2016 ANNUAL REVIEW. Focused on the Future

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1 2016 ANNUAL REVIEW Focused on the Future

2 OUR APPROACH TO REPORTING INSIDE THIS REPORT As a leading real estate investment advisor, one of the ways that we continue to deliver stable, long-term returns for our clients is by focusing on the future. We are proud of the returns that we are achieving for our clients and the contribution that we are making in helping to create strong, livable communities in the cities where we operate. This Annual Review is our third report, covering our financial, environmental and social performance for the 2016 calendar year. The report content is guided by the GRI G4 Sustainability Reporting Guidelines. For more information, refer to the section About This Report. OVERVIEW President s Message Performance Highlights 4 Industry Memberships and Awards 5 Who We Are 6 Corporate Governance 7 Vision and Strategy 8 PERFORMANCE SCORECARD 9 DELIVER STABLE, LONG-TERM RETURNS 12 ACHIEVE OPERATIONAL EXCELLENCE 22 MINIMIZE OUR ENVIRONMENTAL FOOTPRINT 27 ATTRACT AND RETAIN TOP TALENT 33 CONTRIBUTE TO STRONGER, LIVABLE COMMUNITIES 37 OPERATE WITH INTEGRITY AND TRUST 41 DATA TABLES 45 ABOUT THIS REPORT 54 GRI INDEX Annual Review

3 PRESIDENT S MESSAGE The strength we have built in our business over the years positions us well to continue to deliver stable, long-term returns for our clients. As we focus on the future, we will be leveraging our strong and resilient business model to deliver value for our clients, while exploring new growth opportunities. PROVEN PERFORMANCE ACROSS THE BUSINESS During 2016, we were pleased to have grown our clients real estate assets and to have achieved their return and portfolio diversification objectives. On behalf of our clients, we completed $563M of new acquisitions including the purchase of 1350 and 1360 René Lévesque Blvd. West, believed to be the single largest purchase in Quebec in 2016, and the disposition of $629M in non-core assets, including the sale of our client s 34% interest in Bentall Centre. On the leasing front, strong performance by our leasing teams resulted in the completion of 503 transactions totalling 7.8 million square feet. As a result, we ended the year with an overall portfolio occupancy rate of 94%. Development remained a core part of our business. In 2016, teams across the country completed five development projects at a total cost of $287M, and are making continued progress on our significant pipeline of projects that are in construction and pre-development with a total cost of $1B. OPERATIONAL EXCELLENCE Our focus on operating smarter, greener buildings continued to pay off. As a result of the efforts of our property and asset management teams, our office properties are now, on average, 13% more energy efficient and 31% more water efficient than REALPAC reported national office property averages. To date, 96% of our eligible commercial portfolio is either BOMA BEST certified or actively pursuing certification, while 10.9 million square feet of our managed portfolio is LEED certified. For the second consecutive year, we were recognized as a sustainability leader and received a Green Star ranking on the 2016 Global Real Estate Sustainability Benchmark (GRESB), where we placed second in Canada and ranked in the top 10% globally among real estate management firms. OUTLOOK I want to thank all of our employees for a year of dedication and achievement, enabling us to meet the high expectations we set for ourselves. We are especially proud of the trust that our clients continue to place in us. As we progress in 2017, we plan to build on our strong and resilient business model to ensure we focus on our clients needs to acquire and develop quality assets, provide sound real estate advice and deliver stable, long-term returns on our clients assets. Paul Finkbeiner President 3 GRI Annual Review

4 2016 PERFORMANCE HIGHLIGHTS Deliver Stable, Long-Term Returns 8.6 % 10-year portfolio rate of return Achieve Operational Excellence $ 4M utility costs avoided from energy and water conservation in our office and residential portfolios, in 2016 compared to 2013 Minimize Our Environmental Footprint 13.6 % decrease in greenhouse gas (GHG) emissions intensity ( ) Attract and Retain Top Talent Contribute to Stronger, Livable Communities Operate with Integrity and Trust $ 233.6K invested in training and development $ 284.7K invested in community organizations 100 % of employees attested their compliance to the Code of Business Conduct and Ethics Annual Review

5 INDUSTRY MEMBERSHIPS AND AWARDS We are active participants in the real estate industry through the memberships we hold. In 2016, we were proud to accept 22 industry awards on behalf of our clients relating to sustainability, employees, operational excellence, and development and design. RECOGNITIONS PEOPLE AWARDS MEMBERSHIPS Certficate of Excellence Green Star ranking for a second year in a row, placing second in Canada and in the top 10% among real estate management firms globally Environmental excellence in commercial building management London Life RAM Centre (London) and Commerce Place (Edmonton) Quality in commercial real estate and excellence in building management 155 University Ave. (Toronto) Excellence in property and facility management Commerce Place (Edmonton), Forestry Building (Edmonton), and 155 University Ave. (Toronto) Maintenance Person of the Year: Jon Raquepo, Panorama Court in Calgary by the Calgary Residential Rental Association Awards Leasing Professional of the Year: Michael Vezina FRPO MAC Awards NAIOP Development Challenge: Daniel Fama, Ben Lemire, Catherine Truong, Lisa Wu Employee of the Year: Stephen Thornhill Investment Properties Owners Association of Nova Scotia BOMA Member of the Year: Darcy Armstrong BOMA Edmonton Building Owners and Managers Association (BOMA) and its Regional Chapters Canada Green Building Council (CaGBC) Commercial Real Estate Development Association (NAIOP) Commercial Real Estate Financial District Security Group Commercial Real Estate Women (CREW) National Association of Real Estate Investment Managers (NAREIM) Real Property Association of Canada (REALPAC) Urban Land Institute (ULI) Outstanding building performance across operations and management, including measurable savings, high operating efficiency and high levels of tenant satisfaction Commerce Court (Toronto) Leaders in environmental performance and best practices LCOL P.L. Debney Armoury Building (Edmonton) NAIOP Development Challenge Winners: Daniel Fama, Ben Lemire, Catherine Truong and Lisa Wu. 5 GRI Annual Review

6 WHO WE ARE GWL Realty Advisors is a leading Canadian real estate investment advisor, with a vision to be recognized for delivering results through smart, timely and trusted advice and services. We manage a $17.2B portfolio of our clients assets, which includes management of Canada s largest open-end real estate segregated funds Canadian Real Estate Investment Fund No. 1, valued at $5.1B, and London Life Real Estate Fund, valued at $2.7B. We were incorporated in 1993 and are a wholly owned subsidiary of The Great-West Life Assurance Company. In 2007, we launched a multi-residential property management company, Vertica Resident Services Inc. Today, we manage a diversified portfolio of real estate assets for our clients, including office, industrial, retail, multi-residential, mixed-use as well as land holdings for future developments. CLIENTS AND ASSETS Our clients are primarily pension funds and institutional and retail clients, for whom we manage a diversified portfolio of assets. SERVICES We provide a comprehensive suite of real estate services: Acquisitions and dispositions Portfolio management Asset management Development Commercial and multi-residential property management VALUE OF ASSETS BY REGION PORTFOLIO MIX BY ASSET CLASS Office: 58% British Columbia: $2.4B Alberta: $5.0B Saskatchewan/ Manitoba: $0.3B Ontario: $8.5B Quebec: $0.6B Atlantic Canada: $0.4B Multi-residential: 18% Industrial: 12% Property held for/under development: 7% Retail: 5% 6 GRI Annual Review

7 CORPORATE GOVERNANCE EXECUTIVE OVERSIGHT High levels of accountability and sound decision-making are the foundation that enables us to fulfill our mission to deliver stable, long-term returns for our clients. The executive team makes decisions for all matters deemed material and is responsible for the day-to-day management of our business. Led by our President, the executive team is made up of ten executives. MANAGEMENT COMMITTEE DIRECTION We have focused senior management committees, including an Investment Committee, Compliance Steering Committee, Human Resources Committee, Corporate Environmental Steering Committee and Sustainability Steering Committee. ENTERPRISE RISK MANAGEMENT Risk management is a cornerstone of our strategy and fundamental to the achievement of our mission to deliver stable, long-term returns for our clients. Where applicable, we operate in accordance with the framework of our parent company, and supplement that with policies and practices specific to our real estate business. Paul Finkbeiner President Our governance standards form the foundation of our ongoing risk management approach, which we execute through the oversight of our Compliance Steering Committee. This means taking a precautionary approach to risk identification, and putting in place effective risk management capabilities that address financial, ethical, reputational, operational and environmental risk. Risk identification and performance is communicated to our parent company on a quarterly basis to ensure that material risks are understood, monitored and managed. Ralf Dost Executive Vice President and Chief Operating Officer Jeff Fleming Executive Vice President, Investments & Development Don Harrison Executive Vice President, Business Development and Client Services NEWLY FORMED IN 2016: OPERATING COMMITTEE Provides collaborative leadership across the company: operationalizing our business strategy, championing our vision and values and leading change within the business. It also provides leadership opportunities for staff. Meets regularly throughout the year. Membership includes senior individuals from across business functions. Steve Marino Senior Vice President, Portfolio Management Anne Morash Senior Vice President, Multi-Residential Tanyss Price Senior Vice President and Chief Financial Officer 5000 Yonge St. (Toronto, ON) is LEED Gold and BOMA BEST Gold certified Tom Sullivan Senior Vice President, Asset Management, Western Canada Michele Walkau Senior Vice President, Corporate Services Glenn Way Senior Vice President, Asset Management, Eastern Canada 7 GRI Annual Review

8 VISION AND STRATEGY We have a clear strategy that positions us to realize our vision to be the Canadian real estate advisory company that is recognized for delivering results through smart, timely and trusted advice and services. In addition to domestic growth, we are well positioned to pursue our growth strategy. Canada is a small real estate market with a high concentration of assets amongst large, long-term investors. Our clients are looking for opportunities in the U.S. as part of global diversification. To fulfill their mandate, we are exploring a long-term international growth strategy to expand into the U.S. and Europe. OUR VISION To be THE Canadian real estate advisory company that is recognized for delivering results through smart, timely and trusted advice and services. OUR MISSION To deliver stable, long-term returns for our clients. STRATEGIC BUSINESS OBJECTIVES Growth Increase assets under management, secure new investors and fulfill the mandate of our clients. Performance Increase net operating income and find operating efficiencies. Relationships Expand service offerings and enhance client relations. Reputation Enhance our position as a recognized leader and employer of choice in the Canadian real estate industry. BUSINESS PRIORITIES Deliver Stable, Long-Term Returns Achieve stable returns and the diversification objectives of our clients, taking financial, environmental, social and governance factors into consideration in the investment, asset management and development process. Achieve Operational Excellence Provide an exceptional, proactive and personalized service for our tenants, managing properties in the most innovative and efficient manner to achieve predictable and competitive operating costs. Minimize Our Environmental Footprint Drive cost efficiency and improve the environmental performance of buildings under our management, while working collaboratively with service providers to support environmentally conscious activities, products and services. Attract and Retain Top Talent Foster a rewarding place to attract and develop top talent, where people feel motivated and empowered to grow both personally and professionally. Contribute to Stronger, Livable Communities Strive to inspire positive socio-economic progress in the communities where we live and work. Operate with Integrity and Trust Conduct our business with honesty, integrity and fairness, building the trust and confidence of our clients. 8 GRI Annual Review

9 PERFORMANCE SCORECARD Priority Objective 2016 Achievement 2017 Goals Deliver Stable, Long-Term Returns Portfolio Management Working together with clients, devise and execute investment strategies that meet or exceed client return expectations Investments Leasing Asset Management Development Pursue a disciplined strategy to acquire new properties and dispose of non-core assets Achieve strong occupancy by proactively identifying and managing risk and expiry profiles Develop business plans to increase the value of our clients assets Ensure new development projects create value for our clients and contribute to stronger, livable communities Delivered a total return of: 1-year: 5.5% 5-year: 8.8% 10-year: 8.6% Completed $563M of new acquisitions Disposed $629M of non-core assets Achieved an overall average portfolio occupancy rate of 94% Successfully completed $159M in capital projects, in support of improving asset value Completed five development projects at a total cost of $287M Continue to devise and implement investment strategies that meet or exceed client return expectations Complete $650M in acquisitions and select dispositions Continue to proactively identify and manage risk and expiry profiles Increase the value of clients assets Execute on business plans Initiate three new projects at a total cost of $400M Acquire two new opportunities to add to the development pipeline Achieve Operational Excellence Efficient Buildings Operate high-quality, efficient and low-impact buildings $4M in utility costs avoided since 2013 Improve operating cost efficiencies Security and Life Safety Enhance tenant safety and asset integrity Completed security risk profiles for all properties Roll out a national security vendor program Tenant Satisfaction Strive to provide the highest level of satisfaction Achieved 99.4% after service satisfaction rate for the commercial portfolio and 86.1% multi-residential satisfaction rate Maintain service levels through asset-specific plans Minimize Our Environmental Footprint Environmental Management Ensure oversight and management of our environmental impacts Achieved Green Star ranking for a second year on GRESB Updated six national sustainability policies Formalize and communicate the national Corporate Environmental & Sustainability Policy Carbon, Energy, Water and Waste Reduce the carbon footprint of our managed portfolio Optimize energy use Since 2013, office and residential portfolios reduced: Greenhouse gas (GHG) emissions by 10% Continue to develop programs and provide support to help our properties meet their reduction targets Improve waste diversion rates Energy intensity by 8% Water intensity by 5% Reduce water consumption Waste to landfill by 12% Annual Review

10 PERFORMANCE SCORECARD Priority Objective 2016 Achievement 2017 Goals Asset Environmental Integrity Minimize the environmental risks of our clients assets Undertook 773 environmental assessments, investigations and risk-management projects Green Buildings Attract and Retain Top Talent Talent Development Increase the percentage of green building certifications in our portfolio Support the professional career development plans for our staff Achieved BOMA BEST certification for 96% of the eligible commercial portfolio Invested $233.6K in training and development Talent Retention Foster a culture that promotes from within 57 employees were promoted or moved into expanded roles Health, Safety and Well-being Contribute to Stronger, Livable Communities Contribute to Livable Communities Socio-economic Contributions Promote employee health and well-being and instill a preventative culture Develop strong relationships and build trust in the communities where we operate Achieved a recordable incident rate of 0.92, down from 1.09 in 2015 Completed the company s 13th Habitat for Humanity House in the GTA Continue to effectively manage environmental risk at our clients assets Certify all eligible commercial buildings under management Invest in employee leadership development Pursue lateral stretch opportunities beyond core responsibilities for staff Conduct a company-wide engagement survey Measure impact of community projects Support economic and social progress $284.7K invested in community organizations Measure socio-economic impacts created Operate with Integrity and Trust Compliance and Ethical Maintain a strict compliance culture Conduct Responsible Procurement Promote responsible practices and reinforce tendering processes 100% of employees attested their compliance to the Code of Business Conduct and Ethics Strengthened request for proposal process Continue to maintain a compliance culture Conduct third-party assessments Annual Review

11 SUSTAINABLE DEVELOPMENT GOALS As a leading real estate advisor and management company, we play an important role in supporting the transition to a more equitable and sustainable planet, as set out in the United Nations 2030 Agenda for Sustainable Development. The Agenda is a plan of action intended for the benefit of people, planet and prosperity, anchored on 17 ambitious and transformative Sustainable Development Goals (SDGs). For GWL Realty Advisors, the SDGs provide an opportunity for innovative and sustainable solutions for our managed real estate portfolio and our related activities, which not only bring value to our clients but also to the environment and society as a whole. We focused on three SDGs where we could make important contributions. SUSTAINABLE CITIES AND COMMUNITIES We are developing our clients buildings in a way that supports safe, inclusive and sustainable communities, while respecting their cultural and natural heritage. Refer to page 19, Creating Value through New Developments, and page 32, Ensuring Sound Environmental Management and Green Building Initiatives. 96 % of eligible commercial properties in our managed portfolio are BOMA BEST certified RESPONSIBLE CONSUMPTION AND PRODUCTION We are making a concerted effort to procure more materials from sustainable sources, while working to ensure the efficient use of natural resources in our developments and through our building operations. Refer to page 29, Water Efficiency and Waste Minimization. 5 % decrease in water use intensity, % decrease in waste sent to landfill, CLIMATE ACTION We are reducing the carbon impact of our clients properties and working to ensure their assets are resilient and adaptive to climaterelated risks and natural hazards. Refer to page 29, Energy and Carbon Efficiency. 10 % decrease in absolute GHG emissions, GRI Annual Review

12 Deliver Stable, Long-Term Returns Our mission is to deliver stable, long-term returns for our clients. TOTAL RATE OF RETURN 5.5 % 1-year 8.8 % 5-year 8.6 % 10-year 12 GRI DMA-EC 2016 Annual Review

13 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHTS 8.6 % 10-year rate of return $ 1.2B real estate transactions PORTFOLIO STRATEGY AND MANAGEMENT GWL Realty Advisors customizes portfolio strategy recommendations to meet the unique investment objectives of our clients. Our clients typically seek real estate portfolios that provide stable cash flow with the opportunity for capital appreciation. To achieve this objective, we construct geographically diversified portfolios within cities and across asset classes. We anchor our geographic diversification strategy to the economic drivers of cities, providing exposure to the most diversified economies, complemented by cities with higher exposure to fewer and often contrasting economic drivers. These investment strategy recommendations extend to capital funding structures, providing clients with accretive financing strategies that also act to mitigate potential risk in changing economic cycles. $ 1B development pipeline 94 % portfolio occupancy rate We offer a personalized approach to building relationships with our clients. Regular meetings throughout the year allow clients to remain engaged in the performance of their portfolios. During these meetings, we report on portfolio results, risks and opportunities, as well as specific property holdings and growth strategies. Supported by proprietary research, we provide our clients with broad market knowledge and insights, giving them the context behind our portfolio recommendations. Business plans for every asset provide a comprehensive property strategy, including operational and capital spending recommendations, and insight into lease expiry profiles and go-forward leasing strategies. Recommendations within these plans are designed to protect and enhance property cash flow and value. INVESTMENTS, ASSET MANAGEMENT AND LEASING STRATEGIES Our investment policy guides our approach to the acquisition and disposition of our clients assets. As part of our process, we conduct comprehensive due diligence assessments to ensure we minimize risks and optimize opportunities for long-term growth of assets. We follow a disciplined approach, disposing of non-core assets while ensuring client portfolio diversification objectives are met. Asset management activity is guided by annual business and capital plans which are finalized only after various value creation scenarios are taken into account, including income generation capabilities, building upgrades and improvements, and leasing strategies. Our core objective of delivering stable, recurring cash flow is intrinsically connected to portfolio occupancy. We engage with our tenants on new and existing leasing agreements to achieve optimal building occupancy. Our leasing teams work proactively with our tenants to find the right spaces for their businesses and negotiate lease agreements that deliver value. DEVELOPMENT PROJECTS We look for development opportunities that align well with the long-term interests of our clients and that add value to the communities where they are built. To optimize their potential value, we assess the risk profile of each client. Our new high-quality properties are technologically advanced, socially acceptable and environmentally responsible. VALUE OF REAL ESTATE ADVICE As a trusted real estate investment advisor, we work closely with our clients to understand their needs and then create a customized approach that provides the best investment advice. With a guiding principle of putting the client first, we understand more than ever, in a challenging economic environment, the importance of strengthening relationships with our clients who are seeking reassurance about the stability of their portfolios. Throughout the year, our clients were fully apprised of our actions as we closely monitored their assets and positioned them to withstand changing market dynamics. We take pride in our relationships, which are driven by our values. Building partnerships that are based on the value of real advice is what we are all about. 13 GRI DMA-EC 2016 Annual Review

14 OUR PERFORMANCE Despite a continued challenging economic environment in Alberta, we delivered stable income and long-term returns for our clients TOTAL REAL ESTATE ASSETS UNDER MANAGEMENT ($ MILLIONS) LEASING ACTIVITY We ended the year with an overall average occupancy rate of 94%. We completed a total of 503 transactions totalling 7.8 million square feet, of which 44% were new and 56% were renewals. These results reflect the innovative and collaborative arrangements we have with our tenants to maintain occupancy in our buildings and ensure their long-term viability. OCCUPANCY RATE BY PROVINCE OCCUPANCY RATE BY ASSET CLASS Pension Fund Advisory Services $8,133 $8,215 $8,199 $8,649 Canadian Real Estate Investment Fund No. 1 $4,573 $4,326 $4,165 $3,951 London Life Real Estate Fund $2,380 $2,252 $2,056 $1,977 Great-West Life/London Life/Canada Life $2,158 $2,368 $2,143 $2,071 Total Value of Assets $17,244 $17,161 $16, 563 $16,648 Total Square Feet (millions) Total Number of Assets (%) 2015 (%) British Columbia Alberta Saskatchewan/ Manitoba Ontario Quebec Atlantic Canada (%) 2015 (%) Office Multi-residential Industrial Retail INCOME RETURN CAPITAL RETURN TOTAL RETURN 0.8% 4.7% 5.0% 5.6% 3.8% 3.0% 5.5% 8.8% 8.6% 1Yr 5Yr 10Yr 1Yr 5Yr 10Yr 1Yr 5Yr 10Yr Commerce Court (Toronto, ON) is BOMA BEST Gold certified and LEED Gold certified. 14 GRI 9 DMA-EC EC Annual Review

15 ACHIEVING CLIENT PORTFOLIO OBJECTIVES In 2016 we maintained a proactive portfolio management strategy. The asset and property management teams continued a multi-disciplined focus on forward leasing, maintaining low debt to value ratios, implementing select value-added capital upgrades, seeking development opportunities and developing superior tenant relationships. INVESTMENT TRANSACTIONS The investment market remained very competitive during the year with significant capital pools pursuing limited quality opportunities. These dynamics, which continued to drive record low yields and higher asset values, made acquisitions for clients challenging. Despite these conditions, we concluded 11 real estate investment transactions totalling $1.2B, representing $563M in new acquisitions and $629M in dispositions of non-core assets. We acquired 1350 and 1360 René Lévesque Blvd. West, a 975,000 square foot landmark office complex, consisting of two Class A office towers in downtown Montreal, QC. The complex is leased to a roster of strong covenant tenants and holds a LEED Silver certification. This acquisition represented the first unencumbered 100% interest of a major office tower in Montreal s downtown core in many years and is believed to be the largest real estate transaction in Quebec in We also acquired an industrial portfolio of five new-generation, multi-tenant, small and mid-bay buildings totalling 502,496 square feet in Mississauga, ON. Of the dispositions completed in 2016, the sale of our client s 34% interest in Bentall Centre, downtown Vancouver s largest office complex, was the most significant transaction. Other dispositions include: one multi-residential building (Sussex House in Ottawa, ON), seven office buildings (105 Hotel De Ville in Gatineau, QC; four buildings that make up Allstate Corporate Centre (Markham, ON); and 6345 and 6375 Dixie Road, both located in Mississauga, ON) and one industrial building (7045 Mississauga Road in Mississauga, ON). 1350/1360 René Lévesque Blvd. West (Montreal, QC) is LEED Silver certified Annual Review

16 CREATING VALUE THROUGH LEASING ACTIVITY OFFICE Stabilizing the office portfolio remained a top priority in reducing exposure to new supply risk in Supported by stable employment growth in Vancouver and Toronto, the office portfolio maintained an overall occupancy level of 93.1% with 2.5 million square feet of leasing transactions completed. Within the Alberta market, where economic challenges persist, occupancy levels in our portfolio continued to outperform the broader market and finished the year at 94.2%. INDUSTRIAL Benefitting from tailwinds associated with trade, logistics and e-commerce, industrial assets within our managed portfolio continued to perform well. Strong, broad-based leasing demand led to over 4.9 million square feet of leasing activity within our portfolio, 52% of which was in new lease transactions. Overall occupancy within our industrial portfolio was 96.1% and marked an improvement from 2014 and RETAIL The retail industry continues to witness rapid industry change, particularly related to the rise of e-commerce and digital technology. Our continued focus on needs of life retail led to another year of stable leasing performance within our portfolio. 415,875 square feet of retail leasing was completed. MULTI-RESIDENTIAL Limited new supply and strong demand continued to drive strong leasing activity within our multiresidential portfolio. Our focus on managing and developing best-in-class multi-residential assets continues to bode well for overall occupancy, which ended the year at 95.4%. Tom Lee Music completed a 10-year lease transaction at Vancouver Centre. The space, which was an old movie theatre overlooking Granville St., will be renovated to become Tom Lee Music s flagship store. A five-year lease for 411,264 square feet at a distribution centre at 2200 Trans-Canada Highway (Pointe Claire, QC) was completed. This tenancy, in a building formerly occupied by Zellers, reinforces a trend away from light manufacturing towards warehousing and logistics. Millstream Village (Victoria, BC) is an open air strip and big box shopping centre consisting of seven buildings on 20.5 acres. In 2016, approximately 108,000 square feet of leasing transactions were completed. 525 Richmond Street West (Toronto, ON) is a modern building that offers everything a tenant could ask for in a rental apartment. At the close of 2016, the building was almost fully leased Annual Review

17 CREATING VALUE THROUGH ASSET MANAGEMENT AND RESEARCH The asset management team created value for our clients portfolios through capital upgrade projects that exceeded $159M. These projects were aimed at maintaining the physical integrity and enhancing the amenities of the real estate, preserving and creating value, and sustaining long-term cash flow generation. CASE STUDY: REDEVELOPMENT OF THE FOOD COURT AT COMMERCE COURT Leveraging Our Unique Approach to Research to Inform Asset Management Strategies GWL Realty Advisors was asked by our client to identify opportunities to improve the leasing desirability of Commerce Court, a four office tower complex connected to a retail concourse that is accessible by the underground transit system. As part of a master planning process, an opportunity to modernize the retail concourse for Commerce Court was identified. Modernization would include upgrading the layout and design and developing a new merchandising mix strategy. To validate the proposed strategy, our portfolio analysis and research team undertook a research study to understand the user perceptions independent of a real estate investment lens. A series of stakeholder engagements were organized, including interviews, surveys and focus groups of the office and retail tenants at Commerce Court, shoppers, leasing brokers and urban design professionals. The research results were used to inform several initiatives, including a tenant mix strategy, interior design upgrades and marketing. The research also helped develop a visioning process for the complex, focusing on community engagement, pedestrian connectivity/mobility and amenities. Before After Annual Review

18 CREATING VALUE THROUGH NEW DEVELOPMENTS Over the past year, we successfully completed development projects across various asset classes at a total cost of $287M. YYC Marriott (Calgary, AB) Completion of this project added a new 4-star, 318-room, seven-storey hotel atop a four-level podium within the new terminal currently under construction at Calgary International Airport. 51st Avenue Business Centre Phase II (Edmonton, AB) The completion of this project concluded the fourth phase of Prospect Business Park. This phase added 72,000 square feet of new-generation, modern mid-bay sized industrial space to the park. Goreway Business Park Phase III (Brampton, ON) 3495 Steeles Avenue East is the third and final phase of Goreway Business Park. Construction of this 160,039 square foot, state-of-the-art facility was substantially completed in Q2. LEED Gold certification is in progress Annual Review

19 CREATING VALUE THROUGH NEW DEVELOPMENTS CASE STUDY: NORTHWOODS VILLAGE (NORTH VANCOUVER, BC) The Challenge In 2003, GWL Realty Advisors acquired on behalf of a client 24 acres of industrial land in four quadrants for development as a business park. NorthWoods Business Park was thereafter created as six buildings totalling 320,000 square feet in four phases, between 2006 and We sought opportunities to enhance the asset value beyond its original underwriting. The Opportunity In the latter phases of the project, changes to the area, including the addition of quality corporate tenants to the early phases of NorthWoods, presented an opportunity to re-envision the final land quadrant with higher and better uses. The existing residential neighbourhood to the north was in need of revitalization and densification, as well as services for the local residents and new businesses inhabiting the surrounding industrial lands. Our Approach Following substantial market research, working closely with the municipal government and through community engagement, GWL Realty Advisors achieved an amendment to the official community plan allowing for an increase in development density and a higher and better use in the form of retail and residential. The Result The resulting development of Phase 5, NorthWoods Village, comprises a village-style, neighbourhood retail centre with an integrated, 80-unit rental residential building. The pedestrian-oriented village, populated by a community grocer, convenience store, lifestyle businesses and other services, anchors the densifying residential neighbourhood and acts as a community gathering place. The Benefits A 40% increase in developable density An immediate increase in land value upon rezoning Diversification of asset classes within the client s portfolio, including multi-residential rental, which is increasingly difficult to develop or acquire in BC Significantly increased cash flow, and more than three times the created value that would have been realized under the original industrial land use A substantial amenity set to serve the tenants of NorthWoods Business Park Annual Review

20 CREATING VALUE THROUGH NEW DEVELOPMENTS: UNDER CONSTRUCTION PIPELINE Development is a core part of our business. Since 1988, we have completed over 70 projects exceeding $4B in value. Looking forward, we have a significant pipeline of projects that are in construction and in pre-development with a cost of $1B. The projects we develop on behalf of our clients are well-designed properties that provide opportunities and amenities to enhance local communities. The pipeline includes several multi-residential projects to address our clients appetite and market demand for purpose-built rental and office projects. Alberta Boot Project Calgary, AB Mixed-use (Hotel & Multi-residential) Hotel: 33-storey, 390-suite Marriott Residence Inn Multi-residential: 303 units Bay & Gerrard Toronto, ON Multi-residential 594 units with ground floor retail amenity Grenadier Square Toronto, ON Multi-residential 528 units with over 22,000 square feet of amenity space Annual Review

21 CREATING VALUE THROUGH NEW DEVELOPMENTS: PRE-DEVELOPMENT PIPELINE Delta iport Delta, BC Industrial, 1 million square feet 1500 Robson Street Vancouver, BC Multi-residential, 130 units The Brewery Site Edmonton, AB Multi-residential, 304 units Vancouver Centre, Phase II Vancouver, BC Office, 371,000 square feet Lower Lonsdale Project North Vancouver, BC Multi-residential, 170 units High Park Village Toronto, ON Multi-residential, 1,031 units Annual Review

22 Achieve Operational Excellence We strive to operate smart and efficient buildings for our clients and tenants. $ 4M utility costs avoided from energy and water conservation in our office and residential portfolios, in 2016 compared to Annual Review

23 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHTS 99.4 % commercial tenant satisfaction 86.1 % multi-residential tenant satisfaction OUR STRATEGY Our ambition is to operate high-efficiency buildings, ensure they are safe and secure, and deliver excellent service. We believe improving the way we operate our clients assets and meeting our tenants needs are important to ensuring the long-term performance and value of the properties under our management. Our approach reduces operating costs, maintains tenant loyalty and enables us to contribute to more livable and workable communities. EFFICIENT AND HEALTHY BUILDINGS Our property management teams play an integral role in supporting our operational excellence. They are responsible for ensuring a building s heating, cooling, electrical and mechanical systems are managed and maintained in a safe and environmentally responsible manner, to the highest level of operational efficiency, and work to attain green building certifications for eligible properties. Working in collaboration with our asset management teams, the property management teams execute property-specific business plans, which include both capital and operating management projects. The teams follow detailed policies and operating protocols to ensure we undertake timely building and equipment upgrades and maintenance. We also have robust programs to ensure the continued environmental integrity of the buildings we manage and the health and wellness of their occupants. BUILDING SECURITY AND LIFE SAFETY Our security and life safety services team delivers specialized security services to protect our clients assets and to ensure tenant safety. Through these services, we deploy best-in-class policies, processes and technologies. Our well-established and comprehensive building incident reporting system and emergency response plans protect life and property, and prevent or minimize personal injury and physical damage. To promote security interoperability within the community, we play an active role in strengthening collaborations with our security partners, both in the public and private sectors. These collaborations enable us to share intelligence and best practices, conduct security and emergency preparedness exercises, and ensure effective response and business continuity planning. TENANT COMFORT AND SATISFACTION Understanding our tenants changing needs allows us to enhance our services to exceed their expectations. We have comprehensive programs to ensure we provide a healthy workplace and living environment, such as indoor air quality testing, green cleaning practices, and regular environmental compliance monitoring. Our commercial and multi-residential property management teams conduct regular tenant surveys to help us better understand their needs and continuously improve our services to offer a best-in-class experience. The survey results are tied to the performance metrics of our property management teams, which supports the high-performance culture we promote within our organization. DRIVING OPERATIONAL EFFICIENCY THROUGH INNOVATIVE BUILDING TECHNOLOGIES To drive operational efficiencies and improve tenant satisfaction, we continue to upgrade our building technology and provide our property management staff with the skills to leverage new technology. Through the use of our modern automated building systems, our property management teams are helping to find energy efficiencies, maintain building certifications and reduce environmental impacts of buildings while playing an important part in meeting the high expectations of our tenants. Of equal importance is our focus on training and developing our property management staff to ensure they are well equipped to achieve maximum benefits from new, technologically advanced systems. Our property management teams are helping to find energy efficiencies, maintain building certifications and reduce environmental impact. 23 GRI DMA-PR 2016 Annual Review

24 OPERATING SMARTER AND MORE EFFICIENT BUILDINGS Our focus on improving the way we do business drives operating efficiencies and innovative solutions. In 2016, we avoided an estimated $4M in utility costs through energy and water conservation within our office and residential portfolios, compared to EFFICIENCY PROJECTS Guided by property-specific business improvement plans, our property management teams oversaw several projects primarily focused on building modernization and equipment upgrades, including roofing upgrades, lobby and elevator modernization and washroom fixture and lighting upgrades. Before TECHNOLOGICAL INNOVATIONS Over the past year, we continued to invest in technological innovations that are enabling properties under management to be smarter and more efficient. We continued to upgrade building automation systems, which enables us to better control mechanical and electrical equipment to deliver comfort, safety and energy efficiency, while reducing maintenance costs. After At multi-residential properties, we introduced many new technology innovations aimed at creating efficiencies for how we conduct business and how our tenants and potential tenants engage with us. We introduced YieldStar revenue management software that enables us to maximize rental revenue by updating rents daily based on economic factors. The multi-residential group was the first to pilot this technology in Canada and was integral in developing a version specific to the Canadian market. Another innovation introduced in 2016 was iauditor, audit software that creates efficiencies during the period when a suite is vacated before being occupied by a new tenant. BUILDING OPERATOR TRAINING Across our company, we encourage employees to become more knowledgeable in their field of expertise. In 2016, we continued to support and encourage staff to participate in the Building Operator Certification (BOC) program offered by the Canadian Institute for Energy Training (CIET). As of the end of the year, 63 of our property managers and operations team members have now completed this program, more than any other real estate firm in Canada. INTERNATIONAL RECOGNITION As a leader in the Canadian real estate industry, we are pleased to share our operational best practices on an international scale. In September, we hosted two property managers from the Jiaming Centre in Beijing, China, for a four-week information exchange at two of our properties in Calgary, AB. The visiting operators learned about our building management best practices in multiple areas, such as engineering and maintenance, sustainability, tenant relations, janitorial services, security, occupational health and safety, and office administration. MODERNIZING RENTAL SUITES IN THE MULTI-RESIDENTIAL PORTFOLIO As part of our priority to deliver the best tenant experience at our multi-residential properties, we continued our strategic initiative to modernize rental suites, transforming them into more attractive spaces with efficient fixtures and appliances. In 2016, we renovated 206 units, representing close to 7% of the total portfolio. The renovations meet our tenants expectations to live in modern, upgraded suites that fit their lifestyle, while remaining environmentally conscious. Also, in late October, Robert Kavanagh, Vice-President, Asset Management, at our Vancouver office, spoke at BOMA China s fourth annual conference in Beijing. He discussed how to create effective energy management strategies and sustainability plans. By sharing our operational best practices on an international scale, we are helping property managers in other countries gain knowledge on how to elevate their own building performance. 24 GRI DMA-EN DMA-PR 2016 Annual Review

25 DELIVERING EXCEPTIONAL SERVICE We ensure the highest standards of service through our in-house commercial property management team and through our wholly owned multi-residential subsidiary, Vertica Resident Services. TENANT SERVICE AND COMFORT We take a proactive, open and personalized approach with our tenants to ensure we deliver a best-in-class experience. In 2016, we continued to monitor and respond to our tenants requests. At our commercial properties, we introduced formal protocols for interacting with tenants prior to conducting capital improvement projects to minimize disruptions. Our multi-residential properties introduced new technologies that are redefining processes, roles and responsibilities to enable an even greater tenant focus. Staff are pleasant, polite, very prompt in responding to inquiries, and seem to take pride in their work. I instantly felt comfortable here during the application process and during my move-in. They went above and beyond expectations and really made me feel like a valued customer. Resident TENANT ENGAGEMENT Understanding and anticipating tenants changing needs and expectations is an important part of how we deliver quality service. In 2016, our commercial and multi-residential property managers continued to engage our tenants on topics of interest. They held monthly tenant meetings, formed green teams, held workshops and education events, issued newsletters and hosted building events to encourage tenant participation in activities such as Earth Hour, Earth Day/Week and National Waste Reduction Week. Saying thank you to tenants remained an important focus for teams throughout the year as they hosted various tenant appreciation events such as ice cream days, summer barbecues and various holiday celebrations. TENANT SATISFACTION Although portfolio-wide surveys are conducted bi-annually, during 2016, an off-cycle year, we continued with pulse surveys to better understand the quality of service we provided to tenants. In 2016, the commercial portfolio achieved a 99.4% after-service satisfaction score. This score is determined based on a 50% response rate to a survey that was generated after every tenth work order was completed. For the multi-residential portfolio, our tenant satisfaction score was 86.1%. 25 GRI PR5 DMA-PR 2016 Annual Review

26 LEADING SECURITY PRACTICES IN THE REAL ESTATE SECTOR Protecting the safety of our tenants and the security of our clients assets is an absolute priority for us. Through our security and life safety services team, our mission is to preserve the value of assets under management by providing property-specific and cost-efficient security solutions that focus on maintaining asset integrity, protecting building occupants and preventing business interruptions. In 2016, we continued to grow our strong relationships with security partners in the law enforcement and intelligence communities, various municipal and provincial police agencies, the Ontario Association of Chiefs of Police, the Canadian Association of Chiefs of Police, the Canadian Bankers Association, the Commercial Real Estate Security Leadership Group, PATHComm and the RCMP-led National Critical Infrastructure Team s counterterrorism program. POLICIES AND PROCEDURES Clearly formalizing our security mission was an important focus in In addition to clarifying the scope of our security and life safety services, it has also helped to set a foundation on how we make decisions and allocate resources. We also enhanced our national security strategy standards by formalizing our requirements for developing a security program, selecting vendors and issuing security service offerings. PROPERTY-SPECIFIC SECURITY PROGRAMS To ensure that each property adopts a propertyspecific security program, each property is assigned a Risk Ranking commensurate with the degree and type of risks and threats faced. The assigned ranking helps determine the type of security program best suited to protect the property and its occupants. SECURITY PLANS To ensure our properties have an all hazards approach to crisis and emergency management, each property has developed Emergency Management Teams that are capable of executing the Enterprise Emergency Management Plan whenever a major emergency incident occurs which may threaten normal property operations and asset integrity and/or occupant safety. During 2016, we began conducting table top training exercises across the portfolio, to ensure that property teams are properly prepared. INCIDENT REPORTING AND INTELLIGENCE MANAGEMENT As part of our processes to centralize incident reporting and share intelligence across Canada, we created a National Security Operations Centre, a 24/7 security fusion centre. The fusion centre is operated by a third party on our behalf and enables us to identify, log and respond to major security incidents. We beta-tested the service in British Columbia in 2016 and expect to roll it out to the rest of the country over the coming year. SECURITY OUTREACH As one of the founding members of the Commercial Real Estate Security Leadership Group, we have assumed a leadership role within the industry to assess current security challenges and identify mitigation measures aimed at protecting the assets under our management and the occupants therein. Robson Court (Vancouver, BC) participated in the beta-testing for the security fusion centre. 26 GRI DMA-PR 2016 Annual Review

27 Minimize Our Environmental Footprint We actively manage greenhouse gas emissions across our business. Top 10 % among global companies on GRESB 10 % reduction in GHG emissions since % of eligible commercial portfolio is BOMA BEST certified 27 GRI DMA-PR 2016 Annual Review

28 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHTS 10 % reduction in GHG emissions since % reduction in energy intensity since 2013 STRATEGY Environmental sustainability is an important priority for GWL Realty Advisors. As stewards of our clients assets, we believe a strong environmental sustainability platform is fundamental to operating high-performing, resource-efficient and low-impact buildings. Doing so not only protects and grows the value of our clients assets, but also reduces our operating costs, increases tenant loyalty and preserves the environment. 5 % reduction in water intensity since % reduction in waste sent to landfill since 2013 CARBON, ENERGY, WATER AND WASTE REDUCTIONS Our property and asset management teams work collaboratively to identify realistic and economically feasible projects to improve the efficiency of our buildings and help to reduce their environmental impacts. Property performance is tracked through our customized Building Sustainability Profiles (BSPs) Database & Reporting System, which provides standardized sustainability information for each asset. We have avoided an estimated $3.76M of utilities costs within our office property portfolio in 2016, compared to 2013, due to energy and water conservation. By the end of 2016, our office properties were on track to meet their year-overyear and 2018 reduction targets. On average, our office properties outperformed nationally reported averages for the industry. GREEN BUILDINGS The environmental attributes of our buildings are recognized by the various green building certification standards, which include BOMA BEST and LEED certification. In 2016, one of our buildings under management won BOMA s The Outstanding Building of the Year (TOBY) Award; in addition, four BOMA Earth Awards and five Certificates of Excellence in Building Management were also earned. GRESB GREEN STAR RANKING For the second year in a row, we achieved a Green Star ranking on the 2016 Global Real Estate Sustainability Benchmark (GRESB), placing second in Canada among real estate management firms. This year we ranked amongst the top 10% of global peers, scored above average both globally and in North America in all of the assessed categories, and improved our score in the environmental performance indicators section by 35% between 2015 and GRESB is the world s leading benchmark used by investors to help understand real estate companies environmental, social and governance activities and the sustainability performance of their portfolios. ENVIRONMENTAL MANAGEMENT Our environmental and sustainability policies and procedures ensure we mitigate risks and proactively protect the value of our clients assets from potential environmental liabilities. Our Sustainability Benchmarking and Conservation Program (SBCP) a national initiative that has established five-year ( ) targets for greenhouse gas (GHG) emissions, energy, water and waste at our managed office properties is used to assess annual performance, support management decision-making and encourage energy, water and waste reductions at each of our managed office properties. 28 GRI DMA-EN CRE Annual Review

29 OPTIMIZING FOR EFFICIENCY Improving the energy efficiency of our buildings is an integral part of how we operate high-quality assets that are less costly to manage. Reducing our energy consumption also presents an opportunity to demonstrate leadership around the reduction of GHG emissions and enables our clients and occupants to minimize their carbon footprint. ENERGY AND CARBON EFFICIENCY Over the past few years, we have set energy and carbon reduction targets over a five-year period ( ) and collaborated with our property and asset managers to better understand each building s sustainability profile. In 2016, our office properties are on average 13% more energy efficient than the REALPAC reported national average for office properties. Energy Audits Our commercial and residential properties undergo comprehensive energy audits every five years. The energy audits are used to assess the energy performance of our buildings and identify improvement opportunities. Many of the conservation projects we implement touch all aspects of a building s systems, including ventilation, heating, cooling, automation and controls systems, building envelope and lighting. Equipment Upgrades Investments in building and equipment upgrades continue to be made through property capital and business plans, where economically and technically feasible. Our objective is to increase the operational efficiency of the buildings while maintaining occupant health and comfort. Some of our buildings are also conducting recommissioning, which is a low-cost, low-risk energy management strategy for buildings that enables us to re-optimize existing equipment and systems to ensure they operate as efficiently as possible. WATER EFFICIENCY Through the Sustainability Benchmarking and Conservation Program (SBCP), we have set annual and five-year reduction targets to be achieved by In 2016, our Corporate Sustainability Team provided property management teams with informational primers on the subject of water conservation, which covered topics including: restaurant tenants, cooling-tower maintenance and water management, and single-pass cooling systems. Over the year, our properties undertook numerous water conservation projects including the installation of low-flow fixtures, automatic water sensors, rainwater harvesting systems, smart irrigation technologies and cooling tower upgrades. WASTE MINIMIZATION We work collaboratively with our contractors, suppliers and tenants to encourage the use of more environmentally and socially responsible products and services that facilitate our ability to reduce, reuse and recycle materials. In 2016, we formalized these expectations through updated waste management, sustainable procurement and green cleaning policies. We also continued to source sustainable products and services, including energy-efficient lighting, sustainable paper and janitorial products, and green cleaning services. Our property managers conduct regular waste audits, track the major waste streams at their properties, and identify waste management practices that promote prevention, reduction, reuse and recycling. Lighting Retrofits Over the past year and a half, we conducted a comprehensive lighting inventory and audit of buildings in our portfolio as part of a strategic procurement initiative to source lighting equipment from a single national supplier. As part of this initiative, teams are engaged on opportunities to reduce energy use through lighting retrofits and upgrades. 29 GRI DMA-EN 2016 Annual Review

30 OPTIMIZING FOR EFFICIENCY These results for our office and multi-residential portfolios highlight our proven track record of strong environmental performance. GHG EMISSIONS INTENSITY (tco 2 e/1,000 ft 2 ) ENERGY INTENSITY (ekwh/ft 2 ) WATER INTENSITY (litres/ft 2 ) LANDFILL WASTE & RECYCLABLES (tonnes) 15,745 10,385 15,023 14,665 13,845 15,235 13,847 13, High-performing buildings such as Purdy s Wharf (Halifax, NS), which is certified BOMA BEST Gold and LEED Gold, help us to reduce our environmental footprint. Landfill Waste Recyclables 30 GRI EN5 CRE1 CRE Annual Review

31 CASE STUDIES ENERGY EFFICIENCY Canada Life Place reduced its energy use by 18% from 2013 to 2016, an average of 6% per year. The property management team helped accomplish this by installing efficient LED lighting and variable frequency drives (VFDs), and through improvements to the building automation (BAS) system scheduling. Canada Life Place s energy use intensity is now 22.7 ekwh/ft 2 /yr, which is 17% better than the national BOMA BEST certified office building average and nearing REALPAC s best-practice level of 20 ekwh/ft 2 /yr. WATER EFFICIENCY Centennial Towers reduced its water consumption by an impressive 49% from 2013 to After the property management team installed water-efficient and low-flow fixtures throughout the building and encouraged tenants to have their once-through water-cooled air conditioning units replaced, the property s water use efficiency decreased to 31 litres/ft 2 /yr, well below REALPAC s best-practice level of 55 litres/ft 2 /yr. WASTE MINIMIZATION Stock Exchange Tower improved its waste diversion rate the percentage of waste diverted from landfill through recycling by 25 percentage points from 2013 to By engaging, educating and encouraging co-operation between building tenants and custodial staff around best practices in waste management, the property team helped reduce waste production at the property by 65%. This reduction helped the building attain a waste diversion rate of 79% in 2016, which is better than the reported Canadian industry average of 66%. Canada Life Place (Regina, SK) Centennial Towers (Ottawa, ON) Stock Exchange Tower (Calgary, AB) 31 GRI EN Annual Review

32 ENSURING SOUND ENVIRONMENTAL MANAGEMENT AND GREEN BUILDING INITIATIVES We believe that protecting the environmental integrity of our assets and promoting green buildings is an important value driver for our clients assets over the long term. Compliance with environmental standards and legislation is essential to mitigating risk, while greener, more sustainable buildings offer a high-quality asset to our clients that is efficient, healthy for occupants and more resilient. ENVIRONMENTAL MANAGEMENT We conduct comprehensive due diligence assessments and third-party environmental compliance checks to ensure our properties under management are effectively managing a broad range of environmental risks, including: hazardous materials, chemicals, chlorofluorocarbons, waste, indoor air quality, and mould prevention and management. In 2016, we developed a robust database to better track, respond and follow up on air quality. We also completed a project to identify and remove polychlorinated biphenyl (PCBs) from all buildings under our management. To promote awareness of our environmental management policies and procedures, all management staff throughout the organization was provided with online refresher training. Our compliance system was also updated to provide an enhanced interface, which will better facilitate how we track and measure performance. GREEN BUILDING CERTIFICATIONS Our eligible commercial properties pursue green building certifications, including both BOMA BEST and LEED rating systems. These systems are considered the best-practice standards for the design, construction and operation of green buildings. They also offer third-party verification of our management practices and performance, which helps to attract high-quality tenants and assure best-in-class operational practices. In 2016, we continued to pursue our target of achieving green building certifications for all eligible commercial assets, including office, industrial and retail properties. To date, 96% of our eligible commercial portfolio is BOMA BEST certified, and 10.9 million square feet of our portfolio is LEED certified. BOMA BEST Promoting greener and more sustainable buildings is helping our clients contribute to making cities inclusive, safe, resilient and sustainable. 120 Bremner St., located at Southcore Financial Centre (Toronto, ON), is BOMA BEST Platinum certified. 32 GRI CRE Annual Review

33 Attract and Retain Top Talent We offer an environment where people feel valued, supported and empowered to succeed. EMPLOYEES BY PROVINCE/REGION Ontario: 469 Alberta: 208 British Columbia: 96 Saskatchewan/ Manitoba: 96 EMPLOYEES BY GENDER Men: 53.5% Women: 46.5% Quebec: 36 Atlantic Canada: Annual Review

34 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHTS $ 233.6K invested in training and development 57 employees promoted to new or expanded roles OUR PEOPLE STRATEGY We strive to recruit and retain the most talented people and to continuously develop their skills. We have a clear set of values and a culture that is based on performance and recognition. We employ 935 employees in eleven offices across Canada. It is their commitment that enables us to thrive as a business. TALENT DEVELOPMENT AND ATTRACTION Ensuring that we retain and develop the most qualified people is important to our success. Our performance culture relies on our performance and development management program to ensure that employees have meaningful conversations with leaders throughout the year and set performance objectives that enable them to grow personally, while driving results for the business. We are also committed to supporting the professional career development goals of our employees. We do this by offering leadership development programs, providing on-the-job stretch opportunities and in-house training programs, and through an annual training and development allowance of $2,000 that can be used for external training and other continuing education programs. With an eye to the future and to maintaining a talent pipeline, we implement proactive strategies such as partnerships with education institutions. HEALTH, SAFETY AND WELL-BEING We are committed to providing our staff with a safe and healthy work environment. We have robust occupational health and safety (OH&S) policies, procedures and programs that anchor our safety management system and provide the tools to support our goal of zero injuries. Oversight for our performance is assigned to a corporate OH&S Steering Committee, with representation from our joint management OH&S sub-committees. Third-party OH&S audits are conducted annually to ensure regulatory and corporate requirements are respected. We promote employee well-being through comprehensive and flexible benefits, training and awareness, a wellness account and employee access to our Employee Family Assistance Program. EMPLOYEE FEEDBACK As part of our corporate performance review, we believe it is important to get feedback from our employees. On a periodic basis, we conduct comprehensive employee engagement surveys to get a fresh perspective on our leadership, whether we are meeting our goals to be an employer of choice and how engaged employees feel within the organization. The results of the engagement surveys are communicated to our employees and analyzed within our various business units across the country, and action plans are put in place to inform our continuous improvement efforts. DIVERSITY AND INCLUSION We strive to be an inclusive, accessible and attractive employer to people from all backgrounds. We want our people to have diverse perspectives doing so makes them more creative and better able to adapt to change. For us, being an inclusive employer means attracting and retaining a workforce that reflects the many communities where we operate. A more diverse workforce is a more creative workforce that is better able to understand and respond to the needs of our clients and tenants. Over the past year, we have continued to maintain a healthy distribution of women at management levels across the organization, reflecting our ambition to support gender equity at the most senior levels. In 2016, women represented 47% of our total workforce. Our respectful workplace training programs include content that focuses on uncovering unconscious biases and ensuring behaviours are consistent with our values. We also continued our membership on Commercial Real Estate Women (CREW), supporting the network s dedication to advancing the achievements of women in commercial real estate. 34 GRI DMA-SO LA2 LA Annual Review

35 ATTRACTING AND DEVELOPING THE BEST TALENT Our commitment to being an employer of choice is driven by our objective to attract and retain the best talent. TALENT RECRUITMENT PROGRAMS Our goal is to ensure we attract and retain experienced and skilled talent who reflect our values. In 2016, we recruited 157 new hires and had 16 students working with us through our summer student program. We became a new sponsor of the Canadian Green Building Council Academic Leadership Award, which recognizes a deserving individual or institute who educates future leaders in sustainable real estate design, green building operations and/or real estate development at a post-secondary institution. To address changing demographics, aging populations and technological innovations, we continued our focus on growing and developing the next generation of building operators. We maintained our long-standing relationship with Seneca College, offering a bursary to a deserving second-year student enrolled in the Building Engineering System program. We expanded our co-op placement program, offering a student hands-on experience at two of our flagship office properties in downtown Toronto. RETAINING TALENT We celebrated 106 employees for their long tenure with our company, reaching milestones of up to 35 years with our organization. In fact, one in three employees in our total workforce has tenure of 10 or more years celebrations included the 20-year anniversary of President Paul Finkbeiner. RECOGNIZING OUR PEOPLE Above & Beyond Awards, our new recognition program, was launched in Q2 to reward the efforts of employees who go above the call of duty and who demonstrate behaviours that are aligned with our values. At the end of each quarter, we recognized one winner from each of the five regions (British Columbia, Alberta, Winnipeg, Ontario and Eastern Canada). During the program s first year, 15 employees were recognized. DEVELOPING TOP TALENT In 2016, we invested $233.6K to help our employees to learn new skills and gain new experiences. To further advance their careers, our employees also took part in various internal training programs, which included on-the-job skills training, in-house webinars and leadership development programs. During the year, 1,233 hours were spent on independent online training. Building on our Take the Lead training program launched in 2015, we piloted a new leadership development project to build managerial capabilities and support succession planning for our business. MEET DANIEL MAGUIRE, BUILDING OPERATOR Daniel joined GWL Realty Advisors in September as a building operator at 33 Yonge Street in Toronto after concluding a co-op placement from Seneca College. Since 2014, we have partnered with Seneca College as part of our building operator recruitment and retention strategy, which includes a bursary and co-op placement. Without that partnership with Seneca College, we wouldn t have had the opportunity to meet Daniel. I think Daniel is the first success story where we ve been able to come full circle. We ve seen the benefit of the partnership as it gives us an inside advantage to young talent who are really looking to get into the industry and have training from a recognized program. Robert Reed Senior Property Manager 33 Yonge Street (Toronto, ON) 35 GRI DMA-SO LA2 LA Annual Review

36 PROTECTING EMPLOYEE HEALTH, SAFETY AND WELL-BEING We are committed to providing a work environment where people feel safe and have access to preventive programs that promote health and well-being. By empowering a healthy and resilient workforce, our employees are more productive, motivated and inspired to make a difference. OCCUPATIONAL HEALTH & SAFETY Over the past few years, we experienced a downward trend in our recordable incident rates, lost-time case rates and severity rates. In 2016, we reported a recordable incident rate of 0.92, down from 1.09 in During the year, we focused on embedding a strong safety culture across the organization by providing mandatory OH&S training to new employees and inspiring all employees to be a safety leader. We promoted our Eye on Safety program, which encourages identification of safety concerns and corrective actions and the sharing of lessons learned. We also elevated the importance of our OH&S Monthly Tool Box Talks to promote safety awareness and completed extensive OH&S new hire training. PERSONAL WELL-BEING Mental health remained an important focus for our employees last year. We continued to provide access to our Employee Family Assistance Program, which supports our employees and their families. In 2016, 265 employees took advantage of our wellness account, which enables them to purchase fitness equipment or subsidize a hobby that promotes a healthier lifestyle. A FOCUS ON AIR QUALITY Through Great-West Life s commitment to the Healthy Communities Campaign, we participated in Pollution Probe s Radon Action Challenge. The challenge involved voluntarily testing our parent company s corporate head offices, including our own head office at 330 University Avenue (Toronto, ON), for levels of the naturally occurring radioactive gas radon. The challenge was also used to build awareness for our employees about the importance of radon testing at home as well as at the office. The favourable results of the testing showed radon levels below the maximum thresholds set out by both Health Canada and the World Health Organization. In 2017, we intend on voluntarily expanding our radon testing to our entire managed office portfolio. 36 GRI DMA-SO LA6 LA Annual Review

37 Contribute to Stronger, Livable Communities We are committed to inspiring positive socio-economic progress where we do business. $ 284.7K invested in community organizations House # 13 completed for Habitat for Humanity (GTA) 37 GRI DMA-SO 2016 Annual Review

38 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHTS $ 284.7K invested in 22 community organizations 1,708 volunteer hours for Habitat for Humanity OUR STRATEGY As a responsible corporate citizen, we believe that the most effective way to contribute to communities is to support programs that provide economic and social benefits, while adding value to our business. We contribute to communities in three ways: through the community investments we make to diverse non-profit organizations, through the community consultations during the development of new properties, and through the direct and indirect social and economic benefits we generate in society as a result of our business. SOCIO-ECONOMIC IMPACTS We play an important role in the communities where we operate by ensuring we develop our clients properties in a way that contributes to sustainable cities and communities. An important part of our work is to ensure we proactively engage with the communities impacted by our activities to understand local issues, manage our impacts and continuously improve. The important role we play as stewards of our clients assets also provides us with an important opportunity to contribute to a stronger Canadian economy. Our business is enabling us to positively touch Canadians through economic, tax, social and environmental benefits. COMMUNITY INVESTMENTS Through Great-West Life s Stronger Communities Together policy for community investment, we are making a lasting impact by inspiring positive change in the communities where we live and work. The majority of our community investment activities take place at our offices across Canada in support of the local causes that are important to our employees. This local ownership ensures we remain flexible about how to best meet the needs of each community as well as those of each office. Our ongoing strategic investments in Habitat for Humanity demonstrate our commitment to support community-based real estate projects, which promotes the development of vibrant, healthy communities. We encourage our employees to volunteer their time to support the charities that are most important to them. In 2016, we also continued our long-standing support of the United Way. We ran our first independent campaign as a business unit operating within the overall campaign run by our parent company. We set an objective to increase our year-over-year contribution by 5%. Thanks to the generosity of all staff, we exceeded that objective, closing our campaign with a year-over-year increase of close to 7%. COMMUNITY INVESTMENT ACTIVITY CATEGORIES Education and Community Development: 52% Social Services: 28% Health and Wellness: 20% SUPPORTING AFFORDABLE HOUSING Habitat for Humanity Greater Toronto Area (GTA) has benefited greatly from its long-standing relationship with GWL Realty Advisors (GWLRA), who has been a valued partner and supporter of Habitat GTA for the past 13 years. Throughout those years, GWLRA has helped us to advance our mission through sponsorship of homes for 13 families. In 2016 alone, GWLRA was a Title Home Sponsor for two families. In addition, 135 staff participated as volunteers on our build sites to help build safe, decent and affordable homes for working, low-income families. We are appreciative of GWLRA s ongoing support and commitment to our mission. This is a company that is truly making a difference in our community. Ene Underwood CEO Habitat for Humanity GTA Building in Brampton, Caledon, Toronto & York Region 38 GRI DMA-EC EC7 EC8 DMA-SO 2016 Annual Review

39 INVESTING IN LOCAL COMMUNITY CAUSES HOUSING DEVELOPMENTS As a leading developer and manager of real estate, we recognize the important role we can play to support sustainable housing developments. In addition to our long-standing relationship with Habitat for Humanity, we were also pleased to support Lighthouse Legacy Campaign and Ryerson City Building Institute. EMPLOYEE INVOLVEMENT We are proud of the positive impact that our employees are making within the communities where they live and work. In 2016, we supported a wide range of charities including the United Way, Covenant House, Interval House, the Juvenile Diabetes Research Foundation, the Prostate Cancer Foundation, Ronald McDonald House, the Credit Valley Hospital Foundation and the SickKids Foundation. 39 GRI EC7 EC Annual Review

40 CONTRIBUTING POSITIVE SOCIO-ECONOMIC IMPACTS As a leading real estate developer and manager, we are helping to inspire positive change by engaging communities in the development of our properties to create lasting and inclusive socio-economic progress. ENGAGING COMMUNITIES We are committed to engaging with the communities impacted by our activities to ensure their perspectives are integrated into the planning, design and construction of our new developments and existing redevelopment projects. Through open dialogue, our community engagements provide us with better insights into the communities where we operate, including the social and environmental issues that are important to them. We work collaboratively to address concerns and questions. Project updates are made publicly available through property websites, letters and other media. We also continued our participation at the Urban Land Institute, which enables us to support the responsible use of land and the creation of thriving communities. CREATING SOCIO-ECONOMIC IMPACTS As an employer, real estate investment advisor and development manager of our clients assets, we are playing an important role in contributing to the Canadian economy. As an employer, in 2016 we generated jobs for more than 935 people, providing wages and benefits. We also invest in training that helps develop local talent and intellectual capital. As a real estate investment advisor, we know that many of our clients including pension funds and insurance companies depend on us for their business success. In 2016, we delivered a total portfolio one-year rate of return of 5.5% to our clients. Over the long term, these returns benefit millions of individuals across Canada who depend on their pension and individual savings for their income. As both a development and property manager, we contribute to the local economy through the third parties we hire at our development sites and properties, and the payments we make to our suppliers, including consultants and tradespeople. When we undertake a new development project, it is with the understanding that it satisfies a business opportunity for the owner and contributes to the long-term vitality of the neighbourhood. Our approach to the redevelopment of Grenadier Square (Toronto, ON) is an example of the importance that we place on community engagement during the development of new construction projects. As an existing landlord in this neighbourhood, we initially engaged with our current tenants to discuss the development concept. Then, during the two-plus years of rezoning, we expanded our engagement to include the local councillor, various community groups and neighbouring condominium boards. To ensure that the community was given many opportunities to be a part of the process, we conducted various design and working sessions, voluntarily hosting more than the required engagements outlined by the City. 40 GRI DMA-EC EC7 EC Annual Review

41 Operate with Integrity and Trust We build trust by adhering to the highest standards of ethics and integrity. 100 % of employees attested their compliance to the Code of Business Conduct and Ethics 41 GRI DMA-SO DMA-PR 2016 Annual Review

42 MANAGEMENT AND PERFORMANCE KEY HIGHLIGHT 2,652 hours of compliance training completed by employees OUR STRATEGY We strive to conduct our business to the highest standards of ethics and integrity, complying with all applicable laws, regulations and internal policies. This helps us to build the trust and confidence of our clients. We also engage with our stakeholders to understand and promote issues that are important to them and to our business. ETHICS AND INTEGRITY Our core GWLRA IS FIT values integrity, service, fun, innovation and teamwork set the foundation for how we conduct our business. Our five values are not just about doing the right thing, but also reflect the way we uphold the fiduciary responsibility we have to our clients and the many individuals who depend on them for their pensions and income savings. Integrity: We are uncompromising in our discipline and level of diligence in all aspects of our work. Service: We believe in relationships characterized by mutual benefit, respect, shared responsibility and open communication, and that nothing makes a relationship more worthwhile than attentive customer experience. Fun: We believe that superior solutions and advice come from working together and in partnership with our clients. We are an entrepreneurial team, delivering real estate services with passion. Innovation: We believe in looking at our work with fresh eyes and with a sense that it is always possible to generate new ways of creating value for our clients. We focus on the importance of every initiative and have an unwavering commitment to doing it right. Teamwork: We believe it is of the utmost importance for all our staff to enjoy their work and to conduct our business in a collegial work environment. We value employee contributions and reward performance with competitive compensation and opportunities for personal advancement. COMPLIANCE MANAGEMENT Our Compliance Steering Committee oversees and monitors our compliance obligations on a range of topics, including OSFI requirements, accessibility standards, commercial and residential tenancies legislation, real estate brokerage licensing, privacy, anti-money laundering, health and safety, and environmental matters, among others. STAKEHOLDER ENGAGEMENT We engage with our stakeholders to promote trust and confidence in our business. These engagement activities enable us to better understand the interests of our stakeholders, promote understanding and position our company on specific issues that we believe are important to the real estate industry. OUR RISK-BASED COMPLIANCE FOCUS Our focus over the past year is to take a risk-based approach to compliance management, with a broad view of all trends and industry issues impacting our real estate business. Our multi-functional Compliance Steering Committee enables us to better prioritize the key risks impacting our business. In 2016, we continued to grow the membership of the committee to include representation from departments such as finance, legal, commercial and residential operations, human resources, environmental, health and safety, and security, among others. The committee meets monthly to review industry trends and changing laws and regulations impacting our business, as well as applicable policies, procedures, training and reporting requirements. We identify key risks and assess the adequacy of the controls in place to mitigate those risks. We maintain a strong risk management framework, which we use to monitor our compliance risk mitigation measures. We believe our strong, risk-based compliance focus is important to meeting our fiduciary responsibilities and our commitment to delivering stable, long-term returns to our investors. 42 GRI DMA-SO DMA-PR SO Annual Review

43 EMBEDDING A STRONG ETHICS AND COMPLIANCE CULTURE Ethical business conduct and compliance management are an integral part of our responsible business management philosophy. Over the years, we have instilled a strong compliance culture to help our employees to understand the importance of adhering to all our requirements. OVERSIGHT AND EMPLOYEE TRAINING In 2016, 100% of our employees signed off on Great-West Life s Code of Business Conduct and Ethics, confirming their understanding and attesting their compliance to the requirements, and all designated employees signed off on GWL Realty Advisors Directors Code of Professional Conduct. During the year, select employees also underwent annual training that refreshed their knowledge of topics such as privacy and anti-money laundering. laundering to all employees, and also provided supplemental anti-money laundering training focused on real estate transactions. Furthermore, our sustainability and corporate environmental teams formalized our Corporate Environmental & Sustainability Policy, which now includes energy, GHGs, water, waste, green cleaning and sustainable procurement. The policies will be launched in 2017 through communication sessions with our property teams. VERIFYING COMPLIANCE We have programs in place to meet our various compliance obligations. Our brokerage licensing certifications and renewals are monitored in each province where we provide licensed services. Property management practices are assessed through third-party verification processes provided by RiskCheck and ContractorCheck. In 2016, we updated our RiskCheck process to ensure environmental and health and safety requirements were up to date. In addition, review and approval processes for completing the audits were strengthened by ensuring different levels of authority within the organization had signed off on the completion of audits. In 2016, we expanded the mandate of the Compliance Steering Committee to cover changing trends and regulatory requirements from a corporate and real estate sector perspective. We also grew committee membership to ensure broad representation from across the business. To ensure our compliance, we continued to undertake third-party compliance checks and strengthened internal testing of compliance with our corporate policies. ROBUST POLICIES AND PROCEDURES Our comprehensive policies and procedures cover a broad range of topics, including OSFI requirements, accessibility standards, commercial and residential tenancies legislation, real estate brokerage licensing, privacy, anti-money laundering, health and safety and environmental sustainability. In 2016, we updated our anti-money laundering policy to ensure it was aligned with the requirements of the real estate industry. We extended basic training on privacy and anti-money THIRD-PARTY STANDARDS Our high standards of ethical conduct and compliance are extended to our network of service providers that work on our behalf. These requirements are included as part of the contractual arrangements we have with third parties. In 2016, we strengthened the process by developing a new request for proposal template that includes relevant legal and corporate requirements, which we standardized based on the type of work to be undertaken. We also developed a pre-approved contractor list of third-party providers that meet our standards and are permitted to work on our properties. Tendering policies were further strengthened to ensure that our contractor processes are robust. Later in the year, we conducted random audits of contractor files to ensure compliance with our requirements. Property managers now also have access to checklists that they can use to ensure the tendering process requirements are being met. 269 Laurier Ave. (Ottawa, ON) is LEED Gold certified and BOMA BEST Silver certified. 43 GRI DMA-SO DMA-PR SO Annual Review

44 BUILDING TRUST THROUGH STAKEHOLDER ENGAGEMENT We engage directly with our stakeholders through formal and informal meetings as well as engagement surveys. We communicate directly with our stakeholders through our corporate website, discussions at conferences, participation in sectoral and cross-sectoral events, partnerships with NGOs and other industry associations, and dialogue with governments and regulators. These engagement activities enable us to better understand the interests of our stakeholders, promote understanding and position our company on specific issues that we believe are important to the real estate industry. In 2016, we were active on a variety of topics, including: green building certifications, diversity and inclusion, security, building operator training and sustainable community developments. Partnerships and sponsorships (e.g., Habitat for Humanity) Meetings and consultations (e.g., development projects) Presenting at industry conferences Research groups (e.g., Urban Land Institute) Building operator training (e.g., Seneca College) Regulatory filings and reviews Development project permit approvals Performance meetings Risk and compliance management meetings Joint CSR and sustainability initiatives Investment Committee Pension stewardship COMMUNITY AND ACADEMIA GOVERNMENTS AND REGULATORS PARENT COMPANY (The Great-West Life Assurance Company) CLIENTS (pension funds and institutional and retail investors) STAKEHOLDERS SUPPLIERS AND CONTRACTORS BUSINESS ASSOCIATIONS Business planning meetings Investment update briefings Industry research studies TENANTS (office, industrial, retail and multi-residential) EMPLOYEES Leasing discussions Property management communications Satisfaction surveys Property meetings and tenant events (e.g., Earth Day, holiday celebrations) Management updates Skills training and development Employee surveys Performance reviews Visits and meetings Supplier events Performance reviews Real estate industry memberships (e.g., REALPAC, NAIOP) Green buildings (e.g., BOMA, CaGBC) Security partnerships (e.g., Commercial Real Estate Financial District Security Group, PATHComm) Diversity partnerships (e.g., Commercial Real Estate Women (CREW)) 44 GRI Annual Review

45 DATA TABLES ENVIRONMENT Quantitative Data GRI Indicator ENVIRONMENT 1 Greenhouse Gas Emissions (GHG) (tco 2 e) GHG Emissions Scope 1 and 2 1, 2 197, , ,099 G4-EN15, EN16 Managed Office 145, , ,442 G4-EN15, EN16 Multi-Residential 51,547 52,946 53,657 G4-EN15, EN16 Direct GHG Emissions Scope 1 1, 2 73,524 74,467 83,160 G4-EN15 Managed Office 37,995 38,469 44,113 G4-EN15 Multi-Residential 35,529 35,998 39,047 G4-EN15 Energy Indirect GHG Emissions Scope 2 1, 2 123, , ,939 G4-EN16 Managed Office 107, , ,329 G4-EN16 Multi-Residential 16,018 16,948 14,610 G4-EN16 Other Indirect GHG Emissions Scope ,122 30,197 32,236 G4-EN17 Managed Office 12,083 13,210 13,295 G4-EN17 Multi-Residential 18,039 16,987 18,941 G4-EN17 GHG Emissions Intensity (tco 2 e/1,000 ft 2 ) G4-EN18, CRE3 Managed Office G4-EN18, CRE3 Multi-Residential G4-EN18, CRE3 Net Reduction of GHGs through Conservation (tco 2 e) 5 (10,135) (9,032) 427 G4-EN19 Energy Consumption (MWh) Energy Consumed within the Organization 6 966, ,541 1,042,622 G4-EN3 Non-renewable Fuel Consumed 396, , ,800 G4-EN3 Natural Gas (metered) 396, , ,866 G4-EN3 Fuel Oil 1,934 G4-EN3 Electricity Purchased for Consumption 519, , ,071 G4-EN3 45 GRI EN3 EN15 EN16 EN17 EN18 EN19 CRE Annual Review

46 DATA TABLES ENVIRONMENT (continued) Quantitative Data GRI Indicator Steam purchased for consumption 46,623 53,380 55,798 G4-EN3 Chilled Water purchased for consumption 4,369 3,597 1,953 G4-EN3 Energy Intensity (ekwh/ft 2 ) G4-EN5, CRE1 Managed Office G4-EN5, CRE1 Multi-Residential G4-EN5, CRE1 Net Reduction of Energy through Conservation (MWh) 8 (21,181) (14,952) 12,230 G4-EN6 Waste Waste Generated Absolute (tonnes) 9 13,847 13,845 15,023 G4-EN23 Managed Office 5,237 5,761 5,823 Multi-Residential 8,611 8,084 9,200 Waste Generated Intensity (tonnes/1,000 ft 2 ) Managed Office Multi-Residential Waste Disposal Method (tonnes) 10 Waste to Landfill 11 13,204 13,059 15,023 G4-EN23 Recycled 12 13,443 15,235 14,665 G4-EN23 Recovery for Energy G4-EN23 Waste to Landfill Diversion Rate (%) 14 49% 52% 49% Water 15 Water Withdrawn (m 3 ) 3,459,672 3,504,736 3,404,803 G4-EN8 Managed Office 1,734,491 1,765,600 1,741,272 G4-EN8 Multi-Residential 1,725,181 1,739,135 1,663,531 G4-EN8 46 GRI EN3 EN5 EN8 CRE1 EN6 EN Annual Review

47 DATA TABLES ENVIRONMENT (continued) Quantitative Data GRI Indicator Water Consumption Intensity (litres/ft 2 ) CRE2 Managed Office CRE2 Multi-Residential CRE2 Green Building Certifications, Labelling or Rating Overall % of Assets % Assets That Received a Green Building Certification 16 97% 91% 68% By Asset Class Office CRE8 Multi-Residential CRE8 Open-Air Retail CRE8 Light Industrial CRE8 By Type of Certification LEED (CaGBC) CRE8 BOMA BEST (BOMA Canada) CRE8 Built Green (NRCan) CRE8 47 GRI CRE2 CRE Annual Review

48 DATA TABLES ENVIRONMENT (continued) 1. All environment data (i.e., emissions, energy, water and waste) relates to GWLRA s managed office and multi-residential portfolios, and are consolidated based on an operational control approach. Industrial data is excluded, as data is available for common areas only and is under the de minimis threshold for reporting ( 0.5% of overall emissions) as stated by the GHG Protocol. 2. Our Scope 1 and Scope 2 GHG emissions relate to assets under management where we have operational control. Our base year of reporting is We use the WBCSD GHG Protocol Corporate Accounting and Reporting Standard to guide our methodology for calculating GHG emissions. The gases included in the calculation cover carbon dioxide, methane and nitrous oxide. The emission factors and global warming potentials are based on the most recently available Environment Canada National Inventory Report, Enwave Studies and International Panel on Climate Change factors. Scope 1 emissions relate to natural gas and fuel oil consumption and excludes GHG emissions associated with backup generator fuel use and refrigerant top-ups. Scope 2 emissions relate to purchased electricity, steam and chilled water consumption. 3. Our Scope 3 GHG emissions include emissions from waste sent to landfill and water distribution for assets under management where we have operational control. We use the WBCSD GHG Protocol Corporate Accounting and Reporting Standard to guide our methodology for calculating GHG emissions. The gases included in the calculation cover carbon dioxide, methane and nitrous oxide. The emission factors and global warming potentials are based on the Environment Canada National Inventory Report (NIR) and the International Panel on Climate Change factors. 4. Our GHG emissions intensities relate to Scope 1, 2 and 3 for office and multi-residential properties only (as reported in this appendix). The total square footage for the denominators used to calculate the emissions intensities are based on gross floor area: 2016 = 27,788,047 ft 2 (office) + 12,525,815 ft 2 (MURB); 2015 = 27,788,047 ft 2 (office) + 12,448,998 ft 2 (MURB); and 2014 = 26,975,993 ft 2 (office) + 11,997,269 ft 2 (MURB). 5. Estimated reduction of Scope 1, 2, and 3 GHG emissions as a direct result of conservation initiatives at our office and multi-residential properties, relative to 2013 base year emissions. The gases included in the calculation cover carbon dioxide, methane and nitrous oxide. The estimation accounts for new developments, and factors outside management control that influence emissions, such as changes in emission factors, occupancy and weather. In 2014, GHG emissions increases due to operational changes exceeded GHG emissions reductions from conservation measures. 6. Energy consumed within the organization relates to our managed office and multi-residential portfolio of assets under management that fall within our operational control boundary as defined in the WBCSD GHG Protocol Corporate Accounting and Reporting Standard. Where properties are outside of our operational control (e.g., single-tenant buildings paying all utilities), we do not report energy information. The energy consumption disclosure includes energy consumption from non-renewable fuel sources (i.e., natural gas, fuel oil), purchased electricity, steam and chilled water consumption. 7. Our energy intensity covers the energy consumed within our organization in the managed office and multi-residential portfolio, covering natural gas and fuel oil, purchased electricity, steam and chilled water consumption. We report energy intensity based on ekwh per square foot of gross floor area (see note 4 for area values). 8. Estimated reduction of energy consumption as a direct result of conservation initiatives at our office and multi-residential properties, relative to 2013 base year energy consumption. The energy sources included in the calculation cover natural gas, fuel oil, electricity, steam and chilled water. The estimation accounts for new developments, and factors outside management control that influence energy use, such as occupancy and weather. In 2014, energy increases due to operational changes exceeded energy reductions from conservation measures. 9. All waste data relates to the non-hazardous waste produced at our managed office and multi-residential portfolio of assets under management. 10. Waste disposal methods have been determined by the information provided to us by the waste disposal contractor. 11. Landfill waste includes non-hazardous waste at our managed office and multi-residential portfolio of assets under management. 12. Recycled waste includes various recycling streams (e.g., paper, cardboard, plastics, organics) at our managed office and multi-residential portfolio of assets under management. 13. This is a new data point as of Amount of waste sent to waste-to-energy plants is provided by waste disposal contractor. 14. Since the 2013 baseline year, GWLRA s waste diversion rate for offices has increased by 5%. The office diversion rate in 2016 was 66.7%, while the diversion rate for multi-residential properties was 25.5%. 15. The total water consumed and intensity data relates to the water withdrawn from municipal water supplies at our managed office and multi-residential portfolio of assets under management. We calculate the water withdrawn from the information provided by our utility providers. 16. Percentage of eligible commercial buildings with an active green certification during the reporting year. Multi-residential buildings are excluded. Several individually certified buildings may encompass a single asset, as reported in the main body of this report. 17. Starting in 2015, BOMA BEST recertification is no longer being pursued for the multi-residential portfolio. Reported certifications cover several buildings with existing BOMA BEST certifications that have not yet expired Annual Review

49 DATA TABLES SAFETY Quantitative Data GRI Indicator SAFETY Joint Management Worker Health and Safety (H&S) Committees % Workforce in Joint Management Worker H&S Committees 18 31% 31% 31% G4-LA5 OHSAS Management System % of Organization Operating under a Safety Management System Aligned with OHSAS % 100% 100% CRE6 Health and Safety Training Number of Employees Receiving Health and Safety Training G4-LA9 Number of Hours of Safety Received per Employee G4-LA9 Occupational Health and Safety Performance Injury Rate (recordable incident rate) G4-LA6 Severity Rate G4-LA6 Lost Day Rate G4-LA6 Occupational Diseases G4-LA6 Total Number of Dangerous Occurrences (near-miss incidents) G4-LA6 Fatalities G4-LA6 18. The joint management worker H&S committees have been established in all regions nationally and consist of supervisors and workers. Workers represent no less than 50% of those members on the Joint Health and Safety Committees and have an elected co-chair to preside with an appointed employer co-chair. 19. The injury rate is the number of recordable incident cases per 200,000 employee hours worked (number of recordable cases x 200,000/number of employee hours worked). 20. The severity rate is the number of lost workdays divided by the total number of recordable incidents. 21. Lost day rate is Number of Lost Time Cases x 200,000/number of employee hours worked. 22. Fatalities relate to our employees. 49 GRI LA5 LA6 CRE6 LA Annual Review

50 DATA TABLES EMPLOYER OF CHOICE Quantitative Data GRI Indicator EMPLOYER OF CHOICE Total Employees 23 Total Number of Employees G4-9 Employees by Gender Number of Employees (female) G4-10 Number of Employees (male) G4-10 % of Female Employees 47% 47% 48% G4-10 % of Male Employees 53% 53% 52% G4-10 Employees by Contract Number of Employees (permanent) G4-10 Number of Employees (part-time) G4-10 Number of Employees (temporary or contractors) G4-10 Employees by Region 24 Alberta G4-10 Atlantic Canada G4-10 British Columbia G4-10 Manitoba/Saskatchewan G4-10 Ontario G4-10 Quebec G4-10 New Employee Hires 25 Total Number of New Employee Hires G4-LA1 New Employee Hire Rate (% of total employees) 17% 23% 23% G4-LA1 50 GRI 9 10 LA Annual Review

51 DATA TABLES EMPLOYER OF CHOICE (continued) Quantitative Data GRI Indicator Age Group New Employee Hires below 30 Years Old G4-LA1 % New Employee Hires below 30 Years Old 33% 27% 27% G4-LA1 New Employee Hires between 30 and 50 Years Old G4-LA1 % New Employee Hires between 30 and 50 Years Old 45% 50% 57% G4-LA1 New Employee Hires above 50 Years Old G4-LA1 % New Employee Hires above 50 Years Old 22% 23% 16% G4-LA1 Gender New Employee Hires for Women G4-LA1 % New Employee Hires for Women 45% 51% 55% G4-LA1 New Employee Hires for Men G4-LA1 % New Employee Hires for Men 55% 49% 45% G4-LA1 Employee Turnover 26 Employee Turnover Number G4-LA1 Employee Turnover Rate (% of total employees) 15% 17% 16% G4-LA1 Age Group Employee Turnover below 30 Years Old G4-LA1 % Employee Turnover below 30 Years Old 23% 22% 19% G4-LA1 Employee Turnover between 30 and 50 Years Old G4-LA1 % Employee Turnover between 30 and 50 Years Old 50% 43% 43% G4-LA1 Employee Turnover above 50 Years Old G4-LA1 % Employee Turnover above 50 Years Old 27% 35% 39% G4-LA1 51 GRI LA Annual Review

52 DATA TABLES EMPLOYER OF CHOICE (continued) Quantitative Data GRI Indicator Gender Employee Turnover for Women G4-LA1 % Employee Turnover for Women 52% 51% 54% G4-LA1 Employee Turnover for Men G4-LA1 % Employee Turnover for Men 48% 49% 46% G4-LA1 Employee Training Training and Education: Internal, Online Courses 27 Total Compliance Training (hrs) 28 2,652 1,187 N/A G4-LA9 Total Independent Online Training (hrs) 29 1,233 5,250 N/A G4-LA9 Internal Training Hours per Employee (hrs/employee/yr) N/A G4-LA9 Training and Education: External Courses 30 Number of Employees Who Applied for Funding N/A G4-LA9, G4-LA10 % Employees Who Applied for Funding 28% 30% N/A G4-LA9, G4-LA10 Training Funding ($) $233,629 $265,051 N/A G4-LA9, G4-LA Our full-time employees represent GWL Realty Advisors and our wholly owned subsidiary, Vertica. It includes permanent, part-time and contract employees. We do not have unionized employees. 24. Employees by Region includes permanent, part-time and contract employees by province. 25. Our New Employee Hires numbers represent employees hired during the reporting year. 26. Our Employee Turnover numbers include all departures from the company, both voluntary and involuntary, including resignations, dispositions, terminations, retirements, etc. 27. Internal, online training covers courses offered through the Great-West Life Assurance Company s Skillport elearning platform. 28. Compliance Training refers to company codes, policies and mandatory courses (e.g., anti-money laundering, code of conduct, accessibility, privacy, etc.). 29. Independent Online Training refers to voluntary skills development (e.g., computer skills, leadership capabilities, etc.). In 2015, a company-wide initiative targeted training for all management staff. Due to this initiative, training hours were greater in 2015 compared to Additionally, several courses were taken offline in 2016 to update and refresh their content. 30. External training is supported by the Great-West Life Assurance Company s $2,000/FTE/yr as per the Talent Development Policy, which supports employee development in job-related skills and competencies. Participation in the program is voluntary. Numbers do not include training funded through business units discretionary budgets. 52 GRI LA1 LA9 LA Annual Review

53 DATA TABLES COMMUNITY INVESTMENT Quantitative Data GRI Indicator COMMUNITY INVESTMENT Type of Cause Health G4-EC1 Education G4-EC1 Arts and Culture G4-EC1 Civic Projects G4-EC1 Community Support and Development G4-EC1 Housing G4-EC1 Type of Investment Charitable Contributions Yes Yes Yes G4-EC1 Community Investment No No No G4-EC1 Commercial Initiatives No No No G4-EC1 Breakdown of Investment Cash Contribution 32, 33 $284,798 $260,969 $251,552 G4-EC1 In-Kind Giving, Product or Service Donations (hrs) 34 1,708 1,185 1,296 G4-EC1 Management Overhead N/A N/A N/A G4-EC1 31. Number of organizations by type supported by GWLRA. 32. Total of charitable contributions made by GWLRA, GWLRA employees (e.g., company-sponsored United Way campaign) or from GWL on GWLRA s behalf to various charitable organizations. 33. The 2015 charitable contribution is different than the value stated last year, due to a correction. 34. GWLRA employee hours contributed during Habitat for Humanity build days (Halifax, Montreal, Ottawa, Toronto) in GRI EC Annual Review

54 ABOUT THIS REPORT We are committed to accurate, transparent and focused reporting on the topics that matter most to our business and our stakeholders. REPORTING SCOPE This is our ninth Annual Review, covering our business performance for the calendar year Our previous Annual Review was published last year for the 2015 calendar year. The report is published on an annual basis and covers the performance of GWL Realty Advisors Inc. and its wholly owned subsidiary, Vertica Resident Services Inc. Every year, we strive to continuously improve the scope of our report, as part of our commitment to be open and transparent about our business. REPORTING STANDARDS We developed the content of this report in a collaborative way, involving more than 30 internal stakeholders. A broad sustainability context was considered when developing the report, which included a review of peer reporting, our own business performance and sustainability and sector standards. This included the Global Real Estate Sustainability Benchmark Survey (GRESB), the GRI G4 Sustainability Reporting Guidelines and the GRI Construction and Real Estate Sector Supplement (CRESS). Please refer to our GRI Index to understand how elements of the GRI Reporting Framework are covered in this report and our publicly available corporate websites. We focused our topics on those that could have a significant impact on our business and/or influence the decisions of our stakeholders. In the future, we expect to engage directly with external stakeholders to continuously improve the report content. The report content was reviewed by appropriate business units for data completeness and approved through our Executive Committee. Each year, we will continuously improve on the report content to make it more relevant and accessible to the stakeholders who have an interest in the operations of our business. DATA COVERAGE Data in this report covers our operations across Canada. Qualitative and quantitative information is reported for the period up until December 2016, unless otherwise stated. Our environmental (energy usage, greenhouse gas emissions, water consumption and waste production) data covers our assets under management where we have operational control, specifically relating to our office and multi-residential real estate properties, unless otherwise specified. CORPORATE PROFILE We were incorporated in 1993 as a wholly owned subsidiary of the leading insurer The Great-West Life Assurance Company. We operate across Canada, with headquarters in Toronto, Canada. We employ 935 employees and have offices in British Columbia, Alberta, Manitoba, Ontario, Quebec and Nova Scotia. Corporate Head Office GWL Realty Advisors Inc. 330 University Avenue, Suite 300 Toronto, ON M5G 1R8 FEEDBACK We welcome and encourage your feedback on our Annual Review report. Please direct any questions or comments regarding the content of this report to: Dahlia de Rushe Director, Marketing & Communications 330 University Avenue, Suite 300 Toronto, ON M5G 1R8 54 GRI Annual Review

55 GRI INDEX GENERAL STANDARD DISCLOSURE General Standard Disclosure Section(s) Page(s) Explanation / Omission Strategy and analysis G4-1: Statement from most senior decision-maker Overview President s Message 3 G4-2: Description of key impacts, risks and opportunities President s Message, Vision and Strategy 3, 8 Organizational profile G4-3: Name of the organization About This Report 54 G4-4: Primary brands, products and/or services Overview Who We Are 6, 54 G4-5: Location of organization s headquarters About This Report 54 G4-6: Number & name of countries where organization operates Overview Who We Are 6 G4-7: Nature of ownership and legal form About This Report 54 G4-8: Markets served Overview Who We Are 6 G4-9: Scale of the reporting organization Overview Who We Are, Stable Returns Our Performance, and Data Tables 6, 14, 50 G4-10: Size of the workforce Data Tables 50 G4-11: Employees covered by collective bargaining agreements n/a n/a No employees are covered under collective bargaining agreements. G4-12: Organization s supply chain Integrity and Trust Building Trust through Stakeholder Engagement 43, 44 We will explore expanding on this in the future. G4-13: Significant changes to size, ownership or supply chain Overview President s Message 3 G4-14: Precautionary principle Overview Corporate Governance 7 G4-15: Externally developed economic, environmental and social initiatives Overview Industry Memberships and Awards, Scorecard Sustainable Development Goals, and About This Report 5, 11, 54 G4-16: List memberships of associations Overview Industry Memberships and Awards 5 Identified material aspects and boundaries G4-17: Entities included in the organization s financial statements About This Report 54 G4-18: Defining report content and aspect boundaries About This Report GRI Annual Review

56 GRI INDEX GENERAL STANDARD DISCLOSURE General Standard Disclosure Section(s) Page(s) Explanation / Omission G4-19: Material aspects identified Overview Vision and Strategy 8 G4-20: Aspect boundary within the organization n/a n/a Not reported this year, but we will explore doing so in the future. G4-21: Aspect boundary outside the organization n/a n/a Not reported this year, but we will explore doing so in the future. G4-22: Restatements of information provided in previous reports None n/a No restatements. G4-23: Significant changes from previous reporting periods None n/a No significant changes. Stakeholder engagement G4-24: Stakeholder groups Integrity and Trust Building Trust through Stakeholder Engagement 44 G4-25: Basis for identification and selection of stakeholders Integrity and Trust Building Trust through Stakeholder Engagement, and About This Report 44, 54 G4-26: Organization s approach to stakeholder engagement Integrity and Trust Building Trust through Stakeholder Engagement 44 G4-27: Key topics and concerns raised through stakeholder engagement n/a n/a Not reported this year, but we will explore doing so in the future. Report profile G4-28: Reporting period About This Report 54 G4-29: Date of most recent previous report About This Report 54 G4-30: Reporting cycle About This Report 54 G4-31: Contact point for questions About This Report 54 G4-32: GRI Content Index GRI Index G4-33: Assurance About This Report GRI Annual Review

57 GRI INDEX GENERAL STANDARD DISCLOSURE General Standard Disclosure Section(s) Page(s) Explanation / Omission Governance G4-34: Governance structure Overview Corporate Governance 7 G4-35: Process for delegating authority for EES topics Overview Corporate Governance 7 G4-36: Executive-level position with EES responsibility Overview Corporate Governance 7 G4-37: Consultation between stakeholders and highest governance body on EES Integrity and Trust Building Trust through Stakeholder Engagement 44 G4-38: Composition of the highest governance body and its committees G4-42: Highest governance body s and senior executives roles G4-43: Measures to develop knowledge of EES topics G4-44: Evaluation processes of highest governance body s performance on EES Overview Corporate Governance GWLRA Website Overview Corporate Governance GWLRA Website Overview Corporate Governance GWLRA Website Overview Corporate Governance GWLRA Website 7 website 7 website 7 website 7 website G4-45: Highest governance body s role in identifying EES risks & opportunities Overview Corporate Governance 7 G4-46: Highest governance body s role in reviewing risk management for EES Overview Corporate Governance 7 G4-48: Highest committee formally reviews and approves SD report About This Report 54 Ethics and integrity G4-56: Values, principles, standards and norms of behavior Integrity and Trust Management and Performance GWLRA Website Business Integrity 42 website G4-57: Mechanisms for seeking advice on ethical and behavior Integrity and Trust Management and Performance, Integrity and Trust Embedding a Strong Ethics and Compliance Culture GWLRA Website Business Integrity G4-58: Mechanisms for reporting concerns about unethical or unlawful behavior Integrity and Trust Management and Performance, Integrity and Trust Embedding a Strong Ethics and Compliance Culture GWLRA Website Business Integrity website website 57 GRI Annual Review

58 GRI INDEX SPECIFIC STANDARD DISCLOSURE Specific Standard Disclosure Section(s) Page(s) Explanation / Omission ECONOMIC Economic Performance G4-DMA Economic performance Stable Returns Management and Performance G4-EC1 Direct economic value generated and distributed Our Performance, Community Investment 14, 53 Indirect Economic Impacts G4-DMA Indirect economic impacts Livable Communities Management and Performance, Livable Communities Contributing Positive Socio-Economic Impacts G4-EC7 Infrastructure investments and services supported Livable Communities Management and Performance, Livable Communities Investing in Local Community Causes, and Livable Communities Contributing Positive Socio-Economic Impacts G4-EC8 Significant indirect economic impacts Livable Communities Management and Performance, Livable Communities Investing in Local Community Causes, and Livable Communities Contributing Positive Socio-Economic Impacts 38, 40 38, 39, 40 38, 39, 40 ENVIRONMENTAL Energy G4-DMA Energy Operational Excellence Operating Smarter and More Efficient Buildings, Environmental Footprint Management and Performance, and Environmental Footprint Optimizing for Efficiency GWLRA Website website G4-EN3 Energy consumption within the organization Data Tables G4-EN5 Energy intensity Data Tables 30, 46 CRE1 Building energy intensity Data Tables 30, 46 G4-EN6 Reduction of energy consumption Data Tables 46 Water G4-DMA Water Environmental Footprint Management and Performance, and Environmental Footprint Optimizing for Efficiency GWLRA Website 28, 29 website G4-EN8 Total water withdrawal by source Data Tables 46 24, 28, GRI Annual Review

59 GRI INDEX SPECIFIC STANDARD DISCLOSURE Specific Standard Disclosure Section(s) Page(s) Explanation / Omission CRE2 Building water intensity Data Tables 30, 47 Emissions G4-DMA Emissions Environmental Footprint Management and Performance, and Environmental Footprint Optimizing for Efficiency GWLRA Website website G4-EN15 Direct greenhouse gas emissions (Scope 1) Data Tables 45 G4-EN16 Energy indirect greenhouse gas emissions (Scope 2) Data Tables 45 G4-EN17 Other indirect greenhouse gas emissions (Scope 3) Data Tables 45 G4-EN18 Greenhouse gas emissions intensity Data Tables 45 CRE3 GHG emission intensity from buildings Data Tables 45 G4-EN19 Reduction of greenhouse gas emissions Data Tables 45 Effluents and Waste G4-DMA Effluents and waste Environmental Footprint Management and Performance, and Environmental Footprint Optimizing for Efficiency GWLRA Website 28, 29 website G4-EN23 Total weight of waste by type and disposal method Data Tables 46 Products and Services G4-DMA Products and services Environmental Footprint Management and Performance, and Environmental Footprint Optimizing for Efficiency GWLRA Website 28, 29 website G4-EN27 Extent of impact mitigation of environmental impacts of products and services Environmental Footprint Case Studies 31 SOCIAL Employment G4-DMA Employment Talent Management Management and Performance, and Talent Management Attracting and Developing the Best Talent G4-LA1 Total number and rates of new employee hires and employee turnover Data Tables , 29 34, GRI Annual Review

60 GRI INDEX SPECIFIC STANDARD DISCLOSURE Specific Standard Disclosure Section(s) Page(s) Explanation / Omission G4-LA2 Employee benefits Occupational Health and Safety 2016 Annual Review, Talent Management GWLRA Website website G4-DMA Health and safety Talent Management Management and Performance, and Talent Management Protecting Employee Health, Safety and Well-Being G4-LA5 Formal joint management worker health and safety committees Talent Management Management Performance, and Data Tables 34, 49 G4-LA6 Injuries, diseases and fatalities CRE6 Percentage of the organization operating in verified compliance with an internationally recognized health and safety management system Training and Education G4-DMA Training and Education Talent Management Protecting Employee, Health, Safety and Well-Being, and Data Tables Data Tables 49 Talent Management Management and Performance, and Talent Management Attracting and Developing the Best Talent G4-LA9 Average hours of training per year per employee by employee category Data Tables 49, 52 G4-LA10 Skills management and lifelong learning Talent Management Attracting and Developing the Best Talent, and Talent Management Protecting Employee, Health, Safety and Well-Being, and Data Tables SOCIETY Local Communities G4-DMA Local Communities Livable Communities Management and Performance 37, 38 Anti-corruption G4-DMA Anti-corruption Integrity and Trust Management and Performance, and Integrity and Trust Embedding a Strong Ethics and Compliance Culture GWL Website GWLRA Website G4-SO4 Communication and training on anti-corruption policies and procedures 2016 Annual Review, Integrity and Trust Management and Performance GWL Website 34, 36 36, 49 34, 35 35, 36, 52 41, 42, 43 website website website 60 GRI Annual Review

61 GRI INDEX SPECIFIC STANDARD DISCLOSURE Specific Standard Disclosure Section(s) Page(s) Explanation / Omission G4-SO5 Confirmed incidents of corruption and actions taken n/a n/a In 2016, there were no incidents of corruption. PRODUCT RESPONSIBILITY Customer Health and Safety G4-DMA Customer health and safety Product and Services Labelling G4-DMA Product and services labelling Operational Excellence Management and Performance, and Operational Excellence Leading Security Practices in the Real Estate Sector Environmental Footprint Management and Performance, Environmental Footprint Ensuring Sound Environmental Management and Green Building Initiatives, and Data Tables 23, G4-PR5 Results of surveys measuring customer satisfaction Operational Excellence Delivering Exceptional Service 25 CRE8 Type and number of sustainability certifications, rating and labelling schemes for new construction, management, occupation and redevelopment Customer Privacy Environmental Footprint Management and Performance, Environmental Footprint Ensuring Sound Environmental Management and Green Building Initiatives, and Data Tables GWLRA Website 28, 32, 47 website G4-DMA Customer privacy Integrity and Trust Management and Performance, and Integrity and Trust Embedding a Strong Ethics and Compliance Culture GWL Website 41, 42, 43 website G4- PR8 Complaints regarding breaches of customer privacy and losses of customer data n/a n/a In 2016, there were no incidents related to privacy breaches. 61 GRI Annual Review

62 CORPORATE PROFILE GWL Realty Advisors is a leading real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. FEEDBACK We welcome and encourage your feedback on our Annual Review. Please direct any questions or comments you may have regarding the content of this report to Dahlia de Rushe, Director, Marketing & Communications. dahlia.derushe@gwlra.com CORPORATE HEAD OFFICE GWL Realty Advisors Inc. 330 University Avenue, Suite 300 Toronto, ON M5G 1R8 Concept and Design: THE WORKS DESIGN COMMUNICATIONS worksdesign.com