GRESB Blue Sky Group Event Amsterdam, 31 maart 2015

GRESB Blue Sky Group Event Amsterdam, 31 maart 2015

Program Blue Sky Group Investment Approach - Marleen Bosma-Verhaegh, Senior Fund Manager Real Estate, Blue Sky Group 2015 GRESB Survey and Q&A - Nils Kok, CEO, GRESB Panel Discussion: Sustainability Benchmarking & Real Estate Investment Performance Moderator: Piet Eichholtz, Professor of Real Estate Finance, Maastricht University Panelists: Pieter Zwart, Director Structure RE Finance, FGH Bank Dirk Sosef, Director Research & Strategy, Prologis Matthijs Storm, Head of Real Estate, Kempen Capital Management

GRESB - Blue Sky Group spring event 2015

Programma 15.30 - Welkom - Mark Burbach 15.35 BSG vastgoedstrategie - Marleen Bosma 15.45-2015 GRESB Survey en Q&A - Nils Kok, GRESB 16.15 - Paneldiscussie - moderator: Piet Eichholtz Pieter Zwart (FGH Bank)/ Dirk Sosef (Prologis)/ Matthijs Storm (Kempen Capital Management) 17.15 - Slot - Toine van der Stee 17.30 - Drinks 4

Onderwerpen Over Blue Sky Group Vastgoedstrategie ESG bij BSG 5

1. Kerncijfers Blue Sky Group Sinds 1999 actief als pensioenuitvoerder en fiduciair vermogensbeheerder Circa 100.000 deelnemers en pensioengerechtigden 19 pensioenfondsen als opdrachtgever >150 medewerkers Ruim 20 miljard belegd vermogen Circa 2,7 miljard belegd in vastgoed (privaat en beursgenoteerd) 6

2. Waarom vastgoed? Risicorendementprofiel Hoog dividend Vastgoed Diversificatie Relatie huren en inflatie 7

2. Vastgoedstrategie Allocatie vastgoed 10-15% Liquiditeitsportefeuille (Internationaal beursgenoteerd vastgoed) 20-30% Investment flexibility Totaal rendement Liquiditeit Korte/middellange termijn exposure Rendementsportefeuille (Internationaal privaat vastgoed) 40-55% Wealth optimization Totaal rendement Inspelen op investeringskansen/ cycli Diversificatie Inkomstenportefeuille (Euro core/ NL privaat vastgoed) 20-30% Wealth preservation Hoge dividendinkomsten Lange termijn focus; stabiele risico-/rendementsbasis Diversificatie Inflatierelatie huren 8

2. Vastgoedvisie thema s Trends op de vastgoedmarkten Economie Welvaartsgroei Consumptie Werkgelegenheid Bedrijfsinvesteringen Economische groei Demografische ontwikkelingen Bevolkingstoename Vergrijzing Verstedelijking Regelgeving Basel Solvency AIFMD Toezicht Kapitaal- en financieringsmarkten Monetair beleid Financieringsmogelij kheden Geldstromen Sectoren Vraag/aanbod Locale en regionale ontwikkelingen 9

2. Vastgoedvisie- sectoren Alternatieven Kantoren Nieuwe werken (de-)centralisatie Thuiswerken Ontmoetingsplaats Logistiek Winkels Dagelijkse boodschappen Luxe goederen Online shoppen Woningen Ouderenhuisvesting Studentenhuisvesting Verstedelijking Parkeergarages Datacenters Infrastructuur Hotels Global trade Herallocatie door stijgende lonen Online shoppen 10

2. Vastgoed - implementatie Vastgoedpools per categorie Semi-open end pools toegankelijk voor nieuwe participanten 11

3. ESG bij BSG E = Environment Duurzaamheidsbeleid mag niet ten koste gaan van rendement Geen hard bewijs dat duurzaamheid consistent rendement oplevert Wel logica voor risicomitigering; dus duurzaamheid meten en bevorderen S = Social Breder aspect, niet vastgoedspecifiek Initiatief tot ondertekenen UN Principles 12 G = Governance Sterke visie op governance-aspecten in documentatie Actief aandeelhouderschap Advisory Boards

13 3. Resultaten 2014: GRESB kwadranten model

3. Duurzaamheidsscore portefeuille Alle fondsen presteren beter dan de GRESB benchmark 2 fondsen presteren iets slechter dan hun peer group 46% van het aantal fondsen is Green Star 14

15 3. Resultaten 2014: Besparingen 2013 t.o.v. 2012

Duurzaam in Nederland Maroastraat Amsterdam Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Meubelplein Ekkersrijt Eindhoven WTC E-toren Zuid-as Amsterdam Winkelcentrum Vleuterweide Utrecht Maroastraat Amsterdam Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Meubelplein Ekkersrijt Eindhoven WTC E-toren Zuid-as Amsterdam Winkelcentrum Vleuterweide Utrecht Maroastraat Amsterdam Amsterdam Piet Heinkade WTC H-Toren Amsterdam Nieuw Amsterdam gebouw Meubelplein Ekkersrijt Eindhoven WTC E-toren Zuid-as Amsterdam Winkelcentrum Vleuterweide Utrecht 16

Duurzaam in Europa Bratislava Slovakia Derby Business Park Helsinki Park Pineham 4 for BMW Northampton UK Park Chanteloup 10 Moissy France Carnstatter Carre Stuttgart Drift for Tesco East Midlands UK Metzanine Metz France Bratislava Slovakia Derby Business Park Helsinki Park Pineham 4 for BMW Northampton UK Park Chanteloup 10 Moissy France Carnstatter Carre Stuttgart Drift for Tesco East Midlands UK Metzanine Metz France Bratislava Slovakia Derby Business Park Helsinki Park Pineham 4 for BMW Northampton UK Park Chanteloup 10 Moissy France Carnstatter Carre Stuttgart Drift for Tesco East Midlands UK Metzanine Metz France 17

Duurzaam in de VS 1290 Broadway Denver Williams tower Houston Piedmont Town Center Charlotte 1800 Larimer Denver 101 Second Street San Francisco 230 Park Avenue New York Quaker Tower Chicago 1290 Broadway Denver Williams tower Houston Piedmont Town Center Charlotte 1800 Larimer Denver 101 Second Street San Francisco 230 Park Avenue New York Quaker Tower Chicago 1290 Broadway Denver Williams tower Houston Piedmont Town Center Charlotte 1800 Larimer Denver 101 Second Street San Francisco 230 Park Avenue New York Quaker Tower Chicago 18

Duurzaam in Azië Baraki Tokio Japan Ehu Wuxi China Baraki Tokio Japan Ehu Wuxi China Baraki Tokio Japan Ehu Wuxi China Zhangjiagang Suzhou China Asia Square Singapore Zhangjiagang Suzhou China Asia Square Singapore Zhangjiagang Suzhou China Asia Square Singapore 19

In de toekomst.. BSG specifiek: Meer participatie van fondsen bevorderen; specifiek ook Azië Aandacht blijven houden voor interpretatie resultaten Dialoog met relaties bevorderen In algemeen: In vastgoedlandschap meer aandacht voor optimalisatie en tegenstellingen (bijv. nieuwbouw versus transformatie) Meer evidence ten aanzien van duurzaamheid en rendement / risico 20

2015 Dutch GRESB Event Nils Kok, GRESB/Maastricht University Amsterdam, 31 maart 2015

ESG and Responsible Investing Three Emerging Trends

1. Mandatory disclosure in the EU By 2018, buildings labeled F and G can no longer transact in the UK law passed last week 24

How would Holland fare? About one-third of stock is labeled F/G, another third is labeled D/E 25

2. New UM study: ESG and cost of capital LEED and Energy Star buildings: lower mortgage spreads If a mortgage is collateralized by a certified property, the borrower pays a lower spread 53-60 bps for LEED, corresponding to a $268k-$304k decline in average interest expense 29-30 bps for Energy Star, translating into a $152k decline in the interest expense (1) (2) (3) (4) VARIABLES Spread Spread Spread Spread LEED -0.526** -0.596** [0.245] [0.265] Energy Star -0.298* -0.286* [0.173] [0.170] REIT dummies N N Y Y Observations 3,044 3,044 3,044 3,044 Adj. R-squared 0.50 0.50 0.56 0.56

Findings on REIT corporate bonds A greener portfolio has lower spreads and higher ratings As the LEED share increases by one standard deviation, the spread declines by 19 bps, corresponding to a $424k decline in interest expense For a one-level increase in S&P (Moody s) rating, a REIT needs to increase its LEED share by 2.1 (1.5) standard deviations The models pass the identification tests (1) (2) (3) (4) (5) (6) VARIABLES Spread Spread S&P S&P Moody s Moody s LEED Share -4.529** 6.536** 9.144*** [1.766] [2.823] [3.538] Energy Star Share -0.646 0.925 0.040 [0.443] [0.622] [0.623] Hansen J (Prob.) 0.26 0.17 0.13 0.24 0.02 0.15 Kleibergen-Paap (Prob.) 0.00 0.00 0.00 0.00 0.00 0.00

3. A new source of capital in the market Green bonds are the new kid in town Vasakronan (SE) $197M, 2-yr, 1.315% (November 2013) Unibail-Rodamco (FR) $1.03Bn, 10-yr, 2.5% (February 2014) Regency Centers $250M, 10-yr, 3.75% (May 2014) Vornado - $450M, 5-yr, 2.5% (June 2014) Stockland (AU) - $380M, 7-yr, 1.5% (October 2014)

So sustainability information is material Collecting and understanding sustainability data is challenge for investors Short-term and long-term effects impact risk/return Risk mitigation strategies Debt market adjust LTV s, DSCR s, yield spread Equity market green real estate funds, or collect better information on sustainability performance of general funds Consistent information on sustainability (or ESG ) often lacking for REITs and funds Need for a single and simple framework: make sustainability quantifiable 29

GRESB s annual benchmark Mission and approach GRESB assesses the sustainability (ESG) performance of direct real estate portfolios around the globe Used by investors to evaluate their investment portfolio and engage with their investment managers One approach and methodology for listed property companies and private funds Goal is to benchmark and improve the sustainability performance of their real estate portfolio GRESB s mission is to enhance and protect shareholder value by evaluating and improving sustainability best practices in the global real estate sector. 30

GRESB serves the whole value chain Top-down approach leads to bottom-up implementation of sustainability Capital Market Organization Portfolio Building 31

GRESB s global coverage Key figures Investor Members 2013 2014 Institutional capital 2013 2014 $5.0 trillion $5.5 trillion 35 46 Property value $1.6 trillion $2.1 trillion Survey Participants 543 443 637 Assets Covered *Excluding single-family residential assets Fund Manager and Company Members Associate Members Partners 49,0000 * 18 14 10 56,000 * 56 21 12 2012 2013 2014 32

2015 GRESB Survey Structure and Online Portal 33

Survey aspects Scoring framework 34

Survey structure Environmental, Social and Governance dimensions Each question is allocated to one of the three sustainability dimensions. Question allocation is as follows: Environmental: questions related to actions and efficiency measures undertaken in order to monitor and decrease the environmental footprint of the portfolio Social: questions related to the entity s relationship with and impact on its stakeholders Governance: questions related to governance of sustainability, policies and procedures, approach to sustainability at entity or organization level 35

Survey structure Recurring theme The structure of the Survey, the Aspects and their questions create the opportunity to report on specific topics using the following logic throughout the Survey Plan Do Act Check 36

Online Portal Registration existing account The Username and Password remain the same as last year Did you forget your password? Reset it on the spot - All you need is your email address 37

Online Portal Menu and orientation Manage entity menu List of portfolios for which you report Click here to add new portfolios List of available resources 38

Online Portal Answering questions List of unresolved items which you need to complete in order to submit the Survey Choose document from your computer. Each upload will populate the Uploads library. NB: An Ask GRESB button will be displayed next to the Guidance button. Use it to contact the GRESB Helpdesk and address your questions about the Survey. You will receive a reply within two working days. 39

Tools Support for online Survey response Automated Data Feed (ADF) Available to data provider Associate Members, making it possible to directly stream information from a data provider s data collection system, to automatically complete the Performance Indicators Aspect GRESB Asset-Level Spreadsheet Upload asset-level data to the GRESB Portal via an Excel spreadsheet GRESB Converter A converter to use ENERGY STAR Portfolio Manager data for GRESB submissions. Following a simple process, data can be easily downloaded, converted and uploaded into the GRESB Portal 40

Automated Data Feed (ADF) GRESB Data Associate Members and more. 41

Completing and submitting the Survey Checks and outliers You can only submit the Survey once all unresolved items have been corrected. Review a full list here. 42

Response Checks Approach and process 43

Validation process Three-layer procedure to achieve investment-grade data All Participant Check 100% Open text boxes (quality) Open-ended questions Hyperlinks Validation Plus 25% Evidence (uploads) Data accuracy Site Visit 5% Reporting boundaries Data quality Evidence for answers 44

GRESB Analytics 45

Scoring of performance Two dimensions GRESB divides sustainability performance into two dimensions: Management & Policy (MP) and Implementation & Measurement (IM) Management & Policy: The means by which a company or fund deals with or controls its portfolio and its stakeholders and/or a course or principle of action adopted by the company or fund. Implementation & Measurement: The process of executing a decision or plan or of putting a decision or plan into effect and/or the action of measuring something related to the portfolio. MP (30%) IM (70%) Total GRESB Score (100%) 46

Management & Policy GRESB Quadrant Model Two dimensions, four quadrants GREEN TALK: Dedicated resources for sustainability management Comprehensive external reporting, sustainability implementation plans have been developed More attention should be given towards the implementation and measurement of these action plans GREEN STAR: Integrated organizational approach towards measurement and management of environmental key performance indicators Steering on reduction of resource consumption, and innovation in measures beyond energy efficiency (e.g. productivity, tenant behavior) GREEN STARTER: Started to develop sustainability policies, but show limited organizational focus Environmental initiatives are not yet fully implemented and measured across the entire portfolio No comprehensive measurement of environmental key performance indicators GREEN WALK: Integration of sustainability policies and measurement of environmental key performance indicators Limited reporting and a lack of formal policies and procedures. External stakeholders expect a stronger focus on transparency Implementation & Measurement 47

GRESB Output Scorecard high level analysis 48

Portfolio Analysis Tool Aggregated results and customized benchmarks Portfolio 1 Fund Manager X Portfolio 2 Fund Manager X 49

2015 Survey and Developments Planning 50

2015 Planning 2015 Survey and 2016/2017 development topics January 2015 Survey & Support 2016 Survey development February March April 1 st week of Feb: 2015 Survey 1st week of March: 2015 Guidance New! Survey Training Period Public Information Collection Research period May June April 1 July 1 2015 Survey Period June 15 Response Check Deadline Development topics Member input July August mid June - July Validation Period Draft Survey questions Member Review September September 3 rd : Global Launch 2015 Survey Results GRESB finalizes new 2016 Survey questions 51

Development Topics Survey development for 2016/2017 Specific topics will be selected and reviewed to refine existing questions or to include new questions New questions will be introduced during the reporting year as pilots prior to including them in the final Survey for the next Survey year Topics for review: Community Engagement Health and Safety/Wellness Tenant Engagement Green Leases Performance Indicators Intensities Building Certifications Disclosure 52

2015 Product development From equity to debt, from real estate to infra and corporate real estate Green bonds, debt funds, and mortgage underwriting Real Estate Supplement to Green Bond Principles GRESB for Debt Funds Feed green data to mortgage underwriting platforms Infrastructure GRESB for Infrastructure assets and funds Initiated by 7-10 pension funds Corporate real estate portfolios GRESB for Corporate Pilot Q4 2015/Q1 2016 53

Q&A 54

www.gresb.com n.kok@gresb.com sp.vantongeren@gresb.com e.quispel@gresb.com

Sustainability Benchmarking & Real Estate Investment Performance Panel discussion

Sustainability Benchmarking & Real Estate Investment Performance Moderator: Piet Eichholtz, Professor of Real Estate Finance, Maastricht University Panelists: Pieter Zwart, Director Structure RE Finance, FGH Bank Dirk Sosef, Director Research & Strategy, Prologis Matthijs Storm, Head of Real Estate, Kempen Capital Management 57

ANDERS KIJKEN NAAR FINANCIERINGSSTRUCTUREN PIETER ZWART

Game changers van nu

De kunst van het verleiden

VAN OUD NAAR NIEUW locatie gebruiker object 61 9-4-2015

Opgave voor vastgoedpartijen Focus verleggen van nieuwbouw naar transformatieopgave Verleg aandacht van de pushnaar de pullmarkt. Zorg voor balans tussen investering, exploitatie en restwaarde Markt vereist actief vastgoedondernemerschap. Investeer in loyaliteit van de gebruiker Wees selectiever in risico en perspectief. Investeer in ondernemers die in staat zijn de verandering vorm te geven

Kritische succes factoren Modulaire gebouwen Adaptief Footlose / flexibliteit Sustainable cashflow Entrepreneurship Huurcontracten omzet gerelateerd

Q&A 67