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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