Corio CSR Report 2012

CORI O C SR R E P O R T 2 0 1 2
CSR REPORT 2012
CSR HIGHLIGHTS
PERFORMANCE TABLE
WHO WE ARE AND WHAT WE HAVE TO OFFER
STRATEGY
CORIOS STRATEGIC PRINCIPLES
STRUCTURE OF CORIO
CEO MESSAGE
CSR STRATEGY
10
CSR PERFORMANCE DASHBOARD 2015
11
OUTLOOK
12
STAKEHOLDER ENGAGEMENT
13
UPDATE SOCIAL RETURN ON INVESTMENT
14
KEY TOPICS
15
PUTTING CONSUMERS FIRST
16
ROOTED IN SOCIETY
19
LEADERSHIP AND OUR CULTURE
23
SUSTAINABILITY IN OUR OPERATIONS
25
CREATING SUSTAINABLE CENTRES
29
CORIOS PARTNERSHIP WITH SAVE THE CHILDREN
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STATEMENT SUPERVISORY BOARD
33
ASSURANCE REPORT
34
CSR GOVERNANCE
35
ABOUT THIS REPORT
36
CSR RISK AND COMPLIANCE
37
REPORTING DEFINITIONS
38
GLOBAL REPORTING INITIATIVE (GRI) TABLE
39
EPRA BEST PRACTICES
42
ADDRESSES AND OTHER INFO
43
CSR HIGHLIGHTS
JANUARY MARCH APRIL MAY JUNE JULY SEPTEMBER OCTOBER NOVEMBER DECEMBER
Hoog Catharijne reaches an energy reduction for cooling of 66% since 2007, which corresponds with the annual electricity usage of 1,100 households and 40% has been saved on town heating, corresponding with the usage of heating by 1,800 households. 80 primary school children attended the seminar Let Us Save Our Future Together in Corio Turkeys Tekira Shopping Centre. Corio Italia moves into new, BREEAM Very Good certified, offices. Corio Nederland voted Great Place to Work.
Second Healthweek in our Utrecht office, a week in which extra attention was asked for a healthy lifestyle.
Madam Yoo (Ban) Soon Taek the wife of Ban Ki Moon (Secretary-General of UN) visits the International Leadership Academy in Turkey, which Corio runs in collaboration with Save the Children. Princpe Po is the first shopping centre in Corio portfolio to obtain an ISO14001 certificate. The centre management team of Gran Turia shopping centre won the AECC silver medal in the category Apartado responsabilidad social corporativa. Corio wins the Jones Lang Lasalle Green Brick Award for outstanding sustainability performance. Opening Amsterdam Stock Exchange with Save the Children to highlight the collaboration and results achieved.
Corio received the award for most sustainable listed real estate fund in the Netherlands on 28 November 2012 from VDBO (The Dutch Association of Investors for Sustainable Development). Corio Espaa organised a second fair in Gran Turia shopping centre for the benefit of unemployed people in the catchment area.
PERFORMANCE TABLE
Financial Data, in Operational portfolio value (billion) Pipeline, committed and deferrable (billion) Property operating expenses (million) Net rental income (million) Administrative expenses (million) Audit fee (million) Centre Data Number of centres Retail contracts Number of visitors (million) Centres that survey consumers yearly (%) NRI invested in projects in 3E* scope (%) Vacant GLA used for projects in 3E scope (%) Man hours invested in projects in 3E scope (%) Electricity intensity (kWh/m2), like-for-like portfolio Carbon emissions intensity (tonnes CO2/m2), like-for-like portfolio Green leases signed (%) Water intensity (litres/m2), like-for-like portfolio Waste intensity (kg/m2), like-for-like portfolio BREEAM Good or higher for new developments (%) Suppliers that signed the Code of Conduct (% of new contracts) Key Performance Indicators on which limited assurance is provided. Human Resource Data, as at 31 December 2012 Total FTE*** Total employees (headcount) Total men (headcount) Total women (headcount) Male/female constitution Employee compensation ( gross wage per FTE) Women in management positions (%) Absenteeism (%) Employee turnover (%) Workforce that received training (%) 2012 6.6 1.8 59.0 397.5 45.4 1.2 2012 79 6,200 415 66 0.29 0.85 0.40 97.5 0.028 57 965.7 11.6 20 80 2011 7.0 1.9 52.0 396.5 40.1 1.1 2011 86 6,250 410 63 0.24 1.58 0.35 101.6 0.031 20 771.1 12.0 11 92
2010 6.7 2.5 48.5 367.9 38.9 1.8 2010 86 6,000 400 50 Nd** Nd Nd 103.8 0.039 N/A 842.5 14.2 N/A N/A
2012 577.5 599 291 308 49/51 57,028 28.6 2.22 15.8 56
2011 553.1 571 278 293 49/51 55,999 30.5 1.89 11.9 53
2010 431.1 462 209 253 45/55 57,258 36.0 2.06 4.4 Nd
* Projects in 3E scope refer to community projects with investments in Education, Employment and/or Entrepreneurship. ** No data. *** Full Time Equivalent.
WHO WE ARE AND WHAT WE HAVE TO OFFER
VISION MISSION CORIO IS A RETAIL The retail environment is changing rapidly. To improve our position as a leading European PROPERTY COMPANY. The market is moving from being supply-driven retail property investor by continuously adapting to demand-driven. Retail is evolving from a our centres to the changing needs and demands OUR CORE BUSINESS IS shopping experience to a social experience. of our customers. TO CREATE FAVOURITE And sustainability is increasingly being adapting MEETING PLACES THROUGH integrated in daily life. We are combinedto these new realities. Our skills, with IN DOING THAT CORIO WANTS TO: technological opportunities, are enabling us to SELECTING, DEVELOPING, create something new. To create places where AND OPERATING SHOPPING people connect with shopping centres and with > Team up with retailers that are best in class and help them outperform each other: places where individuals can relax, CENTRES IN EUROPE. socialise, feel at home and be inspired. > Be shortlisted by municipalities in OUR VISION IS TO CREATE developing large-scale, city centre PLACES WHERE PEOPLE WHY projects to for LIKE TO MEET AND RETURN People have been goingjustmarkets basic needs, > Be a top environmental and social thousands of years not to fulfill performer among sector peers but to participate in a communal experience TO, ANY TIME OF THE DAY, with others, to share experiences, get news and FOR ANYTHING AND IN ANY ideas, receive education, escape from their daily > Sustain a strong financial profile life, find friends and feel a sense of community. MOOD. > Provide investors access to high quality
Today, in an increasing urbanising world, where the demise of traditional societal institutions and the rise of a networking society redefine social reality, we believe it is our purpose to contribute by creating meaningful meeting occasions. retail property exposure in continental Europes main markets > Be a preferred employer for professionals
Favourite Meeting Places are our answer. It is how we shift from metres to meaning. From channel-thinking to customer-thinking. And from a Traditional Retail Centre to a vibrant destination that enriches consumer lives and that takes care of and serves the consumer and community.
STRATEGY
FURTHER SPECIALISATION: FULL FOCUS ON FAVOURITE MEETING PLACES
MID TERM OBJECTIVES
Increase the quality of the portfolio through: > > > > > >
Disposal of 1.4 billion An enhanced concept & tenant mix Higher footfall and conversion rates Overall NRI growth of the FMP portfolio of 4% - 6% per year Leverage of 35% - 38% 10% reduction in operational and administrative expenses relative to Gross Theoretical Rental Income > Higher revenues from other income streams besides rent > Culture moving towards more agility, cash flow driven and vigorous execution
Since 2000, Corio has grown from a Dutch mixed retail fund to a pan-European real estate company with a clear focus on retail. The company has a presence in the largest consumer markets in continental Europe, management is fully in-sourced and the business has a solid financial position. In the changing retail landscape Corio is now ready to enter the next phase and take advantage of future opportunities and dynamics in the industry. In December of 2012, Corio announced its intentions to fully focus its portfolio on the Favourite Meeting Place concept. FMPs are places where people browse, buy, eat, drink and return to regularly, not because they need to, but because they want to. We are convinced that Favourite Meeting Places will generate greater economic activity, as reflected in rising footfall and conversion rates. Over time, these centres will deliver higher capital value and cash flow growth, driven by their greater appeal for tenants as well as their redevelopment and extension opportunities.
WHERE WE COME FROM
LOWER LEVERAGE AND GREATER EFFICIENCY

The proceeds of the divestments will enable Corio to finance the company at lower leverage levels. The focus on a smaller number of, on average, larger assets also means we can improve the efficiency of the organisation, lowering operational and administrative expenses. All in all, the full focus on FMPs will lead to a superior quality shopping centre portfolio, enhanced growth opportunities and a more sound capital structure with lower leverage. This serves as a solid platform to drive future profitable growth.
Despite being good performing centres, part of Corios portfolio will not be able to fully adapt to the FMP concept. These so-called Traditional Retail Centres (TRC) focus on daily needs, are pure convenience based and often, but not always, smaller assets. The decision to further specialise has triggered the disposal of this part of the portfolio. TRCs make up 17% of Corios total portfolio value and will be divested gradually over the next 3-4 years.
SUBSTANTIAL DIVESTMENTS
The company will be more focused on the output than on the process, efficiency being the key word. The implementation of a new performance management system that is focused on execution and output is supportive in making this change. This translates into strict targets, stringent cost controls and benchmarking. Vigorous execution of our strategy is what it is all about. More agility and a cash flow driven mindset is key in making that happen.
AGILITY
CORIOS STRATEGIC PRINCIPLES
ADAPTABILITY AND FLEXIBILITY

We recognise the importance of understanding and adapting quickly to the changing demands and habits of people, and the trends that guide them. We create our centres to be adaptable to change. Everything is done in house with centres managed, marketed and leased by Corio people. We believe this is the only way to create the flexibility that enables us to adapt.
In each country we need critical mass to operate efficiently and attract the best possible team. Corio has achieved this in all of its core markets. Size is not the ultimate and sole objective, but it matters: to run an effective marketing strategy on a shopping centre level, the centre needs to be dominant in its catchment area. This then offers us a range of opportunities to gain market share by commercialising, redeveloping or extending the centre.
CRITICAL MASS
Operational excellence ensures that we run our business in the most profitable way. Strong cooperation between centre marketing, leasing and design & development ensures we create maximum value and opportunities when (re) developing and extending our portfolio. In-depth research and analysis of consumer needs supports these plans so that we can detect trends and needs at an early stage. This enables us to expand our business and create new sources of income for our centres.
OPERATIONAL EXCELLENCE
To be successful, we believe our centres should be socially, environmentally and financially sustainable. We see sustainability as a catalyst for growth, which we define as contributing positively to the economic and social development of the regions where our sites are located in. In upgrading our sites for example, we create new and attractive amenities, generate jobs and build communities.
SUSTAINABILITY
We have built similar flexibility into the funding programme of our company with fixed and floating debt and well balanced maturities from a wide variety of sources. Our diversified and solid capital base ensures that we have enough headroom to act quickly when opportunities arise.
FLEXIBLE FUNDING
Corio has set up an internal platform, called LaunchLab, focused on helping Corio to innovate and execute the Favourite Meeting Place strategy. The programme aims to discover new strategic insights, as well as support innovative ideas to quickly move into action, boosting revenues from other income streams. One tangible innovation that arose from the platform in 2012 is Britelayer: a customer relationship management platform that offers a multichannel brand experience to consumers and provides new insights for FMP management teams to cater for consumer needs. In 2013 Corio is planning to implement Britelayer services in various centres throughout the portfolio, following Le Gru, Campania and Alexandrium.
INNOVATION
7 GEOGRAPHIC SPREAD BY VALUE FMP TRC SPREAD BY VALUE SECTOR SPREAD BY VALUE PIPELINE SPREAD BY VALUE
7.1 BILLION
7.1 BILLION
7.1 BILLION
1.8 BILLION
NETHERLANDS 28% FRANCE 25% ITALY 18% SPAIN/PORTUGAL 10% GERMANY 10% TURKEY 8% OTHER 1%
FMP 83% TRC 17%
RETAIL 99% OTHER 1%
NETHERLANDS 41% FRANCE 5% ITALY 20% GERMANY 34%
STRUCTURE OF CORIO
SUPERVISORY BOARD DERK DOIJER CHAIRMAN ROBERT VAN DER MEER VICE CHAIRMAN GOBERT BEIJER ROEL VAN DEN BERG JAAP BLOKHUIS JOHN CARRAFIELL
INVESTOR RELATIONS HUMAN RESOURCES MANAGEMENT CORPORATE PR & COMMUNICATIONS INVESTMENT STRATEGY & ACQUISITIONS RESEARCH & CONCEPTS CORPORATE SOCIAL RESPONSIBILITY TRC DISPOSAL TEAM
MANAGEMENT BOARD GERARD GROENER CEO BEN VAN DER KLIFT CFO FREDERIC FONTAINE COO/CDO
LEGAL & COMPLIANCE RISK MANAGEMENT TREASURY FINANCE & CONTROL TAX INFORMATION MANAGEMENT
OFFICE SUPPORT
MARKETING LEASING CENTER MANAGEMENT
BUSINESS SUPPORT
CEO MESSAGE
GERARD GROENER (1958) CEO and chairman of the Management Board Appointed from 1 May 2012 to 1 May 2016 Dutch nationality Ancillary positions Chairman of the board of the Dutch Urban Land Institute (from 1 January 2009). Member of the Supervisory Board Bouwinvest (from 7 December 2010), vice chairman EPRA Executive Board
WE ARE CONVINCED THAT CSR IS CRUCIAL IN EXECUTING OUR FMP STRATEGY. OUR FAVOURITE MEETING PLACES SIMPLY CANNOT MEET THEIR DEFINITION WHEN THEY ARE NOT MANAGED IN A CONSCIOUS AND SUSTAINABLE WAY.
Corio has chosen a company specific shared value approach as a basis for CSR. This means that we have the ambition to optimise performance on elements that create value environmentally and socially and economically at the same time. The case for this approach is clear. It helps us build strong and meaningful relations with consumers and anticipate their changing demands and needs. Consumer loyalty helps us sustain and increase visitor count. It deepens the relationship with retailers, often having sustainability goals of their own, fuelling innovative partnerships and sustaining high occupancy levels. It enables us to provide our employees a sound working environment, where they can get the best out of themselves. It helps us hedge against rising energy prices, changing legislation and resource scarcity. It further embeds our centres in the communities in which we operate, securing our license to operate and to grow. Overall, we met our sustainable targets and showed very good performance on KPIs in 2012, which is also seen and appreciated by the outside world, as we won a Green Star within the GRESB, a highly relevant sustainability benchmark initiated by a large group of institutional investors (including APG and PGGM). The pace at which Corio moved to its current position has led to the Green Brick Award and the award for most sustainable listed property group (VBDO). Our Marseille Grand Littoral centre won the CSR Award organized
by the French National Council, lifting waste recycling rates from 45% at the end of 2010 to 53% at the end of 2012. We support the International Labour Organisation principles on fundamental labour rights and were voted one of the best employers in the Netherlands and Italy. As a result, we are now entitled to call ourself a Great Place to Work, which is a true honour. Corio is now among the top performing property companies socially and environmentally, which will support us in further rolling out our Favourite Meeting Places strategy. With regard to complying with standards set by the Building Research Establishment, we did not manage to have all of our projects BREAAM certified, as one of our projects in the Netherlands did not meet all criteria within the given timeframe. This only makes us more determined to really integrate our CSR objectives in the organisation, to make sure these standards are integrated right from the start of a project. We are a member of the Dow Jones Sustainability Index for both Europe and the world, putting us in the top 15% of property companies worldwide. As the longest-running sustainability index, it is the first reference for investors looking for sustainable opportunities. Further measurement is provided by the fact that we have further increased transparency and reporting quality through assurance of the CSR data. This is a necessity and an expectation of
our stakeholders. In 2013, a first audit of the CSR data takes place on a selected amount of KPIs. PwC, our main auditor, will perform the audit and provide limited assurance. We also aim to start providing integrated reporting in the near future, combining financial and extra financial results including sustainability, in one report. As CSR continues to be an integral part of our Favourite Meeting Places strategy, we will focus on addressing the trend of conscious consuming and proactively encourage visitors of our shopping centres to adopt sustainable and healthy lifestyles. We will continue to organise projects like the job market in Valencia, which truly addressed issues in society. The fact that our urban garden in Napels, which contributes to a greener city, has become a popular place to go for the citizens, children in particular, encourages us to aim for great rather than good. The high number of candidates for our Mums with guts project in the Dutch city of Spijkenisse, confirms our believe that we can play a part in stimulating entrepreneurship among residents living near our shopping centres. In a school project in the city of Arnhem, we addressed the obesity issue, which gave us the opportunity to help to learn adolescents about the importance of living healthy and consuming responsibly. We did show good progress in reaching our CSR goals and we did make great steps in the execution of our strategy. Still we have a lot of work to do to keep the momentum in 2013, therefore we have set ourselves challenging new goals and ambitious KPIs in order to prepare ourselves for the leap towards top performance in 2014. These can be found in the chapters on key topics in more detail On behalf of the Management Board, I hope you will enjoy reading our CSR approach and achievements in 2012. If you have any comments or suggestions, please let us know via Twitter, @CorioCSR. Thank you. Gerard Groener Chief Executive Officer Corio N.V.
Since Corio began back in 2001, we have increasingly focused on developing and running European retail property operations in a sustainable way. Responding to the desire for further specialisation, we believe now is the time to take the next step, by focusing fully on Favourite Meeting Places: places where people go for any reason, whether just to meet friends or have a good time, have a bite or a drink, and to return regularly. Analysing the CSR performance of our Favourite Meeting Places (FMP) and the Traditional Retail Centres (TRC): 2012 CSR performance of the Corio portfolio Centres that survey consumers yearly (%) NRI spent on projects in 3E scope (%) GLA made available for projects in 3E scope (%) Total available man hours made available for projects in 3E scope (%) Electricity intensity (kWh/m2) Carbon emissions intensity (tonnes CO2/m2) BREEAM Good or higher for new developments (%)
Key Performance Indicators on which limited assurance is provided.
Total 66 0.29 0.85 0.40
FMP 72 0.27 0.74 0.53 99.4 0.033 20
TRC 36 0.67 1.67 0.15 93.7 0.026 0
97.5 0.028 20
CSR STRATEGY
OUR CSR AND BUSINESS STRATEGY ARE INTEGRALLY LINKED. OUR FAVOURITE MEETING PLACES SIMPLY CANNOT MEET THEIR DEFINITION WHEN THEY ARE NOT SUSTAINABLE.
The Favourite Meeting Place concept, of creating venues that attract people to browse, buy, eat, drink and return regularly, not because they need to, but because they want to, has already been part of the Companys strategy for several years . In December 2012, Corio announced its intention to fully focus its portfolio on this proprietary FMP concept. We are convinced that Favourite Meeting Places will generate greater economic activity, reflected in higher footfall and conversion rates. Over time, these centres will deliver higher capital value and cash flow growth, based on their superior attractions for tenants, redevelopment and extension opportunities. CSR FULLY INTEGRATED We are convinced that CSR is crucial in executing this FMP strategy. We believe that CSR helps us to truly connect with consumers, especially in the rapidly changing world we live in today. It helps us to work together with our retailers in an innovative way. It enables us to provide our employees a sound working environment, where they can get the best out of themselves. It makes our centres contribute to the society by minimising our impact on the environment and maximising our social and economic impact. In other words, operating responsible makes us a more attractive company. Our Favourite Meeting Places simply cannot meet their definition when they are not managed in a conscious and sustainable way. As stated in the gear box presented above Corio has the ambition to reach the last integrate stage in 2014. At that moment we can truly say that we create value both economically and socially at the same time. Measurement, analysis and evaluation are vital in achieving this. In 2011 we have started with the CSR performance management programme. The first step was the design of a reporting structure on CSR performance, our CSR performance model. This model has been implemented in all business units and in 2012 we have integrated this model into local operational processes. This enabled us to translate our company wide overall targets in more concrete KPIs on a business unit level.
BUSINESS STRATEGY: FURTHER SPECIALISATION
Reactive Compliance Public relations Philanthropy
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COMPLY
We relate this stage to our current situation and will focus in 2013 on consolidating and entering into the next phase.
PARTNER, ENGAGEMENT
1 2 4
This is our long term ambition (next five years).
SHARED VALUE
Awareness Measuring and managing environmental impact Eco efficiency Risk management
VOLUNTEER, RAISING AWARENESS
We have several criteria of this stage already in place, but want to fully reach it in the medium term (next two years).
INTEGRATE, COMMITMENT
Based on self assessment, we related the second gear of CSR maturity to our situation in 2010. Our agenda in 2011 was focussed on consolidating this stage and we succeeded in doing so in the past year. Stakeholder engagement has become more prevalent, partly as a result of the programme spreading our roots, which could not and cannot be done without the close involvement of our stakeholders. We made the leap to gear three in 2012, with an outlook to consolidate this stage of partnership in 2013. SHARPENED TARGETS AND NEW KPIS The decision to fully focus on our FMP portfolio was taken simultaneously with the start of a new phase in our CSR strategy and execution. In 2010 we identified five key topics in order to bring focus into our CSR approach and efforts. On each of these key topics, a long-term goal (with a five-year horizon) and a mid-term goal (in three years time) was defined. For each topic a number of KPIs were introduced. In the last two years we have made progress in achieving these goals and meeting our KPIs. The implementation of our CSR performance management model has enabled us to sharpen our targets for the future. It has also enabled us to introduce new, more concrete, KPIs to really measure our performance on these targets.
WE HAVE: > Determined a coherent and measurable set of strategic and operational CSR objectives > Expressed the Corio CSR vision, ambitions and strategy in these objectives > Created a roadmap for implementation, including roles and responsibilities WE NOW CAN: > Keep track of CSR performance within Corio > Involve our business units more effectively in producing CSR results > Place responsibility for CSR data (performance) management at business unit level > Manage CSR data on central corporate level
CSR PERFORMANCE DASHBOARD 2015

Value driver Objectives, targets KPIs
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Improving well being
Providing, in close cooperation with our business partners access to and availability of products and services that improve the well-being of our consumers at our centres
Amount of outlets, also as % of total outlets of the centre, occupied by business partners with sustainable products/ services in their offering, that have a direct positive impact on the well-being of our consumers (Leadership KPI)
Building strong relationships
Improve consumer satisfaction rates Consumer satisfaction (x% of consumers that rate us as good/ excellent) Total SROI of our 3E programmes, measuring the total impact on society of the 3E programs Partnering with local stakeholder groups to contribute to social cohesion Total SROI (Leadership KPI)
ROOTED IN SOCIETY
Maximising local impact
Bringing consumers together (# of consumers brought together via special events at our shopping centres) (Leadership KPI) Attraction and retention rate
LEADERSHIP & OUR CULTURE SUSTAINABILITY IN OUR OPERATIONS
Becoming highly attractive employer Attract and retain employees Building strong relationships
Improve employee engagement rate Employee engagement rate (e.g. to improve satisfaction employees % of employees that rate Corio as good/excellent) Reduce the carbon footprint of our existing shopping centres with 40% Incorporate CSR-related factors into investment process of all new investments/ investment opportunities % reduction of CO2 - footprint (in tonnes CO2 ) of our existing portfolio (Leadership KPI) % of total investment proposals that assess their CSR impact
Maximising the value of our centres
Develop and implement tenant engagement programme including CSR Achieve BREEAM Very good/ Excellent on all new build projects Develop comprehensive plans with suppliers to reduce environmental impact of development/ refurbishment activities and maximise accompanying business benefits
% of tenants engaged with on environmental/social issues % of BREEAM Very good/ Excellent ratings as part of all new build projects % of suppliers Corio engaged with on environmental/ social issues
Maximising the value of our centres
OUTLOOK
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CORIO IS NOW AMONG THE TOP PERFORMING REAL ESTATE FUNDS, SOCIALLY AND ENVIRONMENTALLY. HOWEVER, TO STAND STILL IS TO BACKSLIDE. IN 2013, WE AIM TO TAKE TO THE NEXT LEVEL A SELECT NUMBER OF PROJECTS ALREADY UNDERWAY THAT HAVE SHOWN THE GREATEST POTENTIAL TO MAKE A DIFFERENCE IN CSR TERMS.
THE FOCUS WILL BE ON THE FOLLOWING > Stakeholder engagement provides opportunities to further align business practices with societal needs and expectations, helping to drive long-term sustainability and shareholder value. It facilitates early detection of trends and future issues, prioritising them. It creates a mutual understanding of each others interests, dilemmas, role in society and contribution to society. Creating a basis for collective action, partnerships and alliances. Engagement with our stakeholders takes place in various forms, on various levels of our organisation and throughout the value chain. However, a strategic stakeholder dialogue has not yet been set up structurally. To this end, a process will be initiated in 2013 that brings our most important stakeholders together, creating new solutions and directions. > In 2013, the SROI methodology will gradually be integrated into local management practices, dashboards and reporting lines. Adjacent to this process, execution of the SROI approach is facilitated by the further roll out of the pilots considered successful in this respect. Several pilots are in scope for up scaling: a.o. the employment days in Valencia, Moms with Guts in Spijkenisse and the urban farm in Napels.
> Energy efficiency and cost reduction. With rising energy prices and increasing environmental regulation, energy efficiency has become a clear business case for real estate. During 2012 a concept case has been built, based on environmental data and financial data. This case shows substantial room for efficiency and cost reduction. In order to test the case in practice and learn from the numbers, two pilots will be initiated within the FMP portfolio in 2013. This will enable us to experiment with innovative performance contracts in a controlled way, reducing risks and enhancing energy and cost efficiency. The best practice retrieved will be made ready for further roll out. > A Corio group version of the green lease is to be set up, not only to harmonise leasing contracts and integrate best practice, but also to create a contract that resolves the split incentive. The split incentive refers to the fact that investments in the area of energy efficiency made by the owner, come back to the tenant by means of lower service charges. An innovative green lease resolves this issue, by sharing the benefits of energy efficiency. The expectation of the market is that this could impact valuation in due time.
STAKEHOLDER ENGAGEMENT
CORIO IS COMMITTED TO IDENTIFYING AND COLLABORATIVELY ENGAGING WITH KEY STAKEHOLDERS TO UNDERSTAND, MEET AND RESPOND TO THEIR NEEDS. AT THE SAME TIME WE ARE CONSTANTLY REFINING OUR VALUE PROPOSITION TO REMAIN ATTRACTIVE AND VALUABLE TO THEM.
CONSUMERS AND VISITORS COMMUNITIES, INCLUDING LOCAL AUTHORITIES, INHABITANTS AND ENTREPRENEURS > Ongoing community consultations, from start of development > Local engagement during project phase > Information on centre and project websites > Local partnerships with authorities > New partnerships as a result of the Spreading our Roots programme To continuously improve our management and operation of the centres, we engage with a wide variety of stakeholders. Stakeholder engagement takes place on various levels and in several forms within Corio. We intend to continuously improve our engagement process. By making it more structural we are able to integrate stakeholder responses into the refinement of our strategy and optimisation of management.
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In addition to the activities as mentioned in the Stakeholder engagement matrix as below, a strategic stakeholder dialogue will be organised on group level in 2013. Engagement with our stakeholders takes place in various forms, on various levels of our organisation and throughout the value chain. However, a strategic stakeholder dialogue has not yet been set up structurally. To this end, a process will be initiated in 2013 that brings our most important stakeholders together, creating new solutions and directions. Responses from this dialogue will be communicated transparently in the course of the year.
EMPLOYEES
TENANTS
SHAREHOLDERS, INVESTORS AND LENDERS
SUPPLIERS
> Consumer satisfaction surveys on the centres > Information on sustainability measures at the centres > Implementation of complaint procedures at the centres > Online and offline consumer panels
> Great Place to Work surveys > Training on BREEAM for asset managers and property developers > Collaboration within international programmes > Knowledge sharing through our corporate Intranet and corporate newsletter > International CSR meetings
> Tenant satisfaction surveys > The integration of sustainability agreements into existing and new lease contracts: Green Leases > Sustainability committees at the centres > Top 10 tenant meetings in all national markets, with CSR on the agenda > Complaint procedures in place in centres
> Bi-annual meeting with large shareholders > Participation in benchmarks, indices and SRI* questionnaires (DJSI, Aspi, Ethibel, FTSE4Good) > Engagement meetings on CSR > Teleconferences with SRI investors > Collaboration within specific alliances such as ISA, s-i-r-e, GRESB
> Implementation of the Code of Conduct for suppliers and business partners > Complaint procedures for suppliers > (Individual) meetings with suppliers on CSR > Partnerships with suppliers on specific CSR topics (Reaching for Zero programme) > Integration of CSR requirements into procurement processes
* SRI stands for Socially Responsible Investments.
UPDATE SOCIAL RETURN ON INVESTMENT (SROI)

SOCIAL IMPACT Social impact is the value our company creates for society, which can be determined by following the path from output to impact: the portion of the total outcome that happened as a result of Corios activity, above and beyond what would have happened regardless of our actions. RESEARCH Empirical research shows a clear relation between the vitality of our centres and the socio-economic development of the catchment areas we operate in and serve. We do not operate in isolation. Being able to measure and therefore manage this relation will make our centres stronger and more resilient, ultimately resulting in higher economic performance. SROI The SROI project aims to do exactly this. It designs a measurement methodology and translates it into management practices that enhance our economic performance by addressing the related needs of the catchment area. We embrace the concept of Shared Value: to fulfil our mission while advancing economic and social conditions in our communities. Businesses must become agents of change. We have the resources, the talents and the self-interest. SROI is a new way of looking at the bottom line. Its time to apply it on a wider scale. WHAT WE DID In our aim to maximise local impact by contributing to 3E programmes, we have developed a methodology to determine the impact we have on society. We are able to successfully link this Social Return on Investment the success of our centres. In order to determine how our centres are embedded in their surroundings, we defined: Impact level
Personal Regional Environment
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PILOT The objective of the project Puente Xirivella was to support and help unemployed people. The aim of the event was to connect them and entrepreneurs in Gran Turias catchment area with employers, educational institutions, business schools, enterprises and any other party that could give the target group advice on seeking employment and starting new enterprises. The event addressed three areas: > Educational workshops related to employment > Stands (employment) > Entrepreneurship conferences and Contest The event was well prepared by the four partners: Xirivella Town Hall, Corio, the Community of owners of Gran Turia (Corio and Carrefour) and Gran Turia Tenants Association. 36 stands were placed in the centre representing enterprises, schools, the shopping centre and stands that provided information and services related to employment and entrepreneurship. The event was a resounding success as more than 1,500 people attended. HOW TO MEASURE THE IMPACT OF THIS EVENT Identify social issues to target > Employment Make the business case > Contribute to decrease of unemployment in the catchment area, better embed our centre in local community, thereby resulting into a more successful centre Track progress > Results measurement on three different time slots Use insights to unlock new value > Linking SROI to success of the centre
Develop action plan in order to increase embeddedness

OPPORTUNITY RESULT
Measurement during the intervention
URGENCY
IMPACT MEASUREMENT
The centre needs to be more successfull
Linking SROI to the succes of our centres
IMPACT We measured an impact on unemployment of minus 9.3%: the employment of the people attended rose 7.4% where it decreased in the catchment area of the centre where the attendees reside. Vacancy slightly decreased in the centre, but the business case so far is found in significantly better partnerships with local stakeholders such as the municipality, the chamber of commerce and schools. Visitors to the fair reported to be satisfied, especially since the fair was not a one-off, but many smaller events such as workshops, speeches etc were organised for the attendees and others afterwards. The focus is on skills development, of which we measured an impact of plus 6.7%, as attendees showed to be more confident in their skills and more self-aware. Visitors and inhabitants of the catchment area feel recognised by the centre management, which contributes significantly to the reputation of the centre and how it is embedded in the local community. OUTLOOK In 2013, the SROI methodology will gradually be integrated into local management practices, dashboards and reporting lines. Adjacent to this process, execution of the SROI approach is facilitated by the further roll out of the pilots considered successful in this respect. For example; employment days in Valencia, Mums with Guts in Spijkenisse and the urban farm in Naples. These pilots will be translated into workable formats and gradually rolled out through the FMP portfolio, starting in 2013.
Impact area
Well-being Urban development Carbon footprint
Performance indicator
Education Employment CO2
KEY TOPICS
Key Topic
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Market facts Research Shows Havas Worldwide Prosumer Report, vol. 8, 2010: The New Consumers are more risk aware, paying attention to the economic AND social impact of the products they buy, therefore they feel the need to be more vigilant, but they are also more cognizant of their capacity to influence the world for good or ill. Edelman Goodpurpose Study 2012: Rather than merely exercising their license to operate, leading brands and corporations of the future must move beyond operational imperatives and social add-ons to establish their license to lead. Moreover, as the disparity between the haves and have nots continues, more and more consumers are discovering the me (personal need) in we (the common good): Purpose Gets Personal. The Business Case for being a Responsible Business 2011: 75% of employees who consider their organisation to be paying enough attention to environmental protection and sustainable development exhibit high levels of commitment.
Corio response Rationale for this key topic Consumers and visitors are what we are all about. We strive to create Favourite Meeting Places where they can feel comfortable and happy and want to come back to, again and again. This ambition is both an aspiration and a responsibility. Our centres play an important social and economic role in the community, not only as a place to meet but also as a source of Employment, Education and Entrepreneurship: the 3E scope. A targeted community investment approach is bound to create value both for society and for Corio.
Long-term Goal To enable, engage with and inspire consumers to enrich their lives, make responsible purchases and reduce the impact on the environment.
Mid-term Goal To monitor and translate the results of consumer behaviour into the daily management of our shopping centres.
ROOTED IN SOCIETY
To enhance community development by providing lasting social and economic opportunities.
To measure the Social Return on Investment and integrate it into local management practice.
LEADERSHIP & OUR CULTURE
SUSTAINA BILITY IN OUR OPERATIONS
Accenture Business at its Best: Driving Sustainable Value Creation (2011): A sustainable value creation strategy is, in many ways, an extension of the same capabilities at which businesses already excel, such as understanding consumer needs and investing in innovation. Now they need to extend those competencies in ways that address societal and environmental concerns through core commercial strategies that drive growth. Innergy2050.org: Energy is a lot more than voltage coming out of a socket. Energy has been cross linked with other systems under pressure: mobility, food, water, raw materials, and community autonomy. Fossil fuels and energy giants are old fashioned.
Our people are our future and future leaders need to be developed and inspired continuously. We incorporate Corios core values: team play, empathic, inspiring, reliable and daring. In insightful leadership within the organization, thereby aiming at sustainable value creation. To us sustainability means finding the balance in the integration of social, environmental and economic quality. Partnering with our tenants and suppliers, developing Green Leases and Green Clauses, is conditional on realizing the sustainability potential of our portfolio.
To foster a culture of leadership that emphasises the connection between trust and transparency and where freedom and accountability are inseparable.
To uphold our company values and maintain a leadership style that preserves these anchors of our culture.
To realise the sustainability potential of our portfolio through partnerships with tenants and suppliers. We focus on resource efficiency, reduction of CO2 emissions and promoting wellbeing within our centres.
To manage our shopping centres in such a way that our environmental impact is minimised and the collaboration with our partners is maximised.
To create flexible, future-proof Corio ensures its economic and viable centres. sustainability by investing in the ecological and social development of its centres. We want to create flexible, futureproof and viable centres.
To integrate sustainability fully in the design and (re) development of our centres.

Full portfolio performance Performance 2012 % of shopping centres that survey consumers yearly % of the centres have a communication strategy in place regarding our sustainability results on centre level
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PERFORMANCE MANAGEMENT Value drivers for this key topic: Improving well being (products & Services that improve the wellbeing; promoting a healthy lifestyle and sustainable consumption) and Building strong relationships with consumers are measured by:
Performance 2011 63 67 Performance 2010 50 n/a
AN INCREASING AMOUNT OF CONSUMERS IS SHOWING PURCHASING BEHAVIOUR THAT CAN BE SUMMARIZED AS CONSCIOUS CONSUMING, MAKING RESPONSIBLE PURCHASES BASED ON ENVIRONMENTAL AND SOCIAL IMPACT.
A more sustainable brand is increasingly a more desirable brand. Our centres are brands of their own. By walking the talk when it comes to sustainability and communicating our efforts and results in our centres, we adapt to this development and create new opportunities. By driving consumer satisfaction, through engagement and dialogue, we create strong relationships and loyalty.
Key Performance Indicators
66 67
2012 PERFORMANCE OF FAVOURITE MEETING PLACES PORTFOLIO:
72% OF THE CENTRES SURVEY OUR CONSUMERS YEARLY

TARGET PERFORMANCE ON THIS KEY TOPIC
Target, continuous or with 2012 deadline, is 100% achieved or with a SMART plan to make this target Target with continuous timeline, partially achieved, in progress, some issues or risks involved to make this target Target with a 2012 timeline not achieved and no SMART plan to make this target
2012
2011
Main target Increase consumer satisfaction
Sub target Perform consumer satisfaction studies including CSR related questions every year among consumers in 50% of centres Set up and implement a complaint procedure for consumers in order to cater for their needs more effectively in 50% of assets under management
Period Ongoing
% of business units on target 100% on target
2012
100% on target
CORIOCSR @coriocsr
22 h Create awareness amongst consumers on social and environmental issues
Purposeful, not panicked #Shopping behavior #New Consumer #PWC
Develop a communication strategy to highlight asset specific sustainability initiatives in at least 50% of centres under management Inform consumers on healthy lifestyle in at least 50% of centres under management
Ongoing
50% on target
2012 Ongoing
67% on target 50% on target
CORIOCSR @coriocsr
10 m Develop and implement an Organisational Health and Safety policy on 100% of centres, monitor performance structurally
Brands must move from having nothing to hide, to pro-actively showing unambiguous and clear evidence, or statements about actual results #Trendwatching.com
Keep track of number of accidents per centre
CORIO BRINGS PASSION TO THE UNEMPLOYED WITH OCUPASIN

GRAN TURIAS THREE-PILLAR APPROACH ADDRESSES UNEMPLOYMENT IN XIRIVELLA
Theres no doubt that shopping centres bring new jobs, but can a mall become a driving force behind the revitalisation of an areas economy? Through its Ocupasin programme, the Gran Turia centre in Valencias Xirivella region is betting that it can help to drive lasting change for the regions unemployed. With unemployment over 24%, Valencias joblessness rate is only marginally lower than the Spanish national average. A major hurdle for the unemployed in Xirivella is not simply a matter of the bleak job market, but the entrenched sense of despair that comes from long periods of unemployment. Spearheaded by Corio Espaa, Ocupasin seeks to transform the job search from an unguided, unceasing process, to one with concrete goals and a clear end point. It addresses not only the bottom line of finding employment, but the reason why anyone is driven to innovate and take risks: passion. In response to the resounding success of the Gran Turia Employment, Education and Entrepreneurship Fair in 2011, the Ocupasin programme has expanded into three pillars that encompass scholarships for on-job training, six months of coaching for entrepreneurs, and a second session of the Gran Turia job fair. Ocupasins first pillar is a series of scholarships aimed at helping local students to better understand the realities of the working world, and to adjust their studies accordingly. Administered in collaboration with Ageval, Thyssen Segur Iberica and Clece, the scholarships will give students real-life experience in the workplace and in overcoming professional challenges. The second pillar, the December 2012 Gran Turia job fair, eclipsed expectations for turnout and media impact. Eighteen speakers, from company directors to Olympic medallists, addressed themes in 10 workshops and conferences including personal branding, motivation, and starting a new business. The day received widespread coverage online and in local press, and boasted the attendance of local luminaries such as the mayor-president of the Xirivella city council and the president of the Valencian community parliament.
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With its first session held at the 2012 job fair, Ocupasins final pillar is a six-month series of coaching sessions for the unemployed with ideas. Organisers were happily surprised when 115 participants registered for the classes, well above the expected turnout of 50. Offered completely for free, teachers from the prominent Escuela Europea de Coaching will act as guides for taking entrepreneurial endeavours from inception to completion. Training will help participants to create a specific action plan, provide a mentor to encourage their development, and develop a support network of likeminded entrepreneurs.
Corios support of Xirivellas unemployed demonstrates its commitment to strengthening ties with the local community. Luis Benito, portfolio manager for Corio Espaa, wrote of the event: We firmly believe that, as a private company. It is crucial for us to positively influence and help the people in our surroundings. For more information, please visit www.jornadasdeocupacion.com/inicio/ (in Spanish)
Team Ocupasin Corio Espaa
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Consumers are also a part of the sustainability of our centres and they are engaged on this topic. In Mondeville 2 for example information on rainwater use, energy, waste and noise is provided to the public on touch screens.
FORWARD LOOKING PERFORMANCE MANAGEMENT

From 2014 Leadership indicator From 2015 Amount of outlets, also as % of total outlets of the centre, occupied by business partners with sustainable products/ services in their offering, that have a direct positive impact on the well-being of our consumers (Leadership KPI) % of major tenants/business partners engaged with on well-being promoting products & services programs/ activities % of major shopping centres with well-being promoting products & services program in place Group Consumer satisfaction survey developed: yes/no % of reviewed investment opportunities/asset plans/ lease processes which considered well-being promoting products & services criteria % of shopping centres that survey consumers yearly % of shopping centres with consumer engagement program in place
CORIOCSR @coriocsr Conscious consuming and healthy lifestyle is all around #Prosumer CORIOCSR @coriocsr
6m
Consumer satisfaction (x% of consumers that rate us as good/excellent)
18 h
Performance indicators
2013 will see passionate consumers embrace two innovative new consumption models: becoming #PROSUMERS and #CUSTOWNERS #Trendwatching.com
ROOTED IN SOCIETY
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Our future success depends on increasing our positive social impacts. It defines our licence to operate and our licence to grow. Besides the delivery of a social impact measurement methodology, 2012 produced the results shown in the table below: PERFORMANCE MANAGEMENT Value drivers for this key topic: Maximising local impact by contributing to 3E programs and Partnering with local stakeholder groups to contribute to social cohesion is measured by:
THERE IS A STRONG CONNECTION BETWEEN THE SOCIAL AND ECONOMIC DEVELOPMENT OF THE COMMUNITIES WE ARE ROOTED IN AND THE VITALITY OF OUR CENTRES. A TARGETED COMMUNITY INVESTMENT APPROACH IS BOUND TO CREATE VALUE BOTH FOR SOCIETY AND FOR CORIO; THE MORE EMBEDDED OUR CENTRES ARE IN SOCIETY, THE BETTER. CORIO WANTS TO BE ROOTED IN SOCIETY IN EVERY COMMUNITY WHERE OUR CENTRES ARE BASED. WE DO THIS BY INVESTING IN EMPLOYMENT, EDUCATION AND ENTREPRENEURSHIP PROGRAMMES: THE 3E SCOPE. WE REPORT ON THE INVESTMENTS MADE IN THIS AREA IN TERMS OF EUROS, MAN HOURS AND M2 GLA INVESTED.
Full portfolio performance Key Performance Indicators The number of projects initiated in operational centres within the 3E scope NRI invested in projects in 3E scope Vacant GLA used for projects in 3E scope Man hours invested in projects in 3E scope
Performance 2012 121
Performance 2011 90
Performance 2010 Nd
0.29% 0.85% 0.40%
0.24% 1.58% 0.35%
Nd Nd Nd
Key Performance Indicators on which limited assurance is provided
2012 PERFORMANCE OF FAVOURITE MEETING PLACES PORTFOLIO:
80% OF THE PROJECTS IN 3E SCOPE WERE INITIATED FROM FMPS

2012
2011
Main target
Sub target
Period 2012
% of business units on target 100% on target
Develop and implement a communication Develop and implestrategy around the 3Es in one pilot per ment a community BU in Q1 / Q2 2012 strategy around the three elements Entrepreneurship, Education and Employment in 25% of centres under management Incorporate the needs Incorporate the needs of specific stakeholof specific stakeholder der groups in one pilot per BU groups, such as children and elderly in the (re)development and management of 50% of the centres Monitor employment and job opportunities in 50% of centres larger than 5,000 m2 Set up a shopping centre sustainability committee for 50% of centres under management larger than 10.000 m2
2012
100% on target
Ongoing Ongoing
50% on target 50% on target
20
NRI* INVESTED IN 3E PROJECTS %

0.8 0.7 0.6 0.5 0.4
2012 2011
VACANT GLA USED FOR 3E PROJECTS %

3.5 3.0
2012 2011
MAN HOURS INVESTED IN 3E PROJECTS %

1.5
2012 2011
1.2 2.5 2.0 1.5 0.9
0.3 0.2 0.1 0 Spain Netherlands Italy Germany France Turkey 1.0 0.5 0 Spain Netherlands Italy Germany France Turkey
0.6
0.3
0 Netherlands Spain Italy Germany France Turkey
* We relate the invested in 3E projects to Net Rental Income (NRI), but recognise the fact that in some cases (increasingly so) it is paid from marketing budget. This slightly affects the ratio, but to the best of our knowledge NRI is still the most fitting denominator.
In 2012 the number of activities and projects in 3E scope rose 34%. As the data shows, Corio Espaa (CES) invests more man hours than other BUs in 3E projects. This reflects the fact that two SROI pilots have been conducted here. Also, the 3E strategy is fully integrated in their activities. Corio France (CFR) raised the level of 3E activities substantially in 2012. In general, investments in the 3E scope are part of the existing resource allocation and do not receive additional resources.

From 2014 Leadership indicator Number of projects initiated together with local stakeholders in centres within 3E scope From 2015 SROI per project
Vacant GLA used for projects in 3E scope % of centres participating in 3E projects % of employees participating in 3E projects
Performance indicators
Amount of people reached with education programs offered at our centres with our business partners Amount of direct and indirect jobs created Short (< 6 months) and long term (> 6 months) vacancy solution as a result of entrepreneurship program
CORIOCSR @coriocsr
18 h
Square metres of vacant GLA made available for projects in 3E scope during the reporting period Man hours invested in for projects in 3E scope during the reporting period invested in projects in 3E scope during the reporting period 3E criteria integrated into portfolio management, acquisition, leasing and centre management
Filling up vacant space with community services or NGOs #reinhabitation #retrofitting suburbia #Ellen Dunham-Jones
MUMS WITH GUTS

During the many years that Jolanda Boers worked as an undertaker in a morgue, keeping corpses safe until their burial or cremation, she dreamed of one day starting her own funeral services shop. Jolandas dream is about to come alive: as the lucky winner by public consensus - of a competition held by the Corio Centre Kopspijker in Spijkenisse, she will open her shop of emotional purchase moments in a prime spot in the centre in January 2013. The competition, Mums with Guts, was launched on Mothers Day in May in this popular southern Dutch commercial centre near Rotterdam, Europes largest port. Staged over several rounds and spanning several weekends, the initiative drew 40 serious applicants, 4,400 voters via internet and received substantial local and national media attention. This in turn gave a big boost to Kopspijkers visitor numbers, setting it on an upward trend that it has sustained to this day. The campaigns success boils down to a number of good ingredients: competitions are popular; it was staged over several heats, providing multiple publicity moments; it involved enthusiastic local women who stood on a stage with a microphone and voiced grand ideas. The prize was very attractive: six months of free rent, start-up retail business advice from the local Rabobank branch. In addition, the winner stood to get a further six months of subsidised rent and the possibility to end the rental agreement in the event the concept flopped. Commercial centres normally prefer to do business with big retailers. For a start-up with an unproven concept to get such a chance is exceptional. Jolandas winning retail concept - Maranatha Emotique beat the other nine finalists. The final version embraces the original idea of selling gifts and necessities for deceased friends and relatives but extends to all kinds of gifts and souvenirs associated with fond memories and feelings. Photo frames, for example, will be hot items. Coffins? Less so. It would not have been commercially viable to focus just on undertaking services. Coffins in the front window would not have been a big draw. But I do want to take away the stigma of death, to show people its not so scary, and weve decided to do all that at the back of the shop. The funeral section occupies one eighth of floor space and is partitioned off for privacy. People dont want to discuss these matters over the counter, says Ms. Boers. The shop itself you cant miss: right in the middle of the main corridor, in the main loop. Moreover, the site is next door to a flower shop, a retail next-of-kin allowing for potential two-way cross-selling. For centre manager Marijn de Hoog, Mums with Guts bagged many birds with one net: we filled up the vacancy and got amazing media coverage, says De Hoog. We are walking down untrodden paths this concept is very original. The fact that Jolandas proposal was rated most popular by the general public who voted for her on internet bodes well for the shops potential visitor flow. In fact, the whole campaign has had an overall positive effect on the centres footfall. This is definitely something we will be repeating, says De Hoog. The initiative fits perfectly with Corios Favourite Meeting Place development strategy for its retail centres, its concept of a shop being more than just a point of sale, and its sustainability objective of helping to develop local communities. Corio wants to create distinctive shopping centres, says de Hoog. Consumers want to see more than just big chains. So it is logical for us to make an effort to attract small, successful independent entrepreneurs.
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Mums with Guts had only one retail unit to bestow as prize, but the competition attracted a lot of bright commercial ideas. The runnerup, for example, pitched an attractive childcare concept whereby shoppers drop off their children with a short-term nanny in order to give full attention to their shopping needs. Meanwhile, the Mums with Guts model and no doubt a number of local variants will be rolled out in other Corio shopping centres at home and abroad.
Marijn de Hoog Corio Nederland
Isabel van der Maas Corio Nederland
CORIO DEUTSCHLAND FILLS SPACES WITH ARTS AND INNOVATION
22
Corio Deutschland has come up with some creative ways to transform available units into a resource. Caspar Blume, marketing manager of Corio Deutschland, explains that these pop-up spaces are a way to continuously turn Corio assets into favourite meeting places: By giving available space a meaning we are able to strongly distinguish our centres from our competitors, he says. In Arneken Galerie (Hildesheim) of the available units is transformed into an art gallery. The gallery offers excellent exposure to arts organisations and semi-professional artists, and lets visitors explore local art they might otherwise not have seen.
The HY! pop-up store in Centrum Galerie Dresden is completely redesigned every two months, with previous incarnations including a trendy deli and an exhibition of products that promote urban mobility. The store is managed by the HY! collective, a group of artists, designers, musicians and other creative types. HY! provides employment for students, and gives a platform for up-and-coming local brands, designers and charitable organisations to showcase their work. Though Forum Duisberg doesnt have to contend with many vacancies, theyve still succeeded in turning an empty storefront into an ambassador for literacy. In the Forums public bookcase, everyone can come to read a book, take a book home, or drop off a book they dont need.
Equipped with comfortable chairs, fresh flowers and an initial library of 800 donated books, the bookcase has received glowing reviews from press and visitors alike.
Caspar Blume Corio Deutschland
LEADERSHIP AND OUR CULTURE
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CREATING FAVOURITE MEETING PLACES IS NOT ABOUT LEASING SQUARE METRES BUT RATHER ABOUT CREATING A PLACE THAT FEELS LIKE A HOME AWAY FROM HOME. IN AIMING FOR THIS GOAL WE EMPLOY OUR COMPANY VALUES OF INSPIRING, EMPATHIC, DARING, RELIABLE AND TEAMWORK AND MAINTAIN A LEADERSHIP STYLE THAT PRESERVES THESE ANCHORS OF OUR CULTURE.
WOMEN IN MANAGEMENT POSITIONS % 2012
WOMEN AS PERCENTAGE OF TOTAL WORKFORCE WOMEN IN MANAGEMENT POSITIONS 80 70
Being a responsible company impacts employee engagement, which in turn impacts the bottom line. It is a real business case. Employees are often considered an organizations most important stakeholder group as they are the key resource. They create momentum, driving organizations forward and represent the company in its actions. What motivates talented people to join and stay with an organization is increasingly the total package: unique growth opportunities, the level of synergy between the employee and the organizational values, the existence of fairness and trust within the organization but also in relation to other stakeholders and society at large. Socially responsible organisations show high retention rates because of high employee morale coming from unique and equal opportunities, fairness and transparency. They show good levels of productivity because of a lack of distraction from unnecessary politics, having learning opportunities and respecting their leaders. PERFORMANCE MANAGEMENT In 2011, Corio started with the implementation of an HR performance management scheme, ensuring regular review and appraisal of employees within the group. This implementation has been brought further in 2012, aligning the approach to employee target setting. 2013 will see the full implementation of the HR performance management scheme. Corio Nederland among other business units, integrated a CSR target in the business score cards of each and every employee, linking performance on CSR to individual remuneration. Germany, France and Turkey show high numbers of turnover, mainly caused by changes in the organisation which requires a different set of skills and attitude. EMPLOYEE DEVELOPMENT (% OF EMPLOYEES WHO RECEIVED TRAINING)
Group 2011 2012 43% 40% Netherlands 56% 20% France 73% 100% Italy 39% 93% Spain 53% 51% Germany 10% 19% Turkey 100% 69% TOTAL 53% 56%
Slightly more Corio employees were trained in 2012 when compared to 2011.
TURNOVER %
50 2009 2010 2011 2012
40 60 50 40 30 20 10 0 Group Netherlands France Italy Germany Turkey Total Spain 0 Group France Italy Germany Turkey Netherlands Spain Total 20 30
10
CORIOCSR @coriocsr
23 d
CORIOCSR @coriocsr
10 m
Employees who say they have the opportunity to make a direct social and environmental impact through their job report higher satisfaction levels than those who dont #Net Impact Talent Report 2012
Employees of a #Great Place to Work #trust the people they work for, have #pride in what they do, and #enjoy the people they work with.
CORIO NEDERLAND VOTED GREAT PLACE TO WORK
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In April 2012, Corio was voted one of the best employers in the Netherlands, ranking seventh in the list of best employers in the category medium-sized enterprises (50-250 employees). The Great Place to Work survey is a widely respected benchmark survey for employee satisfaction worldwide. The survey consists of an anonymous questionnaire comprising 58 statements that address level of trust, pride and enjoyment in the workplace.
Being recognised as a Great Place to Work by our people is essential for achieving our goal: creating favourite meeting places, said Gerie Timmermans, Group Human Resources Director. This is Corio Nederlands second year of participation in the survey, which provides valuable detailed insights into what employees consider important and how employers can respond.
Corio Italia also conducts its own, separate, Great Place to Work survey and in Italy which has a vast number of medium-sized companies, was placed in the top 25.
Gerie Timmermans Corio N.V.
SUSTAINABILITY IN OUR OPERATIONS

Full portfolio performance Key Performance Indicators Electricity intensity (kWh/m2) Carbon emissions intensity (tonnes CO2/m2) Performance 2012
25
PERFORMANCE IN 2012 Value drivers for this key topic: Maximizing the value of our centres by minimizing their environmental footprint and Building strong relationships with tenants and suppliers, measured by:
Performance 2011 101.6 0.031 Performance 2010 103.8 0.039
97.5
FOR CORIO, SUSTAINABILITY IS % of Green Leases signed as 57 20 N/A ABOUT FINDING AN OPTIMAL MIX part of all new contracts % of business units that have a 83 83 N/A IN THE INTEGRATION OF SOCIAL, standard green lease in place ENVIRONMENTAL, AESTHETIC AND % of green clauses signed to 81 39 N/A regular contracts with suppliers ECONOMIC CONSIDERATIONS in operation IN OUR CENTRES. WE MEASURE Key Performance Indicators on which limited assurance is provided SUSTAINABILITY IN OUR OPERATIONS THROUGH THE 2012 PERFORMANCE OF FAVOURITE MEETING PLACES PORTFOLIO: INTENSITY OF ELECTRICITY 99.37 KWH ELECTRICITY INTENSITY CONSUMPTION AND CO2 0.033 TONNES CO2 CARBON EMISSION INTENSITY PRODUCTION AND THE MAIN WAY 2012 PRODUCED THE FOLLOWING RESULTS FOR US TO MAKE PROGRESS ON > 57% of new leases is a green lease, which is any kind of official agreement in which Corio and the tenant have made arrangements on what they expect of each other in terms of CSR and how THESE MEASURES IS THROUGH to collaborate on this topic. > 15% less electricity was consumed in 2009-2012, which contributed to a 39% decrease in STAKEHOLDER ENGAGEMENT.
carbon footprint (tonnes CO2/m2).
CARBON EMISSION INTENSITY LIKE-FOR-LIKE TONNES CO2/M2
80 70 60 50 40 30 20 10 0 Italy Germany Turkey Total Italy Germany Turkey Netherlands France Spain Netherlands France Spain Total 50 100 150 2012 2011
0.028
ELECTRICITY INTENSITY LIKE-FOR-LIKE KWH/M2

200
2009 2010
2011 2012
In Madrid, thanks to the dedication of Corio employees at the Prncipe Po shopping centre, this attractive former train station development in the western part of Madrid obtained its ISO 14001 certificate in 2012, ahead of schedule, thus setting an example for the rest of Spain and Corio.
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2012
2011
Main target Increase stakeholder engagement
Sub target Keep track of number of accidents per centre Survey tenants structurally on general satisfaction in 100% of the centres Integrate CSR clauses into the standard lease contract (Green Leases) 50% of all new contracts are Green Leases Ensure that 100% of major suppliers are compliant with the Code of Conduct by including clauses for minimum requirements in relation to safety, social and environment standards. Incorporate CSR requirements into all procurement processes Implement complaint procedures for suppliers Develop and implement a supplier management framework in order to monitor supplier CSR performance and compliance
Period Ongoing 2012 2012 2012 2012
% of business units on target 50% on target 67% on target 83% on target 67% on target 67% on target
Ongoing 2012 2012 2012 2012 2012 2012 2012
50% on target 33% on target 33% on target 50% on target 33% on target 67% on target 67% on target 50% on target
15% reduction in greenhouse gas emissions on the entire portfolio and local offices Increase the sustainability of the operational centres
10% reduction of CO2 emissions per FTE on business travel Obtain energy performance certificates for 100% of the portfolio Perform a waste audit for 100% of shopping centres larger than 5,000 m2 Train 100% asset managers and all development managers in BREEAM schemes Implement ISO 14001 on 25% of centres under management
CORIOCSR @coriocsr
8h
The risk of natural resource shortages, coupled with changing customer and employee expectations, is likely to impact core business objectives in the coming years #Sustainability trends #2013
ENERGY AND CARBON FOOTPRINT Over the past four years, our energy and climate strategy has focused on increasing the energy efficiency of our operations and reducing the carbon footprint resulting from our activities. During this time, we have reduced electricity consumption per m2 in centres under management control from 114,7 to 97,5 kWh/m2 and increased the purchase of sustainable energy from 8,7 kWh/m2 in 2009 to 27,7 kWh/m2 in 2012. Thanks to our efforts to increase energy efficiency and procure renewable energy on-site or through the grid, we have also reduced the carbon intensity of our operations. Since 2009, the carbon footprint per m2 at our centres decreased by 39%. WATER By increasing the water efficiency of our operations, we reduce our exposure to the risks associated with water scarcity and minimise our water footprint. Since 2010 we have increased the water use per m2 by 15%. We manage to continuously decrease the use of grey water and recycle drinking water increasingly. In 2013 we aim to get a better insight in our water use and management thereof. WASTE Since 2009 we have decreased the waste generation per m2 with 46%, which can be mainly attributed to agreements with preferred suppliers and a higher recycling rate. It should be noted that we manage to influence our waste in the common areas of our centres by offering separate bins for the consumers to discard their waste in paper, glass and other. We create awareness on waste creation by campaigns. However, we cannot directly influence the behaviour of our tenants and suppliers as we only process the waste they provide us, which is constantly changing. We actively search collaboration on the issue through green leases with the aim of realising a combined approach towards waste management. CHAIN RESPONSIBILITY Corio makes progress on increasing sustainability in its operations through stakeholder engagement; the signing of green leases, green clauses and green Codes of Conduct. 5 out of 6 business Units have a standard green lease in place. Coro Deutschland was not in the lead with leasing and had no control over the incorporation of green leases on total new lease contracts. An international leasing team is drawing up a company standard and is expected to implement this in the course of 2013, expected to result in a 100% performance on this KPI in 2013.
CORIO NEDERLAND PARTNERS WITH TENANTS FOR SUSTAINABILITY

Voorbeeld Onderzoeksresultaten
Eigendom Corio
Dakisolatie: Vloerisolatie: Gevelisolatie: Winkelpui: Winkelentree: Ruimteverwarming: Ruimtekoeling: Ventilatiesysteem: Basisverlichting: Sfeerverlichting: Warenkoeling:
n.v.t. Pui grenst aan winkelpassage Vloer grenst aan verwarmde ruimte Opnamedatum: 2 april 2012
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Eigendom huurder
Eindscores
Energielabel van uw winkel
o.b.v. standaard gebruikersgedrag*
Gemiddelde score van de winkels in het winkelcentrum
A
0,83
D
1,33
* Om energielabels van verschillende typen winkels met elkaar te kunnen vergelijken wordt er uitgegaan van een standaard gebruikersgedrag
Energiegebruik
Elektraverbruik
[kWh/m ]
2
Uw huidig verbruik
o.b.v. uw energienota
Gemiddeld verbruik
Winkelcentrum (o.b.v. 29 % van het centrum)
Waardering
Uw energiegebruik t.o.v. gemiddeld verbruik van de winkels in het winkelcentrum
410,9 0,1
242,0 0,36
Warmteverbruik
[GJ/m2]
Het energiegebruik van uw winkel scoort gemiddeld. U gebruikt minder warmte voor verwarming dan het gemiddeld berekend verbruik van het winkelcentrum. Het elektraverbruik is daarentegen wel aanzienlijker hoger dan gemiddeld berekend, doordat er veel verlichting is genstalleerd.
DUO LABEL TO SPUR SUSTAINABILITY ACTION

Complementing the Green Lease, the Duo Label assesses the resource efficiency of tenants stores and offers practical advice on achieving sustainability goals. An Energy Map provides tenants with a micro-view of the energy consumption and waste in individual shops. This outlines the efficiencies and inefficiencies of areas that concern the landlord roof, flooring and wall insulation but more importantly, it analyses the areas that concern the tenant, including the storefront, climate control, ventilation, lighting and escalators. The card highlights problem spots, compares the store to the centre average and advises on how to reduce energy consumption. These cards serve as a jumping-off-point for discussion with the shop owners about energy consumption. In terms of the Energy Map, Corio has an A average across its Dutch portfolio, well on the way to achieving the highest rating of A++.
This year, Corio Nederland unveiled the Green Lease and the Duo Label, two initiatives geared at getting tenants in on the sustainability game. In July 2012, Corio Nederland introduced one green lease standard for all 40 Corio centres in the Netherlands. The green lease is a standard lease with four additional clauses that request that tenants acknowledge the importance of sustainability on a broad range of issues. In addition, they must agree to display an energy label on their wall and promise that if they refurbish their store, any construction activities will not lead to a worse energy label. Ideally, any refurbishment should lead to a better energy performance. With a foot in the door thanks to the Green Lease clause, Corio now intends to advise tenants on improvements that will boost their sustainability profile, such as the introduction of a better and more energyefficient air conditioning system. In addition to the energy label, the new Green Lease and inserted Green clause get tenants to agree to share their energy data with Corio for analysis. Spurred by its success in 2012, every new Dutch lease in 2013 will now be a Green Lease. Corio is aiming to make these leases a target for the international portfolio, and expects that the entire portfolio will have greened within six to seven years. Its slow going. We call it shades of green, says Gerritse. Thats because the prospect of saving costs on energy has not been a strong incentive for many retail tenants. Energy costs typically represent less than 7 % of the retailers operating costs, she adds. Waste reduction, separation at source and responsible waste disposal are also a challenge as they are often viewed by retail tenants as
burdensome tasks that compete for time with the more important business activities. There is no legal obligation as yet in the Netherlands for retail tenants to reduce energy consumption, conserve energy or conduct more responsible waste management. In the absence of legal or financial motives, persuasion can help: We have a foot in the door and the opportunity to talk more regularly with tenants, says Gerritse. As of 2011, Corio Nederland has made detailed sustainability discussions with its 20 largest tenants a regular event, at least once per year. These 20 tenants together represent 500 separate rental contracts. Talking works: Although not all our tenants have yet signed the new green clauses, all of them seem to appear willing to. The next step will be a bigger one: all Corio centres plan to re-formulate the household rules section of the tenant agreement to explicitly include more sustainable waste management and energy management rules. Failure to comply will result in a fine. In future, the household rules section will be used to enforce a broader range of more sustainable practices, says Gerritse.
Brigit Gerritse Corio Nederland
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From 2014 Leadership indicators Key Performance Indicators Electricity intensity (kWh/m2) Carbon emissions intensity (tonnes CO2/m2) % of Green Leases signed as part of all new contracts % of business units that have a standard green lease in place Performance indicators % of contracts with suppliers in operation that include CSR clauses % of tenants engaged with on environmental/ social issues % of contracts with suppliers in operation that include CSR clauses % of shopping centres with recycling rates of at least x% Total CO2 emissions per visitor or m2 Total weight of waste by type and disposal method From 2015 40% reduction of the CO2-footprint (in tonnes CO2) in our existing portfolio
% of suppliers in operation who have signed the code of conduct
HOLLANDS LARGEST SHOE CHAIN BOOSTS SUSTAINABILITY PROFILE, THANKS IN PART TO CORIO
Familyowned Deichmann is Europes largest footwear retailer. As real estate manager of the Dutch unit, Van Haren Schoenen BV, Frank van Sebille has a mandate from group headquarters in Germany to reduce consumption of energy in its 140 stores in the Netherlands. Sustainability has become super important for Deichmann as a group over the last couple of years and our aims in this area have been parallel to those of Corio. We have learned a lot from each other and I think Corio has really
catalysed our whole effort, said Van Sebille. When it comes to sustainability in retail, you need to have a longer term vision, according to Van Sebille. Our shops are smaller than the ones in Germany, and with smaller shops, energy consumption accounts for a small fraction of total costs, said Van Sebille.But the larger the shop, the more worthwhile it is, and at group level we expect to save millions of euro a year in our 3,200 shops worldwide thanks to a new sophisticated heating and cooling system we have introduced. The proprietary system constantly measures the temperature in the shop and performs optimised self-regulation throughout opening hours. It also optimises the way in which the lighting systems are used to prolong hardware life. Thanks to the system and to Corios help in publicising its benefits, Van Haren has won itself the reputation of being the most energy-efficient retail chain in the Netherlands, said Van Haren.

Full portfolio performance Key Performance Indicators % of BREEAM Good or higher for new developments % of suppliers in development who have signed the code of conduct Performance 2012
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Performance 2011 11
Performance 2010 N/A
20
80
92
N/A
TO CORIO, SUSTAINABILITY IS ABOUT FINDING THE OPTIMAL MIX IN THE INTEGRATION OF SOCIAL, ENVIRONMENTAL, AESTHETIC AND ECONOMIC QUALITY IN OUR CENTRES. WE MEASURE SUSTAINABILITY IN OUR OPERATIONS BY MEANS OF ELECTRICITY INTENSITY, CO2 INTENSITY AND STAKEHOLDER ENGAGEMENT: THE SIGNING OF GREEN LEASES, GREEN CLAUSES AND THE CODE OF CONDUCT.
Of the five projects delivered in 2012, (Metropole, Singelborgh, Cityplaza, Arneken and Tarsu) one has received a BREEAM Good or higher rating (Tarsu), which translates to 20%. Worth to mention is that Tarsu received the highest BREEAM score ever in Turkey for a post-construction assessment (63.57%), resulting in a BREAAM Very Good certification, making it the most sustainable centre in Turkey. Corio currently holds 5 BREEAM certificates, making for 6% of the operational portfolio. Next to this, 100% of the centres in committed pipeline are subject to a BREEAM assessment. This of course excludes Corio offices, but it is not worthy to mention that Corio Italia received a BREEAM very good rating for the development of their new office in Milan. TARGET PERFORMANCE ON THIS KEY TOPIC
2012
2011
Main target Minimise environmental impact of our (re) developments
Sub target New developments must comply with BREEAM standard Good as a minimum Perform Environmental Impact Assessments for all major (re)developments
Period Ongoing Ongoing
% of business units on target 83% on target 50% on target

From 2014 Leadership indicators Key Performance Indicators CORIOCSR @coriocsr 2m Performance indicators % of contracts with suppliers that include CSR clauses % of suppliers who have signed the code of conduct % of BREEAM Good/Very good ratings as part of all new build projects above x mln. Euro From 2015 40% reduction of the CO2-footprint (in tonnes CO2) in our existing portfolio % of BREEAM Very Good/Excellent ratings as part of all new build projects above x mln. Euro in reporting year % of contracts with suppliers that include CSR clauses
Retrofitting downtown (malls): its giving people choices, not giving away choices #Ellen Dunham-Jones
WARMING UP TO ENERGY SAVINGS IN HOOG CATHARIJNE

Fifteen metres below Hoog Catharijne, one of the busiest shopping centres in the Nether lands, a manmade aquifer is quietly helping to cool the shops and warm the apartments above. The new aquifer thermal energy stora ge system (ATES) in Corios Utrecht head quarters functions as a battery that stores heat instead of electricity. Installed as part of Hoog Catharijnes renovations and 35,000 m2 expansion, the ATES stores warm water from the summer and cool water from the winter to provide energysaving, lowemission tempera ture control year round. Instead of burning coal or oil, ATES harnesses the temperature differences between the seasons for an eco-friendly approach to heating and cooling. As with coastal areas that stay warmer in the winter and cooler in the summer thanks to the ocean, thermal storage systems take advantage of waters natural heat retention properties. During the summer, cool water gathered during the winter is circulated throughout the centre to provide cooling. After it completes its loop, the now warm water is injected back into the warm storage portion of the aquifer. This cycle is reversed to provide heating during the winter. According to Annet Elzenaar, the project developer for Corio Nederland, this technology is particularly suited to Hoog Catharijnes mixed usage. Retail units usually rely on large amounts of cooling, while residential units require more heating. While many of Corios tenants use heating and cooling from thermal energy storage systems, Hoog Catharijnes is the first one entirely owned by Corio. Corio has partnered with Unica Ecosystems to realise this large-scale undertaking. For the next 15 years, Unica Ecopower will be responsible for the maintenance, management and billing for the ATES. In addition, Unica director Jan-Maarten Elias says that his company will proactively encourage energy savings in the shops. For example tenants will receive advice on indoor heating and cooling systems and regular energy consumption reports. This installation is part of Corios wider ambition to prepare for potential resource scarcity. We are trying to make our real estate more future-proof, and to be more careful with the environment, Elzenaar explained. Although the CO2 reduction will be immediate, the ATES in Utrecht is a long-term investment whose
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savings will only become apparent on a five to ten year scale. As fossil fuels become scarcer and more expensive, any energy-saving initiative will furnish benefits for tenants, for Corio, and for the environment. Hoog Catherijnes ATES is evidence of Corios commitment to a sustainable headquarters for years to come.
Annet Elzenaar Corio Vastgoedontwikkeling
CORIOCSR @coriocsr
7h
The design of innovative business models whereby products and processes without value are converted into productive assets relies on the speedy introduction of a portfolio of innovations #Gunter Pauli # Blue Economy
TARSU PROVES THAT BEAUTY AND SUSTAINABILITY GO HAND IN HAND

TARSU SHOPPING CENTRE RECEIVES A BREEAM RATING OF VERY GOOD
A landscape of cool pools, fountains, and even a saltwater aquarium, Tarsu Shopping Centre is an oasis of water in the city of Tarsus. Not merely an attractive feature, Tarsus creative use of water is the cornerstone of a groundbreaking system that drastically reduces water waste and electricity costs. BREEAM, the worlds foremost framework for judging the environmental impact of buildings, has recognised Tarsu as the most eco-friendly building in Turkey. Tarsus score of nearly 64% in the retail category earned it the distinction of very good. Designed as a place where water turns into joy, Tarsu boasts many firsts in Turkey. It was the first building in the country to use natural ventilation, the first to save energy using recycled materials, and the first to employ active and passive energy saving techniques. A system of nozzles sprays a fine mist of water particles into the air, cooling terraces as large as 1,000 square meters. Widely used in Southeast Asia, this is the first time this spray technology has been implemented in Turkey. CO2 sensors in the mall react to the numbers of shoppers and adjust the centres ventilation systems so that no artificial cooling is needed, even during the heat of the day. Automated lighting in the common spaces reduces electricity use by up to 30% in the summer. Tarsu is a water sipper in a field dominated locally by water-guzzling buildings. Special filtration and circulation systems in the centres pools ensure that water loss is limited to 1%. Thanks to this, the pools only need to be refreshed every 100 days compared to the standard seven days. A grey water collection and recycling system has reduced Tarsus annual water needs from 23,000 cubic metres to 11,000 cubic metres, nearly halving the centres use. As per BREEAM requirements, even the urinals require no water, cutting out an estimated 1,400 cubic metres of water each year. In addition to its clever solutions for saving water and energy, Tarsu is well situated to become an environmentally friendly favourite meeting place icon. Located within walking distance of the city, Tarsu features 10,000 square meters of parks and public spaces. Its modern yet welcoming design earned it the distinction of Best European Retail Architecture in the 2012 International Property Awards, proof that beauty and sustainability can go hand-in-hand.
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While the roof of shopping centre may not seem like a place for bees and birds, the roof of Rotterdams Alexandrium centre is growing into a lush landscape. A one-year project spearheaded by technical manager Gerben van Bers has replaced 20,000 square metres of black bitumen with a carpeting of silver-green and russet sedum plants. Covering an area larger than three football fields, Alexandrium now sports Europes largest renovated green roof, which promises a score of benefits from cutting energy costs to reducing air pollution. Green roofs on Alexandrium shopping centre: Compared to traditional bitumen roofs, green roofs last longer, reduce heating and cooling costs, and cost less in the long run. With the roofing material shielded from the suns ultraviolet rays, green roofs last 10 to 20 years longer than a normal roof. The thick layer of felt, pebbles and plants insulates the building from temperature fluctuations, reducing heating and cooling losses. While a black bitumen roof can skyrocket to 85C in normal summer weather, a green roof will be 35C cooler. The parts of the roof that cannot be planted have been painted white to further reflect sunlight. Combined with more efficient lighting in the mall, van Bers anticipates that the roof will cut Alexandriums energy consumption 20% by 2015. Sedum, the hardy drought-tolerant plants that make up the centres green roof, offer benefits beyond energy savings. As a succulent, sedum does an excellent job of capturing and retaining water. With each square metre able to store 35 litres of water, the roofs sponge-like properties help to reduce the load on Rotterdams drainage systems. The sedum also captures airborne particulate matter and turns it into soil.
Gerben van Bers Corio Nederland
BIODIVERSITY
CORIOCSR @coriocsr 10 d I would not know how to NOT built sustainably #Thomas Rau # creating sustainable centres
CORIOS PARTNERSHIP WITH SAVE THE CHILDREN
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CORIO HAS TWO AGREEMENTS WITH SAVE THE CHILDREN (STC): TO PROMOTE THE STCS ACTIVITIES IN COUNTRIES WITH CORIO OFFICES, AND TO SPONSOR TURKEYS INTERNATIONAL YOUTH LEADERSHIP ACADEMY (IYLA).
PROMOTING SAVE THE CHILDREN The first agreement is that the individual business units contribute to increasing StCs name recognition. Corio Italia sponsors StC Italia, Corio Nederland decorates empty units with StC posters and does sponsorships, Corio Turkey supports the IYLA, and Corio Espaa is reaching out to the local StC. SPONSORING THE INTERNATIONAL YOUTH LEADERSHIP ACADEMY The second agreement is that Corio provides the IYLA with a yearly fixed donation. This donation began in 2010, and will continue for the remainder of 2013. Founded by Save the Children in collaboration with Youth for Habitat, WALD and UCLG, the IYLA teaches life skills to underprivileged children and trains educators. Since its opening, the IYLA has educated 2,515 children in the areas of international rights, entrepreneurship, computer training and language skills, among others. In addition, 166 trainers from Southeast Europe, the Balkans, the Caucasus, and the Middle East were trained in the summer school. Upon returning to their home countries, these trainers educated a further 2,617 underprivileged children. There is now more demand than the academy can accommodate.
OUTLOOK ON THE INTERNATIONAL YOUTH LEADERSHIP ACADEMY Investing in childrens rights is essential to a sustainable, socially just future. Safeguarding these rights helps to build strong, well-educated communities that are vital to creating a stable, inclusive and productive business environment. By identifying disadvantaged youth, and by analysing their underlying difficulties, the IYLA will more easily reach and educate the young people who could most benefit from skills training. Educating youth will increase their employability. To this end, Corio has committed to support the pilot study on Childrens Rights Business Principles (CRBP) for 2013. By doing so, Corio is setting a clear standard for other businesses to follow.
STATEMENT SUPERVISORY BOARD
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CORIOS REVISED STRATEGY WILL ENHANCE THE FOCUS ON INCOME GROWTH AND EFFICIENCY, BY FULLY CONCENTRATING ON THE FMP CONCEPT. CORIOS CSR STRATEGY IS ALIGNED WITH THIS OBJECTIVE, AS IT ENHANCES PERFORMANCE AND IS AIMED AT VALUE CREATION. IT MAKES GOOD COMMERCIAL SENSE AND STRENGTHENS CORIOS BUSINESS FOR THE FUTURE. CORIOS LONG TERM SUCCESS DEPENDS ON EXCELLENT ECONOMIC, ENVIRONMENTAL AND SOCIAL PERFORMANCE.
RETAIL IS EVOLVING FROM SHOPPING ONLY TO A SOCIAL AND SHOPPING EXPERIENCE. CORPORATE SOCIAL RESPONSIBILITY IS INCREASINGLY PART OF EVERYDAY LIFE. THEREFORE, FMPS SIMPLY CAN NOT MEET THEIR DEFINITION IF THEY ARE NOT SUSTAINABLE IN EVERY WAY. THE MANAGEMENT BOARD HAS THEREFORE FULLY INTEGRATED CSR IN THE EXECUTION OF THE STRATEGY, DECISION MAKING AND SETTING OF POLICIES. THE SUPERVISORY BOARD IN TURN PAYS CLOSE ATTENTION TO THESE ASPECTS WHEN PERFORMING ITS DUTIES. SUPERVISORY BOARD UTRECHT, 13 FEBRUARY 2013
ASSURANCE REPORT
TO THE MANAGEMENT BOARD OF CORIO N.V.
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ENGAGEMENT AND RESPONSIBILITIES We have been engaged by the Management Board of Corio N.V. (hereafter: Corio) to review eight of Corios CSR indicators in 2012 (hereafter: the selected CSR indicators) published in Corios 2012 CSR report. We provide limited assurance on the following indicators, the related disclosures included, which have been marked with a () throughout the CSR report: Percentage of shopping centres that perform a consumer survey Percentage of Net Rental Income that is invested in projects in 3E scope Percentage of man hours made available for projects in 3E scope Percentage of Gross Lettable Area made available for projects in 3E scope Percentage of green leases signed Electricity intensity Carbon emissions intensity Percentage of BREEAM certificates labeled Good or higher REVIEW: LIMITED ASSURANCE Review procedures focus on obtaining limited assurance which does not require exhaustive gathering of evidence as in audit engagements. Consequently a review engagement provides less assurance than an audit. We do not provide assurance on the assumptions and feasibility of prospective information relating to CSR, such as targets, expectations and ambitions in the report. As this is the first year that we review the CSR indicators included in the CSR report, figures and reported data of prior years have not been reviewed by us. The Management Board of Corio is responsible for the preparation of the CSR indicators. We are responsible for providing an assurance report on the selected CSR indicators. REPORTING CRITERIA Corio developed its reporting criteria for the CSR indicators on the basis of the G3.1 Guidelines of the Global Reporting Initiative (GRI). Corio only includes information from shopping centres which are fully or majority owned and from those that are under management control. Detailed information on the reporting scope is given in the chapter About this report. We consider these reporting criteria to be relevant and appropriate for our examination. WORK PERFORMED Regarding the eight selected CSR indicators, we planned and performed our review procedures in accordance with Dutch law, including the Dutch Assurance Standard 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. OUR MOST IMPORTANT REVIEW PROCEDURES FOR THE SELECTED CSR INDICATORS WERE: performing an external environment analysis and obtaining insight into the industry, relevant societal trends and issues, relevant laws and regulations and the characteristics of the organisation; assessing the acceptability of the reporting criteria and consistent application of this, such as assessment of the reasonableness of estimates made by management; reviewing the systems and processes for gathering the data and aggregating these to the CSR indicators as presented in Corios 2012 CSR report; verifying the understanding and application of the reporting criteria on business unit level and verification, on a test basis, of calculations and reconciliations with supporting documents; performing analytical procedures, relation checks and detailed checks. We believe that the evidence obtained from our review is sufficient and appropriate to provide a basis for our conclusion. CONCLUSION Based on our review procedures performed, nothing has come to our attention that would cause us to conclude that the selected CSR indicators and their related disclosures, in all material respects, are not presented in accordance with Corios reporting criteria. USE OF THIS REPORT This assurance report relates to Corios performance with regard to the selected CSR indicators only. Therefore it should not be taken as assurance relating to the overall CSR performance of the organization during the reporting year. Utrecht, 13 February 2013 PricewaterhouseCoopers Accountants N.V. Drs. P. J. van Mierlo RA
CSR GOVERNANCE
TRANSLATING STRATEGY AND POLICIES INTO EXECUTABLE PLANS, CSR IS INTEGRATED WITHIN THE LOCAL BUSINESS UNITS AND PART OF GROUP MANAGEMENT BOARD RESPONSIBILITIES. RECOGNISING THE STRATEGIC IMPORTANCE OF CSR, THE CHIEF EXECUTIVE OFFICER (CEO) IS DIRECTLY RESPONSIBLE FOR CSR.
As from 2008, international CSR meetings have been organised at least once a year together with local CSR committee members and the CSR department at group level. At this meeting, CSR strategy and tactics are discussed, new insights are shared and best practices are exchanged. GROUP CSR DEPARTMENT The Corio groups CSR department prepares the CSR strategy and CSR performance management before it is approved by the Management Board. The specific CSR targets are formulated in consultation with the business units and the CSR steering committee at the headquarters level. The monitoring of progress towards achieving these targets and the sharing of best practices is done by the CSR department at group level. The CSR department also coordinates the integration of CSR within the business operations throughout the entire organisation and ensures consistency in the CSR approach at business unit levels. The CSR department reports directly to the CEO and works closely with the COO, as execution requires strong involvement from the COO and operational managers. LOCAL CSR COMMITTEES Each of our six business units has a CSR committee to initiate and handle sustainability issues relating to the development, redevelopment and management of our centres. These committees monitor the local CSR performance versus the strategy and targets and advise the management boards of their business unit on the implementation of the strategy into operational processes, activities and organizational structure within their business unit. They also advise on integrating CSR objectives into the profiles and responsibilities of employees. The committees are made up of Corio personnel from different fields of expertise: facility management, technical management, HR-management, centre management and marketing. They bring their own (local) knowledge of our centres and combine this with expertise from national and international sector organisations and experience garnered through partnerships with specialised companies. CSR STEERING COMMITTEE The Group CSR steering committee is an important body that acts as a sounding board for strategic CSR subjects and advises on the implementation of policies and procedures. The steering committee is consulted regularly on strategic CSR issues and overlapping areas of expertise are shared here, such as market research, strategy, legal and Human Resources. CSR PERFORMANCE MANAGEMENT Corio uses a variety of tools, processes and indicators to monitor the performance of the centres that we own and manage. They serve to structure our CSR management approach, track results, and inform the company and third-parties about CSR performance. It is based
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on the measuring entities Key Performance Indicators (KPIs), targets and Performance Indicators (PIs). The current CSR performance management approach has been refined and translated into a roadmap towards 2020. This new model has been further adapted to the FMP proposition and the shared value approach meaning that it integrated overall strategy and CSR strategy on one hand and social/ environmental performance and economic performance on the other hand. It can be found throughout this report, divided in the key topics. THE REPORTING PROCESS Reporting on CSR-related data internally and externally entails a high reporting burden on the whole company. Since it is a necessary step to take, we want to make the process as efficient as possible. The main objective of a reporting standard we have developed is therefore to ensure that we measure and report things correctly, in other words in an accurate, complete and verifiable way. The Corio CSR reporting manual gives guidance to those involved in reporting the sustainability data by describing what to report, how to report, when to report, roles and responsibilities (who) in the reporting process and reporting definitions. It is aimed at ensuring reliable and robust CSR data gathering in a consistent fashion. The Corio reporting criteria included in the manual are mainly based on the Global Reporting Initiative guidelines. www.globalreporting.org. ROLES AND RESPONSIBILITIES IN THE REPORTING PROCESS Corio business units report semi-annually on CSR performance to Corio Group. They are responsible for sending in an accurate, complete and verifiable dataset. The Group CSR department is responsible for the consolidation and reporting of CSR data. Our system follows a validation protocol, the purpose of which is to check whether reported data by one group of respondents deviates significantly from data from other respondents or from data that was reported the previous year. If significant deviations are detected, the data needs to be checked and/or explanations for the deviations need to be given. This department refers back to the business units with questions and feedback. When all data is validated, it is presented to the Management Board of the Group. and discussed with the CSR steering committee. The database is then officially closed upon Management Board approval and data can be reported on online, in the half-year report and the annual CSR report.
ABOUT THIS REPORT, NOTES TO THE COMPANY CSR STATEMENTS

CSR REPORTING CRITERIA The CSR data is prepared in accordance with the reporting criteria and guidelines of the B application level of the Global Reporting Initiative (GRI) G3.1 as far as relevant to Corio. As a signatory of the UN Global Compact, Corio reports on the ten principles therein. Definitions used for Key Performance Indicators (KPIs) are defined on page 38. Corio obtains its CSR data from internal measurement and external sources from third parties. The internal data gathering process is part of our financial reporting lines, using questionnaires. Reporting definitions are communicated through the CSR reporting manual. KPIs are selected on the basis of interactive stakeholder dialogue and the issues relevant to Corios operations. We have confirmed the relevance of our approach and KPIs with our Supervisory Board and through external stakeholder dialogue. Priority is given through an assessment of issue significance in the light of our values, strategy and the known expectations of stakeholders. Furthermore, we were guided by the scope of influence we can exert to improve performance. We will report on the same set of KPIs over the coming years and we strive to improve our performance. Where appropriate, we present our current performance data next to the previous year, using percentages and ratios and normalised data to make it possible for readers to monitor and measure progress year on year, unless clarity or the reporting protocol requires that absolute figures be shown. CSR REPORTING SCOPE The CSR performance data as disclosed in this report cover all centres where Corio has operational control. This is a further extension of the reporting scope compared to previous years. The reporting scope consists of 67 centres of which Corio can report on. This represents 83% of the total portfolio (2011: 55%). In accordance with Corios policy on CSR Reporting, all centres acquired in any given year are required to report CSR data for internal reporting purposes as from the following year. Centres that are divested (fully or partially, whereby Corio no longer retains a controlling interest) are excluded from the CSR reporting scope for the entire year in which the divestment took place. For the consumption of energy, we are reporting on those centres which have at least 75% roof cover. Data related to our tenants and co-owners is excluded from our CSR reporting scope. An exception to this rule is the instances when we are not able to reliably split the energy consumption by tenants and own use. In these cases we report on the full energy consumption
In this report On the web Not reported
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Performance on other indicators We do not cover topics that ; which form the basis of the KPI > have already been addressed in previous reports ratios and are prescribed by > we cannot influence through GRI and EPRA management > do not significantly impact our business Performance on Key Performan- Full GRI table ce Indicators Performance on targets Business unit performance Forward looking information CSR performance and narrative concerning the period January 2012-December 2012
(and related square metres) of the centre. In 2012 this was the case for 63% (2011: 59%) of the centres in our reporting scope (please read below how Corio handles this issue). We have expanded the scope of our 2011 electricity and carbon reporting to make it possible for readers and stakeholders to monitor progress on a like-for like basis with 2012. Furthermore, we have updated the 2011 figures related to BREAAM certification for new developments to reflect further improvements in our reporting criteria. ACCURACY Due to their very nature, the CSR data used for this report are subject to a degree of uncertainty caused by limitations in measuring and estimating data. Corio has in few cases been obliged to make estimates in order to ensure that all data cover the same scope. For the environmental performance data, these estimates are based on data from the various centres and/or data from previous years. In order to improve Corios performance in the field of environmental management, it is crucial that reliable management information is available to steer on. To effectively focus our efforts and improve our performance we need to distinguish between the impact of Corios own operations and those of our tenants, neighbours and/or co-owners. In some instances Corio is, however, not able to reliably split the energy consumption of the tenants, from the consumption of Corio. This is the case, for example, for centres in which central cooling and heating is provided for by Corio. In these cases Corio reports on the full energy consumption (and related square meters) of the centre. This means that the reported energy intensity does not always reflect the full effects of Corios efforts as the figures are impacted by the performance of tenants, neighbours and/or co-owners. In 2012 this topic will have Corios full attention resulting in more in depth environmental performance information.
ASSURANCE The information contained in this report faithfully represents the outcome of systematic data gathering and analysis. The process of aggregating CSR data as reported by the centres and business units was internally verified and approved finally by the Management Board. Corio is constantly seeking opportunities to further integrate CSR and CSR reporting in its day-to-day operations. This is reflected in our efforts to present a first integrated annual report in the near future. For the first time this year, Corio has requested its auditor to provide external assurance on its key CSR indicators. These indicators are marked with a rhombus (). For more details on the assurance scope refer to the assurance report on page 34. CONTACT We welcome any feedback from readers on this report. We look forward to drawing on your suggestions to improve the way we approach and manage CSR. For any questions about this report or information found online, you can contact us by telephone +31 30 234 64 64 and e-mail csr@nl.corioeu.com. Additional contact information can be found on the last page of this report.
CSR RISKS AND COMPLIANCE

INTRODUCTION Corio manages its operations from a holding company that is managed by the Management Board and which encompasses the following functions: Investor Relations, Communication & Public Relations, Strategy & Asset Allocation, Treasury, Research, CSR, Finance & Control, Legal & Compliance, Information Management, Tax, Risk Management and Human Resources. The operations are managed primarily by six business units, which are directly linked to the countries in which Corio is active, and are structured according to local conditions and insights. These business units are responsible for operational functions within their individual areas of activity. This concerns the primary processes, development, letting and centre management and support processes. With risk management being a line management responsibility and the fact that most CSR risks can occur in these operational processes, the directly involved operational functions manage these CSR risks on a daily basis. This also includes ensuring compliance with relevant legislation, such as environmental, labour and civil laws. The operational and financial reporting cycle include monthly KPI reports and quarterly full business reports, closing the quarter and forecasting for the remainder of the year, that are produced by the business units to inform the holding company. Consultative structures such as frequent Management Board meetings, business unit CEO meetings, separate CFO meetings and expert meetings (for example on CSR), provide overview and enable handson management by the Management Board. Group-wide policies and codes such as screening policies, the CSR Reporting Manual, insurance policy, compliance code and the code of conduct contain our CSR business rules and principles and, furthermore, provide guidance for our activities. The CSR Reporting Manual outlines the CSR reporting process and describes the responsibilities of involved functions and employees. The main objective of the manual is to ensure the accurateness and completeness of the CSR reporting and to make sure it is verifiable. In the above described reports and consultative structures, business units and staff functions report on their activities, including on the effectiveness of their (CSR) risk management activities. Each year, the business unit management signs a letter of representation that contains financial reporting statements and also statements regarding risk management, corporate social responsibility, integrity and compliance with policies and procedures such as the code of conduct, statutory provisions and compliance with other rules and regulations. The aforementioned processes make the risks and the areas requiring improvement in the internal control systems transparent. CSR RISKS In the following section we briefly describe the major generic CSR risks we are facing and how we deal with them. Afterwards we describe in tabular form in more detail our environmental and physical risks. This includes a qualitative assessment of the likelihood and potential impact of those risks. We are aware this is not an exhaustive account, and that it is always possible for circumstances to arise in which unidentified risks become apparent, or in which the impact of identified risks is greater than originally estimated. > Management risks: Corios sustainability targets are set centrally and reviewed regularly together with the business units to ensure that they are feasible and realistic but also meet our company objectives. Corios decentralised business model allows the business units to execute strategy in accordance with local requirements. > Regulatory risks are managed by monitoring changes in relevant legislation and tenant and retail sector demands on CSR. Corio strives to run its business in compliance with current (and future) laws and regulations and in a transparent way. We are conscious of the economic benefits of greater environmental efficiency and thus take advantage of any available subsidies and generally seek to reduce operating costs where possible. > Physical risks: These are taken into account as part of the investment decision and decisions on the insurance coverage. For existing centres, where possible adjustments are made to meet the changing demands of tenants and visitors as a result of climate change.
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> Social risks: Corio is aware of the impact a CSR policy can have on investors, consumers, tenants, employees and other stakeholders and therefore communicates on this in order to manage perceptions and expectations. MITIGATING FACTORS Our approach to risk mitigation generically comes down to the following: > To make sure our strategy and approach is in line with the market environment and developments, stakeholder dialogue is approached in a structural manner and intensified. This enables us to integrate responses from stakeholders into strategy and management. > To anticipate future regulation, Corio takes part in several industry associations such as the ICSC, ISA and EPRA and follows developments in legislation closely. For example by means of the industry association ICSC, the real estate sector has entered in dialogue with the European committee regarding sustainability legislation (specifically the EU2020 legislation). Furthermore, from an organisational point of view, the CSR steering committee meets on a regular basis. Risks related to sustainability are discussed and action is taken accordingly to ensure compliance. > Physical risks arising as a result of climate change, are mitigated through insurance contracts. Centres that are possibly subject to damage as a result of higher rainfalls or earthquakes, depending on their geographical location, are selected for increase of insurance coverage. Furthermore sustainability requirements are fully integrated into acquisition or development decision making processes and assessments. > With respect to currently uninsurable hazards, Corio engages proactively with the insurance broker to discuss and design adaptation of insurance contracts. Corio has created a CSR Risk Materiality Matrix including environmental, social and governance risk. These risks are chosen based on their medium to high magnitude in influencing our company in the likelihood they will occur. The review includes Corios board, the holding company, our business units and a range of external stakeholders, they are rated on company and business unit level. This matrix will be available on our website www.corioeu.com/csr.html
REPORTING DEFINITIONS
3E SCOPE The 3E scope is the focus of our Shared Value approach; this is (part of) how we measure Shared Value within the Social Return on Investment methodology. 3E stands for: Entrepreneurship, Education and Employment; the three impact areas where Corio potentially can influence its catchment area most and contribute actively to better living conditions. ABSENTEEISM Lost days as a percentage of total available working days, due to short and long term sick leave, excluding pregnancy leave. ANNUALISED RENT The annualised contractual rent including minority interest applying at balance sheet date with estimated rental value being added in case of vacant space. BIODIVERSITY Biodiversity is the variation of life forms within a given ecosystem, biome or for the entire Earth. Biodiversity is often used as a measure of the health of biological systems. Biodiversity found on Earth today consists of many millions of distinct biological species, which is the product of four billion years of evolution. BREEAM Building Research Establishment Environmental Assessment Method. BROWNFIELD Abandoned or underused industrial and commercial facilities or plots of land, available for re-use. Expansion or re-developments of such a facility or plot may be complicated as a result of real or perceived environmental contaminations. BUS Business Units, in the six home markets of Corio: the Netherlands, France, Italy, Spain, Germany and Turkey. BUSINESS PARTNERS We consider all parties we have a professional relationship with as our business partners. Business partners related to the core of our business include the following stakeholders: Tenants; Municipalities; Suppliers such as: > Buyers and sellers of assets, real estate agents, brokers and other parties involved in the buying or selling process; > Service providers related to our (re)development activities: architects, developers, etc; > Service providers related to our centre management activities: technical support, cleaning, security, marketing, energy providers, etc; > Valuators; > Service providers: legal advisors, banks, tax advisors, consultants, accountants, etc; > Human Resource service providers: HR-consultants, interim personnel, etc; CARBON FOOTPRINT A measure of the impact our activities have on the environment, and in particular climate change. It relates to the amount of greenhouse gases produced in our day-to-day lives through burning fossil fuels for electricity, heating and transportation etc. The carbon footprint is a measurement of all greenhouse gases we individually produce and has units of tonnes (or kg) of carbon dioxide equivalent. CLIMATE CHANGE Any long-term significant change in the average weather that a given region experiences. Average weather may include average temperature, precipitation and wind patterns. It involves changes in the variability or average state of the atmosphere over durations ranging from decades to millions of years. These changes can be caused by dynamic processes on Earth, external forces including variations in sunlight intensity, and more recently by human activities. COMMON AREA Common parts are areas which are shared with other occupants in multi-let buildings, including entrance areas, mall area, corridors, lifts, staircases, waste storage stores or breakout facilities and any other parts within the asset which are intended for the use of the occupiers of that asset and/or consumers. DIRECT EMISSIONS Emissions from sources that are owned or controlled by the reporting entity. EMPLOYEE Person with a Corio employment contract (indefinite or temporary). Including managers and management board. EMPLOYEE TURNOVER Employees who left Corio on their own volition as percentage of total headcount FAVOURITE MEETING PLACES Sustainable places (shopping centres) where people like to meet, spend their leisure time and shop; places they want to return to. FTE Full time equivalent, total number of contractual hours / standard fulltime contract hours): example: Mary has contract for 20 hours per week, standard full time contract is 40 hours per week = 0,5 FTE. Excluding overtime. GHG, GREEN HOUSE GAS A gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the fundamental cause of the greenhouse effect. The primary greenhouse gases in the Earths atmosphere are water vapour, carbon dioxide, methane, nitrous oxide, and ozone. GREEN LEASE A green lease is any kind of official agreement in which Corio and the tenant have made arrangements on what they expect of each other in terms of CSR and how to collaborate on this topic. It works to ensure that tenants and Corio are required to work together towards adopting environmentally friendly practices and are held accountable by terms set in a lease for the purpose of integrating financial, social and environmental goals. GRI global reporting initiative, a networkbased organisation that owns GRI 3: the reporting framework that is based on the aim of mainstreaming the disclosure on environmental, social and governance performance. Gross lettable area / gross leasable area The total floor area, expressed in physical sqm, in a property, owned by Corio, available for exclusive use and occupancy by a tenant. HEADCOUNT Total number of people with a Corio employment contract (indefinite or temporary), including management board, managers and employees (also those on sick leave, maternity leave etc). Excluding external consultants, internships, etc. INDIRECT EMISSIONS Emissions that are a consequence of the activities of the reporting entity, but occur at sources owned or controlled by another entity. ISO 14001 Environmental management system. KPIS Key Performance Indicators, a high level type of performance measurement. Kpis are used to evaluate our success or the success of a particular activity in which we are engaged. A KPI consists of several PIs. MANAGEMENT POSITION / MANAGER Person with a Corio employment contract who is responsible for managing people. Includes Management Board positions.
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PIPELINE A project is committed if: > The project has been approved by the Management Board and, if required, the Supervisory Board; > All authorities and relevant stakeholders in the project are committed; > The Management Board has a high degree of certainty that the project will become operational within an agreed period; > Corio can no longer withdraw from the project without a penalty and the project cannot be deferred. A project is deferrable if: > The project has been approved by the Management Board and, if required, the Supervisory Board, or the Management Board has given a mandate to negotiate; > The parties involved have signed an exclusive declaration of intent; > Corio can no longer withdraw from the project without a penalty, but the project can be deferred at Corios sole and absolute discretion. PIS Performance Indicators, a low level type of performance measurement, when combined, lead to Key Performance Indicators. SCOPE 1 EMISSIONS / DIRECT EMISSIONS A measure of our direct emissions of CO2 from the burning of fossil fuels including domestic energy consumption and transportation (e.g. Car and plane). We have direct control of these. SCOPE 2 EMISSIONS / INDIRECT EMISSIONS A measure of the indirect CO2 emissions from the whole lifecycle of products we use - those associated with their manufacture and eventual breakdown. To put it very simply the more we buy the more emissions will be caused on our behalf. SROI Social Return On Investment the value our company creates for society, which can be determined by following the path from output (effect) to impact (the portion of the total outcome that happened as a result of the activity of Corio, above and beyond what would have happened anyway). STAKEHOLDER A person or group that represents the needs of itself, other groups or nature in relation to the activities of a company, government or organisation.
GLOBAL REPORTING INITIATIVE (GRI) TABLE

The GRI indicators (or profile disclosures) as below are drawn up by GRI in order to increase transparency and comparability in CSR reporting. G3.1 Content Index - GRI Application Level B Nr G3.1 indicator
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Extent of reporting
STANDARD DISCLOSURES PART I: PROFILE DISCLOSURES

1. Strategy and Analysis 1.1 CEO statement 1.2 Key impacts, risks, and opportunities 2. Organizational Profile 2.1 Name of the organization 2.2 Primary brands, products, and/or services. 2.3 Operational structure 2.4 Location of organizations headquarters 2.5 Countries in operations and geographic spread 2.6 Nature of ownership and legal form 2.7 Markets served 2.8 Scale of the reporting organization. 2.9 Significant operational changes 2.10 Awards received in the reporting period 3. Report Parameters 3.1 Reporting period 3.2 Previous report 3.3 Reporting cycle (annual, biennial, etc.) 3.4 Contact point for questions 3.5 Process for defining report content. 3.6 Boundary of the report 3.7 Limitations on the reporting scope 3.8 Reporting basis 3.9 Data measurement techniques 3.10 Re-statements of information 3.11 Significant changes from previous reports 3.12 GRI content index 3.13 External assurance 4. Governance, Commitments, and Engagement 4.1 Governance structure of the organization 4.2 Indicate whether the Chair of the highest governance body is also an executive officer. 4.3 Independence of Board of Management 4.4 Shareholder feedback mechanisms. 4.5 Executive remuneration and CSR performance 4.6 Conflict of interest at the Board of Management 4.7 Board of Management expertise on CSR 4.8 Mission and value statements 4.9 Board of Management governance 4.10 Evaluation of the Board of Management 4.11 Precautionary approach or principle 4.12 External charters, principles or initiatives 4.13 Associated memberships 4.14 List of stakeholder groups 4.15 Stakeholder identification 4.16 Stakeholder engagement 4.17 Stakeholders key issues Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully
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STANDARD DISCLOSURES PART II: DISCLOSURES ON MANAGEMENT APPROACH (DMAS)

Disclosure on Management Approach EC Economic performance Market presence Indirect economic impacts Disclosure on Management Approach EN Materials Energy Water Biodiversity Emissions, effluents and waste Products and services Compliance Transport Overall Disclosure on Management Approach LA Employment Labor/management relations Occupational health & safety Training and education Diversity & equal opportunity Equal remuneration Disclosure on Management Approach HR Investment and procurement practices Non-discrimination Freedom of association Child labor Prevention of forced and compulsory labor Security practices Indigenous rights Assessment Remediation Disclosure on Management Approach SO Local communities Corruption Public policy Anti-competitive behavior Compliance Disclosure on Management Approach PR Customer health and safety Product and service labelling Marketing communications Customer privacy Compliance Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Partially Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Partially Fully Fully
STANDARD DISCLOSURES PART III: PERFORMANCE INDICATORS

Economic EC1 EC2 EC3 EC4 EC6 EC7 EC8 EC9 Direct economic value Financial implications of climate change Benefit plan Financial assistance from government. Policy & practices on local suppliers Procedures for local hiring In kind or pro bono engagement Significant indirect economic impacts Fully Fully Fully Fully Partially Partially Fully Fully
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Materials used by weight or volume. Percentage of materials used that are recycled input materials. Direct primary energy consumption Indirect primary energy consumption Efficiency improvements Energy reductions Energy reduction initiatives Total water withdrawal by source. Description of significant impacts of activities, products, and services on biodiversity in protected areas and areas of high biodiversity value outside protected areas. EN14 Strategies for managing biodiversity. EN16 Greenhouse gas emissions EN18 Initiatives to reduce GHG emissions EN22 Waste by disposal method EN26 Environmental impact mitigation EN28 Non compliance sanctions EN29 Significant environmental impacts of transporting products and other goods Social: Labor Practices and Decent Work LA1 Breakdown of workforce LA2 Employee turnover LA3 Benefits to full-time employees that are not provided to temporary employees. LA6 Workforce represented in formal joint management-worker health and safety committees LA7 Health and safety and absenteeism LA10 Training per employee LA12 Percentage of employees receiving regular performance & career reviews LA13 Employee diversity & governance Social: Human Rights HR1 Human rights clauses in investment HR2 Supplier screening on human rights HR4 Total number of incidents of discrimination and actions taken. HR5 Association and collective bargaining HR6 Child labour HR7 Forced labour HR9 Total number of incidents of violations involving rights of indigenous people and actions taken. HR10 Percentage and total number of operations that have been subject to human rights reviews and/or impact assessments. HR11 Number of grievances related to human rights filed, addressed and resolved through formal grievance mechanisms. Social: Society SO1 Impact on communities SO2 Percentage and total number of business units analyzed for risks related to corruption. SO3 Percentage of employees trained in organizations anti-corruption policies and procedures. SO4 Actions taken in response to incidents of corruption. SO5 Public policy positions and participation in public policy development SO6 Total value of financial and in-kind contributions to political parties. SO7 Actions for anti-competitive behavior SO8 Monetary value of fines for non-compliance with laws and regulations. Social: Product Responsibility PR2 Incidents of non-compliance concerning health and safety impacts of products PR4 Incidents of non-compliance concerning product and service information PR5 Customer satisfaction PR7 Incidents of non-compliance concerning marketing communications PR8 Complaints regarding customer privacy PR9 Product non-compliance We refer to www.corioeu.com/csr.html for the full GRI table, including disclosure pages and references.
Environmental EN1 EN2 EN3 EN4 EN5 EN6 EN7 EN8 EN12
Not Not Partially Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Partially Partially Fully Fully Fully Fully Fully Fully Fully Partially Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully
EPRA BEST PRACTICES RECOMMENDATIONS ON SUSTAINABILITY REPORTING

Here we present the European Public Real Estate Associations Best Practices Recommendations on Sustainability Reporting (EPRA sBPR) table, this table illustrates the Sustainability Performance Measures (absolute and like-for-like, year-on-year; Table 1-2) and the Overarching Recommendations (Table 3) tables as provided for by EPRA. In Tables 1-3 the measures are linked to the corresponding Corio Key Performance Indicator (KPI) and are cross referenced to the equivalent page in the report.
TABLE 1 - EPRA SUSTAINABILITY PERFORMANCE MEASURES ABSOLUTE MEASURES
Broad Issue Type Sustainability Performance Measure Total energy consumption from electricity [GRI : EN4] Total energy consumption from district heating and cooling [GRI : EN4] Total energy consumption from fuels [GRI : EN3] Total direct GHG emissions [GRI : EN16] Total indirect GHG emissions [GRI : EN16] Total water withdrawal by source [GRI : EN8] Total weight of waste by disposal route [GRI : EN22] Percentage of waste by disposal route Units of measurement kWh kWh kWh metric tonnes CO2e metric tonnes CO2e cubic metres (m3) metric tonnes proportion by weight (%)
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EPRA has developed this Sustainability BPR to prepare the real estate sector for the likely introduction of more stringent mandatory sustainability reporting regulations. It is build upon relevant mandatory reporting requirements and voluntary initiatives, in particular the Global Reporting Initiatives Construction and Real Estate Sector Supplement (GRI CRESS).
ENERGY
GREENHOUSE GAS EMISSIONS WATER WASTE
Cross Reference 150,777,000 21,757,000 34,632,000 7,019 35,465 1,042,000* Nd Nd
* Refer to the Corio website for an overview of the water withdrawel by source.
TABLE 2 - EPRA SUSTAINABILITY PERFORMANCE MEASURES INTENSITY MEASURES

Broad Issue Type
ENERGY GREENHOUSE GAS EMISSIONS WATER
Sustainability Performance Measure Building energy intensity [GRI : CRESS CR E1] Greenhouse gas intensity from building energy [GRI : CRESS CR E3] Building water intensity [GRI : CRESS - CR E2]
Intensity Indicator kWh / m2 / year kWh / person / year kg CO2e / m2 / year kg CO2e / person / year m3 / m2 / year litres / person / day
Cross Reference 137.2 0.4999 28.0 0.102 0.957 0.00069
TABLE 3 OVERARCHING RECOMMENDATIONS

Overarching Recommendations Reporting scope Organisational boundaries Landlord and tenant consumption arrangements Intensity normalisation Like-for-like comparison Segmental analysis (by property type, geography) Narrative on performance Location of EPRA Sustainability Performance Measures in companys report Cross Reference About this report, p. 36 Who we are and what we have to offer, p. 4; CSR governance, p. 35; About this report, p. 36 Sustainability in our Operations, p. 25; Creating sustainable centres, p. 29 Sustainability in our Operations, p. 25 Performance table, p. 3; Key Topics, p. 16-31 P. 7 Key Topics, p. 16-31 P. 42
ADDRESSES AND OTHER INFO

CORIO N.V. Hoog Catharijne, Van Duvenborch Building Stationsplein 97, 3511 ED Utrecht P.O. Box 8243, 3503 RE Utrecht, The Netherlands T +31 (0)30 234 64 64 F +31 (0)30 233 35 78 E corio@nl.corio-eu.com, I www.corio-eu.com CORIO NEDERLAND Hoog Catharijne, Van Duvenborch Building Stationsplein 97, 3511 ED Utrecht P.O. Box 8243, 3503 RE Utrecht, The Netherlands T +31 (0)30 234 64 64 F +31 (0)30 233 35 78 E info@nl.corio-eu.com, I www.corio-eu.com CORIO FRANCE Tour Exaltis, 61, rue Henri Rgnault 92075 Paris La Dfense cedex, France T +33 (0) 1 474 53 000 F +33 (0) 1 474 55 850 E info@fr.corio-eu.com, I www.corio-eu.com CORIO ITALIA Via Fabio Filzi 25, 20124 Milan, Italy T +39 026 69 63 49 F +39 026 69 77 11 E info@it.corio-eu.com, I www.corio-eu.com CORIO ESPAA Paseo de la Castellana 93 5 Planta 28046 Madrid, Spain T +34 91 426 17 77 F +34 91 435 56 44 E info@es.corio-eu.com, I www.corio-eu.com CORIO DEUTSCHLAND Knigstrae 13 47051 Duisburg, Germany T +49 203 4196 1500, F +49 203 4196 1501 E info@de.corio-eu.com, I www.corio-eu.com CORIO TRKIYE KANYON Ofis Blok Bykdere Cad. No:185 Kat 18 Levent, Istanbul - 34394 TR, Turkey T +90 212 371 30 00 F +90 212 353 54 42 E info@tr.corio-eu.com, I www.corio-eu.com
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Euronextcode/ISIN-code NL0000288967; Fondscode 28896; Bloomberg CORA NA; Reuters COR.AS; Datastream H:VIB This information contains forward-looking information with respect to the financial position, plans and objectives, activities and market conditions in which the company operates. By their nature, forward-looking statements and forecasts imply risks and uncertainties, as they relate to known and unknown events and circumstances which may or may not happen in the future. The forward-looking statements and forecasts in this report are based on managements current insights and assumptions. The actual results and developments may deviate from those expected, under the influence of factors such as: general economic circumstances, results on the financial markets, changes in interest rate levels and exchange rates, changes in the law and regulatory framework and in the policy of governments and/or regulatory authorities.
QUESTIONS Should you have any questions, please contact the CSR department: csr@nl.corio-eu.com or +31 (0) 30 234 64 64 FOLLOW US ON TWITTER @CORIOIR @CORIOHR @CORIOCSR OR FIND OUR APPS IN ITUNES
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CORI O C SR R E P O R T 2 0 1 2

CSR REPORT 2012

WHO WE ARE AND WHAT WE HAVE TO OFFER

CORIOS STRATEGIC PRINCIPLES

CSR PERFORMANCE DASHBOARD 2015

UPDATE SOCIAL RETURN ON INVESTMENT

PUTTING CONSUMERS FIRST

LEADERSHIP AND OUR CULTURE

SUSTAINABILITY IN OUR OPERATIONS

CREATING SUSTAINABLE CENTRES

CORIOS PARTNERSHIP WITH SAVE THE CHILDREN

STATEMENT SUPERVISORY BOARD

ABOUT THIS REPORT

CSR RISK AND COMPLIANCE

GLOBAL REPORTING INITIATIVE (GRI) TABLE

EPRA BEST PRACTICES

ADDRESSES AND OTHER INFO

WHO WE ARE AND WHAT WE HAVE TO OFFER

WHERE WE COME FROM

LOWER LEVERAGE AND GREATER EFFICIENCY

CORIOS STRATEGIC PRINCIPLES

ADAPTABILITY AND FLEXIBILITY

FMP 83% TRC 17%

RETAIL 99% OTHER 1%

NETHERLANDS 41% FRANCE 5% ITALY 20% GERMANY 34%

MARKETING LEASING CENTER MANAGEMENT

Total 66 0.29 0.85 0.40

FMP 72 0.27 0.74 0.53 99.4 0.033 20

TRC 36 0.67 1.67 0.15 93.7 0.026 0

This is our long term ambition (next five years).

VOLUNTEER, RAISING AWARENESS

CSR PERFORMANCE DASHBOARD 2015

PUTTING CONSUMERS FIRST

Improving well being

Building strong relationships

Maximising local impact

Building strong relationships

LEADERSHIP & OUR CULTURE SUSTAINABILITY IN OUR OPERATIONS

Maximising the value of our centres

Building strong relationships

CREATING SUSTAINABLE CENTRES

Maximising the value of our centres

Building strong relationships

SHAREHOLDERS, INVESTORS AND LENDERS

* SRI stands for Socially Responsible Investments.

UPDATE SOCIAL RETURN ON INVESTMENT (SROI)

Develop action plan in order to increase embeddedness

Measurement during the intervention

The centre needs to be more successfull

Linking SROI to the succes of our centres

PUTTING CONSUMERS FIRST

To enhance community development by providing lasting social and economic opportunities.

LEADERSHIP & OUR CULTURE

SUSTAINA BILITY IN OUR OPERATIONS

CREATING SUSTAINABLE CENTRES

PUTTING CONSUMERS FIRST

Key Performance Indicators

2012 PERFORMANCE OF FAVOURITE MEETING PLACES PORTFOLIO:

72% OF THE CENTRES SURVEY OUR CONSUMERS YEARLY

Main target Increase consumer satisfaction

% of business units on target 100% on target

22 h Create awareness amongst consumers on social and environmental issues

Purposeful, not panicked #Shopping behavior #New Consumer #PWC

67% on target 50% on target