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2014 CORPORATE SOCIAL RESPONSIBILITY REPORT

01 About Ivanhoé Cambridge02 Message from the Chairman and Chief Executive Officer04 About this Report05 CSR Committee Message06 2014 Review07 Materiality Assessment10 Governance13 Our Commitment

14 ENVIRONMENTAL STEWARDSHIP16 Waste Management17 Spills and Environmental Compliance18 Greenhouse Gas Emissions18 Energy and Natural Resources Consumption24 Environmental Certifications26 Recognition27 Property Initiatives Examples

30 COMMUNITY INVESTMENTS31 Economic Impact32 Supply Chain–Suppliers33 Donations and Sponsorships35 Property Initiatives Examples

38 EMPLOYEE ENGAGEMENT40 Training and Professional Development42 Health and Safety43 Pay Equity43 Termination of Employment44 Community Engagement47 Recognition Program48 Awards and Recognitions48 Affiliations

49 APPENDICES50 Appendix 1 - Performance Summary52 Appendix 2 - Energy and Natural Resources Charts58 Appendix 3 - Global Reporting Initiative (GRI) Index62 Appendix 4 - List of Properties64 Appendix 5 - CSR Committee65 Appendix 6 - Leadership Team66 Appendix 7 - Board of Directors

12014 CORPORATE SOCIAL RESPONSIBILITY REPORT | IVANHOÉ CAMBRIDGE

Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimizing risk-adjusted returns.

Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.

Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in up to 15 million m2 (over 160 million ft2) of office, retail and logistics properties as well as in more than 23,000 multiresidential units.

Ivanhoé Cambridge held more than Cdn$42 billion in total assets as at December 31, 2014, in more than 20 countries. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers.

ABOUT IVANHOÉ CAMBRIDGE

BREAKDOWN BY GEOGRAPHYAs at December 31, 2014

CANADA

46.8%UNITED STATES

27.5%EUROPE

17.8%

DEVELOPED ASIA

0.7%

GROWTH MARKETS

7.2%

15.0% Quebec12.4% British Columbia9.9% Ontario9.5% Prairie and Atlantic Provinces

Ivanhoé Cambridge, a company incorporated under the Business Corporations Act (Quebec), is headquartered in Montreal, has offices in Toronto, Calgary, Vancouver, Paris (European head office), Madrid, Luxembourg and Shanghai.

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2 2014 CORPORATE SOCIAL RESPONSIBILITY REPORT | IVANHOÉ CAMBRIDGE

At Ivanhoé Cambridge, there can be no mistaking about the importance of corporate social responsibility (CSR). In 2014, we continued our efforts to make that commitment an integral part of our day-to-day activities. We even made it one of our strategic priorities. And, to ensure CSR is fully incorporated into all our activities, we created a CSR and Sustainability steering committee with several senior managers representing key sectors of the Company.

These concrete measures reflect our will to be a responsible corporate citizen in our industry and in the communities where we are present. They also give us a real advantage in the real estate sector, where change is constant and competition is intense.

There are numerous examples. The global economic uncertainty we are currently experiencing, despite signs of recovery in some areas, comes readily to mind. We have to monitor global markets and changes in interest rates closely and remain on the lookout for potential opportunities.

Technological progress and the rise of e-commerce are also redefining the rules for the offices and shopping centres of tomorrow. This situation offers opportunities but also challenges, especially in terms of leasing and the resulting occupancy rates.

Corporate social responsibility is also a growing concern for our stakeholders. In keeping with this global movement, they are calling for Ivanhoé Cambridge to take its place and do its share.

For example, our employees told us how important CSR is to them during our latest engagement survey. It is also a priority for younger candidates who want to join the Ivanhoé Cambridge team. Moreover, it is dear to the heart of our office building tenants, who increasingly want to work in energy-efficient spaces connected to public transit systems.

MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Daniel Fournier Chairman and Chief Executive Officer

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“Our CSR report is a vital communication platform for meeting the expectations of employees, tenants, customers and partners.”


As a result, our CSR report is a vital communication platform for meeting the expectations of employees, tenants, customers and partners. In an effort to demonstrate our transparency, we are pleased to present the progress we achieved in 2014 in regard to the three pillars of our CSR strategy: Environmental Stewardship, Employee Engagement and Community Investments.

Our report also describes the challenges we have had to face and points on which we will need to improve in the future. Given the size of our portfolio, we are aware of the non-negligible impact of our business activities, particularly on the environment.

In that regard, I am very pleased to say that we have made a strategic commitment to measure our CSR performance. In 2015, we will take part in the Global Real Estate Sustainability Benchmark (GRESB) survey, an international standard for assessing sustainability in the real estate industry. This step will allow us to compare our performance to that of our peers and better pinpoint where improvements should be made in the future.

I am also very proud to report that 2014 saw Ivanhoé Cambridge earn a spot for the second year in the “Future 40 Responsible Corporate Leaders in Canada” ranking, which highlights Canadian companies that have made significant efforts to disclose their CSR performance. This achievement shows just how hard we are working to communicate everything we do in terms of environmental, social and economic responsibility.

I would like to thank all Ivanhoé Cambridge employees and stakeholders who, in their day-to-day lives, help uphold our CSR values. Becoming a more responsible business is a long road that requires a collective effort. Congratulations to everyone who, through their dedication and infectious enthusiasm, are helping to make a difference. Let’s work together to build on that success and continue moving forward!

Chairman and Chief Executive Officer

“Corporate social responsibility is also a growing concern for our stakeholders. In keeping with this global movement, they are calling for Ivanhoé Cambridge to take its place and do its share.”


This Corporate Social Responsibility (CSR) report focuses on the activities of Ivanhoé Cambridge as opposed to those of its retailers, tenants, suppliers and partners.

This report meets the most recent Global Reporting Initiative (GRI) G4 reporting guidelines regarding sustainability and the assessment of their relative importance carried out in cooperation with the Company’s stakeholders for the purpose of determining its content. The compliance option chosen for this report, according to GRI-G4, is the Essential Criteria compliance level. This report was not subject to an external verification by an independent third-party.

The report covers the 2014 calendar year, from January to December, and, when relevant data are available, compares them with the Company’s performance since 2011. Just like the 2013 CSR Report, this report does not reflect the Company’s many CSR achievements in past years.

All financial data are expressed in Canadian dollars. All numerical values have been rounded; as a result, the totals may not be exact. Financial and employee data apply to the entire organization. Unless otherwise stated, employee data do not include independent contractors.

In general, all other data pertain to the shopping centres and office buildings owned and managed by Ivanhoé Cambridge, and exclude residential properties and hotels.

The figures pertaining to managed properties are provided in aggregate form and not according to Ivanhoé Cambridge’s percentage interest in the property. Information concerning properties covers the entire year. Data on properties acquired or sold by Ivanhoé Cambridge during the year are not included, nor does this report cover the performance of properties managed by third parties or the performance of investment funds in which Ivanhoé Cambridge holds an interest.

Ivanhoé Cambridge is pleased to present its Corporate Social Responsibility Report based on initiatives undertaken in 2014 at 34 of the properties it owns and manages as well as two properties that it manages for a third-party owner.

The properties are taken into account individually (number of buildings comprised in a complex) or as a complex (combined), which further depends on the feasibility of measuring the data in question or on the type of performance indicator. This information is specified with the data.

ABOUT THIS REPORT

Centre CDP Capital, Montreal, Canada

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We recognize that corporate social responsibility (CSR) is an important lever for our employees and stakeholders. For that reason, it was made a priority in our 2014-2018 Strategic Plan and a steering committee was created to monitor the progress made.

To develop a thorough understanding of our stakeholders’ interests and ensure we are able to meet their expectations, we conducted a materiality assessment in spring 2015 to guide us in drafting this report. The results of that analysis are reflected in the following pages.

CSR Committee members are responsible for collecting relevant information in their respective fields and working closely with property managers to paint the most comprehensive picture possible of the Company’s performance with regard to the three pillars of our CSR strategy, namely environmental stewardship, employee engagement and community investments. Through this colossal undertaking, we are able to gather information from the properties we manage around the globe in two of our three main asset categories: shopping centres and office buildings.

This work is carried out with the cooperation of a great many employees from across the Company’s properties and departments. In recent years, our corporate social responsibility efforts have led to the adoption of best practices and the sharing of expertise. In the coming years, we intend to continue on that path in hopes of gaining greater efficiency.

Although we have voluntarily decided to share our actions, the 2014 edition of our CSR Report satisfies Global Reporting Initiative guidelines and meets G4 standards, according to essential criteria. Its format is designed to be user-friendly so that you may browse through it at your own pace, according to your own interests.

Members of the CSR Committee

CSR COMMITTEE MESSAGE



2014 REVIEW

The year 2014 was a unique one for the Company. Ivanhoé Cambridge carried out some substantial non-strategic asset dispositions while working with its partners to capitalize on marketplace opportunities and make several acquisitions in 2014.

A record $13.7 billion of transactions were carried out in 2014, comprising $5.1 billion of acquisitions and construction and development projects and $8.6 billion of asset sales. The largest transaction was without doubt the sale of 15 properties to Cominar, for which no data are included in this CSR report. Similarly, no data is provided for Outlet Collection at Niagara, which opened in May 2014. Although the Company sold Devonshire Mall, Quinte Mall and The Summit in the first quarter of 2015, data for these properties are included in the analyses for 2014.

CUMULATIVE FINANCIAL HIGHLIGHTSFor the year ended on December 31 (in millions of dollars)

2014 2013

Real estate income 2,981 3,143

Cash flow from operations 1,434 1,523

Net operating cash flow 564 720

Acquisitions and contributions 3,938 5,168

Development projects / Fixed assets 1,145 1,006

Dispositions and distributions 8,584 3,826

FAIR VALUE

Real estate assets 31,843 34,107

Real estate investments 7,795 6,075

Third-party debt 15,861 15,890

Shareholders’ equity 24,586 24,232

RATIO

Debt ratio 48% 47%

11.4%12.7%

15.2%

10.0%12.3%

2011 2012 2013 2014 4 YEARS

RETURNSAs at December 31

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In 2015, a materiality assessment for Ivanhoé Cambridge’s Canadian operations was conducted based on the four steps of the GRI-G4 process: identification, prioritization, validation and review. The goal was to identify the issues perceived as the most important by the Company’s stakeholders, including those that work for Ivanhoé Cambridge and those with which it partners. The materiality assessment covers all real estate assets under management and development projects. As a result, the boundaries are the same as for 2013: certain entities included in the Company’s Activity Report are not included, such as the multiresidential portfolio, hotels, investment funds and properties under third-party management.

IdentificationThe very first step was to update the list of CSR issues from the 2013 Corporate Social Respon-sibility Report. A wide range of internal and ex-ternal sources of information were used for this purpose, including:

• the results of the most recent consultation, carried out in 2012-2013 to produce the 2013 Corporate Social Responsibility Report;

• Ivanhoé Cambridge’s CSR commitments;

• a report on identifying major operational risks for key business sectors;

• the priorities set out in the 2014-2018 Strategic Plan;

• Global Reporting Initiative (GRI) guidelines;

• a global CSR benchmarking exercise for the real estate industry, carried out for Ivanhoé Cambridge.

In this step, Ivanhoé Cambridge drew up a list of 25 potentially relevant CSR-related issues, based on its operations and their impacts. The issues’ boundaries were also defined in order to clearly circumscribe the materiality assessment and pin-point exactly where those impacts occur. (To see the issue boundaries, please refer to the GRI index and the list of properties, in Appendix 4).

Ivanhoé Cambridge also updated its list of stake-holders, based on five criteria: responsibility, prox-imity, influence, dependency and impact. To that end, the existing list of stakeholders was reviewed and expanded for Vancouver, Calgary, Toronto and Montreal with input from regional representatives. A number of stakeholders were added. The main categories into which stakeholders are classified are as follows:

• Suppliers

• Business partners

• Shareholders

• Community partners (including universities)

• Customers

• Affiliations

• Property managers

• Employees

• Tenants

• Senior management

MATERIALITY ASSESSMENT

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PrioritizationA survey of all previously identified stakeholders was conducted by electronic means to gauge the relative importance of each issue on a scale of 1 (unimportant) to 5 (very important).

Out of the more than 144 stakeholders contacted, 88 completed the survey, including 25 senior managers. The survey findings are presented in materiality assessment graphs, which compare the evaluation by Ivanhoé Cambridge’s senior management with the evaluation by employees and external stakeholders.

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MATERIALITY ASSESSMENT

ValidationThree mixed discussion workshops, including both external stakeholders and Ivanhoé Cambridge employees, were held in May 2015 in Vancouver, Toronto and Montreal.

During the workshops, internal and external stakeholders were invited to provide feedback on the survey findings, voice their opinions regarding Ivanhoé Cambridge’s last CSR report, and share their expectations regarding the level and nature of the information that Ivanhoé Cambridge should disclose. The very informative discussions gave us an improved understanding of stakeholders’ expectations and allowed the Company to better target its strategic priorities and make ongoing improvements to our reports. Aside from Ivanhoé Cambridge’s performance, stakeholders are primarily interested in the targets that will be put in place and the efforts made to bring about improvements.

In addition to the specific dialogue with stakeholders involved in the CSR accountability process, Ivanhoé Cambridge maintains a permanent dialogue with its personnel and main business partners. Ivanhoé Cambridge consults its stakeholders every two years in connection with the preparation of its CSR report.

Following the workshops, Ivanhoé Cambridge confirmed the comprehensiveness of the relevant issues to ensure that the report’s boundaries were respected. The materiality assessment graph was presented to Ivanhoé Cambridge’s CSR Committee. The definitive list of relevant issues was broken down by GRI aspects using a correlation graph, which makes it possible to identify information related to the management approach as well as performance indicators.

ReviewThis report is the first GRI (G4) CSR Report. Accordingly, the review phase will be carried out after its publication with a view to preparing the next cycle.



Board of DirectorsThe Chairman of Ivanhoé Cambridge’s Board of Directors is Daniel Fournier, who is also the Company’s Chief Executive Officer.

The role of the Board is to oversee the Company’s management and operations as well as to approve its strategic planning. The Board delegates powers to three committees that it has formed: the Investment Committee, the Human Resources and Compensation Committee and the Audit Committee. The complete Board of Directors list can be found on page 66 of this report.

The Board of Directors comprises 13 directors, 10 of whom are independent members.

The Investment Committee approves, or recommends that the Board approve investment proposals exceeding $100 million, including acquisitions, dispositions, development projects, related financing and capital expenditures.

The Human Resources and Compensation Committee is responsible for all aspects of compensation, officer appointments and candidacies as well as policies, procedures, practices, programs and systems appropriate for human resources, including succession planning and compensation structures involving benefits. The programs are established to enable Ivanhoé Cambridge to attract, motivate and retain personnel with the skills required to achieve the Company’s objectives.

The Audit Committee is responsible for overseeing the financial information process, the integrity of information and systems and the effectiveness of the management and control of financial risks that are significant for the Company.

GOVERNANCE

Investment Committee

Human Resources and Compensation

CommitteeAudit

Committee

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Created in late 2014, the CSR and Sustainability Steering Committee has some 20 members representing Ivanhoé Cambridge’s departments, including Asset Management, Investments, Development and Corporate Services, and its platforms, including Shopping Centres and Offices–North America, Europe, Multiresidential and Growth Markets. The group’s main task is to ensure that the Company’s business strategies incorporate CSR-related objectives and that its vision for CSR is shared with our stakeholders.

The committee sits twice a year, as required, and reports to the Executive Committee.

The Corporate Social Responsibility Committee is a multidisciplinary team with over 20 management and professional members representing Ivanhoé Cambridge’s various departments and services, including property managers. The Committee’s mandate is to help develop a CSR framework and CSR performance reports for the entire organization, including this annual CSR Report.

The Operational Sustainability Committee shares advancements on Operational Sustainability, Environmental Compliance, Certifications and CSR and the Environmental Committee oversees implementation of the policy and environmental management system.

A Donations and Sponsorship Committee handles community requests and makes decisions with regards to the Company’s contribution to non-profit organisations.

CSR and Sustainability Executive

Steering Committee

Corporate Social Responsibility

CommitteeOther

Committees

Precautionary PrincipleIn every region where it operates, Ivanhoé Cambridge applies the precautionary principle in all its processes, from acquisition, development projects and operations management through to disposition. The Company’s processes are supported by an environmental stewardship program, it boasts a variety of detection mechanisms, and it reports on compliance with the established program directly to the Board of Directors’ Audit Committee.

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Vaughan Mills, Vaughan, Canada


Code of Business ConductAs a global real estate owner, manager and investor, Ivanhoé Cambridge is subject to a multitude of laws and regulations in many jurisdictions. All levels of the Company adhere to the highest standards of integrity, professionalism and ethics in the conduct of their business and to avoid conflict that may arise between employees’ interests and those of the Company. Ivanhoé Cambridge’s employees (permanent, temporary or contract), officers and directors, are expected to be familiar with the Company’s Code of Business Conduct and its policies and understand how they apply to them and their position, with the exception of employees of subsidiaries in Brazil which have their own code. The Company believes, to the extent feasible, that third parties, consultants and contractors conducting business for or on its behalf should comply with this Code. Any consultant working exclusively for Ivanhoé Cambridge must sign the Declaration of Compliance with the Code of Business Conduct.

The Company must comply with various anti-corruption laws that address bribery of both foreign and domestic public officials and apply to its worldwide operations. Ivanhoé Cambridge has put into place an Anti-Corruption Policy, adopted by its Board of Directors as part of its broader ethics program, which is intended to ensure that the Company does not receive unfair advantages in its business dealings and that all payments and

expenses are properly recorded in its financial records and statements. The policy, which applies to all of the Company’s operations, expresses its zero-tolerance stance toward bribery and any other form of corrupt behaviour on the part of any of its employees, officers and directors and third parties with whom it conducts business. Furthermore, the policy confirms the Company’s commitment to establishing, supporting and maintaining an effective and compliant anti-corruption program with the goal of ensuring these stakeholders are educated in conducting business with integrity wherever Ivanhoé Cambridge operates.

The Company’s day-to-day practices of its core values – integrity, teamwork, creativity, results-driven, transparency, customer focus – and compliance with the Code are critical to its success.

Sustainable Development PrinciplesThe main shareholder of the Company, the Caisse de dépôt et placement du Québec (CDPQ), is subject to the Quebec government’s Sustainable Development Act and has signed on to the Principles for Responsible Investment (PRI). A real estate subsidiary of the Caisse, Ivanhoé Cambridge contributes to its sustainability plan of action in keeping with the government’s sustainable development strategy and to its PRI reporting activities.

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CrossIron Mills, Rocky View, Canada

13

OF PROPERTIES HAVE A COMPOST PROGRAM

85% OF EMPLOYEES CONSIDER IVANHOÉ CAMBRIDGE AS A RESPONSIBLE COMPANY1

89% HOURS OF VOLUNTEERING WERE GIVEN BY IVANHOÉ CAMBRIDGE’S EMPLOYEES2

+6,300

We are committed to acting responsibly for our employees, our shareholders, our customers and the communities where we live and work. We believe it is essential to conduct our business in an ethical and safe manner, in compliance with laws and in accordance with our environmental, social and economic values.

We strive to minimize the environmental footprint of our activities, to contribute to the vitality of the communities where we operate and to promote the growth and development of our personnel.

We aspire to be known and respected not only for our financial performance but also for our commitment to corporate social responsibility.

At Ivanhoé Cambridge, corporate social responsibility is central to our management philosophy.

OUR COMMITMENT

1 2014 Aon Hewitt Survey: Canada’s Best Employers2 Through Give-and-Take and Giving Back Day Programs



Environmental StewardshipIvanhoé Cambridge is acutely aware of the environmental challenges posed by commercial buildings, particularly in regard to property operations that have a significant impact on the use of natural resources. For that reason, the Company makes sustainability principles an integral part of property management activities and development projects alike. The Company is not subject to rules and regulations concerning energy consumption nor greenhouse gas.

ENVIRONMENTAL STEWARDSHIP

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A commitment to the environment can be seen at every level of the Company. In keeping with its business strategies, the Company continues to put in place innovative initiatives that are aligned with best practices and able to progressively reduce its environmental footprint.

These efforts are yielding results through reductions in energy consumption, higher waste diversion rates, and emphasis on alternative modes of transportation. Energy efficiency programs are also being rolled out at our managed properties in a consistent and effective manner.


85%OF PROPERTIES HAVE A COMPOSTING PROGRAM

Plastics 1,143Wood skids 694Waste cooking oil 493 Paper towel 357 Metal 239 Glass 197Other 192 Coffee cups 63Tetra Pak 33

Cardboard and paper11, 491

Compostable material3,782

Waste diverted by stream

SHOPPING CENTRES AND OFFICE BUILDINGS (combined)(In metric tonnes)

18,684


WASTE MANAGEMENTIn 2010, Ivanhoé Cambridge made the decision to standardize its waste audit program. Every managed property is audited every year, and not just where it is required by law.

A clear process was defined on how to measure performance more accurately and consistently across the portfolio.

Audit consultants have agreed to utilize the same methodology consistently. This allows the Company to effectively compare results from property to property, regardless of location or

choice of auditor on an equivalent basis. Over the last five years, Ivanhoé Cambridge and its properties have developed a good working relationship their partners to help identify areas of improvement, develop a work plan and set timelines. This task is facilitated, as Ivanhoé Cambridge receives reports with detailed, accurate, reliable, comparable and credible results.

Ivanhoé Cambridge has set site-specific targets for all its managed properties to be achieved in 2017.

Results of standardization of processes (33 properties)

Progression of diversion rate

42%OF PROPERTIES HAVE ALREADY ATTAINED OR EXCEEDED THE GOAL SET FOR 2017

45%OF PROPERTIES ARE ON-TRACK TO ACHIEVE THEIR GOALS

13%OF PROPERTIES ARE BEHIND THEIR SCHEDULE TO TARGET

3 PROPERTIES HAVE ALREADY ACHIEVED THE ASPIRATIONAL GOAL OF 80% WASTE DIVERSION RATE

The Company-wide diversion rate was 53.8% in 2014, up 3.7 points from 2013.

The properties managed by Ivanhoé Cambridge have cut back the annual quantity of waste that goes to landfill sites by approximately 19,000 metric tonnes, and recycled, reclaimed or composted for a total of 94,000 metric tonnes of waste since 2010. For illustration purposes, 94,000 metric tonnes of garbage is the equivalent of just over 6,200 truckloads.

These achievements can be attributed to the hard work of the shopping centre and office building management teams, which have put in place individual five-year (2012-2017) diversion targets.

43%46%

48%50%

53.8%

2010 2011 2012 2013 2014



94,000METRIC TONNESDIVERTED FROM LANDFILL SITES SINCE 2010

SPILLS AND ENVIRONMENTAL COMPLIANCEIn 2014, Ivanhoé Cambridge did not record any significant spills, a significant spill being one that must be reported or has detrimentally impacted the environment.

Also, Ivanhoé Cambridge has not received any written warning or been fined for environmental non-compliance since 2005. This good track record is a direct result of the very active environmental management system in place and the training sessions provided to operations personnel to update their knowledge. The environmental management system has set out core environmental principles based on Ivanhoé Cambridge’s commitment to respect and safeguard the environment.

In 2014, Ivanhoé Cambridge also updated all its asbestos surveys for properties located in Quebec as a result of new asbestos management regulations recently enforced; these were completed ahead of the June 2015 deadline.

6,200 TRUCKLOADS

“CSR should be a natural way of doing things and we should take the approach of making it part of our day-to-day lives to ensure we meet our industry’s highest standards.”

Claude SiroisExecutive Vice President, Shopping Centres, North America

Waste diverted by the properties(In metric tonnes)

18,68417,88319,048

21,423

2011 2012 2013 2014


GREENHOUSE GAS EMISSIONSIvanhoé Cambridge quantifies its GHG inventory for internal use, and follows a process that conforms with the World Resources Institute’s (WRI) and World Business Council for Sustainable Development’s (WBCSD) Greenhouse Gas Protocol/ISO 14064-1 standard. This rigorous process gives Ivanhoé Cambridge a confident and reliable assessment of the current GHG standing and will allow the Company to publicly report on its GHG inventory in future years.

ENERGY AND NATURAL RESOURCES CONSUMPTIONEnergy consumption data are compiled based on the number of buildings included in the properties. A (combined) property like Place Ville Marie is in fact composed of five distinct buildings (individual properties). Of the 68 individual properties managed in 2014, the Company has data on electricity consumption for 66, on natural gas consumption for 40, and on water consumption for 53.

The operation of shopping centres and office buildings requires considerable quantities of electricity and natural gas. Reducing the consumption of such resources used while maintaining a safe and comfortable work and

shopping environment remains both a constant concern and a key component of Ivanhoé Cambridge’s environmental strategy. Through a series of programs and collaborative efforts with shopping centre and office building managers, the Company is seeing a reduction in energy consumption across its portfolio of managed properties. All data regarding energy and natural resources consumption are collected based on the meter type used (detailed data available in the appendix).

Metrotower Office Complex, Burnaby, Canada



Electricity consumptionThe offices managed by Ivanhoé Cambridge saw a 3.6% increase in 2014 in their electricity consumption over 2013. This was due to property acquisitions and an increase in the overall size of the office portfolio. However, even accounting for the increase in the portfolio square footage, the electricity-use intensity of the office portfolio decreased by 4.9%.

We also note a decrease in the shopping centres portfolio of the overall consumption of electricity by 15.8%, primarily due to the divestment of a number of properties. As a result of the divestment activity, the energy intensity of the shopping centres portfolio increased by 4.5%. The properties that were sold had lower electricity intensities than the average. Consequently, the electricity-use intensity of the remaining shopping centre properties showed an overall increase.

Natural gas consumptionNatural gas use decreased from 2013 to 2014 by 2.4%. Even though the office portfolio increased in 2014, the majority of properties acquired do not consume natural gas, hence the overall decrease.

This same trend holds true for the shopping centre portfolio, where natural gas consumption decreased by 1.5% from in 2014, primarily due to the divestment of properties in this category.

2011 2012 2013 2014 2011 2012 2013 2014

178.3 172.6202.0 209.3 459.2 457.7 459.2

396.4

18.99 17.91 17.65 16.83

Office properties Shopping centres

Total consumption kWh (in millions)

Intensity kWh / ft²

20.28 20.16 20.50 21.43

2011 2012 2013 2014 2011 2012 2013 2014

57,849 51,797

117,889 115,065261,565 250,138 249,673 245,963


Total consumption GJ

Intensity GJ / ft²

0.01 0.01

0.02 0.02

0.01 0.01 0.01 0.01


Water consumptionWater consumption across the office portfolio decreased by 1.6% from 2013 to 2014. This reduction is due to a combination of factors, including divestment, acquisition of properties with very low water consumption, and an overall decrease in water consumption at other properties

in the portfolio. For the retail portfolio, water consumption decreased by 12.9%, primarily due to the divestment of properties.

Nearly all the water used for Ivanhoé Cambridge’s operations comes from municipal water supply.

See Appendix for complete energy and natural resources consumption charts.

2011 2012 2013 2014 2011 2012 2013 2014

352,356 374,908

515,278 506,992 2,367,562 2,362,7862,192,043

1,940,111


Total consumption m3

Intensity m3 / ft²

0.08

0.12

0.08

0.12

0.08

0.11

0.06

0.11

Madrid Xanadú, Madrid, Spain


BOUNDARIES AND LIMITATION FOR UTILITY DATA

The report identifies electricity, natural gas and water con-sumption from 2011 through 2014 at Ivanhoé Cambridge’s shopping centres and office properties. These consumption figures have not been normalized for weather or occupan-cy variables.

All reported data reflect actual consumption in the building (individual counts) that compose the properties (combined count) and was gathered from existing building-level electricity, natural gas, and water meters.

Data related to the office portfolio are presented from an overall consumption and energy-use intensity perspective, however, in an effort to continuously evolve and improve data reporting, the Company has modified its methodology as it pertains to the retail portfolio. Shopping centres can vary significantly from an energy-use intensity perspective depending on a number of factors. Ivanhoé Cambridge’s portfolio consists of properties that have a wide range of services and metering configurations. Certain types of retail facilities are more energy-intensive than others, based on factors that may include the overall size and/or the overall number/type of tenants. In some properties there are meters that provide common-area energy data only, where in others they have metering for some or all tenants. While the Company continues to track total energy consumption and provide a single energy-use-intensity figure for the retail portfolio, a more accurate representation of the energy performance is to group the properties by their meter configurations. These configurations are defined in the appendices of this report.

The goal for future reporting is to isolate consumption and energy/water-use-intensity figures into total building, total common area, and total tenant area. By establishing more extensive meter coverage across the portfolio, the Company’s energy and water reporting capabilities will continue to improve.

Data are presented based on the following criteria:

• Utility data coverage varies by property, depending on meter coverage. Some properties are fully metered, some only have common area metering, and others have a combinations of the two.

• For properties with retail and office components that are not separately metered, the consumption for each component is pro-rated based on building areas.

• For retail properties, intensity is calculated as total metered consumption per square foot of gross leasable area (GLA), and is isolated by meter configuration.

• For office properties, intensity is calculated as total metered consumption per square foot of gross building area (GBA).

• Consumption data for outparcels/exterior consumption not separately metered is included in total retail figures.

• Where outparcel or exterior consumption is on its own meter, consumption data are isolated as “exterior.” Energy intensity is not shown for this exterior data, as there is no corresponding area to use in the calculation.

• Energy figures provided in 2013 CSR Report have been adjusted in the preceding tables, where required, to reflect the reconciliation of figures over the course of the past several months.

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of customers travel to our shopping centres by means other than personal vehicle

97%OF PROPERTIES ARE SERVICED BY PUBLIC TRANSPORTATION (WITHIN 500 METERS)

CHARGING STATIONS FOR ELECTRIC VEHICLES

50%OF OFFICE BUILDINGS ARE SERVICED BY A BIKE-SHARING SERVICE

40%OF OFFICE BUILDINGS HAVE ON-SITE ACCESS TO A CAR-SHARING SERVICE

average number of parking spaces reserved for families or carpoolers at Ivanhoé Cambridge-managed shopping centres

average number of parking spaces reserved for carpooling at Ivanhoé Cambridge-managed office buildings

17

6

136

34%

81%OF COMMON-AREA LIGHTING SYSTEMS ARE ENERGY-EFFICIENT

51% of toilets installed in common areas are low-flow fixtures (4.8 L /flush)

62% of urinals installed in common areas are low-flow fixtures (1.9 L /flush)



Use of videoconferencing rooms is increasing. Despite the smaller number of rooms, the usage data are stable compared to 2013, mainly because equipment and rooms are being optimized.

VIDEOCONFERENCING

IVANHOÉ CAMBRIDGE HAS 11 VIDEOCONFERENCING ROOMS AT ITS OFFICES (8) AND PROPERTIES (3)

MORE THAN

2,300HOURS(Data from 13 rooms out of 17)

CLOSE TO

2,100 HOURS(Data from 11 rooms out of 11)

3,500 NUMBER OF CALLS

CLOSE TO


3,394 NUMBER OF CALLS

MORE THAN


2011 2012 2013 2014

BUSINESS TRIPS AVOIDED

2011 2012 2013 2014

245 231180 234

GREENHOUSE GAS EMISSIONS AVOIDED IN TONNES

2011 2012 2013 2014

80 8457 86


ENVIRONMENTAL CERTIFICATIONS

Most of Ivanhoé Cambridge’s owned and managed properties have an environmental certification.

BOMA

BOMA (Building Owners and Managers Association) is a trade association present in several countries, including Canada. Its mission is to celebrate excellence as well as serve the interests of property owners and managers. BOMA BESt (Building Environmental Standards) is a national program created to address an industry need for realistic standards for energy and environmental performance of existing buildings based on accurate and independently verified information.

In addition to the already certified properties, others renewed their BOMA BESt certification in 2014:

Level 4

Le 1500 (Complexe Les Ailes)

Level 3

CrossIron Mills

Édifice Champlain

Guildford Town Centre

Laurier Québec

Mayfair Shopping Centre

Place Ste-Foy

Southgate Centre

Woodgrove Centre

“LEED® certification is a considerable asset for Ivanhoé Cambridge. Not only does it enable us to reduce our carbon footprint and enhance the value of our properties, it is something that resonates strongly with top-tier office tenants and their employees.”

William R. C. TreshamPresident

73%OF PROPERTIES IN CANADA ARE CERTIFIED BOMA BESt



Environmental certifications of our development projectsIvanhoé Cambridge has made a commitment to develop its projects in compliance with environmental certifications. As a minimum, the Company aims for LEED Gold certification for its new office buildings.

Properties Asset Registration*

Bay Park Centre Toronto, Ontario

Office LEED Platinum (Core and Shell)

Metrotower III Burnaby, British Columbia

Office LEED Platinum (Core and Shell)

Maison Manuvie Montreal, Quebec

Office LEED Gold (Core and Shell)

Projet DUO Paris, France

Office LEED Platinum (Core and Shell)HQE®

Guildford Town Centre Surrey, British Columbia

Shopping Centre LEED Gold

Oshawa Centre Oshawa, Ontario

Shopping Centre LEED (Core and Shell)

River Point Chicago, United States

Office LEED Gold (Core and Shell)

Tsawwassen Mills Tsawwassen, British Columbia

Shopping Centre LEED (Core and Shell)

Vaughan Mills Vaughan, Ontario

Shopping Centre LEED

* A LEED-registered, but not yet certified project may be referred to as a “LEED Candidate” or, as an alternative for broader public use, “LEED Certification Candidate.” It is also appropriate to refer to a project as “registered with the intention to certify,” or “targeting [level of certification]” – keeping in mind that a level of certification is not guaranteed until the certification has been awarded.

LEED LEED® (Leadership in Energy and Environmental Design) is a North American rating system for commercial buildings and homes to encourage sustainable building practices in matters of energy efficiency, water consumption, heating, use of local materials and reuse of surplus material. Created by the U.S. Green Building Council, the LEED system helps classify high-quality buildings according to four levels: certified, silver, gold and platinum.

The following properties owned and managed by Ivanhoé Cambridge have LEED certifications as of December 31, 2014:

LEED GoldCentre CDP CapitalBentall Centre - Tower IVNewport Corporate Center - TwoNewport Corporate Center - Five

LEED SilverPlace Ville MarieMadrid XanadúNewport Corporate Center - TerraceNewport Corporate Center - OneNewport Corporate Center - Four

CertifiedLe 1000 De La Gauchetière


Award organization Type of recognition Property

AENOR • ISO 22320 Emergency Management Certification Madrid Xanadú

BOMA International

• TOBY (The Outstanding Building of the Year) – Local

• TOBY (The Outstanding Building of the Year) – Regional

The Summit

International Council of Shopping Centres (ICSC)

• Canadian Shopping Centre Award – Cause Related Marketing, Silver

• Canadian Shopping Centre Award – Public Relations, Silver

Centre Eaton de Montréal

• Canadian Shopping Centre Award – Cause Related Marketing, Silver

Galerie Place Ville Marie

• ICSC Solal Marketing Awards – Customer Service Experience, Silver

Madrid Xanadú

• Canadian Shopping Centre Award – Event or Sales Promotion, Silver (collected over 19,000 lbs of gently used clothing for ClothesLine: Throwaway Thursday)

Ivanhoé Cambridge (24 properties)

Recycling Council of Ontario

• Waste Minimization – ICI Facilities, Gold

• Waste Minimization – Communications, Silver

• Green Team Award

Conestoga Mall

• Waste Minimization – ICI Facilities, Gold


Simpson Tower

• Waste Minimization – ICI Facilities, Silver


Quinte Mall

• Waste Minimization – ICI Facilities, Silver Devonshire Mall

• Waste Minimization – ICI Facilities, Bronze


Bayshore Shopping Centre

• Waste Minimization – ICI Facilities, Bronze Mapleview Shopping Centre

• Waste Minimization – ICI Facilities, Bronze Vaughan Mills

Recyc-Québec • ICI ON RECYCLE! – Level 2 Laurier Québec

• ICI ON RECYCLE! – Level 2 Le 1000 De La Gauchetière

Surrey Board of Trade

• Environment and Business Award Guildford Town Centre

RECOGNITION


PROPERTY INITIATIVES EXAMPLESIVANHOÉ CAMBRIDGE SHOPPING CENTRES MARK EARTH HOUREarth Hour, a global event initiated in 2007 by the World Wildlife Fund (WWF), is designed to make all of mankind aware of the urgent need to reduce the impact of climate change. Each year, millions of people gather in more than 7,000 cities around the world to make the symbolic gesture of turning their lights off for one hour to help promote the saving of electricity.

In March 2014, Ivanhoé Cambridge took part in this event at several of its properties.

Five of the properties – CrossIron Mills and Southgate Centre in Alberta as well as Quinte Mall (sold in 2015), Mapleview Shopping Centre and Vaughan Mills in Ontario – extended the initiative to include activities designed to make shoppers aware of the importance of saving energy and reducing waste. They joined forces with Bullfrog Power, Canada’s leading green energy provider, to talk about the environment and encourage people to take part in Earth Hour. Additionally, the participating malls bullfrog-powered the equivalent of over one million Canadian homes with green electricity for Earth Hour.

Since 2012, Ivanhoé Cambridge has been one of the largest supporters of clean energy in Canada by Bullfrog Power.

OSHAWA CENTRE GIVES NEW LIFE TO CONSTRUCTION HOARDINGHow can you prevent construction site hoarding from ending up in a landfill once the work is complete? To find an answer to that question and the environmental issues it creates, Oshawa Centre decided to get involved in Hoarding for Humanity, a program to recover hoarding materials for a good cause.

Renovation and redevelopment take place frequently at shopping centres. At the end of 2014, Oshawa Centre donated the equivalent of 1,115 m2 (12,000 ft2) of materials to Hoarding for Humanity. These materials get a second life through Habitat for Humanity, a partner organization that builds affordable housing for low-income households.

Oshawa Centre also made a commitment to support Hoarding for Humanity one step further by mandating to incoming contractors to build and dismantle exclusively with Hoarding for Humanity; a clause to that effect has even been added to the property’s tenant manual.

“Partnering with Bullfrog Power helps us educate the public about green energy choices and reduce the environmental impact of our community for Earth Hour.”

James Moller General Manager, CrossIron Mills

Amanda Pesklevy, Hoarding for Humanity presenting the prize to Karl Ditoro, Property Manager, Oshawa Centre


IVANHOÉ CAMBRIDGE STAYS CURRENT WITH ELECTRIC TRANSPORTIvanhoé Cambridge’s environmental commitment can be seen above all in its response to customer needs. The Company makes a great deal of effort to offer services to early adopters of new technologies in support of sustainable development.

In 2014, Ivanhoé Cambridge’s properties saw an increase in the use of self-serve electric-vehicle charging stations with the addition of five new stations. It’s worth noting that Southgate Centre became Edmonton’s first shopping centre to provide vehicle charging stations. This innovation has enabled it to expand the range of services it offers shoppers and has taken it one step closer to BOMA BESt certification.

Ivanhoé Cambridge also launched the Ma ville, c’est électrique! campaign, at some of its Quebec properties to raise public awareness of the advantages of electric vehicles, while promoting the properties where it has charging stations in parking lots.

As part of the campaign, the Montreal Eaton Centre displayed Réflexion by artist Chris Salter – a work that draws parallels between images, the human body and the environment. Complexe Les Ailes displayed a Smart ED, an innovative electric vehicle adapted to city driving.

In partnership with Jour de la Terre Québec, descriptive panels with information on electric transporta-tion were displayed at 10 Ivanhoé Cambridge properties in Quebec. Shoppers were also invited to enter a contest to win one of three Smart electric bikes.

The Company plans to expand its network of electric-vehicle charging stations in 2015.


OAKRIDGE CENTRE MAKES A BRILLIANT DECISION WITH LED LIGHTINGCompletely converting the lighting system in the stairwells of a 53,300 m2 (573,900 ft2) shopping centre is no easy matter. And yet Oakridge Centre, in the heart of Vancouver, accomplished this feat in record time with assistance from BC Hydro.

In the summer of 2014, Oakridge Centre explored various options for replacing its old fluorescent lights with LED lighting. LED lighting is initially more expensive but uses far less energy than other options. In addition, LED bulbs contain no mercury and their long lifespan cuts costs significantly.

In the fall, Oakridge Centre determined the solution and evaluated the cost of replacing the light fixtures. Once it had an estimate, the centre approached BC Hydro to obtain financing for a portion of the project under the utility’s energy-efficiency programs. The replacement of the light fixtures was completed just in time to start 2015 with the new system.

As a result of the grant from BC Hydro and the savings generated by LED lighting, Oakridge Centre expects the project to pay for itself in slightly more than a year.

MIC MAC MALL TAKES PRIDE IN SORTING IT OUT FOR THE ENVIRONMENTManaging waste, especially from food courts, is a big challenge for shopping centre managers. In Nova Scotia, the challenge is especially complex because the province made it mandatory in 1999 to sort recyclables at point of use.

Mic Mac Mall is the largest shopping centre in Atlantic Canada, strategically located in Dartmouth, in the Greater Halifax area. In 2014, the shopping centre set up an ambitious Sort It Out program to improve its performance in sorting and recycling waste. The results are quite impressive.

In co-operation with municipal authorities and its main suppliers of waste management and cleaning services, Mic Mac Mall management created a food-court sorting station accessible only to employees. It was inaugurated on Earth Day 2014, became an immediate hit with shoppers and was hailed by the public throughout the Halifax community.

Since the station was established, Mic Mac Mall staff members have been extremely proud to see their work help preserve the environment in the region. And they have good reason: their efforts have helped keep 90.2% of the food court’s waste out of landfills.

Examples of Sort It Out stations at Mic Mac Mall (Dartmouth, Canada)

2014 CORPORATE SOCIAL RESPONSIBILITY REPORT | IVANHOÉ CAMBRIDGE30

Community InvestmentsThe commitment to reinvest in communities where Ivanhoé Cambridge conducts its activities is one of the pillars of the Company’s social responsibility strategy. Ivanhoé Cambridge and its properties contribute to many charitable organizations, not only by giving funds but also by providing these organizations with premises right in their properties.

COMMUNITY INVESTMENTS

31

Moreover, as a leading employer in the real estate industry, Ivanhoé Cambridge contributes to the community’s economic well-being in several ways: by providing wages and benefits, paying income and property tax, and purchasing goods and services from hundreds of suppliers.

Ivanhoé Cambridge’s activities generate significant economic benefits for the communities where it operates.

IN SALARIES AND BENEFITS

$146.5 M2012 $112 M 2013 $146 M

+97,000

2012 $205 M 2013 $227 M

2012 101,000 2013 104,500

IN PROPERTY AND OTHER TAXES PAID TO GOVERNMENTS

INDIRECT JOBS CREATED IN THE COMMUNITY IN 2014

$245 M


OF PURCHASES FROM CANADIAN SUPPLIERS*

$695 M

* 93% of the Company’s total purchases, which is proportional to Ivanhoé Cambridge’s holdings ratio.

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“CSR enables us to stand out from the competition, enhance our brand and attract the best clients, partners and talent to our organization. Becoming a proactive CSR corporate citizen will enable us to improve every aspect of our performance.”

Mario D. MorroniExecutive Vice President, Strategy and Capital Allocation

ECONOMIC IMPACT

Economic impact


At Ivanhoé Cambridge, purchasing is the responsibility of many people. Certain goods and services acquisitions are decentralized and handled by property managers, while others are centralized and handled by the Purchasing Group.

The Purchasing Group is responsible for major contracts. To ensure fairness, transparency and a healthy level of competition between qualified, responsible suppliers, the Group issues formal calls for tenders in accordance with the purchasing policy, qualifies suppliers invited to respond to calls for tenders, and verifies their ethics and values by checking that they have:

• Environmental programs

• Training programs

• Sound finances

• Employment-related ethical standards

• Solid references

• Experience and in-depth knowledge of the market

• In addition, the Group checks whether they are socially responsible

Moreover, Ivanhoé Cambridge’s Purchasing Group reviews the standards and estimates of every specialty on a regular basis. The Group has a service agreement that covers all regulatory aspects pertaining to statutes, orders and regulations, employment ethics and confidentiality.

The Purchasing Group also acts as a mediator in the event of conflicts or cases of non-performance, and compiles all relevant information to identify significant deviations or discrepancies by region or specialty.

Supplier category distribution

Professional services Accounting, legal services, communication, IT, marketing, etc.

Property services Landscaping, electrical work, construction, waste removal, etc.

Goods and services Office supplies, courier services, telecommunications, hotels, newspapers, etc.

Energy services Electricity, natural gas, etc.

Other

31.7%

34.4%

22.6%

10.3%

1%

86%OF IVANHOÉ CAMBRIDGE’S 7,300* SUPPLIERS ARE IN CANADA

* Note: Unique addresses – a single supplier may have different addresses.

Conestoga Mall, Waterloo, Canada

SUPPLY CHAIN–SUPPLIERS G4-12


COMMUNITY INVESTMENTS

DONATIONS AND SPONSORSHIPSIvanhoé Cambridge is committed to reinvesting in the communities by supporting a number of not-for-profit organizations and charities.

Ivanhoé Cambridge’s Donations and Sponsorships Policy sets a clear framework for the support it provides to various organizations and partners, carefully defining the scope that enables it to fully embrace its role as a socially responsible firm. Accordingly, the Company endorses organizations whose missions are closely aligned with its identity, values and business strategies. It aims to have a

greater impact and to maximize the benefits of its donations and sponsorships, in addition to enhancing its reputation.

Individually, Ivanhoé Cambridge’s properties, which are key players in their communities, are encouraged to support causes that allow them to assert their leadership in their respective communities by providing monetary contributions, gift cards or by lending space.

Above and beyond the Company’s donations, the properties managed by Ivanhoé Cambridge play an important role in their communities and contribute to local economies in many ways, from providing employment to supporting local charities. In addition, their many contributions (lending space and providing funds, promotional materials and gift cards) totalled over $1.8 million in 2014.

+$2.3 M CONTRIBUTIONS TO THE COMMUNITY–IVANHOÉ CAMBRIDGE AND ITS PROPERTIES(cash and gift cards)

44%OF PROPERTIES PROVIDE MEETING ROOMS TO NON-PROFIT ORGANIZATIONS AT NO CHARGE213 ORGANIZATIONS USED THESE ROOMS IN 2014

Ivanhoé Cambridge’s donations (corporate offices) 2014

Corporate donations Centraide / United Way Employee programs

2011 2012 2013 2014

$897,300

$24,800$54,200

$818,300

$1,044,300

$1,303,410

$1,612,783

$33,295$29,650

$123,034 $183,998

$1,456,454

$1,089,762

$27,422

$141,157

$875,653


Carrefour de l’Estrie, Sherbrooke, Canada

CORPORATE DONATIONS AND SPONSORSHIPS POLICY

HUMANITARIAN CAUSES

To help combat poverty, Ivanhoé Cambridge provides support to shelters for the homeless and organizations that provide housing for people in difficulty.

CULTURE

Ivanhoé Cambridge supports organizations whose mission is to protect or promote the architectural heritage of buildings and facilities recognized by official authorities in markets where its business offices are located.

EDUCATION

Ivanhoé Cambridge invests in research and training in areas related directly to its operations and the proper conduct of its business, such as real estate, architecture, urban planning, retail trade and business schools.

Ivanhoé Cambridge aims to establish partnerships with, and wants to contribute to, organizations that enable it to play its role as a socially responsible company. The Company does so mainly in areas connected with its business strategies, culture and values.

“We have a duty and a responsibility to the community in terms of architectural heritage management and education. This means participating in various real estate organisations, and directly or indirectly getting involved in the education of young people who represent the next generation of talent.”

Karen Laflamme Executive Vice President, Corporate Management and Institutional Affairs

PROPERTY INITIATIVES EXAMPLES

MAYFAIR SHOPPING CENTRE HELPS EASE HUNGER IN VICTORIAMayfair Shopping Centre, a fashion destination par excellence on Vancouver Island, welcomes almost four million visitors a year. Since it opened in 1963, the centre has developed a close relationship with the community.

To further its contribution to local causes, Mayfair Shopping Centre hosted the Canstruction fundraising event on Vancouver Island from May 30 to June 8, 2014. In the spirit of its mission “To feed and inspire the world – one can at a time,” each year Canstruction hosts competitions and exhibitions showcasing colossal temporary structures made out of full cans of food.

In Victoria, eight teams spent two days in the public eye building each structure. The results were displayed in the common areas of the shopping centre for a week. After the works of art were dismantled, the 29,000 cans used to create them were donated to The Mustard Seed Food Bank, which helps families and people in need in the Victoria area.

This first edition was so successful that Woodgrove Centre, another Ivanhoé Cambridge property on Vancouver Island, will follow in its footsteps in 2015.

“An event of this magnitude will have huge positive impacts on our community, especially at a time of year when our resources are scarce.”

Brent Palmer Director of Food Bank Services, The Mustard Seed

One of the Canstruction installations at Mayfair Shopping Centre (Victoria, Canada)


VAUGHAN MILLS HELPS MAX MAKE HIS WISH COME TRUESince completing its expansion in 2014, Vaughan Mills has reaffirmed its status as a tourist attraction and a shopping and entertainment destination for people in the Greater Toronto Area. So it was hard to imagine a more perfect place to make a wish come true for Max Drew, an eight-year-old sponsored by the Children’s Wish Foundation, a charitable organization that grants wishes to children with a serious or life-threatening illness, thereby contributing to the well-being of the children themselves, their families and their communities. Since it was founded in 1984, the Foundation has made the dreams of more than 20,000 Canadian children come true.

On November 24, 2014, Max spent a dream-come-true day at Vaughan Mills, thanks to its tenants Legoland Discovery Centre and Pro Hockey Life.

Max had so much fun during his shop-and-play day at Vaughan Mills that the Foundation approached shopping centre management to see whether the experience could be repeated. Vaughan Mills enthusiastically agreed to partner with the Foundation so that other children can experience the most beautiful day of their lives at this premier destination.

“It was truly a magical day for Max. Thank you for taking the time to arrange such an amazing day.” — Tina Drew, Max’s mom


Max Drew during his day at Vaughan Mills

METROPOLIS AT METROTOWN SPEAKS OUT AGAINST BULLYINGSmall gestures of goodwill can go a long way toward making the world a better place. Metropolis at Metrotown, the largest shopping centre in British Columbia, did just that, with its Pay It Forward program in support of Pink Shirt Day. Throughout the month of February 2014, Metropolis at Metrotown carried out many small acts of kindness to promote Pink Shirt Day, a national event held each year to send an anti-bullying message to young people.

The shopping centre’s street team surprised shoppers with all kinds of delicious treats, free of charge. A group of students from Maywood Community School joined with them to commit random acts of kindness, such as offering flowers or buying gloves for people waiting for the bus in cold weather.

A social media campaign was used to let members of the public suggest acts of kindness. Five lifestyle bloggers wrote about the program on their blogs,

which attract a total of 900,000 visits a month, and also tweeted the news to 70,000 followers. For each idea submitted by the public, a $1 donation was given to the CKNW Orphans’ Fund. A total of 529 submissions was received, and the donation amount was increased to $1,000. Some of the ideas were put into practice in the common areas of Metropolis at Metrotown, to the great delight of shoppers.

On February 26, the official date of Pink Shirt Day, management and employees at Metropolis at Metrotown wore pink T-shirts to support the cause. It was all rounded out by a flash-mob dance performance by the students in the shopping centre’s Atrium Court.

Pay It Forward program in support of Pink Shirt Day at Metropolis at Metrotown (Burnaby, Canada)


EMPLOYEES PUT THEIR HEARTS INTO GIVING BACK DAYEach year, Ivanhoé Cambridge employees around the world are invited to take part in Giving Back Day, a volunteer event that benefits community organizations in their regions.

For the 2014 edition, almost 520 employees participated in 22 cities. They helped more than 30 organizations prepare food for the homeless, built housing with Habitat for Humanity, removed invasive species and planted trees and they performed many other tasks, in an atmosphere of enthusiasm and good humour.

For example, 16 employees from Southgate Centre in Edmonton prepared boxes of groceries and delivered then to the local food bank. Meanwhile, the administrative team from Mayfair Shopping Centre took action with brushes, hammers and other tools to paint walls and install shelves at Bridges for Women, a training centre for women in difficulty in Victoria, on Vancouver Island. And a team of 12 employees from CrossIron Mills went to the Airdrie, Alberta, food bank to sort non-perishable food and provide a donation of $5,000. The Paris team lent administrative support to an establishment that assists children with autism, through administrative tasks and building a cabin and barbecue in the garden.

The employees did a total of 3,600 hours of volunteer work during Giving Back Day, which grows in popularity at Ivanhoé Cambridge every year.

3,600 HOURSOF VOLUNTEER WORK BY IVANHOÉ CAMBRIDGE EMPLOYEES

The Place Montréal Trust team during Giving Back Day - from left to right: Jean-François Bussière-Bourdages, Audrey Desgagné, Jacques Gladu, Alexandre Gervais, Karine Tseng-Valiquette, Maurice Boudreau and Philippe Blondin


Employee EngagementIvanhoé Cambridge owes its leadership position not only to its financial soundness, its size and the quality of its operations, but also to the passion, engagement, expertise and diversity of its employees.

As of December 31, 2014, the Ivanhoé Cambridge team had a workforce of 1,672 people at its properties and eight offices in Canada, Europe and Asia. Ivanhoé Cambridge’s employees are not unionized, with the exception of twenty-some employees in a Quebec property and a British Columbia property.

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EMPLOYEE ENGAGEMENT


Employee engagement is a key part of Ivanhoé Cambridge’s corporate culture. In addition to standard employer offerings, a number of programs and initiatives have been put in place to give the Company superior tools for attracting and retaining the best talent on the market.

Workforce profile

Years of service

2012 2013 2014

Salaried

Permanent part-time

Casual part-time

Contract

0-4 years

5-9 years

10-14 years

15-19 years

20+ years

76%

13%

9%

2%

75%

11%

11%

3%

75%

10%

13%

2%

38% 36% 36% 52%

27% 25% 27% 20%

16% 18% 18% 14%

12% 13% 8% 6%

7% 8% 11% 8%

2011 2012 2013 2014

“Once again, we’ve succeeded in advancing our employees’ level of engagement, as shown by our employee survey results, which gave us recognition as one of Canada’s 50 Best Employers. That means a lot for us because it comes directly from our employees.”

Josée DubucExecutive Vice President, Human Resources and Corporate Services

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In this way, Ivanhoé Cambridge sees to its employees’ professional development. To that end, the necessary tools are made available to employees and managers. Those tools include a self-service training management system, personal development plans and a training catalogue that offers a wide range of online and in-class training activities. In addition, every department is allocated a training budget, and individual and corporate initiatives are supported by a team of professionals dedicated to specific business clienteles.

Also, Ivanhoé Cambridge recognizes the importance of succession planning, hence the introduction of an internship and temporary assignment program in 2014. Training and skills development are also vital, which is why employees have access to myriad opportunities to fine-tune their qualifications and advance their career.

Moreover, Ivanhoé Cambridge continues to expand its employer offerings. In addition to the many benefits provided through the Flex benefits boutique (including the group savings and pension plan, life and disability insurance plan and health insurance) and the Employee Assistance Program, the health and wellness program was enhanced in 2014 with the introduction of a new initiative to promote a corporate culture focused on health and healthy lifestyles.

Training and professional development

For Ivanhoé Cambridge, training and professional development are key to its growth strategy and efforts to enhance employee engagement.

Equipped with their skill inventories for employees and managers, our Training and Organizational Development specialists introduce and make yearly improvements to a wide range of programs.

Above and beyond the courses described in the directory, the Company also offers numerous training programs geared to specific, ad hoc training needs.

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“CSR is critical to what we do. In 2014, we took it to the next level. We’ve formed a company-wide interdisciplinary working group to make sure that CSR is well integrated in all aspects of our business – regardless of the platform, the geographical area or the asset class.”

Roman DrohomireckiExecutive Vice President, Shopping Centres, North America

TRAINING AND PROFESSIONAL DEVELOPMENT


EMPLOYEE ENGAGEMENT

Variation between 2013 and 2014 is mainly due to the 2013 training Program “Power of Coaching,” deployed to all management staff. This program is ongoing but is now offered as new management employees are hired.

The trend in reducing the hrs of training comes from a transition from regular classes to virtual classes generally shorter and more flexible.

Also, methodology in capturing that data has changed therefore, 2014 numbers might be underestimated.

Communication, teamwork, customer focus, interpersonal relations, etc.

Coaching, performance management, management skills, etc.

Employees have access to a directory of language courses. Their needs are determined based on their current and targeted levels of proficiency.

1 2 3Basic competencies

Management and leadership competencies Language courses

Training and professional development(in hours per employee, permanent employees only)

2011 2012 2013 2014

13.1 9.39.8 8.1

Training sessions (in-class and online)

Telecommuting: a practice that pays off

Launched in 2013, the telecommuting program was an immediate hit with Ivanhoé Cambridge employees.

In 2014, 244 employees (over 6,600 hours) took advantage of this option to enhance their work-life balance, confirming its value as one of the Company’s best practices.

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HEALTH AND SAFETYIvanhoé Cambridge takes the issues of safety and security very seriously. The Company endeavours to provide safe and secure facilities for all of its employees, tenants, shoppers and visitors.

This requires the Company to develop policies, procedures and practices that all contribute to its safety and security programs. Ivanhoé Cambridge monitors the various threats and hazards that could potentially affect its operations and implement appropriate measures to mitigate the related risk.

The Company also integrates technologies that contribute to the safeguarding of its managed properties. This includes Access Control Management Systems; Closed Circuit Televisions; and various hardware devices that enables to better secure its buildings.

Above all, Ivanhoé Cambridge works closely with various professional security agencies that provided licence security personnel to monitor its premises. These persons support employees, tenants and visitors offering help, first aid and customer service throughout property locations.

Ivanhoé Cambridge is committed to establishing, maintaining and constantly improving an effective occupational health and safety management system at all Ivanhoé Cambridge-managed

establishments that mitigates work-related risks that could potentially result in injuries or damage.

In 2014, a number of occupational health and safety initiatives were rolled out:

• Major updating of the health and safety policy, processes and applications (employee manuals)

• Relaunch of the health and safety policy and program in Ontario and Nova Scotia

• Rollout of a pilot program across Canada in selected properties (policy and training)

• Improvements to follow-up reports for occupational health and safety from external training vendors

• Launch of Occupational Health & Safety Training (in connection with new Ontario legislation)

There were no fatal accidents or any incidents of discrimination involving our employees in 2014.

2013 2014

6.2%15.9 DAYS 1

2.9%7.4 DAYS 2

6.2%15.5 DAYS 1

2.8%7 DAYS 2

Absenteeism

Even though the rates are similar, the number of days is higher in 2013 because the Company had 27 pay periods (vs. 26 in 2014).

Édifice Price, Quebec City, Canada

¹ Includes: Sick leave, short-term disability leave, family-care leave, WCB leave, maternity/paternity leave and leave without pay

2 Includes: Sick leave, short-term disability leave and family-care leave

G4-HR3

G4-LA6


EMPLOYEE ENGAGEMENT

PAY EQUITYIvanhoé Cambridge complies with the Quebec Pay Equity Act and applies it to all employees in Canada working at its corporate offices or properties. The Company fulfils its commitment to pay equity and points out that the job classification system is founded on a point-based evaluation system and a pay structure that allows for its ongoing maintenance. Moreover, to ensure

internal equity, Ivanhoé Cambridge updates its job evaluations rigorously to ensure that any new positions and any positions for which the duties have changed are evaluated using the existing system and assigned to the appropriate pay scale.

Women in our workforce (Salaried only) *

TERMINATION OF EMPLOYMENTIvanhoé Cambridge undertakes to respect minimum advance-notice requirements in the event of any change to its operations likely to have a significant impact on employees’ work. To that end, the Company applies its corporate policy, which covers all legal obligations in the various jurisdictions where Ivanhoé Cambridge operates places of business.

The increase in the 2014 turnover rate can be attributed to the departure of over 180 employees following the major transaction with Cominar in fall 2014.

Overall

Senior management 22% 24% 22%

Professionals and middle management 53% 55% 53%

2011 2012 2013 2014

74%

63%

69%

58%

67%

57% 55%

Support, technical and specialist

2011 2012 2013 2014

22%

2011 2012 2013 2014

52%

2011 2012 2013 2014

64%

Turnover rate *

2011 52.1% 20.5% 25.8%

2012 35.8% 10.1% 13.2%

2013 51.8% 13.1% 17.9%

2014 58.8% 22.5% 27%

Permanent part-time Salaried Combined rate

G4-10

G4-LA1G4-LA4G4-LA12G4-LA13


COMMUNITY ENGAGEMENT

Fit for Good!

The Fit for Good! community engagement program is another demonstration of Ivanhoé Cambridge’s support for healthy lifestyle and employee involvement with their communities. Ivanhoé Cambridge is proud to encourage its employees to personally take part in sports and fitness events that were created to raise funds for non-profit organizations by covering registration fees for such activities.

Number of employees participating

2012 2013 2014

377 369 388

Every engagement program put in place to encourage employees to get involved in their communities showed an increased participation rate in 2014.

Number of employees participating

2012 2013 2014291 519387

Matched Donations(In thousands of $)

2012 2013 201427 3023

Fit For Good! ProgramNumber of employees participating

2013 201418 60

The program was introduced in June 2013


Employees’ age profile

32.8% 40.4% 26.1% 0.6%

GEN Y Born after 1980

GEN X Born from 1965 to 1980

BABY-BOOMERS Born from 1946 to 1964

TRADITIONALISTS Born before 1946

There has been a slight intergenerational shift, with traditionalists and baby boomers declining in numbers in favour of the next two generations. As a result, 73% of Ivanhoé Cambridge employees are less than 50 years old.

* Note: The variations noted in 2014 compared to 2013 for “Women in our workforce”, “Turnover rate” and “Number of employees”, are chiefly due to the sale of several shopping centres in fall 2014 and the simultaneous reorganization of a number of departments.

THE AVERAGE AGE IS 40

EMPLOYEES1,500

OVER

Ivanhoé Cambridge’s workforce at the end of 2014*Does not include casuals and consultants

EMPLOYEE ENGAGEMENT

G4-10

G4-LA12


Quebec 42.4%

Ontario 18%

Alberta 7.4%

British Columbia 19.4%

Nova Scotia 1%

Geographic spread of employees

CANADA

88%

EUROPE

9.6%

CHINA

0.5%UNITED STATES

1.5%

Best Employers in CanadaConducted by Aon Hewitt, the “Best Employers in Canada” study recognizes businesses that are the most successful in driving employee engagement. It is the only Canada-wide study where employees themselves get to choose the country’s best employers. Ivanhoé Cambridge is especially proud to have taken part in 2014 with an 84% participation rate. The engagement rate was 72% in 2014, a 4% improvement over 2013. This performance has earned the Company its ranking as one of the top 50 Best Employers in Canada!

72%IVANHOÉ CAMBRIGDE EMPLOYEE ENGAGEMENT RATE. THIS RESULT RANKS THE COMPANY AMONG THE TOP 50 BEST EMPLOYERS IN CANADA. Le 1000 De La Gauchetière, Montreal, Canada

G4-10

High-Five!


Canada’s Top 100 EmployersFor the third year in a row, Ivanhoé Cambridge was selected as one of Canada’s Top 100 employers. This prestigious competition evaluates employers on the basis of eight

criteria: physical workplace; work and social atmosphere; health, financial and family benefits; vacation and time off; employee communications;

performance management; training and skills development; and community involvement. Over 3,250 employers entered the competition, which is organized by Mediacorp. Being ranked as one of Canada’s Top 100 employers is remarkable recognition of our ongoing work on all these fronts.

RECOGNITION PROGRAMFollowing the 2012 organization survey, Ivanhoé Cambridge employees expressed a desire for the Company to introduce new recognition tools.

In response, Ivanhoé Cambridge launched a new recognition program for employees in May 2014. “High-Five” is closely aligned with the Company’s culture and provides easy, effective ways to acknowledge employees’ contributions and accomplishments on a day-to-day basis.

Guildford Town Centre, Surrey, Canada

EMPLOYEE ENGAGEMENT


AWARDS AND RECOGNITIONSIn 2014, Ivanhoé Cambridge was thrilled to receive the following recognitions, evidence of the hard work and concerted efforts of its team:

Canada’s Top 10 Most Admired Corporate Cultures, Waterstone Human Capital

This national program annually recognizes best-in-class Canadian organizations for having a culture that has helped them enhance performance and sustain a competitive advantage.

Future 40 Responsible Corporate Leaders in Canada, Corporate Knights magazine

These 40 companies were chosen from 187 small to mid-cap organizations with less than $2 billion in revenues (or revenues that exceed $2 billion, but with fewer than 2,000 employees) in Canada, according to 12 performance indicators established by Corporate Knights and covering resource, employee and financial management. In 2014, Ivanhoé Cambridge moved from the 31st to 22nd ranking.

Institutional Investor of the Year – North America, Private Equity Real Estate Magazine (PERE)

To determine the winners, PERE researches many real estate news sources, including PERE magazine and perenews.com, and compiles a list of finalists that its readers then vote on. Ivanhoé Cambridge ranked 8th in the Global Investor of the Year category.

AFFILIATIONS G4-16

APPENDICES


PERFORMANCE SUMMARY

APPENDIX 1 - PERFORMANCE SUMMARY

UNITS 2011 2012 2013 2014 2011-2014TREND


Natural Gas Use

Absolute

Retail gigajoules 261,565 250,183 249,673 245,963 Ô 6%

Office gigajoules 57,849 51,797 117,889 115,065 Ó 99%

Intensity

Retail gigajoules / ft2 0.01 0.01 0.01 0.01 Ô 8%

Office gigajoules / ft2 0.01 0.01 0.02 0.02 Ó 46%

Electricity Use

Absolute

Retail million kilowatt hours

459 457 459 396 Ô 14%

million gigajoules

1,653 1,648 1,653 1,427 Ô 14%

Office million kilowatt hours

178 173 202 209 Ó 17%

million gigajoules

642 621 727 753 Ó 17%

Intensity

Retail kilowatt hours / ft2 20.28 20.16 20.50 21.43 Ó 6%

Office kilowatt hours / ft2 18.99 17.91 17.65 16.83 Ô 9%

Water Use

Absolute

Retail m3 2,367,562 2,362,786 2,192,043 1,940,111 Ô 18%

Office m3 352,356 374,908 515,278 506,992 Ó 44%

Intensity

Retail m3 / ft2 0.12 0.12 0.11 0.11 Ô 8%

Office m3 / ft2 0.08 0.08 0.08 0.06 Ô 25%

Waste

Waste diverted tonnes 17,883 19,048 21,423 18,684 Ó 4%

Diversion Rate % 46 48 50 54 Ó 17%

Buildings with BOMA BESt Certification # 38 37 35 37 Ô 3%

Shoppers arriving at our centres by means other than automobile

% 27 29 29 34 Ó 30%

Shoppers likely to patronize environmentally friendly stores and centres (% responding highly or somewhat likely)

% 64 65 65 67 Ó 5%


APPENDIX 1 | PERFORMANCE SUMMARY

UNITS 2011 2012 2013 2014 2011-2014TREND

COMMUNITY RELATIONS

Economic Impact

Suppliers (goods and services purchased)

$ million 518 439 596 695 Ó 34%

Governments (property taxes and levies)

$ million 215 205 227 245 Ó 14%

Employees (wages and benefits)

$ million 112 112 146 147 Ó 31%

Indirect Jobs # 99,951 101,251 104,500 97,000 Ô 3%

Ivanhoé Cambridge Donations

Various Organizations $ 818,300 873,653 1,089,762 1,456,454 Ó 78%

Centraide / United Way $ 54,200 141,157 183,998 123,034 Ó 127%

Company’s Matching Gift Program $ 24,800 27,422 29,650 33,295 Ó 34%

Total $ 897,300 1,044,232 1,303,410 1,612,783 Ó 80%

Community Assistance from the Properties

Financial Donations $ 323,800 398,745 389,000 670,136 Ó 107%

Value of Gift Card and Promotional Item Donations

$ 178,100 144,300 213,115 124,125 Ô 30%

EMPLOYEE ENGAGEMENT

Employees (full-time, part-time, casual) # 1,631 1,762 1,834 1,672 Ó 3%

Voluntary Turnover Rate

Full-time/Salaried % 20.5 10.1 13.1 22.5 Ó 9%

Part-time/Hourly % 52.1 35.8 51.8 58.8 Ó 13%

Women in our Workforce

Overall % 63 58 57 55 Ô 13%

Senior Management % 22 24 22 22 ÑÒ 0%

Middle Management % 53 55 53 52 Ô 2%

Support, Technical, Specialist % 74 69 67 64 Ô 14%

Best Employers in Canada Survey

Engagement Score % 71 66 68 72 Ó 1%

Participation Rate % 86 88 82 84 Ô 2%

Employee Training hours / year 13.1 9.8 9.3 8.1 Ô 38%

Work-related Fatalities # 0 0 0 0 ÑÒ 0%


ELECTRICITY CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014

POWER (kWh)Sorted by meter type

Square footage

Total consumption

Intensity (kWh / ft2)

Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 4 5,132,267 88,237,530 17.19 5,132,267 86,354,337 16.83 6,241,020 106,730,926 17.10 6,440,313 105,670,885 16.41

Meter Type 5 37,122 888,561 23.94 37,122 924,454 24.90 37,122 896,097 24.14 – – –

Meter Type 6 4,468,666 89,217,224 19.97 4,468,666 85,333,059 19.10 5,169,503 94,393,433 18.26 5,770,246 103,607,070 17.96

Shopping centres overview

2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 2,040,670 38,829,461 19.03 2,040,670 36,767,109 18.02 1,828,203 30,995,856 16.95 1,511,831 24,341,795 16.10

Meter Type 2 6,700,804 240,402,066 35.88 6,700,804 240,548,772 35.90 6,784,078 234,453,315 34.56 5,619,282 185,868,001 33.08

Meter Type 3 1,800,159 75,765,439 42.09 1,800,159 77,166,770 42.87 2,903,484 101,471,130 34.95 3,400,576 106,071,897 31.19

Meter Type 4 2,234,136 85,070,540 38.08 2,234,136 83,691,750 37.58 2,235,226 83,662,554 37.43 2,234,283 82,649,445 36.99

Meter Type 5 210,279 8,079,078 38.42 210,279 8,405,427 39.97 221,368 8,411,685 38.00 – – –

Meter Type 7 120,833 129,810 1.07 120,833 161,189 1.33 120,833 157,978 1.31 120,833 145,349 1.20

Exterior 593,515 11,934,667 – 593,515 12,390,998 – 592,709 13,103,162 – 47,216 8,700,121 –

Meter type descriptionsTYPE 1 Common area only, including vacancies where applicable.

TYPE 2 Total property less large tenant(s).

TYPE 3 Total property is metered.

TYPE 4 Total office/retail property combined. Cannot differentiate between office/retail - calculated based on pro-rated building area.

TYPE 5 Total office/retail property combined less large retail tenant(s). Cannot differentiate between office/shopping centres - calculated based on pro-rated building area less tenant(s).

TYPE 6 Total office property is metered.

TYPE 7 Common area and some tenant(s).

ENERGY AND NATURAL RESOURCES CHARTS

APPENDIX 2 - ENERGY AND NATURAL RESOURCES CHARTS


APPENDIX 2 | ENERGY AND NATURAL RESOURCES CHARTS

ELECTRICITY CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 4 5,132,267 88,237,530 17.19 5,132,267 86,354,337 16.83 6,241,020 106,730,926 17.10 6,440,313 105,670,885 16.41

Meter Type 5 37,122 888,561 23.94 37,122 924,454 24.90 37,122 896,097 24.14 – – –

Meter Type 6 4,468,666 89,217,224 19.97 4,468,666 85,333,059 19.10 5,169,503 94,393,433 18.26 5,770,246 103,607,070 17.96


2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 2,040,670 38,829,461 19.03 2,040,670 36,767,109 18.02 1,828,203 30,995,856 16.95 1,511,831 24,341,795 16.10

Meter Type 2 6,700,804 240,402,066 35.88 6,700,804 240,548,772 35.90 6,784,078 234,453,315 34.56 5,619,282 185,868,001 33.08

Meter Type 3 1,800,159 75,765,439 42.09 1,800,159 77,166,770 42.87 2,903,484 101,471,130 34.95 3,400,576 106,071,897 31.19

Meter Type 4 2,234,136 85,070,540 38.08 2,234,136 83,691,750 37.58 2,235,226 83,662,554 37.43 2,234,283 82,649,445 36.99

Meter Type 5 210,279 8,079,078 38.42 210,279 8,405,427 39.97 221,368 8,411,685 38.00 – – –

Meter Type 7 120,833 129,810 1.07 120,833 161,189 1.33 120,833 157,978 1.31 120,833 145,349 1.20

Exterior 593,515 11,934,667 – 593,515 12,390,998 – 592,709 13,103,162 – 47,216 8,700,121 –

Meter type descriptions


NATURAL GAS CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014

NATURAL GAS (GJ) Rorted by meter type

Square footage

Total consumption

Intensity (GJ / ft2)

Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 – – – – – – – – – 51,980 5 0.000

Meter Type 3 1,657,326 5,361 0.003 1,657,326 3,193 0.002 2,766,079 53,630 0.019 2,766,079 50,141 0.018

Meter Type 4 127,179 3,208 0.025 127,179 2,993 0.024 127,179 3,037 0.024 127,179 3,356 0.026

Meter Type 5 2,285,778 49,281 0.022 2,285,778 45,611 0.020 2,970,919 61,221 0.021 2,606,613 61,562 0.024

Meter Type 8 – – – – – – – – – – – –

Meter Type 9 – – – – – – – – – – – –


2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 2,506,836 34,509 0.014 2,506,836 31,998 0.013 2,529,493 42,832 0.017 2,592,074 58,656 0.023

Meter Type 2 2,945,553 116,855 0.040 2,945,553 115,134 0.039 2,952,129 109,636 0.037 2,033,288 94,410 0.046

Meter Type 3 245,937 1,755 0.007 245,937 808 0.003 245,937 2,138 0.009 245,661 2,520 0.010

Meter Type 4 342,215 20,820 0.061 342,215 19,425 0.057 341,312 19,311 0.057 341,336 21,339 0.063

Meter Type 6 743,389 17,495 0.024 743,389 20,276 0.027 744,298 27,075 0.036 619,810 19,212 0.031

Meter Type 7 880,839 58,421 0.066 880,839 47,971 0.054 1,093,430 48,680 0.045 1,048,602 49,825 0.048

Meter Type 8 – – – – – – – – – – – –

Meter Type 9 – – – – – – – – – – – –

Exterior 820,649 2,162 – 820,649 1,932 – 823,635 2,637 – 164,725 1,999 –

Meter type descriptionsTYPE 1 Common area only is metered, including vacancies where applicable.


TYPE 3 Total office/retail property combined. Cannot differentiate between office/retail - calculated based on pro-rated building area.

TYPE 4 Total office/retail property combined less large retail tenant(s). Cannot differentiate between office/shopping centres - calculated based on pro-rated building area less tenant(s).


TYPE 6 Common area and some tenants (if tenant areas are known).

TYPE 7 Entire property less tenants excluded from metering. Some tenants may be separately metered, while others are mixed in with common areas.

TYPE 8 Typically no data as all tenants are billed directly.

TYPE 9 No gas used at property.



NATURAL GAS CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 – – – – – – – – – 51,980 5 0.000

Meter Type 3 1,657,326 5,361 0.003 1,657,326 3,193 0.002 2,766,079 53,630 0.019 2,766,079 50,141 0.018

Meter Type 4 127,179 3,208 0.025 127,179 2,993 0.024 127,179 3,037 0.024 127,179 3,356 0.026

Meter Type 5 2,285,778 49,281 0.022 2,285,778 45,611 0.020 2,970,919 61,221 0.021 2,606,613 61,562 0.024

Meter Type 8 – – – – – – – – – – – –

Meter Type 9 – – – – – – – – – – – –


2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 2,506,836 34,509 0.014 2,506,836 31,998 0.013 2,529,493 42,832 0.017 2,592,074 58,656 0.023

Meter Type 2 2,945,553 116,855 0.040 2,945,553 115,134 0.039 2,952,129 109,636 0.037 2,033,288 94,410 0.046

Meter Type 3 245,937 1,755 0.007 245,937 808 0.003 245,937 2,138 0.009 245,661 2,520 0.010

Meter Type 4 342,215 20,820 0.061 342,215 19,425 0.057 341,312 19,311 0.057 341,336 21,339 0.063

Meter Type 6 743,389 17,495 0.024 743,389 20,276 0.027 744,298 27,075 0.036 619,810 19,212 0.031

Meter Type 7 880,839 58,421 0.066 880,839 47,971 0.054 1,093,430 48,680 0.045 1,048,602 49,825 0.048

Meter Type 8 – – – – – – – – – – – –

Meter Type 9 – – – – – – – – – – – –

Exterior 820,649 2,162 – 820,649 1,932 – 823,635 2,637 – 164,725 1,999 –



WATER CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014

WATER (m3) Sorted by meter type

Square footage

Total consumption

Intensity (m3 / ft2)

Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 2 – – – – – – – – – 29,859 680 0.023

Meter Type 4 1,193,966 104,018 0.087 1,193,966 131,884 0.110 2,302,719 232,817 0.101 2,129,625 181,960 0.085

Meter Type 5 3,533,153 248,338 0.070 3,533,153 243,024 0.069 4,233,990 283,377 0.067 5,652,089 324,351 0.057

Meter Type 6 – – – – – – – – – – – –


2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 485,475 48,675 0.10 485,475 51,787 0.11 484,971 42,568 0.09 484,081 39,651 0.08

Meter Type 2 6,353,022 1,105,005 0.17 6,353,022 1,057,355 0.17 6,218,469 1,064,905 0.17 6,440,500 1,110,733 0.17

Meter Type 3 6,379,606 759,878 0.12 6,379,606 849,464 0.13 6,478,349 737,219 0.11 4,751,328 484,069 0.10

Meter Type 4 2,750,810 403,778 0.15 2,750,810 367,646 0.13 2,759,879 348,317 0.13 2,472,135 305,658 0.12

Meter Type 6 – – – – – – – – – – – –

Exterior 742,215 229,562 – 742,215 282,622 – 747,450 275,053 – 203,416 116,772 –

Meter type descriptionsTYPE 1 Common area only, including vacancies where applicable. Note no NLA exists for exterior properties.


TYPE 3 Total property is metered.

TYPE 4 Total office/retail property combined. Cannot differentiate between office/shopping centres - calculated based on pro-rated building area.


TYPE 6 No data. Water consumption based on property taxes or not metered.



For energy/natural resources: Intensity = metered consumption/metered area

WATER CONSUMPTION BY METER TYPE – 2011-2014

Office overview

2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 2 – – – – – – – – – 29,859 680 0.023

Meter Type 4 1,193,966 104,018 0.087 1,193,966 131,884 0.110 2,302,719 232,817 0.101 2,129,625 181,960 0.085

Meter Type 5 3,533,153 248,338 0.070 3,533,153 243,024 0.069 4,233,990 283,377 0.067 5,652,089 324,351 0.057

Meter Type 6 – – – – – – – – – – – –


2011 2012 2013 2014


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Square footage

Total consumption


Meter Type 1 485,475 48,675 0.10 485,475 51,787 0.11 484,971 42,568 0.09 484,081 39,651 0.08

Meter Type 2 6,353,022 1,105,005 0.17 6,353,022 1,057,355 0.17 6,218,469 1,064,905 0.17 6,440,500 1,110,733 0.17

Meter Type 3 6,379,606 759,878 0.12 6,379,606 849,464 0.13 6,478,349 737,219 0.11 4,751,328 484,069 0.10

Meter Type 4 2,750,810 403,778 0.15 2,750,810 367,646 0.13 2,759,879 348,317 0.13 2,472,135 305,658 0.12

Meter Type 6 – – – – – – – – – – – –

Exterior 742,215 229,562 – 742,215 282,622 – 747,450 275,053 – 203,416 116,772 –



GLOBAL REPORTING INITIATIVE (GRI) INDEX

STANDARD DISCLOSURES

PAGE EXTERNAL ASSURANCE

Strategy and Analysis NV*

G4-1 Statement from the most senior decision-maker 2 NV

Organizational Profile

G4-3 Name of the organization 1 NV

G4-4 Primary products and services 1 NV

G4-5 Location of the organization’s headquarters 1 NV

G4-6 Number of countries where the organization operates 1, 62-63 NV

G4-7 Nature of ownership and legal form 1 NV

G4-8 Markets served 1, 62-63 NV

G4-9 Scale of the organization 1, 38 NV

G4-10 Total workforce 38, 43, 45, 46 NV

G4-11 Collective bargaining agreements 38 NV

G4-12 Supply chain 31-32 NV

G4-13 Significant changes regarding the organization and its ownership 6 NV

G4-14 Precautionary principle 11 NV

G4-15 Charters, principles or other initiatives 12 NV

G4-16 Memberships 48 NV

Identified Material Aspects and Boundaries

G4-17 Entities included 7 NV

G4-18 Report content and aspect boundaries 7-9 NV

G4-19 Material aspects identified 8, 60-61 NV

G4-20 Internal Aspect Boundaries 60-61 NV

G4-21 External Aspect Boundaries 60-61 NV

G4-22 Restatements of information 6, 21 NV

G4-23 Significant changes 7 NV

* Standard disclosures not verified by a third-party

G4-32

APPENDIX 3 - GLOBAL REPORTING INITIATIVE (GRI) INDEX


APPENDIX 3 | GRI INDEX

STANDARD DISCLOSURES

PAGE EXTERNAL ASSURANCE

Stakeholder Engagement

G4-24 List of stakeholder groups 7 NV

G4-25 Selection criteria 7 NV

G4-26 Organization’s approach 8-9 NV

G4-27 Key topics and concerns 8-9 NV

Report Profile

G4-28 Reporting period 4 NV

G4-29 Date of most recent previous report 4 NV

G4-30 Reporting cycle 4 NV

G4-31 Point of contact C3 NV

G4-32 In accordance option chosen and GRI Content Index 4, 58-61 NV

G4-33 External assurance 4 NV

Governance

G4-34 Governance structure of the organization 10-11 NV

Ethics and Integrity

G4-56 Internal principles and norms 12 NV


MATERIAL ASPECTS AND BOUNDARIES

MANAGEMENT APPROACH AND INDICATORS

PAGE OMISSIONS EXTERNAL ASSURANCE

MANAGEMENT APPROACH AND PERFORMANCE INDICATORS

ECONOMIC

Economic performance(Internal Boundary)

G4-EC1 Direct economic value generated and distributed

6 NV

Indirect economic impacts(External Boundary)

SPECIFIC MANAGEMENT APPROACH 30, 33 NV

G4-EC8 Significant indirect economic impacts, including the extent of impacts

3438-45

NV

Procurement practices(Internal and External Boundary)

SPECIFIC MANAGEMENT APPROACH 32 NV

G4-EC9 Proportion of pending on local suppliers at significant locations of operation

32 NV

ENVIRONMENTAL

GENERAL MANAGEMENT APPROACH 14-16, 18 NV

Energy(Internal and External Boundary)


G4-EN3 Energy consumption within the organization

18-19 50, 52-55

Information not available for certain properties

NV

G4-EN5 Energy intensity 19 50, 52-55

NV

G4-EN6 Reduction of energy consumption

18-19 27, 29 52-55

NV

Water(Internal and External Boundary)

G4-EN8 Total water withdrawal by source 20 Information not available for certain properties

NV

G4-EN9 Water sources affected 20, 56-57 NV

Emissions(Internal and External Boundary)


G4-EN15 Direct greenhouse gas emissions (Scope 1)

Data not available, will be presented in a future report

NV

G4-EN18 Greenhouse gas emissions intensity

Data not available, will be presented in a future report

NV

G4-EN19 Reduction of greenhouse gas emissions

23 Data not available, will be presented in a future report

NV

Effluents and waste(Internal and External Boundary)

G4-EN23 Total weight of waste by type and disposal method

15-17 NV

G4-EN24 Total number and volume of significant spills

17 NV

Conformity(Internal and External Boundary)

G4-EN29 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations

17 NV

G4-19G4-20G4-21G4-32


APPENDIX 3 | GRI INDEX

MATERIAL ASPECTS AND BOUNDARIES

MANAGEMENT APPROACH AND INDICATORS

PAGE OMISSIONS EXTERNAL ASSURANCE

SOCIAL

LABOUR PRACTICES AND DECENT WORK

GENERAL MANAGEMENT APPROACH 38-40 NV

Employment(Internal Boundary)


G4-LA1 Total number and rates of new employee hires and employee turnover by age group, gender and region

43 NV

G4-LA2 Benefits provided to full-time employees

40 NV

Labour/Management Relations

G4-LA4 Minimum notice periods regarding operational changes

43 NV

Occupational health and safety(Internal Boundary)


G4-LA6 Rates of injury, occupational diseases and absenteeism

42 42 NV

Training and Education(Internal Boundary)

G4-LA9 Average hours of training per year, per employee and by employee category

41 The hours of training are not available by employee category

NV

G4-LA10 Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings

40-41 NV

Diversity and equal opportunity(Internal Boundary)

G4-LA12 Composition of governance bodies and breakdown of employees per employee category and other indicators of diversity

39, 43, 45 64-66

NV

Equal remuneration for women and men(Internal Boundary)


G4-LA13 Ratio of basic salary and remuneration of women to men by employee category

43 NV

HUMAN RIGHTS

MANAGEMENT APPROACH 42 NV

Non-discrimination(Internal Boundary)

G4-HR3 Total number of incidents of discrimination and corrective actions taken

42 NV


LIST OF PROPERTIES(OWNED AND MANAGED)

SHOPPING CENTRES

NORTH AMERICA

CANADA

Nova Scotia

Dartmouth Mic Mac Mall

Quebec

Quebec City Laurier Québec

Sherbrooke Carrefour de l’Estrie

Quebec City Place Ste-Foy

Montreal Montreal Eaton Centre

Montreal Place Montréal Trust

Montreal Complexe Les Ailes

Montreal Galerie Place Ville Marie

Montreal Place Jean Talon Fee-managed shopping centre

Ontario

Vaughan Vaughan Mills

Windsor Devonshire Mall*

Ottawa Bayshore Shopping Centre

Oshawa Oshawa Centre

Waterloo Conestoga Mall

Burlington Mapleview Shopping Centre

Belleville Quinte Mall*

Niagara-on-the-Lake Outlet Collection at Niagara

Alberta

Rocky View (Calgary) CrossIron Mills

Edmonton Southgate Centre

Calgary Deerfoot Meadows

British Columbia

Burnaby Metropolis at Metrotown

Surrey Guildford Town Centre

Nanaimo Woodgrove Centre

Vancouver Oakridge Centre

Victoria Mayfair Shopping Centre

UNITED STATES

Florida

Miami Mary Brickell Village

EUROPE

SPAIN

Madrid Madrid Xanadú

G4-6G4-8

* Sold in Q1 2015

APPENDIX 4 - LIST OF PROPERTIES


APPENDIX 4 | LIST OF PROPERTIES

INDUSTRIAL

NORTH AMERICA

CANADA

Ontario

Mississauga 65 Skyway

NORTH AMERICA

CANADA

Quebec

Montreal Le 1000 De La Gauchetière

Montreal Le 1500

Montreal 415 Saint-Antoine Ouest

Montreal 455 Saint-Antoine Ouest

Montreal Centre CDP Capital

Montreal World Trade Centre Montréal

Quebec City Édifice Champlain (Laurier)

Quebec City Édifice Price

Montreal Place Ville Marie

OFFICE BUILDINGS

Ontario

Toronto Simpson Tower Fee-managed office building

British Columbia

Burnaby Metrotower Office Complex

Vancouver Bentall Centre - Tower I, II, III & IV

UNITED STATES

Washington

Bellevue Newport Corporate Center

Bellevue The Summit*

* Sold in Q1 2015


CSR COMMITTEEAS AT AUGUST 1, 2015

Loïc Abaziou Senior Internal Auditor

Christine Babkine Director, Corporate Social Responsibility

Lise Beaudoin Administrative Assistant, Public Affairs and Communications

Kayla Blok Coordinator, Operational Sustainability and Planning

Robert Boyle Senior Director, Market Research

Vanessa Champagne Project Coordinator, Public Affairs and Communications

Anne-Marie Côté Director, Legal Affairs

Annik Desmarteau General Manager, Centre CDP Capital and BEST Regional Manager

Stephen Gascoine General Manager, Vaughan Mills

Rachel Horwat Manager, Operational Sustainability

Sera Kontarini Director, Environmental Programs

Guy Lamarre Vice President, Operations - Quebec

Karine Larin Director, HR Systems and Organizational Effectiveness

Chris Long Vice President, Property Services

Matthew MacWilliam Project Manager, Energy

Michèle Meier Vice President, Communications, Corporate Marketing & CSR and International Affairs

Abel Messore Director, Leasing

Susan Nicol General Manager, Oakridge Centre and Office Tower

Sandra Rizzato Senior Manager, Operations Information

Tina Silvaggi Analyst, Operational Sustainability and Energy

Rob Simpson Manager, Operational Sustainability and Energy

Kitanha Toure Advisor, Global Portfolio Management and Strategic Planning

Kieran Waugh Senior Project Manager, LEED

Ted Williams Senior Director, Operational Sustainability and Planning

G4-LA12

APPENDIX 5 - CSR COMMITTEE

APPENDIX 5 | CSR COMMITTEE


Daniel Fournier Chairman and Chief Executive Officer

William R. C. Tresham President

Adam Adamakakis Executive Vice President, Investments, Office, North America

Meka Brunel Executive Vice President, Europe

Denis Couture Executive Vice President, Public and International Affairs

Roman Drohomirecki Executive Vice President, Shopping Centres, North America

Josée Dubuc Executive Vice President, Human Resources and Corporate Services

Sylvain Fortier Executive Vice President and Chief Global Investment Officer (also responsible for the Multiresidential Platform, Hotels and Real Estate Investment Funds)

Rita-Rose Gagné Executive Vice President, Growth Markets

Claude Gendron Executive Vice President, Legal Affairs and General Counsel

Paul Gleeson Executive Vice President, Global Development

Karen Laflamme Executive Vice President, Corporate Management and Institutional Affairs

Arthur Lloyd Executive Vice President, Office, North America

Mario D. Morroni Executive Vice President, Strategy and Capital Allocation

Nathalie Palladitcheff Executive Vice President and Chief Financial Officer

Claude Sirois Executive Vice President, Shopping Centres, North America

LEADERSHIP TEAMAS AT AUGUST 1, 2015

APPENDIX 6 | LEADERSHIP TEAM

G4-LA12

APPENDIX 6 - LEADERSHIP TEAM


BOARD OF DIRECTORSAS AT AUGUST 1, 2015

Daniel Fournier Chairman and Chief Executive Officer Ivanhoé Cambridge

Réal Brunet Corporate Director

Frédérick Castonguay Vice President, Chief Investment Officer Blue Bridge (formerly Senior Investment Manager, Pension Investments, Rio Tinto Gestion Canada inc.)

Sylvain Gareau Vice President Régime des rentes du Mouvement Desjardins

André Gauthier President André Gauthier Holding inc.

Marie Giguère Executive Vice President Legal Affairs and Secretariat, Caisse de dépôt et placement du Québec

Gilles Horrobin Chief Investment Officer Fiducie globale des régimes de retraite de la Société de transport de Montréal

The Hon. David R. Peterson, P.C., Q.C. Chairman Cassels Brock & Blackwell LLP

John T. Riordan Consultant and Life Trustee of the ICSC

Line Rivard Corporate Director

Martin Roy President and General Manager Association de bienfaisance et de retraite des policiers et policières de la Ville de Montréal

Pierre Seccareccia Corporate Director

William R. C. Tresham President Ivanhoé Cambridge

G4-LA12

APPENDIX 7 - BOARD OF DIRECTORS

APPENDIX 7 | BOARD OF DIRECTORS

The 2014 Corporate Social Responsibility Report is published by Ivanhoé Cambridge’s Public Affairs and Communications Department.

For questions or comments: [email protected]

Centre CDP Capital 1001, rue du Square-Victoria Suite C-500 Montreal, Quebec H2Z 2B5 Phone: 514 841-7600 Fax: 514 841-7762

This report is also available online at ivanhoecambridge.com

Ce rapport est aussi disponible en français sur demande et sur le site Internet de la Société (ivanhoecambridge.com).

Writers : Public Affairs and Communications and Sylvie Cloutier English translation: Kerry Knapp and Marilyn Thompson Design: ardoise.com

© 2015

This document is printed on Rolland Opaque30TM, FSC® certified, smooth finish.

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