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Toronto Green Standard Tier 2at our minto775 King West condominium. These accomplishments truly inspire me our customers benefit from the comfort and value added through thoughtfully designed higher performing spaces and our organization benefits from employees who take pride in making things better. Looking ahead I believe that to be successful as we grow our business it is critical that Minto stay focused on what we do best on whats important to our customers and on what we need to do to keep making our communities and operations better. Strong environmental and health and safety management practices and performance will remain key to our product development and operating strategy. The performance trends and achievements presented in this report will inform our next wave of sustainability targets and help keep us focused on what matters most as we work together with our industry partners to create better places to inspire life. As a new home builder and operator of multi-residential and commercial buildings Mintos activities have environmental impacts as well as economic and social ones. For this reason Minto has set both environmental and financial targets in addition to closely monitoring our health and safety performance. In 2014 we recorded a 9.7 reduction in our water intensity and 6.9 reduction in carbon intensity versus our 2009 baseline year. These improvements were driven in large part by the success of a toilet retrofit program that continues to roll out across Minto Properties multi-residential portfolio. In Minto Communities strong construction waste diversion rates and high levels of third party energyenvironmental certification of our new homes were further drivers of our environmental performance. We also celebrated being the first to achieve the City of Torontos highest green building standard 2014 SUSTAINABILITY REPORT ENVIRONMENT HEALTH SAFETY MESSAGE FROM THE CEO Michael Waters Chief Executive Officer PROGRESS TOWARD 2016 ENVIRONMENTAL TARGETS Third party certification commercial space ACHIEVEMENT OF TARGET 155 106ACHIEVEMENT OF TARGET Waste diversion 129ACHIEVEMENT OF TARGET Water consumption 73ACHIEVEMENT OF TARGET Third party certification new communities 92ACHIEVEMENT OF TARGET Carbon emissions HOW ARE WE DOING INJURY FREQUENCY RATE Rate claims hours worked 200000 hours INJURY SEVERITY RATE Rate lost days hours worked 200000 hours COMMERCIAL SPACE THIRD PARTY CERTIFICATION Target Third party energy or environmental certification of 35 of our operated commercial space by square footage. WASTE DIVERSION Target Divert 80 of our Canadian new construction waste. NEW COMMUNITIES THIRD PARTY CERTIFICATION Target Third party energy or environmental certification of 100 of our new residential communities. WATER CONSUMPTION Target Reduce our water intensity litres of water consumed per square foot operated by 7.5 across our residential rentals and commercial leased space compared to a 2009 baseline. CARBON EMISSIONS Target Reduce our weather normalized carbon intensity kilograms of carbon dioxide emitted per square foot operated by 7.5 across our residential rentals and commercial leased space compared to a 2009 baseline. 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedintensitylsq.ft. PercentagecommercialspacecertifiedintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 135 140 145 150 155 160 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2009 Baseline 2016 Target -7.5 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedintensitylsq.ft. PercentagecommercialspacecertifiedintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 135 140 145 150 155 160 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2009 Baseline 2016 Target -7.5 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedWaterintensitylsq.ft. PercentagecommercialspacecertifiedCarbonintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 125 130 135 140 145 150 155 160 2014201320122009 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.00 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2014201320122009 2009 Baseline 2016 Target -7.5 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedWaterintensitylsq.ft. PercentagecommercialspacecertifiedCarbonintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 125 130 135 140 145 150 155 160 2014201320122009 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.00 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2014201320122009 2009 Baseline 2016 Target -7.5 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedWaterintensitylsq.ft. PercentagecommercialspacecertifiedCarbonintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 125 130 135 140 145 150 155 160 2014201320122009 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.00 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2014201320122009 2009 Baseline 2016 Target -7.5 2.6 x 1.5 Injuryfrequencyseverityrates PercentageCanadianwastedivertedPercentagenewcommunitiescertifiedWaterintensitylsq.ft. PercentagecommercialspacecertifiedCarbonintensitykgCO2esq.ft. 0 5 10 15 20 20142013201220112010 70 75 80 85 90 20142013201220112010 2016 Target 80 30 40 50 60 2014201320122009 2016 Target 35 2016 Target 100 0 20 40 60 80 100 Total Canada U.S. Canada 2014201320122009 5.15 3.97 3.99 3.72 3.52 41.0 -10.1 -10.1 -6.9 46.3 34.9 99.3 41.0 99.9 75.1 74.0 45.7 74.3 76.8 77.8 85.0 16.0 17.15 15.42 4.44 54.2 84.6 7.12 73.2 99.6 125 130 135 140 145 150 155 160 2014201320122009 2009 Baseline -4.5 1543.8 -4.3 -9.7 2016 Target -7.5 3.00 3.25 3.50 3.75 4.00 Weather nomalized Non-weather normalized 2014201320122009 2009 Baseline 2016 Target -7.5 PRODUCT HIGHLIGHTS In recognition of Mintos continued commitment to building better communities that include more energy efficient homes Minto received both the Ontario Home Builders Associations Ontario Home Builder of the Year award and EnerQualitys Ontario Green Builder of the Year award for 2014. We continue to consider sustainability in the design and development of all of our new communities be it in the energy and water performance of the homes construction practices or community design. Our Kingmeadow community in Ontario incorporates nearly 22 acres of natural open space while more than 40 of Lake Nona in Floridathe site of Mintos Laureate Parkhas been preserved as green space. Homes in both communities will be ENERGY STAR qualified. We continue to pilot new technologies in our homes and condos to identify new features and benefits for our customers. In 2014 Minto tested multi-zone heating and air conditioning in some new low- rise homes. The system uses multiple thermostats and motorized dampers to redirect air where its needed delivering superior home comfort. We also piloted a new water treatment system at Minto Watergarden significantly reducing the amount of chlorine required to maintain the propertys namesake landscape feature and making it possible to use overflow from the system for irrigation rather than sending it down the drain. major residential rental renovations. A tri-sorter more common in our new condominium construction projects was installed at a hotel-to-residential-rental conversion project providing residents with the facilities to conveniently separate their recycling and organics from their household waste. Another Minto community had an aging roof replaced with a longer life cool roof that reflects heat in the summerkeeping occupants cooler and reducing air conditioning needs. This project plus new LED lighting conversions expanded electricity submetering new ENERGY STAR qualified rental properties and ongoing building system audits helped us manage energy consumption and identify opportunities for future improvements in our growing portfolio. OPERATIONAL HIGHLIGHTS Creating better places includes creating safer places. In the past year Minto continued to grow while carefully managing our operations. Although lost time injuries increased compared to 2013 we maintained total injury frequency and severity rates below industry averages in four out of five rate groups Apartment and Condominium Services being the exception. The Minto Florida operating group had an impressive year with no workplace injuriesthe goal of all of our operations. On the environmental side we saw a reduction in water consumption primarily due to our ongoing toilet retrofit program. We also integrated waste diversion and energy conservation features into some LOOKING FORWARD For years Minto has been on a path to making net-zero energy homes accessible to the average home buyer. In 2015 we expect to complete construction of a net-zero energy single-family home and start construction on a block of four net-zero energy townhomes in Ottawas Arcadia communityan initiative supported by Natural Resources Canada Owens Corning and key building product suppliers. Using readily available and affordable products and technologies these homes will be super-insulated and energy efficient. They will feature roof-mounted solar panels to offset energy needs ensuring that the homes will produce as much energy as they consume over the course of a year. What we learn from these high-performance homes will guide us as we evolve our new home designs and construction practices helping us deliver excellent performance as well as comfort cost savings and great design for our customers. At Minto how we operate our buildings is just as important as how we build them. Our focus on continually improving our performance is evident in our commercial and residential building operations where we have new third party energyenvironment certification and sustainability reporting initiatives underway. We look forward to realizing the benefits of these projects in the coming years. 2014ACHIEVEMENTS ABOUTTHISREPORT OVERVIEW This report summarizes Mintos 2014 environmental health and safety performance. Data from this report covers the period from January to December 2014 with historical data provided for context. METHODOLOGYHEALTH SAFETY PERFORMANCE Injury data was obtained from occupational illness and injury reports submitted to Mintos Health Safety and Security Division and the Ontario Workplace Safety and Insurance Board. Frequency rates are calculated based on total claims divided by derived hours worked multiplied by 200000 hours where total claims include health care injuries worker receives professional services from a registered health care professional due to a workplace injury but there is no lost time and lost time injuries worker misses work due to workplace injurynot including the day of the injury. Severity rates are calculated based on total lost days divided by derived hours worked multiplied by 200000 hours where lost days are the number of days missed at work due to a workplace injurynot including the day of the injury. Rate group information was obtained from the Ontario Workplace Safety and Insurance Board. METHODOLOGY ENVIRONMENTAL PERFORMANCE Environmental performance is measured in carbon emissions carbon dioxide equivalents calculated from natural gas and electricity consumption using Canadian utility emission factors from 2013 and 2014 National Inventory Report tables water consumption construction waste diverted and third party certifications. Performance is reported as percentages and intensities. process within the calendar year does not indicate the home will not be certified. For multi-residential buildings each unit has been counted as certified when the building is certified or certification of the building is in progress. This year Minto re-evaluated the certifications that were counted toward the certification totals. Some of the certifications counted previously were eliminated from the counts to ensure only certifications achieved through independent audits confirming compliance with established environmental or energy criteria were counted. CARBON The chosen base year is 2009 and has been calculated in accordance with the Greenhouse Gas GHG Protocols accounting and reporting principles for accuracy transparency and consistency over time. The carbon footprint is calculated based on GHG Protocol Corporate Standard guidelines. The GHG- defined organizational boundary has been determined using the operational control approach. This is in keeping with REALpacs Best Practices in Accounting for GHG Emissions in the Commercial Real Estate Sector. The carbon footprint does not include indirect emissions caused as a result of our business activities such as employee commuting fuel used for on- site property maintenance construction or waste recyclingdisposal. The baseline and previous-year results are recalculated annually using best available consumption figures and to account for changes to Mintos operated property portfolio since 2009. For example when Minto purchases a building that was built in or prior to our base year of 2009 we assume ownership of the buildings historical consumption and emissions. Buildings constructed after 2009 are not included in the base year total or intensity as there was no consumption at that time however their subsequent consumption is counted in subsequent totals. Weather normalized carbon intensities have been included to allow building performance to be monitored Intensity is a unit of consumption or emissions divided by a business metric e.g. kilograms of carbon dioxide emitted per square foot operated or litres of water consumed per square foot operated. Square foot operated refers to the gross leasable area of the properties that fall under Mintos operational control. Water and carbon performance are compared to a 2009 baseline. All building performance data was recorded from buildings using the operational control approach. With this approach Minto reports 100 of the building emissions for which it has daily operational control and the power to implement operational policies. All figures disclosed are the best available totals gathered from utility bills waste audits waste invoices and reports from internal departments. THIRD PARTY CERTIFICATION For commercial space certification the percentage presented is the number of square feet of leasable operated commercial space covered by a certification in each year divided by the total square feet of leasable operated commercial space. For new residential community certifications the percentage presented is the number of certifications achieved or in progress on buildings closed in each year divided by the number of closings in each year. Homes are considered closed when title and ownership are transferred from Minto to the purchaser. Homes have been counted as certified when the certification is complete or in progress because the certification date is not linked to the closing date and the certification process may not be completed in the same calendar year as closing. Failure to complete the certification independent of variations in annual weather conditions. The data was weather normalized using our third party softwares normalization function which calculates the base load consumption and consumption impacted by weather and then adjusts the weather-driven consumption for the selected year to base year weather in each geography. WATER All building performance data was recorded from buildings using the operational control approach. Water consumption measured includes domestic water usage pools irrigation and renovation work. WASTE Total waste generated includes the tonnes of waste sent to landfill and tonnes of waste diverted from landfill. Waste data was not available for one 2013 construction project and one 2014 construction project necessitating the use of industry averages for the projects missing waste generation totals. Zero diversion was assumed in both cases. One other 2014 construction project is missing data from an alternate temporary hauler which made pickups over a period of a few weeks. Data from this hauler was not available and no estimates were generated as no mechanism was available to account for this missing information. Minto Communities Florida waste diversion rates are not included due to different service levels and insufficient data. For previous reports and more about Mintos sustainability efforts visit minto.com. Report design Green Living Enterprises