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IVANHOEC AMBRIDGE .COM

THIS IS HOWWE LIVE

TABLE OF CONTENTS

We are Ivanhoé Cambridge 1

Message from the Chairman and Chief Executive Offi cer 2

Financial Highlights 4

Focus: Urbanization 6

Shopping Centres — North America 10

Focus: Montreal 18

Multiresidential 22

Focus: New York 28

Offi ce — North America 30

Focus: Offi ce of the Future 35

Europe 38

Focus: Partners 42

Growth Markets 44

Other Activities 48

Corporate Social Responsibility 50

Awards and Distinctions 53

List of Key Properties 54

Leadership Team 62

Board of Directors 62

At Ivanhoé Cambridge, we understand that the way people live, work and play is continuously changing. As such, we strive to develop spaces that are in harmony with their ever-evolving needs and aspirations. Spaces that are innovative and vibrant. Spaces that will inspire the cities and ideas of tomorrow. We aim to cultivate a true spirit of collaboration by blurring the lines between public and private spheres.

The vision that focuses on the experience of the users of our properties is at the very heart of our approach. It’s who we are. It’s our DNA.

Because, after all, real estate is about more than buildings – it’s about how we live.

HIGHLIGHTSMore than $55 B in assets

More than 1,500 employees

Close to 500 properties

Key expertise: investment, asset management, development, operations, leasing

Presence on four continents

34 projects under development totalling $3.8 B

WE ARE IVANHOÉ CAMBRIDGE

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It’s a little hard to say, given global economic turbulence, the massive amount of liquidity in the real estate sector and the possible increase in U.S. interest rates looming on the horizon. We are all too aware that the double-digit returns of the past are not sustainable over the long term, and our targets, even if they run at a more realistic 7% to 8%, remain a considerable challenge.

If we are to meet our goals and generate the returns our shareholders expect of us, we will have to leverage the assets that truly set us apart from our competition. We have an in-depth knowledge of the cities in which we invest. Ivanhoé Cambridge is an investor, operator and developer, which enables us to maximize our performance. We have what it takes to bring complex, large-scale projects to fruition, and our reputation as an innovative, agile investor precedes us. Last but not least, we can draw on the close ties we have forged with some of the industry’s most powerful players.

Our strategy is clear. Our platforms are in place, as are a number of rock-solid partnerships. We have our main shareholder, the Caisse de dépôt et placement du Québec, in our corner and an extremely talented team of professionals hard at work for us. All in all, we are in an excellent position to make our ambitions a reality.

Daniel FournierChairman and Chief Executive Officer

WHAT DOES 2016 HAVE IN STORE FOR US?We posted solid operating results in a competitive environment and generated a record transaction volume in excess of $18 B.

We closed the largest deal in our company’s history when we teamed up with Blackstone to acquire the Stuyvesant Town/Peter Cooper Village apartment complex in Manhattan. We announced the arrival of Saks Fifth Avenue OFF 5TH in seven of our properties in Canada. We began marketing operations for the DUO complex in Paris and Bay Park Centre in Toronto. We acquired an interest in Chongbang, a major Shanghai-based mixed-use real estate developer. Closer to home, we announced a major investment in the transformation of the hotel Fairmont The Queen Elizabeth in Montreal. And those are just a few of the highlights.

What do all of these activities have in common? They can be found in some of the most vibrant and exciting cities in the world. Investing in these key urban markets is a core strategy for us. We prioritize cities rather than countries, because real estate is first and foremost a local business. So we focus on London rather than the U.K., Shanghai instead of China, and Paris, not France. In Canada, we similarly seek out the most populated urban centres and their surrounding agglomerations. It is our goal to be active in markets that show exceptional promise or where economic activity is booming.

In the 2016 Global Cities Report, the United Nations forecasts that major cities around the world will grow by 380 million people in the next five years. That’s the same as five new cities the size of Los Angeles every year. Imagine for just a moment the infrastructure it will take to support growth of this magnitude. That is why our focus is so keenly trained on cities and why we are determined to invest in them with long-term vision.

In each of our target cities, we are right there in the middle of the action, operating on our own or in conjunction with our partners to stay on top of the latest trends. Our approach is rooted in how users experience our properties and in their ever-evolving needs and aspirations.

We are a leading real estate player with a critical mass of investments in all of the markets we have in our sights. And to help us achieve our ambitions, we can rely on the passion, professionalism and commitment of our people and our partners. Because of them and their steadfast efforts, we are at the cutting edge in terms of conceptualizing and developing innovative and vibrant spaces that will inspire the cities and ideas of tomorrow.

We are also fortunate to enjoy the trust of our shareholders and the indefatigable support of the members of our Board of Directors, and for this I am very grateful indeed.

MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

WE ACHIEVED A GREAT DEAL IN 2015

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One of our greatest strengths is diversification. We combine our successful approach in a wide range of markets with various types of investments that are altogether different from one another. We can be extremely proud of our achievements, which in 2015 created value for our shareholders to the tune of over $3 billion.”Nathalie Palladitcheff, Executive Vice President and Chief Financial Officer

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Breakdown by SectorAs at December 31, 2015 (as per fair value)

Other  3.5%

Hotels  0.8%

Logistic  3.1%

Investment Funds  9.2%

Shares and Financing  7.3%

Office  30.4% Shopping Centres  29.4% Multiresidential  16.3%

Breakdown by GeographyAs at December 31, 2015 (as per fair value)

Quebec 11.3% British Columbia 9.9%

Ontario 7.4% Prairie and Atlantic Provinces 7.3%

United States 41.3% Europe 14.6%

Growth Markets 8.2%

Canada 35.9%

AT A GLANCE

2015 2014*

Real estate income 2.9 3.0

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

Net operating cash flow 0.6 0.6

Acquisitions and contributions 10.9 3.9

Development projects/Fixed assets 1.5 1.1

Dispositions and distributions 5.8 8.6

FAIR VALUE

Real estate assets 45.9 34.8

Real estate investments 9.1 6.9

Third-party debt 24.3 17.0

Shareholders’ equity 29.0 24.6

RATIO

Debt ratio 53%** 48%

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

2012 2013 2014 2015 CAGR* (2012-2015)

12.7% 15.2% 10.0% 13.1% 12.7%

* Compound annual growth rate

Financial HighlightsFor the year ended on December 31 (in billions of dollars)

ReturnsAs at December 31

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The world’s megacitiesLondon, Paris and New York are among a select group of

“globalized” cities that attract investments from the four corners of the planet. These megacities maintain their level of prestige by investing in parks and waterfronts (New York), public transportation infrastructure (London) and urban development (Paris).

Strong urbanization in top cities around the worldIn fast-growing cities like Shanghai, China, and Mumbai, India, the real estate sector is playing a predominant role in forging the identity of emerging neighbour-hoods and meeting the needs of a middle class actively seeking a better quality of life.

Cities such as San Francisco, Seattle, Denver and Vancouver, whose economies are powered

by creativity and technology, have been taken over by a new gen-eration of workers who demand stimulating and contemporary living, working and recreational environments in vibrant down-town neighbourhoods. In response to these needs, the real estate industry is rolling out intelligent, sustainable and flex-ibly designed buildings.

This is My Downtown

Our strategy is about targeting the most exciting, energetic cities in developed and growing markets and building a diversified portfolio of high-quality assets in line with new trends.”Mario D. Morroni, Executive Vice President, Strategy and Capital Allocation

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URBANIZATIONSHAPING THE FUTURE OF CITIESUrbanization has accelerated in recent decades to the point where cities are now home to more than half of the human race. And this trend shows no signs of slowing down any time soon. In fact, the United Nations predicts that the worldwide urban population will grow by 380 million people by 2020 and that the global urbanization rate will reach 66% by 2050. From the perspective of the real estate market, this outlook represents a wealth of opportunity.

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URBANIZATION

DENVER SAN FRANCISCO LOS ANGELES

Seattle comes in tenth in the 2thinknow Innovation Cities Index.

Toronto ranks fifth in the PwC Cities of Opportunity comparative study.

Vancouver is second on the North American Green City Index, which analyzes sustainability and quality of life.

Finally, the 2016 QS Best Student Cities index finds that Montreal is the best city in the Americas for post-secondary studies. Not only that, Montreal ranks third internationally for its student population, social inclusion and tolerance, as well as local-to-international student ratio.

TORONTO CALGARY

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London, New York and Paris all appear in the 2015 Global Liveable Cities list published by JLL and The Business of Cities and in the top five of the 2015 Youthful Cities rankings. They are three of the six megacities that attract 22% of the world’s real estate activity.

Shanghai will experience 5.2% annual growth between now and 2030, according to Oxford Economics.

Global Cities: The 2016 Report states that major cities in affluent countries will see their overall population increase by 34 million between now and 2020. That is the equivalent of three cities the size of Paris. For middle-income countries, the report forecasts growth of 290 million during the same period. That works out to about 12 cities the size of Shanghai.

LONDON

MONTREAL QUEBEC CITY

MEXICO CITY

WASHINGTON

PARIS

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In 2015, Ivanhoé Cambridge pursued its strategy to promote the organic growth of its flagship properties and the development of its popular Mills and Outlet Collection banners. The entire shopping centre portfolio is made up of high-quality assets.

Several initiatives were rolled out to renew the shopping experience in order to cater to the needs and expectations of an emerging generation of consumers. Individual properties also strengthened their ties with tenants confronted with significant challenges specific to the retail industry.

All of these efforts, coupled with the remarkable contributions of its various teams, enabled the North American Shopping Centre platform to deliver healthy operating results in 2015.

Value creation, innovation, efficiency and performance are at the heart of our business decisions. Our operational initiatives are geared toward fulfilling our shopper’s experiential desires.”Roman Drohomirecki, Executive Vice President and Chief Operating Officer, Retail

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Ivanhoé Cambridge welcomes Saks Fifth Avenue OFF 5TH to CanadaIvanhoé Cambridge will be home to the largest number of stores from the luxury discount chain when it makes its Canadian market debut in spring 2016.

Saks Fifth Avenue OFF 5TH fea-tures a compelling lineup of more than 800 brands, from emerging designers to some of fashion’s biggest names. The in-store ambi-ance is stylish and appealing, with new items arriving almost daily to keep shoppers coming back for more.

Saks Fifth Avenue OFF 5TH store openingsVAUGHAN MILLS (ONTARIO)March 2016

OUTLET COLLECTION AT NIAGARA (ONTARIO)March 2016

CROSSIRON MILLS (ALBERTA)September 2016

TSAWWASSEN MILLS (BRITISH COLUMBIA)October 2016

PLACE STE-FOY (QUEBEC)Spring 2017

OUTLET COLLECTION WINNIPEG (MANITOBA)Spring 2017

MONTREAL EATON CENTRE (QUEBEC)Fall 2018

SHOPPING CENTRES — NORTH AMERICA

PLACES TO MEET UP, SOCIALIZE, DREAM

AND HAVE FUN

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Innovative “Click-to-Brick” marketing campaignThe initiative was aimed at cus-tomers hard-pressed to find small gifts during the oh-so-busy build-up to the holiday season.

• An online campaign invited select customers to pick from a preselected list of gifts available at Guildford Town Centre retailers.

• Customers could then pick up their wrapped gifts at the pop-up kiosk set up in the shopping centre especially for the season.

• They could also make spontaneous purchases on site.

A similar experience took place at the same time at the Montreal Eaton Centre, where shoppers had the option of consulting five interactive touchscreens to obtain original gift ideas. After making their choices, they were directed to the retailers carrying the selected items.

Ivanhoé Cambridge plans to take advantage of this experi-ence to introduce similar types of innovative digital initiatives to other properties.

S H O P P I N G C E N T R E S – N O RT H   A M E R I C A

Montreal Eaton Centre, Quebec

Guildford Town Centre, Surrey, B. C.

Our goal is to build even closer ties with our retailers and together find win-win solutions within the new consumer ecosystem. We know that more than 95% of online purchases are made through retailers that also have a brick-and-mortar presence.”Claude Sirois, President, Retail

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MORE THAN

22.7 M FT2

(2.1 M M2)OF LEASABLE SPACE

NEARLY

280 MVISITORS IN CANADA

Makeover and a new food court for Place Ste-Foy (Quebec)INVESTMENT OF + $50 M

The major makeover underway at Place Ste-Foy includes the redevelopment of the space left vacant by Les Ailes de la Mode to welcome Bâton Rouge and La Belle et la Bœuf, two restaurants known for their buoyant atmos-phere. A large shared terrace will be built on the Laurier Boulevard side, and each establishment will have an indoor terrace accessible via the shopping centre.

Transformation of the food court at Laurier QuébecINVESTMENT OF + $18 M

This is the first project of its kind in Quebec. It will com-bine dining and entertainment venues within an “event zone,” complete with state-of-the-art multimedia and stage equip-ment so that customers can enjoy interactive experiences and an entertainment lineup featuring local performers.

The centre’s retail mix will also be enhanced by the arrival of several new well-known banners.

A new experience at Woodgrove Centre (British Columbia)INVESTMENT OF + $17 M

Vancouver Islanders are pas-sionate about protecting the environment. So when Ivanhoé Cambridge kicked off the mall-wide renovations at Woodgrove Centre, it was only logical to install an improved recycling system and electronic device charging stations near the food court, which has been reconfigured into a modern and stylish eating area.

Millennials who come to our shopping centres are not looking for the same old, same old. They want a fun atmosphere, captivating entertainment experiences and environmentally conscious amenities.”Paul Gleeson, Executive Vice President and Chief Development Officer, Retail

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Revitalizing the dining experienceThe new generation of consumers spend a substantial part of their income going out to eat. Knowing this, Ivanhoé Cambridge continued to invest in 2015 to ensure that the food courts at a number of its properties are more welcoming, offer more variety and perform better environmentally. Additionally, providing full line restaurants encourage extended dwell times within our centres.

S H O P P I N G C E N T R E S – N O RT H   A M E R I C A

Place Ste-Foy, Quebec City, Quebec Laurier Québec, Quebec City, Quebec Woodgrove Centre, Nanaimo, British Columbia

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LEED® GOLD FOR GUILDFORD TOWN CENTRE IN SURREYThis certification was awarded to the property for its recent expansion project, whose upgrades included:

• Charging stations for electric vehicles and other incentives to use alternative means of transportation

• Energy-efficient lighting, heating, ventilation and air-conditioning systems

• Recycling and organic waste collection program

• Efforts to promote sustainable practices within the retailer community.

As a result of these initiatives, Guildford Town Centre will be able to slash its energy-related spending in half.

Guildford Town has also built two green walls on the premises, which offer a host of environ-mental and esthetic benefits for the property. The structure of these “living walls” is made of recycled materials, covers a total of 11,500 ft2 (1,069 m2) and can contain up 60,000  individual plants.

LEED® CERTIFICATION FOR VAUGHAN MILLS SPORT NEIGHBOURHOOD EXPANSIONAmong the environmentally friendly features being incor-porated into the Vaughan Mills Sport Neighbourhood expan-sion are a number of water- and energy-efficient fixtures and fit-tings; locally sourced, recycled and low-emission building materials; and four electric vehicle charging stations.

LEED® standards also required the Vaughan Mills team to maxi-mize daylight exposure, which they accomplished by taking full advantage of windows and skylights in the redesign plans.

Vaughan Mills, Vaughan, Ontario

Guildford Town Centre, Surrey, British Columbia

IVANHOÉ CAMBRIDGE GIVES BACK TO THE COMMUNITY

VAN GOGH COMES TO SOUTHGATE CENTRE (EDMONTON)Southgate Centre was delighted to host the Van Gogh Museum Edition Collection, a travel-ling exhibition featuring nine high-quality reproductions of some of the artist’s most beloved masterpieces. For the occasion, Southgate Centre organized tours in partnership with Edmonton’s art and school communities. A private tour for a group of children with visual impairments and their parents was also arranged in conjunction with the Canadian

National Institute for the Blind (CNIB). The children on the tour were allowed to experience the reproductions by touching them, while the guide explained each painting in turn.

More than 10,000 people visited the exhibition, which translated into a 6.4% increase in traffic at the shopping centre while the event was running. This was a North American first and a unique opportunity to enrich the shopping experience with art and education.

ICSC AWARD FOR THE MONTREAL EATON CENTRE’S LUMIÈRES D’ESPOIRDuring the VIVA Best of the Best Awards ceremony held by the International Council of Shopping Centers (ICSC), the Montreal Eaton Centre was singled out for recognition for its Lumières d’Espoir (Beacon of Hope) initiative in support of Dans la rue, an organization that reaches out to the city’s street youth. The Montreal Eaton Centre team was particularly proud of the fact that the award came with a US$10,000 dona-tion from ICSC Foundation to Dans la rue.

Southgate Centre, Edmonton, Alberta

Montreal Eaton Centre, Quebec

Ivanhoé Cambridge sells its interests in Devonshire Mall and Quinte Mall to the Healthcare of Ontario Pension Plan (HOOPP)This transaction completed the repositioning of Ivanhoé Cambridge’s Canadian shopping centre portfolio. The Company will now focus on expanding its retail platform through investments in key properties and its Mills and Outlet Collection development projects.

S H O P P I N G C E N T R E S – N O RT H   A M E R I C AS H O P P I N G C E N T R E S – N O RT H   A M E R I C A2

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CROSSIRON MILLSRocky View, Alberta

INVESTMENTOver $60 M

ADDITIONAL LEASABLE AREA46,000 ft2 (4,300 m2)

FOOD COURTRelocation of food court with increased seating to 1,300 seats

TARGET CERTIFICATIONBOMA BESt

TSAWWASSEN MILLSGreater Vancouver, British Columbia

INVESTMENTClose to $600 M

LEASABLE AREA1.2 M ft2 (111,500 m2)

FOOD COURT1,100 seats

TARGET CERTIFICATIONLEED® (CS)

OSHAWA CENTREOshawa, Ontario

INVESTMENT$230 M

ADDITIONAL LEASABLE AREA260,000 ft2 (24,000 m2) with 60 new retail concepts

FOOD COURT1,000 new seats in sophisticated food court

TARGET CERTIFICATIONLEED® (CS)

WILL YOU BE THERE IN 2016?REDEVELOPMENT | JULY 2016

EXPANSION | SEPTEMBER 2016

NEW DEVELOPMENT | OCTOBER 2016

GROWTH OUTLOOKOutlet Collection continues to growOutlet Collection at Niagara was greeted enthusiastically by Niagara Region residents and tourists alike when it opened in

May 2014. Ivanhoé Cambridge plans to capitalize on this success to further develop its outlet-style destinations in Canada.

Ivanhoé Cambridge teams up with Simon to build Premium Outlet Collection Edmonton International AirportThe two partners are joining forces to create a one-of-a-kind shop-ping experience in Edmonton. The centre is a major component in the master plan for Edmonton International Airport (EIA), Canada’s fifth largest airport.

GLA415,000 ft2 (38,500 m2)

RETAILERSMore than100

INVESTMENTMore than $200 M

SCHEDULED OPENINGFall 2017

Ivanhoé Cambridge breaks ground on Outlet Collection WinnipegThe new centre is poised to become Manitoba’s very first outlet shopping destination.

GLA400,000 ft2 (37,100 m2)

RETAILERSMore than100

INVESTMENTMore than $200 M

SCHEDULED OPENINGSpring 2017

Brainstorming the shopping centre of the futureAs millennials take over our shopping centres, how can we imagine the future in a way that meets the new needs and expectations of these consumers? That was the question we put to well-known architects and engineers as well as Ivanhoé Cambridge employees in 2015. This, combined with an internal contest, gave rise to several initiatives the Company will incorporate into its existing centres in the future.

Premium Outlet Collection Edmonton International Airport, Edmonton, Alberta

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Transformation of Fairmont The Queen Elizabeth HotelThe newly transformed Fairmont The Queen Elizabeth will be a source of inspiration for the next generation of business professionals. This is also Ivanhoé Cambridge’s way of giving the hotel back to Montrealers.”Sylvain Fortier, Executive Vice President and Chief Global Investment Officer

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Ivanhoé Cambridge will invest $140 M to restore the world-renowned property’s status as a leading international business destinationThe Queen Elizabeth’s illustrious past includes everything from royal visits to John Lennon and Yoko Ono’s  1969 “Bed-In for Peace.” With a major transform-ation project to be launched in 2016, its future promises to be just as scintillating.

The new design will include a business campus with an accent on collaboration, creativity and entrepreneurial innovation.

The property will also be home to an array of restaurants and bars, as well as an urban market. Its new open spaces will be the backdrop for a variety of cultural and com-mercial events open to the public. Along with Place Ville Marie, The Queen Elizabeth is the epicentre

of Montreal’s underground city, shared by more than 19 million people a year.

To execute the renovations, the hotel will remain closed for a year, starting in mid-June 2016. All of the common areas and about 500 guest rooms will be ready for the celebrations mark-ing Montreal’s 375th anniversary and the 150th  anniversary of Canadian Confederation in 2017.

Fairmont The Queen Elizabeth

Fairmont The Queen Elizabeth

Fairmont The Queen Elizabeth

AN AMBITIOUS PLAN FOR DOWNTOWN MONTREALIvanhoé Cambridge has earmarked $1 B to breathe new life into Montreal’s downtown core. This investment will extend to the following properties: Place Ville Marie (plaza and shopping promenade); Maison Manuvie (office building); Montreal Eaton Centre, including the former Complexe Les Ailes, and Place Montréal Trust (shopping centres); and, Fairmont The Queen Elizabeth (hotel).

Shopping Centres

Multiresidential

Offices

Hotels

MONTREAL

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Maison Manuvie Sets a New Standard in Office Space in MontrealDeveloped in partnership with Manulife, the elegant 27-storey class-AAA building boasts high-efficiency, sustainability-ori-ented systems in line with LEED® CS Gold certification require-ments. It will be located in the

middle of the business district, with direct access to two metro stations and the underground city. Maison Manuvie will offer work spaces bathed in natural light and the possibility of open, collaborative spaces.

A New Shopping Experience, à la Ivanhoé CambridgeIn 2016, the Montreal Eaton Centre will merge with the space formerly occupied by Complexe Les Ailes to create a single property. Along with the adjacent Place Montréal Trust, the three properties will form a retail mecca representing the ultimate in urban shopping.

SUPPORTING DOWNTOWN MONTREAL’S ARCHITECTURAL HERITAGEConstruction work at the future Maison Manuvie was temporarily suspended for a few weeks to analyze the lot’s archeological poten-tial in response to concerns raised in the community. The decision to put the project on hold was the right thing to do, especially given the values espoused by Ivanhoé Cambridge as part of its commitment to corporate social respons-ibility. Work resumed soon after the findings of consult-ant’s study confirmed that there was no potential to be explored. The full report was made available for public consultation via the Company’s website.

The coming year will be an exciting one for our shopping centres on Sainte-Catherine Street in Montreal. With new retailers and an innovative digital marketing-based approach, we are going to redefine what downtown shopping and fun are all about.”Claude Sirois, President, Retail

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Maison Manuvie

Montreal Eaton Centre and Place Montréal Trust

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Montreal’s Most Prestigious Business AddressSince the 1960s, the Place Ville Marie complex and its unique cross-shaped design have been a fixture of the Montreal skyline. Ivanhoé Cambridge has committed to making the necessary upgrades to this architectural gem to cement its status as the lifeblood of Montreal’s business district, as its visionary designers intended it to be.

In addition, renewed leases with the Business Development Bank of Canada (BDC) and new tenants such as Blakes, WeWork, Lapointe Rosenstein and Espace CDPQ – for entrepreneurs–put Place Ville Marie at the head of the pack in terms of drawing in a new generation of businesses and their employees to downtown Montreal.

PLACE VILLE MARIE CERTIFIED LEED® EB:OM SILVERPlace Ville Marie’s exten-s i v e m o d e r n i z a t i o n program, which includes new energy-efficient sys-tems and facilities, make it the largest real estate com-plex in Canada to enjoy LEED® EB:OM Silver status.

Sensational new destination to grace the top four floors of Place Ville MarieIn 2015, the Company formed a partnership with Montreal-based firms to create the Au Sommet Place Ville Marie, a unique entertainment and fine-dining destination. Developed jointly with gsmprjcto, Claridge and Sid Lee/Cirque du Soleil Partnership, the project will comprise an observatory with stunning views of Mount Royal, downtown

Montreal and the St. Lawrence River, as well as an upscale restaurant and features that will showcase the architectural heritage of Place Ville Marie. The facilities will celebrate Montreal’s unique diversity, iconic landmarks and cultural mainstays.

SCHEDULED OPENINGSpring 2016

A new experience: Au Sommet Place Ville Marie

Au Sommet Place Ville Marie

MONTREAL

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In 2015, Ivanhoé Cambridge’s multiresidential platform fared well, mostly because of its activities in London and key U.S. markets.

One major transaction allowed the Company to practically double the number of units in its multiresidential portfolio, namely the acquisition of Stuyvesant Town/Peter Cooper Village, a development in Manhattan, New York.

This transaction, as well as numerous others that have been finalized or are currently in the works, are part of Ivanhoé Cambridge’s multiresidential strategy focusing on dynamic cities around the world. The idea is to own a critical mass of assets in each of these cities to meet the needs of users looking for places to live, work and play in densely populated urban centres with a full range of services and amenities nearby.

A very busy year in San FranciscoThe booming tech industry in San Francisco continues to bring in throngs of people looking for a place to live that is close to both the city centre and their workplace. The city’s walkable infill neighbourhoods are exhib-iting high occupancy rates and

demographic factors that sup-port long-term demand. Ivanhoé Cambridge is taking advantage of this situation in the residential leasing market by carrying out multiple acquisitions and build-ing its own developments.

MORE THAN

25,000RENTAL UNITS WORLDWIDE

MULTIRESIDENTIAL

SAN FRANCISCO

THE PERFECT HOME IN THE HEART OF THE CITY

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801, New Jersey Avenue, Washington, D.C.

Construction of 801 New Jersey Avenue in Washington, D.C., with GreystarThis complex will offer a live-work-play lifestyle to residents. Community amenities will include meeting areas with state-of-the-art executive workstations, a swimming pool, a sundeck and other leisure amenities, as well as a selection of retail businesses on the ground floor.

RENTAL UNITS227

RETAIL SPACE5,800 ft2 (535 m2)

TARGET CERTIFICATIONLEED® Silver

SCHEDULED DELIVERYSummer 2016

A lucrative partnership with GreystarGreystar Real Estate Partners first teamed up with Ivanhoé Cambridge in 2013. Greystar possesses extensive expertise in multifamily properties throughout the U.S. and abroad. In 2015, in addition to six construction pro-jects already underway, Ivanhoé Cambridge and Greystar commit-ted to investments in Seattle and Greater London.

M U LT I R E S I D E N T I A L

Lombard Place, San Francisco, California

Ivanhoé Cambridge and Veritas acquire 25 multiresidential properties in San FranciscoThe 25 properties in this deal, sev-eral of which feature ground-floor retail, are located across central San Francisco’s most sought-af-ter neighbourhoods and new, trendsetting areas. This marks the 45th property owned jointly in San Francisco by Ivanhoé Cambridge and Veritas.

RENTAL UNITS1,270

Greystar and Ivanhoé Cambridge break ground on 2198 Market Street in San FranciscoThe mixed-use development will contribute to the transformation of Upper Market Street and the Castro District of San Francisco. The ground floor will be home to several shops and a restaurant. Residents will be a short walk away from parks, schools, restau-rants, public transportation and downtown San Francisco.

RENTAL UNITS87

RETAIL SPACE5,000 ft2 (465 m2)

SCHEDULED DELIVERYSummer 2016

Construction began on The Hudson, in Pasadena, California, in partnership with GreystarA new mixed-use residential and retail complex comprising two five-storey buildings, The Hudson will be located in Pasadena’s Playhouse District. Residents can walk to shops, restaurants and ser-vices along the nearby Colorado Boulevard and a light-rail station that provides service to downtown Los Angeles.

RENTAL UNITS173

RETAIL SPACE11,000 ft2 (1,000 m2)

SCHEDULED DELIVERYFall 2016

The Hudson, San Francisco, California

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GROWTH OUTLOOKIvanhoé Cambridge remains on the lookout for opportunities to invest in dynamic cities around the world, with a special emphasis on emerging neighbourhoods to which young adults tend to flock to live, work and play.

M U LT I R E S I D E N T I A L

Hamlet Gardens, London, United Kingdom

Acquisition of four properties with Residential LandLondon continues to be a very attractive investment locale, especially for this kind of top-of-the-line residential product. Ivanhoé Cambridge’s partnership with Residential Land over the past four years has given the Company a competitive advantage, which has contributed to its success in this market.

39 Hill Street is a 60-unit build-ing in the middle of the affluent district of Mayfair, whereas Circus Apartments is a modern 45-unit tower situated in Canary Wharf. In both cases, there is real potential for strong returns.

Located in London’s sought-af-ter Ravenscourt Park, Hamlet Gardens comprises four build-ings totalling 122 residential units. 4B Merchant Square consists of 60  units surrounded by parks, bustling streets and Paddington Station, which provides a direct connection to Heathrow Airport.

With these four transactions, Ivanhoé Cambridge’s portfolio of jointly held multiresidential properties in London climbed to nearly 600 units.

Sale of two London properties owned jointly with Residential LandThe sale of both Elliott House and Roland House, one of which was a 94-unit building that had been fully renovated by the partnership, yielded an attractive return on the original investment.

4B Merchant Square, London, United Kingdom

Ivanhoé Cambridge and Blackstone acquire residential community in Manhattan with more than 11,200 unitsLocated on the east side of Manhattan, Stuyvesant Town/Peter Cooper Vil lage is a 56-building, 80-acre multiresi-dential complex home to more than 30,000 residents.

With this transaction, Ivanhoé Cambridge has virtually doubled its multiresidential platform and acquired an asset with a solid potential for long-term returns.

A total of 5,000 affordable units will be preserved at Stuyvesant Town/Peter Cooper Village, which has historically catered to the needs of middle-income families. A deal has also been struck with the City of New York to conserve community spaces.

Stuyvesant Town/Peter Cooper Village, Manhattan, New York

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FINANCIALDISTRIC

GREENWICHVILLAGE

CHELSEA

GRAMERCY

MIDTOWN

UPPERWESTSIDE

UPPEREASTSIDE

Ivanhoé Cambridge’s Appetite for the Big AppleIvanhoé Cambridge has a 20-year history in New York real estate. Over the years, the Company has built its network, fine-tuned its knowledge of the market and engaged in multiple acquisitions.

Two major transactions in 2015 cemented the Company’s pos-ition in New York.

Three Bryant ParkIn January  2015, Ivanhoé Cambridge finalized the acqui-sition of this iconic office tower located in Midtown Manhattan, adjacent to the urban oasis that is Bryant Park. The property had undergone a significant overhaul in 2013 and remains one of the city’s most prestigious business addresses, with 97% of its units leased. The joint transaction with Callahan Capital Properties totalled US$2.2 B.

Stuyvesant Town/ Peter Cooper Village In October  2015, Ivanhoé Cambridge and its partner Blackstone announced the acqui-sition of this sweeping residential community, consisting of over 11,200  units, on the east side of Manhattan.

In addition to offering the poten-tial for stable, long-term returns, the complex has added signifi-cantly to Ivanhoé Cambridge’s real estate portfolio in New York. The US$5.3 B transaction was concluded in conjunction with the Company’s partner Blackstone and the City of New York.

Three Bryant Park

Stuyvesant Town/Peter Cooper Village

This investment is a perfect fit with our strategic plan. It enables us to increase our footprint in New York, where we have been among the leading real estate investors for over 20 years.”Sylvain Fortier, Executive Vice President and Chief Global Investment Officer

“

NEW YORK: A PRIME MARKET FOR REAL ESTATE INVESTORSNew York’s real estate market is stable and resilient, which makes it a popular choice for investors from around the world. The market is very liquid and unfailingly attracts the planet’s top talent. The city’s excellent potential for growth only adds to its appeal.

With more than a million households pulling down an annual income in excess of US$250,000, New Yorkers’ buying power is exceptionally high. The increasing population coupled with the scarcity of accomodations and vacant land further fuels demand and contributes to market competitiveness.

Multiresidential

Offices

NEW YORK

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PLACES THAT ATTRACT THE BEST TALENT

AND INSPIRE THE IDEAS OF TOMORROW

Driven by dynamic partnerships and its efforts to enhance the value of new acquisitions and their occupancy rates, the Company posted solid returns in 2015 for its Office – North America platform.

In the U.S., the Company has its sights set on nine target cities in three areas of the country: New York, Washington, D.C., and Boston to the east; Chicago, Denver and Houston in the central part of the country; and Seattle, Los Angeles and San Francisco to the west.

The flourishing market of Toronto was Ivanhoé Cambridge’s core Canadian focus during the year, with the launch of the state-of-the-art Bay Park Centre project. Ivanhoé Cambridge continues its $1 B investment program for down-town Montreal, which includes Place Ville Marie, Fairmont The Queen Elizabeth hotel and Maison Manuvie.

Eighth Avenue Place in Calgary and River Point in Chicago are in sync with the needs of the 21st-century business world. We are particularly proud of these two forward-looking initiatives and of our successful relationship with Hines.”Arthur Lloyd, Executive Vice President, Office, North America

“

32.9 M FT2

(3.1 M M2) OF LEASABLE 

SPACE

Eighth Avenue Place, Calgary, Canada

OFFICE — NORTH AMERICAIn 2015, Ivanhoé Cambridge continued to implement its investment strategy focusing on major U.S. cities. More specifically, Ivanhoé Cambridge and its partner Callahan Capital Properties acquired a series of high-quality assets strategically located in vibrant, vivacious cities that are gateways to the U.S. economy. This strategy makes it possible to build a portfolio of complementary assets and achieve a critical mass in each of the markets where Ivanhoé Cambridge seeks to make its mark through its leasing approach and the overall quality of its properties.

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New leases drive occupancy rates upward at Wells Fargo Center and 1111 ThirdIvanhoé Cambridge and its part-ner Callahan Capital Properties announced the signing of four major leasing agreements at Wells Fargo Center, located at 999 Third Avenue in downtown Seattle. The tenants are:

DocuSign, a global technology provider

Moss Adams LLP, a leading U.S. consulting firm

Hillis Clark Martin & Peterson P.S., a Seattle-based law firm

Leisure Care, a retirement and assisted living company.

These leases, which together account for 253,000 ft2 (23,500 m2), tip the property’s occupancy rate over the 95% mark.

Close to Wells Fargo Center, 1111 Third has seen its occupancy surge from 58% to almost 90% since it was taken over by Ivanhoé Cambridge and Callahan Capital Properties in 2014.

Note that, together, the two partners own roughly 13% of the class-A space in downtown Seattle’s office leasing market.

Acquisition of remaining 51% of 330 Hudson StreetLocated in New York’s Hudson Square, one of Manhattan’s most sought-after sites for office space, 330 Hudson Street was fully reno-vated and expanded in 2014. The transaction, which will close in June 2016, will bring Ivanhoé Cambridge and Callahan Capital Properties’ ownership interest to 100%.

GLA466,000 ft2 (43,300 m2)

NUMBER OF STOREYS16

Ivanhoé Cambridge sells The Summit, in Bellevue (Washington State) to Hines Global REITThis transaction was in line with Ivanhoé Cambridge’s invest-ment strategy targeting major U.S. cities.

Acquisition with Callahan Capital Properties of a 40% interest in 515 North StateThis class-A office tower is located in River North, a sought-after neighbourhood in downtown Chicago, adjacent to numerous public transportation options and a broad array of shopping and dining destinations.

GLA642,900 ft2 (59,700 m2)

NUMBER OF STOREYS29

CERTIFICATIONLEED® Gold

Ivanhoé Cambridge and Callahan Capital Properties complete acquisition of 180 North Lasalle StreetThe building is in the heart of Chicago’s business district, a stone’s throw away from abundant retail amenities, entertainment venues and an “L” train station.

GLA768,400 ft2 (71,400 m2)

NUMBER OF STOREYS38

River Point: more than 70% leased a full year before deliveryDesigned to meet the needs of 21st-century multinationals, River Point will include a 1.5-acre (6,070 m2) public park and land-scaped walk along the Chicago River, as well as retail shops, res-taurants and a fitness centre. The building itself will be erected over existing railway tracks.

Mead Johnson Nutrition will be occupying three floors of the project, currently under con-struction in Chicago’s downtown West Loop neighbourhood. Other anchor tenants include McDermott Will & Emery, DLA Piper and Morton Salt.

GLA1.1 M ft2 (102,200 m2)

NUMBER OF FLOORS52

SCHEDULED DELIVERYEnd 2016

TARGET CERTIFICATIONLEED® CS Gold

330 Hudson Street, Manhattan, New York

River Point, Chicago, Illinois

Wells Fargo Center, Seattle, Washington

515 North State, Chicago, Illinois

CHICAGO

O F F I C E – N O R T H   A M E R I C A2

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Acquisition of Channel Center in Boston and 410 17th Street in DenverIvanhoé Cambridge and its part-ner Callahan Capital Properties acquired two properties located in key U.S. markets. Channel Center in Boston’s Seaport District is a three-building interconnected brick-and-beam office complex. As for 410 17th Street, this is a recently built office property in Denver’s central business district.

GLA

Channel Center248,900 ft2 (23,100 m2)

410 17th Street420,200 ft2 (39,000 m2)

Ivanhoé Cambridge and Callahan Capital Properties acquire PacMutual in downtown Los AngelesA historic property in the Los Angeles financial district, PacMutual comprises three interconnected buildings built between 1908 and 1926. With immediate access to a wide array of service and entertain-ment amenities, PacMutual’s features align remarkably well with the needs of the creative economy. This first acquisition in Los Angeles is in keeping with Ivanhoé Cambridge’s long-term investment strategy in key cities in the U.S.

GLA464,000 ft2 (43,100 m2)

CERTIFICATIONLEED® CS Platinum

New long-term lease for BDC at Place Ville MarieA tenant at Place Ville Marie since 1994, the Business Development Bank of Canada (BDC) will take advantage of this new agreement to bring together all of its employees in a single location and redesign its office space to promote collaboration and innovation.

GROWTH OUTLOOKNew tech and media companies are a tremendous source of impetus when it comes to revitalizing the economy of major U.S. cities. They tend to set up shop in central business districts or emerging neighbourhoods, where they can appeal to a young, hip workforce. This is the trend Ivanhoé Cambridge is tapping into in cities like Seattle, where it has made opportunistic investments in assets with strong potential for value-creation.

Downtown Los Angeles is currently exhibiting all the telltale signs of a comeback that Seattle was showing five or six years ago. Residential construction, public transportation, trendy restaurants… businesses are moving in to recruit a new generation of workers who want to live in this area, and buildings are starting to reposition themselves in line with these needs.

Ivanhoé Cambridge made its first investment in downtown Los Angeles in 2015. It hopes to build a critical mass of assets in this promising market in the years to come.

PacMutual, Los Angeles, California410, 17th St, Denver, Colorado

OFFICE OF THE FUTUREBUILDING FOR TOMORROWThe kinds of properties Ivanhoé Cambridge develops are those that will make an indelible mark on the cityscape for years to come. Accordingly, the Company looks long and hard at the needs of current and future tenants to ensure that its assets resonate with their lifestyle and priorities.

Welcome to the 21st centuryThe workplace is reaching out to a new generation that is totally con-nected, one for whom work, home and play have evolved from three separate spheres into a seamless continuum of experience.

To appeal to this young talent, today’s businesses are striving to accommodate their expectations, especially from the standpoint of work-life balance and sustainable

development. They must also cope with a competitive economy, where office space is a key driver of performance.

The latest technological advances make it possible to design “intel-ligent” office furnishings that can adjust to occupants’ individual preferences and optimize the use of resources.

There is an ongoing trend toward urbanization and the densifica-tion of the downtown core in major cities around the world. It is up to every building to establish its identity and ensure that the overall flow of people is a suitable fit with the urban ecosystem.

O F F I C E – N O R T H   A M E R I C A

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OFFICE OF THE FUTURE

Paris and Toronto: Looking to the Future

DUO – The future of architecture, in the heart of ParisThe two asymmetrical office towers, reflecting both the sky and the surrounding cityscape, will define the new Quartier de France. Both towers will feature state-of-the-art amen-ities adapted to new work concepts (coworking, fab labs) and management methods.

The mixed-use complex will also include an eight-floor luxury hotel, a restaurant/bar with a panoramic view of Paris, green terraces, an auditorium and a host of neighbourhood shops.

DUO will be highly commut-er-friendly, with an on-site bus stop, tram line, métro station and RER train station. Electric vehicle charging terminals and bicycle parking facilities will help encour-age the use of sustainable forms of transportation.

User comfort and convenience will be a priority, with a logistical platform to facilitate the pickup and delivery of goods, efficient information-sharing and work spaces, wellness facilities and ser-vices, and more. Performance and sustainability will be the watch-words for property management. Last but not least, nature will be incorporated into the architecture, with an accent on daylight, green spaces and outdoor amenities.

ARCHITECTJean Nouvel

ASSOCIATE DEVELOPERHines

NUMBER OF STOREYSDUO 1: 39 and DUO 2: 27

PROJECTED DELIVERY2020

TARGETED CERTIFICATIONSLEED® CS PlatinumHQE®WELL®

What does the office of the future look like?How can we translate the office-related trends and needs of tomorrow into con-crete rules of thumb today? Ivanhoé Cambridge’s teams gave this question a great deal of thought, along with several architects, engineers and other experts. Here is what they concluded.

OPEN: Space that is conducive to collaboration and idea-tion, with easy access to the outside world.

FLEXIBLE: Space that is easy to reconfigure to accommodate various work scenarios and optimize tenants’ performance.

HEALTHY: Abundant day-light and access to green space, fresh air and fitness/relaxation facilities.

CONNECTED: Property-wide technology to help identify occupants’ needs, manage resources sustainably and bring the community together.

MULTIPURPOSE: Shared servi-ces, including meeting rooms, an auditorium, a printing centre, restaurants, daycare facilities and nearby shops.

DUO

Bay Park Centre

Bay Park Centre – Connecting Toronto to the future of real estateLinked by an elevated park located at the fourth-floor level, the pair of elegant glass towers that form Bay Park Centre will climb 820 feet (250 metres) into the sky above downtown Toronto, offering spectacular views of the surrounding skyline and Lake Ontario.

Located in the hub of Toronto’s major transportation and urban development investments, Bay Park Centre will have direct access to GO Transit regional express rail, the Union train station and TTC subway line. The elevated park overtop a rail corridor will create a walkway between the financial district and Lake Ontario.

Beautifully landscaped and lush with vegetation, the park is sure to become a sought-after backdrop for informal encounters of all kinds. It will play host to an array of cultural and recreational activ-ities curated by Dan Biedermen, the mastermind behind the highly successful programming at New York’s Bryant Park.

Bay Park Centre will offer an extensive selection of services for corporate tenants, including a conference centre and collabor-ation spaces. Its amenities will be designed with tenants’ health and wellness in mind, including a fit-ness facility, shower and changing rooms, bicycle storage, a food market and fine dining options.

ARCHITECTSWilkinson Eyre (U.K.) and Adamson Associates

ASSOCIATE DEVELOPERHines

NUMBER OF STOREYSTower 1: 49 and Tower 2: 54

PROJECTED DELIVERY (PHASE 1)2019

TARGETED CERTIFICATIONSLEED® CS PlatinumWELL®Pre-certified WIRED Platinum

WELL, A new standard in building design qualityThe WELL Building Standard® is a new international certification program designed to promote occupant health and well-being. It focuses on seven cat-egories of building performance: air, water, nourishment, light, fitness, comfort and mind.

Both DUO and Bay Park Centre will aim to achieve WELL certification as well as LEED® Platinum certification, the industry-wide benchmark of excellence.

Two of Ivanhoé Cambridge’s properties currently in development truly embody our vision of the 21st-century office. The DUO towers, which are poised to become a landmark on Paris’ Left Bank, and Bay Park Centre, which will be anchored in Toronto’s business district. Two world-class cities, two world-class projects, with their sights set on tomorrow.”William R. C. Tresham, President

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Bay Park Centre

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A GLOBAL COMPANY THAT LEVERAGES

CULTURAL DIVERSITY AND MULTIDISCIPLINARY

EXPERTISE

Owned by Gecina —101, Av. des Champs-Elysées (Louis Vuitton), Paris, France

Ivanhoé Cambridge continued to develop its European platform in 2015. It concentrated its traditional real estate activities in Paris and London and its logistical operations in Eastern Europe. The Company also strengthened its ties with strategic partners in all of the markets in which it currently operates.

Overall, the European platform exceeded performance expectations in 2015, in spite of the socioeconomic turmoil that gripped the continent.

Ivanhoé Cambridge Sells Two Properties in Paris to GecinaIvanhoé Cambridge entered into two agreements in this regard. The first was for the sale of two Paris-based office properties to Gecina, namely:

Tours T1&B, in the La Défense districtThe world headquarters of the ENGIE Group, totalling 866,200  ft2  (80,400  m2). The global energy industry leader, formerly known as GDF Suez, renewed its lease in April 2015 for a 12-year period.

75 Avenue de la Grande ArméeA 326,100 ft2 (30,300 m2) building in the central business  district.

The purpose of the second agree-ment was to increase Ivanhoé Cambridge’s stake in the con-cert formed with Blackstone to 23% of Gecina’s share  capital. On January  22, 2016, it was announced that the partnership with Blackstone would be dis-solved and the concert involving Gecina would come to an end. As a result, Ivanhoé Cambridge became Gecina’s principal share-holder with 23% of its capital.

EUROPE

Sale of the Ardeko office complexArdeko is a three-building office complex in the Paris suburb of Boulogne-Billancourt. This divestiture was part of Ivanhoé Cambridge’s investment strategy for London and Paris.

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The London real estate market has soared in the past 15 years. With demand for properties at a high and availability at a low, Ivanhoé Cambride has adopted a winning strategy to capitalize on the situation. This involves acquir-ing and renovating properties in sought-after neighbourhoods and leasing them out to corpor-ate tenants looking for a prestige address in central London.

Ivanhoé Cambridge acquires The Minster Building and 21 Lombard Street, in the “Square Mile,” the historical and business centre of LondonSituated in one of the City’s most sought-after districts for office space, The Minster Building is a high-quality property erected in the early 1990s.

GLA275,300 ft2 (25,600 m2)

21 Lombard Street is a prestigious class-A property leased entirely to a large international bank for the long term.

GLA116,000 ft2 (10,800 m2)

The Minster Building, London, United Kingdom

P3 Logistic Parks, Prague, Czech Republic

P3, owned by Ivanhoé Cambridge and TPG Real Estate, acquires two logistics parks in Poland and one in RomaniaThese acquisitions have strength-ened P3’s platform in the European Union’s ‘logistics tri-angle’ at the crossroads of east and west European transport links and Germany’s expanding industrial market. They also con-firm P3’s status as a leading owner of European logistics properties.

COMBINED USABLE AREA OF THE THREE LOGISTICS PARKS5.4 M ft2 (0.5 M m2)

TOTAL P3 LOGISTICS PORTFOLIO32.3 M ft2 (3 M m2)

GROWTH OUTLOOKIn addition to the DUO project, which is poised to move forward with the next stages in its develop-ment, Ivanhoé Cambridge will remain open to other promising opportunities to be explored with its European partners.

With a new business office in London in 2016, Ivanhoé Cambridge will have a finger on the pulse of the market so it can more readily seize opportunities that arise in this world investment capital.

London: The Power of Renewal

E U R O P E E U R O P E

LON

DO

NDUO brings together one of France’s greatest living architects with Ivanhoé Cambridge’s expertise in large-scale developments to make a bold statement for 21st-century Paris. We are delighted to be moving forward with the next stage of this exhilarating project.”Meka Brunel, President, Europe

“

DUO: Building permit issued by Paris City HallThis was a critical step in the development of this game-changing project that will help companies attract top talent against a backdrop of compe-tition between major European cities. The iconic towers will boast a strong architectural identity in a dynamic district, top-level environmental and energy standards and an unrivalled com-mitment to individual wellness.

GLA1.0 M ft2 (90,000 m2)

DUO, Paris, France

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OFFICE – NORTH AMERICA

• AIMCo• Beacon Capital Partners• Bentall• Callahan Capital Properties• Divco West• Great West Life• Hines• KingSett Capital• Manulife• Matco Financial• PSP• TPG Real Estate

SHOPPING CENTRES – NORTH AMERICA

• AIMCo• Cadillac Fairview• Canada Pension Plan

Investment Board (CPPIB)• Canapen• Cominar• Harvard Developments• Kingsett Capital• OPB• Rockpoint• Simon Property Group

PROMINENT PARTNERSAround the world, Ivanhoé Cambridge joins forces with trusted local real estate partners to explore new markets and target prime investment opportunities. Ivanhoé Cambridge utilizes these partnerships to build its reputation in cities that meet the Company’s criteria and to carry out large-scale transactions with agility and vigilance.

Tapping into their network of contacts and extensive knowledge of local markets and cultures, these partners play a key role in Ivanhoé Cambridge’s success. It is in no small part due to them that the Company has grown such an impressive portfolio of assets in each of its operating platforms.

MAIN PARTNERS

PARTNERS

MULTIRESIDENTIAL

• Blackstone• Greystar• Residential Land• Shea Properties• Stonehenge• Veritas Investments

EUROPE

• Blackstone• Gecina• HBS Global Properties• Hines• P3 Logistic Parks• TPG Real Estate• Unibail-Rodamco

GROWTH MARKETS

• Ancar Ivanhoe• APG• Bailian Group• Blackstone• Black Creek• CBRE Global

Investment Partners• Chongbang Group• GIC• GPT• Industry Superannuation

Property Trust• LOGOS Property Group• Macquarie Capital• MIRA• Value Retail PLC

FUNDS

• Beacon Capital Partner• Blackstone• Cerberus Capital

Management• CIM• KingSett Capital• Lone Star Funds• Rockpoint• TPG Real Estate

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AN EXPANDING FOOTPRINT IN

GROWTH-ORIENTED MARKETS

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Ivanhoé Cambridge saw years of hard work building relationships with strategic partners and laying the groundwork as a leading real estate player begin to pay off in 2015 in several growth markets.

Chongbang’s investment represents a milestone in the execution of our strategy of significantly increasing our presence in key growth markets, where Shanghai is an important pillar. The Chongbang team has an outstanding track record and a compelling long-term vision. We look forward to doing our part to ensure the success of their future developments.”Rita-Rose Gagné, Executive Vice President, Growth Markets

“

GROWTH MARKETS

In China, the Company has com-mitted substantial amounts to the development of large-scale projects spearheaded by local partners. It took advantage of the situation to consolidate its Hong Kong team. A first invest-ment in Australia also paved the way for further expansion in the Asia-Pacific region.

Ivanhoé Cambridge continued to firm up its presence in Mexico, where the economy is expected to benefit from the U.S. recov-ery in the near future, through its investment in two mixed-use projects in Mexico City. These projects are focused primarily on

residential, office and commercial space in an urban environment, taking advantage of the growing trend toward urbanization. In Brazil, we strengthened our stra-tegic position and are moving forward with our program for growth across the country by increasing our ownership in four shopping centres, developing a shopping centre project in the Rio de Janeiro suburb of Nova Iguaçu, and other initiatives. Although the country is in the throes of a reces-sion, our portfolio is nothing if not resilient, and a better long-term outlook is on the horizon.

Growth markets, by their very nature, tend to fluctuate and endure multiple cycles, shaped by country-specific political and economic factors. For prudent, insightful investors such as Ivanhoé Cambridge, with decades of industry experience and hands-on know-ledge of these markets, this climate can yield interesting business opportunities.

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Ivanhoé Cambridge, APG and two other groups invest US$920 M in Chongbang, a leading Shanghai-focused developer of mixed-used projectsChongbang has built its expertise on a deep understanding of con-sumer preferences in Shanghai. It has successfully created and developed its Life Hub brand with strong lifestyle-themed complexes featuring a major retail component. Chongbang plans to double its Life Hub in key sectors of Shanghai over the coming years.

The capital committed by Ivanhoé Cambridge (US$500 M) and its partners will go toward sup-porting Chongbang’s growth in the coming years. As part of this investment, Ivanhoé Cambridge has strengthened its existing team in the Asia-Pacific region.

Investing in the middle classTo support their decision to invest in Shanghai, Ivanhoé Cambridge and Chongbang are both relying on the emergence of the middle class, which is experiencing rapid growth in this area. This new cus-tomer base, consisting of young affluent professionals new to the city experience, aspires to higher standards in terms of urban environment, consumption habits and leisure options.

The Asian Development Bank estimates that by 2030, China will account for 20% of the world’s middle class.

Ivanhoé Cambridge and CBRE Global Investment Partners commit to investing in the LOGOS China Logistics ClubThe joint venture was formed to own and develop high-quality modern logistics properties serving large Chinese cities, par-ticularly Shanghai and Guangzhou. These commitments will allow it to make investments totalling up to US$400 M with partners.

This investment supports Ivanhoé Cambridge’s plan to grow its exposure to opportunities in the logistics sector in the region.

GROWTH OUTLOOKIvanhoé Cambridge was active on many fronts in 2015, laying the groundwork for future investments. India is the next growth market where the Company is currently exploring its prospects.

The growing popularity of e-commerce in emerging markets and the knowledge that retailers are generally underserved by poor-quality logistics infrastructure led the Company to consider broadening its logistics portfolio in these countries.

Ivanhoé Cambridge makes its first direct investment in AustraliaIvanhoé Cambridge partnered with Blackstone to acquire close to a 25% interest in Liberty Place, a core office property in the heart of Sydney’s Midtown.

The Company sees this initial acquisition as a foot in the door to the Australian and Asia-Pacific market, where it plans to explore further investment opportunities.

GLA647,700 ft2 (60,200 m2)

NUMBER OF STOREYS42

INVESTMENTAU$250 M

Life Hub @ Daning, Shanghai, China

Liberty Place, Sydney, Australia

LOGOS China Logistics Club, China

G R O W T H   M A R K E T S G R O W T H   M A R K E T S2

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MEETING THE NEEDS OF TODAY— AND TOMORROW

In its ongoing pursuit of growth and superior returns, Ivanhoé Cambridge is constantly on the lookout for solutions to diversify its assets and ensure a maximum of complementarity between its platforms. The Company’s hotel properties accommodate business clients who work in its office towers and live in its multiresidential buildings around the world.

Real estate funds, which represent between 9 and 10% of the Company’s total holdings, are an excellent way for Ivanhoé Cambridge to explore emerging sectors and expand into new markets.

Our investments with HBS Global Properties will have a decidedly positive impact on our operations by giving us access to the retail sector in key markets.”William R. C. Tresham, President

“

Five premium hotelsIvanhoé Cambridge’s hotel dis-posal program officially came to an end in 2015. What remains are five premium hotel prop-erties, namely Quebec City’s Fairmont Le Château Frontenac (renovated by the Company in 2014), Montreal’s Fairmont The Queen Elizabeth and W Montréal, Seattle’s Fairmont Olympic Hotel and Toronto’s Fairmont Royal York, held in partnership.

June 2016 will mark the begin-ning of the year-long renovation of Fairmont The Queen Elizabeth (see page 19) in order to restore its status as an elite destination for an international business clientele.

In a similar spirit of transform-ation, W Montréal launched an innovative new concept res-taurant known as Être Avec Toi (ê.a.t.) that blends a chic dining experience with urban art and DJ-designed soundtracks.

Fund managers and real estate partnersBetween 9 and 10% of Ivanhoé Cambridge’s portfolio is dedi-cated to real estate funds. In addition to making it possible to spread out risk over a broader array of assets, funds are an excellent way for the Company to expand into new markets.

In 2015, Ivanhoé Cambridge con-tinued to establish closer ties with the managers of the real estate funds in which it invests. Similar to its partnership approach to expanding into local and inter-national markets, the Company sees these fund managers as part-ners in its future development.

Ivanhoé Cambridge invests US$250 M in HBS Global PropertiesAs a result of this investment, Ivanhoé Cambridge became an 11% shareholder in HBS Global Properties, owners of 83  retail properties in the U.S. and Germany. The 42 properties in the U.S. are leased to Saks Fifth Avenue and Lord & Taylor, while the assets in Germany are leased to the Galeria Kaufhof depart-ment store chain.

HBS Global Properties’ others shareholders include Hudson Bay Company (63%) and Simon Property Group.

OTHER ACTIVITIES

Fairmont The Queen Elizabeth, Montreal, Quebec

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IVANHOÉ CAMBRIDGE RECOGNIZED BY THE GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKIvanhoé Cambridge was given a Green Star ranking in its first-ever participation in the annual Global Real Estate Sustainability Benchmark (GRESB) survey. This confirms the Company’s strong performance with regard to implementing CSR policies and metrics.

The survey looked at 688 real estate companies around the world. Ivanhoé Cambridge came in 31st out of 87  in the office and diversified retail cat-egory – a respectable showing for this initial involvement.

RECORD TURNOUT FOR GIVING BACK DAYEvery year since 2012, Giving Back Day has given Ivanhoé Cambridge employees the opportunity to be part of a mas-sive volunteering movement within their community.

In September  2015, a record number of almost 550 employ-ees from Ivanhoé Cambridge’s offices and properties in Europe, the U.S. and Canada chipped in to lend a much-needed hand to more than 30 community organ-izations. In the final tally, this worked out to almost 4,000 vol-unteer hours in a single day. The

initiative is a deeply meaningful way to give back to the commun-ity and instil a sense of team spirit, accomplishment and pride.

AN ORGANIZATION-WIDE COMMITMENT

Corporate social responsibility (CSR) is one of Ivanhoé Cambridge’s strategic priorities and is an undeniable source of employee engagement. That is why the Company takes CSR into consideration in all of its decisions and actions at every level of the organization. This progressive change in mindset is reflected in this report, which shines the spotlight on CSR initiatives linked to every sphere of the Company’s operations.

Since 2014, Ivanhoé Cambridge has taken its accountability to the next level by adhering to the Global Reporting Initiative’s G4 sustainability reporting guidelines. In addition, its efforts to measure its performance and promote best practices have been repeatedly singled out for recognition.

CORPORATE SOCIAL RESPONSIBILITY

Giving Back Day, Madrid, Spain

Giving Back Day, Montreal, Quebec

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REINVESTING IN OUR COMMUNITIES, IT’S IMPORTANT TO US.

THIS IS M Y OFFICE

Canada’s Top 100 Employers – third consecutive year

Mediacorp

Institutional Investor of the Year – North America

Private Equity Real Estate (PERE) magazine

AWARDS AND DISTINCTIONSTo attract and retain the best talent, Ivanhoé Cambridge can always tap into the Company’s biggest strengths: its corporate culture, its outstanding work environment and all of the initiatives it sets into motion to strengthen employee engagement.

IVANHOÉ CAMBRIDGE ADOPTS NEW GLOBAL REPORTING INITIATIVE STANDARDSFor the third edition of its CSR Report, Ivanhoé Cambridge embraced the new Global Reporting Initiative (GRI) G4 reporting guidelines. The Company worked with expert consultants to ensure its approach complied with these international requirements.

The report summarizes the Company’s performance vis-à-vis three pillars of its CSR strategy: environmental s tewardship, community investments and employee engagement. Copies are avail-able to download from the Ivanhoé Cambridge website.

A METHODICAL APPROACH TO INVESTING IN THE COMMUNITYIn 2013, the Company enacted a corporate donation and sponsorship policy to set out guidelines for its philanthropic efforts in support of charities and organizations that share its values and strategic prior-ities. The selected target areas ensure that Ivanhoé Cambridge can have a concrete impact in the community. Beyond finan-cial contributions, several of the recipient organizations benefit from employees’ skill sets, and time.

Homeless outreach programs and housing support services for people in need are among the causes Ivanhoé Cambridge is proud to embrace. Through these contributions, Ivanhoé Cambridge can do its part in the broader fight against poverty.

Since 2013, more than $300,000 has been donated to homeless organizations in cities where Ivanhoé Cambridge operates.

Best Employers in Canada

Aon Hewitt

Core Strategy Award

IP Real Estate (IPRE) Global Awards

Montreal’s Top Employers

Mediacorp

Future 40 Responsible Corporate Leaders in Canada, 25th place

Corporate Knights

Montreal Arts –Business Award

Conseil des Arts de Montréal

21 International Council of Shopping Centers (ICSC) awards

ICSC

Leader in Sustainable Transportation in Montreal

Voyagez Futé

MORE THAN

$1.8 MGIVEN TO

THE COMMUNITY BY IVANHOÉ

CAMBRIDGE AND ITS PROPERTIES

IN 2015(IN THE FORM OF CASH

OR GIFT CARDS)

Canada’s Top 100 Brands, 70th place

The Globe and Mail’s Report on Business magazine

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PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

NORTH AMERICA

CANADA

Nova ScotiaMic Mac Mall Dartmouth 100.0 715,700 66,500QuebecGaleries d'Anjou Montreal 50.0 1,335,900 124,100Laurier Québec Quebec City 100.0 1,272,000 118,200Carrefour de l'Estrie Sherbrooke 50.0 1,160,600 107,800Fairview Pointe-Claire Pointe-Claire 50.0 1,008,400 93,700Place Ste-Foy Quebec City 100.0 638,600 59,300Montreal Eaton Centre Montreal 100.0 286,200 26,600Place Montréal Trust Montreal 100.0 270,500 25,100Complexe Les Ailes Montreal 100.0 200,600 18,600

OntarioVaughan Mills Vaughan 100.0 1,270,900 118,100Oshawa Centre Oshawa 100.0 970,400 90,200Bayshore Shopping Centre Ottawa 50.0 881,600 81,900Fairview Mall Toronto 50.0 861,400 80,000Conestoga Mall Waterloo 100.0 681,300 63,300Mapleview Shopping Centre Burlington 50.0 635,500 59,000Outlet Collection at Niagara Niagara-on-the-Lake 100.0 520,500 48,400

AlbertaCrossIron Mills Rocky View (Calgary) 100.0 1,122,700 104,300Market Mall Calgary 50.0 1,082,200 100,500Southgate Centre Edmonton 50.0 941,300 87,400The Core Calgary 50.0 635,800 59,100Deerfoot Meadows Calgary 100.0 321,200 29,800

British ColumbiaMetropolis at Metrotown Burnaby 100.0 1,794,600 166,700Guildford Town Centre Surrey 100.0 1,203,700 111,800Richmond Centre Richmond 50.0 785,300 73,000Woodgrove Centre Nanaimo 50.0 751,500 69,800Oakridge Centre Vancouver 100.0 693,200 64,400Mayfair Shopping Centre Victoria 100.0 454,200 42,200

UNITED STATES

Mary Brickell Village Miami, Florida 42.7 196,000 18,200

TOTAL 22,691,800 2,108,000

LIST OF KEY PROPERTIES(as at December 31, 2015)

Shopping Centres — North America

PROPERTY LOCATION

OWNERSHIP INTEREST

(%)NUMBER

OF UNITS

NORTH AMERICA

CANADA

QuebecRockhill Montreal 100.0 1,004

UNITED STATES

Stuyvesant Town/ Peter Cooper Village New York, New York 48.0 11,241Greystar Portfolio United States 35.7 9,533Veritas Portfolio San Francisco, California 90.0 1,270The Ritz Plaza New York, New York 60.0 479Stonehenge Village New York, New York 47.5 418555 6th Avenue New York, New York 47.5 163360 East 65th Street New York, New York 47.5 158210 West 89th Street New York, New York 70.0 150141 East 33rd Street New York, New York 47.5 12010 Downing Street New York, New York 47.5 11541 Park Avenue New York, New York 47.5 11220 Park Avenue New York, New York 47.5 1001143 2nd Avenue New York, New York 47.5 94364 West 18th Street New York, New York 47.5 64108 West 15th Street New York, New York 50.0 558 Gramercy Park New York, New York 47.5 55167 East 82nd Street New York, New York 47.5 10

EUROPE

UNITED KINGDOM

Hamlet Gardens London 89.5 122Kew Bridge Court* London 82.8 9839 Hill Street London 89.5 604B Merchant Square London 89.5 60Garden House London 82.8 58Thurloe Estate London 82.8 56Circus Apartments London 89.5 45Peony Court London 82.8 19Strathmore Court London 82.8 17Cedar House London 82.8 17Somerset Court London 82.8 14Prince of Wales Terrace London 82.8 13Imperial House London 82.8 11Lexham Gardens London 82.8 7

TOTAL 25,738

* Sold in Q1 2016

Multiresidential

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PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

NORTH AMERICA

CANADA

QuebecPlace Ville Marie Montreal 100.0 2,577,700 239,500Le 1000 De La Gauchetière Montreal 100.0 917,100 85,200World Trade Centre Montréal Montreal 100.0 568,100 52,800Centre CDP Capital Montreal 100.0 568,000 52,800Le 1500 Montreal 100.0 527,600 49,000455 Saint-Antoine Ouest Montreal 100.0 81,700 7,600Édifice Price Quebec City 100.0 57,200 5,300415 Saint-Antoine Ouest Montreal 100.0 51,200 4,800

AlbertaEighth Avenue Place Calgary 33.3 1,935,500 179,800TD Canada Trust Tower Calgary 50.0 617,300 57,300Dome Tower Calgary 50.0 402,800 37,400Home Oil Tower Calgary 50.0 388,600 36,100

British ColumbiaBentall Centre–Tower I, II & III Vancouver 60.0 907,000 84,300Bentall Centre–Tower IV Vancouver 75.0 545,900 50,700Metrotower Office Complex Burnaby 100.0 611,200 56,800The 1075 W. Georgia Building Vancouver 25.0 349,200 32,400

Office — North America

* Sold in Q1 2016 (for Newport Corporate Center: One Newport only)** Acquisition of 180 North Lasalle Street, Chicago in January 2016

PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

NORTH AMERICA

UNITED STATES**

MWest Properties Silicon Valley, California 47.7 4,794,300 445,4001211 Avenue of the Americas New York, New York 51.0 1,943,000 180,5001411 Broadway New York, New York 49.9 1,226,100 113,900Three Bryant Park New York, New York 100.0 1,181,800 109,800Newport Corporate Center* Bellevue, Washington 100.0 1,059,800 98,500999 Third Avenue Seattle, Washington 100.0 969,300 90,100US Bank Center Seattle, Washington 50.0 943,600 87,700One Boston Place Boston, Massachusetts 49.8 791,800 73,600Tabor Center Denver, Colorado 39.4 734,900 68,30010 South Riverside Plaza Chicago, Illinois 100.0 698,700 64,900120 South Riverside Plaza Chicago, Illinois 100.0 689,300 64,0001745 Broadway New York, New York 43.1 644,600 59,900515 North State Chicago, Illinois 40.0 642,900 59,7001111 Third Avenue Seattle, Washington 100.0 568,500 52,800

US Bank Tower Denver, Colorado 39.4 531,600 49,400330 Hudson Street New York, New York 49.0 466,000 43,300PacMutual Los Angeles, California 100.0 464,000 43,100410 17th Street Denver, Colorado 98.1 420,200 39,000Renaissance Tower* Sacramento, California 49.0 338,900 31,500Channel Center Boston, Massachusetts 100.0 248,900 23,100Second & Spring Seattle, Washington 100.0 134,500 12,500

TOTAL OFFICE 30,598,800 2,842,800

PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

LOGISTICS

CANADA

VersaCold Canada 50.0 2,137,300 198,60065 Skyway Mississauga, Ontario 100.0 150,800 14,000

TOTAL LOGISTICS 2,288,100 212,600

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PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

SHOPPING CENTRES

BRAZIL

CearáNorth Shopping Fortaleza Fortaleza 87.3 516,500 48,000North Shopping Jóquei Fortaleza 78.1 381,400 35,400Via Sul Shopping Fortaleza 65.5 265,700 24,700North Shopping Maracanaú Maracanaú 87.3 213,100 19,800

Distrito FederalConjunto Nacional Brasília 49.8 430,200 40,000

Mato GrossoPantanal Shopping Cuiabá 17.5 498,900 46,300

Rio de JaneiroShopping Nova América Rio de Janeiro 24.4 899,000 83,500Boulevard Rio Shopping Rio de Janeiro 77.3 308,800 28,700Downtown Rio de Janeiro 87.3 192,500 17,900Botafogo Praia Shopping Rio de Janeiro 65.9 167,100 15,500

Rio Grande do NorteNatal Shopping Natal 43.7 292,900 27,200

Rio Grande do SulIguatemi Porto Alegre Porto Alegre 31.4 444,200 41,300

RondôniaPorto Velho Shopping Porto Velho 50.0 469,500 43,600

São PauloShopping Interlagos São Paulo 43.7 909,600 84,500CenterVale Shopping São José dos Campos 43.7 518,400 48,200Parque das Bandeiras Shopping Campinas 75.0 425,400 39,500Golden Square Shopping São Paulo 78.9 314,900 29,300

CHINA

La Nova Changsha 60.0 478,000 44,400

OFFICE

AUSTRALIA

Liberty Place Sydney 24.3 647,700 60,200

LOGISTICS

LOGOS China 47.5 981,400 91,200

TOTAL 9,355,200 869,200

Growth Markets

PROPERTY LOCATION

OWNERSHIP INTEREST

(%)

GROSS LEASABLE AREA (ft²)

GROSS LEASABLE AREA (m²)

SHOPPING CENTRES

GERMANY

Paunsdorf Center Leipzig 50.0 1,161,900 107,900Wilmersdorfer Arcaden Berlin 92.5 407,100 37,800

SPAIN

Madrid Xanadú Madrid 100.0 1,208,100 112,200

OFFICE

UNITED KINGDOM

The Minster Building London 100.0 275,300 25,600Stonecutter Court London 100.0 149,100 13,90021 Lombard Street London 100.0 116,000 10,800

LOGISTIC

P3 Logistic Parks Europe 50.0 32,291,700 3,000,000

TOTAL 35,609,200 3,308,200

Europe

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PROPERTY LOCATION

OWNERSHIP INTEREST

(%)NUMBER

OF UNITS

HOTELS

NORTH AMERICA

CANADA

QuebecFairmont The Queen Elizabeth Montreal 100.0 982 Fairmont Le Château Frontenac Quebec City 100.0 611 W Montréal Montreal 100.0 152

OntarioFairmont Royal York Toronto 20.0 1,363

UNITED STATES

Fairmont Olympic Hotel Seattle, Washington 66.7 450

TOTAL 3,558

Other Activities

OWNERSHIP IN PUBLICLY TRADED COMPANIES LOCATIONAMOUNT

(in millions $)

OWNERSHIPINTEREST

(%)

FPI COMINAR Canada 194 8.4

GECINA (1) France 2,395 23

MARKET SECURITIES Global 422 n/a

OWNERSHIP IN PRIVATELY HELD COMPANIES

Ancar Brazil

Chongbang Holdings (International) Ltd. China

HBS Global Properties Germany and United States

MIRA Mexico

VersaCold Logistics Services LP Canada

REAL ESTATE INVESTMENT FUNDS LOCATION

Beacon Capital Strategic Partners VII, LP United States

Blackstone Real Estate Partners Global

Cerberus Europe

CIM Fund United States

Colyzeo Investors Western Europe and France

Greystar Equity Partners United States

IC1-Westgate Co-Investors, LLC United States

ICAMAP, SLP-SIF Europe

India Property Fund India

Kimex Mexico

KingSett Real Estate Growth Canada

Lone Star Funds Global

PenRetail III LP Canada

Praedium United States

Rockpoint United States

TPG - Utrecht Europe

TPG Real Estate Fund II United States

TPG Real Estate Finance Trust United States

VR China LP China

Warburg Pincus Asia

William Opportunity Fund United States

WPRE I Red Star, LP China

OWNERSHIP IN PUBLICLY TRADED OR PRIVATELY HELD COMPANIESAND REAL ESTATE INVESTMENT FUNDS

(1) December 31, 2015 in partnership with Blackstone 26,4 %. On January 21, 2016, our partnership with Blackstone was dissolved and our concert with regard to Gecina was ended.2

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The 2015 Activity Report is published by the Ivanhoé Cambridge Public Affairs and Communications Department.

Ivanhoé Cambridge1001, rue du Square-Victoria, Suite C-500Montreal, Quebec H2Z 2B5Phone: +1 514 841-7600Fax: +1 514 841-7762media@ivanhoecambridge.com

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

Writer: Sylvie CloutierEnglish translation: Shonda SecordDesign: ardoise.com

© Copyright 2016

LEADERSHIP TEAM(As at April 30, 2016)

BOARD OF DIRECTORS(As at April 30, 2016)

Daniel Fournier Chairman and Chief Executive Officer

William R. C. Tresham President

Meka Brunel President, Europe

Adam Adamakakis Executive Vice President, Investments, Office, North America

Denis Couture Executive Vice President, Public and International Affairs

Roman Drohomirecki Executive Vice President and Chief Operating Officer, Retail

Josée Dubuc Executive Vice President, Human Resources and Corporate Services

Sylvain Fortier Executive Vice President and Chief Global Investment Officer

Rita-Rose Gagné Executive Vice President, Growth Markets

Claude Gendron Executive Vice President, Legal Affairs and General Counsel

Paul Gleeson Executive Vice President and Chief Development Officer, Retail

Karen Laflamme Executive Vice President and Chief Financial Officer, Retail

Arthur Lloyd Executive Vice President, Office, North America

Mario D. Morroni Executive Vice President, Strategy and Capital Allocation

Nathalie Palladitcheff Executive Vice President and Chief Financial Officer

Claude Sirois President, Retail

Daniel Fournier Chairman and Chief Executive Officer, Ivanhoé Cambridge inc.

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.

Marie Giguère Executive Vice President, Legal Affairs and Secretariat, Caisse de dépôt et placement du Québec

Gilles Horrobin Chief Investment Officer, Fiducie globale des régimes de retraite de la Société de transport de Montréal

The Hon. David R. Peterson, P.C., Q.C.

Chairman, Cassels Brock & Blackwell LLP

John T. Riordan Consultant and Life Trustee of the ICSC

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 inc.

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