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Corporate Sustainability Responsibility CSR at Morguard Canadian Responsible Investment Conference June 7, 2009

Agenda. Overview of MorguardWhat we are currently doingOn the immediate horizonThe development of a Morguard CSR StrategyExternal driversInternal driversApproachBeyond green. . . Morguard Overview. Morguard is one of Canada's largest integrated real estate companies with a diversified portfolio of more than $9.2 billion in properties owned or under management.We offer investment and property management services across all asset classes.We operate from a nationwide network of offices in 34895

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Corporate Sustainability Responsibility CSR at Morguard Canadian Responsible Investment Conference June 7, 2009

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    1. Corporate Sustainability & Responsibility (CSR) at Morguard Canadian Responsible Investment Conference June 7, 2009 Overview of our usage of termOverview of our usage of term

    2. Agenda Overview of Morguard What we are currently doing On the immediate horizon The development of a Morguard CSR Strategy External drivers Internal drivers Approach Beyond green Lastly, a few thoughts and questions about the real estate sector’s responsibilities beyond greenLastly, a few thoughts and questions about the real estate sector’s responsibilities beyond green

    3. Morguard Overview Morguard is one of Canada's largest integrated real estate companies with a diversified portfolio of more than $9.2 billion in properties owned or under management. We offer investment and property management services across all asset classes. We operate from a nationwide network of offices in the country's major markets.

    4. Growth of Assets Under Mgmnt High growth, Via acquisitions of various companies This integration has meant there has been a history of trying to standardize business processes across the company. This is a theme we’ll see as I talk about the development of our CSR strategy. Assets Under Management 1999 – $2,727 2008 - $7,938High growth, Via acquisitions of various companies This integration has meant there has been a history of trying to standardize business processes across the company. This is a theme we’ll see as I talk about the development of our CSR strategy. Assets Under Management 1999 – $2,727 2008 - $7,938

    5. What We Are Currently Doing GreenLink (and BOMA BESt) Extensive green building program (LEED) Corporate giving Charity fundraising Human resources policies Employee engagement strategies Recruitment and retention strategies Health and safety policies Environmental issues from asbestos to mould We’re doing lots of things, but not under one-set strategyWe’re doing lots of things, but not under one-set strategy

    6. On the Immediate Horizon GHG measurement and reporting Green community projects Project Green: Pearson Airport Eco-Business Zone Renewable power initiatives Development of a philanthropy, charity and community donation policies Potential alternative energy projects Smart commuting Communication and reporting Regional office initiatives

    7. The Project: CSR at Morguard The need to consolidate initiatives under one CSR strategy The need to align CSR strategy with corporate strategy The need to measure performance The need for transparency

    8. The Project: The Phases Real Estate Industry Trend Analysis Stakeholder Analysis and Mapping ESG Profile, Benchmarking and Gap Analysis Best Practices Sustainability Opportunities Alignment with CSR Vision Morguard CSR Strategy

    9. Phase 1 Real Estate Industry Trend Analysis

    10. Phase 2 Stakeholder Analysis and Mapping

    11. External Stakeholders: Clients Progressive “We are setting baselines now and will be looking for continuous improvement on GHG performance.” “Over time our Socially Responsible Investment policies will extend out to our asset managers.” “We have to build Green or we are facing obsolescence as soon as the new development is ready."

    12. External Stakeholders: Clients Middle of the Road “We used to offer SRI funds – but it was so unclear to so many different people. It was very difficult to define what was SR and we had difficultly defending our exclusions.” Old School “We don’t want to constrain the investment opportunities that we might pursue to only those with environmentally sound practices.”

    13. Internal Stakeholders Progressive “Sustainability is extremely important, it will be an investor liability issue.” “The biggest cheers at the annual meeting were for our environmental awards. It comes from the operations people right up to the top.” “We are getting requests specifically for certified green buildings from tenants particularly government and particularly in office.”

    14. Internal Stakeholders Middle of the Road “It is on the radar but a bit disjointed, not a set overall plan….both the environment & the charity side. There are [sustainability] initiatives but not everyone knows what is going on.” Old School “Most employees would rather have a job security and then deal with the environment in the future.” Old school: I would argue that companies pursuing sustainability will be better able to provide job security in the near- and long-term.Old school: I would argue that companies pursuing sustainability will be better able to provide job security in the near- and long-term.

    15. Phase 3 Environmental, Social & Governance (ESG) Profile Benchmarking and Gap Analysis

    16. Benchmarking

    17. Phase 7 Morguard CSR Strategy

    18. CSR Strategy: Internal Drivers 32 years of outperformance Morguard has outperformed the IPD benchmark by an average of 109 basis points since inception Longstanding client relationships Morguard’s active group of clients includes many of Canada’s largest pension funds and international investors.

    19. CSR Strategy Holistic and Long-term Environmental Footprint Employment Practices Impact on Communities Sustainable / Ethical Sourcing Governance Communications & Reporting

    20. Beyond Green Real estate industry’s performance on: Becoming an employer of choice Diversity Architecture, aesthetics and being a responsible community member

    21. Employer of Choice No real estate companies on: Canada’s Top 100 Employers Aecon PCL Construction Group CH2M HILL Canada HOK Canada Greater Toronto's Top 75 Employers Canada's Best Diversity Employers Canada's Greenest Employers Intrawest ULC at Whistler Blackcomb

    22. Employer of Choice No real estate companies on: Canada’s Top 100 Employers Aecon PCL Construction Group CH2M HILL Canada HOK Canada Greater Toronto's Top 75 Employers Canada's Best Diversity Employers Canada's Greenest Employers Intrawest ULC at Whistler Blackcomb

    23. Beyond Green Real estate industry’s performance on: Becoming an employer of choice Diversity Architecture, aesthetics and being a responsible community member I have no evidence that diversity isn’t important to this industry, but sometimes when you look around at these conferences, you get the feeling it isn’t important. I just think this needs to become a part of the real estate CSR dialogue. I have no evidence that diversity isn’t important to this industry, but sometimes when you look around at these conferences, you get the feeling it isn’t important. I just think this needs to become a part of the real estate CSR dialogue.

    24. Corporate Sustainability & Responsibility (CSR) at Morguard Derek Billsman dbillsman@morguard.com 905-281-4774

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