tailieunhanh - Responsible Investment policy for Real Estate (RIRE)

On behalf of its clients, PGGM Investments manages several real estate investment portfolios structured around listed real estate and private real estate. PGGM Investments recognizes the impact real estate has on the environment as well as on societal systems, for instance with regard to CO2 emissions. This document addresses PGGM Investments’ policy on integrating material environmental, social and governance (ESG) issues into our real estate investments. The scope of this policy covers both the listed and the private real estate portfolios. There are differences between the two types of portfolio in terms. | Responsible Investment policy for Real Estate RIRE pGGm Introduction On behalf of its clients PGGM Investments manages several real estate investment portfolios structured around listed real estate and private real estate. PGGM Investments recognizes the impact real estate has on the environment as well as on societal systems for instance with regard to CO2 emissions. This document addresses PGGM Investments policy on integrating material environmental social and governance ESG issues into our real estate investments. The scope of this policy covers both the listed and the private real estate portfolios. There are differences between the two types of portfolio in terms of the implementation of this policy and its implications. These are addressed in the second part of this document. The Responsible Investment policy for Real Estate RIRE will be effective as of June 24th 2009 and the implementation of the policy will start after that date. We will report periodically on the progress made. The RIRE is part of PGGM Investments Responsible Investment policy and as such it falls hierarchically under this overall policy. In addition PGGM Investments Exclusions policy is applicable to our real estate portfolios and the Listed Equity Ownership Policy LEOP is applicable to our Listed Real Estate Portfolio. Both policies are described in separate documents and are not detailed further in the RIRE. All in all PGGM Investments will live up to the spirit of this policy implement it be transparent about the process and will report accordingly. The policy will evolve over time. PGGM Investments follows relevant developments closely and will update the RIRE when necessary. This policy does not confer any rights to any third parties. Vision and strategy It is our vision that ESG issues will change the market dynamics of the real estate sector. We believe that ESG factors have a material impact on the financial performance of our real estate portfolios and that it is our .