Environmental Social & Governance REPORT Table of Contents

ABOUT RELATED

ENVIRONMENT Leadership...... 6

Certifications...... 7

Energy Use Reduction & Efficiency...... 9

Water Use & Waste Reduction...... 11

Climate Change Adaptation...... 13

SOCIAL ENGAGEMENT Related’s Commitment to Affordable Housing...... 16

Related Affordable Foundation...... 17

Diversity, Equity & Inclusion...... 20

Our Team...... 21

Workforce Development...... 24

Investing in Action...... 29

Community Building...... 33

GOVERNANCE Business Ethics...... 37

Code of Conduct...... 38

Related Procurement Commitments...... 39

Strategic Risk Management & Business Continuity Planning...... 40

Integrating ESG into Our Decision Making...... 41

Independent Audits...... 42 OVERVIEW responsive design.” luxury residencesandhotelsatthe forefrontofwellness,serviceand buildings pioneeringsolutionsforthe futureofworklife, orunparalleled programs thatcreatemoreequitablesolutionsforeveryone, commercial inspire and transform urban life. Whether it’s affordablehousing and for generations.Fromcoasttoandaroundtheworld,ourprojects serve aseconomicandcreativeenginesthatwillpositivelyimpactsociety sustainable communities,infrastructureandinitiatives.Thesesolutions Every day, wedesign,engineerandinvestininclusive, tech-forwardand assets to by thinking beyond physical redefined the real estateindustry Overmore45than years, we’ve propel citiesforward. 3 — JEFFT. BLAU, CEO, RELATED COMPANIES

OVERVIEW market rate. to have never converted a single unit of affordablehousing to affordable andworkforce housingapartmenthomesandisproud in thecountry. Currently, Related owns andmanages55,000 financiers andpreservationistsofaffordableworkforce housing housing developer in 1972 and today is one of the largest developers, What islessknownRelated startedexclusively asanaffordable Hudson Yards development ontheWest SideofManhattan. in NewYork and theongoing18millionsquare foot mixed-use mixed-use intheUnitedStates, notablytheTimeWarner Center developer oftransformativeresidential,retail,office, hotel and The Related Companiesiswidelyrecognizedasthepreeminent Volunteers atTheBoweryMission,NewYork Skyview Downtown,Springfield,MA OVERVIEW About Related 4 Hunter’s Point South,NewYork One BennettPark, EnvironmentGovernance

5 Related Environmental Efforts

Leadership Related is a champion of environmentally conscious real estate. We continuously advance the design, construction and operation of our properties to reduce their environmental footprint. We promote density to create the critical mass necessary to support public infrastructure and transportation, culture and the arts, retail and restaurants – the amenities that underpin social exchange and interaction. But we are also careful to balance density with areas for escape, reflection and relaxation and the infrastructure necessary to manage traffic, emissions, storm water, waste and noise.

Stephen M. Ross, Related’s Chairman and Founder, is the founding benefactor for the World Resource Institute (WRI) Ross Center for Sustainable . The mission of the WRI Ross Center is to bring place making, sustainable transportation options and low carbon planning to rapidly growing cities in developing countries. Stephen and Related believe that global sustainability depends upon getting cities right. Related intends for its developments to be a model of good design, resource efficiency, health and wellness, resiliency, and interconnectivity. Related strives to lead by example.

Related’s deep commitment to sustainable design, extensive experience in green building and reputation for innovation has made us a go-to resource for City policy impact initiatives like the Green Codes Task Force and the New York City Building Resiliency Task Force, in which we held leadership positions.

Related’s Vice Chairman has been a long time board member and Chairman emeritus for the Urban Green Council (the New York City chapter of the US Green Building Council), and a founding board member and Chairman since 2013 of New York City Energy Efficiency Corporation (NYCEEC). Related VPs sit on the Sustainability Committee and Electrification Task Force of the Real Estate Board of New York, and the Advisory Committee of AIA NYC’s Zero Waste Design Guidelines. ENVIRONMENTAL

6 Certifications HIGHLIGHTS

In 2008 Related committed that every building we develop in the , regardless of asset class, shall be certified LEED Silver or better. Using third party certification systems holds us accountable to external review.

• Developed one of the nation’s first green residential high-rises in 2004 (LEED Gold).

• Completed another 36 LEED Silver, Gold and Platinum certified on Roosevelt Island Is the properties across a diverse array of asset classes, including luxury world’s tallest certified Passive House. and big-box retail; market rate, labor force and affordable housing; hotel; and mixed use.

• Accredited 3 of the first 10 ENERGY STAR labeled residential buildings in the U.S. and currently owns 69 buildings with ENERGY STAR scores that qualify for ENERGY STAR rating. LEED

• Built the tallest and largest Passive House certified building in the United States in 2018. is New York’s first LEED • Developed the world’s largest Platinum-certified LEED-CS v2009 Platinum-certified commercial office building. development at 10 Hudson Yards.

• Currently have over 25 additional projects working toward certification, including three neighborhood developments.

Commitments

• Every project we develop from the ground up across the United States is designed to achieve a minimum of LEED Silver certification, or the equivalent certification of the locality. Hudson Yards is designated ’s first LEED-ND Gold-certified neighborhood. • New construction within New York City commercial, retail, and market-rate and workforce multifamily subsectors utilize a high performance “Basis of Design” focused on reduced energy, water and waste reductions, occupant health, and sustainable site design.

• Related Rentals branded luxury apartments across the country include sustainable guidelines and resources for incoming occupants, covering energy and water use reduction, waste diversion and indoor environmental quality.

• Our commitment to innovative resident health created the first nation-wide Smoke Free Initiative in 2010. Over 40,000 of our rental apartments serving residents of all incomes are smoke free greatly improving air quality as well as reducing the risk of fires that displace residents or cause harm.

• We are also proud to have been one of the first firms in the country to have over 60 of our New York City property management teams trained and receive GPRO O&M certification from the Urban Green Council.

ENVIRONMENTAL

7 HIGHLIGHTS

PASSIVE HOUSE Related developed the tallest passive house certified building in the world for Cornell Tech. The 352-unit, 26-floor student and faculty housing building is designed to reduce energy use by 70% relative to code by adhering to the framework of the most stringent energy certification program in the world — Passive House. Further, the building uses only electricity for all HVAC and lighting. The only fossil fuel used in the building is to make hot water, and that is only because the technology to efficiently generate hot water at scale with electricity doesn’t yet exist.

10 HUDSON YARDS LEED CORE & SHELL PLATINUM CERTIFICATION 10 Hudson Yards was the first commercial office building in New York to receive such a rating after the LEED v2009 rating system went into effect. The 895-foot-tall tower features a 1.2 MW cogeneration plant that generates power, hot water and chilled water with twice the efficiency of standard systems and remains operational in the event of a power outage, a storm water retention tank to replenish cooling towers and irrigate terrace landscaping, and an Operation and Energy Control Center that coordinates security, building performance and visitor experience throughout Hudson Yards. 10 Hudson Yards is also equipped with underfloor and overhead air distribution, advanced lighting controls, and a robust telecommunications platform that includes site-wide WiFi, fiber optic networking, and wireless communications from any device at any on-site location.

VINTAGE CROSSINGS – FIRST LEED PLATINUM AFFORDABLE COMMUNITY Vintage Crossings is an example of a successful public-private partnership and was the first LEED Platinum rated affordable housing development in the City of Anaheim and the second time that the City and Related pioneered new territory in sustainable affordable housing. Vintage Crossings’ high density design (over 30 units per acre) and connection to mass transit and services efficiently uses the land and enables pedestrian, bicycling and mass transit mobility- all reducing vehicle miles traveled. Solar lot orientation, high-performance glazing (U-factor = 0.28/SHGC = 0.20), cool roofs, 96% efficient instantaneous gas hot water heaters and high efficiency HVAC systems keep the total energy use low and exceeded current energy codes by 45.9% at the time of construction. Water use is reduced through low-flow/flush plumbing fixtures and landscape irrigation systems calculated to reduce 65% of potable water needs. Vintage Crossings achieved all available LEED points for its landscape design. Materials were sourced with high recycled content and low emission profiles. PEX water supply piping was installed throughout the development, as long term it is more durable than copper and more resistant to corrosion and freeze-thaw action.

HUDSON YARDS LEED-ND GOLD Hudson Yards’ Eastern Yard was the first neighborhood in Manhattan to receive LEED Neighborhood Development Gold (LEED-ND) certification. Highlighted by its innovative microgrid with two cogeneration plants that save 25,000 MT of CO2e emissions each year, a rainwater reclamation system saving 10 million gallons of drinking water annually, as well as public transportation linkages and pedestrian-friendly community design, this Gold certification furthers Hudson Yards’ position as one of the most sustainable, connected and forward-thinking urban neighborhoods in the country. Once the Western Rail Yard is completed, this mixed-use neighborhood, platform infrastructure and Public Square & Gardens will bring tens of thousands of jobs, more than 1,000 units of newly created or preserved affordable housing in and around the neighborhood, 14 acres of public parks and open space and increased foot traffic and tourism to Manhattan’s . ENVIRONMENTAL

8 Energy Use Reduction & Efficiency

Related proactively takes actions to reduce energy use through efficient design and retrofit standards and renewable energy production; controls price volatility through energy management and distributed generation; and minimizes regulatory risk through portfolio level analysis and improvement.

Commitments

• Our Basis of Design (BOD) for new developments and major renovations within New York City commercial, retail, and market-rate and workforce multifamily subsectors includes requirements for energy use reduction and better than energy code improvements to envelope, HVAC, domestic hot water, electrical, lighting and control systems.

• Affordable housing preservation acquisitions nationally are assessed for potential energy savings, water savings, and occupant health improvements prior to purchase. Due diligence can range from simple ASHRAE Level 1 assessments to sophisticated data collection and analysis depending on the age of the asset, and the jurisdictional requirements of the project. Company standards are incorporated, including: LED lighting retrofits in common areas, dwelling units and back of house; high efficiency boilers and water heating equipment; insulation improvements where possible; and high efficiency Low-E windows when necessary.

• Our affordable housing renovation programs target 15% energy efficiency improvements and 15% water usage reductions.

• All asset class developments evaluate projects for distributed energy generation opportunities using solar photovoltaic (PV) and/or combined heat and power (CHP) systems.

• We require 100% ENERGY STAR certified appliances within our multifamily new construction and renovation projects.

• Related benchmarks and reports energy consumption by fuel type and energy use intensity (EUI) for 63% of our nationwide portfolios, totaling 59 million GSF.

• 95% of tenants across all asset subsectors are separately or sub-metered for grid electricity and charged by usage and not rentable square footage. ENVIRONMENTAL

9 • Cogen – Related’s commitment to more efficient distributed generation includes 4.6 megawatts of cogeneration installed across both market rate, workforce and affordable housing sites in New York City, California, Connecticut and Massachusetts, including 3.0MW at Manhattan Plaza, one of the first affordable housing projects in the city to incorporate cogeneration for energy savings in 2009.

• In total we have deployed solar arrays on 20 of our developments including market rate and affordable housing as well as retail facilities from California to Texas to NY and Connecticut.

DISTRICT SCALE ENERGY PROJECTS

Cogen at Hudson Yards At Hudson Yards, Related has completed a 13.3MW cogeneration facility that will provide over 50% of the electrical and thermal demand of the Eastern Yards, avoiding 24,000MT of greenhouse gas emissions (equal to the annual emissions of 5,000 cars) annually. A unique electrical interconnection will allow the cogeneration plant to disconnect from the utility during grid outages and restore power to tenants.

5MW Lithium-Ion Battery Project In the summer of 2019 Related partnered with global energy firm EnelX on a 5MW lithium-ion battery project at our Gateway Center retail complex in Brooklyn. In addition to the fundamental innovation of using energy storage behind the meter at scale, our solution involves exporting the power to the grid, enabling the storage asset to provide peak management services to the local electric grid, which reduces greenhouse gas emissions, enhances the resilience of the grid, and lowers electric costs for rate payers by obviating the need for costly infrastructure investments by the local utility. ENVIRONMENTAL

10 Water Use & Waste HIGHLIGHTS Reduction

Related minimizes water use, water cost, and environmental risk in all our portfolios. We are also a leader in the development of water capture and reuse systems within our market rate multifamily and commercial office portfolios. The carbon cost of waste hauling and disposal is also an area of focus in both Related’s development and management operations. We Storm Water Collection were early adopters of adding collection chutes for recycling Hudson Yards was designed with a campus-wide and organics to our multifamily assets, have trialed organic stormwater harvesting system estimated to reuse dehydration systems in our food & beverage establishments close to 10 million gallons per year. and are retrofitting our company offices and larger commercial facilities for organic waste diversion.

Commitments

• Related primarily targets previously developed (brownfield) sites for new projects, inherently protecting existing surface water resources, and all development sites are evaluated for Water Reclamation protection of existing resources. 2.3 million GSF of market rate residential water reclamation systems. • New developments and retrofits within commercial, retail, and market-rate and workforce multifamily subsectors adhere to low-flow plumbing standards between 25-40% better than national plumbing codes.

• New developments and renovated market-rate and workforce multifamily subsectors specify ENERGY STAR appliances, which on average use 30% less water than standard. Blackwater System Tribeca Green has one of the first in-building • New developments within commercial, retail, and market- “blackwater” reuse systems for residential high-rise rate and workforce multifamily subsectors specify high- in the US. efficiency irrigation systems and primarily drought tolerant landscapes to target 50-100% water use reduction.

• In areas of moderate to high incident rainfall, all new developments within commercial, retail, and market-rate and workforce multifamily subsectors strive to include rainwater retention systems for use at mechanical and irrigation systems. Waste Reduction • Related also benchmarks and reports total asset water The mixed-use Time Warner Center received the consumption for its New York City portfolios, totaling 34 BOMA TOBY (The Office Building of the Year) million GSF and 36% of the total GSF in our portfolio. AWARD and is included as a case study for the New York City AIA’s Zero Waste Design Guidelines. ENVIRONMENTAL

11 HIGHLIGHTS

Storm Water Collection

Hudson Yards was designed with a campus-wide stormwater harvesting system estimated to reuse close to 10 million gallons per year. Rainfall is collected from rooftops and plaza areas and stored within the towers and a 60,000-gallon tank in the platform that forms the base of the neighborhood. Captured rainwater is used to irrigate the over 200 mature trees and 28,000 plants in the public park as well as in building mechanical systems to both conserve potable drinking water and reduce stress on New York’s combined sewer system. The Public Square and Gardens at Hudson Yards is New York City’s smartest park featuring a sophisticated layered approach to root growth, nutrient delivery, temperature regulation, irrigation and drainage, making it possible to grow 200 mature trees water-efficiently over an active rail yard. Beyond the technical feat, the varied horticultural experience and nearly a mile of garden seating walls invite New Yorkers to gather outside and provide an urban oasis for over 225 types of bees, butterflies and other pollinators threatened by habitat loss and climate change.

Water Reclamation

New York City receives 48 inches of rain annually, including storms that overflow the city’s combined sewer system multiple times a year. In addition to our Hudson Yards stormwater reclamation system, we have responded by including stormwater harvesting systems in over 2 million square feet of market rate rental assets. At each of the six sites we collect stormwater from the roofs and terraces, store and filter in a collection tank – instead of releasing to the sewer – and feed to the building mechanical systems in place of municipal supply. Each of the six sites avoids over one million gallons of sewer outflow and potable water usage.

Tribeca Green Blackwater System

Related built one of the first in-building “blackwater” reuse systems for residential high-rise in the US at our Tribeca Green site in Manhattan, NY. Our system is part of a network serving eight buildings and over 2,000 residents. The “blackwater” system collects wastewater from the building’s plumbing system, treats it to potable standards and reuses it for toilet flushing, laundry and mechanical systems. We are achieving both a 55% reduction in municipal water use and a 65% sewer discharge reduction.

Waste Reduction

The mixed-use Time Warner Center marks the southwest corner of Central Park with two 80-story towers rising from a seven-story glass atrium housing a complex array of tenants (including retail, restaurant, concert hall, grocery store, luxury hotel, residential condos and commercial offices) and hosts 16 million visitors per year. Related’s success working on reducing waste and recycling contamination led to a BOMA TOBY (The Office Building of the Year) AWARD and inclusion as a case study in the New York City AIA’s Zero Waste Design Guidelines. Lease language requires tenants adhere to the waste management rules to ensure waste moves efficiently through the building’s service corridors and elevators, and that tenant staff properly separate materials. The loading dock area is outfited with clear recycling signage, storage space and compactors for organic waste, glass/metal/plastic, paper/cardboard and trash to ensure tenant staff correctly separate materials. There is also video monitoring, which can be used to identify contamination sources. This is critical since 10-15% contamination can result in an entire organics or recycling compactor going to landfill or incineration. ENVIRONMENTAL

12 Climate Change Adaptation

Commitments

• 34 million GSF of multifamily, commercial and retail subsectors have begun to evaluate greenhouse gas emissions from operational energy usage in an attempt to reduce building emissions portfolio wide.

• Over 16 million GSF of pipeline developments are analyzing projected greenhouse gas emissions in an attempt to reduce, offset or eliminate them during operations.

• Almost 10 million GSF of pipeline developments are integrating embodied carbon analysis into supply chain considerations through material life-cycle analysis of structural and major materials.

• All new developments located in areas of flood risk are designed and constructed to a Resilience Specification which considers: flood risk mitigation such as building hardening and raising of infrastructure, and backup power (on site or through external tie-in) for life safety and project targets such as functional occupancy or continued occupancy.

HIGHLIGHT

Hunter’s Point South

Super Storm Sandy of 2012 hit New York as Related was days away from completing design on Hunter’s Point South, a two-building, 925-unit rent regulated development on the East River waterfront in Queens. Related worked with the City to redesign the building for hardening and resilience to ensure it would see minimal negative impact from severe weather events including extreme flooding. Improvements included raising and relocating critical electrical switchgear and mechanical equipment well above the Sandy flood plain on a mezzanine level, building a bathtub around the ground floor retail, and providing backup power capacity beyond what is required by code through a mix of energy efficient cogeneration and natural gas generators that power a number of services to facilitate comfortable in-place habitation of residents during a grid outage including: DHW heaters and pumps for hot showers and operable toilets, and full power in certain amenity spaces and lobbies to allow for socializing and device charging. We shared our learnings from the experience with the broader community through our co-leadership of New York City’s Resiliency Task Force, which was constituted to inform policy and code development in the service of mitigating buildings’ risk exposure to extreme weather events. Hunter’s Point South went on to be named the ULI Development of the Year. ENVIRONMENTAL

13 Social Engagement SOCIAL on supportingchildren,sustainability, thelocalcommunity, andthearts. preservation, localrecruitment,trainingandjobplacementpartnershipswithnon-profitorganizationsthatfocus Our holisticapproachtobuildingmoreinclusivecitiesincludesafocusonaffordablehousingdevelopmentand Social engagementisanessentialpieceofwhoweareasacompanyandwhatmakes ourbusinesssuccessful. Our Company Construction Site, Chicago, IL 15 in communities. bring peopletogetherand drivepositivechange and artscultureinitiatives,ourmissionisto neighborhood coalitions,charitableendeavors, supports thepeoplewholivethere. Through At ourcore, Related buildsneighborhoodsand Community Building volunteering effortsandcharitablegiving. causes andcommunitiesacrosstheworldthrough employees andleadershipofRelated support Giving backisacorevalueofwhoweare. The I local communities. ability tojumpstartcareersandcreatejobsinour Related’s developmentsandbusinesseshavethe Workforce Development company intheworld. what make Related thepreeminentreal estate Our employeesareourgreatestasset,they Our Team single unitofaffordablehousingtomarket. high-quality home, Related hasneverconverteda Driven bythebeliefthateverypersondeservesa affordable andworkforcehousinginthecountry. the largestdevelopersandpreservationistsof housing developerin1972andtodayisoneof Related startedexclusively asanaffordable Affordable Housing nvesting inAction

SOCIAL incomes andfeweroptions. We areextremely proudofourdecades-longcommitmenttoproviding housingstabilityforfamilieswithlower from 60%to130%ofAMI. who arecriticaltothevitalityofourcommunities.These apartmentsservethemissingmiddle, i.e., familieswhoearn with over5,000unitsbuilt,priced,andregulatedto servetheteachers,nurses,emergencyrespondersandothers In addition,Related hasdevelopedorpurchasedandownsoneofthenation’s largerworkforcehousingportfolios proud todoourpartprovidedecent,affordable homes forraisingtheirfamiliesortoaginginplacewithdignity. We recognizetheexceptional unmetneedforaffordablehousinglowincomefamiliesacross thecountry, andare Median Income(“AMI”), i.e., thosemostinneed. “traditional affordable” toidentifyapartmenthomesthatservetheneedsoffamilieswhoearnlessthan60%Area rent, over75%ofRelated’s rentaldevelopmentshaveatraditionalaffordablehousingcomponent.We usetheterm federal housingassistance, and25%ofalltherenterhouseholdsinU.S. paymorethan50%oftheirincomefor third oftheworkforceinU.S., earnless than$12perhour;whenonly24%ofeligiblelowincomefamiliesreceive investment indeveloping,constructing,preserving,andrenovatingaffordablehousing.When47millionworkers, one As ourcountrycomestotermswithhousingaffordabilitycrisis,wearecommittedcontinuinggrow more than48yearsandisembeddedinourDNA. Affordable housingisthefoundationofRelated. Ithasbeenakey componentofourgrowthasanorganizationfor Related’s Commitment to Affordable Housing • • • • • • •

renovation sites. incorporated aprogramofincreasingthenumberfullyaccessibleunitsaspartallourpreservation and/or Acknowledging thatthepopulationofseniorsinU Our affordablehousingportfolionowe pay asiteminimumwageof$20perhouraswellforAffordable CareActcompliantemployeehealthcare. S The majorityofouraffordablehousinghouseholdsidentifyasBlack,L The affordablehousingfamiliesweservehaveanaverageincomeofappro people including25,000seniorsandnearly30,000 children. Our traditionalaffordablehousingportfolionowservestheneedsofover50 65% ofalltherentalapartmentsR tarting in2017, Related Affordable hasrequiredallofourNewYork Cityrenovationsub-contractors toagree and operator ofrental housing, we have NEVER exited anaffordable housing Across our nearly five decadesas a community-building developer, owner program or converted anaffordable housingsite to market rate.

elated ownsandoperatesservetraditionalaffordablehouseholds. xtends acrossthecountryto25statesandDistrictofColumbia. .S. willdoublefrom2010to2040, wehaveconsistently 16 atinx, AsianorAmericanIndian. ximately $20,000 peryear. ,000 householdsand100,000

SOCIAL Five 88,Affordable Housing,SanFrancisco, CA Foundation forAffordable HousingBackpackProgram,Oakland,CA 17 Marshall FieldGardens, Affordable Housing, Chicago, IL Senior HousingFitness,Oakland,CA SOCIAL In aggregate, weareproudtofund$4millionperyearforthesesocialserviceenhancements. resident servicesfocusedonhealthandwellness,financialskillsdevelopment,aginginplacewithdignity andmore. with afterschoolprograms,artengagement,taichiformaintainingbalanceintooldageaswellother formsof In addition,Related hascontractswith28differentlocalserviceproviderstoprovideourresidentsat67locations Church Community West Angeles churches inBlackcommunitiesoverthepast15years,creatingnearly500affordablefamilyandseniorunits. community insiders.Onepowerfulexample isthesevenjointventureprojectsRelated Californiahasundertaken with Our effortstoweaveourpropertiesintothefabricoftheircommunitiesisorganicallydonewhenweteamupwith we areaddressingtheneedsoflocalcommunityincludingprovidinginputonoperationalbudgetpriorities. across thecountryrepresentingapproximately 30%ofourportfolio. Thesenon-profitpartnersworkwithustoassure Our nationalaffordablepracticehaspartneredwithover25distinct501c3non-profitson55developments Community Partners NON-PROFIT PARTNERS &SERVICE PROVIDERS Church Acts FullGospel OAKLAND

OUR PARTNERS INCLUDE barriers toadoption. contracts, credit checks orother eligibilityrequirements fromresidents,easing installation and24/7customer care. Starry Connectdoesnotrequirelong-term broadband servicefor$15per monthorless,whichincludesallequipment, Related’s affordablehousing residentshaveaccesstoahigh-speed,uncapped broadband optiontoresidents. ThroughStarry’s Connectprogram, over4,000of Related haspartneredwithStarry Internettoprovideanultra-low-cost,high-quality In anefforttobridgethedigitaldivideinouraffordable housingcommunities, Internet Inequality Corporation Development Economic Shield ofFaith Christian Center/ Shield ofFaith POMONA

18 RICHMOND Corporation Development Community Labor andLove Richmond

Corporation Development Community Hollins Church/Itasker All Nations SACRAMENTO

Church St. Stephens SAN DIEGO

SOCIAL Scholarship Programistoeliminateeconomicbarriers foryoungadultsintheirpursuitofpost-secondaryeducation. trade and/orprofessionalinstitutions,colleges,anduniversities.ThegoalofRelated Affordable Related Affordable FoundationScholarshipsupportsaffordablehousingresidentswhoaspiretoattend $1 million. workforce developmentforaffordablehousingcommunities.Inthelast12monthsRAFhasmadegrants ofnearly profit organizationstoprovideessentialservicesintheareasofeducation,foodsecurity, health&wellness,and Related Affordable Foundationiscommittedtobreakingthegenerationalcycleofpovertybypartneringwithnon- Grants &Scholarships wellness, andworkforcedevelopment. Affordable Foundationsponsorsimpactful programsandactivitiesintheareasofeducation,foodsecurity, health& lives ofaffordablehousingresidentsandbreakingthegenerationalcyclepoverty. Establishedin2016,theRelated The Related Affordable Foundation(“RAF”)isacharitable, tax-exempt 501c3organizationcommittedtoenrichingthe OVERVIEW Related Affordable Foundation toward economicsuccess. Workforce wellness activities. Health &Wellness —We promoteabalanced lifestyleinthecommunitiesweservebysponsoringhealthand Food Security after-school andsummer Education —We awardscholarshipsand  Development —We supporttraining forjob-relevantskills,financialliteracyandprovideapathway —We addressfoodinsecurity bysupportinghungerreliefprogramsandmealinitiatives. programs.

GRANT RECIPIENTS PROGRAM AREAS  partner withlocalnon-profitstohostback 19

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 well as

SOCIAL lives thesevaluesandusesthemtoguidetheworktheydo. a partofthecompany’s DNAsinceitsfounding,andthepathtosuccessrunsthrougheveryRelated employeewho Related iscommittedtoincreasingDE&Iwithin thecompanyandbroaderrealestateindustry. Thisgoalhasbeen equity andinclusionarenotonlysociallyresponsible, theyarethefoundationofasuccessfulbusiness. contains importantlessonsthatwillguideourworkgoingforward.Itisacorebeliefofthisorganizationdiversity, equitable, evenaswearehumbleintheknowledgethatmustdomore. Ourtrackrecordoverthepastdecades proud ofwhatwehaveaccomplishedtomake ourcompany, industryandcommunitiesmoreinclusive, diverse, and Diversity, equity, and inclusion (“DE&I”) are foundational principles which guide the work of all of us at Related. We are Diversity, Equity &Inclusion OUR FIVEPILLARS To learnmoreaboutourdiversity, equityand inclusioncommitmentsplease visitRelated.com. of theprocessincludingdesign, construction,andoperations. Engage oursupplychain to prioritizeBlackandM/WBEsworker development atallstages Utilizing Supply ChainEco-System pipeline byemployingarangeofformalandinformal professionaldevelopmenttools. Asian, andotherunderrepresentedgroupsareincluded intheleadershipdevelopment Ensure Blackemployeesaswellwomenandpeople fromtheLatinx, NativeAmerican, Enhancing Job Training, Development &RetentionPrograms structural racismintheworkplace. Strengthen trainingprotocolsthatraiseawarenessaboutissuesofequality, equity, and Raising Awareness ofUnconscious Bias &StructuralRacism underrepresented groups. that widenourapplicantpool,specificallyincreasingthepercentageofemployeesfrom Foster next generationtalentthroughtargetedprogramsandcreatinghiringprotocols Growing a Diverse Talent Pipelinefor Related& the RealEstateIndustry inclusion goalsandinitiatives. Identify internalleaderswhowillensuretheachievementofRelated’s diversity, equityand Empowering InternalLeadership 20 SOCIAL industry. mentor underrepresentedcommunitieswithintherealestate and othernon-profitorganizationstointroduce, educate, and community NGOs(non-governmentalorganizations),universities, As partofourtalentandacquisitionstrategy, Related partnerswith early careertalentpipelineforourcorporatebusinesslines. with 80internsacross5markets. Thispopulationservesasthe corporate officeswerunanannualsummerinternshipprogram, process, rewardingemployeesthatrefersuccessfulhires.Inour our communitypartnerships.We alsorelyonouremployeereferral We sourcetalentfromuniversities,tradeschools,themilitary, and diverse groupofover4,000full-timeemployeesacrosstheU.S. health andwell-being,includingfinancialwellness.We employa from talentacquisitionthroughtraining,performancemanagement, We take aholisticapproachtohiringandretainingourworkforce— Recruitment Our Team 21 36%, identify as Black or African American; Hispanic Latinx; Asian;NativeAmericanorAlaskan;Hawaiian Related’s managers,identifyasfemale. 63employees Among Related’s managers,approximately 258,or Approximately 55%ofRelated’s 3,737 employees identify asBlackorAfrican American;Hispanicor Hawaiian orother Pacific Islander; ormixed-race. DE&I PILLARSINACTION Approximately or or Latinx; Asian; NativeAmericanorAlaskan; of identify asfemale. 337employees,or48%of 24% ofRelated’s seniorleadership, identifyas or otherPacific Islander;ormixed-race. 35% ofRelated’s 3,737 employees 36% 35% 55% female. SOCIAL promotions withinternalcandidates. Even thoughexternal hiringiscriticaltomeetcompanygrowth,Related increasinglyaimstofillnewrolesand throughout theyear. we institutedaninitiativeacrossRelated Management Companyrequiringemployeestocompleterelevanttraining harassment preventionanddeliverthisannually. Withanincreasedfocusonemployeeandresidentsafety, in2019 housing, information,andcyber-security. We arecompliantwithallstateandlocaltrainingrequirementsforworkplace business lines.Company-wideorientationisinplaceforallnewhires.Allemployeesareprovidedtrainingonfair Related iscontinuallybuildingcapabilityand toolstoprovideopportunitiesforskilldevelopmentacrossallrolesand development, andhighlightexceptional performance. formal evaluationtakes placeatyearendinwhichemployeesandmanagersdocumentgoalprogress,areasfor Performance feedbackandcareerdevelopmentconversationsoccuronanongoingbasisthroughouttheyear. A Career Growth Corporate openingswerefilled with internalcandidates 14% 2019 INTERNALPROMOTIONS

22 Related ManagementCompanyopenings were filledwithinternalcandidates 21% SOCIAL Related offers: savings account).Inadditiontothemedicalplans, that includesemployercontributionstoanHSA (health- time employees, including a high deductable health plan Related offerscomprehensivebenefitplans toallfull- Employee Benefits employees basedontenure Related Anniversary Programrewards Gym memberships(varies byofficelocation) lifestyle support to telephonicandin-personcounseling Employee assistanceprogram(EAP)–access parents) Paid parental leave(6weeks forallnew or injury, tiered basedonyearsofservice Wage continuation–paid leaveforownillness (cost toemployees) Comprehensive longtermdisabilitycoverage Wellness program vesting period 401K –50%of4%companymatch,5year Vision plan Dental plans Pre-tax andpost-taxparkingtransitbenefits Dependent careFSA or domesticpartnersonthemedicalplans Fertility benefitsforallemployeesandspouses 23 SOCIAL about $126,000perjob. workers willaverage$579.7 million eachyear, anaverageof associated industries.Total wagesandsalariespaidtothese of 3,116 jobseachyearinconstruction,and1,476 average ofnearly4,600jobseachyear, includinganaverage development ofHudsonYards willhavedirectlysupportedan From 2012through2025,hard-andsoft-costspendingonthe million squarefeet,wasbuiltpredominantlywithunionlabor. of constructionatHudsonYards, comprisedofnearly7.5 through constructionandassociatedindustries.Thefirstwave project inU.S. historyandisalsoanenormous sourceofjobs Hudson Yards iswellknownasthelargestprivatesector that make apositiveimpactonthesurroundingcommunities. Related iscommittedtobuildingandsupporting thrivingcities CREATING SOLIDJOBS Workforce Development HIGHLIGHT ONTHEGRAND populations thatfaceemploymentbarriers. services agenciestocreateemploymentopportunitiesfor is alsoworkingwithlocallaboradvocatesandhuman economic outputforLos AngelesCounty. TheGrand than 10,000 newjobsand$1.3billioninone-timetotal Angeles region.Theprojectisprojectedtocreatemore benefits todowntownLos AngelesandtheentireLos corridor, willbringavarietyofeconomicandcommunity The Grand,locatedintheheartofGrandAvenue’s cultural 24 SOCIAL cleaners, securitystaff, loadingdock,andlogisticsteams. targeted cohorts.Thesepositionsinclude, butarenotlimitedto, guestrelations,foodandbeveragepersonnel, development. To date, usingspecializedinterviewingmethods,wehaveplacedover300individualsfromallofthe candidates fromanyofthesecategories,itsfocusisonthosewholiveintheimmediatevicinityHudsonYards disabilities, residentsofNYC PublicHousing,veterans,andthosethatarehomeless.WhiletheNetworkhelps non-profits thatservicetheneedsofthosewhoarejusticeinvolved,individualswithphysicalandmentalhealth partnership, engagingandcoordinatingtheeffortsofmultipleNYC agenciesandatleasttenlocalcommunity have additionalbarrierstoemployment.TheHiringNetworkisanoutstandingrepresentationofapublic/private being createdbyournewHudsonYards developmentwouldbemadeavailabletothoseNYC residentswhomight Related createdthe“HudsonYards HiringNetwork”in2018tohelpassurethatasmanyoftheoperationaljobs NO ONELEFTBEHIND Hiring HallatHudsonYards, NewYork Nearly nonprofit andlocaladvocate Experience Hospitality HALF of hiresinCustomer community partners 65% of thecandidates thatareinterviewed bythe hiring manager 11 fromHiring Networkgethired. 25 of individualsplacedfrom targeted cohorts NYCHA housing of hiresfrom 100’s 25%

SOCIAL Corporation (Restoration), thenation’s first Assists formallyincarceratedjobseekers placement tothehomelesspopulation. Community Developmentorganization, City runone-stopcentersthatprovide to improvethequalityoflifeinCentral placement servicestoNYC residents training, careeradvisement,andjob partners withresidentsandbusiness with training,jobreadiness,and Provides housing,training,andjob Bedford Stuyvesant Restoration placement services,aswell. across thefiveboroughs. BEDSTUY RESTORATION FORTUNE SOCIETY BOWERY MISSION WORKFORCE1 Brooklyn.

HIRING COMMUNITYPARTNERS

CITY AGENCY PARTNERS acknowledges andrespondstothepotential, Provides trainingandjobplacementservices Provides trainingandjobplacementservices Queens BridgeNYCHA projects.Assistswith to NYC residentsthatmighthavephysicalor operates thejobsplusprogramforNYCHA training andjobplacementservicesforthe achievements andinterdependenceofits sustain astrong,effectivecommunitythat to residentsoftheLower EastSide. Also, Hudson Guild’s missionistocreateand Operates thejobsplusprogramfor residents ofQueensBridgeHousing. residents ontheLower EastSide. HENRY STREET SETTLEMENT URBAN UPBOUND mental disabilities. diverse members. HUDSON GUILD FEDCAP 26

Provide trainingandjobplacementservices to buildcareercapitalandfinancialstability. from prisontheongoingsupportnecessary BuildingSkillsNewYork isanot-for-profit Assists formallyincarceratedjobseekers organization committedtoprovideNew York residentswithgoodpayingjobsat to underservedpopulationsintheBronx local constructionsitesinunderserved Offers individualsjustcominghome with training,jobreadiness,and CENTER FOREMPLOYMENT THE HOPEPROGRAM placement services. BUILDING SKILLS OPPORTUNITIES communities. and Brooklyn. STRIVE

SOCIAL opportunity todiversifythesupplychain. residents withapathtosustainablecareers.And,most importantly, we’re workingtoaddressanoftenoverlooked capital andprovidingmentoringforwomen-minority-owned businesses.We’re connectingareayouthand local Our holisticapproachtobeingagoodneighborprovidesrecruitment,training,andjobplacement.We haveinvesting opportunity, business, equityandwealthforresidentsacrosstheChicagolandarea. a cross-industryeffortthatbringstogetherunions,otherdevelopers,contractorsandtradeassociations tocreate Related MidwestisalsoafoundingmemberofHIRE360.We areworkingtoHire, Invest,Reach andEmpowerthrough continue tohelpsmallbusinessesgainaccesscapitalinthefuture. firms. We havepartnered withfinancialinstitutionstoawardmorethan15loanssincethefund’s creationandwill guarantee capitalforemerging,minority-ownedbusinesses,ensuringtheycancompetewithlarger, well-capitalized Related Midwestco-ledthecreationofasmallbusinessloanfundraisingnearlyhundredsthousandsdollarsto others inneedofanopportunity. for individualswhomightnothavehadachancewithemployersbuttodayoperatethrivingbusinessesthat employ business, financing,scalingoperations,andbuildingcapacity. Theseeffortshelppavethewayforlife-changingcareers Our freementorshipprogramprovidessupporttoentrepreneursastheynavigatethecomplex processofstartinga owners, evengivingmanytheirfirstcontracts. resources tosustainworkovertime. We havemadeitourresponsibilitytohelpbymentoringemergingbusiness projects. Buthiringisonlypartofthestory, toooftensmall,community-basedbusinessesfailbecausetheylackthe As adeveloper, Related Midwesthashiredhundredsofcommunityresidents,withplanstohiremanymoreforpipeline always beenaffordedalevelplayingfield. have strivedtodevelopanecosystemofprogramsthataredesignedhelpalleviatehurdlesforgroupsnot At Related Midwest,realestatedevelopmentandcommunitygohandinhand.Overthelast30years,we HIRE360

WATCH BUILDING CAREERS

27 J Creating VIDEO Windy City obs inthe SOCIAL HIGHLIGHTS across 25projects. community residentshired 450+ DE&I PILLARSINACTION for localstartups. first-opportunity contracts 15 and training. mentorship, ongoingsupport, in theprogramthatprovides Chicago haveparticipated small businessesacross 25 • • • projects withthecoremissionto: Related Midwestprogramthatoutlinespoliciesrequiredacrossallour The Equity, Diversity, andInclusionDirective(“EDID”) isaninternal Equity, Diversity&InclusionDirective communities. initiatives works toholdourindustryaccountable, andstrengthen This collectionofinterdependentprograms,resources,partners,and Related MidwestCommunityCommitment Ecosystem inclusion effortsandprovidefeedbackonourpractices. partners withthemissiontoguideourbusinessdiversity, equityand organization, wasfoundedwithacounciloftrusted,community The CommunityInclusionCouncil(“CIC”), afirst-of-its-kind Community InclusionCouncil

business venturesforunderrepresentedindividualsandcompanies. develop andpursueadditionalsustainableopportunities. hiring ofM/WBEsbothinthetradesandprofessionalservices. Provide mentorshipandtoolstosupportsmallbusinessesasthey Support andpromotethedevelopmentofsustainablecareers Create equity 28

, diversityandinclusionprogramsthatsupportthe secured through fundsraisedbyindustry leaders. offer apathtoobtaininglow-interest loans, small businesseshavereceived loanfundsthat 15+ by underrepresentedgroupsincludingwomen. in contractsawardedtobusinessesthatareowned $250M+

SOCIAL Investing in Action DE&I PILLARSINACTION backgrounds inrealestateandinvesting. offer innovativelearningand workexperiences forstudentsfrom underrepresented and theRelated ScholarsFundwhicharedesignedtoattract,recruit,support, and inclusion throughtheBlau InitiativeforDiversityinReal EstateandInfrastructure of MichiganRoss SchoolofBusinessfurtheritscommitmenttodiversity, equity, and Stephen M.Ross andJeffT. Blauhavecommitted $6milliontohelptheUniversity sponsorships of, localcauses.Someoftheseorganizationsinclude: approach tocommunityinvestmentthroughnumerousannualdonationsto, and Like manyofRelated’s regionaldivisions,Related Southeasttakes agrassroots Related SoutheastCommunityInitiatives dozens ofcountriesaroundtheglobe. transport, energyandclimatechange, waterresources,andgovernanceacross to integrateandleverageexpertise andexperience inurbanplanning,sustainable Sustainable Cities,aswellthePrizeforCitiesin2018.Thisinitiativeisdesigned including a$30.5 millioncontributionin2014toestablishtheWRIRoss Centerfor Stephen M.Ross hascommitted$100milliontotheWorld Resourses Institute climate changedisproportionatelyaffectssocio-economicallyvulnerablepopulations, for Related anditsfounderfornearlyhalfacentury. With the understandingthat Creating sustainablecitiesandsupportingenvironmentaljusticehasbeenafocus WRI Ross CenterforSustainableCities encouraging themtobecomemoreeffectiveadvocatesforsocialchange. and resources—toaddressbigotry, prejudice, diversity, andinclusionwhile industry leaderswiththeopportunityandtools—programs,workshops, roundtables, of education,empowerment,andengagement,RISEprovidesathletesother has givenmorethan$30milliontothecause. Employingathree-prongedstrategy social justice, andimprovingracerelationsinsports.Sinceitsfounding,Stephen (RISE) isanationalnonpro Established in2015byStephen M.Ross, theRoss InitiativeinSportsforEquality RISE 29 fi t focusedoneliminatingracialdiscrimination,championing SOCIAL Related Caresprovidesbothagivingbackand volunteeringprogramtoouremployeesacrossthecountry. RELATED CARES • •

employee contributionstoanyofover600,000 501c3non-profits(upto$1,000peremployeeyear). In addition,R Authority, cleaninglocalparks, andmore. communities servingmealsattheBoweryMission,paintingcommunityroomsNewYork CityHousing communities. We alsoarrangefordozensofgivingbackvolunteeringdayswhereourteamsworkinlocal W e provideafulldayoffperyearforemployeestogivebackanyorganizationtheysupportintheir RELATED EMPLOYEES CREATED elated providesagiftmatchingprogramforallouremployeesthatmatchesdollar 34 153/729 $354K TOTAL IMPACT

30 VOLUNTEERS /VOLUNTEER HOURS engineering curriculumatDearbornSTEM Academy. have participatedincurriculumplanningforanew and more. Inaddition,Related Bealemployees construction-site tours,job-shadowprograms, multiple summerinternships,careerworkshops, partnership withBostonPublicSchools,including since 2017hasestablishedavarietyofprogramsin the forefrontoftheseeffortsisRelated Beal,which real estateindustryforstudentsatlocalschools.At Related hassoughttoincreaseexposure tothe With thegoalofexpanding ourjob-candidatepool, Public SchoolOutreach 16EVENTS HOSTED IN2019

SOCIAL Israel hospital. more than400roomsavailableatMt.SinaiBeth from othersites,includingHudsonYards, tomake system. Related redirectedconstructioncrews Office ofNewYork toaid ourcity’s healthcare New York Cityinpartnership withtheGovernor’s Related helpedtorebuildaformerhospitalin Hospital Rebuild at 55HudsonYards wasmadepossibleinpartbyMitsuiFudosanAmericas,Inc.,andOxfordPropertiesGroup. Related andWells Fargostartedthisinitiativebycontributing$1,000,000 toHYW In partnershipwithRelated, WCK usesthepoweroffoodtobuildresilientcommunitiesandstrengtheneconomies. meals everydayforhealthcareworkers, soldiers,policeofficers,EMTs, andsupportstaff. where WCK’s ChefRelief Team, Related volunteers,andHudsonYards’ restaurantstaffarededicatedtoprovidingfree To supportthoseworkingtoaddressthecurrentpandemic,WCK outpostwasestablishedwithin55HudsonYards locations onManhattan’s West Side. workers andemergencyrespondersattheJavitsCenter’s temporaryfieldhospital,USNSComfortatPier90, andother Related andChefJoséAndrés’ globalorganization,World CentralKitchen(WCK), partneredtofeedtheheroichealthcare World CentralKitchen RELATED’S COVID-19 RESPONSE 31

WCK: Relief ontheHudson.Theoutpost

SOCIAL and safe. families, friendsandcommunity healthy effort ishelpingtokeep residents,their over 10,000 residentsages 62+.The clinics throughCVS andWalgreens for tirelessly toorganizeover250on-site COVID-19 vaccination. Theteamworked to provideseniorcitizensaccessthe partnership withCVS andWalgreens, the federalgovernment,underaCDC Related Affordable andRMCworked with Vaccination Distribution organizing fooddrives,collectingdonations,volunteering,andmoreduringtheongoingpandemic. Related employeesacrossthecountryworked togethertofurtherservetheircommunitiesandhelpthoseinneedby Volunteer CommunityOutreach RELATED’S COVID-19 RESPONSE 32

SOCIAL legal advocacy. food assistance, education,jobtraining,and focusing mainlyonhealthandwellness,arts, than 50separateorganizationsorprojects, more than$440,000 ingrantstomore homeless. Initsfirstyear, theWSCFawarded include low-incomeresidents,youth,andthe neighborhoods. Primarybeneficiaries in Manhattan’s ChelseaandHudsonYards improved orexpanded servicestoresidents businesses andfirmsthathelpdeliver City, aconsortiumofmorethan20leading Side CommunityFund(WSCF)inNewYork Related isafoundingmemberoftheWest drive positivechange. Asanexample, of thebusinessesinourcommunitiesto Related believesinmarshalingtheresources Neighborhood InvestmentCoalitions Community Building 33 SOCIAL at nocharge, andinmostcasescoveredcostsofevents. community, andthearts.Injustthreeyearswehavehostedeventsattendedbynearly3,500guests,providedspace Hudson Yards haspartneredwith43non-profitorganizationsafocusonsupportingkids,sustainability, thelocal Charitable Events organizations suchastheWestside CommunityFund. who bringtheneighborhoodtolifeforallareinterestedinlearningmore. Allproceedsaredonatedtocommunity Art aficionadoscometo explore ourartcollection. We havedevelopedaspecializedteamof Brand Ambassadors food andbeverageindustrycometousintentonlearninghowwehavecuratedthesingularcollectionofrestaurants. understand howRelated powersanentire community builtonaplatformoverworkingtrainyard.People fromthe LIVE/WORK/PLAY operatingmodel;specialtyinterestgroupsinengineering,utilities,andinfrastructureseekingto services; governmentofficialsfromcountriesplanningtodevelopmultiusecomplexes thatarebasedonHudson Yard’s more aboutNewYork’s newestneighborhood.Thesegroupsincludestudentsofarchitecture, horticultureandretail Since theopeningofHudsonYards inMarch2019, over100groupsfromalltheworldhavereachedouttolearn Hudson Yards Tours 34 SOCIAL in Chicagoandthe400footlongMuralFestivalcommunityengagementpieceSpringfield,MA. at theentrancetoTheAvery. Justasimportant,wesponsorartprogramsinouraffordableportfoliosuch NYC. InSanFrancisco, youmayhaveseenthescupturalabstractionAbsorptionbyBerlin-basedartistAlicjaKwade, located large-scale publicarepiececommissionedbyRelated andrecentlychangedovertotheClimateClockforWeek and experienced theexceptional activesculpturethatisVessel. OryoumayhaveseenMetronomeinUnionSquare, the Related’s commitmenttocommunityengagementthroughartsandcultureisclearanyonewhohasvisitedHudsonYards Arts andCulture , HudsonYards, NewYork WATCH WATCH Absorbtion, The Avery, SanFrancisco 35 Downtown Skyview VIDEO Sedgwick Art on VIDEO New York Metronome, One UnionSquareSouth, ArtonSedgwick Governance

36 GOVERNANCE are ourcompanyvalues: employment policies,guidelinesandprocedures.At thecoreofbothCodeConductandEmployeeHandbook Our EmployeeHandbookprovidesourworkforcewithinformationaboutworkingatRelated includingourbasic Officer. Ahotlineisprovidedforanonymousreportingandretaliationstrictlyprohibited. required toreportknownorsuspectedviolationsthroughtheirchainofcommand,HumanResources, ortheChiefLegal books andrecords,conflictsofinterest,politicalcontributionsactivities,globalanti-corruption.Employees are The Relatedincluding accurateour commitmenttoethicalbusinesspractices Code ofConductoutlinespoliciesensuring our overarchingcompanyvalues. requirements governingRelated’s operations.We areguidedbyourCodeofConduct,EmployeeHandbook,and that may be applicable to ourbusiness. As such, the company expects its employees to understand and obey all legal Related iscommittedtoconductingourbusiness fairlyandhonestly, inconstantcompliancewithalllawsandregulations Related’s BusinessEthics exceptional customer Create opportunity for colleagues experience Deliver an integrity Act with 37 Lead with passion and a vision for Have a positive Innovate with impact on the community the future purpose

GOVERNANCE have madereportsingood faith,andwithareasonablebeliefthatviolation mayhaveoccurred. it clearthatemployeescan andmustmake suchreportswithoutfearof retaliationofanykindaslongemployees occur ortoremedyanyerrors, mistakes ormisconductthatareuncovered asquicklypossible. Thispolicymakes any laworregulation.Related iscommittedtoinvestigatingissuespromptly, inorder topreventviolationsbeforethey compliance orifemployeesareasked toparticipate inanactivitythatcouldpotentiallyviolateanycompanypolicyor compliance withourpoliciesorlegalrequirements, includinginstanceswhereemployeesknoworsuspectnon- accountability. Inlinewiththiscommitment,weexpect andwantouremployeestopromptlyreportinstancesofnon- We arecommittedtothehighestpossiblestandardsofethics,legalcompliance, properbusiness conductand Whistleblower Policy NIST andISO. We haveadoptedadefense-in-depth strategythatprovideslayersofsecurityaroundcriticalassetsanddata. information. Related hasarobustInformationSecurityPolicy thatfollowsnationalandinternationalstandardsframeworks suchas implemented securitycontrolsandpracticesdesignedtoprotecttheconfidentiality, integrity, andavailabilityofourcustomer’s Related takes thesecurityandprivacy of itscustomers,partnersandemployeesveryseriously. Thefirmhasadoptedand Cybersecurity or securinganunfairbusinessadvantageareprohibited. the UnitedStates thatareintendedtoinfluenceaCoveredOfficialforthepurposeofobtaining orretainingbusiness for anti-corruptioncompliancepurposesbytheRegional Managerortheirdesignee. Charitablecontributionsoutside All charitablecontributionsmadebyRelated oronRelated’s behalfoutsidetheUnitedStates mustbepre-approved contributions. the rulespertainingtopoliticalcontributionsinUnitedStates, pleaseseeRelated’s policyondomesticpolitical All politicalcontributionsbyRelated mustcomplywithRelated’s policiesandgoverninglaw. Formoreinformationon Political &Charitable Contributions activities mustbedisclosedpromptlytomanagement. charitable andotheractivitiesoutsideoftheirRelated jobs,butanypotentialconflictofinterestraisedbythose activities andassignments.TheCompanyrecognizesthatemployeesmaytake partinlegitimatefinancial,business, that couldadverselyinfluencetheirjudgment,objectivityorloyaltytotheCompanyinconductingRelated business It isRelated’s policythatemployeesandothersactingonRelated’s behalfmustbefreefromconflictsofinterest Conflict ofInterestPolicy embarrassment toRelated, orviolate, federal,stateorlocallaws,statutes,regulations. or actuallydoes,raisequestionsastotheCompany’s reputation,honesty, impartiality, orreputation,causeharm employees, regardlessofposition,areprohibitedfromengaginginanyconductoractivitythathasthepotentialto, Related comeswitharesponsibilitytobeaware oftheimportanceethicalconductinallaspectsbusiness.All suppliers andvendorsinamannerthatiscourteous,professional,evenhanded,ethicaltimely. Employmentby All employeesmustrepresentRelated inthe mostpositivelightpossible, andtreatourclients,customers,partners, Code ofConduct

38

SOCIAL In 2017, Related engagedin$300M+ofspendvolumewith 1,183+ diversesuppliersaroundthecountry. Woman-, Veteran-, Service-DisabledVeteran-, Disability-,andLGBTQ+-Owned businesses. other companiesandorganizationsthatareequallydedicated.We have, wheneverpossible, engagedwithMinority-, R Supplier Diversity • • • • • to uphold.Key featuresinclude, butarenotlimitedto: comprehensive SupplierCodeofConductthatprovidesgovernanceandoperatingstandardsforalloursuppliers As oursuppliers’ productsandservicesaffectthequalityofourownservices,wehaveimplementeda Supplier CodeofConduct and capabilitytomeettheneedofourclientspartners. highest levelofconductbybuildinganetworkdiversesupplierswhoprovidethebestcombinationprice, quality physical impactsforallstakeholders. Assuch,weunderstandandarefullycommittedtoholdingoursuppliersthe Related Procurementisdedicatedtosupporting Related’s visionofcreatingalegacypositivesocial,economicand Related Procurement Commitments

elated ProcurementremainsfullycommittedtoSupplierDiversity, includingestablishingpositiverelationshipswith Privacy andconflictsofinterestrequirements Data handlingandconfidentialityrequirements Supplier compliancewithlocalandregionallaw Environmental, socialsustainability Supplier workplaceenvironmentstandardsandrequirements $306.4m $229.8m DIVERSE SPEND 2016 2017 , andhumanrightsrequirements 39

DIVERSE SUPPLIERS 1,183 1,131 2016 2017 GOVERNANCE enhancing energyefficiencyandreducingwaterconsumption arealsoembeddedinourdiscussiondocuments. low ornocostin-unitbroadbandconnectivity, andafterschoolprogramsarefullydefined. Ourtargetsandmethodsfor benefits forfamiliessuchasnewplaygrounds,bridgingthedigitaldividebyprovidingcomputerroomsand insomecases including increasingthenumberoffullyhandicapaccessibleapartments.Renovation plansthatincorporatehealthyliving work is defined and includes discussion of enhancements to address the ability of seniors to age in place with dignity, in eachinvestmentmemoareexaminations ofresidentdemographicsand socialserviceneeds.Constructionscopeof Related Affordable specificallyreviewsabroadrangeofESGimpactsaspartitsinvestmentapproval process.Included Integrating ESGintoOur DecisionMaking failure, butby ourstrategyofremovingbarrierstosuccess. Managed properly, riskisnotjustathreatbutanopportunity. Ourapproachtoriskmanagementisdrivennotbyfearof risk managementstrategiesandtechniques. identify, monitor and measure risk reveals new and emerging threats, while gauging the effectiveness of our implemented Our businessenvironment is constantlychangingandthechallenges we faceeverevolving.Theconsistenteffortto and establishedemergencyresponseprotocolsthatareupdatedtestedonaregularbasis. strategies thataddvalueandensuresuccess.Italsomandatespreparedness,throughrobustbusinesscontinuityplans Our aggressiveapproachtoriskmanagementcreatestransparencyandtheappropriateallocationofresources loss controlandmitigation,safetywellness,governance, risktransferandfinance. businesses facilitatesinternaldialogueregardingcorporaterisktoleranceandtheconsiderationofvariousmethods and financial objectives. The effective identification and evaluation of vulnerabilities and uncertainties inherent in our assets, operationsandreputation.Insodoing,weprotectourabilitytosuccessfullyexecute ourstrategic,operational Risk managementisakey componentofRelated’s culture, withtheultimategoalofsafeguarding ouremployees,guests, Planning Strategic Risk Management & Business Continuity 40 GOVERNANCE communicate identifiedinitiatives,reviewfinancialperformanceandengageincollaborativedialogue. and financialreviewofcompanyperformancewithcorporateinvestorsonanannualbasistoalignbusiness direction, objectives and financial budget to the executive teamforapproval. Additionally, the executive teampresents astrategic As partofourcorporategovernanceprocess,eachbusinessisrequiredtopresentonanannualbasis their operational leadership regularlycommunicatesandreinforcestheimportanceofmaintaininganappropriateinternalcontrolstructure. the executive teamwithoversightandsupportfromRelated’s corporateaccountingandfinancialreportingteams.Senior specific needsofthevariousstakeholders. Theoveralltop-downandriskfocusedapproachtointernalcontrolsisledby Related’s controlenvironmentisdecentralizedinordertoallowtheinternalframeworkbetailored provides oversightandtechnicalguidancewithcomplex accountingtransactionsandreviewsofthestatutoryreporting. with manyinvolvingannualfinancialstatementauditsperformedbyindependentauditors.Ourreportingteam and assets are subject to additional statutory reporting requirements at the property, platform, and joint venture levels, financial statements,toensurethattheyarefreefrommaterialmisstatement.Additionally, over300of Related’s entities implementation, andmaintenanceoftheinternalcontrolstructurerelevanttopreparationfairpresentationour principles andauditedannuallybya“BigFour”independentauditor. Theannualauditincludesconsiderationofthedesign, The financialstatementsof Related Companies arepreparedinaccordancewith U.S. generallyacceptedaccounting Independent Audits 41 GOVERNANCE For questionsortoprovidefeedbackonourreport, please [email protected] long commitmenttoinnovationandsustainablecommunity building. Each of the Environmental, Social and Governance teams gave their time to this effort out of their pride in our decades New York CitytoLos Angeles,acrossallassetclassesandoperationalfunctionsofthefirmlead by Related executives. This reportwasdevelopedbyadiverseandpassionate groupofover30Related employees representingofficesfrom geopolitical, competitiveandfinancialrisks thatareoutsideof Related’s control. reasonable under the circumstances, but are inherently uncertain and are subject to business, industry, market, regulatory, materially from those reflected or contemplated in such forward-looking statements. Assumptions are believed to be to variousrisks anduncertainties,includingthosedescribedinthispresentation,actualeventsorresultsmaydiffer “continue,” or “believe” or thenegatives there of or other variations thereon or other comparable terminology. Due the useofforward-lookingterminologysuchas“may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” Certain informationcontainedinthispresentationconstitutes“forward-lookingstatements,” whichcanbeidentifiedby opinion expressed therein. officers, directors,agents,andrepresentativesshallhavenoliabilityforanymisstatementoromission offactorany 2020. Recipients ofthispresentationagreethatRelated, itsaffiliatesandtheirrespectivepartners,members,employees, are subject to change without notice. Unless otherwise specified, statements in this presentation are made as of May its completenessoraccuracyoftheinformationcontainedherein,andviewsopinions,whilstgiven ingoodfaith, should be considered a recommendation to purchase or sell interests in an investment.Nowarranty is given as to The informationcontainedhereinshouldnotbeconstruedasresearchorinvestmentadvice. Noinformationherein accorded confidentialtreatment. other assurancethattheinformationregardingorotherwiserelatingtoRelated oranyoftheirrespectiveaffiliateswill be under lawand(iii)cooperatewithRelated and itsaffiliatestoseekpreventdisclosureorobtainaprotectiveorder or the recipientagreesto(i)providepromptnoticeofrequestRelated (ii)assertallapplicableexemptions available this Presentation or other information regarding or otherwise relating to Related, or any of their respective affiliates, if therecipientreceivesarequestunderanyapplicablepublicdisclosurelawtoprovide, copyorallowinspectionof Except asotherwiseprovidedinawrittenagreementbetweentherecipientofthisPresentationandRelated oritsaffiliates, without theexpress writtenconsentofRelated. herein. Thisoverviewisconfidentialandmaynotbereproducedortransferred,inwholepart,toanyotherparty legal advice;allpersonsarestronglyurgedtoconsultwiththeirownadvisorsregardinganypotentialstrategycontained buy anyinterestsorspecificassets.The Related CompaniesL.P. (“Related”) doesnotprovideaccounting,taxor This overviewisforinformationalpurposesonlyanddoesnotconstituteanoffertosellorasolicitationof to Presentation Disclosures 42 GOVERNANCE 43 Contact us New York, NY10001 Related Companies 30 HudsonYards www.related.com 212.801.1000