REPORT

2016

LIVING ACTIVITY

SPACES CREATING CREATING

2016 ACTIVITY REPORT IVANHOÉ CAMBRIDGE Ivanhoé Cambridge has combined its Activity and Corporate Social Responsibility Reports into one comprehensive report covering the highlights of 2016. For more details, see About this Report. 102-1 102-2 Table of Contents CREATING

SPACES LIVING

Interview with the Chairman and CEO 4

Our Approach 6

2016 at a Glance 8

Retail 12

Office – North America 22

Residential 32

Europe 38

Growth Markets 44

Other Activities 52

Employee Engagement 54

Governance 60

About This Report 63 THIS IS CSR Performance Summary 64 HOW WE Materiality Assessment 66

Global Reporting Initiative (GRI) Content Index 68 DO BUSINESS

List of Properties 72

Leadership Team 80 Ivanhoé Cambridge, a global real estate industry leader, invests in, develops, builds and manages hundreds of high-quality shopping centres, office buildings Board of Directors 80 and residential complexes in select cities around the world. At the core of our DNA lies one fundamental value: listening carefully to people so that we are able to create innovative living spaces to meet their needs and expectations.

REAL ESTATE IS ABOUT MORE THAN BUILDINGS — IT’S ABOUT HOW WE LIVE.

For complementary information and additional images and videos, ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

please refer to the online version of this report available at:

2016ar.ivanhoecambridge.com 2016 3 Interview with 102-14 Daniel Fournier Chairman and Chief Executive Officer

How would you qualify Ivanhoé Cambridge’s Ivanhoé Cambridge has a global presence. “At the heart of everything performance in 2016? How do you choose where to invest? It was a good year. I’d like to congratulate our Our passion is to contribute to shaping the we do are our amazing teams. teams for that. Together, they did an incredible future of cities. Today, the choice to live in a Our most valuable asset is job bringing our strategic plan to life. Our busi- city constitutes the driving force of modern our people.” ness units evolved and matured, which allowed societies and their economies. The urbaniza- us to diversify and consolidate our portfolio. tion movement represents a strong force of This is the result of the plans we’ve set in motion attraction for people, which is what guides our over the past few years. actions in major cities across Canada and some 15 other big cities worldwide where we have What are the priorities for 2017 What is Ivanhoé Cambridge’s made investments over the course of the past and the years to come? greatest strength? few years. The way people live, work and play is We will continue to execute the strategy Our most valuable asset is our people. It’s the in constant evolution. Which is why at Ivanhoé developed in recent years, because the core talent and passion that drives our teams. I see Cambridge, we create living spaces that are in decisions we have made have borne fruit. it every time I visit one of our properties: our harmony with people’s needs and aspirations. We have strengthened and diversified our employees are proud of their assets and treat portfolio by concentrating our efforts on areas them as if they were their own home. We are How important is corporate social where we have the greatest impact: investing clearly a passionate group, which means we responsibility (CSR) at Ivanhoé Cambridge? in the best assets, in the most vibrant cities enjoy collaborating with one another and with CSR is at the heart of our decisions and our worldwide and with premier partners. We our partners! actions. It is part of our priorities and allows us are now in position to compete with the top to have a positive and longer-lasting influence international real estate companies. What do our business partners have on the environment and the communities to say about Ivanhoé Cambridge? where we operate, while strengthening the Our partners trust us. They call us first when engagement of our employees. We know that an opportunity arises because they know we CSR is a vital consideration for everyone who have what it takes to react quickly. We have uses our spaces. That is why we incorporate the financial and human resources to take on it into everything we do and decide, using a investment projects and put our expertise to well-established governance and reporting work, backed by our agility, our vision and the structure. From a continuous-improvement entrepreneurial mindset of our teams. perspective, we do our utmost to integrate our CSR actions into all of our business strategies.

Daniel Fournier oversees all the Company’s activities, including strategy development, capital allocation, portfolio management and growth, as well as partnership development. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 4 5 Discover our approach with We are also very proud of our second GRESB What does portfolio diversification entail? (Global Real Estate Sustainability Benchmark We cannot take the same approach every- Survey) Green Star. Not only does it hone where when we invest internationally. In 2016, Bill Tresham our operational practices, we are helping to for example, we sold P3 Logistic Parks, which raise the bar for the entire industry in terms turned out to be the year’s biggest transaction President of sustainability, integrity, transparency and in Europe. At the same time, we focused on innovation. logistics-related investments and develop- ments in emerging markets, which will prove Diversify beneficial in the years to come. Our collabo- How would you describe Ivanhoé Cambridge’s Revitalize rations with hand-picked local partners often Ivanhoé Cambridge invests in different asset overall approach? Ivanhoé Cambridge focuses on creating value translate into promising opportunities to diver- categories to keep pace with a fast-changing It boils down to four words: build, revitalize, in its buildings. It invests in its assets to maintain sify our assets. world. The Company owns and manages hun- manage and diversify. them, drawing on expertise and know-how dreds of office buildings, shopping centres, unlike any other in the world. Our properties are developed, built and man- residential complexes and other assets. aged to very high standards and always in view Why modernize our buildings? of guaranteeing occupants’ well-being. This user experience-centric vision is at the heart of It can be difficult to attract and retain major our approach. tenants who are constantly on the lookout for something new to appeal to their employees Moreover, we invest with a long-term outlook. and clientele. Upgrading the windows in an Our strategies and projects that came to fru- office building, like we did at 1745 Broadway, ition in 2016 had been germinating for quite in New York, where we renewed our lease with some time. Random House, can be a breath of fresh air. Giving a shopping centre food court a make­ Build over, as was the case in Oshawa Centre, helps to Ivanhoé Cambridge creates the buildings of reinvigorate the shopping experience. It drives tomorrow, which will transform the surrounding well-being, occupancy and value creation. cityscape for years to come. Manage Why build? An in-depth understanding of assets is required New buildings are sometimes the best choice to manage them effectively and increase their in order to achieve our performance objectives. value. The skills and expertise of its front-line Our extensive experience in the commercial teams in this regard make Ivanhoé Cambridge real estate industry has taught us to take care- a prominent real estate player. fully calculated risks. The success of Eighth Avenue Place, which we built to spec to add What does it take to be a good real to Calgary’s vitality, encouraged us to develop estate manager? River Point in Chicago and Tsawwassen Mills in It takes regular visits to each building, a commit- Greater Vancouver in 2016. And 2017 will see ment to being responsive to client needs and the completion of Maison Manuvie in Montreal, the ability to see the big picture when it comes followed shortly in 2020 by the DUO towers in to potential improvements. This combination Paris and Bay Park Centre in Toronto. of factors makes it possible to increase value, extend the life of a building and reduce its environmental footprint.

Bill Tresham is responsible for Ivanhoé Cambridge’s investment, operations and development activities and plays a pivotal role in the global expansion of the Company’s business units. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 6 7 102-3 102-4 Learn more about our 2016 highlights with 2016 AT A GLANCE 102-6 102-7 Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality Nathalie Palladitcheff properties and companies in select cities around the world. The Company is Executive Vice President and Chief Financial Officer a subsidiary of the Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers.

What is Ivanhoé Cambridge’s How are our activities distributed? greatest strength? Our general strategy ensures consistency, More than Our ability to read and adapt to changes in the although the specifics vary within each busi- $56 B environment. We have solid, well-structured ness unit. Each of our teams contributes to this in real estate assets resources in place to keep our organization diversity – in terms of people, revenue streams, 1,400 employees efficient and agile. partners, geography and asset classes – thus In 2016, we maintained a disciplined approach making us stronger and more agile. All of this and stayed focused on our vision. We carefully is rooted in a clear vision and a course for the future. Close to year in a row ranked among executed our strategy with regard to our assets, Canada’s Top 100 Employers our teams and our partners. 5th (Mediacorp) In recent years, we have developed a number 800 buildings of business units that operate according to their respective geosectorial expertise, while at the same time ensuring our business decisions are year in a row in the consistent with the overall plan. Together we Future 40 Responsible form a single, large organization, with a vision, Corporate Leaders in Canada 4th strategic plan and clearly defined priorities. We (Corporate Knights) +$2.6 M are poised to seize opportunities. in community contributions (donations from Ivanhoé Cambridge and its managed properties) What is our role as an investor? We are not your typical investors! Quebecers entrust their money and their financial security 8.2% to CDPQ. As one of CDPQ’s real estate sub- reduction in greenhouse gas emissions More than sidiaries, we have an important responsibility in the past year toward our depositors and all our stakeholders. Our expertise, our decisions and our reputation 4,500 hrs contribute to the wealth of the province and many major cities around the world – both in of volunteering by employees in monetary value and in terms of their vitality and their communities architectural heritage. The impact we have in 77% the communities where we operate is central of managed properties are to our corporate mission. BOMA BEST®-certified

100% Ivanhoé Cambridge is headquartered of managed properties are in Montreal, with offices in Toronto, serviced by public transportation Calgary, Vancouver, Paris, London, Luxembourg, Shanghai, Singapore Nathalie Palladitcheff joined the team in 2015. and Hong Kong. She oversees all of the Company’s financial

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT operations. She also heads the Information CAMBRIDGE IVANHOÉ ACTIVITY REPORT Technologies and Human Resources teams.

2016 To learn more, see the Performance Summary in the appendices. 2016 8 9 102-7 Financial highlights 102-45 Breakdown by geography For the year ended December 31 (in billions of dollars) As at December 31, 2016 (as per fair value)

2016 2015* United States 43% Canada 36% Europe 13% Real estate income 3.1 2.9

Earnings before interest, taxes, depreciation and amortization (EBITDA) 1.4 1.2

Net operating cash flow 0.7 0.6

Acquisitions and contributions 4.3 10.9

Development projects / Fixed assets 1.5 1.5 Growth markets and other markets 8% Dispositions and distributions 5.8 5.8

FAIR VALUE

Real estate assets 45.6 45.4 Real estate investments 10.1 9.1 Breakdown by sector Third-party debt 21.4 24.1 As at December 31, 2016 (as per fair value)

Shareholders’ equity 34.0 28.9 Shopping centres 31% Office 29% Residential 17% RATIO

Debt ratio 45% 53%**

* Restated to be on a comparable basis. ** 50% after the impact of the injection of $1.8 billion in capital in January 2016.

Investment funds 9% Returns Shares and financing 9% As at December 31 Logistics 1% CAGR* Hotels and other 4% 2012 2013 2014 2015 2016 (2012-2016)

12.7% 15.2% 10.0% 13.1% 10.3% 12.3%

* Compound annual growth rate

“Every dollar invested must create the best possible outcome. In an ultra-competitive world, such as the one we are currently operating in, where the geopolitical factors are unpredictable and the markets continue to be volatile, the impact of every investment will be considerably amplified. While remaining vigilant yet agile, we must do the best possible job of selecting investments aligned with our strategy and objectives for risk-adjusted returns.”

Mario D. Morroni, Executive Vice President, Strategy and Capital Allocation ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 10 11 RETAIL In a world of constantly changing trends, consumers want novelty and exclusivity. Ivanhoé Cambridge offers shopping destinations where retail spaces come to life and people can enjoy memorable, immersive experiences. In Canada’s most dynamic cities, the Company is managing shopping centres, pursuing the development of new Mills and Outlet Collection properties and forging ahead with several large-scale redevelopment projects. As a leader in the retail industry with a track record over 60 years in the making, Ivanhoé Cambridge understands that shopping centres offer much more than a simple shopping experience. It is about bringing together commerce, culture and community.

29 24.1 M ft2 shopping centres (2.2 M m2) of gross leasable area (22 managed)

Over THIS IS MY 68% 280 M of managed centres are visitors across its Canadian BOMA BEST®-certified SHOPPING CENTRE shopping centres 12 Close to parking spaces reserved for $950,000 families or carpoolers in donations (cash, gift cards, (on average, at managed properties) promotional items and loaned space)

charging stations for electric vehicles available at its 18 112 managed shopping centres development/ redevelopment projects ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

As at December 31, 2016 2016 13 “To be a leader in today’s shopping centre industry, we can’t just react to situations as they occur – we have to be proactive with our ideas, take Interview with risks and test out new approaches with our retailers. This is all part of our Claude Sirois entrepreneurial culture at Ivanhoé Cambridge.” How would you describe 2016 in What kind of influence does technology President, a single word? have on your approach? Retail I’d say “resilience.” The retail ecosystem has Technology is a huge game-changer in our been going through major changes in the last industry. The paradox? A new generation of little while. In 2016, we took advantage of a retailers that got their start online are now number of opportunities that arose out of this turning to our shopping centres. They get that context, demonstrating that we can evolve in a brick-and-mortar presence is necessary to line with market developments and maintain complete their business model. Case in point: our leadership position. the agreements we signed with Amazon, We have enhanced the value of our properties Frank + Oak and Indochino in 2016. to bring in even more consumers and retail- We see technology as a powerful way of con- ers. We have tapped into new technologies to necting with consumers and augmenting their enrich the shopping experience, and we have experience with new services and offers tai- strengthened our relationships with our tenants. lored to suit them. In 2016, we worked with Footfall figures in our centres have been steady our retailers on a variety of digital marketing and sales are growing. It just goes to show that initiatives. our high-quality portfolio has what it takes to withstand fluctuations in economic cycles. What are your priorities for 2017? Innovation is the driving force behind our Which accomplishments would you say upcoming initiatives. We have made many you and your team were the proudest of investments in technology in the past few this year? years and are in a position to pass along these Shopping centres have to cater to the needs of benefits to our retailers. a new generation who see shopping as a social Connecting with the community is also vital. activity and a form of entertainment. That is why We strive constantly to develop centres with we continue to invest heavily in upgrading the solid ties to the dynamic communities they properties in our portfolio and developing our serve. An example of this is Tsawwassen Mills, Mills and Outlet Collection banners. where we were proud to collaborate with the We are particularly proud of Tsawwassen Tsawwassen First Nation to honour their rich Mills, which opened its doors on October 5, cultural heritage and traditions. 2016, and the expansion and redevelopment We will continue in the short, medium and long of Oshawa Centre. These large-scale projects terms to increase the value of our centres, to mobilized a great many people across the offer innovations to our consumers, to support organization. Beyond bricks and mortar, our our tenants in their growth and to capitalize people are what bring our projects to life, with on development opportunities that help us their passion to succeed and their drive to continue to grow organically. move forward.

Claude Sirois joined Ivanhoé Cambridge in 2005. He is responsible for all of the activities of the Retail business unit. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 14 15 RETAIL REDEFINING AND EXPANDING THE SHOPPING EXPERIENCE In 2016, Ivanhoé Cambridge invested considerably in renewing the experience in its Canadian shopping centres. In addition to broadening the lineup of well-known retailers, these expansion and redevelopment initiatives helped create a more inviting atmosphere with a focus on dining and entertainment.

Two revamped spaces 3D rendering of the new parking lot at Place Ste-Foy (2017), Oshawa Centre (Ontario) and CrossIron Mills (Rocky Grand reopening at Oshawa Centre, Oshawa, Canada Quebec City, Canada View, Alberta) proudly unveiled their newly refur- bished premises in 2016. Future investments Along these same lines, the expansion and renovation The comprehensive renovation and expansion of There is no shortage of initiatives in Ivanhoé of Guildford Town Centre in Surrey (British Columbia) Oshawa Centre was a major accomplishment this year. Cambridge’s shopping centres, especially when it earned the property its LEED® CS Gold certification. September 29 marked the grand reopening of the comes to projects designed to renew visitors’ expe- The upgrades will help cut energy costs in half and new LEED®-certified space. The enhanced shopping rience and add value to the property portfolio. reduce its water usage. The centre has an impres- sive 40 electric vehicle charging stations. Even after experience boasts an even more attractive selection In 2016, the Company announced three new rede- 50 years, Guildford Town Centre continues to be a of stores and restaurants, including 60 banners new velopment projects. Johanne Marcotte, Ivanhoé source of pride for the Surrey community! to the mall. Cambridge’s Vice President, Operations, Retail, states: “From better parking facilities to an expanded retail mix, these investments are delivering a fuller, richer shopping experience for our guests.”

New food hall at CrossIron Mills, Rocky View, Canada Place Ste-Foy, in Quebec City (Quebec), will increase its parking capacity with the construction of two multi­ PROJECTS LAUNCHED Now more than ever, dining is an integral part level parking facilities, one with 682 spaces and the IN 2016 of a shopping centre’s experience. That is why other with 832. For many visitors, their first contact with the shopping centre is through the parkade. Place Ste-Foy Ivanhoé Cambridge redesigned the food halls at $60 M investment Oshawa Centre and CrossIron Mills to make them The more convenient it is, the better their overall experience. Plans also include landscaping upgrades, SCHEDULED OPENING PROJECTS FINALIZED roomier and more welcoming. The relocation of the as well as doubling the number of reserved spots for Spring 2017 (Phase 1) IN 2016 food court at CrossIron Mills was the lead-in to Phase 2 of the project, during which retail space will be added electric cars and tripling the capacity of the bicycle CERTIFICATION BOMA BEST® Gold Oshawa Centre to the busiest area of the centre to accommodate new parking facilities (from 93 to 290). $230 M investment world-class outlet stores. Carrefour de l’Estrie, in Sherbrooke (Quebec), will Carrefour de l’Estrie TYPE In keeping with its commitment to sustainable devel- undergo a two-year makeover. Part of the project will $44 M investment Redevelopment and opment, Ivanhoé Cambridge improved recycling involve redeveloping the retail space to make way for expansion SCHEDULED OPENING amenities in the two food courts, in addition to set- new retailers and restaurants. The upgrades to the Fall 2018 REOPENING ting up a green space at CrossIron Mills. At Oshawa exterior cladding and interior finishes and new store- September 2016 Centre, a white roof with a solar-reflecting coating was front window and glass wall will result in a brighter, Mayfair Shopping Centre CERTIFICATION installed over the new section of the mall, and electric more contemporary ambience. Strips of vegetation $72 M investment LEED® CS vehicle charging stations were added. and trees around the perimeter of the property will SCHEDULED OPENING help counter the heat-island effect. Fall 2018 CrossIron Mills The look and feel of the common areas was also Mayfair Shopping Centre, in Victoria (British Columbia), CERTIFICATION $60 M+ investment upgraded in both centres to further enhance the shop- ping experience. Improvements at CrossIron Mills will be expanded to welcome two new large-format LEED® CS (target) TYPE stores. Other retailers will join in to further diversify the BOMA BEST® Gold Redevelopment include large family rooms and a more spacious nursing room, to name but these. mall’s roster of merchants. This will be complemented REOPENING by a comprehensive interior renovation, and two July 2016 (Phase 1) The redevelopment of Oshawa Centre led to the cre- additional levels will be incorporated into the rooftop Spring 2017 (Phase 2) ation of 1,000 jobs in the community. The WIRKN app, parking garage. CERTIFICATION which lets job seekers search and apply for postings LEED® CS (target) directly through their mobile device, was used to

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT BOMA BEST® Gold make the entire process easier. CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 16 17 RETAIL BUILDING IN THE HEART OF DYNAMIC COMMUNITIES The opening of a new shopping centre represents the culmination of the hard work of many different teams who design, build and develop the property and ensure it blends harmoniously into the surrounding community. In 2016, construction was underway on three projects, one of which was finalized in the fall.

GO Team members in action before the Tsawwassen Mills grand opening

This destination centre is home to 180 brands, includ- ing 18 that are first-to-market. It offers a 1,100‑seat food hall and four restaurants, a children’s play area, a sports dome and several in-store entertainment options, such as a skate park and a themed bowling alley. A few weeks before Tsawwassen Mills was unveiled to the public, Ivanhoé Cambridge sent 28 employ- ees to the site to lend retailers a helping hand with their preparations. Jenny Radu, Senior Accountant, Taxation, at the Montreal office, shared her experience: “I had a super time being part of the GO Team. It was especially thrilling walking through the mall opening morning, before the crowds, and seeing the finished stores, some of which we helped get ready. I felt Grand opening ceremony at Tsawwassen Mills - from left to Tsawwassen Mills, Tsawwassen, Canada proud when, at my entrance, a woman approached right: the Honourable John Rustad, British Columbia Minister of Aboriginal Relations and Reconciliation; Paul Gleeson, me and said ’All I can say is WOW!’ She hadn’t even previously Executive Vice President and Chief Development Grand opening in 2016 We are now welcoming everyone onto Tsawwassen entered the mall yet!” Officer, Retail, Ivanhoé Cambridge; Daniel Fournier, Chairman Unveiled in October 2016, Tsawwassen Mills Lands, to come to this great location and discover and CEO, Ivanhoé Cambridge; and Tsawwassen First Nation Ideally located just 30 minutes north of the Washington Chief Bryce Williams was developed in collaboration with Tsawwassen what Ivanhoé Cambridge has built together with our State border, with easy access from Vancouver and the First Nation, whose lands are located south of community. As you visit this terrific project, you will surrounding communities, Tsawwassen Mills is poised Vancouver (British Columbia). This is the third Mills see that we have built community, built culture, and in short order to become a retail destination of choice project that has been designed and developed by built our Nation’s pride through this partnership. This for a large population base. The centre is targeted for TSAWWASSEN MILLS Ivanhoé Cambridge. is reconciliation in action, and we invite everyone to LEED® certification. BY THE NUMBERS come and witness.” The largest shopping centre built in Canada since GLA 2009, with a $600 M investment, Tsawwassen Mills 1.1 M ft2 (102,000 m2) features five distinct shopping neighbourhoods, each JOBS CREATED with its own artwork elements inspired by the tradi- Tsawwassen Mills is the (FULL- AND PART-TIME) tions of the Coast Salish First Nations. 3,500 largest shopping centre At the grand opening, Tsawwassen First Nation Chief ELECTRIC VEHICLE built in Canada since 2009. CHARGING STATIONS Bryce Williams declared: “The opening of Tsawwassen 14 Mills represents the end of one journey and the The $600 M investment TREES PLANTED ON THE PROPERTY beginning of a new one for the Tsawwassen people. features five distinct shopping 2,000 neighbourhoods. MATERIALS WITH RECYCLED CONTENT ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT USED IN CONSTRUCTION CAMBRIDGE IVANHOÉ ACTIVITY REPORT

20% 2016 2016 18 19 RETAIL

in the airport’s master plan. Roughly 100 stores, many of which are making their market debut, will be pres- ent at the centre. Bringing brands and consumers Roman Drohomirecki, Executive Vice President and closer together Chief Operating Officer, Retail, Ivanhoé Cambridge, Retailers and brands are constantly looking for ways to connect with states: “With the opening of these two centres in increasingly savvy and discerning consumers. Ivanhoé Cambridge’s Winnipeg and Edmonton, our portfolio will boast shopping centres are the perfect platform for these relationships an incomparable array of brands and centres, solid- to blossom. ifying our position as the leading Mills and Outlet Ivanhoé Cambridge Collection developer in Canada.” Activations. Media. Partnerships & Pop-Up. (AMP) cultivates relationships Construction underway at Outlet Collection Winnipeg (2017), Canada In 2016, Ivanhoé Cambridge launched the AMP retailer program with on-trend brands to build on this complementary relationship, bring excitement to bring first-to-market Outlet Collection Winnipeg to its shoppers and create value for its tenants. By cultivating Newest additions to the Outlet relationships with on-trend brands and up-and-coming retail opportunities to its Collection family $200 M+ investment partners, the team is exploring shopping centres. Following the success of the Outlet Collection at SCHEDULED OPENING new paths and bringing first- May 2017 Niagara, 2017 will see the much-anticipated open- to-market opportunities to its ing of a new property from the same brand. This GLA shopping centres. Ivanhoé Cambridge concept combines top outlet 411,000 ft2 (38,000 m2) These new opportunities will retailers with an enticing shopping experience that TARGET CERTIFICATION connect with shoppers in fun reflects the local character and culture. LEED® CS and meaningful ways, adding Outlet Collection Winnipeg, a joint venture with Premium Outlet Collection value to their shopping expe- Harvard Developments and Forster Projects, will open Edmonton International Airport rience and encouraging them to the public in May 2017. Developed specifically $200 M+ investment to return. for the Winnipeg (Manitoba) market, the centre will SCHEDULED OPENING feature 100 popular brands to cater to the tastes and May 2018 pocketbooks of local consumers. GLA The Company’s third outlet centre will open in 2018: 420,000 ft2 (39,000 m2) Premium Outlet Collection Edmonton International TARGET CERTIFICATION AN INCOMPARABLE Airport, developed in partnership with Simon LEED® CS Property Group. It is ideally located in a spot that sees 7 million passengers flying into or out of Edmonton ARRAY OF BRANDS International Airport (Alberta) and is a key component What prompts major brands to set up shop at Ivanhoé Cambridge shopping centres? Top of the list are high-quality facilities and amenities, dynamic spaces and an exceptional experience consumers flock to.

A nation-wide gift card Retailers also know they will be able to establish of Nordstrom Rack, the off-price retail brand of Launched in July 2016, Ivanhoé Cambridge’s national strong, mutually respectful business relationships Nordstrom, which will soon be debuting at Vaughan gift card is redeemable at more than 3,000 retailers in with their shopping centre’s teams. Moreover, they Mills (Ontario) and Deerfoot Meadows (Alberta). 21 shopping centres across Canada. Convenient and appreciate the innovative initiatives, especially those Four Saks Fifth Avenue OFF 5TH stores opened ideal for all occasions, gift cards can be purchased at involving digital marketing and environmental stew- across the portfolio, namely at Vaughan Mills and any Ivanhoé Cambridge shopping centre and used ardship, that the Company rolls out in partnership Outlet Collection at Niagara (Ontario), CrossIron Mills nation-wide. with them. (Alberta) and Tsawwassen Mills (British Columbia). Backed by a major kick-off campaign, the new gift card program was an immediate hit with customers. Jean Landry, Vice President, Leasing, Retail, at Plans are in the works to expand this discount Belinda Davidson, Vice President, Brand and Experiential Marketing, Ivanhoé Cambridge, is delighted with Ivanhoé Cambridge, describes how the Company takes designer brand to four other Ivanhoé Cambridge the results so far: “The goal was to have one card across all our centres, thus allowing us to achieve several care of its tenants: “As the property owner, we con- shopping centres: Place Ste-Foy (Quebec), Outlet objectives at once: build a stronger link between the Ivanhoé Cambridge brand and our properties, stantly optimize what we offer our retailers to enrich the Collection Winnipeg (Manitoba), Galerie d’Anjou generate increased opportunities for B2B sales and, of course, offer an excellent benefit to our shoppers. shopping experience and exceed their expectations.” (Quebec) and Montreal Eaton Centre (Quebec). We have seen great results so far. For example, year-end gift card sales were up 15.3% from last year.” In 2016, a number of major U.S. brands decided the And two international retailers, Uniqlo and Muji, will Given these positive outcomes and its ever-growing popularity, the national gift card program now timing was right to make the leap into the Canadian soon continue their expansion in the Canadian market stands as one of the defining elements of the Ivanhoé Cambridge experience. retail market. In this context, Ivanhoé Cambridge at Metropolis at Metrotown (British Columbia) in 2017. laid the groundwork for the upcoming arrival These two popular, high-profile brands will further

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT diversify the centre’s merchandise mix and drive its CAMBRIDGE IVANHOÉ ACTIVITY REPORT customer traffic upward. 2016 2016 20 21 OFFICE – NORTH AMERICA Today’s workplaces have to set themselves apart, with exceptional architecture, modern amenities and a wide range of transportation options in the heart of major cities. In an effort to keep pace with the ever-changing needs of tenants, Ivanhoé Cambridge develops avant-garde urban projects. Ivanhoé Cambridge understands that its workspaces must be conducive to well-being and creativity if they are to attract top-tier talent. This is why its properties boast innovative spaces where people can create, communicate and collaborate.

102 buildings 32.1 M ft2 (3 M m2) of gross leasable area THIS IS 3 56% development projects of managed office buildings MY OFFICE are LEED®-certified 100% of managed office buildings 50% are BOMA BEST®-certified of managed office buildings have access to a car-sharing service 10 parking spaces reserved for 83% carpoolers (on average, of managed office buildings have at managed properties) access to a bike-sharing service

As at December 31, 2016 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 23 Interview with “The way our tenants are using their workplace is changing, and changing fast. To cater to their new needs, we are creating high-quality, versatile office Arthur Lloyd spaces that can accommodate greater densities and offer a whole new range of services and amenities.” President,

Office, North America How would you describe 2016 in From a leasing standpoint, we renewed deals a single word? for over 1.2 M ft2 (111,500 m2) with 21st Century I think “execution” sums up our performance Fox and News Corp, two of the biggest tenants in 2016. We managed to conduct more than in our global platform. They chose to stay head- $4 billion worth of transactions last year, in the quartered at 1211 Avenue of the Americas, in midst of a slow market that was not exactly Midtown Manhattan, which speaks volumes conducive to closing deals. about the confidence they have in us and our partners at Callahan Capital Properties. Which accomplishments would you say you and your team were the proudest of What is at the core of your strategy? this year? We maintain a presence in gateway cities We successfully pursued the repositioning across North America – markets with a vibrant operation initiated in 2010 to align our property demographic and economic outlook – and portfolio with the Company’s overall strategy. concentrate on premium assets in an array of We are also extremely proud of the three devel- categories. We forge strong ties with prominent opment projects we championed during the partners who know their respective markets year. Chicago-based River Point was delivered very well. Being in the right place, at the right in 2016 and was 85% leased two months prior time, with the right partners. That way we are to its opening. The location is simply unbeat­able, ready to seize opportunities to add value to and our partner Hines did a remarkable job with our portfolio. the leasing. Maison Manuvie in Montreal is now 73% pre-leased, a full nine months before the What are your priorities for 2017? first tenant moves in September 2017. Bay Park We will continue to focus on the downtown Centre, which will be inaugurated in Toronto in cores of bustling city markets and work hand 2020, is a shining example of the office of the in hand with our partners to take advantage of future, in the heart of Canada’s most dynamic the best opportunities as they arise. We will also market. This is the most remarkable develop- leverage our operations and leasing activities ment project I’ve been involved in throughout to maximize our benefits. my career. A project like Bay Park Centre hap- pens once in a generation.

Arthur Lloyd joined Ivanhoé Cambridge in 2010. He is responsible for all the activities of the Office – North America business unit. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 24 25 OFFICE – NORTH AMERICA HIGH-PERFORMANCE OFFICE BUILDINGS MEETING CURRENT AND FUTURE NEEDS Ivanhoé Cambridge office buildings create value in the heart of leading North American cities. Their cutting-edge design meets the needs of today’s business community by blending architectural quality, occupation density and tenant services.

Flagship projects at the heart

of vibrant cities Eighth Avenue Place, Calgary, Canada River Point opened its doors in Chicago in 2016. Combining functionality, esthetic value and sustain­ In the words of Pierre-François Chapleau, Ivanhoé able design, this next-generation skyscraper Cambridge’s Senior Vice President, Office Deve­ integrates seamlessly into the surrounding district, lopment, North America: “Every tenant is unique. itself in the midst of a vibrant rebirth. The impres- Building on our expertise in design, technology sive three-storey lobby opens onto a public 1.5 acre and investment, we create workplaces and urban (60,700 m2) riverside plaza and Chicago Riverwalk. developments in step with the ever-changing The city’s first major architectural development since Bay Park Centre (2020), Toronto, Canada needs of today’s professionals. It’s all part of the 2008, River Point is breathing new life into Chicago’s Ivanhoé Cambridge experience.” West Loop district. The 52-storey tower is one of the Where productivity meets wellness jewels in Ivanhoé Cambridge’s crown of properties at work that are leaving their indelible mark on top cities Ivanhoé Cambridge’s office properties are adapt- in North America. Other examples include Eighth Bay Park Centre, Toronto ing to new ways of doing business, complete with Avenue Place (Calgary, 2014) and the future Bay Park PHASE collaborative spaces, the latest technologies and Centre (Toronto, 2020), elegant glass towers whose In development (2020/2023) layouts that can be easily reconfigured as approaches interiors are flooded with natural light and that boast evolve. They are designed specifically to appeal to CLASS a breathtaking view of their cityscapes. sophisticated tenants who want premium high-density AAA Also in 2016, Place Ville Marie converted its upper office space that comes with a full lineup of services. GLA floors to bring together Montreal culture and cuisine, a 2.9 M ft2 (270,000 m2) These properties are also strategically located in project at the core of Ivanhoé Cambridge’s ambitious NUMBER OF STOREYS proximity to public transit. River Point, for example, $1 B investment plan to revitalize the city’s down- Tower 1: 49 was actually built overtop an access to the regional town core. As Bernard Poliquin, Senior Vice President, Tower 2: 54 rail system. Toronto’s Bay Park Centre (2020) will also Office, Quebec, at Ivanhoé Cambridge, explains: TARGET CERTIFICATIONS offer this seamless rail connection, in addition to “Ivanhoé Cambridge and its partners inaugurated LEED® Platinum building a world-class GO Bus Commuter Terminal. Au Sommet Place Ville Marie, where Montrealers WELL Building Standard™ And Maison Manuvie (Montreal, 2017) will be directly and tourists alike can visit a magnificent observa- CERTIFICATION connected to two metro stations. tion deck offering 360-degree views from the city’s WiredScore Platinum highest vantage point. The full experience includes Occupants and visitors alike will be able to enjoy ser- Eighth Avenue Place, Calgary River Point, Chicago, United States an exhibition of the history of Place Ville Marie’s cons­ vices and amenities developed with their well-being truction, a virtual visit of Montreal’s neighbourhoods in mind, such as bicycle parking facilities with showers PHASE and points of interest and, to top it off, a typically and changing rooms, fitness centres, green spaces, Operational (2014) River Point, Chicago Montreal gourmet meal on the rooftop terrace of relaxation areas and patios, shops and restaurants CLASS PHASE Brasserie Les Enfants Terribles.” to suit every taste. AAA Operational (2016) This array of services is the main reason EY has chosen GLA CLASS Maison Manuvie, nestled in downtown Montreal, as 1.9 M ft2 (179,800 m2) AAA its future home. EY’s corporate culture is rooted in its NUMBER OF STOREYS GLA commitment to build a better world for and with its Tower 1: 49 1.1 M ft2 (100,400 m2) employees. The property’s elegant design, connec- Tower 2: 40 NUMBER OF STOREYS tivity and flexible, new-generation layout therefore CERTIFICATION

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT 52 offered the perfect solution. LEED® CS Platinum CAMBRIDGE IVANHOÉ ACTIVITY REPORT

PRE-CERTIFIED

2016 LEED® CS Gold 2016 26 27 OFFICE – NORTH AMERICA RECOGNIZING EXCELLENCE AND INNOVATION Certification is the culmination of Ivanhoé Cambridge’s efforts to maintain the highest standards of construction and building-management quality. It also underscores the Company’s commitment to sustainable development and occupant wellness. A full list of these credentials can be found on the Company’s website in the “Social Responsibility” section. Maison Manuvie (2017), Montreal, Canada

Modernizing existing buildings New trends in office management are gaining traction Energy and environmental performance Health and wellness In addition to its innovative development projects, in the industry, among them satellite workstations and LEED® is the North American real estate industry WELL Building Standard™ is a new international certi- Ivanhoé Cambridge constantly invests to enrich the “hotelling,” in which workers reserve their workspace standard for environmental certification. Currently, fication program that measures the impact of building experience in its properties in order to benefit ten- before going into the office. Ivanhoé Cambridge 56% of the office buildings managed by the design on individual health and well-being, based on ants and their employees. In 2016, the Company has begun to invest in these emerging models in Company are LEED®-certified. In Montreal, 100% of seven factors: air, water, nourishment, light, fitness, upgraded air quality, lighting and temperature control conjunction with partners who are in tune with these Ivanhoé Cambridge’s office properties have earned comfort and mind. All new Ivanhoé Cambridge con- systems in many of its properties. innovations. For example, the Company has joined their LEED® and BOMA BEST® certification. struction projects are pre-certified through the WELL forces with its tenant WeWork, which chose Place Ville Le 1000 De La Gauchetière (Montreal) joined the Building Standard. Marie for its first Montreal-based location. LEED® family in 2016 when it was certified at the Silver Connectivity level, recognizing its energy performance as being Wired certification is awarded to buildings with among Montreal’s top office towers. Maison Manuvie, Montreal the fastest and most reliable Internet connections. BOMA BEST® is a Canadian program that sets PHASE Connectivity has an undisputed impact on productiv- Scheduled opening in 2017 realistic goals in terms of energy efficiency and ity and, as such, represents a clear competitive edge environmental performance. In 2016, seven for Ivanhoé Cambridge’s properties. All new construc- CLASS Ivanhoé Cambridge-managed office properties AAA tion projects are pre-certified under the WiredScore made the BOMA BEST roster: program. The forthcoming Bay Park Centre (Toronto) GLA is the first Wired pre-certified project in Canada and 485,800 ft2 (45,100 m2) plans to add LEED® Platinum and WELL certification BOMA BEST® Gold NUMBER OF STOREYS to the list. 27 • 455 Saint-Antoine Ouest (Montreal) PRE-CERTIFIED • Édifice Price (Quebec City) Sought-after features LEED® CS Gold More and more tenants are aware of the benefits of BOMA BEST® Platinum TARGET CERTIFICATION certification in terms of instilling value and improving Place Ville Marie, Montreal’s emblematic building, is now • 415 Saint-Antoine Ouest (Montreal) WiredScore their appeal in the eyes of their clients and employees. lit up every night to celebrate the city’s 375th anniversary - • Édifice Jacques-Parizeau (Montreal – global and beyond Ivanhoé Cambridge takes this into consideration in Place Ville Marie, Montreal headquarters of Ivanhoé Cambridge and business offices for CDPQ) the process of developing new projects. For example, PHASE • Le 1000 De La Gauchetière (Montreal) Bay Park Centre is designed to maximize efficiency In particular, 1411 Broadway (New York City) has Under renovation (2016–2017) • Place Ville Marie (Montreal) with open floor plates and building systems that benefited from major improvements to its highly CLASS enable tenants to optimize the footprint. It will set a • World Trade Centre Montréal frequented lobby, spaces around the building A new standard for technology and innovation that far and commercial façade, thanks to over US$60 M GLA surpasses buildings from previous development eras. in investments since it was acquired in 2012. 2.6 M ft2 (239,500 m2) During a workshop discussion with the Company’s According to Dominic Bettison, Director at Ivanhoé Cambridge and its partner Callahan Capital NUMBER OF STOREYS stakeholders, a tenant at Place Ville Marie contributed WilkinsonEyre, the architects in charge of the Bay Properties plan to continue renovations into the next Tower 1: 41 this comment: “Tenant engagement is important to Park Centre development: “Together we recognize few years to upgrade the Class A building’s roofing, Towers 2 & 3: 7 Ivanhoé Cambridge. The standards and programs the civic responsibility implicit in every project to windows and cooling towers, improving its overall Tower 4: 7 in its buildings are ahead of the curve for this sector. shape the city in a positive way and by creating high-­ environmental footprint. Coupled with its prime loca- Tower 5: 18 Our associates in other office buildings are just get- quality architecture, urban spaces and amenities that tion in Midtown Manhattan, these enhancements have CERTIFICATIONS ting their recycling and composting programs off contribute to and enhance the everyday experiences attracted a more diverse tenant mix, which is already LEED® Silver the ground. These kinds of initiatives are powerful of the city’s inhabitants, the local community and the main address for some of the fashion industry’s BOMA BEST® Platinum incentives for our clients and staff.” the tenants who live and work in the buildings that most prominent tenants. we design.” ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 28 29 OFFICE – NORTH AMERICA BUILDING URBAN PROJECTS TOGETHER Ivanhoé Cambridge expands its worldwide reach by leveraging the complementary expertise

of trusted partners who possess in-depth knowledge of their local markets and have promising Maison Manuvie (2017), Montreal, Canada connections and opportunities to share. Invaluable partners 10 & 120 South Riverside Plaza was recognized in Hines is one of the world’s leading real estate compa- 2016 as an Outstanding Building of the Year by nies. Ivanhoé Cambridge has great respect for Hines’s the Building Owners and Managers Association of ambitious vision of urban development and in-depth Chicago (BOMA/Chicago). The building, which is expertise in building top-quality office towers. In addi- managed by JLL, earned an award in the Over 1 Million tion to its impressive list of achievements, Hines has Square Feet category at the TOBY Awards, which a clear understanding of the scope and direction of recognize excellence in Chicago’s real estate market. Ivanhoé Cambridge’s investment strategy. Ivanhoé Cambridge and Hines have partnered since 2000 on projects recognized for their architec- 2016 HIGHLIGHTS tural and technological innovation. These include the IN PARTNERSHIP WITH T1/B skyscraper in the La Défense business district CALLAHAN CAPITAL (Paris, 2008); ARDEKO, an elegant complex boasting PROPERTIES a refined architectural style (Paris, 2013); and Eighth 180 North LaSalle, Chicago Avenue Place, twin glass office towers with breath- TRANSACTION taking views of the Rocky Mountains (Calgary, 2014). Acquisition Kevin Shannahan, Hines Canada CEO, comments: GLA “We are blessed by our partnership with Ivanhoé 769,000 ft2 (71,400 m2) Cambridge and are proud to state that our joint STOREYS efforts have resulted in successful outcomes with 38 regard to elevating the built environment, sustainable development and financial performance.” 330 Hudson Street, New York In 2016, Ivanhoé Cambridge and Hines had three joint TRANSACTION projects on the books: Chicago’s River Point, which Acquisition of remaining is now operational, and Bay Park Centre (Toronto) 51% interest Bay Park Centre (2020), Toronto, Canada and DUO (Paris), both of which are projected for a GLA 2020 delivery. 467,900 ft2 (43,500 m2) “It’s a privilege to work with partners of such high practice WilkinsonEyre and Canadian-based Callahan Capital Properties is a real estate investment STOREYS 16 calibre and it’s really exciting to see how our projects Adamson Associates, Bay Park Centre is founded in firm that is active in the office market, with a focus shape the cities in which we invest. We know we architectural and structural excellence. on the central business districts of major U.S. cities. can count on their expertise and vision, and their 10 & 120 South Riverside Plaza, According to Jonathan Pearce, Senior Vice President, Callahan’s partnership with Ivanhoé Cambridge dates Chicago established market presence. In return, we offer Office Leasing, at Ivanhoé Cambridge, the project’s back to 2012 and has led to the development of one them a partnership that goes beyond capital, with ACHIEVEMENT success is rooted in its vision and this partner- of the U.S.’s best office platforms. According to Tim 95% occupancy reached a team of seasoned real estate professionals that ship: “When you’re developing a world-class AAA Callahan, Chief Executive Officer of Callahan Capital bring long-standing operational and development office complex in the country’s largest commercial GLA Properties, “Ivanhoé Cambridge is a world-class 1.4 M ft2 (131,100 m2) experience,” says Christine Filgiano, Senior Vice market, working with a partner like Hines makes investor looking to further strengthen its position President, Strategy and Operations, Office, North all the difference. This is the driving force behind in the U.S. office market. We are proud of the office STOREYS 21 America, Ivanhoé Cambridge. our ability to deliver a unique architectural concept platform we have built together and look forward to A win-win partnership in Toronto and well­ ‑designed workspaces that will meet future expanding our operations in our targeted markets.” 1211 Avenue of the Americas, tenants’ expectations to a T.” Bay Park Centre, an iconic development slated for Manulife is a leading financial services group with New York a 2020 delivery for its first phase, will beano ­ ­ther In April 2017, CIBC announced it would become operations around the world. Ivanhoé Cambridge TRANSACTION opportunity for close collaboration between the anchor tenant for Bay Park Centre, occupying up and Manulife teamed up to develop Montreal’s Acquisition of remaining Ivanhoé Cambridge and international real estate to 1.75 M ft2 (163,000 m2) in the two buildings. The Maison Manuvie, with Manulife as the co-owner and 49% interest firm Hines, which entered into a co-ownership world-class complex will serve as CIBC’s headquarters main tenant. Slated to open in 2017, this new office GLA

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT agreement to develop and manage the buildings. and a campus for approximately 15,000 of the bank’s tower will enable Manulife to offer its employees 2 M ft2 (187,200 m2) CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Hines is the development manager on behalf of Toronto-area employees. outstanding work spaces. STOREYS

2016 the co-owners. Designed by British architectural 44 2016 30 31 RESIDENTIAL Residential properties are not just addresses. They are environments that promote wellness and answer tenant needs and aspirations. Working in close collaboration with its local partners, Ivanhoé Cambridge helps transform and bring-value to the most sought-after neighbourhoods THIS IS in major cities worldwide. Ivanhoé Cambridge acquires, revitalizes and develops urban oases for users looking for places to live, work and play in dynamic cities with a MY LIVING ROOM full range of services and amenities nearby.

NORTH AMERICA Close to 1,304 26,000 units in Montreal and Quebec City rental units

More than 6 24,000 development/redevelopment units in 5 main cities in the U.S. projects

EUROPE Close to 600 533 residential buildings units in London (across over 125 assets)

As at December 31, 2016 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 33 Interview with “Our strategy for the past five years already has been to concentrate on the most dynamic large cities. The clear trend toward urbanization supports the strategy we are implementing. Our experience gives us an advantage in Sylvain Fortier these markets.” President, Residential, Hotels and How would you describe 2016 in How do you approach these dynamic Real Estate Investment Funds a single word? cities? I think “continuity” epitomizes what has set We look for high-potential assets that we can us apart this year. In conjunction with our enhance to generate more value. At the same ­partners – such as Blackstone, Residential Land, time, we work diligently to bring together a Stonehenge and Veritas – we managed to stay critical mass of assets to make our mark on focused on top cities, despite the prevailing leading cities in our sights. market volatility. In London, we remained on the lookout for opportunities and, in San Francisco, What are your priorities for 2017? we built a portfolio of more than 1,600 units in The Hotel portfolio is part of my team’s respon- the space of just under two years. sibilities. We are looking forward to reopening the Fairmont The Queen Elizabeth hotel in the Which accomplishments would you say midst of a celebration-packed year in Montreal. you and your team were the proudest of We have made sure we are doing things right, this year? alongside a group of talented partners. The We acquired properties ranging in value from results promise to be spectacular! as little as $6 M to as much as $5 B. In part- On the residential side, we will continue to seek nership with Shea Properties and Greystar, we out opportunities to grow and create value with delivered high-quality residential construction our partners. projects aimed at people who want to live, work and play in urban centres. These properties are managed by reliable partners in order to create even more value during a challenge-filled year. What we’re really proud of, though, is our exceptional performance across the board.

Sylvain Fortier joined Ivanhoé Cambridge in 2004. He is responsible for all the activities of the Residential business unit. His responsibilities also comprise hotels and real estate investment funds. In addition, he serves as Chair of the Board of Directors of Otéra Capital, Ivanhoé Cambridge’s sister company. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 34 35 RESIDENTIAL

A GROWING PRESENCE IN THE Grand opening of Ascent Apartments RESIDENTIAL MARKET Ivanhoé Cambridge’s investment strategy is geared toward dynamic large cities, in light of rapid urbanization on a global scale. Since 2011, when the business unit was created, the residential portfolio has grown significantly.

U.S.: From coast to coast According to Nadeem Meghji, Senior Managing The Company’s trusted partners are key to its ongoing Director of Blackstone: “Blackstone has a long­ growth in this market – partners like Greystar, with standing relationship with Ivanhoé Cambridge and which it continued to develop multipurpose resi- we were delighted to have the opportunity to partner dential and commercial projects in 2016, namely The with them on Stuyvesant Town/Peter Cooper Village. Duboce (San Francisco, 2017), The Hudson (Greater Ivanhoé Cambridge not only shares our commitment Los Angeles, 2017), ORE82 (Washington, D.C., 2016), to maintaining the history of affordability at this great Elan Uptown Flats (Seattle, 2017), Access Culver community, but also believes in sustainable business City (Los Angeles, 2016) and Elan Pasadena 201 practices that will benefit and protect its residents. (Greater Los Angeles, 2018). They will join a port- Our shared goal is to ensure that this ‘oasis of green’ folio of more than 24,000 units already owned by in Manhattan, as the property is affectionately known, Ivanhoé Cambridge and its strategic partners across will retain its beloved amenities and community feel the United States. over the long term. In Ivanhoé Cambridge, we are pleased to have found a partner who is as focused on sustainability as we are.”

In April 2016, Ivanhoé Cambridge and its partner Shea Properties cele- brated the grand opening of Ascent Apartments, an upscale 650-unit resi- dential complex in San José (California), in the heart of Silicon Valley. Ascent Apartments boasts resort-style ORE82, Washington, D.C., United States amenities, including an outdoor pool, a lavish spa and a stylized décor. The property is part of a sweeping transit-­ As Ezio Sicurella, Ivanhoé Cambridge’s Senior Vice Garden House, London, United Kingdom oriented urban redevelopment plan President, Investments, Residential, Hotels and that includes an adjacent commercial Real Estate Investment Funds, points out, “When zone to provide the community of San we acquire residential properties, we redevelop London calling José with an exceptional lifestyle. them and improve their amenities and appearance. The properties jointly owned with Residential Land, Through these esthetic or functional upgrades, we which together represent close to 600 units, make This first collaboration bodes well for can optimize the space for our tenants and create Ivanhoé Cambridge a leading player in the city’s the future, according to Greg Anderson, value for the partnership over the short and long residential real estate market. In 2016, the partnership Senior Vice President at Shea Properties. terms.” acquired The Mayfair Collection, Luke House and “Ivanhoé Cambridge is a fabulous partner. Very well capitalized with tre- Teaming up with Blackstone on the historic transaction Christie’s Project. mendous professionals within their organization. We were very happy to work with them. They have of Stuyvesant Town/Peter Cooper Village enabled “It’s a story of where there is uncertainty, there is been a great assist through the whole project. It is a relief and wonder to be able to work with financial Ivanhoé Cambridge to acquire an entire neighbour- opportunity, and our partnership has been taking partners who understand the business and the day-to-day. They are very interested in the detail and a hood comprising 56 buildings in New York City. The full advantage of these opportunities in 2016,” notes great value-add to the process.” partnership created StuyTown Property Services in Bruce Ritchie, Founder and Chief Executive Officer of 2016 to administer the property. The newly formed Residential Land. Ascent Apartments received GreenPoint certification under the California-based Build It Green rating management company has also evaluated possible system in recognition of the property’s sustainable, eco-friendly design. It was also presented with a areas for improvement, including solar panels to Gold award in the category of Development Up to 4 Stories, For Rent at the 2016 Best in American increase energy efficiency and reduce operating costs. The Company can count Living™ Awards (BALA) from the National Association of Home Builders. BALA recognizes outstanding

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT achievement by builders and design professionals in all sectors of the residential housing industry. CAMBRIDGE IVANHOÉ ACTIVITY REPORT on its trusted partners to perpetuate its growth. 2016 2016 36 37 EUROPE The current situation in Europe is complex, marked by a demanding economic climate and considerable geopolitical and cultural challenges. It is nevertheless a market with depth and a promising outlook for the future. With 20 years of experience in Europe, Ivanhoé Cambridge is leveraging its real estate expertise to make the most of opportunities to diversify its portfolio. Working directly with expert partners in the most sought-after cities, the Company develops and purchases prime office buildings, shopping centres, logistics properties and businesses. This is where major urban developments such as DUO come to life.

3.3 M ft2 (309,900 m2) of gross leasable area THIS IS WHERE shopping office THE FUTURE IS 3 centres 3 buildings BEING BUILT 4 development/redevelopment projects

23% share capital in Gecina

As at December 31, 2016 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

DUO (2020), Paris, France 2016 39 EUROPE

Interview with DUO: Building for the future and collaboration Grégoire Peureux In every major city around the world, there are multinationals looking for a vibrant community Senior Vice President, they can operate from to ensure their success. Finance – Europe DUO, to be erected on Paris’ famed Left Bank, will be their new home base. The two asymmetrical towers will possess next-­ generation facilities and equipment perfectly “Various events and economic cycles may affect what we do. Today, in line with new work practices. The mixed-use Ivanhoé Cambridge is a consolidated company, both globally and locally, ­complex will also promote an unrivalled quality with the capability of adapting to and withstanding difficulties it may face.” of life and a lineup of services to meet the needs of the new business clients. Designed by renowned French architect Jean How would you describe 2016 in What are your priorities for 2017? Nouvel for Ivanhoé Cambridge, DUO is the a single word? The coming year will be an interesting one for embodiment of the office of the future, offering It would be “consolidation.” Today, Ivanhoé us in the European market. Players who took a its occupants and visitors a full array of urban Cambridge is a consolidated company, both few risks will be pulling out of certain sectors, sensations. globally and locally. We share allocation and which will yield some attractive investment Flexible, functional spaces business strategies, broken down into asset opportunities for us. The Company had a strong The open, flowing design of the DUO towers will categories, geographic entities and investment start to 2017 in Europe, with the disposition of facilitate the to-and-fro of people and ideas and methods. Xanadú and the leasing activity for DUO. We heighten productivity. Multipurpose spaces and furnishings can be moved around and reconfigured to expect to keep up the momentum. We will suit changing needs, and the lobby will serve as a place to greet visitors, relax and even hold informal Which accomplishments would you say kick-off the construction of DUO and invest meetings. you and your team were the proudest in properties that are poised to create value DUO will utilize leading-edge features to attract and retain the next generation of workers, among them of this year? for us, our partners and our tenants. We plan a fitness centre with large windows overlooking the city, a bar that gives access to an outdoor space, shops, restaurants, an auditorium and the city’s only sky bar. DUO was named the Best Futura Mega Project to strengthen our strategic partnerships and at the 2016 MIPIM Awards. This accolade from expand our foothold in Europe. Digital displays strategically located around the property will keep occupants up to date on useful news. the international property show is a testament A mobile app will also convey this information and double as an interface for using building amenities and services. to our ability to export our expertise and bring forward-looking projects to fruition. The past Prestige, comfort and quality of life year also saw the opening of our offices in With its striking appearance, DUO will redefine the Paris cityscape London and the sale of the P3 logistics platform and become the new landmark moving forward for the French in remarkable conditions. capital. Its one-of-a-kind architecture, with an accent on transpar- FACTS ABOUT DUO ency and organicity, will optimize natural light and green spaces PROJECTED DELIVERY essential to occupant wellness. What is the market context in Europe? 2020 Health and well-being are the values around which DUO has The geopolitical stakes are prominent. We offi- NUMBER OF STOREYS been designed, which is why the complex is the first in France to DUO 1: 39 cially opened our London office 15 days before be registered under the WELL Building Standard™, currently the DUO 2: 27 the Brexit vote... It’s the time to be strategic in only global tool for advancing health and well-being in the real TENANT our investment decisions. Big cities will con- estate industry. Built to meet the strictest sustainability criteria and Natixis has already signed for tinue to be a focus for real estate activity, with pre-certified LEED® CS Platinum, DUO will represent an unprec- the entirety of approximately constantly evolving needs. We have invested in edented achievement in environmental performance in France. 969,000 ft2 (90,000 m2) high-quality businesses and assets in tandem of office space Transportation and accessibility with robust partners. Which means we are well Grégoire Peureux joined Ivanhoé Cambridge in TARGET CERTIFICATIONS Ideally located in the 13th arrondissement between the Boulevard LEED® CS Platinum placed to weather any turbulence. 2005. He is responsible for all investment and Périphérique and the banks of the Seine, DUO will offer unpar- HQE® asset-management activities for the European alleled access to all forms of public transit. The two towers will WELL™ business unit. be close to road, rail, commuter train, streetcar and metro links, Effinergie+ including a metro station at the base of the complex. Electric vehicle charging stations and a large bicycle parking space will

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT also be provided on site. CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 40 41 EUROPE

Changes in Spain AN ACTIVITY-FILLED In March 2017, Ivanhoé Cambridge announced it entered into an agreement with companies affiliated to intu properties plc for the sale of the company that YEAR IN EUROPE owns Xanadú shopping centre in Madrid, as well as management companies associated with the centre and the SnowZone.

A successful transaction in the logistics sector Ivanhoé Cambridge and TPG took advantage of the exceptional market conditions to sell their European logistics platform P3 Logistic Parks to the Singapore-based GIC fund in what proved to be one of the largest European real estate deals of 2016. The Company is proud to have contributed to the growth of P3 and very satisfied to have brought this large-scale transaction to an efficient and successful conclusion.

In 2016, Ivanhoé Cambridge continued the development of urban projects that shape the landscapes of DUO (2020), Paris, France European cities.

The Minster Building, London, United Kingdom

A strategic presence in London A growing influence in Paris In 2016, Ivanhoé Cambridge opened a business Ivanhoé Cambridge’s offices in Paris are the launch- office in London, where it already owned a number pad for its activities throughout the European of properties. This will make it possible to take a more continent, led by a multidisciplinary team of roughly hands-on approach to managing this portfolio and 20 investment and asset management professionals. be closer to the always vibrant London market, where Gecina, in which Ivanhoé Cambridge is the principal many of its strategic partners enjoy an active presence. shareholder, has shifted its focus to concentrate on The Company has committed to repositioning The office properties by selling its assets in the healthcare Minster Building, a high-quality office property built sector. The appointment of Meka Brunel, formerly in 1990 in the city’s historical and financial district. The Ivanhoé Cambridge’s President, Europe, to the posi- Minster Building presents a unique opportunity for tion of Chief Executive Officer of Gecina in 2017, Ivanhoé Cambridge to reinvigorate a City of London speaks to the important role the Company and landmark. With help from Greycoat, the Company is Ms. Brunel played in this key investment. implementing a comprehensive transformation to Ivanhoé Cambridge has received the green create a high-quality asset that perfectly reflects its light to proceed with the DUO (2020) project in vision of the office of tomorrow – a dynamic space Paris’13th arrondissement. DUO is the first major where people can meet, collaborate and create. building in France to be leased more than four years The new design will be more open and better before delivery. In March 2017, Ivanhoé Cambridge adapted to contemporary work practices, thereby signed a lease with Natixis for the entirety of approx- enabling tenants to create an environment conducive imately 969,000 ft2 (90,000 m2) of office space in the to the well-being of their employees. A spectacular DUO towers. The signing of this lease before delivery 69-foot-wide (21 metres) atrium will ensure a gen- of the towers confirms the project’s strength of vision erous offering of natural light to make The Minster for the office of the future and the city of tomorrow. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Building an uplifting place to work. A vision driven by Ivanhoé Cambridge and shared by the City of Paris. DUO (2020), Paris, France 2016 2016 42 43 GROWTH MARKETS Growth market cycles vary depending on the political and economic context specific to each country. For a prudent, astute and experienced investor such as Ivanhoé Cambridge, this can bring attractive business opportunities. The Company combines its own real estate knowledge with the local expertise of its partners to carry out complex investments. In growth markets that show the most promise, the Company is committed to building a varied portfolio of high‑quality assets in tune with commercial real estate trends.

THIS IS MY LATIN AMERICA ASIA-PACIFIC DOWNTOWN 7.8 M ft2 10.3 M ft2 (721,000 m2) of gross leasable area (951,200 m2) of gross floor area 1 +20 office building (Australia) shopping centres managed by Ancar Ivanhoe (Brazil) 1 2 logistics platform (Asia-Pacific) management companies (Brazil and Mexico) 5 1 logistics properties mixed-use (Australia, platform 2 Singapore and (China) China) lots, one at the pre-development phase (Mexico)

Including properties held by companies 2 4 in which Ivanhoé Cambridge has an shopping mixed-use ownership interest. centres projects (China) (China) ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Life Hub @ Daning, Shanghai, China

As at December 31, 2016 2016 45 Interview with “We strive to adapt our strategies in various growth markets. Every country and every region has a context and a set of challenges all their own, as well as partnership and investment opportunities that require Rita-Rose Gagné a tailor‑made approach.” President, Growth Markets How would you describe 2016 in What do you look for most in each market? a single word? A quality partner that shares our values. A part- It was a year of “reinforcing.” We bolstered ner that can guide us and help us broaden partnerships and integrated new resources, our local knowledge so we end up in the right especially in Asia, in addition to deploying places, where demographic trends favour capital in our markets. investments.

Which accomplishments would you say What are your priorities for 2017? you and your team were the proudest of We will focus on execution and, given that a this year? significant portion of our activities are devel- There are plenty: the opening of the Hong Kong opment-oriented, we will depend on these office, complex transactions we closed in Asia projects to boost returns. We also want to set with our partners Chongbang and LOGOS, the up more resources in our markets to create creation of a new joint investment vehicle in even stronger bonds with our local partners, Mexico with MIRA, the investment in Brazil with increase our local expertise and continue to our partner GTIS and the restructuring of our improve governance and processes. Similarly, Ancar Ivanhoe platform, where we celebrated we will continue to broaden our knowledge the 10th anniversary of our partnership. networks and international relations, a plus for Ivanhoé Cambridge as a whole. We will build on expanding our existing partnerships and examine the possibility of forging new ones.

Rita-Rose Gagné joined Ivanhoé Cambridge in 2006. She is responsible for all the activities of the Growth Markets business unit. She also sits on the Board of Directors of Ancar Ivanhoe, the Company’s Brazilian subsidiary. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 46 47 GROWTH MARKETS

New contacts in India INCREASING PRESENCE IN After a period of immersion in the field to gain a firmer grasp of the corresponding challenges and opportunities, Ivanhoé Cambridge’s development GROWTH MARKETS program for the Indian market is poised to take off. Despite the perceived sociopolitical instability of certain growth markets, there are key segments In February 2017, Piramal Enterprises Limited (PEL) and Ivanhoé Cambridge announced a strategic whose foundations are prospects for long-term growth. Ivanhoé Cambridge is dedicated to partnership to provide long-term equity capital to leveraging the expertise of its strategic partners to explore these opportunities, in accordance blue chip residential developers across the five major with its overall strategy. metro cities in India. The country’s compelling demo- graphic and economic fundamentals, combined with supportive government policies, bode well for a long- In the next five years, the Company plans to signif- record, the market niches it specializes in, its busi- term residential development strategy. icantly increase the proportion of growth market ness model and its level of alignment with Ivanhoé investments in its overall portfolio, with the goal of Cambridge.” “We are extremely pleased to be partnering with Ivanhoé Cambridge, a global institutional leader of diversifying its markets and asset base. Rita-Rose Work ethics and business practices vary greatly great reputation with a long-term value system and Gagné, President, Growth Markets, summarizes these from one part of the world to another, which is why investing philosophy aligned with our own,” com- plans as follows: “We are looking for the right oppor- Ivanhoé Cambridge looks to join forces with like-valued mented Ajay Piramal, Chairman, Piramal Enterprises tunities with the best partners in the best cities. To partners. do this, we take a close look at the company’s track Limited. Ivanhoé Cambridge will allocate an initial US$250 M for this purpose, while PEL will co-invest between 25% A stronger presence in Asia-Pacific and 50% of each transaction. Ivanhoé Cambridge was proud to open an office As stated by Claude Lavigne, Senior Vice President, in Hong Kong in 2016 and maintain an important Investments, Growth Markets: “Ivanhoé Cambridge presence in Shanghai. According to George Agethen, plans to establish other strategic partnerships that Senior Vice President, Asia-Pacific, Growth Markets: will help us break into the market and share our “This presence will enable us to work even more expertise in various real estate sectors.” Liberty Place, Sydney, Australia closely with our partners in Asia and be on the ground to seize the best opportunities.” Growing the Australian portfolio June 2016 saw the launch of Phase 1 of Life Hub @ Among the factors that are having a positive influence Partnering with Blackstone, Ivanhoé Cambridge Kunshan, a massive mixed-use project located on the Company’s activities in Asia-Pacific are its rapid invested in 2015 in Liberty Place, a prestige office 20 minutes away from Shanghai by high-speed urbanization and growth in discretionary incomes. property in Sydney. The Company, along with its train. Once completed, the development will feature partners Blackstone and LOGOS, is exploring 8.6 million ft2 (799,000 m2) of commercial, residential LOGOS: A logistics real estate investment possibilities to increase its investment activity in and office space. Present in Sydney since 2015, Ivanhoé Cambridge Australia. Sydney, Melbourne and Brisbane’s demo- has acquired along with Macquarie Capital an equity graphics and strategic locations in relation to Lastly, Ivanhoé Cambridge’s investment in interest in LOGOS, an integrated logistics real estate Asian markets put them at the head of the pack. Chongbang grew in 2016 with an additional partici- platform in Southeast Asia, with offices in Sydney, pation in Life Hub @ Jinqiao in Shanghai. Shanghai and Singapore. This investment fits into Shanghai with Chongbang Ivanhoé Cambridge’s plan to increase its exposure to In 2015, Ivanhoé Cambridge, along with GIC, the growth in e-commerce and domestic consump- Singapore’s sovereign wealth fund, Edward Wong tion in the Asia-Pacific region. Group and APG Asset Management, announced that Opening of LOGOS has an attractive portfolio of existing assets they had acquired a significant interest in Chongbang Shanghai Village and development opportunities, making it a choice to further the Company’s expansion in Shanghai, Shanghai Village opened in the Shanghai partner for Ivanhoé Cambridge. For this reason, the Life Hub @ Kunshan, Shanghai, China where it is already well established. Founded in 2003 International Tourism and Resorts Zone in venture was formed with the strategy of acquiring and by a group of Singaporean and Hong Kong investors, June 2016. Ivanhoé Cambridge has a direct developing high-quality modern logistics facilities in Chongbang is led by Henry Cheng. It is known for interest of close to 25% in this project, spear- key Asia-Pacific markets, such as Sydney, Melbourne, According to John Marsh, who co-founded and is now developing mixed-use lifestyle properties under the headed by its partner Value Retail China. Shanghai, Singapore and Jakarta. Managing Director of LOGOS, the support of Ivanhoé Life Hub brand. Cambridge and its strategic partners represents the Shanghai Village will ultimately comprise over next step in LOGOS’s growth: “The company will 540,000 ft2 (50,000 m2) of retail and restaurant seek to further expand on our existing specialist space serving domestic and international tour- logistics real estate platform and capitalize on our ists, as well as guests of the adjacent Shanghai deep pipeline of new development and investment Disney Resort and 140 million inhabitants of the opportunities.” surrounding Yangtze River Delta region. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 48 49 GROWTH MARKETS

Fostering entrepreneurial spirit In honour of 10 years of partnership with Ancar, Ivanhoé Cambridge was proud to sponsor the Hands On event in order to share its experience and shopping centre industry savvy with young entrepreneurs. Shopping Nova América and Shopping Center Iguatemi Porto Alegre hosted 60 students aged 16 to 20. These young mil- lennials were encouraged to work together to find creative solutions to problems in their world. Not only did the activity tap into the participants’ budding entrepreneurial talents, it gave Ancar Hands On participants, Rio de Janeiro, Brazil Ivanhoe the chance to draw inspiration from the most influential and by far the largest segment of the Brazilian population. For Ancar Ivanhoe, every shopping centre is a pillar of community development. The firm does not stop at providing funding for social endeavours – it also gives back through local volunteering efforts.

Shopping Center Iguatemi Porto Alegre, Rio Grande do Sul, Brazil

Achievements and opportunities in Latin America Ten years in Brazil In May 2016, Ancar Ivanhoe celebrated the open- The exponential population growth in all major cities ing of Shopping Nova Iguaçu and the expansion of across Brazil has contributed to the emergence of a Shopping Center Iguatemi Porto Alegre. The latter wel- middle class and higher consumption. Despite reces- comed 65 new stores, six restaurants and a new food sionary woes, the Brazilian market remains resilient court during the year. As for Shopping Nova Iguaçu, and Ivanhoé Cambridge’s portfolio continued to it is home to nearly 200 retailers, seven restaurants, fare well in 2016. a food court and a movie theatre, making it a go-to The year marked the 10th anniversary of Ivanhoé destination for consumers in Rio de Janeiro State. Cambridge’s partnership with the Carvalho family. The Furthermore, Ancar Ivanhoe is dedicated to optimizing combination of Ancar’s energy and know-how with work conditions for its people. In 2016, it was ranked Ivanhoé Cambridge’s international industry expertise the second best place to work in Rio de Janeiro by the has redefined the shopping experience in Brazil over Great Place to Work® research firm. Nuevo Sur, developed and managed by MIRA, Monterrey, Mexico the past decade. Today, with more than 20 shopping “We work closely with our teams and local partners centres under management, Ancar Ivanhoe ranks in all markets, as is the case with Ancar Ivanhoe, to New agreement in Mexico “The strategic investment vehicle we created as one of the country’s five largest retail real estate find ways to create value and optimize our return,” Ivanhoé Cambridge concluded a joint investment this year is the first of its kind in this market. companies. stresses Louis Voizard, Senior Vice President, Asset agreement with three Mexican pension funds Ivanhoé Cambridge’s global expertise, matched In the words of Marcos Carvalho, Co-President of Management, Growth Markets, Ivanhoé Cambridge. (AFORES) to create a first-of-its-kind investment vehi- with the local knowledge of Mexican institutions, Ancar Ivanhoe: “The most important factors in the cle in Mexico known as a CERPI. The CERPI will be provides a solid foundation to yield the appropriate success and longevity of our partnership are the managed by the MIRA real estate platform to develop risk-return,” states Javier Barrios, Director General passion both investors have for developing and man- mixed-use urban projects. Meanwhile, MIRA, which of MIRA. aging shopping centres and the financial strength is 50% owned by Ivanhoé Cambridge in partner- Ivanhoé Cambridge brings to the table.” ship with Black Creek Group, was a double winner at the 2016 International Property Awards for its Nuevo Sur mixed-use project in Monterrey. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 50 51 OTHER ACTIVITIES As an institutional investor, Ivanhoé Cambridge seeks to diversify its assets to generate optimal returns for its depositors. Bearing this in mind, the Company owns five high‑quality hotels and interests in real estate investment funds, all of which are managed by the Residential, Hotels and Real Estate Investment Funds team. Hotels In June 2016, Fairmont The Queen Elizabeth temporarily closed its doors, marking the kick-off of a major transformation that will restore the hotel’s status as a leading luxury international business destination.

The iconic building will comprise a business Anything worth doing is worth doing right campus developed by the creative teams at In the interest of efficiency and given the complexity Sid Lee Architecture. The campus will include a set of the operation, Ivanhoé Cambridge and Fairmont of multipurpose spaces open to the public, where opted to close the Montreal hotel while renovations businesspeople will be able to engage in innovative were under way. experiences. Several new-economy enterprises have In keeping with the Company’s corporate social already expressed an interest in these new facilities. responsibility pledge, nearly 2,000 items of all kinds The hotel will provide Montreal residents and visitors were donated to community organizations. Pieces alike with access to an urban market unique to the of furniture and select decorative objects were downtown core, as well as novel culinary experiences, distributed to hotel staff, charities and the Institut luxurious guest rooms and access to Montreal’s de tourisme et d’hôtellerie du Québec (ITHQ), in underground city. that order. This major renovation project comes on the heels Marcèle Lamarche, spokesperson for Le Chaînon, of the revamping of the Fairmont Le Château voices her organization’s gratitude: “Ivanhoé Frontenac in Quebec City. As Sylvain Fortier, Ivanhoé Cambridge is a company whose social responsibility Cambridge’s President, Residential, Hotels and Real is part and parcel of its corporate culture – and it THIS IS MY Estate Investment Funds, points out: “Both hotels are shines through. We aren’t the only ones on the receiv- true landmarks and have a place of honour in the ing end of its altruism. The fact that the Company history of their respective communities. It’s a chal- decided to give back to the homeless in our commu- lenge to transform such iconic properties. In Quebec nity is very impressive. I hope that the entire business PLAYGROUND City, we were very satisfied with the reactions to the community in Greater Montreal and across Quebec changes we made. And we’re very excited about will step up with as much sincerity and generosity as unveiling The Queen Elizabeth hotel!” Ivanhoé Cambridge has.” All of the common areas of The Queen Elizabeth and the majority of the guest rooms will be ready for summer 2017, just in time to celebrate Montreal’s 375th anniversary and the 150th anniversary of Canadian Confederation. The remainder of the work is slated to wrap up by December 2017. Investment funds In 2016, despite the global geopolitical situation and market volatility, Ivanhoé Cambridge successfully executed a large number of investments. This was accomplished by leveraging the Company’s agility and capacity to carry out complex transactions.

Real estate investment funds represent 9%

of the Company’s overall portfolio. CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Fairmont The Queen Elizabeth (2017), Montreal, Canada 2016 53 102-8 405-1 EMPLOYEE ENGAGEMENT Corporate social responsibility is everyone’s business. This is why Ivanhoé Cambridge is committed to upholding best practices in environmental stewardship and community involvement and to fostering a culture of engagement among its employees.

More than

1,400 employees 81% of whom are salaried 56% of salaried employees are women, with a 29.2% representation on the 44% senior management team of employees have been with the company for over 5 years THIS IS HOW Close to One of Canada’s 77% of employees are part of generation WE WORK Top 100 X or Y Employers

for the 5th Average age of employees is consecutive year (Mediacorp) 41 50 internships offered in 2016 with 14% leading to jobs ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Ivanhoé Cambridge’s international Giving Back Day 2016 55 EMPLOYEE ENGAGEMENT THE FULL EFFECT OF RALLYING THE TROOPS THE COMPANY’S COMMITMENT Ivanhoé Cambridge recognizes the importance of employee engagement. As such, it actively supports a number of causes and finds ways to encourage its employees to do the same. This Every day, Ivanhoé Cambridge employees around the world dedicate their passion and helps magnify the impact of their efforts and ensure they have a lasting effect in their communities. talent to contribute to shaping the cities of tomorrow and building the Company’s success. In this spirit, the Company has implemented a range of programs for employees who wish to give Ivanhoé Cambridge provides its employees with a stimulating workplace as well as the means back. These activities not only generate positive repercussions in their community, they promote to realize their full potential and give the best of themselves. a sense of pride for participants and nurture a spirit of belonging to the Company.

An employer of choice Opportunities for In 2016, for the fifth year in a row, Ivanhoé Cambridge professional fulfillment was named one of Canada’s Top 100 Employers by Ivanhoé Cambridge offers stimulating challenges Mediacorp Canada. This prestigious competition to individuals who are driven to learn and grow. Its evaluates organizations based on eight criteria: performance-oriented culture is rooted in diligence, physical workplace; work and social atmosphere; integrity and the highest standards of excellence. health, financial and family benefits; vacation and Permanent employees must determine their per- time off; employee communications; performance formance objectives in collaboration with their management; training and skills development; and manager to ensure their career path is aligned with community involvement. the Company’s strategies. This approach promotes an The Company is also proud to have ranked on the Aon open dialogue between staff and managers through Best Employers in Canada list (2015) and be named regular evaluations and periodic adjustments along one of Canada’s 10 Most Admired Corporate Cultures the way. (2014–2016). But the most important honour of all is Professional development is a priority for Ivanhoé the one bestowed upon Ivanhoé Cambridge by its Cambridge, as is training the next generation of pro- employees – people like Sabrina Kanho, Operations fessionals. Employees have access to a self-service Coordinator, who has been with the company for training system that makes it possible to enhance 10 years and describes her duties as follows: “My job key competencies the Company targets, leadership gives me plenty of interesting challenges to sink my skills and language proficiency. The average amount teeth into and opportunities to push my limits. And of time spent by permanent employees on in-class Giving Back Day: Employees from Outlet Collection at Niagara sort food donations at a local organization I know I can always count on my co-workers and my and online training works out to 10 hours per year. boss for support.” The internship program established in 2014 gives Nearly up-and-coming talents the chance to prove them- Giving Back Day selves and bring new energy to various teams. Every year, Ivanhoé Cambridge encourages its employ- Geographic spread Internships are also an opportunity for the Company ees to take part in a day-long group volunteering event of employees to build the workforce of tomorrow by identifying known as Giving Back Day. On September 30, 2016, 400 participants nearly 400 employees across the Company’s offices high-potential recruits early in their career. In 2016, In 2016, Ivanhoé Cambridge opted to support Habitat Ivanhoé Cambridge hired 50 interns, and managed properties teamed up to lend a helping hand to some 30 community organizations, contrib- for Humanity Canada by giving employees the chance seven of whom subsequently found to help out with home-building projects, such as employment with the Company. uting over 2,700 volunteer hours in a single day to a number of worthy endeavours. Pineridge, or work in one of the organization’s ReStore When a team has specific, time-sensi- outlets. This decision speaks to the natural affinity tive needs, a qualified intern can get a Loreen McMillan, Administrative Assistant at the between Habitat for Humanity’s mission to promote lot accomplished in the space of a few Calgary business office, rolled up her sleeves at the homeownership as a means to breaking the cycle of months. Internships are a great opportu- Pineridge construction site to do her part with Habitat poverty and the Company’s own raison d’être. nity for young people to put their skills to for Humanity, whose goal is to provide affordable good use, explore career prospects in the housing to local families. “The organization was very grateful to everyone for taking the time and for their real estate industry and start building their Ivanhoé Cambridge believes it is important network of contacts. contribution to the overall success of the Pineridge Construction project. When completed, 24 families to give back to the communities where will have a place to call home! We had a great day it operates. Community engagement has together and hope that everyone who couldn’t join us this year will be able to swing a hammer or dig been part of its corporate values since

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT Canada Europe Asia into the insulation next year for the 2017 Giving CAMBRIDGE IVANHOÉ ACTIVITY REPORT the beginning. 90.7% 8.5% 0.9% Back Day!” 2016 2016 56 57 EMPLOYEE ENGAGEMENT

Mark Rodgers, President and CEO of Habitat for Humanity Canada, welcomed the Company’s AWARDS AND DISTINCTIONS employees who volunteered in Montreal, Toronto, Calgary and Vancouver. His gratitude is apparent To attract and retain the best talent, Ivanhoé Cambridge can always tap into the Company’s in his remarks: “Our work would not be possible without the generous support of businesses such as biggest assets: its corporate culture, its outstanding work environment, its best practices and the Ivanhoé Cambridge, who understand how important numerous initiatives it sets into motion to strengthen employee engagement. it is to work both with and in the community.”

EMPLOYER COMPANY INVESTOR

Canada’s Top Ranked 35th among Ranked 12th among the Giving Back Day: Ivanhoé Cambridge employees planting trees and shrubs 100 Employers for a Canada’s 50 Biggest Top 30 Global 5th consecutive year Private Companies Institutional Investors Give-and-Take Program Mediacorp The Globe and Mail PERE Magazine This program encourages employees to volunteer with organizations that are important 258 Canada’s 10 Most Ranked 28th among the Ranked 3rd among the to them, offering them one paid participants Admired Corporate Future 40 Responsible Top 100 Global day each year for this purpose. Cultures Corporate Leaders Institutional Investors Matching Gift Program Waterstone in Canada IPE Real Estate Magazine Ivanhoé Cambridge undertakes to match employees’ Human Capital Corporate Knights personal donations to the recognized charities of Giving Back Day: Ivanhoé Cambridge employees their choosing. building a house with Habitat for Humanity Best Indirect Strategy Montreal’s Green Star and Fit for Good! Top Employers for a 2nd consecutive year Best Global Real Estate Ivanhoé Cambridge covers the registration fees of $41,400 Mediacorp Global Real Estate Investor employees taking part in sports and fitness activities in matched donations Sustainability Benchmark IPE Real Estate designed to raise funds for a charitable organization. (GRESB) Global Awards The Company thus encourages physical activity and The power of commitment community involvement among its employees. Many employees, including a number of senior execu- tives, support community endeavours by volunteering their time, making a donation or serving on a com- OPERATOR mittee or board of directors. As Christine Babkine, Director, Corporate Social Responsibility, puts it: 15 awards from the “At Ivanhoé Cambridge, we feel it is important to International Council of give back to our communities. Engagement has been Shopping Centers in 2016 one of our core values since day one.” ICSC These values reflect a deep-seated sense of pride and engagement, as Warren Barker, Human Resources Business Partner in Ivanhoé Cambridge’s Vancouver office, points out: “We are privileged working Best Futura Mega at Ivanhoé Cambridge and play a big part in our Project – DUO community. As an active volunteer, it is important to 2016 MIPIM Awards work somewhere that shares the same values. The way we give back to the community through our corporate programs is another part of what makes Ivanhoé Cambridge a special place to work.” Green Lease Leaders Awards Institute for Market Transformation ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 58 59 GOVERNANCE

102-5 102-11 Compliance and ethics Anti-corruption 102-16 102-12 A reputation for excellence and the highest standards Ivanhoé Cambridge has enacted an anti-corruption GOVERNANCE 102-18 102-16 102-22 102-18 of integrity and professionalism are the hallmarks of policy, which outlines the Company’s zero-tolerance 102-23 205-1 Ivanhoé Cambridge’s business dealings. Accordingly, stance toward bribery and any other form of corrupt Good governance is a matter of making well-informed decisions to work toward goals while 205-2 a number of policies and procedures have been behaviour on the part of its employees, officers, direc- managing risks. Ivanhoé Cambridge has implemented a consistent set of decision-making adopted to ensure a clear framework and guidance tors or any third parties it has dealings with. It also guidelines and efficient oversight structures within the organization to meet stakeholders’ for employees. confirms Ivanhoé Cambridge’s commitment to main- expectations in terms of governance and performance. taining an anti-corruption program that aims to ensure Code of Business Conduct stakeholders conduct themselves with integrity in all The Code of Business Conduct is Ivanhoé Cambridge’s of their activities. All employees are required to report Board of Directors and Committees The Audit Committee oversees financial reporting, overarching ethics policy, laying out the guidelines in good faith any activity that appears to violate this The Board’s role is to oversee the Company’s man- safeguards information and systems integrity and for the Company’s dealings and operations, includ- policy. In the case of a violation, investigations are agement and operations and to approve strategic ensures significant risk is managed and monitored ing interpersonal relationships. It addresses such conducted and any necessary disciplinary actions planning. The Chairman, Daniel Fournier, is also the in an effective way. issues as conflicts of interest and the protection of are taken. Company’s Chief Executive Officer. A complete list of employees’ rights and the Company’s assets. The Board members, the majority of whom are independ- Integrated risk management Code is updated annually, and all employees must Ethics hotline ent, can be found on page 80 of this report. Ivanhoé Cambridge’s Integrated Risk Management submit a declaration of compliance every year. A copy Violations in the Company’s Code of Business team was created in 2012 to monitor and control all Select powers are delegated to three commit- of the Code is posted on the Company’s website. Conduct or any other applicable policy or law may risks associated with the Company’s operations and Several other policies on specific topics, including be reported confidentially through the ethics hotline, tees formed by the Board, namely the Investment to ensure consistency with the practices upheld by the Committee, the Human Resources and Compensation the anti-corruption policy, as well as restricted trans- either by phone or by email, which can be accessed Company’s main shareholder, the Caisse de dépôt et actions and entertainment/travel expenses, serve through the Ivanhoé Cambridge website. The line Committee and the Audit Committee. Each of the placement du Québec (CDPQ). committees is chaired by an independent Board as a complement to the Code of Business Conduct. itself is administered by a third-party provider to pro- member. Internal Audit tect individual privacy and anonymity throughout the process. The Investment Committee approves, or recommends The Internal Audit team provides an impartial, that the Board approve, investment proposals, includ- independent evaluation of the Company’s risk ing acquisitions, dispositions, development projects, management, control and governance processes related financing and capital expenditures. according to an annual audit plan, and puts forward proposals to further strengthen existing efforts. The The Human Resources and Compensation Committee team reports to the Board’s Audit Committee. studies issues involving the compensation and nomi- CSR governance Sustainable development principles nation of executives that it approves or recommends Responsibility for CSR issues rests with four other Ivanhoé Cambridge’s main shareholder, to the Board. The Committee is also responsible for committees (including a steering committee cre- CDPQ, is subject to the Quebec government’s sanctioning HR-related policies, procedures, practices, ated in 2014), on which several of the Company’s Sustainable Development Act and has signed programs and systems and for advising the Board on senior executives sit. on to the Principles for Responsible Investment governance matters. The 20 or so members of the Executive CSR (PRI). As a real estate subsidiary of CDPQ, and Sustainability Committee ensure that the Ivanhoé Cambridge contributes to its sustainabil- Company’s business strategies incorporate ity action plan in keeping with the government’s CSR-related objectives and that its CSR vision is sustainable development strategy and to its PRI conveyed effectively to stakeholders. reporting activities. The Corporate Social Responsibility Committee Environmental due diligence is a multidisciplinary team of Company manag- Ivanhoé Cambridge applies environmental due ers and professionals tasked with developing diligence to all acquisition, development and a CSR framework and performance reports for operational management processes in all regions. organization-wide use. The Company’s processes are underpinned by The Environment Committee oversees imple- an environmental stewardship program, which mentation of the Company’s environmental boasts a variety of compliance detection mech- management system and submits an annual anisms, including 12 environmental programs. compliance report to the Audit Committee. Environmental performance is closely tracked at a corporate level, with results submitted to The Donations and Sponsorship Committee the Board of Directors’ Audit Committee on a handles requests for assistance received from yearly basis. the community and recommends which non- profit organizations will be the recipients of the Company’s charitable contributions, as stipu- lated in the corporate policy on donations and

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT sponsorships. CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 Ivanhoé Cambridge’s global headquarters at Édifice Jacques-Parizeau, Montreal, Canada 2016 60 61 102-50 102-51 102-52 ABOUT THIS REPORT APPENDICES 102-54 102-56 This 2016 report is the first in which Ivanhoé Cambridge presents the highlights of the year as well as its financial and corporate social responsibility (CSR) performances, demonstrating the Company’s incorporation of CSR into the application of its business strategies. From 2012 to 2015, Ivanhoé Cambridge produced two separate reports annually: an activity report and a CSR report.

This report meets the Global Reporting Initiative (GRI) All financial data are expressed in Canadian dollars, Sustainability Reporting Standards regarding sustain- unless otherwise stated. All numerical values have ability and the assessment of their relative importance been rounded; as a result, some totals may not be carried out in cooperation with the Company’s stake- exact. Financial and employee data apply to the entire holders for the purpose of determining its content. organization. Unless otherwise stated, employee data This report has been prepared in accordance with do not include independent contractors. the GRI Standards: Core option. This report has not The CSR figures pertaining to managed properties been subject to an external audit by an independent are provided in aggregate form and not according third party. The 2015 CSR report was the latest report to the percentage of Ivanhoé Cambridge’s interest published in accordance with GRI G4 Guidelines - in the property. Information concerning properties Core option. covers the entire calendar year. CSR-related data on When relevant CSR data are available, the report properties acquired or sold by Ivanhoé Cambridge compares them with the Company’s performance in during the year are not included, nor does this report 2015. It does not reflect all of the Company’s many cover the CSR performance of properties managed CSR achievements in prior years. All figures apply to by third parties or that of investment funds in which the period spanning January 1 to December 31, 2016, Ivanhoé Cambridge holds an interest. except for energy and natural resources consumption and waste reduction figures, which cover the period from July 1, 2015, to June 30, 2016. Comparative data from previous years have been adjusted accordingly. All data cover a 12-month period. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 62 63 CSR PERFORMANCE SUMMARY

302-1 102-7 2013-2016 302-3 102-8 UNITS 2013 2014 2015 2016 TREND 303-1 102-48 CSR PERFORMANCE 305-1 203-2 Waste 305-4 403-2 Waste diverted tonnes 21,423 18,684 19,299 17,302 Ô 19.2% 404-1 SUMMARY 405-1 Diversion rate % 50 54 58 57 + 7 points Buildings with # 35 37 35 36 Ó 1 BOMA BEST Certification

2013-2016 Shoppers arriving at UNITS 2013 2014 2015 2016 TREND Ivanhoé Cambridge centres by % 27 26 35 35 + 8 points ENVIRONMENTAL STEWARDSHIP means other than automobile Natural gas use COMMUNITIES Absolute Economic impact Suppliers (goods and services Retail gigajoules 246,454 242,830 235,901 223,560 Ô 9.3% $ millions 596 695 705 774 Ó 29.9% purchased) in Canada Office gigajoules 84,550 116,227 108,509 112,430 Ó 33.0% Governments (property taxes Intensity $ millions 227 245 215 220 Ô 3.1% and levies) Retail gigajoules/ft2 0.023 0.028 0.025 0.025 Ó 8.7% Employees (wages and benefits) $ millions 146 147 200 207 Ó 41.8% Office gigajoules/ft2 0.014 0.021 0.018 0.019 Ó 35.7% Indirect jobs # 104,500 97,000 93,000 81,400 Ô 22.1% Square footage Ivanhoé Cambridge donations Retail ft2 10,532,849 8,651,373 9,119,008 8,864,032 Various organizations $ 1,089,762 1,456,454 1,164,154 1,373,581 Ó 26.0% Office ft2 5,864,177 5,551,851 6,012,122 5,960,142 Centraide/United Way $ 183,998 123,034 146,254 203,377 Ó 10.5% Electricity use Employee Programs $ 49,506 33,295 24,693 76,931 Ó 55.4% Absolute Total $ 1,323,266 1,612,783 1,335,101 1,653,889 Ó 25.0% million kilowatt hours 466 401 408 388 Ô 16.7% Retail Community assistance million gigajoules 0.25 0.24 0.24 0.22 Ô 9.3% from properties million kilowatt hours 184 195 203 188 Ó 2.2% Financial donations $ 389,000 670,136 379,718 317,068 Ô 18.5% Office thousand gigajoules 84.55 116.23 108.51 112.43 Ó 33.0% Value of gift cards and promotional $ 213,115 124,125 140,669 78,312 Ô 63.3% Intensity item donations Retail kilowatt hours/ft2 23.99 22.94 23.30 22.73 Ô 5.3% EMPLOYEE ENGAGEMENT Employees Office kilowatt hours/ft2 16.12 16.04 16.06 15.26 Ô 5.3% # 1,834 1,672 1,699 1,583 Ô 13.7% Square footage (full-time, part-time, casual) Retail ft2 18,898,849 17,116,268 17,195,895 16,940,919 Combined turnover rate Office ft2 11,447,645 12,210,559 12,670,830 12,335,565 Overall (permanent full-time) % 13.1 22.5 14.1 22.5 + 9 points Water use Overall (permanent part-time) % 51.8 58.8 40.8 41.7 − 10 points Absolute Voluntary (permanent full-time) % 5.0 6.4 5.1 7.3 + 2 points Retail m3 2,522,827 1,965,129 1,999,991 1,896,647 Ô 24.8% Voluntary (permanent part-time) % 37.8 34.2 34.4 35 − 3 points Office m3 444,075 494,372 644,996 672,805 Ó 51.5% Women in the workforce Intensity Overall % 57 55 56 56 − 1 point Retail m3/ft2 0.10 0.10 0.10 0.10  0.0% Senior management % 22 22 24 29 + 7 points Office m3/ft2 0.07 0.06 0.05 0.06 Ô 14.3% Middle management % 53 52 53 53 − Square footage Support, Technical, Specialist % 67 64 67 68 + 1 point Retail ft2 21,390,157 19,165,670 19,374,081 17,727,823 Best Employers in Canada Survey Office ft2 6,536,709 7,811,573 12,374,446 11,554,644 Engagement score % 68 72 n/a 67 − 1 point Greenhouse gas emissions* Participation rate % 82 84 n/a 81 − 1 point Absolute Employee training hours/year 9.3 8.1 9.7 10.4 Ó 11.8% Work-related fatalities # 0 0 0 0  0.0% Scope 1 (Direct) CO2e (tonnes/year) n/a n/a 21,626 21,164 Ô 2.1%** Scope 2 (Indirect Energy) CO2e (tonnes/year) n/a n/a 55,726 49,779 Ô 10.7%** * Data collected from 2012 to 2014 for internal purposes only. Scope 3 (Other Indirect) CO2e (tonnes/year) n/a n/a 535 535  0.0%** ** 2015-2016 trend

Total CO2e (tonnes/year) n/a n/a 77,886 71,478 Ô 8.2%** Data reported for 2016 with regard to energy, GHG emissions and waste management follow a 12-month cycle and reflect data measured from Intensity July 1, 2015 to June 30, 2016, in order to include the data in this activity report, which combines the Company’s financial data and CSR-related data. For accurate comparisons to be made, the 2016 data were adjusted to this cycle (with the exception of the waste data). Scope 1 (Direct) tonnes CO2e/1,000 ft2 n/a n/a 1.10 1.07 Ô 2.7%**

Scope 2 (Indirect Energy) tonnes CO2e/1,000 ft2 n/a n/a 1.93 1.72 Ô 10.9%**

ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT Total tonnes CO2e/1,000 ft2 n/a n/a 2.44 2.22 Ô 9.0%** CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 64 65 MATERIALITY ASSESSMENT

102-21 102-21 102-40 102-44 102-42 102-47 MATERIALITY ASSESSMENT 102-43 102-44 102-46 102-49

A materiality assessment for Ivanhoé Cambridge’s Following the survey, mixed workshops were held in 5 Canadian operations was conducted in 2016 by Vancouver, Toronto and Montreal to gather feedback the Corporate Social Responsibility team for the on the survey findings and the previous CSR report. 1 Company’s activity report. Ivanhoé Cambridge has These discussions allowed the Company to improve 13 opted to consult with stakeholders every other year its understanding of stakeholder expectations, to 11 14 10 in order to be able to act on any adjustments they better target its strategic priorities and to make on­ 2 3 propose. going improvements to its reports. 4 5 8 12 19 The objective of this assessment was to identify The people consulted said they appreciate the format 15 24 21 the issues perceived as the most important by of the report and the way the information is presented. 9 23 these stakeholders, including those who work for They like the idea of a single combined report. Their 16 Ivanhoé Cambridge and those with which it partners. suggestions included broadening the scope of the 17 The CSR content was driven by the materiality assess- CSR analysis to cover properties that are not currently 4 18 ment, as required by the underlying principles that part of the report. They also want Ivanhoé Cambridge 6 determine content for GRI reports. The focus is the to be even bolder in explaining its vision for the future, 20 same as in previous reports: real estate assets under to maintain its communications efforts and to share management and development projects. its targets for succeeding. 22 A list of 24 relevant CSR-related issues was drawn This analysis helped Ivanhoé Cambridge identify a up based on the Company’s operations and their portion of the content to be included in this activity impact. Ivanhoé Cambridge also updated its list of report. stakeholders according to five criteria: responsibility, 7 proximity, influence, dependency and impact. Main stakeholder categories • Suppliers

An electronic survey was conducted with all identified to internal stakeholders aspects according Most important • Business partners stakeholders to gauge the relative importance of 3 each issue. The internal stakeholders’ point of view • Shareholders 3 4 5 was derived from a survey of employees and senior • Community partners Most important aspects according to external stakeholders management. All other stakeholders were grouped • Customers together. The survey findings for the 2016 activity • Affiliations report are presented in the graph on the facing page. • Property managers Social aspects Environmental aspects Economic aspects Other aspects • Employees • Tenants Aspects • Senior management 1. Employment and working conditions 14. Services development and innovation 2. Equity, diversity and equality of employment 15. Maintenance and investments made in the building opportunities inventory and equipment 3. Health and safety of employees 16. Responsible investing 4. Training and skills development 17. Responsible procurement 5. Mobilization and retention of employees 18. Management of greenhouse gas emissions 6. Social and community commitment 19. Energy management 7. Preservation and upgrading of built heritage 20. Raw materials management 8. Health and safety of clients 21. Residual materials management 9. Governance 22. Conservation of urban biodiversity 10. Compliance 23. Water management 11. Business ethics 24. Certification of sustainable buildings 12. Commitment of business partners 13. Economic performance and results ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 The aspects in bold are addressed in this report or on the corporate website. 2016 66 67 GRI INDEX

102-55 STANDARDS AND EXTERNAL DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE GLOBAL REPORTING INITIATIVE REPORTING PRACTICE (GRI) CONTENT INDEX GRI 102: GENERAL DISCLOSURES 2016 102-45 Entities included in the consolidated 10 NV financial statements STANDARDS AND EXTERNAL DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE 102-46 Defining report content and 66 NV topic Boundaries GENERAL DISCLOSURES 102-47 List of material topics 67 NV ORGANIZATIONAL PROFILE 102-48 Restatements of information 65 NV GRI 102: GENERAL DISCLOSURES 2016 102-49 Changes in reporting 66 NV 102-1 Name of the organization 3 NV1 102-50 Reporting period 63 NV 102-2 Activities, brands, products and services 3 NV 102-51 Date of most recent report 63 NV 102-3 Location of headquarters 8 NV 102-52 Reporting cycle 63 NV 102-4 Location of operations 8 NV 102-53 Contact point for questions regarding C3 NV 102-5 Ownership and legal form 60 NV the report 102-6 Markets served 8, 72-78 NV 102-54 Claims of reporting in accordance with 63 NV 102-7 Scale of the organization 8, 10, 65 NV the GRI Standards 102-8 Information on employees and 55, 65 NV 102-55 GRI Content Index 68 NV other workers Information available on the website in the Social Responsibility section under 102-56 External assurance 63 NV Employee Engagement. 102-9 Supply chain Information available on the website in the Social Responsibility section under Communities. NV STANDARDS AND EXTERNAL 102-10 Significant changes to the organization The variation in the number of salaried employees compared to 2015 is primarily a result of NV DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE and its supply chain the transformation within the Retail business unit, as well as the opening of Tsawwassen Mills MATERIAL TOPICS (British Columbia) and the sale of the following properties: Bentall Centre in Vancouver (British Columbia) and One Newport Corporate Center in Bellevue (Washington). ECONOMIC TOPICS 102-11 Precautionary principle or approach 61 NV GRI 103: MANAGEMENT APPROACH 2016 102-12 External initiative 61 NV GRI 103: MANAGEMENT APPROACH 2016 disclosures 103-1, 103-2 and 103-3 apply to: GRI 203 and GRI 204. 102-13 Membership of associations The affiliations are presented throughout the website. NV 103-1 Explanation of the material topic and Information available on the website in the Social Responsibility section under Communities. NV its Boundary STRATEGY 103-2 The management approach and GRI 102: GENERAL DISCLOSURES 2016 its components 102-14 Statement from senior decision-maker 4 NV 103-3 Evaluation of the management approach Omission: Ivanhoé Cambridge does not yet have an evaluation method in place for the management NV approach and can therefore not include this information. The teams involved in managing the ETHICS AND INTEGRITY economic-related topics will collaborate to analyze the necessity and feasibility of implementing an GRI 102: GENERAL DISCLOSURES 2016 evaluation method for the management approach in the next three years. 102-16 Values, principles, standards and norms 60-61 NV SOCIAL AND COMMUNITY COMMITMENT of behaviour GRI 203: INDIRECT ECONOMIC IMPACTS 2016 GOVERNANCE 203-2 Significant indirect economic impacts 65 NV GRI 102: GENERAL DISCLOSURES 2016 Additional information available on the website in the Social Responsibility section under Communities. 102-18 Governance structure 60-61 NV RESPONSIBLE PROCUREMENT 102-21 Consulting stakeholders on economic, 66-67 NV environmental and social topics GRI 204: PROCUREMENT PRACTICES 2016 102-22 Composition of the highest governance 60, 80 NV 204-1 Proportion of spending on local suppliers Information available on the website in the Social Responsibility section under Communities. NV body and its committees ECONOMIC PERFORMANCE AND RESULTS 102-23 Chair of the highest governance body 60, 80 NV Financial highlights and returns 10 NV STAKEHOLDER ENGAGEMENT SERVICES DEVELOPMENT AND INNOVATION GRI 102: GENERAL DISCLOSURES 2016 Ivanhoé Cambridge’s approach 6-7 NV 102-40 List of stakeholder groups 66 NV Additional information available throughout the website. 102-41 Collective barganing agreements Ivanhoé Cambridge employees are not syndicated, with the exception of a few employees at NV ENVIRONMENTAL TOPICS a Quebec property, representing 1.1% of employees. GRI 103: MANAGEMENT APPROACH 2016 102-42 Identifying and selecting stakeholders 66 NV GRI 103: MANAGEMENT APPROACH 2016 disclosures 103-1, 103-2 and 103-3 apply to: GRI 302, GRI 303, GRI 305 and GRI 306. 102-43 Approach to stakeholder engagement 66 NV 103-1 Explanation of the material topic and Information available on the website in the Social Responsibility section under NV its Boundary Environmental Stewardship. 102-44 Key topics and concerns raised 66-67 NV 103-2 The management approach and its components 103-3 Evaluation of the management approach Omission: Ivanhoé Cambridge does not yet have an evaluation method in place for the management NV approach and can therefore not include this information. The teams involved in managing the environmental-related topics will collaborate to analyze the necessity and feasibility of implementing an evaluation method for the management approach in the next three years. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 68 69 GRI INDEX

STANDARDS AND EXTERNAL STANDARDS AND EXTERNAL DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE ENERGY MANAGEMENT TRAINING AND SKILLS DEVELOPMENT GRI 302: ENERGY 2016 GRI 404: TRAINING AND EDUCATION 2016 302-1 Energy consumption within 64 NV 404-1 Average hours of training per year 65 NV the organization Information available on the website in the Social Responsibility section under per employee Information available on the website in the Social Responsibility section under Environmental Stewardship. Employee Engagement. 302-3 Energy intensity 64 NV 404-2 Programs for upgrading employee skills Information available on the website in the Social Responsibility section under NV Information available on the website in the Social Responsibility section under and transition assistance programs Employee Engagement. Environmental Stewardship. 404-3 Percentage of employees receiving Information available on the website in the Social Responsibility section under NV WATER MANAGEMENT regular performance and career Employee Engagement. development reviews GRI 303: WATER 2016 EQUITY, DIVERSITY AND EQUALITY OF EMPLOYMENT OPPORTUNITIES 303-1 Water withdrawal by source 64 NV Information available on the website in the Social Responsibility section under GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016 Environmental Stewardship. 405-1 Diversity of governance bodies 55, 65, 80 NV MANAGEMENT OF GREENHOUSE GAS EMISSIONS and employees Additional information available on the website in the Social Responsibility section under Employee Engagement. GRI 305: EMISSIONS 2016 GRI 406: NON-DISCRIMINATION 2016 305-1 Direct (Scope 1) GHG emissions 64 NV Information available on the website in the Social Responsibility section under 406-1 Incidents of discrimination and corrective Information available on the website in the Social Responsibility section under Employee Engagement. NV Environmental Stewardship. actions taken 305-4 GHG emissions intensity 64 NV Information available on the website in the Social Responsibility section under STANDARDS AND EXTERNAL Environmental Stewardship. DISCLOSURES* LOCATION OR DIRECT ANSWER ASSURANCE RESIDUAL MATERIALS MANAGEMENT OTHER TOPICS GRI 306: EFFLUENTS AND WASTE 2016 GRI 103: MANAGEMENT APPROACH 2016 306-2 Waste by type and dispoal method Information available on the website in the Social Responsibility section under NV GRI 103: MANAGEMENT APPROACH 2016 disclosures 103-1, 103-2 and 103-3 apply to: GRI 205, GRI 206, GRI 415, GRI 307 and GRI 419. Environmental Stewardship. 103-1 Explanation of the material topic and 60-61 NV 306-3 Significant spills No significant spills occured in 2016. NV its Boundary RAW MATERIALS MANAGEMENT 103-2 The management approach and its components Natural resources consumption 65 NV Additional information available on the website in the Social Responsibility section under 103-3 Evaluation of the management approach Omission: Ivanhoé Cambridge does not yet have an evaluation method in place for the management NV Environmental Stewardship. approach and can therefore not include this information. The teams involved in managing the other topics will collaborate to analyze the necessity and feasibility of implementing an evaluation method SOCIAL TOPICS for the management approach in the next three years. GRI 103: MANAGEMENT APPROACH 2016 BUSINESS ETHICS GRI 103: MANAGEMENT APPROACH 2016 disclosures 103-1, 103-2 and 103-3 apply to: GRI 401, GRI 403, GRI 404, GRI 405 and GRI 406. GRI 205: ANTI-CORRUPTION 2016 103-1 Explanation of the material topic and Information available on the website in the Social Responsibility section under NV 205-1 Operations assessed for risks related None NV its Boundary Employee Engagement. to corruption The anti-corruption policy is available on the internal employee portal. 103-2 The management approach and 205-2 Communication and training about 61 NV its components anti‑corruption policies and procedures The anti-corruption policy serves as a complement to the Code of Business Conduct. All employees 103-3 Evaluation of the management approach Omission: Ivanhoé Cambridge does not yet have an evaluation method in place for the management NV must submit a declaration of compliance every year. approach and can therefore not include this information. The teams involved in managing the social- 205-3 Confirmed incidents of corruption and None NV related topics will collaborate to analyze the necessity and feasibility of implementing an evaluation actions taken method for the management approach in the next three years. GRI 206: ANTI-COMPETITIVE BEHAVIOR 2016 MOBILIZATION AND RETENTION OF EMPLOYEES 206-1 Legal actions for anti-competitive None NV GRI 401: EMPLOYMENT 2016 behavior, anti-trust, and monopoly 401-1 New employee hires and Turnover rate available on the website in the Social Responsibility section under NV practices employee turnover Employee Engagement. GRI 415: PUBLIC POLICY 2016 EMPLOYMENT AND WORKING CONDITIONS 415-1 Political contributions None NV GRI 401: EMPLOYMENT 2016 As outlined in the anti-corruption policy, political contributions are not authorized. 401-2 Benefits provided to full-time employees The social benefits offered to salaried employees are available on an internal employee portal. NV COMPLIANCE that are not provided to temporary or Certain employee benefits are of a confidential nature and are therefore not made public. GRI 307: ENVIRONMENTAL COMPLIANCE 2016 part-time employees 307-1 Non-compliance with environmental Ivanhoé Cambridge did not receive any environmental non‑compliance situations in 2016. NV HEALTH AND SAFETY OF OUR EMPLOYEES laws and regulations GRI 403: OCCUPATIONAL HEALTH AND SAFETY 2016 GRI 419: SOCIOECONOMIC COMPLIANCE 2016 403-2 Types of injury and rates of injury, 65 NV 419-1 Non-compliance with laws None NV occupational diseases, lost days, and Information available on the website in the Social Responsibility section under and regulations in the social absenteeism, and number of work- Employee Engagement. and economic area related fatalities CERTIFICATION OF SUSTAINABLE BUILDINGS Number and list of certified buildings 65 NV Additional information available on the website in the Social Responsibility section under Environmental Stewardship. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

* There are no omissions of information

2016 1NV: Standard disclosure not verified by a third-party 2016 70 71 LIST OF PROPERTIES

102-6 102-6 Residential OWNERSHIP LIST OF PROPERTIES INTEREST NUMBER PROPERTY LOCATION (%) OF UNITS As at December 31, 2016 NORTH AMERICA Retail CANADA OWNERSHIP GROSS GROSS Quebec INTEREST LEASABLE LEASABLE Rockhill Montreal 100.0 1,004 PROPERTY LOCATION (%) AREA (ft2) AREA (m2) NORTH AMERICA Quartier QB Quebec City 50.0 300 CANADA UNITED STATES Nova Scotia Stuyvesant Town/Peter Cooper Village New York (New York) 48.0 11,241 Mic Mac Mall Dartmouth 100.0 715,400 66,500 GSG Residential Portfolio United States 35.3 5,423 Quebec Veritas Portfolio San Francisco (California) 90.0 1,648 Galeries d’Anjou Montreal 50.0 1,334,300 124,000 GSG Silicon Valley Portfolio San José (California) 34.0 1,640 Laurier Québec Quebec City 100.0 1,260,500 117,100 Ascent Apartments San José (California) 85.0 650 Carrefour de l’Estrie Sherbrooke 50.0 1,158,000 107,600 Avana at Forbes Creek Seattle (Washington) 47.0 496 Fairview Pointe-Claire Pointe-Claire 50.0 1,134,700 105,400 The Ritz Plaza New York (New York) 60.0 479 Place Ste-Foy Quebec City 100.0 597,200 55,500 GDCV Portfolio United States 47.5 429 Montreal Eaton Centre Montreal 100.0 286,200 26,600 Stonehenge Village New York (New York) 47.5 418 Place Montréal Trust Montreal 100.0 270,500 25,100 Aventine Fort Totten Washington (District of Columbia) 95.0 308 Complexe Les Ailes Montreal 100.0 200,700 18,600 210 West 70th Street New York (New York) 49.0 166 555 6th Avenue New York (New York) 47.5 163 Ontario 360 East 65th Street New York (New York) 47.5 158 Vaughan Mills Vaughan 100.0 1,270,200 118,000 210 West 89th Street New York (New York) 70.0 148 Oshawa Centre Oshawa 100.0 1,196,600 111,200 141 East 33rd Street New York (New York) 47.5 120 Bayshore Shopping Centre Ottawa 50.0 881,900 81,900 10 Downing Street New York (New York) 47.5 115 Fairview Mall Toronto 50.0 861,400 80,000 41 Park Avenue New York (New York) 47.5 112 Conestoga Mall Waterloo 100.0 681,300 63,300 20 Park Avenue New York (New York) 47.5 99 Mapleview Shopping Centre Burlington 50.0 635,400 59,000 1143 2nd Avenue New York (New York) 47.5 93 Outlet Collection at Niagara Niagara-on-the-Lake 100.0 561,800 52,200 364 West 18th Street New York (New York) 47.5 64 Alberta 108 West 15th Street New York (New York) 50.0 55 CrossIron Mills Rocky View (Calgary) 100.0 1,125,300 104,500 8 Gramercy Park New York (New York) 47.5 55 Market Mall Calgary 50.0 1,082,100 100,500 167 East 82nd Street New York (New York) 47.5 9 Southgate Centre Edmonton 50.0 941,100 87,400 EUROPE The CORE Calgary 50.0 635,500 59,000 UNITED KINGDOM Deerfoot Meadows Calgary 100.0 321,200 29,800 Hamlet Gardens London 89.5 122 British Columbia 39 Hill Street London 89.5 60 Metropolis at Metrotown Burnaby 100.0 1,794,400 166,700 4B Merchant Square London 89.5 60 Guildford Town Centre Surrey 100.0 1,203,700 111,800 Thurloe Estate London 82.8 56 Tsawwassen Mills Tsawwassen 100.0 1,097,900 102,000 Circus Apartments London 89.5 45 Richmond Centre Richmond 50.0 785,200 72,900 Garden House London 82.8 37 Woodgrove Centre Nanaimo 50.0 749,900 69,700 Luke House London 89.5 30 Oakridge Centre* Vancouver 100.0 693,000 64,400 Peony Court London 82.8 19 Mayfair Shopping Centre Victoria 100.0 454,200 42,200 Strathmore Court London 82.8 17 UNITED STATES Cedar House London 82.8 17 Mary Brickell Village Miami (Florida) 42.7 196,000 18,200 65 Duke Street London 89.5 16 Somerset Court London 82.8 14 TOTAL 24,125,600 2,241,100 Prince of Wales Terrace London 82.8 13 * Sold in Q1 2017 Imperial House London 82.8 11 In bold: Properties are managed by Ivanhoé Cambridge. 62 Green Street London 89.5 9 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

Lexham Gardens London 82.8 7 TOTAL 25,926 2016 2016 72 73 LIST OF PROPERTIES

Office - North America 102-6 102-6 OWNERSHIP GROSS GROSS OWNERSHIP GROSS GROSS INTEREST LEASABLE LEASABLE INTEREST LEASABLE LEASABLE PROPERTY LOCATION (%) AREA (ft2) AREA (m2) PROPERTY LOCATION (%) AREA (ft2) AREA (m2) NORTH AMERICA UNITED STATES CANADA MWest Properties Silicon Valley (California) 47.7 4,331,700 402,400 Quebec 1211 Avenue of the Americas New York (New York) 100.0 2,015,000 187,200 Place Ville Marie Montreal 100.0 2,578,500 239,500 10 & 120 South Riverside Plaza Chicago (Illinois) 100.0 1,411,000 131,100 Le 1000 De La Gauchetière Montreal 100.0 917,100 85,200 1411 Broadway New York (New York) 49.9 1,225,400 113,900 World Trade Centre Montréal Montreal 100.0 568,000 52,800 Three Bryant Park New York (New York) 51.0 1,181,800 109,800 Édifice Jacques-Parizeau Montreal 100.0 568,000 52,800 River Point Chicago (Illinois) 85.0 1,080,700 100,400 Le 1500 Montreal 100.0 527,600 49,000 Newport Corporate Center Bellevue (Washington) 100.0 996,500 92,600 455 Saint-Antoine Ouest Montreal 100.0 81,700 7,600 999 Third Avenue Seattle (Washington) 100.0 985,000 91,500 Édifice Price Quebec City 100.0 57,200 5,300 US Bank Center Seattle (Washington) 50.0 943,600 87,700 415 Saint-Antoine Ouest Montreal 100.0 51,200 4,800 One Boston Place Boston (Massachusetts) 49.8 804,400 74,700 180 North Lasalle Chicago (Illinois) 100.0 769,000 71,400 Alberta Tabor Center Denver (Colorado) 49.1 734,900 68,300 Eighth Avenue Place Calgary 33.3 1,935,500 179,800 1745 Broadway New York (New York) 43.1 684,900 63,600 TD Square Office (Home & Dome) Calgary 50.0 791,400 73,500 515 North State Chicago (Illinois) 40.0 655,200 60,900 TD Canada Trust Tower Calgary 50.0 617,300 57,300 1111 Third Avenue Seattle (Washington) 100.0 574,100 53,300 British Columbia US Bank Tower Denver (Colorado) 49.1 531,600 49,400 Metrotower Office Complex Burnaby 100.0 611,200 56,800 330 Hudson Street New York (New York) 100.0 467,900 43,500 PacMutual Los Angeles (California) 100.0 464,200 43,100 410 17th Street Denver (Colorado) 98.1 436,500 40,500 Second & Spring Seattle (Washington) 100.0 139,200 12,900 TOTAL OFFICE 29,737,300 2,762,600

OWNERSHIP GROSS GROSS INTEREST LEASABLE LEASABLE PROPERTY LOCATION (%) AREA (ft2) AREA (m2) LOGISTICS CANADA VersaCold Canada 50.0 2,172,000 201,800 65 Skyway* Mississauga (Ontario) 100.0 150,800 14,000 TOTAL LOGISTICS 2,322,800 215,800

* Sold in Q1 2017 In bold: Properties are managed by Ivanhoé Cambridge. ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 74 75 LIST OF PROPERTIES

Europe 102-6 102-6 Growth Markets OWNERSHIP GROSS GROSS OWNERSHIP GROSS GROSS INTEREST LEASABLE LEASABLE INTEREST LEASABLE LEASABLE PROPERTY LOCATION (%) AREA (ft2) AREA (m2) PROPERTY LOCATION (%) AREA (ft2) AREA (m2) SHOPPING CENTRES SHOPPING CENTRES GERMANY BRAZIL Paunsdorf Center Leipzig 50.0 1,161,900 107,900 Ceará Wilmersdorfer Arcaden Berlin 92.5 407,100 37,800 North Shopping Fortaleza Fortaleza 86.8 497,300 46,200 SPAIN North Shopping Jóquei Fortaleza 86.8 381,000 35,400 Madrid Xanadú* Madrid 100.0 1,226,500 113,900 Via Sul Shopping Fortaleza 65.1 279,900 26,000 North Shopping Maracanaú Maracanaú 86.8 218,500 20,300 OFFICES UNITED KINGDOM Distrito Federal The Minster Building London 100.0 275,300 25,600 Conjunto Nacional Brasília 49.8 401,500 37,300 Stonecutter Court London 100.0 149,100 13,900 Mato Grosso 21 Lombard Street London 100.0 116,000 10,800 Pantanal Shopping Cuiabá 17.4 498,400 46,300 TOTAL 3,335,900 309,900 Rio de Janeiro Shopping Nova América Rio de Janeiro 24.3 906,300 84,200 * Sold in Q1 2017 Boulevard Rio Shopping Rio de Janeiro 80.1 308,900 28,700 In bold: Properties are managed by Ivanhoé Cambridge. Shopping Nova Iguaçu Nova Iguaçu 38.2 484,400 45,000 Shopping Downtown Rio de Janeiro 86.8 192,700 17,900 Botafogo Praia Shopping Rio de Janeiro 65.9 166,800 15,500 Rio Grande do Norte Natal Shopping Natal 43.4 294,900 27,400 Rio Grande do Sul Shopping Center Iguatemi Porto Alegre Porto Alegre 31.3 716,900 66,600 Rondônia Porto Velho Shopping Porto Velho 86.8 469,300 43,600 São Paulo Shopping Interlagos São Paulo 43.4 644,700 59,900 CenterVale Shopping São José dos Campos 43.7 527,400 49,000 Parque das Bandeiras Shopping Campinas 86.8 454,200 42,200 Golden Square Shopping São Paulo 86.8 317,500 29,500

CHINA La Nova Changsha 60.0 477,900 44,400 OFFICES AUSTRALIA Liberty Place Sydney 24.3 648,000 60,200 LOGISTICS AUSTRALIA Oxford Cold Storage Melbourne 40.0 1,327,200 123,300 SINGAPORE 8 Jurong Pier Road Singapore 19.0 1,077,500 100,100 71 Tuas South Avenue Singapore 19.0 329,400 30,600 CHINA Ever Gain Teda Taicang 47.5 650,100 60,400 FM Taicang (Phase 1) Taicang 47.5 324,000 30,100 TOTAL 12,594,700 1,170,100 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 76 77 LIST OF PROPERTIES

Hotels 102-6 Ownership in publicly traded or privately held OWNERSHIP INTEREST NUMBER PROPERTY LOCATION (%) OF UNITS companies and real estate investment funds OWNERSHIP NORTH AMERICA AMOUNT INTEREST LOCATION (in millions $) (%) CANADA OWNERSHIP IN PUBLICLY Quebec TRADED COMPANIES Fairmont The Queen Elizabeth Montreal 100.0 950 FPI COMINAR Canada 125 4.7 Fairmont Le Château Frontenac Quebec City 100.0 611 GECINA France 2,699 23.0 W Montréal Montreal 100.0 152 MARKET SECURITIES Global 420 n/a Ontario OWNERSHIP IN PRIVATELY Fairmont Royal York Toronto 20.0 1,363 HELD COMPANIES Ancar Administradora de UNITED STATES Shopping Centers Ltda Brazil Fairmont Olympic Hotel Seattle (Washington) 66.7 450 Au Sommet Place Ville Marie, S.E.C. Canada TOTAL 3,526 Chongbang Holdings (International) Ltd China Claridge IC Properties Limited Partnership Canada HBS Global Properties LLC Germany and United States MIRA Group LP Mexico LOGOS management companies Asia-Pacific VersaCold Logistics Services LP Canada REAL ESTATE INVESTMENT FUNDS Apollo United States Beacon Capital Strategic Partners United States Blackstone Global Cerberus Europe CIM United States Colyzeo Investors Western Europe and France Greystar Equity Partners United States ICAMAP Europe India Property Fund India KingSett Canada Lone Star Global Praedium United States Rockpoint United States TPG United States and Europe VR China LP China Warburg Pincus China GTIS Brazil* Brazil

* Investment completed in January 2017 ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 2016 78 79 102-22 102-23 LEADERSHIP TEAM 405-1 As at March 31, 2017

Daniel Fournier Chairman and Chief Executive Officer William R. C. Tresham President Nathalie Palladitcheff Executive Vice President and Chief Financial Officer

BUSINESS UNIT LEADERS Sylvain Fortier President, Residential, Hotels and Real Estate Investment Funds Rita-Rose Gagné President, Growth Markets Arthur Lloyd President, Office, North America Claude Sirois President, Retail William R. C. Tresham Interim President, Europe

CORPORATE SERVICES Denis Couture Executive Vice President, Public and International Affairs Claude Gendron Executive Vice President, Legal Affairs and General Counsel Mario D. Morroni Executive Vice President, Strategy and Capital Allocation BOARD OF DIRECTORS As at March 31, 2017

Daniel Fournier Chairman and Chief Executive Officer, Ivanhoé Cambridge Réal Brunet Corporate Director Jamie Forster Senior Pension Investment Manager, North America, Rio Tinto Canada Management Inc. Sylvain Gareau Vice President, Régime des rentes du Mouvement Desjardins André Gauthier President, André Gauthier Holdings inc. Gilles Horrobin Chief Investment Officer, Fiducie globale des régimes de retraite de la Société de transport de Montréal Maarika Paul Executive Vice President and Chief Financial Officer, Caisse de dépôt et placement du Québec

The Hon. David R. Peterson, P.C., Q.C. Chairman, Cassels Brock & Blackwell LLP Line Rivard Corporate Director Martin Roy President and General Manager, Association de bienfaisance et de retraite des policiers et policières de la Ville de Montréal Pierre Seccareccia Corporate Director William R. C. Tresham President, Ivanhoé Cambridge ACTIVITY REPORT IVANHOÉ CAMBRIDGE IVANHOÉ ACTIVITY REPORT

2016 80 Ivanhoé Cambridge 102-53 1001, rue du Square-Victoria, Suite C - 500 Montreal, Quebec H2Z 2B5 Phone +1 514 841-7600 Fax +1 514 841-7762 For questions or comments: [email protected]

The 2016 Activity Report is published by Ivanhoé Cambridge’s Public Affairs and Communications Department. This report is also available online at ivanhoecambridge.com Ce rapport est aussi disponible en français sur demande et sur le site web de la Société ivanhoecambridge.com

WRITERS Public Affairs and Communications and Sylvie Cloutier ENGLISH TRANSLATION Shonda Secord and Mark Daly DESIGN ardoise.com

© 2017 2016 ACTIVITY REPORT IVANHOÉ CAMBRIDGE