital

Market

Company

Portfolio

Building

Investment Community

CA

PITA

L

Investment

Manager

Portfolio Manager/

Asset Manager

Property Manager/

Facility Manager

CO

MM

ITM

EN

T

TRANSPARENCY RISKOPPORTUNITY

3.9xThe difference in overall

GRESB Score between the

Top 10% and Bottom 10%

entities in 2016

“U.S. REITs with higher

GRESB ratings deliver higher

returns per unit of risk”

“2.75% return spread between

the Top 10% and Bottom 10%

European non-listed GRESB

entities”

The Assessment

REAL ESTATE PORTFOLIOS

PROPERTY

COMPANIES

CAPITAL

MARKET

BENCHMARK

SCORE

ASSESS

COMMUNICATE

DATA QUALITY

PROPERTY

COMPANIES/FUNDS

DATA PARTNERS (API)

GRESB ASSET DATA

GRESB ASSET-LEVEL SPREADSHEET

GRESB

SCOREPolicy & Disclosure Building Certification

Monitoring & EMSManagement

Performance Indicators

Risks & OpportunitiesStakeholder

Engagement

8.8

%

9.5

%

12.4

% 25.2

%

24.5

%

10.9

%

8.8

%

Data QualityThree-layer validation process for investment-grade data

100%

Validation

Plus

Site Visit

All Participant

Check

Open text boxes (quality)

Open-ended questions

Hyperlinks

Evidence (presence)

Evidence (content)

Data accuracy18%

2.5%Reporting boundaries

Data quality

Evidence for answers

GRESB Coverage

63 Countries 759 Entities 66,000 Assets

USD 100 billion

Apple Market Cap

USD 584 billion

USD 7.6 trillionCommercial Real Estate

Owned by Investors

USD 2.8 trillionGRESB Coverage

Competitive Differentiation & Advantage

Risk & Uncertainty USD 2.8 trillionGRESB Coverage

GRESB Performance

GRESB ModelGlobal ESG performance

GRESB ModelRegional ESG performance

GRESB ModelAsia

Performance?

4,663

Homes

EnergyAsia: Footprint and LFL Consumption 2014-2015

21,799

passenger cars

CarbonAsia: Footprint and LFL Consumption 2014-2015

221

Olympic

pools

WaterAsia: Footprint and LFL Consumption 2014-2015

410,073

truck loads

WasteAsia: Footprint and LFL Consumption 2014-2015

Renewable EnergyGlobal

Renewable EnergyAsia

Intensities – energy consumptionInput versus output

But also...

GRESB AspectsGlobal

2016 2015

GRESB AspectsAsia

2016 2015

GRESB AspectsAustralia/NZ

2016 2015

GRESB AspectsEurope

2016 2015

GRESB AspectsNorth America

2016 2015

Stakeholder EngagementGlobal

…and many more indicatorsSuch as Health & Well-being

What drives

performance?

PLAN

DO

CHECK

ACT INDICATOR

Carbon ManagementGlobal

1. ESG policy includes carbon emissions

2. Carbon emissions target in place

3. Due diligence process includes carbon

emissions

4. Risk assessments include carbon emissions

5. Data management system in place

6. Reporting carbon emissions data

7. Offsetting carbon emissions

8. Reporting carbon intensity data

9. External review of carbon emissions data

1.

2.

3.

4.

5.

6.

7.

8.

9.

ESG Performance DynamicsGlobal leadership trends over time

Sector leadersAsia

2016 Regional Sector Leaders

Diversified CapitaLand Limited

Retail (private) Lendlease Asian Retail Investment Fund 2

Retail (listed) CapitaLand Mall Trust

Office (private) Invesco Real Estate Asia Fund - Invesco Real Estate

Office (listed) Keppel REIT

Industrial (private) Goodman Japan Core Partnership - Goodman Group

Industrial (listed) Nippon Prologis REIT, Inc.🌐

Residential Sekisui House SI Residential Investment Corporation

Diversified - Residential/Office Premier Investment Corporation

Developer - Residential Keppel Land Limited

🌐 Global Sector Leader

Road Ahead

759

ENTITIES

60

(2015: 54)AUS/NZ

-2% LFL Change in Carbon Emissions (427kt)

SCORE LEADREPORT

Sustainability Performance

Bu

ild

ing

Sto

ck

Leading

BREEAM Outstanding

LEED Platinum

Green Star Six Star

Etc.

Regulation

And it’s not just investors…Lenders are waking up…

18GRESB Debt

Participants

USD 44 blnTotal

Loan Portfolio

USD 7.1 blnGreen

Property Bonds

Sustainability Performance

Co

mp

an

ies a

nd

fu

nd

s

So, what is your GRESB Rating?