Multi Mall Management Portugal Sustainability Report 2010

2010

SUSTAINABILITY REPORT

MULTI MALL MANAGEMENTPORTUGAL

VS. 01

01  OUR BUSINESS 8

02  OUR SUSTAINABILITY STRATEGY 18

03  INTEGRATED MANAGEMENT PRACTICES AND RESULTS 30

03.1 ECONOMIC PERFORMANCE 31

03.2 VALUING OUR VISITORS, PARTNERS AND CUSTOMERS 3603.2.1 PARTNERSHIP WITH THE OWNER 4403.2.2 ENGAGEMENT WITH VISITORS 4603.2.3 PARTNERSHIP WITH TENANTS 5003.2.4 THE WIDER CENTRE TEAM 53

03.3 VALUING THE ENVIRONMENT 5603.4 VALUING PEOPLE 7003.5 VALUING THE COMMUNITY 7803.6 OPERATIONAL SUSTAINABILITY PLAN 8803.7 IMPLEMENTATION OF THE SUSTAINABILITY STRATEGY ACCORDING TO AA1000 APS STANDARD AND GRI PRINCIPLES 96

ANNEX 103

MAIN ISSUES AND CONCERNSIDENTIFIED BY THE MANAGEMENT OF EACH CENTRE IN 2010 103METHODOLOGICAL NOTES 107GRI TABLE 113ASSURANCE STATEMENT 125

INDEX

SUSTAINABILITY REPORT

MULTI MALL MANAGEMENTPORTUGAL

VS. 01

2010

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Dear Staff, Owners, Tenants and Partners,

It is with renewed pleasure that Multi Mall Management Portugal (MMM P) presents its Sustainability Report, pertaining to the performance during 2010.

The path we have walked together, which was outlined in our 2008 Sustainability Strategy and Policy, is halfway through the implementation of the first Operational Sustainability Plan, which will end in 2012. With a broad view of our strategic and relevant objectives, we keep a close look by carrying out measures that will allow us to satisfy the needs and expectations of our stakeholders and, at the same time to increase the value of our company.

Matias LopesManaging Director

Multi Mall Management Portugal

P. 5

Our ambition for excellence, together with the passion we have for our work and the sense of responsibility we have developed over the assets under our management, have made it possible for us to maintain the company and the various interests of the stakeholders during a period of high global economic instability specially in the sector of the economy in which we participate.

Our efforts to generate value and to renew the trust placed

in MMM P consisted of a complementary strategy to balance

the need to invest in the relation with the visitors in order to

provide them with unique moments of satisfaction and high

levels of comfort, with maintaining an adaptable, strict and

careful management of the resources. This strategy foresees

an improvement of the tenants’ performance through an

adjustment in their direct costs, and by working closely with

the various owners in order to keep the necessary profits we

can contribute to the maintenance of their investments. In

the face of an unstable circumstance we are want to keep

the quality of our service, by investing in knowledge and

by striving to bring innovation to the core of our activity, so

that we can, through our sustainability policy, continue to

manage the future with confidence.

The work carried out by our teams in 2010 gives us the

ability to present a set of important results, which are

spread throughout this third sustainability report, however

some results deserve special mention, it is with sincere

pride that I mention that Almada Forum has obtained EMAS

certification, due to the excellence of the Environmental

management done by MMM P, which made it the first

shopping centre in Europe to have this distinction. Every

centre under our management obtained energy certification

and we initiated the process of integrated certification (of

the quality management, environmental and safety systems)

which will improve the management and organization of the

centres in strategic matters. Even though the execution of

the Operational Plan was slowed down and some objectives

were reformulated or delayed, we began to report the safety

indicators and committed ourselves to the implementation

of the pilot-project Multistakeholder Group 2, called CALL,

in order to involve the local community in the carrying out

of our sustainability strategy. With this project, which we

want to spread in 2011 to every centre that we manage, we

supported in the Christmas Campaign of Forum Algarve the

“Alta Segura” project promoted by APSI, which reinforced

our relations with the local community and the role of the

shopping centre in the city where it is located. We began our

activity in Braga with the management of the Braga Retail

Centre and we prepared the opening of the future Forum

Sintra.

Our efforts resulted in some relevant improvements,

particularly in indicators such the increase of employee

training by 15.7% or regarding hygiene and safety in

the workplace, there were no accidents or work related

diseases and our employees had a low absenteeism rate.

We managed to reduce water and energy costs by 5.9% and

8.4%, respectively in comparable amounts and increased

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waste recycling. The satisfaction indicators of the Visitors

remained practically the same. We supported the community

with 406 thousand Euros in 2010. We continued or finished

31 of the 51 actions we had planned. Those that were not

started were eliminated from the Plan either because they

do not make sense in the current context of the organization

or because they have been transferred to the following years

(2011 e 2012). These delays were made after pondering

the responsiveness of the company and the priority of the

topics. Some of the actions removed from the plan were

the introduction of security clauses in the management of

the centres (service providers) and the evaluation of the job

centre courses for the training needs of a shopping centre.

Two of the actions delayed were the execution of evaluation

and training regarding human rights (including child, forced

and excessive labour) to the service providers and the

development of the “Green Travel Plans” of the shopping

centres (see 03.6 Operational Sustainability Plan).

During the next years we want to maintain MMMP’s status as

the leading company in the shopping centre management

sector, by solidifying our commitment to sustainability and

the relations of trust we have with our stakeholders. To this

effect, we will consult with our external stakeholders again

in 2012, reformulate our Operational Plan and define the

objectives for the next strategy cycle. This work will further

strengthen the bonds that unite us, allowing us to align our

shared interests, and thus reinforcing our relations and the

work we carry out together. People will always come first.

And it is because they are our passion, and the reason why we

exist, that we want to continue to provide magical moments

to each one and transform every visit into an experience that

must be repeated.

Throughout this report, which was made according to the

Global Reporting Initiative (G3) level B+ and was verified to

the principles of the AA 1000 APS (2008) standard, we want

to transparently show the road that is still to be travelled, and

also show that our commitment and our actions, respecting

people, the market and the environment, that is recorded

in our DNA, will allow us to succeed and to manage with

confidence a future that is shared by every one of You.

P. 7

P. 8

Contracts with

1.139 Tenants

MMM P’s portfolio

324.280 m2

78,7 millionvisitors

01  OUR BUSINESS

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01  OUR BUSINESS

01

Multi Mall Management Portugal (MMM P) is a company spe-

cialized in the management of shopping centres. It is part of

the Multi Corporation Group and its portfolio mainly includes

projects promoted by Multi Development.

Our objective is to maximize the value of the shopping cen-

tres under our management and work to achieve a varied

and balanced commercial presence (tenant-mix), according

to our knowledge of the market and to the available eco-

nomic indicators.

During our daily management we seek to minimize the main

negative environmental and social impacts, this way adding

value to our business and, consequently to our stakehold-

ers - tenants, visitors, owners, employees, suppliers, service

providers and the community.

P. 9

VALUES

VISION

MISSION

Ambition

for Excellence

Passion

Trust

Innovation

Responsability

Knowledge

Be the reference of the best sustrainability practices in the asset management Market

Create value for the real state assets that we are managing, considering the interests and concerns of our main stakeholders, namely, visitors, shopkeepers, owners, local community local and business partners. Share our know how and experience with all the European MMM

1 This number includes the 2 Retail Parks (Braga Retail Centre and Parque Mondego) and

the 10 shopping centres (F Aveiro, A Chiado, F Algarve, Almada F, F Montijo, W Shopping,

F Madeira, F Coimbra, F Viseu and Espaço Guimarães). They do not include the Galeria

Feira Nova in Sintra or the Arquiparque II offices.

Throughout its 14 years of activity in Portugal MMM P has

been building its set of shopping centres, which amount to

approximately 324 thousand m2 distributed across 12 shop-

ping centres. In 2010, we had 1.139 contracts with tenants

and we received 78.7 million visitors in the businesses under

our management.1

VALUES, VISION AND MISSION

GRA.

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2010

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02

03

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07

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08

10

11

1210

FORUMAVEIRO

01

BRAGARETAILCENTER

12

ARMAZÉNSDO CHIADO

02

WSHOPPING

11

FORUMALGARVE

03

FORUMMADEIRA

07

FORUMVISEU

08

ALMADAFORUM

05

ESPAÇOGUIMARÃES

10

FORUMCOIMBRA

09

PARQUEMONDEGORETAIL PARK

04

FORUMMONTIJO

06

2 Every amount mentioned in this report, except for the totals in this chapter, does not

include the amounts of Braga Retail Centre.

In addition to the 12 shopping centres, we manage the

Galerias Comerciais Feira Nova Sintra. However, given their

marginal significance in our portfolio they were excluded

from the scope of this report. They will be added in 2011,

when their current renovation is completed and they be-

come Forum Sintra.

In 2010 MMM P began managing Braga Retail Centre, and

therefore it is included in our portfolio 2. Forum Castelo Bran-

co and Forum Barreiro were not included in this report be-

cause they were already not under our management by the

end of 2010.

OUR PORTFOLIO OF ASSETS UNDER MANAGEMENT

MAPA

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Forum Aveiro

Opening Date

September 1998 MIPIM AWARD 99For best Shopping Centre in Europe and a commendation by the International Council of Shopping Centres (ICSC).

Armazénsdo Chiado

Opening Date

October 1999 Restoration Project Which was part of the revitalization of Chiado after the fire in 1988, designed by the architect Siza Vieira, in collaboration with the architects Joan Busquets and Souto Moura. It contributed greatly to the revival of this area of Lisbon. In 2000, it was awarded by ICSC the title of best small Shopping Centre.

Forum Algarve

Opening Date

March 2001 Honourable Mentionin 2002 it received an honourable mention from the International Council of Shopping Centres (ICSC-Europe), in the category of best large Shopping Centre in Europe. Afterwards it was also awarded by ICSC, a Certificate of Merit for innovation in the Design and Construction of a New Project (2003).

Almada Forum

Opening Date

September 2002 MIPIM 2003 Award Which gives it the title of Best Shopping Centre in Europe. It also received an Honourable Mention at the 2003 ICSC awards, in the category of best large Shopping Centre. In 2004 Almada Forum also received the ICSC “Full Design Award”.

Parque MondegoRetail Park

Opening Date

July 2002 Innovating concept of Retail Park in Portugal.

Forum Viseu

Opening Date

October 2005 Urban Renewal and the Environmental Development The construction of the centre promoted the urban renewal and the environmental development of part of the Rio Pavia shore. Of particular merit are the way the centre blends into the city’s historic centre and its wide range of products and services.

ForumMadeira

Opening Date

April 2005 76 Tenants23 local entrepreneurs (30% of the total retail area)

New Hub Combines elements of the typical regional architecture, establishing itself as a new hub for the population of this region and as a driving force in the local economy.

ForumMontijo

Opening Date

April 2003 First shopping centre in Europe to obtain environmental certification to standard ISO 14001.

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Espaço Guimarães

Opening Date

November 2009 Last project to join MMM P’s portfolio, located in an eminent area hungry for a leisure and modern retail outlet.

BragaRetail Center

Management by MMM started on

September 2010 Braga Retail Centre is a Retail Park inserted in a highly dynamic commercial area and it is located near other large complementary shopping centres. Its architecture was designed by Broadway Malyan.

Forum Coimbra

Opening Date

April 2006 ICSC 2007 AwardWhich gave it the title of Best Shopping Centre in Europe.

the ICSC Solal Marketing Awards are awarded annually by the International Council for Shopping Centres as a way of recognizing marketing activities that stand out from others implemented by peers throughout Europe. This year the award ceremony took place in Lisbon.

MMM P was granted EMAS certification (Eco-Management and Audit Scheme) for the management of Almada Forum. This certification represents the Excellence, Performance, Credibility and Transparency of our management. Almada Forum became the first Shopping Centre in Europe to obtain this certificate.

MMM PIn 2010, MMM P won two Solal Silver Awards in the category of Consumer and Trade Advertising for the Barreiro event by MTV – “From Grey to Rainbow” in Forum Barreiro, and in the category of Public Relations for creating the MTV Play Love event – Best Kiss of the Season in Armazéns do Chiado, both of these campaigns were made in 2009.

Armazénsdo Chiado The event and the campaign developed by Armazéns do Chiado which was called MTV Best Kiss of the Season won one Solal Silver Award. This event brought loving couples to Armazéns do Chiado, who on Valentine’s Day accepted the challenge of giving the best kiss of the season in front of the MTV cameras.

ALMADAFORUMIt means that Almada Forum achieves a level of excellence on the Environment. This certificate adds to the commitment to communicate, negotiate and sensitize, clearly and objectively, to all Parties involved - Investors, Tenants, Customers and the Community.

ICSC Solal Marketing Awards

2010Recognition

EMAS

W ShoppingOpening Date

October 2003 12.600 m2

(gross leasable area)

Biggest centre in the Santarém district.

It provides distinctive products and services.

SolalSilver2009

P. 1

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T+T Design ChairmanHans van Veggel

Chief ExecutiveOcerGlenn Aaronson

Southern EuropeBenno van Veggel

Central Eastern EuropeGlenn Aaronson

United KingdomGlenn Aaronson

United Kingdom & IrelandPaul Sargent

TurkeyHulusi BelgüCem Bodur

Czech RepublicRonald Dasbach

PolandRonald Dasbach

UkraineRonald Dasbach

PortugalBenno van Veggel

SpainBenno van Veggel

ItalyPaoloTassi

NetherlandsHeinoVink

BelgiumHeinoVink

FranceHeinoVink

Asset ManagementArie den Hartog

MallManagementMatias Lopes

MallManagementLuís Miguel Pereira

Feasibility &Investment

Germany/SwitzerlandAxel Funke

CentralEuropeRonald Dasbach

Western Europe

ChiefInvestmentOcerEric vanDuren

MallManagement

Legal A�airs& HR MgtJochen Bla�ert

Chief FinancialOcerMark van der Berg

Marketing &CommunicationMarkCunningham

ORGANIZATIONAL STRUCTURE OF THE MULTI CORPORATION GROUP ORG. 1

MMM P is part of the Multi Corporation Group, which has the following structure.

The organizational structure of the Multi Corporation Group

was changed regarding the people responsible for some of

the functional and business areas, however these changes

did not affect the management of MMM Portugal.

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ORGANIZATIONAL STRUCTURE OF MMM P

The Board of MMM P is the corporate body in charge of the strategy and supervision of the business in the Portuguese market. Every one of its members has executive functions. MMM BV, as the main shareholder, oversees the performance of MMM P. The sustainability strategy is defined by one of the Board members, António Matias Lopes, who reports to the rest of the board on the company’s performance regarding sustainability.

ORG. 1

Bernardus Henri Johannes Van Veggel(Chairman)

António Augusto Matias Lopes(Board Member)

Henricus Johannes Petrus Van Duren(Board Member)

Term from 2009 to 2012

Statutory AuditorCarlos Manuel Pereira Freire, Deloitte & Associados,

SROC S.A. – Principal Statutory Auditor

MANAGEMENT BOARD

P. 1

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The Boardof Directors

Is the corporate body ultimately responsible for the strategy and supervision of the business in Portugal. It is comprised of three directors, with executive functions, who are responsible for the daily management of the company in Portugal.MMM BV, as the main shareholder and holding company, oversees the work and performance of MMM P, controlling and representing the interests and success of the company in the long term, according to the directives of the Multi Corporation Group.

The Regional Managing Director of MMM

Represents the executive management of MMM within the Multi Corporation Group. Is also responsible for making and implementing the sustainability strategy, reporting to the Board and presenting results and sustainability performance issues for decision.Also has executive functions inside Multi Mall Management BV (MMM BV), which is the company that owns the majority of the shares of MMM P, and in Multi Corporation, the main shareholder of Multi Mall Management BV.

Statutory Auditor Is the independent supervisory entity of the organization.Monitors and audits the company’s finances, acting independently from the interests of MMM P, and all of its stakeholders.

The organizational structure of MMM P is based on two

key pillars: the corporate departments which support the

entire company and the local business units. The latter are

represented by special purpose vehicles (Soge), which are

the contractual vehicles for the management of the centres

that MMM P contracts with the owners. In organizational

terms this means that each SOGE represents a shopping

centre being managed and a team that locally applies the

professional management of MMM P.

This structure has enabled us to have a highly horizontal

organization. This ensures:

• permanent communication between departments and

business units,

• rapid cross-company responses to problems,

• identification of solutions and, simultaneously the defi-

nition of the right paths for a more effective manage-

ment.

ORG. 2

MMM P is a member of the Associação Portuguesa de

Centros Comerciais (APCC) and it is represented in its Board

of Directors by Multi Development in the period from 2010-

2012. It is also a member of the ICSC - International Council

of Shopping Centres and it is directly represented in the ICSC

Retail Asset Management Committee - European Advisory

by Eng.º Matias Lopes.

In 2010 it joined the BCSD Portugal – Conselho Empresarial

para o Desenvolvimento Sustentável, and it has actively

participated in its activities and projects.

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BOARD OFDIRECTORSMMMPortugal

DEP.LegalA�airs

DEP.Finance

DEP.Public Relations andCommunication

DEP.ISOMOperations

StatutoryAuditor

SustainabilityComitee

SustainabilityWorkingGroups

RegionalManagingDirector

ORGANISATIONAL STRUCTURE

OF MULTI MALL MANAGEMENT PORTUGAL

ORG. 2

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02  OUR SUSTAINABILITY

STRATEGY

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02  OUR SUSTAINABILITY

STRATEGY

02

MMM P’s sustainability strategy was developed in 2008, and

it was put into effect through a Sustainability Plan which lasts

4 years (1 sustainability strategy cycle).

In 2008, after internal reflection which consisted of various

internal and external analyses to identify the main impacts,

risks and opportunities of the company’s activity, we devel-

oped our Sustainability Policy called “Managing the Future”

and the Business Principles which guide the way we interact

with the stakeholders (they can be consulted at www.multi-

mallmanagement.pt/sustentabilidade)

Of the analyses mentioned above we highlight the legal

analysis, the analysis to the best sustainability practices of the

market (benchmark), the risk and opportunity analysis to the

social and environmental aspects relevant to the business,

and the consultation of the main stakeholders.

P. 1

9

3 In MMM P’s sustainability strategy, strategic topics are defined as the ones in which

we want to innovate and invest in order to distinguish our activity from the remaining

players, so that we become the reference in the market. Relevant topics are the ones in

which we want to follow the good practices and tendencies of the market.

Out of these analyses we were able to identify the material

issues for the activity of MMM P. We also carried out an

internal diagnosis to ascertain what the level of development

was in these issues and the best way to manage them.

As a result, we made the Operational Sustainability Plan (see

pages 88 to 94), where we define the objectives for the sus-

tainability strategy cycle and the measures that are to be

taken to reach them. We took into account the importance

of the topics: strategic or relevant 3 (see next page) in order

to set the objectives.

SUSTAINABILITY HIGHLIGHTS OF MMM P

2008

• Development of the entire process which defined MMM’s sustainability approach “Managing the Future”.

• Definition of the Business Principles.• Implementation of the Sustainability Governance Model.• Making of the Operational Sustainability Plan.

2009

• Sustainability Plan is put into effect.• Development of sustainability guidelines for partners and tenants.• Participation and sponsoring of events related to sustainability.• Publication of the 1st Sustainability Report.

2010

• The Operational Sustainability Plan continues being implemented.• The sustainability guidelines continue to be distributed to partners and

tenants.• Multistakeholder Group 2 pilot-project in Forum Algarve.• Publication of the 2nd Sustainability Report.

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Mall Management(Social A�airs)

EnvironmentalManagement

TeamManagement

Product CommunityEngagement

Security Energy Promotionof Innovation

Hygiene andFood Safety

Cooperationwith LocalOrganisations

Cleanliness,Hygiene andHealth

Transport Qualityof Servicesand Products

Water ResponsibleConsumption

Waste

Philantropyand SocialResponsibility

LocalCommerce

LocalEmployability

CareerDevelopment

Ethics and Compliance

Training

Strategic Areas

Strategic Aspects

Relevant Aspects

STRATEGIC SUSTAINABILITY ACTION AREAS

P. 2

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KEY IMPACTS, RISKS AND OPPORTUNITIES

FOR MMM P

Taking into account the relations with the main stakeholder

groups and the promotion of sustainability in our daily

activity we identified the key impacts, risks and opportunities

for the business of MMM P.

STRATEGY TOPIC IMPACTS RISKS OPPORTUNITIES INFO.

SECURITY

• Accidents, robbery and theft in the centre (tenants, visitors and employees)

• Complaints and satisfaction (tenants, visitors and employees)

• Reputational risk• Risk of reduced footfall

in the centre• Insurance costs

• Trust in the centre’s management

• Increased footfall in the centre

Page52-55

CLEANING, HYGIENE  AND HEALTH

• Health (tenants, visitors and employees)

• Complaints and satisfaction (tenants, visitors and employees)

• Reputational risk• Risk of reduced footfall

in the centre• Insurance costs

• Trust in the centre’s management

• Increased footfall in the centre

Page52-55

ENERGY• Resource consumption

and contribution towards climate change

• Increased energy dependence

• Increased costs• Reputational risk

• Reduction of operating costs

• Reputational gain

Page63-66

TRANSPORTATION• Resource consumption

and contribution towards climate change

• Difficulty of access to the centre

• Better accessibility• Increased footfall

in the centre

Page66-67

WATER• Consumption of a scarce

resource• Increased costs• Reputational risk

• Reduction of operating costs

• Reputational gain

Page61-63

WASTE

• Health, hygiene and safety• Complaints and

satisfaction (tenants and visitors)

• More waste production• Poor management

• Less resource consumption, through recycling

• Cooperation with tenants

Page67-69

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STRATEGY TOPIC IMPACTS RISKS OPPORTUNITIES INFO.

HYGIENE AND FOOD SAFETY

• Health• Complaints and

satisfaction (tenants and visitors)

• Reputational risk• Insurance costs

• Trust in the centre’s management and in the tenants

• Increased footfall in the centre

Page52

SERVICE AND PRODUCT QUALITY

• Complaints and satisfaction (tenants and visitors)

• Reputational risk• Less clients

• Trust in the centre’s management and in the tenants

Page52-53

RESPONSIBLE  CONSUMPTION

• Sensitize the visitors

• Reputational risks for tenants

• Trust in the centre’s management

• Increase visitors awareness

Page42

COOPERATION WITH LOCAL ORGANIZATIONS

• Engagement with the community

• Support for institutions• Reputational risk

• Reputational gain• Support for the

community• Increased footfall

in the centre

Page78-86

PHILANTHROPY AND SOCIAL 

RESPONSIBILITY

• Engagement with the community

• Reputational risk

• Reputational gain• Support for the

community• Increased footfall

in the centre

Page78-86

LOCAL COMMERCE• Engagement with the

community• Reputational risk

- Reputational gain- Support for the

community

Page78-82

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Taking in to account that MMM P’s sustainability strategy is

developed over 4 year cycles, and we are on the 1st cycle

we decided that we would consult with the stakeholders be-

fore the beginning of each strategic cycle, therefore the next

meeting is scheduled for 2012. This consultation will provide

the basis for the making of a new Operational Plan, by iden-

tifying new strategic areas and the actions to manage them.

It will also enable us to compare the results with the previous

cycle.

Hence, in the years between each cycle we consider inter-

nally whether the Sustainability Strategy suits the current

context and, if deemed necessary, we update the material

issues.

In the 2010 analysis, similarly to what happened in 2009, we

ascertained that there were no relevant changes that would

affect the current Sustainability Strategy. This analysis con-

sisted of:

• A review of the laws and regulations governing our

activity which had been passed during the year (the

last review had been made the year before). The new

legislation did not change anything on the strategy

level.

• Diagnosis in each shopping centre of the issues that

concern the main stakeholder groups. We discovered

that, generally, the issues mentioned are already

included in our strategy, and therefore there is no need

to change it. The issues that were of most concern to

the stakeholders in 2010 can be see on pages 104-106.

• Analysis of the issues being addressed by the remaining

players in the sector. We observed that there are no

emergent sustainability issues in the market.

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2010

MSG 2

MSG 1STEERING Sustainability Committee

Board of Directors

Working Groups

Environ-ment

Social Economic

Beginningin 2012

Beginningin 2012

SUSTAINABILITY GOVERNANCE MODEL

To support the implementation of the Sustainability Strategy

and put the Operational Plan into effect, we applied a

Governance Model in 2008 which organizes the structures

and their responsibilities in the management of the strategic

sustainability areas of our business. This model organizes

the internal structures so that they make, implement and

review the Operational Plan. The existence of bodies made

up of external elements (MSG1 – Multistakeholder Group 1,

MSG2 - Multistakeholder Group 2 and Steering) increases

transparency and meets the expectations of the strategic

stakeholder groups, which generates value on the long

term.

P. 2

5

RESPONSIBILITY OF THE BODIES OF THE GOVERNANCE

MODEL:

SUSTAINABILITY COMMITTEE

Sets the operational sustainability plan in each year and ap-

proves the work carried out by the Environmental, Social and

Economic-Governance groups, ensuring that it is consistent.

Defines the work that is to be done by each working group.

WORKING GROUPS

Participate in the making of policies and processes that guar-

antee an efficient management of the social and environ-

mental risks along the value chain of Multi Mall Management

Portugal;

Implement actions together with the stakeholders according

to the defined sustainability policy, which can have beneficial

effects either for the reputation or for the economy of the

centres.

MSG1

The Multi Stakeholder Group 1 will be responsible for assist-

ing the Sustainability Committee in identifying the strategic

vectors of MMM P’s sustainability plan.

It is comprised of representatives of the most important

stakeholder categories.

It will begin its activity in 2012.

MSG2

Its objective is to assist the Centre management in the im-

plementation of the centre’s sustainability plan, and in all

initiatives that influence centre’s relationship with the local

community.

Each Forum will have a multistakeholder group consisting of

representatives of the local community, tenants and business

partners. The pilot-project was introduced in Forum Algarve,

in 2010 and after evaluating the results we decided to imple-

ment it in the other shopping centres.

STEERING

Its function will be to share tried and tested practices and dis-

cuss new ideas. The decisions reached in its meetings will be

presented and discussed with the Sustainability Committee;

It is composed of the sustainability executives of the cen-

tres except for the Centre Directors, who also sit on the work

groups. They will begin their activity in 2012.

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2Meetings ofthe Sustainability Committee

2Meetings of the Working Groups

In 2010 there were 2 Sustainability Committee meetings and

2 Work Group meetings.

The purpose of the meetings of the Sustainability Committee

was mainly to monitor and approve the Work Plan.

The purpose of the Work Group meetings was not only to

present the work that had been carried out and to discuss

the Operational Plan but also to serve as a way to share ex-

periences between the centres, which helped to solve prob-

lems. These meetings can also be used to transmit opinions,

orientations and concerns felt by the local teams, which de-

pending on their importance, may reach the Sustainability

Committee.

In 2010, we also introduced the Multistakeholder Group 2

(MSG2) as a pilot-project, with the goal of integrating the ex-

pectations and ideas of our stakeholders into the implemen-

tation of the Sustainability Plan at the local level.

This project was tested in Forum Algarve, via a tender in

which local businesses in various social and environmental

areas could submit their proposals so that the centre could

choose which one would be supported. This way the centre

was able to strengthen its connection with the local commu-

nity and channel more support towards an initiative deemed

important for the development of the population. See more

information on pages 85-86.

IMPLEMENTATION OF THE OPERATIONAL

SUSTAINABILITY PLAN IN 2010

2010 was above all the year in which the Sustainability Strate-

gy was consolidated. The procedures created in the previous

year were kept and we created some more which together

with the new management systems allowed us to manage

the material issues, monitor our performance and improve

our sustainability report. See objectives on pages 88-94.

We finished 31 of the 51 Sustainability actions in the Opera-

tional Plan, however due to the global economic context,

and in particular the difficulties in our sector, some of the

actions in the Operational Plan were not carried out. Some of

them were delayed or even removed because they make no

sense in the current context. The actions that were carried

out, finished, delayed or removed are listed on the tables of

pages 88-92 which summarize the development of our 2010

Operational Plan.

P. 2

7

INVOLVEMENT AND DIALOGUE

WITH THE STAKEHOLDERS

In 2010 we kept the mechanisms for continuous dialogue

and involvement with our stakeholders at the local level.

These mechanisms are part of the day-to-day activity of the

shopping centres and they support the good performance

of our teams. The relations established with the stakeholders

give us a deep understating of the problems and needs of the

business units, and make it possible for our teams to more

easily identify the relevant issues for each group of stake-

holders. This was the procedure used in 2010: each team de-

termined locally what the relevant topics are for each group

of stakeholders, based on their experience and work. The

summary of these topics can be consulted on pages 104-106.

Nevertheless there was no process to formally consult with

the stakeholders that was specifically designed to identify

solutions and/or improvement opportunities in the sustain-

ability management area. As we have mentioned before, this

process (developed at the corporate level) will be started in

2012, before the beginning of the second sustainability strat-

egy cycle.

In addition to this process, this year we also made a ques-

tionnaire to find out the level of the satisfaction of the own-

ers. It was carried out in 7 of our centres, and it allowed us

to identify some improvement points in the relation and per-

formance of these centres, based on the opinion of a strate-

gic group of stakeholders for our business.

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STAKEHOLDERS INVOLVEMENT FREQUENCY INFO.

OWNERS

Continuous contact and meetings

Ongoing

Page44-45Evaluation of the

shopping centres by the owners

Annual.

VISITORS

Satisfaction surveys Annual or every six months (subject to owner’s approval).

Page46-49Information desk

Customer assistanceInternet website and Facebook page

Ongoing

TENANTS

Direct and regular contact with the Centre Management

Ongoing

Page.50-53

Tenants’ association Monthly

Tenants’ assembly Annual

Internal quality audits Regular

Tenant satisfaction survey

Annual (subject to owner’s approval).

SUPPLIERS AND SERVICE PROVIDERS

Direct and regular contact with the Centre Management

Ongoing

Page.53-55Direct and regular

contact with the Centre Management team

Ongoing

EMPLOYEES

Horizontal management Ongoing

Page.70-77

Training Regular

Performance evaluation Annual

COMMUNITY

Meeting with representatives of the local community

At least twice a year

Page.78-86

Job centre Ongoing

Centre Management Ongoing

Project tender to support the Local Community made according to the rules of the MSG2

Pilot-project

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P. 3

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03  INTEGRATED

MANAGEMENT PRACTICES

AND RESULTS

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Net profit:

3,1 millioneuros

Total consolidated income:

14,9 millioneuros

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03 03  INTEGRATED

MANAGEMENT PRACTICES

AND RESULTS

Economic Performance

03.1In the current economic context, our sector should strive to

create a balance that ensures, on the one hand, the future of

the projects and partners, and on the other hand, a strong

support for the local community through a stimulus of the

economy. In 2010 the national crisis became worse and the

same can be said for the macroeconomic conditions of the

country.

Throughout 2010 MMMP was focused on increasing the

efficiency of its management, by maintaining the appeal of

the centres, developing innovative projects and generating

profit for the investors. It also remained strongly connected

and supportive of the community in which the projects are

located.

In MMM P the Finance Director is responsible for managing

this area.

P. 3

1

2010 PERFORMANCE

MMM P’s performance maintains positive results, even in

years of growing difficulties in the Portuguese economy.

Our capacity to adjust ourselves and act in conformity

with the market and the needs of the investors, specifically

through an increase in the direct costs and a greater

commitment to medium term goals, ensured that MMM P

would, in a difficult period maintain its total income and

have a reasonable net profit. During this year, MMM P kept

the investment in the development of the GIFT CARD project

and took responsibility for the costs of adjusting its teams.

In 2010 we created 14.9 million Euros of consolidated in-

come - a 19% reduction compared with 2009, and 3.1 million

Euros of net profit, 28% less than in 2009. However, the costs

were reduced by 16% and they were 10.4 million Euros.

The equity capital of the company remained at € 50.000 and

there was no internal or external financing in 2010.

2008 2009 2010 4 Var. 2009-2010

Total Income 17.953.947 € 18.422.831 € 14.908.701 € -19%

Total Costs 12.250.000 € 12.400.000 € 10.366.114 € -16%

Net Profit  4.170.000 € 4.340.000 € 3.104.000 € -28%

Financial Performance Indicators

20.000.000 € 

15.000.000 €

10.000.000 €

5.000.000 €

0 €

Total Income

Total Costs

Net Profit

2008 2009 2010

4 The 2010 data is affected by the fact that Forum Barreiro and Forum Castelo Branco

were no longer part of MMM P’s portfolio.

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DISTRIBUTION OF GENERATED WEALTH

In 2010 the direct economic impacts of our activity were

mainly positive. We generated 14.9 million Euros, a 19%

reduction compared with the previous year. Even so, the

distributed economic value was 14.4 million Euros and the

retained economic value was 71% higher than in the previous

year at 477.8 mil Euros.

DIRECT ECONOMIC VALUE GENERATED (DEVG)

2008 2009 2010  Var. 2009-2010

Total Income 17.953.947 € 18.422.831 € 14.908.701 € -19%

DIRECT ECONOMIC VALUE DISTRIBUTED (EVD)

2008 2009 2010  Var. 2009-2010

Total operating costs

5.821.224 € 7.110.339 € 4.970.366 € -30%

Staff costs and benefits

6.366.838 € 5.091.115 € 5.395.748 € 6%

Distribution of dividends

3.866.591 € 3.958.112 € 2.769.456 € -30%

Estimated tax (IRC) 1.518.986 € 1.710.031 € 1.262.645 € -26%

Investment in the community

60.000 € 277.849 € 32.695€ -88%

Total EVD 17.633.639 € 18.147.446 € 14.430.910 € -20%

Total Operating Costs Distribution of Dividends

Estimated tax (Corporation tax) for the year

Staff costs and benefits

Investments in the Comunity

Economic Value Distributed

4.970.366 €

35%

1.262.645 €

32.695 €

9%

<1%

5.395.748 €

37%

2.769.456 €

19%

P. 3

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INDIRECT ECONOMIC IMPACT OF OUR ACTIVITY

MMM P’s main objective in the management of shopping

centres is to maximize the volume of sales of its tenants, and

as result create a chain of value distribution. Each project

also contributes, directly and indirectly, to the development

of the area where it is located.

In 2010 the sales of our tenants totalled 873 million Euros.

The local community was represented by 249 shops, which

constitute about 22.1% of the 1.127 shops operating in our

centres. The number of local entrepreneurs who trusted us

and who carry out their business with us is 172. The centres

received around 77.4 million visitors and created direct jobs

for 10.851 people and indirect jobs for 6.087 people.

We allocated a further 20 million Euros to the service

providers who supported us daily in the maintenance and

operation of our shopping centres.

Employees:

5.395.748 € 6% higher than in 2009 5

Shareholders:

2.769.456 € 30% lower than in 2009

ECONOMIC VALUE RETAINED/ACCUMULATED (EVR)

2008 2009 2010  Var. 2009-2010

Total EVR 320.308 € 275.385 € 477.791€ 73%

Distribution of wealth to Stakeholders

5 MMM P doesn’t have pension plans.

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If we analyse the data we can see that, compared with 2009,

the total sales of our tenants increased by 9%. The number of

visitors also increased about 7.4%. The total number of shops

decreased 3.5%, whereas the number of local community

tenants increased by 24.5%. The direct and indirect jobs

decreased by 5.6% and 13.4%. There was also a 37.5%

reduction of the service provider costs.

Shop sales:

873 million euros

10.851 direct jobs

77,4 millionvisitors 

Service provider costs:

20 million euros

Business indicators 2008 2009 6 2010Var. 

20092010

Shop sales (million Euros) 806 801 873 9,0%

Direct jobs (n.º) 7.275 11.493 10.851 -5,6%

Indirect jobs (n.º) ND 7.032 6.087 -13,4%

Visitors (million) 71,7 72,1 77,4 7,4%

Tenants from the local community (n.º)

193 200 249 24,5%

Total active tenants (n.º) 1.053 1.168 1.127 -3,5%

Expenditure on service providers (million Euros) 7 33 32 20 -37,5%

6 The amounts associated with Forum Barreiro and Forum Castelo Branco were re-

moved from the 2008 and 2009 data in order to keep the same centres that were under

our management in 2010.

7 In 2010 we calculated the “Cost of the service providers” as a means to standardize the

items included in this indicator in every centre. As a result the 20 million Euros (for 2010)

represent a significant reduction which actually did not happen, because the calcula-

tion took into account less components than in the previous years, which obviously

reduced the value.

P. 3

5

The sector of the economy that we are part of seeks to in-

crease the value of its assets through the satisfaction of the

needs of its Visitors, Partners and Customers.

MMM P has an integrated view of its projects and it develops

its activity around this balance. By attracting Visitors, with the

support of its Partners, MMM P satisfies its customers and the

local community. The work carried out by MMM P is based

on its business principles, which should be complied with

and respected by everyone that participates with us in the

implementation of our strategy.

Each centre’s management team is aware of the importance

of every one of the sides of the triangle formed by the Own-

er, whose investment is respected and should be properly

compensated, by the Tenants, whose activity generates prof-

its and is critical for the satisfaction of the third group, and

by the Visitors, who daily acquire products and services. The

balance between the interests of these three groups will de-

termine the success of each project and the success of MMM

P as a management company. In the work of the manage-

ment team we cannot forget the service providers and em-

ployees which support the implementation of the strategy,

and when combined with a medium and long term vision

contribute towards sustainability.

Valuing Our Visitors, Partners And Customers

03.2

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Owner

• Return on the investment

• Reputation (trust-capital) in the local community

and in society

Tenants

• Visitor attraction and loyalty capacity

• Commercial capacity of the centre

• Attractiveness and security of the retail space in the

centre

• Efficient coordination of the tenant’s needs with

those of the centre

• Long-term partner with sound business and ability

to succeed in the market

 Visitors

• Location of the shopping centre

• Tenant mix of the centre

Employees and Service Providers

• Efficient integration of service providers’

teams with our management teams

• Cooperation and training of the teamOWNER

VISITORS

TENANTS

EMPLOYEES

SERVICE PROVIDERS

FACTORS THAT DETERMINE THE INVOLVEMENT

OF THE VARIOUS STAKEHOLDERS IN THE INVESTMENT,

MANAGEMENT AND USE OF THE SHOPPING CENTRE:

P. 3

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ONGOING ENGAGEMENT BETWEEN MMM P AND OWNERS, VISITORS, TENANTS AND OTHERS

Stakeholder What we did in 2010

OWNER

Contact with Centre Management

We maintained constant contact with owners through visits and regular meetings.We carried out satisfaction surveys of the owners in 7 shopping centres: Almada Forum, Armazéns do Chiado, Forum Algarve, Forum Madeira, Forum Montijo, W Shopping and Braga Retail Centre.

Regular meetings

Satisfaction surveys

VISITORS

Satisfaction surveys

Satisfaction surveys of visitors were conducted in 8 of our shopping centres: Almada Forum, Armazéns do Chiado, Forum Algarve, Forum Aveiro, Forum Coimbra, Forum Madeira, Forum Montijo and Forum Viseu.The information desk, customer support and internet website maintained their patterns of ongoing information during the year.

Information desk

Customer support

Internet website

TENANTS

Regular meetingsDuring 2010 regular meetings were held with tenants, whenever necessary. The tenants’ assembly continued to operate as normal, meeting once during the year to approve the annual plan of activities and discuss and resolve problems and concerns relating to the operation of the centre. The tenants’ association also continued to meet on a monthly basis. The usual surveys of tenants were conducted. In 2010 they were carried out in 9 shopping centres: Almada Forum, Armazéns do Chiado, Forum Algarve, Forum Aveiro, Forum Coimbra, Forum Madeira, Forum Montijo, Parque Mondego and Espaço Guimarães.The quality audits were also maintained in 2010, and included the usual elements used in previous years.Numerous events and initiatives were organized in partnership with the tenants, and they can be found throughout this report.

Tenants’ assembly

Tenants’ association

Tenant satisfaction survey

Internal quality audits

SUPPLIERS AND SERVICE PROVIDERS

Direct contact with Centre DirectorWe maintained the regular contact between suppliers and service providers and the management teams and Directors of our shopping centres.

Direct contact with Centre Management team

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MULTI MALL MANAGEMENT PORTUGAL

CHARTER OF PRINCIPLES

MMM P is clearly aware that the work carried out daily by its

teams should balance the need for economic return with a

set of social and environmental goals, and that these goals

can only be achieved if every participant, from the Tenants

to the Service Providers and Suppliers to our management

teams, is aligned with our principles, works together and

cooperates. The ultimate objective of providing a better

service to our Visitors and satisfying their needs is based on

a set of common principles which we think are fundamental,

and which should be adopted and adhered to. So we wish

to take this opportunity to share them with the community

at large.

CHARTER OF PRINCIPLES

The development of a sustainable activity depends on broadening the scope our objectives from just economic profit to a set of social and environmental goals, which we want to be part of the daily work of our teams.

The effective implementation of MMM Portugal’s sustainability poli-cy is only possible if there is in every one of the shopping centres we manage a spirit of cooperation between the members of the centre’s extended Management Team, namely: Centre Management, Tenants, Service providers (security, cleaning and maintenance teams), Suppliers and their subcontractors.

Therefore, we have compiled a set of guidelines for these Teams in this document, with the intention of raising their awareness for the adop-tion of a common policy and to improve the service provided to our Visitors for their satisfaction, towards which we all contribute.

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COMMERCIAL RELATIONSHIP PRINCIPLES

In the context of their activity, the tenants, service providers and suppli-ers should promote stable long term commercial relations with MMM Portugal. Specifically:

• In its commercial relations and daily activities MMM Portugal, seeks through its employees, to establish relationships of mutual trust with tenants, service providers, suppliers and their subcon-tractors.

• Regardless of the principles established by this document, compli-ance with the law is a mandatory requirement in all circumstances involving MMM Portugal. For that reason our Partners should be-have honestly, with integrity and transparency in their direct or indirect business and commercial relations with MMM Portugal

• Our partners should have a proper accounting system, as a way to prevent against any kind of corruption, bribe and/or extortion. This type of behaviour is not tolerated by MMM Portugal.

• All information exchanged between parties in the establishment of their agreements is confidential, and it cannot be used for any other purpose.

• Any situation that can generate a conflict of interests between MMM Portugal and any of its partners should be communicated in a timely manner. This declaration is one of the main safeguards of transparency in the relations between parties.

LABOUR CONDITIONS PRINCIPLES

In the context of their activity, the tenants, service providers and sup-plies should:

• Treat their employees with dignity and respect. Corporal punish-ment, verbal or power abuse, or any other instance of harassment or psychological intimidation cannot be tolerated under any cir-cumstance.

• Not discriminate based on race, gender, religion, age, physical or mental disability, marital status, sexual orientation and/or syndi-cate or political affiliations, in any of their activities.

• Not permit any case of forced or involuntary labour in their facili-ties, or condone this kind of situation.

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• Not allow the existence of child labour, and should comply with the law governing the minimum working age and compulsory education.

• Give their workers the right to associate, affiliate and collective bargaining.

• Provide their employees with a safe and healthy working environ-ment, by adopting the necessary measures to prevent accidents and health damage, and minimize as much as possible, the in-herent risks of their jobs (for example provide adequate individual protection equipment, and security procedure training, etc.). MMM Portugal will make any effort to create a certification system that includes these concerns and adapts to the daily operation of its activities.

• Pay a fair and timely wage to their employees, according to the applicable law.

• Respect working hours, ensuring rest periods, according to the law.

ENVIRONMENTAL PROTECTION PRINCIPLES

In the context of their activity, the tenants, service providers and sup-pliers:

• Should maintain a constant commitment to environmental pro-tection and management, by complying with the rules of the centre (environmental management system procedures) and the norms and requirements established by the law. In particular,

• Tenants should take the necessary measures, together with the Centre Management, to improve their energy and water efficiency, reduce waste production, contribute to re-cycling and promote the use of public transportation or en-vironmentally friendly transportation in the trips to the shop-ping centre.• The cleaning service providers should use safe, and when-ever possible, environmentally friendly cleaning systems (low toxicity for the users, low water and energy consump-tion and low production of waste/empty packages).

• Should disseminate their good practices and raise the environ-mental awareness of its customers and other participants in the value chain. MMM Portugal will make any effort to work according to a system of certification that includes these concerns and adds them to the daily operation of its activities.

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RESPONSIBLE CONSUMPTION PRINCIPLES

In the context of their activity, the tenants service providers and sup-pliers:

• The tenants should, whenever possible, include in their com-mercial mix, fairly priced products, that respect balanced social and environmental patterns (ex. fair trade products, organic, local products, etc.).

• MMM Portugal should promote a procurement policy which caus-es less damage to the environment.

• Should ensure that all of the participants in the commercial chain transmit transparent information about the products and market-ing methods.

• Should promote more responsible trade practices, through aware-ness campaigns of the tenants and visitors of the shopping cen-tres.

DISSEMINATION OF INFORMATION AND CONTROL

• Should disseminate these principles to its employees and subcon-tractors in order to guarantee their effective implementation.

• MMM Portugal can solicit the adoption of corrective measures, in order to avoid having any association with eventual behaviours or practices that go against the philosophy of these principles.

Lisbon, June 2010 The Board of Directors of MMM Portugal

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P. 4

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Partnership with the Owner

03.2.1The shopping centre management market is changing; we

are seeing the entrance of new companies coming from oth-

er areas of the property market, which are taking advantage

of the crisis to protect themselves with long term businesses.

In this context, the activities of MMM P focused on the long

term relationship with the owner are aimed at keeping the

profitability of the assets and increasing the value of each

project. The development of work with continuity and a vi-

sion with an exclusively managerial perspective allow us to

implement medium term strategies, which will contribute to

the profitability of each project on the long term.

At the same time, we develop a close partnership with each

owner, which not only brings new contracts, such as Braga

Retail Centre, but also leads to the continuation and renova-

tion of the current management contracts, in turn this gives

us the opportunity to show our capacity to understand the

market and the reality of each project, as a way to adapt our

services.

SATISFACTION SURVEY REGARDING THE SERVICES

PROVIDED BY MMM P TO THE OWNERS

In the beginning of 2011, we conducted an internal survey of

the owners of the centres we manage in order to measure

their level of satisfaction, ascertain what their priorities were

regarding our work and have them analyse our performance

in 2010.8

The results of this survey show that the overall rating given

by the owners to MMM P was on average 84%, varying from

93% in the item “relation with MMM P” to 75% for the Mar-

keting campaigns. The commercialization services, report-

ing practices and the relationship with MMM P were rated as

being above average.

The services that were most appreciated were the increase

in the value of the assets, the ability to collect payments, the

occupancy rates, the conservation of the centres and the

control over the budget.

Owner satisfaction

84%

Commercializa-tion services89%

Relation with MMM P 93%

8 It was conducted in 7 shopping centres (Almada Forum, Armazéns do Chiado, Forum

Algarve, Forum Madeira, Forum Montijo, W Shopping e Braga Retail Centre). In order to

be coherent, the values we present do not include Braga Retail Centre.

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Concerning the services we provide, our availability and

readiness stand out, with an average score of 4 (on a scale of

0 to 4), our availability to accompany the evaluators (3.8 in 4),

our capacity to keep to the budgets (3.7 in 4), our compliance

with deadlines and reports (3.5 in 4), our relationship with the

tenants (3.2 in 4), our successful Marketing initiatives (3.2 in

4) our trustworthiness (3.2 in 4). There was only one score

below the scale average which was our capacity to come up

with creative solutions (1.8 in 4).

In the evaluation of our technical ability and professional

qualifications, the owners emphasized our awareness of the

competition and our network of contacts, which had an av-

erage score of 3.8 in 4, our good reporting practices 3.7 in 4,

the management of contracts (3.7 in 4), the change made in

the contracts to better protect their interests (3.5 in 4) and

the use of technical solutions that reduce costs (3.5 in 4). The

lowest score, of 3 in 4, was given to creativity and capacity to

present alternative solutions.

TESTIMONY OF ONE OWNER IN THE SATISFACTION SURVEY

We have a very good relationship with MMM P!(Armazéns do Chiado Team)

Their work is good, they are always available, they assist us whenever we need, and they deliver their reports on time, with honesty and great passion for our business! Thank You!

Asset Manager, CRI - Commerz Real Investmentgesellschaft MBH

EXTRAORDINARY MONTHLY PROFITABILITY

OF THE ASSETS UNDER MANAGEMENT

The profitability of the shopping centre product is the pri-

mary objective of our activities. Accordingly, the value that

we show here reflects the extraordinary monthly profitability

of the building for the owner.

In the year this report is about – 2010 – we exceeded an

average total profitability of 0.48% per month for all property

owners in our customer portfolio.

Extraordinary Monthly Profitability

0,48% of everyasset under management

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Engagement with Visitors

03.2.2Shopping centres in Portugal are well-known for being ap-

pealing, clean, safe, well kept and for having a commercial

supply which enables its visitors to satisfy their needs. With a

growing and varied supply, the various projects compete to

be the one chosen by the population in its area of influence.

Throughout the last 14 years we have forged a strong re-

lationship with our Visitors. We have created listening and

interaction mechanisms, such as the satisfaction surveys, the

internet websites or the Information Desks. However, our

interaction and control efforts are not limited to this, as we

have a broad team of employees constantly in the field, who

daily go over marketing, operational, financial and quality

control issues. Our Visitors have a qualified assistant at their

disposal in the centre to answer their questions and improve

their experience in each visit.

THE TOOLS

• In each shopping centre, the Information Desk plays a

pivotal role in customer service, both by being the initial

visible face of the management in dealing with a cus-

tomer, and by being able to provide first- hand experi-

ence of the complaints and suggestions produced here.

• The growing use of new technologies and the growth

of social networks enable us to use of a new channel to

spread information and communicate with our custom-

ers. We have implemented and developed the Internet websites of each centre and created pages in the main

social networking websites, specifically Facebook. The

latter have the advantage of making it possible for the

public to interact, with content from everyone for eve-

ryone.

• The Periodic Visitor Satisfaction Surveys carried out in

most of the centres allow us to “feel the pulse” in a com-

prehensive and structured way. Based on the resulting

evaluation, we refine our strategies, modify procedures

and align the centre’s wider management team to re-

spond actively to what our visitors feel are their main

needs/desires. Accordingly, we continue to use overall

satisfaction measured as a performance indicator.

No. of visitors in 2010:

77,4 million +1.2% morethan in 2009

Average visitor satisfaction81%

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OUR PERFORMANCE IN 2010

During 2010 our centres received about 77.4 million visi-

tors, which is equivalent to a daily number of more than

212 thousand people. If we compare these numbers with

2009 there is a 1.2% increase in the number of visitors to

our projects.

Throughout the year, we increased the number of services

provided to the Customer, namely we enhanced and pro-

moted the “GIFT CARD” which consists of a pre-paid card

that allows the person that receives it to choose exactly

what they want to receive and as a result the person that

gives it does not take the risk of giving the wrong gift. This

card is accepted in the shops of Almada Forum, Forum Avei-

ro, Forum Montijo, Armazéns do Chiado, Forum Madeira,

Forum Viseu, Forum Algarve, Forum Coimbra and Espaço

Guimarães, or in any other place where MasterCard cards

are accepted. Taking the growing use of new technologies

into account, the food courts of our centres also had WIFI

connectivity, trough contracts that we signed with PT. Re-

garding transportation, in addition to the Green Travel Plans

which we are developing, we installed in every one of our

projects systems to charge electric vehicles – WATT DRIVE,

through a partnership with EDP, this service is entirely free

for its users. We also have automatic defibrillators and se-

curity guards qualified to provide first aid in most of our

centres. Services such as public telephones, ATM machines,

baby strollers and wheelchairs, children’s playground, fam-

ily support areas in the food courts, toilets prepared for fam-

ilies and people with disabilities, and also information desk

with constant and personal service are common for MMM P.

VAIVEM SERVICE PROVIDED BY ESPAÇO GUIMARÃES

“The Vaivem free transportation service is an advantage that Espaço Guimarães has. In the past (…) I had to use my car (…) which was a nuisance. (…) It is a lot more practical and comfortable. (…)The hours are very flexible, which allows me to choose the best time to come, and calmly take care of my business, because I know that the Vaivem service will be there to take me back to the city until 22h45, which is fantastic.”

Dores Gonçalves – User of the Vaivem service of Espaço Guimarães

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“It is a service that people can use without spending money, (…) to visit Espaço Guimarães and enjoy the ever affordable shops and activities offered by this shopping centre.”

Ana Cristina Carvalho – User of Vaivém service in Espaço Guimarães

“In 2010 I received my first MMM Gift Card which I could use in any shop and at the same time enjoy the additional benefits given by the Multi Mall Management centres. It was wonderful! After this experience, I decided to buy more MMM Gift Cards to give my family members and close friends, I am sure they will always be very pleased.”

Gabriela Silva – User of the MMM Gift Card

VISITOR SATISFACTION SURVEY

We conducted Visitor Satisfaction surveys in 8 of our shop-

ping centres, which enabled us to analyse around 86.8% of

the total of our Customers. The study was not conducted

in Parque Mondego, W Shopping and Espaço Guimarães be-

cause it was not approved by the respective owners.

The global satisfaction of our visitors was 81%, varying be-

tween 84% and 76%. When compared with last year, there

was a slight increase in this value. If we do a comparison

by centre in the last two years, we can see that the satis-

faction index increased in Forum Algarve and Forum Aveiro.

The indicators of safety, hygiene and cleanliness and food

safety (strategic areas for MMM P) had a score of 77%, 78%

and 79% respectively, which was a decrease from 2009. We

can conclude that although their global satisfaction level is

the same, our customers have become more demanding in

these specific areas.

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MANAGEMENT OF COMPLAINTS

We received a total of 780 complaints in all of the centres,

a 4% reduction compared with last year (taking the same

universe of shopping centres into account). Almada Forum,

Armazéns do Chiado, Forum Madeira, Forum Montijo and

Espaço Guimarães contributed to this reduction. There were

around 10 complaints per million visitors, which is an 11%

reduction from last year. It should be noted that there was

a significant reduction (-90%) in the number of complaints

regarding food safety, due to a greater investment made by

our tenants in the automatic food safety control systems.

MMM P regards every complaint as a second chance given

by the Customer, to increase the quality of the services we

provide, directly or through our extended management

team, on the road to excellence.

TESTIMONY

MANAGEMENT OF COMPLAINTS AND SUGGESTIONS

“I appreciate the diligent and rapid manner in which the Centre Man-agement of W Shopping acted regarding the repair and setting up of outside benches in the smoking area near floor 1. The only available bench had been damaged and it only took 24 hours for it to be repaired and for a second one to be added. My complaint was heard. Thank You.”

José Pedro Silva – Alpiarça – a customer of W Shopping in Santarém

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Partnership with Tenants

03.2.3 Tenants are the motor of a shopping centre and naturally

they are the main motive behind the visits of our customers.

Teamwork, the way the shopping centres complement each

other and their adaptation to their sphere of influence will

decide the success of each project.

Our management model values the diversity and the com-

plementarity of the various businesses, by following the idea

that a shopping centre is worth more than the sum of the

value of each single tenant. We aim to create unique and

special retail spaces, where the areas of the tenants meet

their needs. We work so that each Shop feels supported, in

the knowledge that the management of each centre will

help and work to increase its performance. In 2010, the ac-

cumulated sales of our 1.127 tenants (3.5% less than in 2009)

totalled more than 872.7 million Euros, a 9.0% increase from

2009. This result achieved by our tenants, together with the

number of visits allows us to ascertain that each visitor in-

creased their consumption by about 2.7% in every one of our

centres, spending on average 11.3 Euros per visit. This infor-

mation shows us that we have good Tenants, and that our

Customers like the centres managed by MMM P and increas-

ingly choose them to make their purchases.

We should emphasize that there is an extensive partnership

between the tenants and MMM P which applies to the gen-

esis of new projects, where the experience and performance

analysis of the current centres will be used to design and

choose the labels of the new projects developed by Multi

Development. This partnership also includes the invitations

given to the tenants for them to expand their activity to other

centres under our management.

Our relation with the tenants is regulated by the Shop lease

Contract which establishes a set of tools to exchange infor-

mation and be aware of the needs of each party, namely the

General Tenant’s Assembly, the implementation and back-

ing of the Tenants’ Association, the audits and quality control

and the sales information given by each Tenant. However,

because we value this relationship we are always available

to meet with the Tenants, listen to their ideas and problems,

and whenever possible work to find the proper solutions. We

also conducted internal tenant satisfaction surveys and con-

tinued to hand out the Tenant Guide, where we present our

strategic sustainability approach and what we expect from

each tenant. This document is available to all tenants, and it

was mainly distributed through the anchor shops.

Average sales per visitor:

11,3 euros 2.7% increasefrom 2009

Sales:

872,7 million euros up 9%from 2009

Tenants:

1.127 Tenants 3.5% less than in 2009

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TENANTS’ ASSOCIATION

The Tenants’  Association operates through a monthly

meeting (Tenant Meeting) between the centre management

and the board of the association in order to deal with current

issues and concerns. Its main objective is to work together

to fine-tune the performance of the shopping centre prod-

uct, and to undertake a monthly assessment of the various

aspects of the performance (footfall, sales, campaigns, issues

in the surrounding community, and other issues that directly

or indirectly involve the shopping centre or the business as

such). The remaining Tenants in the shopping centre are also

invited to take part in this meeting.

ANNUALMEETINGOF TENANTS

AUDITCOMMITEE

GENERAL COUNCIL

BOARD OF THEASSOCIATION

In all projects under the management of MMM P, tenants,

service providers and centre managers agree to establish a

General Tenant Assembly.

This Assembly is composed of various bodies which togeth-

er, seek to discuss and find the best solutions for the success

of each shopping centre. It is the supreme decision-making

body of the Tenants Association and elects the Board of the

Association, the Audit Committee and the General Council.

It meets annually, and also plays a key role in supervising the

management of the centre. It can also meet whenever nec-

essary to discuss relevant and critical issues for the operation

of the centre, similarly to what happened in August 2009 to

implement the H1N1 Contingency Plan, because of the A

virus influenza pandemic, which was in effect from August

2009 to July 2010.P.

51

TESTIMONY

TECHNICAL AUDITS

“I want to thank you for conducting surprise audits in our shop, because when combined with the supervision and audits we do ourselves they are a useful tool to correct and improve on some of the issues detected.I would be thankful if this practice was continued in our shop, as it will not, under any circumstance, be considered an inconvenient. On the contrary, it will be regarded as a useful tool when joined with the audits we carry out.

Adriano Zambujeiro, Director de Operações - SOGEFRAN, S.A.

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INTERNAL AUDITS AND QUALITY CONTROL

As managers of a retail space open to the public with rules

and procedures at various levels, it is essential to ensure

compliance with such rules. To this end, we have created

teams of auditors who locally report to the centre director on

a myriad of aspects related to the smooth operation of the

business units located in the shopping centre, for example:

• behaviour of shop employees towards customers

• adherence to opening hours

• stocks

• sales monitoring

• till shortfalls

• layout of goods in shops

• promotions

• customer complaints

Analysis of these aspects is vital to the management of the

centre, as well as to the tenants, since in most cases a tenant

cannot oversee the operation of all of its shops at the same

time.

In conjunction with these audits, there is also strict internal

hygiene and sanitary control in all units where there is a risk

of food or biological contamination (such as in restaurants,

drycleaners and other services).

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TENANT SATISFACTION SURVEY

The performance indicators and the information obtained in

the individual meetings and Tenants’ Associations are very

significant and encompassing. However, we think it is impor-

tant to ascertain and systematize this information, and to this

effect we use periodic surveys as a complementary tool. This

survey is conducted in most of our projects.

In 2010 the average overall tenant satisfaction rate was 80%,

which is an increase from last year. This result is the conse-

quence of our focus on working together with the tenants

and it encourages us to follow this course. Even so, in some

of the strategic areas the satisfaction decreased, such as in

security 79% and in hygiene, cleaning and food safety 77%,

these reductions are attributable to a more demanding at-

titude on the part of the tenants. If we do a comparison by

centre in these last two years, we can see that the satisfac-

tion rate increased in Armazéns do Chiado and Forum Coim-

bra, and it remained the same in Forum Algarve.

The wider CentreManagement Team

03.2.4Bearing in mind the complexity in the management of

a shopping centre, the local teams are supported by their

central structures and specialists who implement the strate-

gies in the field in order to provide a quality and appealing

product to the Visitors and Tenants. The services provided by

these teams of specialists, also contribute towards increasing

each project’s competitiveness.

The organization model used in the centres we manage

treats the service providers as if they were one of our di-

rect teams, so they report to the Director of the centre or to

the management team. These specialist companies, which

many times are leaders in their sectors of the market, back

us in the management of areas ranging from security and

surveillance, cleaning, maintenance, waste collection, mar-

keting, media relations and the information desk. Seeing that

they have vast experience, MMM P benefits from the incre-

mental improvements suggested by them which allow us to

implement the best practices in the market. As a result, we

can increase the reliability of the work developed and simul-

taneously lower the reputational risks.

MMM P relies on large and broad local teams, which, when

complemented by the central structure teams can combine

local actions with a global vision, and this makes the service

80% Average tenant satisfaction rate

P. 5

3

provider teams feel more supported. Each area, whether it

is security or maintenance, can always count on the Centre

Management to be a suitable and knowledgeable partner in

the daily work to meet the challenges in the operation of a

shopping centre.

We think it is important for both teams to have the same

strategy, therefore this year we continued to distribute the

Partner Guide where we outline our sustainability strategy

and define the role of each service provider. We have high

regard for good social, legal and environmental practices and

values, thus we choose the companies that give us the best

performance guarantees and are aligned with us. A good ex-

ample of this partnership is the fact that we only choose two

or three companies for each main area.

CENTERMANAGER

OPERATIONSDEPARTMENT

MARKETINGDEPARTMENT

SERVICEPROVIDERS

FINANCE DEPARTMENT

ORGANIZATION MODEL

Expanding our team into these new areas allows us to act

more rapidly and efficiently in the detection and resolution of

problems. The quality of the product is checked every day by

the Centre Management and the Service Providers, through

their constant presence in the centre. To aid in this task,

MMM P developed specific software, called ISOM, to record

and control the entire operation, from the security records,

the maintenance measures, the lost and found database, to

any infringement or error in the operation of the shopping

centre or the shops. This enables us to anticipate problems

and act immediately to correct any error or anomaly.

We also conducted drills in order to pre-emptively detect

flaws in the procedures and action plans. Correcting these

problems ensures that our centres are safe, that their opera-

tion is smooth and that we have the capacity to minimize the

impacts of an accident.

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Some of the health and security control actions carried out in our shopping centres

• Survey of the condition of the equipments, infrastructures and lighting (every centre);

• Cleaning records of the common areas and WCs (every centre);• Security records and survey of the safety of the centre’s perimeter. Including

security audits (every centre);• Hygiene and sanitation audits in the shops (Forum Algarve, Armazéns do

Chiado, Forum Montijo);• Analysis of the quality of the drinking water (Almada Forum, Forum Algarve,

Armazéns do Chiado, Forum Montijo, W Shopping, Forum Madeira, Forum Coimbra, Forum Viseu, Espaço Guimarães);

• Emergency plan, including drills (Almada Forum, Forum Aveiro, Armazéns do Chiado, Forum Montijo, Forum Madeira, Forum Viseu);

• Influenza A virus Contingency Plan (every centre);

P. 5

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Valuing the Environment

03.3 Our sector is shifting towards the reduction of recourse con-

sumption, by combining a sustainable design in the devel-

opment of projects, with the implementation of energy ef-

ficiency measures and an effort to raise the awareness of all

interested parties.

With the development of our sector, the general public be-

came conscious of the importance and impact of a shop-

ping centre in the surrounding area. In MMM P we look at the

projects on a comprehensive level and think that the impacts

we create should fit the interests of the various parties. Con-

cerning the environment, they should, not only contribute to

the enjoyment of Visitors and Tenants and create a beneficial

impact in the local community, but also increase in value,

through long term solutions that ensure a return on invest-

ments. We are concerned about all of the direct impacts of

our actions, including the ones that affect the users of the

centre, be they Tenants, Visitors or Employees.

Since 2004, when we had the first shopping centre in Eu-

rope to obtain certification to standard ISO 14001 – Forum

Montijo, we have created a system committed to standard-

izing the internal practices, to discovering new solutions and

to supporting our partners in the implementation of good

environmental practices. This work is managed by the ISOM

team, which was also responsible for implementing the Envi-

ronmental Management systems in all of the centres, result-

ing in more ISO 14001 certificates. Only two projects have

not finished this process. We have a global environmental

policy that is adjusted to each reality and was implemented

by our local teams by taking into account the differences and

characteristics of each centre. The coherence that is neces-

sary in the implementation of the Environmental Manage-

ment System is the consequence of the dissemination of our

Environmental Management Manuals, Tenants’ and Partners’

manuals and our business model, which is described in doc-

uments such as the Sustainability Reports. Thus, we ensure

that all parties are aligned, which is going to improve results

and show that our commitment to the environment and to

sustainability was worth it.

A new landmark was reached by MMM P when in 2010 it ob-

tained the EMAS  certificate  (Eco-Management  and  Audit Scheme) for the management of Almada Forum. This cer-

tificate represents the Excellence, Performance, Credibility

and Transparency of our Environmental Management, which

made Almada Forum the first shopping centre in Europe to

be granted this certification. It means that Almada Forum

EMAS (ECO-MANAGEMENT AND AUDIT SCHEME)

ALMADA FORUM MANAGEMENT

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achieves a level of excellence on the Environment. This cer-

tificate adds to the commitment to communicate, negotiate

and sensitize, clearly and objectively, to all Parties involved -

Inventors, Tenants, Customers and the Community.

The next step will be to develop our integrated certification,

implement it in the central structures and afterwards spread

it to every one of the centres we manage. This comprehen-

sive process began in 2010, and it will certify the work we

carry out according to the ISO 9001 (quality), ISO 14001 (en-

vironmental management) and OHSAS 18001 (hygiene and

workplace safety) standards.

DIRECT AND INDIRECT RESPONSIBILITY

In terms of environmental management, we acknowledge

that we have direct and indirect responsibilities. It is our di-

rect responsibility to:

• Promote the environmental solutions envisaged in the

plan by applying them correctly;

• Monitor the performance of the environmental vectors

by means of performance indicators;

• Identify opportunities for improvement in processes in

order to leverage the performance of the building and

the many activities that take place within it.

In addition, we acknowledge that we can also influence the

environmental behaviour of tenants, visitors and service pro-

viders. This indirect responsibility allows us to:

• Help mitigate the environmental impacts for which we

are not directly responsible, by alerting tenants, suppliers

and visitors to the importance of adopting correct envi-

ronmental behaviour;

• Aim to create a chain of suppliers that seek, through their

environmental policies, to minimise the impacts of their

activities, at the same time as we aim to influence the

pursuit of measures to reduce this damage.

ENVIRONMENTAL MANAGEMENT

The environmental management of our shopping centres observes the environmental policy principles applied in each centre and is based on environmental management systems that require appropri-ate behaviour by the centre management teams, partners and visitors.

P. 5

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We have direct and indirect

environmental responsibilities.

For each of these we have a

different approach and different

management tools.

Tenants

Employees

Service Providers

Tenants

Visitors

Local Community

Employees

Service Providers

2. Influence the behaviour of

stakeholders so that they adopt

more responsible behaviours which

reduce environmental impacts.

1. Demand compliance with

environmental management

practices by means of contractually

agreed processes and procedures

Our ambition to achieve good environmental results will al-

ways be the outcome of processes associated with our direct

and indirect responsibility.

WHAT OUR STAKEHOLDERS CAN DO TO ENHANCE

THE ECO-EFFICIENCY OF OUR SHOPPING CENTRES:

The behaviour of all our stakeholders is a matter to which we

are committed, since it is on this combination of efforts and

wishes that the environmental performance of each shop-ping centre depends. In the light of this understanding, we

seek to develop initiatives designed to raise awareness, train

or enforce procedures that we consider fundamental. These

can help us in the pursuit of maximisation in terms of envi-

ronmental options arising from the project and in meeting

the objectives we have set ourselves and which are reflected

in the Environmental Management Systems.

Examples of these forms of awareness raising or encourage-

ment of more responsible behaviour are the publication of

the tenants’ and partners’ manuals which enable these stake-

holders to understand what actions the centre is implement-

ing and the ways in which they can contribute to the solu-

tion of problems and the reduction of risks or impacts.

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OWNERS

Approve investments related to the

environmental management of their

assets, in the context of the EMS

Incorporate, in their investment options,

management teams with the ability and

skills to ensure efficient environmental

management

VISITORS

Separate waste in the centre

Use more environmentally friendly

means of transport to the centre

Use water in the centre responsibly

Influence the centre management team

to adopt innovative environmental

practices

TENANTS

Make efficient use of service provider

teams with the best environmental

practices

Reduce the environmental impact

of units and adopt more efficient

consumption practices

Separate and recycle/recover waste

Adopt eco-efficient technologies

Share good practices with the centre

management, visitors, service providers

and the local community

SERVICE PROVIDERS 

Put into practice and continuously

improve the environmental

management system

Coordinate the EMS aspects for which

they are responsible with the centre

management

Involve tenants and visitors in the EMS

Share and apply best environmental

practices

Raise awareness and educate about best

environmental practices

EMPLOYEES

Put into practice and continuously

improve the environmental

management system

Influence tenants, owners and visitors

to adopt best environmental practices in

the centre

Coordinate the involvement of all

stakeholders with responsibility and

influence in the process

Inform, educate and involve the local

community in the EMS applied by the

centre management

LOCAL COMMUNITY

Influence and be influenced by the best

environmental practices in the shopping

centre

Involve and be involved in the

environmental management of the

shopping centre

Establish partnerships with local

operators to improve environmental

processes and practices

ENVIRONMENTAL RESPONSIBILITIES

OF STAKEHOLDERS

PIC.

P. 5

9

CERTIFICATION OF ENVIRONMENTAL

MANAGEMENT SYSTEMS

Our strategic options are aimed at obtaining certification for

the Environmental Management Systems of all the shopping

centres under our management. In 2010 we maintained the

9 centres that were already certified to ISO 14001 and we

added the EMAS certification of Almada Forum.

We base this certification strategy on three fundamental

points:

1. Validating compliance with established targets;

2. Continuously identifying innovative processes that lead

to a better environmental performance;

3. Ensuring that we comply fully with the best environmental

management practices and with the applicable legal or

other requirements applying to the business;

In addition to the environmental policy, we provide the

following documents to the centre management team and

to our partners and tenants, explaining the environmental

behaviour that they should adopt:

• Environmental Management Manual, which describes

the environmental management system procedures. It

is periodically augmented with new procedures, and is

revised and updated from time to time.

• Guide to Good Environmental Practices, aimed at visitors

and tenants and including recommendations about

responsible behaviour.

• Guide of Good Practices for External Companies, which

describes to outside companies that provide services in

our centres the environmental standards that they should

comply with.

2004 2005 2006 2007 20092008

ForumMontijo

AlmadaForum

ForumMadeira

Armazéns do Chiado

Forum Aveiro

Forum Algarve

Forum Viseu

Parque Mondego

Forum Coimbra

TIMELINE OF ISO 14001 CERTIFICATION OF CENTRES

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Water consumption

per Visitor

5,6% less

Water consumptionin the common areas

270,8 thousand m3 33.4% from sources other than the public supply

WATER

Water is supplied to our shopping centres in multiple ways

and with various origins. We use rainwater utilisation sys-

tems, boreholes and water that is distributed by the public

supply. It is used for human consumption in the restaurants,

but also to clean the shops, wash the floors, for the fire pro-

tection and the watering systems, in the toilets, or even by

some decorative fountains. We recognize that water is a

scarce resource and therefore we are committed to reduc-

ing our consumption of it.

In 2010, the centres managed by MMM P consumed, in

the common areas, a total of 270.832 m3 of water 9, plus

247.969 m3 which were consumed by the tenants, for a total

of 518.801 m3 10. If we compare the consumption in the com-

mon areas, there was a 5.9% reduction from 2009, which is

the result of the effort made by our management teams in

promoting the efficient use of this resource.

Nevertheless there was a significant increase in the water

consumption of some centres. In the case of Armazéns do

Chiado this was due to the fact that the building had to be

washed prior to being painted and also because the bath-

rooms were rebuilt. When it comes to W Shopping, this in-

crease was due to the technical equipment work performed

and to the extra cleaning of the parking lots, and in Forum

Viseu to the repair of the fire fighting water tanks.

9 This amount does not include the water consumed at the head offices of MMM P, since

it is insignificant when compared with the total consumption of the shopping centres

in our management portfolio.10 Only the management of the water consumption in the common areas is the direct

responsibility of the management team of the centres. The water consumption of

the tenants is their responsibility, and the management teams of the centres are only

expected to promote efficient use, and back the implementation of efficiency measures.

Comparison with last year

5,9% less

Water Consumption (m3)

2008 2009 2010

300.000

250.000

200.000

150.000

100.000

50.000

250.572267.428

270.832

Total water consumption 

250.572263.356

247.863

Comparable consumption 

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1

Public water supply Groundwater (boreholes)

Rainwater

Water Consumption By Source (m3)

180.446

67%

10.991

4%

79.395

29%

Water consumption in the common areas 2008 2009 2010Var. 2009

2010

Total water consumption (m3) 250.572 267.428 270.832 1,3%

Comparable consumption (m3) 250.572 263.356 247.863 -5,9%

Water consumption/GLA (litres/m2) 913 875 887 1,4%

Water consumption/Sales (litres/mil €) 311 334 310 -7,2%

Water consumption/Visitor (litres/visitor) 3,50 3,71 3,50 -5,7%

Description of the initiatives to reduce water consumption

Amount saved

Installation of a smart watering system in Forum Algarve

3.277 m3

Installation of water flow reducers in the taps of Forum Aveiro and Forum Montijo

469 m3

Installation of a water buffer tank in the borehole that provides water used for cleaning in Forum Montijo

9.000 m3

Monthly posting of the water consumption of Forum Madeira in the loading area

-

The promotion of the efficient use of this scarce resource

has followed two paths. On one side, we have made vari-

ous investments to directly decrease consumption, such as

installing water flow reducers in the taps of every bathroom

in most of our centres, smart watering systems and buffer

tanks. On the other side we have promoted good practices

through the use of signs in the public and staff areas, which

many times include the amount of water consumed and the

results of our water saving efforts. We are also committed to

certifying the water destined for the tenants and for human

consumption by conducting periodic analysis to validate its

quality. In order to avoid wasting this resource, we regularly

control the tenants’ consumption, and alert them if there are

any significant or unexplained variations, caused by leaks or

any other problem in their internal network.

We continued to use alternative sources, such as untreated

water for the watering systems, cleaning or filling up the fire

fighting water tanks. Of the 270.8 thousand m3 of water con-

sumed in the common areas, nearly 80 thousand m3 were

provided by underground boreholes in Almada Forum, Fo-

rum Coimbra and Forum Montijo and almost 11 thousand m3

by the rainwater utilisation system in Forum Viseu. The re-

maining 180 thousand m3 were supplied by the public mains.

These sources represented 33.4% of the total consumption.

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Breakdown of water consumption by source 2008 2009 2010Var. 2009

2010

Public water supply 150.763 164.149 180.446 10%

Groundwater (boreholes) 88.749 92.232 79.395 -14%

Rainwater 11.060 11.047 10.991 -1%

Estimating that 80.0% of water consumed is subsequently

disposed of, the volume of wastewater produced was 216.666

cubic meters. Since this water will be returned to the entities

responsible for treating it, generally the municipal sewage

treatment systems, MMM P together with external compa-

nies conducts periodic analysis to ensure that any measures

that are undertaken to reduce water consumption will not

adversely affect any other entity.

ENERGY IMPACTS AND ASSOCIATED CO2 EMISSIONS

The Regular operation of the shopping centres and the re-

quirement to keep the necessary levels of comfort for its us-

ers entail high energy consumption. In 2010, the total (direct

and indirect) energy consumption was 131.618 GJ 11, which

is an 8.4% reduction from 2009. We also reduced the energy

consumption by GLA and by sales.

According to our Environmental Management plans, the

local teams closely follow the performance of the projects,

especially the ones that regarding energy, have the most en-

vironmental and economic impact. Therefore, they are able

to act pre-emptively by making the necessary adjustments

and investments to improve the efficiency of the buildings,

which this year resulted in a significant energy consumption

reduction.

Energy consumptionby GLA

0,6% lowerthan last year

Total energyconsumption

131.618 GJ

11 This amount does not include the energy consumed at the head offices of MMM P,

since it is insignificant when compared with the total consumption of the shopping

centres under our management.

P. 6

3

Energy consumption 2008 2009 2010Var. 2009

2010

Total energy consumption (GJ) 129.851 132.396 131.618 -0,6%

Comparable consumption (GJ) 129.851 129.920 118.987 -8,4%

Energy consumption/GLA (GJ/1000 m2) 473 433 431 -0,5%

Energy consumption/Sales (GJ/thousand €) 161 165 151 -8,5%

Energy consumption/Visitors (GJ/Visitor) 38,81 42,71 45,65 6,9%

Total electricity consumed was 121.4 thousand GJ or 92.2%

of the overall amount, which is an 8.7% reduction when

compared with 2009. Natural gas consumption constituted

7.7% of the total energy consumption, which is also a 3.7%

reduction. This year we also took into account the consump-

tion of Propane Gas used in the heaters of Forum Algarve

and Aveiro, and diesel fuel, used for the emergency genera-

tors and pumps, and proportionally they make up only 0.12%

of the total energy consumed.

The significant reduction in the consumption of electricity is

the result of measures implemented at the operational level.

In Forum Algarve we adjusted the Chiller’s set-point, modi-

fied the lighting of the parking lot and installed a new more

efficient HVAC pump. In W Shopping we changed the sched-

ule of the HVAC system.

Due to the low temperatures recorded at the end of the year,

the consumption of Natural Gas increased in Forum Coim-

bra and Forum Montijo. The heating systems were turned on

for longer periods in order to ensure the necessary thermal

comfort of the visitors.

The fact that there was an increase in the overall consump-

tion of natural gas while at the same time a reduction in the

comparable values is due to the fact that Espaço Guimarães

was not included in the comparison because it only operated

for a few months in 2009.

Energy consumption (GJ)

2008 2009 2010

150.000

100.000

50.000

0

129.851132.396

131.618

Total energy consumption

129.851129.920

118.987

Comparable consumption 

Electricity consumption (GJ)

Natural gas consumption (GJ)

150.000

100.000

50.000

0

125.468125.494

121.384

Electricity

125.468124.307

113.448

Comparableelectricity 

4.383

6.902

10.069

Natural gas (GJ)

4.3835.403 4.403

Comparable natural gas

12.000

10.000

8.000

6.000

4.000

2.000

0

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Breakdown of energy consumption by source(GJ)

2008 2009 2010Var. 2009

2010

Electricity 125.468 125.494 121.384 -3%

Natural gas 4.383 6.902 10.069 46%

Propane gas 12 ND 9,8 55 461%

Diesel fuel ND ND 110 -

Electricity comparison 125.468 124.307 113.448 -9%

Natural gas comparison 4.383 5.613 5.403 -4%

Propane gas comparison ND ND 55 -

Diesel fuel comparison ND ND 81 -

Consumption of indirect energy (electricity) by primary source (GJ)

2008 2009 2010

Hydro 18.867 18.871 18.530

Hydro – Special Production Regime (SPR) 1.763 1.763 5.244

Wind 17.257 17.261 35.798

Cogeneration and micro-generation (SPR) 10.401 10.404 17.851

Natural gas 43.148 43.157 22.397

Fuel oil 1.838 1.838 673

Coal 22.400 22.405 10.624

Nuclear 7.460 7.461 4.849

Others 2.335 2.336 5.418

Measures implemented to reduce energy consumption Amount saved (kWh/year)

Installation of 20 self-contained emergency lighting units with 2.1W LEDs in Forum Madeira

1.033,68 kWh/ano.

Investment made in Almada Forum at the end of 2009, to replace the 5.550 parking lot lights with more efficient ones (from TLD58w to T5)

761.594 kWh

The constant improvement of the facilities and investment

in initiatives to reduce energy consumption are part of MMM

P’s plans. Below we present the most significant measures

carried out and the amount of energy saved in 2010:

Below we present the energy consumption by primary

energy source.

12 For 2009 we only present data related to propane consumed in Forum Algarve.

For 2010 is also included Forum Aveiro.

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5

Measures implemented to reduce energy consumptionSavings 

(kWh/year)

Replacement of the light bulbs in Forum Aveiro with more efficient ones 10.242 kWh

Connection of the Air Handling Units’ speed controllers to the central technical management of Forum Montijo

84.876,9 kWh

Optimization of the HVAC and lighting schedules of Forum Montijo 113.169,2 kWh

Replacement of the incandescent outside Christmas lights for LED lights in Forum Montijo

56.584,6 kWh

Installation of highly energy efficient motors in Forum Montijo 28.292,3 KWh

Energy rating Shopping Centre

A Forum Montijo – Retail

BParque Mondego, Forum Coimbra and Espaço Guimarães

C

Armazéns do Chiado, Forum Aveiro, Forum Madeira, Forum Viseu and W Shopping.

During 2010 we also finished the energy certification proc-

esses of all of the projects that make up our portfolio.

GREENHOUSE GASES

The reduction in the energy consumption of the centres

coupled with the changes in the country’s energy mix con-

tributed to a 30.9% decrease in total CO2 emissions which

were 24.813 tons of CO2.

Even though they only amount to 2.3% of total emissions,

there was a 119.7% increase in the emissions caused by air

travel and a 26.5% increase in the emissions of the company’s

cars. Our greater reliance on videoconference systems and

on teleworking was not sufficient to offset these increases.

24.813 ton CO

2 emissions

30,9% lessthan in 2009

31,7% less CO

2 emissions

per million sales (in comparable amounts)

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CO2 emissions 2008 2009 2010

Var. 20092010

Emissions from energy consumption(ton CO

2e)

24.685 36.814 24.234 -34,2%

Emissions from work-related air travel(ton CO

2e)

129 152 334 119,7%

Emissions from work-related car travel(ton CO

2e)

ND 193 245 26,9%

Total emissions 24.814 37.160 24.813 -33,2%

Total emissions/GLA (ton CO2e/ 1000 m2) 90 122 81 -33,6%

Total emissions/Sales (ton CO2e/M €) 31 46 28 -39,1%

Total emissions/Visitors (ton CO2e/M visitors) 346 515 321 -37,7%

WASTE PRODUCTION

Waste production by the tenants and visitors is part of the

normal functioning of a shopping centre. MMM P’ Environ-

mental Management strategy involves raising the awareness

of both groups regarding the need to produce less waste,

and whenever possible recycle or even reuse waste (on the

part of the tenants).

A vast amount of signage at strategic points in the common

areas, combined with waste containers that permit separa-

tion, contribute to incentivize and raise the awareness of

our customers to this issue. We have also conducted a large

advertising campaign that includes television spots, to com-

municate to all our Visitors that “Pontos Electrão” have been

installed in our centres, which give our visitors the ability

to freely dispose of various types of waste, namely electri-

cal and electronic equipments, also called WEEE. This action

was developed with the support of Amb3E, a company that

manages these types of waste. Our tenants have appropriate

areas at their disposal where they can separate paper, card-

board, plastic, wood, clothes hangers and WEEE. Accompa-

nying this measure there is information regarding their func-

tioning and our environmental policies.

The total amount of waste produced was 9.276 tons, which

is practically the same amount that was produced in 2009

(comparing the same number of centres). Hazardous waste

was kept at 3%. In 2010 the recycling or reuse of waste was

70% which is an increase of 6 percentage points from last

year.

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Waste production 13 2008 2009 2010Var. 2009

2010

Total waste 8.939 8.924 9.276 3,9%

Comparable amount 8.939 8.812 8.790 -0,2%

Waste/GLA (ton/1000m2) 31 29 30 3,4%

Waste/Sales (ton/M €) 11 11 11 0%

Waste/visitors (ton/M visitors) 124 124 120 -3,2%

Hazardous waste (ton) 56 289 269 -6,9%

Hazardous waste % 1% 3% 3% 0%

Recovered waste % 39% 64% 70% 6 p.p.

2008 2009 2010

Waste production (ton)

8.939 8.924 9.276

Total waste

8.939 8.812 8.790

ComparableWaste

10.000

8.000

6.000

4.000

2.000

0

The increase to 70% in the percentage of recovered waste is

because of the reduction in the amount of waste sent to the

landfill and the higher rate of composting (+5 p.p. up to 29%)

and recycling (plus 2 p.p. to 38).

70%of waste recovered

Waste per million visitors 1,4% less

Hazardouswaste 7% less Waste disposal 2008 2009 2010

Var. 20092010

Landfill 5.429 3.193 2.814 -12%

Recycling 3.150 3.257 3.479 7%

Incineration 259 324 268 -17%

Composting 101 2.150 2.675 24%

Physicochemical treatment 0 0 38 -

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Forum Barreiro and Castelo Branco which are no longer part of MMM P’s portfolio.

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2008 2009 2010

Paper consumption (ton)

7,3 6,4

12,4

Total paper consumption 

7,36,2

11,5

Comparable paper consumption 

15,0

10,0

0,5

0,0

The waste produced is mostly organic with 2.836 tons which

represent 31% of the total, MSW - 2.772 tons - 30%, paper and

cardboard – 2.322 tons or 25%. The remaining amount con-

sists of various types of waste.

CONSUMPTION OF RAW MATERIALS

Paper is one of the most heavily used raw materials in ad-

ministrative work. For this reason, we monitor our consump-

tion which in 2010 totalled 12.4 tons. 6.8% of that amount

was recycled paper.

During 2010, we replenished our stock of paper in Forum

Montijo, which contributed to the increase in total consump-

tion, because in this specific case we calculate consumption

based on how much paper is bought during the year.

Paper consumption 2008 2009 2010Var. 

20092010

Total paper consumption (ton)

7,3 6,4 12,4 94,3%

Comparable paper consumption (ton)

7,3 6,2 11,5 85,6%

Consumption of recycled paper (ton)

1,0 1,3 0,8 -37,1%

Comparable recycled paper consumption (ton)

1,0 1,3 0,8 -37,4%

% of recycled paper in the total

14% 21% 7% -14 p.p.

Waste disposal (ton)

2.814

3.479

30%

38%

38

0,4%

268

2.675

3%

29%

Landfill

Incineration

Physicochemicaltreatment

Recycling

Composting

7% of paper consumed is recycled

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Valuing People

03.4 Companies can distinguish themselves by their organiza-

tion models, strategic position or by their portfolio of prod-

ucts and services, but their identity and capacity to generate

value is mainly connected to people, this is especially true

for the shopping centre management market. Currently, our

sector seeks to retain the best professionals and adjust their

work to the conditions of the market.

“People First” is the human resource management model

chosen by MMM P to differentiate itself from its competitors.

Our people and the way in which the teams are organized

are what distinguishes us and allows us to manage our port-

folio of products using two complementary models. On one

side, we have a close relationship and create bonds of trust

with the Tenants, Partners and Visitors through our large lo-

cal teams. On the other side, with the broad vision of our

central structures we can share knowledge and choose the

practices that will have the best results and contribute to

the satisfaction of Owners and Tenants. We consider “Team

Management” to be one of our strategic areas. Our commit-

ment to people, implemented through our Business School,

is focused on training, and in career development. This will

attract and retain the best employees and provide the con-

ditions so that all the elements can distinguish themselves

by their excellence. The evaluation and the career progres-

sion models work as additional tools to motivate and at the

same time ensure the performance of the teams so that we

can meet the expectations of the Owners, Tenants, Visitors

and remaining Stakeholders. The clarification of our Policies,

Principles, and code of conduct to which we subscribed in

2009, not only makes it possible for anyone to scrutinize

them, but also promotes compliance with the law and with

the ethical standards that are part of the company’s culture.

Throughout 2010 we consolidated our teams and prepared

the company and its people for new challenges.

Type of employment contract

87

95%

5

5%

Fixed term contract

Permanent

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95%of employees are on a permanent contract

1,89 Ratio between Lowest salary / National minimum wage

PROFILE OF OUR TEAM

In 2010 we adjusted our team to our portfolio, from 104 to

92 employees, which is a 12% reduction. There are no part-

time employees and the number of fixed term contracts de-

creased 50%, i.e. 5 contracts, the remaining 87 employees

have a permanent contract with the company.

Our total employee turnover rate was 13.2%, 6.4% for men

and 18.6% for women. This was caused by the departure of 3

male and 11 female employees, which balanced the gender

ratio – 44 / 48. Most of the elements that left (86%) were

Assistants. This shows that when there is a need to adjust

the company to a new circumstance, MMM P’s strategy is to

retain the talent of the best qualified employees as this will

maintain and increase its difference from the other compa-

nies in the market.

Gender Balanced Company 52% Mulheres 

48% Homens

Employee turnover rate (%)

TotalMale Female

5,9 6,46,1 4,8

18,614,7

5,3

13,211,1

2008 2009 2010

Employees by gender (nr)

TotalHomens Mulheres

48 444660

4858

10892

104

P. 7

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Employee turnover rate 2008 2009 2010

18 to 34 years old 2,6% 5,1% 28,1%

35 to 44 years old 0,0% 3,4% 9,1%

45 to 54 years old 0,0% 0,0% 0,0%

Employee turnover rate - Female 4,8% 8,5% 18,6%

Total employee turnover rate 5,3% 11,1% 13,2%

In our team most employees are between 35 and 44 years

old, and the average age is 36.8. Assistants form the largest

occupational category, with about 50% employees, followed

by Centre Manager (24%) and Department manager 17%.

The lowest salary paid by MMM P is 53% higher than the min-

imum wage in Portugal. There are no significant differences

in the female-to-male earnings ratio. The maximum interval

remains the same at 1.12 in the regional manager category

and the minimum at 0.83 in the Centre Manager category.

AGE GROUP AND OCCUPATIONAL CATEGORY

18 to 34 35 to 44 45 to 54

Female Male Female Male Female Male

Director 0 0 0 0 0 2

Regional Manager 0 0 1 3 0 2

Centre Manager 2 4 7 7 1 1

Department Manager 4 2 5 5 0 0

Assistant 17 6 7 11 4 1

Age and gender Total 23 12 20 26 5 6

Age Total 35 46 11

Employee turnover rate 2008 2009 2010

18 to 34 years old 0,0% 0,9% 7,7%

35 to 44 years old 2,6% 1,7% 3,7%

45 to 54 years old 0,0% 0,0% 14,3%

Employee turnover rate - Male 5,9% 2,6% 6,4%

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Female-to-male earnings ratio 2008 2009 2010

Regional Manager 1,01 1,12 1,12

Centre Manager 0,81 0,84 0,83

Department Manager 0,98 0,97 0,96

Assistant 0,82 0,82 0,85

Lowest salary/national minimum wage ratio 2008 2009 2010

Lowest salary/national minimum wage 2,10 2,00 1,89

MMM P provides, without any distinctions between employ-

ees, a broad health insurance package, which not only cov-

ers the employees but also their families. We also provide life

insurance with incapacity /disability coverage for workplace

accidents and work related travel. Taking into account the

size and geographical spread of the teams we do not think

it is necessary for the business to have formal health and

security committees. There is also no collective bargaining

agreement. However, there is complete freedom to associate

and to exercise the fundamental right to unionize. We com-

ply with the law and the deadlines, regarding the previous

notification of any operational changes in the organization.

WORKPLACE SECURITY AND HEALTH

In 2010 there were no accidents in the workplace or occu-

pational illnesses, and there were a total of 987 accidents in

the shopping centres under our management. 765 of those

accidents involved visitors (in 77.4 million visitors) and 222

involved shop employees (in a total of 14.377 direct and in-

direct employees, who work every day in our centres). From

August 2009 to July 2010 there was a contingency plan in

place for the influenza A virus, which included a large set of

measures to protect and support our employees, visitors, and

the shop and service provider staff.

As we have said before, in 2010 we began the implementa-

tion of an integrated management system, which will con-

tain the workplace hygiene, security and health areas. This

system will support the centres in managing the risk, and this

will improve our performance in these areas, which are con-

sidered by us to be strategic for the success of our business.

0Workplace accidents

0,0013Absenteeismrate

0Occupational illnesses

P. 7

3

TRAINING AND KNOWLEDGE SHARING

Conforming to its “People First” strategy, MMM P is charac-

terized by the spreading of information and the sharing of

knowledge. This good practice extends to the teams, projects

and to the work carried out by the employees of the compa-

ny. These employees have at their disposal information sys-

tems and data that can help them in their performance. We

also continued to foment working groups, organised train-

ing sessions, meetings, get-togethers and parties in which

knowledge can be shared through formal and informal

mechanisms; this is one of the strengths of our company.

As in 2009, we continued to promote internal training, by

taking advantage of the accumulated knowledge and the

vast experience of our employees, and using the Business

School to share that expertise. We carried out the action

related to customer service quality and improved the GIFT

CARD, by using a similar model which proved to be effective.

To this effect, we prepared and carried out a training action

to the employees in charge of implementing and managing

the GIFT CARD service in each centre, who then shared and

implemented that methodology with their respective local

teams. The change of financial software was responsible for

41.3% of the total training hours and the actions regarding

Sustainability were the ones which involved the most em-

ployees – 23.

The main topics covered in the training on sustainability

were: The implementation of the Multi Sustainability Index,

the measures and actions in the Operational Sustainability

Plan, the sustainability performance of MMM P and the or-

ganization and preparation of a new Sustainability Report.

The work carried out in this area also included the upcoming

MMM P Portal and the transition of employees to other shop-

ping centres in our network in order for them to acquire new

experiences, working methods and contacts.

The Assistant category received the highest number of train-

ing hours, with 135 accumulated hours and 9 hours per em-

ployee being trained. The Department Managers received the

highest average number of hours. Around 40% of MMM P’s

employees were given training and on average each trainee

received 8 hours’ training. There were a total of 26 sessions

throughout the year.

Occupational categories

Total training hours

Average hours of training per category

Regional Manager 3 3,0

Centre Manager 63 5,3

Department Manager

99 11,0

Assistant 135 9,0

Total 300 8,1

8,1 hoursof trainingper employee

40%MMM P employees who received training

300 hoursInternaltraining given

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CAREER PROGRESSION AND SKILLS DEVELOPMENT

MMM P has established a meritocratic culture which rewards

employees who achieve better performance. The company

has created a skills map which determines the skills and

profiles required. This map enables us, in the light of the at-

tributes of each member of our team, to determine the skills

that each individual needs to develop.

The assessment system, inherited from the Multi Corpora-

tion, is applied annually. All employees are evaluated by their

immediate superior, and each department manager, cen-

tre manger and regional manager assesses their team as a

whole. This method, which has been used since the found-

ing of the company, enables us to assess trends, achieve

objectives and perform comparative analyses in an interna-

tional and multidisciplinary population.

The evaluation of employees is based on three parameters:

• behavioural assessment, in which we consider aspects

such as motivation and satisfaction;

• individual performance assessment, in which we assess

the degree of achievement of the objectives proposed

and agreed in the previous year;

• development of the employee’s skill and knowledge;

Top managers are evaluated in terms of their success in im-

plementing the key tools and processes for managing social

and environmental impacts, as agreed with the Board.

SIX STEPS FOR THE FUTURE

Our teams strive for excellence and are committed to creat-

ing and keeping the highest quality standards in the centres

they manage and in the activities they carry out.

Because we believe we can create our future and contribute

to the progress of our industry and our company, in 2010 we

worked to develop and implement around 6 new projects.

They are the result of our commitment to People.

The specific characteristics and complexity of each shopping

centre pose a problem for the Owners and Managers when

they want to compare performances and results, especially

regarding sustainability and other non-financial parameters.

The conception of a new tool, the Multi Sustainability In-dex (MSI), developed internally with strong support from the

Sustentare company (our partner in Sustainability matters)

shows our willingness to innovate to provide the market and

our peers with a tool that will make it easier to compare and

identify good practices, by making more similar what is now

different. To the creation of the MSI, which was presented

100%of employees have been evaluated

P. 7

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internally for the first time in 2010, contributed a large group

of employees, all the way from Directors to Assistants.

In MMM P we value the use of systems to support and moni-

tor the activity of the assets under our management, es-

pecially if those systems can also be used for other areas,

namely financial, commercial, Tenant control and support,

marketing and operational. In the Operational field, we have

developed internally in the last few years, with the support

of an external company, a software called ISOM - Integrated System of Operational Management (it may in the future be

expanded or connected to other areas) which enables us to

record the operational events that occur in the centres. This

system is used to manage emergencies, technical issues,

operational records and other complementary information.

It allows us to obtain predefined reports from its database.

We continued the development of this project in 2010, by

studying its compatibility with new applications and making

continuous improvements. This program is already used by

other companies in our sector of activity, which shows its

pertinence and value.

Together with the ISOM project and because of the high im-

portance of information technology, particularly when it is

at the service of the company (and not the opposite), we

decided to take a new step to facilitate and expedite our rela-

tionship with our tenants and partners, through the internal

development, with the support of Y Dreams, of the MMM P Portal. This portal will serve to directly and instantly con-

nect the various entities, and facilitate their interaction and

the access to relevant information, especially regarding the

sustainability of the business. For example its implementa-

tion will make it easier to consult the Job Centre databases

of each centre, schedule meetings with our local teams or

access sales information.

As a complement to this, in 2010 our financial department

began the implementation of the Yardi system used to man-

age real estate projects. Our financial and accounting sys-

tems are based on this software, which allows us to cross-

check data, as it is prepared to receive information from

other systems and external sources, such as footfall counting

systems, the MMM P Portal or others. Its initial implementa-

tion will be completed in 2011, and we can expect further

improvements to be made after this date.

In 2010 the MMM GIFT CARD continued to play a star role in

our shopping centres. This project was developed internally

to make our Customers’ lives easier by providing them with

a simple and highly effective way of giving a present that al-

lows the person that receives it to choose exactly what they

want to get. As a result the person who gives it does not take

the risk of giving the wrong present. The effort of our teams

was focused on Customer service, on the optimisation of the

sale process, and on the creation of new campaigns that pro-

vide a large set of advantages to the users of the MMM Gift

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Card. Our example was followed by other players in the mar-

ket, which shows the quality of our teams and of everyone

who backed this winning idea.

MMM P’s next step on its way to excellence is the implemen-

tation of the Integrated Certification systems which will in-

clude the ISO 9001 (quality), ISO 14001 (environment) and

OHSAS 18001 (HSW) standards. This option will oblige us to

continue down the road we have chosen and it will help to

structure the company. It will also enable us to turn part of

the tacit knowledge that is held by people and in informal

networks, into written information which can be shared with

everyone.

We are aware of the difficulties that will come up when these

systems are completely implemented, however we believe

that we will be even better prepared to face the future and

that they will not only generate value, but also ensure that

each person who chooses to work at MMM P will become a

better professional.

SIX STEPS

FOR THE FUTURE

GRA.

Integrated CertificationISO 9001, ISO 14001 and OHSAS 18001

YARDI

MMMGIFT CARD

Portal MMM P

Multy Sustainability Index

ISOM - Integrated System of Operational Managment

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The real owners of a shopping centre are the people in the

surrounding Community. This is the Community that the

centre should listen to, interact with and satisfy, by becoming

the driving force behind its development.

In the same manner that shopping centres have anchor stores

to increase their appeal, cities use shopping centres to develop

certain areas, increase the value of their neighbourhoods or

to differentiate themselves from the competing metropolises.

Accordingly, in MMM P, we recognize the responsibility to

promote the cities where our centres are located and the

necessity to maintain bonds of trust with their Communities.

The strength of this relationship will dictate the success

of the project in the long term. Our responsibilities are to

create jobs, an increasingly scarce commodity, and also

to provide a comfortable centre that is prepared to satisfy

the various needs of the population by providing leisure

services, restaurants or just by being a social hub. Another

one of our responsibilities is to directly intervene outside of

the scope of the centres, wherever necessary. The marketing

and communications manager of each centre is the link

with the local community, and the person who deals with

the majority of the bodies that contact us every day. During

the year we had more than 110 meetings with the various

representatives of the Local Community.

Valuing the Community

03.5

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Our approach regarding the community and the social

domain was materialized in our Philanthropy Policy.

PHILANTHROPY POLICY

OUR COMMITMENT TO THE COMMUNITY

We believe that each of our shopping centres contributes to the de-velopment of the surrounding communities. As well as creating jobs and developing the economic fabric of the localities where we oper-ate, every shopping centre we manage offers access to a wide range of products and services. At the same time, it also offers leisure and culture facilities to all who visit us. As an integral part of the local community, we recognize that conducting our business in a socially responsible way means being a business that proactively cooperates with other or-ganizations in creating solutions to the challenges faced by individual communities.

We are committed to conducting our business in a socially responsible way through the creation of and participation in projects or activities which benefit the community in the long term. In this context, we will act as agents for the promotion of national and local social support initiatives, and our policy will be to give greater emphasis to local initia-tives incorporated into national programmes. Our support for the com-munity will be provided in the following areas:

PROMOTING A MORE PARTICIPATIVE AND INFORMED SOCIETY

We aim to help build a more informed and civically participative society. Our contribution will be made by promoting national awareness cam-paigns in the MMM P shopping centres. The initiatives will be developed around a single issue in all the shopping centres. Their objective will be to raise awareness in the community about a specific issue related to today’s social and environmental challenges. Whenever possible these actions will aim suggest forms of behaviour to the visitors of our centres that will make them part of the solution to the highlighted problem;

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CONTRIBUTING TO THE CREATION OF SOCIAL VALUE IN THE COMMUNITIES

WHERE WE ARE PRESENT

The management team of each shopping centre annually identifies the needs of the non-profit associations and organizations in the local com-munity. To respond to the most important local problems, the shopping centre management team sets out a social support plan, setting out the contribution which the centre can make, taking into account the available financial and human resources. Our objective, as set out in the plan, is to cooperate with local organizations and help them maximize the social benefit to the public for which they were founded.

The support included in this social support plan may take the form of donations in cash or kind and the offer of space in the shopping centre to promote the organization’s initiatives.

To achieve these commitments we will build and strengthen dialogue with local organizations with a view to establishing long-term partner-ships with them which create value in the communities where we op-erate.

All requests for support will be considered and we will give particular consideration to those that enable our employees to be directly and personally involved. We regard this participation as fundamental to the personal development of our employees and to enhancing their sense of citizenship through the experience of volunteering.

(…)

MMM P will review this policy at three-year intervals so that it constantly reflects the company’s situation and best matches the needs that arise in the context of our social responsibility.

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JOB CREATION

Since its first Project MMM P has provided to anyone inter-

ested an Employee Exchange program. This project, which is

available in every centre, collects the job applications filled

out in our internet websites or delivered in our information

desks and head offices. This database can then be accessed

by tenants, partner companies, service providers and even

by our own teams, to find a vast number of potential em-

ployees, who are generally from the surrounding area and

who show interest and motivation in developing their pro-

fessional careers through our projects.

Our projects have a very high impact in the creation and

maintenance of jobs. In 2010, the number of direct jobs, i.e.

everyone that works directly in the centre, either for the ten-

ants, service providers or for the centre management, was

10.851. In addition to this, there were 6.087 indirect jobs, such

as tenants’ suppliers and others who are indirectly connect-

ed to the projects.

TENANTS FROM THE LOCAL COMMUNITY

The close relationship between the centre and the surround-

ing region also implies the attraction of Tenants from the

Local Community so that they can set up business in our

centres. In 2010 there was a 24.5% increase from 2009 in the

number of Tenants from the Local Community, who are now

249. Their presence is important, because on one hand they

know and are adjusted to their Customers and on the other

hand, they contribute to local prosperity and to the better

performance of the shopping centre.

PROMOTION OF LOCAL ENTREPRENEURS

The Local Community is also represented in our centres by

the 172 local Entrepreneurs who, in 2010, trusted our projects

and carried out their business with us. This way, MMM P con-

tributed to the development of new ideas, new businesses

and new opportunities, which many times are used to pro-

mote products and services from the surrounding region. We

back the implementation of these ideas in our centres, and

this assures the entrepreneur who is then motivated to go

further and to do better.

SUPPORT FOR THE COMMUNITY

Solidarity is present in various ways in the daily management

of our centres. People’s affluence and their readiness to be

approached and sensitised towards certain topics, transform

our shopping centres into an excellent place to raise aware-

ness and raise funds for social, cultural and solidarity organi-

zations. Throughout the year, after we confirm their impor-

tance and the owner approves, MMM P freely provides these

institutions, with space in the common areas of the centres

16.938Direct and indirect jobs

Local Entrepreneurs

17259,3% morethan in 2009

Tenants from the Local Community

249 24,5% morethan in 2009

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(generally in places with high visibility and traffic) where they

can carry out their campaigns. During 2010, in all of the cen-

tres we provided 1.507 days of free space use, which would

be worth more than 334.8 thousand Euros.

The collection of donations directly by MMM P, fundraising 14 and direct cash donations were some of the other ways in

which we collaborated with the Community and supported

certain causes. The amount collected, around 38.9 thousand

Euros, was given to causes ranging from the Christmas cam-

paign of Almada Forum which supported “Ajuda de Berço”

(that also received a direct donation of 12.5 thousand Euros),

to the “Alta Segura” campaign carried out by APSI which was

chosen by the Call Group in Forum Algarve, and to the giv-

ing of more than 1.100 food baskets, by our Visitors, Tenants

and by companies from the local community to poor fami-

lies picked by local institutions connected to ENTRAJUDA, in

partnership with the Food Bank Against Hunger. Direct dona-

tions totalled 17.4 thousand Euros, which were mainly given

to “Ajuda de Berço” in the context of the campaign developed

through Almada Forum’s Facebook and to the service pro-

vider teams of Forum Madeira in the form of Gift Cards.

Our centres also contributed with more than 15.3 thousand

Euros through initiatives such as exhibits, hospital visits dur-

ing Christmas and donations in kind.

Our employees also led by example as they dedicated part of

their working time, 820 hours to Philanthropic activities for

the benefit of the Community.

14 Fundraising consists of the amounts that were not directly donated by MMM P. They

were instead collected through initiatives carried out in the shopping centres.

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Community support

334.891 €

82%

15.281 €

4%

17.414 €

4%

38.874 €

10%

Offer of space

Direct donations

Collection of funds

Organisation of initiatives

Graph Note: Fundraising has no effect on MMM P’s budget because it consists of the

donations collected by external companies in initiatives carried out in the shopping cen-

tres. MMM P contributed to these donations solely by freely providing the space where

they could be collected. These values are not included in the community support areas

of the GRI, EC1 and EC8 indicators.

TESTIMONIAL

AJUDA DE BERÇO

“With this help, Almada Forum has eased the anguish that we may have had to close one of our homes and stop taking care of more than 20 children, who would certainly have felt abandoned once more in their short lives. This help will also go to the more than 20 children in our other home, which will be able to continue working.

Sandra Anastácio – Ajuda de Berço

“It was a privilege – I was really close to myself and it was good to feel the heart creating”

Pedro Oliveira - Happy Brands

“It was a truly unique experience to develop the “Dê Colo à Ajuda de Berço” campaign. It was interesting to see the commitment and deter-mination of everyone involved in this cause. It was a great challenge at the creative level but, above all it is a great satisfaction to take part in this peerless solidarity movement.”

Tiago Charrua – Happy Brands

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PROJECT FOR POOR FAMILIES

The food baskets collected by Multi Mall Management helped

1.111 families. In the context of its Social Responsibility pol-

icy, MMM P promoted together with Entrajuda, the project

Christmas for Everyone. This project was part of the Christ-

mas campaigns of the Shopping Centres under our manage-

ment, and the objective was to provide a Christmas meal to

poor families. On a national scale the project gave more than

1.100 food baskets which helped thousands of people.

This year’s edition of Gui’s book – “Gui e a Aventura na

Quinta das Macieiras” – and educational book offered during

Christmas in the Shopping Centres managed by Multi Mall

Management, challenged the visitors to make a Christmas

Food Basket to give to needy families.

The Christmas for Everyone initiative collected more than

1.100 food baskets, which were the product of the solidar-

ity of visitors, tenants and partners in the shopping centres

managed by MMM P - Forum Aveiro, Armazéns do Chiado,

Forum Algarve, Parque Mondego, Almada Forum, Forum

Montijo, W Shopping, Forum Madeira, Forum Viseu, Forum

Coimbra, Galeria Comercial FN – Sintra, Espaço Guimarães

and Braga Retail Centre.

The food baskets were given to social solidarity institutions

picked with the support of Entrajuda. This is a solidarity in-

stitution whose objective is to support other intuitions at the

organization and management level, in order to improve

their performance and efficiency when it comes to helping

people in need.

This was the 4th edition of GUI’s book, which every year is

freely given by Santa Claus in the shopping centres man-

aged by MMM P. This book combines the pleasure of reading

with an educational message which draws the attention of

all children and their families to a social cause.

MMM P also combined its environmental commitment with

this project, by compensating for the greenhouse gas emis-

sions (GHG) caused by the production and printing of GUI’s

book. We compensated for 6.87 tCO2e (93 gCO

2e per book),

through the offset of an equivalent amount of carbon dioxide

in Alqueva’s “CarbonoZero” forest. The emissions we com-

pensated for were necessary for the production of the books,

namely: paper pulp production and printing/finishing of the

book.

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Food baskets givenby the Christmas campaign

1.100 baskets

820 hoursHours spent by our staff on philanthropic activities

In 2010 we initiated the pilot-project Multi Stakeholder

Group 2 (MSG2), which is part of the Sustainability Govern-

ance model, with the goal of integrating ideas and meeting

the expectations of our stakeholders at the local level. The

MSG2 which was implemented first in Forum Algarve, un-

der the name CALL Group, consists of elements from the

Local Community who have the opportunity to transmit to

the Board of the Forum any problems and concerns felt by

the Community that they represent. They also participate in

the definition of joint strategies which create social value for

the Community. In this context, this group which included

such distinct entities as the University of Algarve, the Faro

City Council, the regional offices of the Institute of Employ-

ment and Vocational Training (IEFP), the Casa dos Rapazes,

the Refúgio Aboim Ascensão, among others, developed an

application plan for Local Community Support Projects. We

received applications from 12 organizations with 15 different

projects. The Jury (comprised of MMM P, Sustentare and TÜV

Rheinland) and the Advisory Board (composed of the Pro-

vincial Government of the Faro District and CCDR Algarve)

decided to support the “Alta Segura – Transporte do Recém-

nascido no Automóvel” project proposed by the Associação

para a Promoção da Segurança Infantil (APSI). The objective

of this project is to promote the safe transportation of newly

born babies in the Algarve region, starting from their first trip.

During the Christmas season, APSI had a space in Forum Al-

garve near Santa Claus’s village where visitors could obtain

information about the importance of adopting correct and

safe practices when travelling by car, especially considering

that, according to APSI’s data, of the more than 80% of chil-

dren that use children’s seats, more than half use them incor-

rectly and 14 children per day are victims in a car accident. As

a result, during this year’s Christmas season the amount paid

for the carousel and the train in Santa Claus’s village (0.50 €

for each ride) was given to APSI for the development of the

“Alta Segura” project, whose objective is to implement child

and maternal health appointments in hospitals and a support

and counselling service for pregnant women and families re-

garding the transportation of newborn babies in cars.

TESTIMONIAL

ENTRAJUDA

“I am very thankful for the generous initiative “A Christmas for Every-one” of Multi Mall Management which gave a Christmas food basket to around 1.111 poor families. This brought so much joy and comfort to the Christmas meal of these families, who daily live with so many difficulties. I want to express my deep gratitude on the behalf of these families to everyone who generously participated.”

Isabel Jonet – Entrajuda

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Support for the local community

367,6 thousand euros

“The “Um jornal, um sorriso” solidarity campaign, that O Ribatejo has been promoting for years, has always been able to count on the in-estimable support of W Shopping in Santarém. As usual, in 2010, we returned to W Shopping to begin our newspaper selling campaign in favour of a social institution in the city. The proceeds from our 2010 solidarity campaign were entirely given to the Paediatrics Service of Santarém’s Hospital.We owe a very special debt of gratitude to the Board of W Shopping in Santarém, for their repeated and committed willingness to support the “Um jornal, um sorriso” campaign, to which they contributed once more with the purchasing of newspapers and above all, with the space that they provided to us in the shopping centre together with their per-sonal commitment for this solidarity campaign.Thank you for all of this.”

Joaquim Duarte - Director of the O RIBATEJO newspaper

The proximity between the Local Community and the cen-

tres managed by MMM P is also shown in many other ac-

tivities carried out in 2010. These activities ranged from the

Exhibition of Projects from the Architect’s Core Group of Vi-

seu, which took place in Forum Viseu, to the collaboration

with local media outlets (O Ribatejo newspaper) in the dis-

semination of social causes in Santarém’s W Shopping. We

also received visits from elementary school students so that

they could see how a shopping centre works (in Armazéns

do Chiado), and through our “Eco Ponto da Amizade” we

collected thousands of items which were then given to in-

stitutions. In Forum Madeira the Eco Ponto da Amizade col-

lected and gave more than 960 toys, 1.400 clothing items,

420 shoes and 300 school materials.

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OperationalSustainability Plan

03.6 03.6.1

WHAT WE DID IN 2010

Below we present the commitments included in our 2010

sustainability plan, and the actions carried out in each one

of them. We initiated or finished 31 of the planned actions,

7 were eliminated after we ascertained that they made no

sense in the current context of the company and the other 7

were delayed to the next years for the same reason.

STRATEGIC SUSTAINABILITY AREAS

ACTIONS PLANNED FOR 2010 IMPLEMENTATION STATUS

SECURITY

Development of an indicator of the state of security in the centres

StartedWith the certification of the integrated management system (which includes certification to standard OSHAS 18001) it will be possible to achieve this objective.

Dialogue with the security forces to increase the police presence and coordination to bolster security in the centres

AchievedWe had meetings with the police in order to ensure internal coordination with them.

Communicate and reinforce the role of security for tenants

StartedOur approach regarding security was focused on implementing the certification of the integrated management system (which includes certification according to the OSHAS 18001 standard). This system will allow us to achieve this objective by the end of 2011.

Engagement with providers of security services and introduction of security clauses in the management of the centres

Removed from planThis objective was reassessed and we decided to remove it from the operational plan.

CLEANING,HYGIENE AND HEALTH

Diagnosis of shopping centres against BREEAM health and wellbeing practices – implementation of improvements

AchievedWe conducted a global assessment of the BREEAM health and wellbeing practices.

Define the hygiene, health and safety policy

StartedWe analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard OSHAS 18001) and we began the implementation.

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STRATEGICSUSTAINABILITY AREAS

ACTIONS PLANNED FOR 2010 IMPLEMENTATION STATUS

CLEANING,HYGIENE AND HEALTH

(cont.)

Standardize the hygiene, health and safety practices of the centres

To be implemented in 2011The beginning of the implementation of the OSHAS 18001 system in the shopping centres will enables us to standardize practices, and therefore this objective will be reached next year.

Require service providers to undergo human rights assessments and training (including child, forced and excessive labour)

To be implemented in 2012Due to the global economic context we decided to delay this action.

ENERGY

Create energy efficiency criteria for all buildings Changed/Started

After conducting energy audits we defined a set of measures for every centre to implement which according to the viability plans will enable us to reach the general stated objective of reducing energy consumption and increasing the efficiency of the centres.

Internal and external Benchmark and share good practices

Prepare financial viability plans of investments in energy efficiency

Enable all tenants to monitor and know their energy consumption

AchievedThrough the energy audits, carried out as part of the energy certification process, we were able to know the consumption of the tenants and indentify potential improvements to be made.

TRANSPORTATION

Draw up guidelines for the preparation of “Green Travel Plans” for each centre

AchievedWe conducted a study about Green Travel Plans

Define which shopping centres have priority and the objectives for the implementation of the “Green Travel Plans”

AchievedThe following shopping centres were defined as having priority for the implementation of the Green Travel Plans:• Almada Forum • Forum Coimbra• Espaço Guimarães

Compilation of good internal and external practices to provide to the shopping centres

AchievedWe conducted a study about the Green Travel Plans which include good external practices.

Draw up “Green Travel Plans” for the shopping centres identified as priorities, including medium and long term actions

To be implemented in 2011We were not able to initiate the development of the Green Travel Plans of the centres that will be pilot-projects.

Reduce car emissions in the shopping centres and surrounding areas

Achieved, was not part of the planIn Forum Sintra (shopping centre that was renovated in 2010) we installed parking support systems, which will reduce car emissions in the parking lot. We will implement this measure in future renovations and new assets.

WATER

Identify opportunities for improvement through Benchmarking against BREEAM best practices

AchievedWe carried out a general evaluation of the BREEAM practices regarding water.

Report water consumption by tenantsAchievedThe tenants’ water consumption is being reported in the 2010 Sustainability Report (this document).

Share good practices between centresAchievedWe created a document to share good practices between centres.

Prepare financial viability plans for investments in water management

To be implemented 2011This will be done case by case for each shopping centre.

WASTEIdentify opportunities for improvement through Benchmarking against BREEAM practices

AchievedWe conducted a global evaluation of the BREEAM practices regarding waste.

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STRATEGICSUSTAINABILITY AREAS

ACTIONS PLANNED FOR 2010 IMPLEMENTATION STATUS

WASTE(cont.)

Initiate (and continue with) plans for innovation in waste recovery

AchievedIn 2009 we started an innovate project in Forum Viseu with the objective of recovering waste, however this project was not continued in 2010, because it was not viable anymore

Campaigns to change behaviour regarding the separation of waste in the common areas

To be achieved in 2012Through the environmental management systems we will develop awareness campaigns and spread information which will ensure that we reach this goal.

FOOD SAFETY AND HYGIENE

IN THE CENTRE

Involvement with tenants to reduce the waste produced from packaging, products and services sold

AchievedThrough the tenants’ surveys we were able to gauge their satisfaction concerning the issue of hygiene and food safety.

Incorporate this issue into the quality management system in shopping centres

StartedWe analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard ISO 9001). This system will enable us to achieve the objective.

QUALITY OF SERVICESAND PRODUCTS

Formulate the shopping centre quality policy

StartedWe analysed the market to find a company to support us in the implementation of the integrated management system (which includes certification to standard ISO 9001). This system will enable us to achieve the objective.

Identify the scope of the shopping centre quality management system

AchievedThe scope of the implementation of the integrated management system (which includes Quality) is the activity of shopping centre management (this system will be implemented in every centre).

Standardize and monitor existing quality management performance indicators

StartedThe implementation of the integrated system (which includes ISO 9001 certification) in the shopping centres will enable us to standardize and monitor the defined quality indicators. The implementation of this system began in 2010.

RESPONSIBLE CONSUMPTION

Consult anchor tenants to gauge their willingness to sign a charter of principles

Removed from planWe reformulated our approach to the issue of responsible consumption, and decided that we would develop of a more generic charter of principles, which would then be distributed to tenants and service providers.

Involvement of tenants and survey of good practices (in the context of training at the Business School)

Charter of principles for responsible consumption and quality of products and services

Create a charter of principles to distribute to tenants and service provides together with the sustainability report

AchievedWe created a charter of principles which will be distributed to tenants and service providers.

Involvement of tenants and survey of good practices (in the context of training at the Business School)

Removed from planDue to the global economic context the operation of the Business School and the training plan were limited during 2010, therefore this objective was removed from the plan.

COOPERATIONWITH LOCAL 

ORGANIZATIONS

Replication and adaptation of the overall philanthropy approach to each shopping centre Started

We implemented the multi-stakeholder group 2 pilot-project (MSG2) in Forum Algarve. After this, we decided to do the same in all of the shopping centres in 2011.Construct initiatives that deliver the

organization’s overall approach

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ACTIONS PLANNED FOR 2010 IMPLEMENTATION STATUS

SOCIAL RESPONSIBILITY

Replication and adaptation of the overall philanthropy approach to each shopping centre

StartedThe decision to implement the MSG2 in all of the shopping centres shows that the same approach is being used in every centre, according to the model tested in Forum Algarve.

Construct initiatives that deliver the organization’s overall approach

AchievedWe conduct various community support initiatives in every centre which substantiate the philanthropy policy. More information about these initiatives can be found in chapter 03.5 Valuing the Community.

LOCALCOMMERCE

Develop marketing campaigns to promote local products in the shopping centres (anchor and city centre shopping centres)

Removed from planThe creation of an integrated project to support local commerce was removed due to the global economic context.

Standardize criteria for the identification and recording of local community tenants

AchievedWe are counting the number of tenants from the local community in every centre. There is a procedure to do this.

Standardize criteria for the identification and recording of local community entrepreneurs

AchievedWe are counting the number of entrepreneurs from the local community in every centre. There is a procedure to do this.

LOCALEMPLOYABILITY

Creation of a follow-up system for tenants’ employees and employment exchange applicants

To be implemented in 2011In 2010, we did not have the right conditions to be able to measure the performance of the centres’ employee exchange programs.

Standardize and monitor the effectiveness of employment exchanges

Stimulate the employment exchange program

Standardize and monitor the performance indicators

Evaluate the suitability of job centre courses for the training requirements of a shopping centre

Removed from planIt is not viable to carry out his action with the job centres.

Look for partners that can provide training

Removed from planDue to the global economic context we will not be providing training to tenants, and therefore it is no longer necessary to look for partners.

PROMOTIONOF INNOVATION

Stimulation of an ideas marketplace with the first ideas competition – launch of the first competition

Achieved The integrated management system (includes quality) which we began to implement in 2010 will enable us to systematize and manage good practices, even though it is different from a content “library”.

Creation, via the ideas marketplace, of a forum for the sharing of good practices between shopping centres. Begin the implementation of the winning ideas

Create a content “library” of the management practices of each shopping centre

AchievedThe integrated management system (includes quality) which we began to implement in 2010 will enable us to systematize and manage good practices, even though it is different from a content “library”.

CAREERDEVELOPMENT

Monitoring of promotions and career progression in MMM P (compilation of promotions history in MMM P)

To be implemented in 2012Due to the global social and economic context this objective was not achieved.

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STRATEGICSUSTAINABILITY AREAS

ACTIONS PLANNED FOR 2010 IMPLEMENTATION STATUS

ETHICSAND COMPLIANCE

Organize training for employees in human rights and other risks associated with the business

AchievedTraining in human rights was provided. See chapter 03.4 Valuing people.

Conduct the first organizational climate survey

To be implemented in 2011The survey was not conducted, even though it had already been made. We are committed to do this 2011.

TRAINING

Share experiences and partnerships with other European Business Schools

Removed from planDue to the global economic context the operation of the Business School was limited during 2010, and therefore this objective does not make sense anymore.

Identify possible case studies of shopping centre management

We did not find any relevant case studies for publication.

Identify partners for the development of case studies of shopping centre management

AchievedWe created a procedure to identify partners for the elaboration and publication of case studies regarding sustainable shopping centre management.

03.6.2

WHAT WE WANT TO DO IN 2011

STRATEGICSUSTAINABILITY AREAS

OBJECTIVES FOR 2012 ACTIONS IN 2011

SECURITY

Reduce tenants’ and customers’ complaints about security

Create security Objectives (risk 0)

Reduce robberies and theftsThere are no actions planned for 2011 in this area, but there are for 2012.

Increase the perception of security There are no actions planned for 2011 in this area, but there are for 2012.

Incorporate into a quality management system

We expect this objective to be reached in 2011, because we are implementing the integrated management system (Environment, Quality and Security).

CLEANING,HYGIENE AND HEALTH

Implement the OSHAS 18001 management system

Behavioural campaign with local community organizations to promote health, cleanliness, hygiene and/or wellbeing.

Bring shopping centre performance up to the level of BREEAM health and wellbeing practices

Standardize tactics between shopping centres on hygiene, health and safety at the centres (carried over from 2010).

ENERGY

Bring shopping centre performance up to the level of BREEAM energy practices

Corporate behavioural campaign in all of the shopping centres regarding energy dependence, emissions and climate change.

Achieve level C or higher in the energy certification of the shopping centres

Elaborate a record of energy consumption by shopping centre and segment tenants by their consumption – The energy audits allowed us to know the consumption of the tenants and identify improvements to be made. This ensures that part of this objective will be already reached in 2010.

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STRATEGICSUSTAINABILITY AREAS

OBJECTIVES FOR 2012 ACTIONS IN 2011

ENERGY(cont.)

Encourage the reduction of energy consumption in the shopping centres

Even though this objective was achieved in 2010 we will continue to implement management measures, though the environmental management systems of the centres, which encourage further reductions in energy consumption.

TRANSPORTATION

Increase the accessibility of the shopping centres and favour the positioning of centres close to cities

Behavioural campaigns with visitors and tenants’ employees.

Reduce the environmental impact of journeys to the centres

There are no actions planned for 2011 in this area, but there are for 2012.

Reduce CO2 emissions from vehicles in

the shopping centre and surrounding areas

Even though this objective was achieved in 2010 we will continue to implement management measures, through the Environmental management systems, to further reduce CO

2

emissions.

Encourage travel by less polluting means of transport

Create the “Green Travel Plans” of the shopping centres with medium and long term actions (carried over from 2010).

WATER

Reduce the water consumption of the shopping centres

Create a record of water consumption by shopping centre and segment tenants by their consumption – We achieved part of this objective in 2010 through the monitoring of the tenants’ consumption.

Bring shopping centre performance up to the level of BREEAM water practices

Behavioural campaign with visitors (identify the shopping centres with the most knowledgeable population).

Ensure the quality of the water consumed by visitors and operators in the shopping centres

Prepare financial viability plans for investments in water management (carried over from 2010).

WASTE

Bring shopping centre performance up to the level of BREEAM waste management practices

Even though this objective was achieved in 2010 we will continue to implement management measures, through the environmental management systems of the centres, to encourage the continuous improvement of our waste management performance.Innovate in waste recovery

FOOD SAFETYAND HYGIENE 

IN THE CENTRE

Reduce food safety and hygiene risks in the shopping centres

Support and monitor the tenants during and after the periodic ASAE inspections (report and count these inspections by shopping centre).

Monitor the tenants’ HACCPs.

QUALITY OF SERVICESAND PRODUCTS

Standardize the quality management parameters of the shopping centres

Build a system of incentives for tenants and their employees, correlated with customer satisfaction and complaints.

RESPONSIBLE CONSUMPTION

Influence tenants by introducing the concept of responsible consumption

Benchmark about responsible consumption and new consumption tendencies relating to the sustainability topic.

COOPERATIONWITH LOCAL 

ORGANIZATIONS

Align the shopping centre’s commitments on sustainability and social responsibility with the interests of local community organizations

Selection of the representatives and formal invitations for the constitution of the multistakeholder groups of the shopping centres.

Encourage social responsibility, citizenship and sustainability practices in local community organizations

Formalization and operation of the multistakeholder groups at the management level of the centres.

SOCIALRESPONSIBILITY

Build an overall approach to community engagement

There are no actions planned for 2011 in this area, but there are for 2012.

Develop action plans for shopping centres that are adapted to the reality of each local community

We have reached this objective in 2010, however we will keep implementing measures to promote our relationship with the local communities, as needed

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STRATEGICSUSTAINABILITY AREAS

OBJECTIVES FOR 2012 ACTIONS IN 2011

LOCALCOMMERCE

Reinforce the image of the centre as a promoter of commerce and as a business that attracts visitors to cities

Create a plan for involvement with tenants from the local community (find good practices and entrepreneur success stories, typical products, etc.)

Reinforce the protection and commercial boundaries of the cities where we operate

Our current procedures are already counting the local tenants and entrepreneurs. Even so, we will keep making improvements to standardize and hasten the calculus methods and the information compilation tools in the various shopping centres.

Shorten the distance between local commerce and shopping centre

We have reached this objective in 2010, however we will keep implementing measures to strengthen our connection with local commerce, as needed

LOCALEMPLOYABILITY

Promote the employability and occupational training of the local communities who work in the shopping centres

Study social responsibility and philanthropy support for the employees of the centre (children’s day-care, etc.).

Creation of a follow-up system for tenants’ employees and employment exchange applicants (carried over from 2010).

Standardize and monitor the efficacy of the employee exchange programs (carried over from 2010).

Position the shopping centre as a benchmark in the community for training and commercial skills

Stimulation of the employee exchange programs (carried over from 2010).

Standardization and monitoring of performance indicators (carried over from 2010).

PROMOTIONOF INNOVATION

Foster a culture of innovation that ensures critical changes in the organization

There are no actions planned for 2011 in this area, but there are for 2012.

Foster interdepartmental, bottom up cooperation

There are no actions planned for 2011 in this area, but there are for 2012.

Create a system for the sharing of good practices between shopping centres

We achieved this objective in 2010.

CAREERDEVELOPMENT

Formalize career development practices and monitor the performance indicators

Analysis of the implementation project of the 360 evaluation processes.

Position MMM P as a national and international benchmark employer

There are no actions planned for 2011 in this area, but there are for 2012.

ETHICSAND COMPLIANCE

Implement the Business Principles and the Code of Conduct

There are no actions planned for 2011 in this area, but there are for 2012.

Survey and assess the organizational climate

Conduct the first organizational climate survey (carried over from 2010).

TRAINING

Stimulate internal training and knowledge sharing in the organization

Create case studies of MMM P’s shopping centre management.Promote knowledge of shopping centre management and export this knowledge with the aim of influencing external markets with MMM P’s management practices

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MMM P has defined its approach to sustainability based on

the AA1000 APS principles (2008). The strategic sustainability

areas and the implementation of the sustainability plan follow

these principles. The principles of Inclusivity, Materiality and

Responsiveness are also reflected in this 3rd sustainability

report, which was verified according to the AA1000 AS

(2008) standard.

Below we report our compliance with the AA1000 APS (2008)

principles in 2010, to which this report relates, referring the

reader where necessary to the chapter of the report where

we disclose in greater detail how we are complying with the

principles of this standard.

The AA1000 APS principles which guided this management

and reporting exercise are: Inclusivity, the principle that

advocates that an organization should be inclusive, by

encouraging stakeholder participation in the development

and implementation of a strategic and responsible answer to

sustainability; Materiality – the organization should identify

the material issues and their relevance to itself and to its

stakeholders; and Responsiveness – the organization should

respond to the issues raised by stakeholders and which

affect its performance, by means of decisions, management

actions, communication with stakeholders and performance.

INCLUSIVITY

In the first sustainability report we described how we took

in to account the concerns and expectations of our key

stakeholders in addressing the sustainability of the company.

In reality, the strategic sustainability areas and the targets

set for 2012 are the result of our vision of how sustainability

can contribute to creating long term value for the shopping

centres we manage. Naturally, this vision results from our

extensive know-how of the business, but also from the

consultation exercise we undertook with stakeholders.

In 2009, we decided that this consultation with the

stakeholders would take place in the beginning of each

strategy cycle. Therefore, we intend to consult with the

stakeholders again at the end of 2012, which is when the

1st first sustainability cycle ends. This will serve to assess

the need to include new business areas in our sustainability

strategy, and to know how the stakeholders evaluate our

environmental and social performance between 2009 and

2012 and their opinion regarding the efficacy and fruition

of the measures implemented through the Operational

Sustainability Plan.

The stakeholders may or may not participate in the

decision making process regarding the improvement of the

sustainability performance. From another perspective, we

will analyse the effectiveness of the current communications

and involvement mechanisms to identify opportunities for

Implementationof the sustainability strategy according toAA1000 APS Standardand GRI Principles

03.7

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improvement, so that the results of the first sustainability

cycle are taken into account when making the second cycle.

While consultation at a more strategic level is carried out at

longer time intervals, we possess mechanisms for ongoing

engagement with our owners, tenants, business partners,

visitors, suppliers, employees and the local community.

In chapter 2, the reader can learn how we managed the

participation of the stakeholders.

The Governance Model that we are implementing is

composed of the necessary human resources to fulfil the

operational plan which formalizes all the required aspects for

the inclusion of the stakeholders. The technical and financial

means are ensured by the organizational structure of the

company.

Moreover, the Governance Model provides for management

advisory bodies consisting of external stakeholders, both at

the corporate level and at each of our shopping centres. These

bodies give material form to the principle of Inclusivity. We

describe our governance model in chapter 2 of this report.

According to this model, in 2010 we also implemented

the MSG2 – CALL Group through a pilot-project in Forum

Algarve. The purpose of this group is to strengthen our

relationship with the community and identify its needs.

Through this group we implemented a system, based on

an ideas contest in order to determine in a less subjective

manner which community projects are more relevant and

the needs of the community entities.

In 2011 we will implement the same model of this project in

the rest of our centres.

We think the implementation of the integrated management

system will help in the response to any problems or conflicts

that may arise internally (Environment, Quality and Security)

due to the fact that the different management practices

will enable us to more efficiently control and monitor the

relevant aspects of our activity.

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MATERIALITY

The process of identifying and ranking relevant aspects was

implemented in MMM P in 2008 to determine the correct

approach to the sustainable management of the company,

i.e., to understand the value that the management of ethical,

environmental and social aspects could add to MMM P.

This process was described in detail in Chapter 2 of the

company’s first sustainability report. As described there, it

resulted from a series of analyses which took into account

the following: the needs and concerns of stakeholders, social

norms, the financial impact, and the sustainability practices

implemented by the company’s main peers. Conducted

by the company’s management team with the assistance

of a specialist sustainability consultancy company, the

process of understanding the material issues was essential

to the creation of the company’s sustainability plan, which

establishes the objectives and actions for each of the material

issues. The strategic areas and the listing of the associated

strategic and relevant issues are on page 21 of this document.

The aforementioned governance model allows us to not only

bring this plan into fruition, but also to constantly update it

with the opinions and concerns of the stakeholders, via their

external departments.

In 2010 as in 2009, so as to verify the validity of the plan’s

material issues in the light of the context of the company

and its social, environmental and economic aspects, we

conducted a review of the materiality analysis, from which

we concluded that, in general terms there was no need to

include new actions areas in our sustainability commitment.

This analysis consisted of:

• Benchmark analysis (which confirmed that the relevant

issues for the sector remained the same)

• Diagnosis of legal compliance (we analysed the applicable

law and regulations which had been published or updated

during 2010 and concluded that there were no changes

that would affect the sustainability strategy). - Each

centre identified the main issues for each stakeholder,

according to the perception they transmitted.

• Gathering of relevant issues from the results of the

satisfaction surveys of owners, visitors and tenants (in the

centres where these surveys were carried out).

At the end of each strategy cycle we intend to conduct a

detailed materiality analysis, so that we can use it a basis

for the definition of the strategy of the next cycle and the

concrete measures to be implemented in the Operational

Plan. Each year, including during the cycle we will reflect

internally on whether it is necessary to make unplanned

changes to the plan in order to ensure its effectiveness.

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RESPONSIVENESS

We define our conformity with this principle through our

response, in the form of the decisions we make, to the main

concerns and expectations of the key stakeholders.

Throughout this report we have presented the actions we are

implementing to improve our performance in the strategic

sustainability areas. As we explained in the beginning of the

Inclusivity principle, these strategic areas are aligned with

the concerns of our main stakeholders. The management

indicators and the personal testimony that the reader can

find over the length of this report, in addition to the table

where we present our level of achievement of the objectives

defined in the previous year show our conformity to this

principle. The priorities of the objectives and actions in the

sustainability plan are defined, discussed and reformulated as

needed, according to the context and viability. The priority

of the actions is determined based on their importance and

maturity and on the available resources.

Regarding this point, in 2010 after a proposal of the

sustainability working groups the Sustainability Committee

decided to delay or remove some of the actions from the

Operational Sustainability Plan. This proposal was backed

by the specialist sustainability consultancy company which

has been supporting MMM P in the implementation of its

strategy.

Some of the actions were removed because they were

obsolete considering the state of the company, for example

regarding the operation of the Business School and the

evaluation of job centre courses. Also, due to the difficult

economic situation that the sector faces we thought it was

too soon to carry out responsible consumption actions, and

therefore we changed our approach in this area, in order to

be able to implement measures.

The actions that were delayed have mostly to do with the

current economic context of the company and the sector.

In this context we cannot afford the investment/cost that

was planned to carry out these actions, specifically the

ones regarding training and audits to suppliers and service

providers, among others.

We also think that some of the material issues need more

intensive work since they have different maturity and

efficiency levels. In the next year, we think it will be important

to monitor the results of the implementation of the integrated

management system, as this will be a fundamental tool to

stimulate some of the less developed areas, namely the

health and security areas. Even so, we think that the fact that

we have added some indicators regarding these issues to this

report shows our intention to one day treat them in a more

systematic manner.

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Responsiveness is also related to the communication of our

decisions to stakeholders. In this sense, this sustainability re-

port is one of the sustainability communication documents.

The annual publication of the sustainability report enables

stakeholders to understand how we ensure their inclusion

and how we respond to their concerns and expectations.

It also enables them to see the impact that the sustainable

management approach has on the economic, environmen-

tal and social performance of our centres. MMM P’s Sustain-

ability Report is available at: http://www.multi-mallmanage-

ment.pt/sustentabilidade

The mechanisms we use to communicate with the various

stakeholder groups can be seen on page 29.

GLOBAL REPORTING INITIATIVE PRINCIPLES

The 2010 sustainability report of MMM P – Gestão de

empreendimentos Imobiliários, SA, was prepared according

to the G3 guidelines, the third generation Global Reporting

Initiative (GRI) guidelines. This is the third report published

by the company at annual reporting intervals.

The principles governing the content of the report with ref-

erence to G3 conform to the principles of Materiality, Stake-

holder Inclusivity, Context of sustainability and Complete-

ness. The principles of materiality and inclusivity follow the

methodology described earlier.

As regards to the principle of context of sustainability, we

frame our results and performance indicators within an

evolving perspective of the organization throughout this

report. Our difference from other market players, both in

terms of the maturity of the sustainability project and the

type of strategy developed, prevents us from comparing

results with other players in the sector.

In this report, we cover, in terms of relevant qualitative and

quantitative information, all the shopping centres in full

operation in 2010, in accordance with the material issues

identified earlier. The Braga Retail Centre data (since it only

operated for 2 months in 2010) was not included in the

indicators. The Forum Sintra data (being renovated during

2010) was only taken into account in the employee indicators.

The data of MMM P’s head offices is not being considered

for the environmental indicators, since we determined that

it was not relevant when compared with the consumption of

the shopping centres being analysed in this report.

Every time we compare the indicators with 2009, we only

take into account the same comparable universe of shopping

centres. This means that in sections of this report the 2008

and 2009 data is different from what was published in

previous reports, because they consider different universes.

Whenever this happens, we mention it in a footnote.

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To ensure the quality of the report we observed the following principles:

BALANCE

We observe this principle by reporting the performance

indicators that affect our business according to the materiality

analysis performed, including opinions and testimonials

from our stakeholders, whether positive or otherwise. We

believe that transparency helps us refine our management

and performance and that the identification of less positive

aspects contributes to our continuous improvement.

The information reported takes as its source the company’s

management information systems and reflects their varying

degrees of sophistication.

Our compliance with the balance principle is also shown

in the level of achievement of the objectives to which we

committed ourselves in the plan.

COMPARABILITY AND TIMELINESS

We made this report with a view to obtaining comparable

performance indicators in different time horizons. Every time

we are unable to make a time comparison, we mention it in

the methodological notes.

CLARITY, ACCURACY AND RELIABILITY

Most of the information contained in this report is verified

by an external organization. The verification process focused

on the information concerning adherence to the AA1000

APS (2008) principles and on the “strategy and profile”

items defined in the GRI guidelines, as well as on a range

of performance indicators defined in those guidelines and

selected by us as the most relevant on the basis of the

following criteria:

• a minimum of 20, with at least one from each of the

indicator protocols (the minimum requirement for level

B+);

• that they correspond to structural aspects (e.g. EC1)

and/or reflect performance on the issues identified as

most relevant (highlighted as such in the GRI table). Our

financial data is also audited in the context of our annual

report and accounts. It should be noted that the reported

quantitative data was obtained from information provided

by our management systems. The reliability of this data

is corroborated by external verification. The remaining

quantitative data which was not subject to any form of

verification will be compared from period to period in

P. 1

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order to validate the methodology used for obtaining

the indicators. Whenever there is a correction in the

collection of this data, this change will be mentioned

clearly in the following periods, as is the case in this

document.

Generally, the indicators are calculated according to the GRI

methodologies. Every time this rule is not applied, the motive

is explained either in the text or in the methodological notes

added to this document.

REPORT BOUNDARY

This sustainability report observes the GRI boundaries, by reporting the management approaches, practices and results monitored by it and which influence the sustainability report. We do not have any joint-ven-tures and the shopping centres that we manage and which are relevant for reporting purposes are described in chapter 01. We have been gradu-ally extending our reporting basis to include the quantitative impacts of our stakeholders, which reflect the overall performance of the centres. One of the examples of this is the reporting of the water consumption of the tenants, which is something we did for the first time in this report.

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ANNEX Main Issues and Concernsidentified by the Managementof each Centre in 2010

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MAIN ISSUES AND CONCERNS

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Tenants

Decrease in sales/economic crisis 1 1 1 3

Shop performance (sales) 1 1 1 1 4

Overall performance of the centre/competition

1 1 1 1 1 5

Traffic in the centre 1 1 2

Stimulation of the centre /marketing/partnerships

1 1 1 1 4

Cleaning (overall and toilets) 1 1 1 1 4

Operational difficulties/procedures 1 1

Condition of the centre’s floor 1 1

Working time 1 1

Lack of smoking area 1 1

Paid parking lot 1 1

Paid parking lot for employees 1 1

New business opportunities 1 1

Security 1 1

Owners

Overall performance of the centre 1 1 1 1 1 5

Occupancy rate 1 1 1 1 1 5

Debt collection 1 1 1 1 1 5

Value of the asset 1 1 1 3

Commercial strategy 1 1 1 3

Centre renovation 1 1 2

Energy certification 1 1

Tenant mix 1 1

Suppliers

Service quality 1 1 1 1 1 1 1 7

Contract renegotiation/Economic crisis 1 1 1 3

Negotiation of proposals 1 1 1 3

Payment deadlines 1 1 2

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MAIN ISSUES AND CONCERNS

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Training 1 1 2

Loyalty 1 1

Absenteeism 1 1

Environment and Security 1 1

Compliance with procedures 1 1

Visitors

Shop mix 1 1 1 1 4

Cleaning 1 1 1 3

Decrease in purchasing power/Prices 1 1 2

Comfort in the centre 1 1 2

Parking lot access 1 1 2

Security 1 1

Employee exchange program 1 1

Parking lot ventilation 1 1

Old internet website 1 1

LPG parking lot spaces being used by other vehicles

1 1

Available seats in the restaurant area 1 1

Lack of smoking area 1 1

Uncovered parking lot 1 1

Parking lot security 1 1

Paid parking lot 1 1

Local community

Organize joint events/initiatives 1 1 1 1 1 1 6

Support 1 1 1 1 1 5

Promotion of community organizations/concession of space

1 1 1 1 1 1 6

Environment in the community 1 1 2

Operational management during events 1 1

Partners

Economic crisis 1 1 2

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MAIN ISSUES AND CONCERNS

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Foru

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Sponsorships 1 1

Creation of new business opportunities in various areas

1 1

Service quality 1 1 2

Suitability of the service to the needs 1 1

Employees

Sustainability and development perspectives of the company

1 1 1 1 1 1 6

Personal development/Training/ Progression

1 1 1 3

Improvement of the service and visitor satisfaction

1 1 1 3

Achievement of objectives 1 1

Adherence to implemented procedures, namely in the security, cleaning and maintenance areas.

1 1

Wages 1 1

Focus on teamwork 1 1

Optimization of available resources 1 1

Increase in workload 1 1

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Methodological Notes

NOTES TO THE QUANTITATIVE INDICATORS

The Multi Mall Management Portugal financial data present-

ed here is based on the Annual Report of Accounts which is

previously audited.

The data on the human resources of Multi Mall Management

Portugal were obtained from the company’s management.

The social and environmental data was put together for each

shopping centre, with information from MMM P’s informa-

tion management systems.

EXCLUSIONS FROM THE SCOPE OF THE REPORT

The exclusions from the scope of reporting are identified

throughout the report, and in these methodological notes.

All the shopping centres in operation and under the man-

agement of MMM P are included in the total quantitative data

of this report. The exception to this methodology is Forum

Sintra, which is undergoing renovation, and Braga Retail

Centre since it only operated for two full months in 2010,

which means that the data was not mature enough to be re-

ported. As a result, the data from these centres could not be

compared with the data from the remaining centres which

were in operation for the whole of 2010. Even so, data from

Forum Sintra was included in the employee indicators.

Compared with 2009 the shopping centres Forum Barreiro

and Forum Castelo Branco have been excluded from the

scope of this report because they are no longer under the

management of MMM P.

Throughout the report, we present results called compara-

ble data, which exclude Espaço Guimarães. This centre is

excluded so that we can make a more accurate annual com-

parison of the results, due to the fact that we do not have the

full data for 2009 and 2010, because this centre was inaugu-

rated in the middle of 2009.

EXPLANATION OF THE PERFORMANCE INDICATOR

“EXTRAORDINARY MONTHLY PROFITABILITY OF THE

ASSETS UNDER MANAGEMENT”

Our objective is to generate a return on the assets above the

expected rate and as agreed with each owner. The monthly

profitability of the building is agreed with the owner and is

reflected in rents. When calculating this indicator, we only

took into account the additional profitability above what was

agreed in advance with each owner.

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Calculation of the Extraordinary Profitability of a Shopping

Centre:

Annual extraordinary profitability of a shopping centre = (ef-

fective annual return/agreed annual return) - 1 / 12 Months

Monthly Extraordinary Profitability of the shopping centres:

This figure corresponds to the sum of the extraordinary prof-

itability of each centre weighted by the size of each centre.

The size is measured in square metres of gross leasable area

(GLA).

EXPLANATION OF THE INDICATOR

“VISITOR SATISFACTION SURVEY”

This indicator reflects the satisfaction of visitors in the pe-

riodic surveys we conduct in each shopping centre. The

frequency of these surveys is subject to the approval of the

individual owners of the centres we manage, which means

that it varies.

The visitor satisfaction ranking is provided by the latest peri-

odic survey (IPS) conducted in each shopping centre by spe-

cialist companies up to a year prior to the year of reporting.

In 2010, the shopping centres which conducted this survey

and therefore contributed to the calculation of this indica-

tor were: Forum Algarve, Forum Almada, Forum Aveiro, Ar-

mazéns do Chiado, Forum Coimbra, Forum Madeira, Forum

Montijo and Forum Viseu. The survey was not carried out

in Parque Mondego, W Shopping and Espaço Guimarães be-

cause it was not approved by the owner.

This indicator corresponds to approximately 87% of the visi-

tors to the shopping centres covered in this report. The glo-

bal satisfaction results were determined from the average of

the results of the above centres, after harmonising their rat-

ing scales.

In 2010 the calculation regarding security included the pa-

rameters Security in the Centre and Security in the Parking

Lot. The calculation of the satisfaction index regarding clean-

liness and hygiene included the parameters: Cleanliness and

Hygiene in the bathrooms and Cleanliness and Hygiene in

the Restaurants.

EXPLANATION OF THE INDICATOR “TENANT SATISFACTION SURVEY”

The indicator reflects the satisfaction of the tenants in the

periodic surveys we conduct in each shopping centre. These

surveys are conducted annually, but they must be previous-

ly approved by the individual owners of the centres under

management, which means that their frequency varies.

The shopping centres that conducted the annual tenants’

survey and thus contributed to the calculation of this indi-

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cator in 2010 were: Forum Algarve, Forum Almada, Forum

Aveiro, Armazéns do Chiado, Forum Coimbra, Forum Madei-

ra, Parque Mondego, Forum Montijo and Espaço Guimarães.

These shopping centres include approximately 89% of the

tenants of all the shopping centres within the scope of the

report. W Shopping and Forum Viseu were the only centres

to not participate in this study, because of operational rea-

sons.

The global satisfaction results were determined from the av-

erage of the results of the above centres, after harmonizing

their rating scales.

INDICATORS SO8 AND PR9

In the calculation of the SO8 and PR9 indicators we took into

account a significant fine when the figure is above 5.000€.

EXPLANATION OF THE DIRECTAND INDIRECT JOBS INDICATOR

The direct jobs indicator reflects the number of people em-

ployed in the centres, including MMM P employees working

in the centres and tenants’ and service providers’ employees.

Indirect jobs include people who, although not employed by

the management or tenants, provide services to tenants and

spend the majority of their time working in the centre.

These figures were arrived at by asking tenants for the num-

bers of own employees and those of service providers.

Every time it was not possible to gather the information of

all the shops, we made an estimate based on the number of

shops in the centre.

EXPLANATION OF THE CALCULATIONOF THE EMPLOYEE TURNOVER RATE (LA2)

The turnover rate in each of the age bands was calculated

according to the following formula:

Turnover rate of group n = Number of employees leaving

from group n / (number of employees in group n + number

of employees leaving group n).

Group n can be either an age band or gender.

CALCULATION OF THE LA7 INDICATOR

Absenteeism rate calculation Absenteeism rate = absenteeism (hours) / total number of

working hours.

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Calculation of working hours:We made an estimate based on the assumption that a po-

tential employee would work 252 days per year, 8 hours day,

and have 25 days of vacation. The same formula is applied

for every MMM P employee.

Calculation of hours worked:We removed the hours of absenteeism, identified through

medical certificates or other evidence, from the working

time to get the actual amount of hours worked.

CALCULATION OF INDICATOR LA10

In the calculation of the training per employee we only took

into account the employees that actually received training

and not the total number of employees in December 31st

2010.

CALCULATION OF INDICATOR LA13

The data from 2009 was reformulated because the employ-

ees at MMM P were being incorrectly distributed by occu-

pational category. As a result, the data from 2009 and 2010

can now be compared. Below we present the reformulated

2009 data. The 2010 data can be found in chapter 03.4 valu-

ing people.

AGE GROUP AND OCCUPATIONAL CATEGORY 2009

18 to 34 years 35 to 44 years 45 to 54 years

Female Male Female Male Female Male

Director 0 0 0 0 0 2

Regional Manager 0 0 1 5 0 0

Centre Manager 4 4 6 7 0 2

Department manager 5 2 4 6 0 0

Assistant 28 11 6 6 4 1

Total by age and gender 37 17 17 24 4 5

Total by age 54 41 9

CALCULATION OF INDICATOR LA14

The female-male salary ratio was calculated based on the

average wage of men and women in each of the occupa-

tional categories.

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PAPER CONSUMED

The total volume of paper consumed includes the paper

consumed in the offices of the shopping centres and in MMM

P’s head offices. Contrary to our practice in all other envi-

ronmental indicators, we report the paper consumed in our

offices by the volume consumed and in terms of our efforts

in managing this impact. Accordingly, the reporting of this

impact in our offices makes it relevant to present their level

of consumption.

The data relating to MMM P’s offices is excluded from the

other environmental indicators.

WATER CONSUMPTION

Water consumption does not include the consumption of

MMM P’s head offices, because it is irrelevant when com-

pared with the consumption of the centres.

In Parque Mondego the reported water consumption cor-

responds only to the water used by the centre management

since we do not know what the consumption of the public

toilets is due to the lack of bills..

ENERGY CONSUMPTION

Energy consumption does not include the consumption of

MMM P’s head offices, which is insignificant when compared

with the consumption of the centres.

This year we present the diesel fuel consumption of the cen-

tres’ emergency generators for the first time.

The amounts shown in the indicator do not account for

the energy losses due to the distribution and transportation

of energy in the network, and for the losses caused by the

limitations in the efficiency of the processes that generate

the electricity we consume, since we were unable to obtain

updated values which include all these components from a

public company.

DISTRIBUTION OF INDIRECT ENERGY

BY PRIMARY ENERGY SOURCE

This indicator was calculated based on the energy produc-

tion mix we were given by the Energy Services Regulatory

Authority (ERSE, 2011). The utility retailer EDP Serviço Uni-

versal was used as the reference for the overall consumption

of electricity at all the centres under management, and the

parcels associated with each primary energy source were

weighted by the total electricity consumed.

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CO2 EMISSIONS

In 2008 we did not take into account the emissions caused

by car travel because we did not have any available data. As

a result, the 2008 results only include the emissions from fuel

consumption, electricity and air travel. In 2009 and 2010 we

included the emissions caused by car, which were calculated

from the amount of km travelled.

The 2010 data also takes into account the new emission

factors published by the ERSE in 2011.

We used the following data and information sources to

calculate the CO2 emissions:

PROPANE GAS

PCI (Kcal/m3)PCI (Kcal/Kg)

20.56011.070

BP

Emission Factor CO2

(Kg CO2 /GJ)

73,98Portuguese Environment Agency

1 Kcal = 4.186 JPortuguese Environment Agency

NATURAL GAS

PCI (GJ/m3) 0,03846Portuguese Environment Agency

Emission Factor CO2

(Kg CO2 /GJ)

56,10Portuguese Environment Agency

ELECTRICITY

Emission Factor CO2

(Kg CO2 /kWh)

0,341ERSE (used in 2008 and 2009)

0,230 ERSE (used in 2010)

1 kWh=3.600.000 J=3,6x10-3GJInternational Energy Agency

AIR TRAVEL

Travel < 1500Km (g CO

2 /p Km)

338CE Solutions (2003); IPCC (1999)

Travel 1500Km - 6000Km(g CO

2 /p Km)

217CE Solutions (2003); IPCC (1999)

Travel > 6000Km (g CO

2 /p Km)

197CE Solutions (2003); IPCC (1999)

1 Mile = 1,609 Km

REFRIGERATION

R22 (Kg CO2 /Kg) 1500

Portuguese Environment Agency

R407C (Kg CO2 /Kg) 1370

Portuguese Environment Agency

R134A (Kg CO2 /Kg) 1300

Portuguese Environment Agency

R410 A (Kg CO2 /Kg) 1370

Portuguese Environment Agency

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GRI Table

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Economic management approach

Objectives and performance 88-94 3.6.1 What we did in 2010

Policies 19-20 02. Our sustainability strategy

Additional relevant information31-35 03.1 Economic performance

44-45 03.2.1 Partnership with the owner

Environmental management approach

Objectives and performance 88-90, 92-93 3.6.1 What we did in 2010

Policies19-20 02. Our sustainability strategy

57, 60 03.3 Valuing the Environment

Organizational responsibility 56-57  03.3 Valuing the Environment

Training and awareness 58-59 03.3 Valuing the Environment

Monitoring and follow up56-60 03.3 Valuing the Environment

89-98 3.6.1 What we did in 2010

Labour practices management approach

Objectives and performance 88, 91-92, 94 3.6.1 What we did in 2010

Policies19-20 02. Our sustainability strategy

77 03.4 Valuing people

Organizational responsibility 70 03.4 Valuing people

Training – Head of the Business School manage-mentHuman resources administrative activities (ex: health and safety, employment, labour relations - Finance Department

Training and awareness 73-74 03.4 Valuing people

Monitoring and follow up70 03.4 Valuing people

88, 91-92 3.6.1 What we did in 2010

Human rights management approach

Objectives and performance 88, 91-92, 94 3.6.1 What we did in 2010 The Business Principles document specifically covers respect for the Declaration of Human Rights and the laws and other rules of the society in which we operate. This document has been distributed internally and is the subject of internal training. It also has been circulated to the various stakeholders.

To date we have not had any formal process spe-cifically to evaluate this aspect. However, respect for human rights is intrinsic to our organisation. In our group, violation of human rights by people involved in our day-to-day business will result in legal and professional consequences.

Policies 19-20, 77 02. Our sustainability strategy

Organizational responsibility 70 03.4 Valuing people

Training and awareness 74 03.4 Valuing people

Monitoring and follow up 70 03.4 Valuing people

GRI TABLE PAGE LOCATION IN THE REPORT REMARKS

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Social management approach

Objectives and performance 90-94 3.6.1 What we did in 2010

Policies19-20 02. Our sustainability strategy

79-81 03.5 Valuing the community

Organizational responsibility 78  03.5 Valuing the community

The shopping centres and their hierarchical struc-tures are responsible for managing community aspects in a decentralized way. The other GRI social aspects, such as corruption and compliance are managed by the Legal Affairs Department.

Training and awareness 78-79 03.5 Valuing the community

Monitoring and follow up

79-81 03.5 Valuing the community

90-92 3.6.1 What we did in 2010

03.5 Valuing the community For the aspects re-lating to ethics and conduct, apart from the for-mal relationships between employees and the company governed by legal contracts, we do not have formal practices for monitoring and follow up.

Product responsibility management approach

Objectives and performance 88-94 3.6.1 What we did 2010

Policies

19-20, 77 02. Our sustainability strategy

46 03.2.2 Engagement with visitors

50 03.2.3 Partnership with tenants

Organizational responsibility 53-5403.2 Valuing our visitors, partners  and customers

At centre management level, ultimate responsibil-ity resides with the centre manager, who reports to his regional manager. The regional manager reports regularly to the Board of the company, in terms of performance in the product manage-ment aspects described in this report. The Board of the company has ultimate operational respon-sibility for the shopping centres.

Training and awareness 73-74 03.4 Valuing people

Monitoring and follow up36-55

03.2 Valuing our visitors, partners and customers

88-92 3.6.1 What we did in 2010

GRI TABLE PAGE LOCATION IN THE REPORT REMARKS

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1.Strategy and analysis

Indicator

1.1 Statement from the most senior decision-maker (e.g. CEO, chair or equivalent senior position) about the relevance of sustainability to the organisation and its strategy.

5-7 Verified

1.2 Description of the key impacts, risks and opportunities associated with the organisation’s business

22-23 Verified

2. Organizational profile

2.1 Name of the reporting organisation 130 Verified

2.2 Main brands, products and/or services 11-13 Verified

2.3 Operational structure of the organisation, including main divisions, operating companies, subsidiaries and joint ventures

14-17 There are no joint ventures in MMM P. Verified

2.4 Location of the organisation’s headquarters 130 Verified

2.5 Number of countries where the organisation operates, and names of countries with major operations that are specifically relevant to the sustainability issues covered in the report

10-11 Verified

2.6 Nature of ownership and legal form 130 Verified

2.7 Markets served (including geographic breakdown, sectors served and types of customers/beneficiaries)

9-13 Verified

2.8 Scale of the reporting organisation, including number of employees, net sales (for private sector organisations) or net revenues (for public sector organisations) and quantity of products or services provided

8, 10-13, 30, 32-33, 35, 71

Verified

2.9 Significant changes during the reporting period regarding size, organisational structure or ownership

14, 107-112 Verified

2.10 Awards received in the reporting period 13 Verified

3. Report parameters

3.1 Reporting period (e.g. fiscal/calendar year) for information provided in the report

5 This report relates to 2010 Verified

3.2 Date of the most recent previous report (if any) 100 The most recent previous report relates to 2009. Verified

3.3 Reporting cycle (annual, biennial, etc) 100 The reporting cycle of MMM P is annual. Verified

3.4 Contact point for questions regarding the report or its content, including e-mail address and website

130 Verified

3.5 Process for defining the report content, including: determining materiality, prioritising topics within the report, and identifying stakeholders the organisation expects to use the report

19-29, 100-102, 104-106

Verified

3.6 Boundary of the report (e.g. countries or regions, facilities, products or services, divisions, leased facilities, joint ventures or subsidiaries, and any other limitations of specific scope)

10-11, 102, 107 Verified

3.7 State any specific limitations on the scope or boundary of the report

102, 107 Verified

3.8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations and any other situations that may significantly affect comparability from period to period or between organisations

10-11, 102, 107 Verified

3.9 Data measurement techniques and the bases of calculations, including assumptions and techniques underlying estimates applied to the compilation of the indicators and other information in the report

107-112 Verified

GRI TABLE PAGE LOCATION IN THE REPORT REMARKS

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3.10 Explanation of the effect of any re-statements ofinformation provided in earlier reports and the reasonsfor such re-statements (e.g. mergers/acquisitions, changeof base years/periods, nature of business, measurementmethods)

107-112 Verified

3.11 Significant changes from previous reporting periodsin the scope, boundary or measurement methods appliedin the report

102, 107-112 Verified

3.12 Table identifying the location of the Standard Disclosures in the report

107-112 Verified

3.13 Policy and current practice with regard to seeking external assurance for the report. If not included in the assurance report accompanying the sustainability report, explain the scope and basis of any external assurance provided. Also explain the relationship between the reporting organisation and the assurance provider(s)

126-128 Verified

4. Governance, Commitments and Engagement

4.1 Governance structure of the organisation, includingcommittees under the highest governance body responsible for specific tasks such as setting strategy or organisational oversight

14-17, 25-27 Verified

4.2 Indicate whether the Chair of the highest body isalso an executive director (and if so, their function withinthe organisation’s management and the reasons for thisarrangement)

16Every member of  the Board has  responsibilities  in other management areas.  Composition  as  a  unitary  Board  structure,  as  permitted  in legislation, is a decision made by the company during its founding.

Verified

4.3 For organisations that have a unitary Board structure,state the number of members of the highest governancebody that are independent and/or non-executivemembers

16 Verified

4.4 Mechanisms for shareholders and employees toprovide recommendations or direction to the highestgovernance body

25-27 Verified

4.5 Linkage between compensation for members ofthe highest governance body, senior managers andexecutives (including departure arrangements) and theorganisation’s performance (including social and environmental performance)

75 Verified

4.6 Process in place for the highest governance body toensure conflicts of interest are avoided 70

Compliance with the business principles and the MMM BV Code ofConduct subscribed to in 2009 ensure that the conduct of our employ-ees is based on ethical and responsible behaviour.Compliance with these documents is controlled by the horizontal struc-ture of the organisation and by the constant proximity and management relationship of the various hierarchical levels, which prevents conflicts of interest across the organisation.Implementation of the governance model began in 2008. This model is responsible for advising on and presenting all proposals for investment in sustainability to the Board. The members of its bodies were selected on  the  basis  of  their  responsibilities  and  roles  in  the  management  of the social, environmental and economic aspects. This criterion for se-lection and determination of qualifications and expertise will continue to prevail  in  the organisation due  to high degree of horizontality and multidisciplinarity required by the governance model of MMM Portugal.Accordingly, the organisation has not seen a need to establish a formal process for the constitution or appointment of managers withexpertise in discussion of and decision-making on economic, social and environmental aspects

Verified

4.7 Process for determining the qualifications andexpertise of the members of the highest governancebody for guiding the organisation’s strategy on economic,environmental and social topics

25 Verified

4.8 Internally developed statements of mission or values,codes of conduct and principles relevant to economic,environmental and social performance and the status oftheir implementation

10, 20, 70 Verified

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4.9 Procedures of the highest governance body for overseeing the organisation’s identification and management of economic, environmental and social performance, including relevant risks and opportunities, and adherence or compliance with internationally agreed standards, codes of conduct and principles

14-17, 25-27 Verified

4.10 Processes for evaluating the highest governancebody’s own performance with respect to economic,environmental and social performance

75 Verified

4.11 Explanation of whether and how the precautionaryapproach or principle is addressed by the organisation

19-29 Verified

4.12 Externally developed economic, environmental andsocial charters, principles or other initiatives to which theorganisation subscribes or endorses

16 Verified

4.13 Significant participation in associations (such asindustry associations) and/or national/international advocacy organisations in which the organisation: haspositions in governance bodies; participates in projects orcommittees; provides substantive funding beyond routinemembership dues; or views membership as strategic

16

MMM Portugal does not directly belong to any trade association.However, via Multi Development Portugal, a company of the MultiCorporation Group, we are represented on the management bodies of the Portuguese Association of Shopping Centres.

Verified

4.14 List of stakeholder groups engaged by the organisation

29 Verified

4.15 Basis for identification and selection of stakeholderswith whom to engage

24, 28The Sustainability Report 2008 explains  in detail  the process of stake-holder identification and consultation included in the development of the Sustainability Strategy and Plan.

Verified

4.16 Approaches to stakeholder engagement, includingfrequency of engagement by type and stakeholder group

29 Verified

4.17 Key topics and concerns that have been raisedthrough stakeholder engagement, and how the organisation has responded to those key topics and concerns, including through its reporting

22-23, 104-106 Verified

Economic performance indicators

Aspect – Economic performance

EC1. Direct economic value generated and distributed,including revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments (core)

33-34Verified and

complete

EC2. Financial implications and other risks and opportunities for the organisation’s activities due to climate change (core)

-The company does not have management mechanisms that enable it to report this indicator.

-

EC3. Coverage of the organisation’s defined benefit planobligations (core)

-The company does not have a pension plan or benefits which involve present and future financial coverage.

Verified and complete

EC4. Significant financial assistance received from government (core)

-The company has not received significant financial assistance from the Government or any other State body.

Verified and complete

Aspect – Market presence

EC5. Ratio of standard entry level wage compared to local minimum wage at significant locations of operation (core)

72 -

EC6. Policy, practices and proportion of spending onlocally-based suppliers at significant locations of operation (core)

-The  company  does  not  have  procedures  for  hiring  or  recording  local suppliers.

-

EC7. Procedures for local hiring and proportion of senior management hired from the local community at significant locations of operation (core)

-We  do  not  have  defined  procedures  for  local  hiring,  but  the overwhelming majority of employees and managers of the company are Portuguese nationals.

-

Aspect – Indirect economic impacts

EC8. Development and impact of infrastructure investments and services provided primarily for public benefit through commercial, in-kind or pro bono engagement (core)

82-86Verified and

complete

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EC9. Description and analysis of significant indirect economic impacts, including the extent of impacts (additional)

35, 46, 50, 81

There  are  other  indirect  socio-economic  impacts  resulting  from  the scope of our activities. However, since the reporting methodologies have been in place for insufficient time and are insufficiently sophisticated, it is not possible to present these indicators.

Verified and partial

 Environmental performance indicators

Aspect – Raw materials

EN1. Materials used, by weight and volume (core) 69 -

EN2. Percentage of materials used that are recycled inputmaterials (core)

69 -

Aspect – Energy

EN3. Direct energy consumption by primary energysource (core)

63-65Verified and

complete

EN4. Indirect energy consumption by primary energy source (core)

65Verified and

complete

EN5. Energy saved due to conservation and efficiencyimprovements (additional)

65-66Verified and

complete

EN6. Initiatives to provide energy-efficient or renewableenergy-based products and services, and reductionsin energy requirements as a result of these initiatives (additional)

65-66 -

EN7. Initiatives to reduce indirect energy consumptionand reductions achieved (additional)

65-66 -

Aspect - Water

EN8. Total water withdrawal by source (core) 62Verified and

complete

EN9. Water sources significantly affected by withdrawal ofwater (additional)

Not relevant -

EN10. Percentage and total volume of water recycled andreused (additional)

62 Water recycling is not performed in our facilities.Verified and

complete

Aspect - Biodiversity

EN11. Location and size of land owned, leased or managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas (core)

Not relevantAs  the manager of  shopping centres, MMM Portugal has no  influence over the location of buildings.

-

EN12. Description of significant impacts of activities,products and services on biodiversity in protected areasand areas of high biodiversity value (core)

Not relevantAs  the manager of  shopping centres, MMM Portugal has no  influence over the location of buildings.

-

EN13. Habitats protected or restored (additional) - No programmes have been implemented with the specific objective of protecting  biodiversity.  However,  many  of  the  actions  and  initiatives implemented  to  reduce  other  impacts,  including  the  management  of water, energy and waste, have the effect of minimising impacts on bio-diversity.

-

EN14. Strategies, current actions and future plans formanaging impacts on biodiversity (additional)

- -

EN15. Number of IUCN Red List species and nationalconservation list species with habitats in areas affected byoperations, by level of extinction risk (additional)

-As  the manager of  shopping centres, MMM Portugal has no  influence over the location of buildings.

-

Aspect - Emissions, Effluents and Waste

EN16. Total greenhouse gas emissions by weight (core) 66-67 -

EN17. Other relevant indirect greenhouse gas emissionsby weight (core)

66-67 -

EN18. Initiatives to reduce greenhouse gas emissions andreductions achieved (additional)

65-66Energy  efficiency  initiatives  result  in  reductions  in  greenhouse  gas emissions.

-

EN19. Emissions of ozone-depleting substances by weight (core)

Not applicable -

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EN20. NOx, SOx and other significant atmospheric emissions by type and weight (core)

Not relevantNo  other  relevant  sources  of  atmospheric  emissions  of  NOx,  SOx  or other gases were identified.

-

EN21. Total water discharge by quality and destination (core)

Not relevantAll discharges of water are made to the municipal sewer, the appropriate destination  for  the  type  of  waste  water  produced  at  our  facilities. We consider that its environmental impact is therefore minimised.

-

EN22. Total weight of waste by type and disposal method(core)

67-69Verified and

complete

EN23. Total number and volume of significant spills (core) Not relevantThe  spills  that  occur  are  minimal,  and  this  indicator  is  therefore regarded as not relevant.

-

EN24. Weight of transported, imported, exported or treated waste deemed hazardous under the terms of the Basel Convention Annexes I, II, III and VIII, and percentage of transported waste shipped internationally (additional)

Not applicableWe do not carry out any hazardous waste handling operations. This type of waste is passed to operators certified to handle it.

-

EN25. Identity, size, protected status and biodiversity value of water bodies and related habitats significantly affected by the reporting organisation’s discharges of water and run-off (additional)

Not applicableAll discharges of water are made to the municipal sewer, the appropriate destination  for  the  type  of  waste  water  produced  at  our  facilities. We consider that its environmental impact is therefore minimised.

-

Aspect – Products and Services

EN26. Initiatives to mitigate environmental impacts of products and services, and extent of impact mitigation (core)

56-69 -

EN27. Percentage of products sold and their packaging materials that are reclaimed by category (core)

Not applicable -

Aspect - Conformity

EN28. Monetary value of significant fines and totalnumber of monetary sanctions for non-compliance withenvironmental laws and regulations (core)

-MMM Portugal has not been subject to any fines or penalties for non-compliance with environmental laws or regulations.

Verified and complete

Aspect - Transport

EN29. Significant environmental impacts of transporting products and other goods and materials used in the organisation’s operations, and transporting members of the workforce (additional)

66-67 -

Aspect - Overall

EN30. Total environmental protection expenditures and investments by type (additional)

- -

Labour Practices and Decent Work Performance Indicators

Aspect - Employment

LA1. Total workforce by employment type, employment contract and region (core)

71-72Verified and

complete

LA2. Total number and rate of employee turnover by age group, gender and region (core)

71-72Verified and

complete

LA3. Benefits provided to full-time employees that are not provided to temporary or part-time employees (additional)

73 -

Aspect – Labour/Management relations

LA4. Percentage of employees covered by collective bargaining agreements (core)

73

LA5. Minimum notice period(s) regarding significant operational changes, including whether it is specified in collective bargaining agreements

73 -

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Aspect – Occupational health and safety

LA6. Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programmes. (additional)

73 -

LA7. Rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities by region (core)

73Verified and

complete

LA8. Education, training, counselling, prevention and risk-control programmes in place to assist workforce members, their families or community members regarding serious diseases

73The company does not have education, training, counselling or preven-tion programmes which fall within the scope of this indicator.

-

LA9. Health and safety topics covered in formal agreements with trade unions (additional)

73 The company does not have any formal agreements with trade unions. -

Aspect – Training and education

LA10. Average hours of training per year per employee by employee category (core)

73-74Verified and

complete

LA11. Programmes for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings (additional)

74-75 -

LA12. Percentage of employees receiving regular performance and career development reviews (additional)

75Verified and

complete

Aspect – Diversity and equal opportunity

LA13. Composition of governance bodies and breakdown of employees per category according to gender, age group, minority group membership, and other indicators of diversity (core)

72Verified and

complete

LA14. Ratio of basic salary of men to women by employee category (core)

72Verified and

complete

Social Performance Indicators – Human Rights

Aspect – Investment and Procurement practices

HR1. Percentage and total number of significant investment agreements that include human rights clauses or that have undergone human rights screening (core)

Not applicable -

HR2. Percentage of significant suppliers and contractors that have undergone screening on human rights and actions taken (core)

-

In  2008  we  approved  our  business  principles,  which  incorporate  the Declaration of Human Rights as the basis  for our behaviour and busi-ness practices.In 2009 and 2010 these principles were widely distributed by our em-ployees (in training) and suppliers/service providers (through the Part-ner  Guide).  Our  objective  is  to  ensure  that  the  suppliers  comply  with this guide, enabling us  to guard against violations of  these principles in our value chain. In  MMM  P  we  still  do  not  have  a  formal  evaluation  system  of  suppli-ers and contractors, but our Sustainability Plan includes the training of suppliers and service providers on Human rights, in order to facilitate a future evaluation approach. 

Verified and complete

HR3. Total hours of employee training on policies and procedures concerning aspects of human rights that are relevant to operations, including the percentage of employees trained. (additional)

74It was provided trainning to the center’s management teams concerning Business  Principles  and  the  Partners  and  Tenants  Guides,  which included Human Rights issues.

-

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Aspect – Non Discrimination

HR4. Total number of incidents of discrimination and actions taken (core)

- No incidents of discrimination were recorded in 2010.Verified and

complete

Aspect – Freedom of Association and Collective Bargaining

HR5. Operations identified in which the right to exercise freedom of association and collective bargaining may be at significant risk, and actions taken to support these rights (core)

73

In MMM Portugal there is no impediment to freedom of association and collective bargaining.We  comply  with  and  respect  the  law  and  the  fundamental  values  of society, which are incorporated in our business principles.

Verified and complete

Aspect – Child Labour

HR6. Operations identified as having significant risk for incidents of child labour, and measures taken to contribute to the elimination of child labour (core)

-

There is no risk of the occurrence of child labour in MMM Portugal.This risk is not expected to arise in our value chain. However, we plan to communicate with our key stakeholders about sustainability issues, including the analysis and communication of this risk.

-

Aspect – Forced and Compulsory Labour

HR7. Casos em que exista um risco significativo de ocorrência de trabalho forçado ou escravo, e medidas que contribuam para a sua eliminação. (essencial)

-

There is no risk of the occurrence of forced or compulsory labour inMMM Portugal. This risk is not expected to arise in our value chain.However,  we  plan  to  communicate  with  our  key  stakeholders  about sustainability issues, including the analysis and communication of this risk.

-

Aspect – Security Practices

HR8. Percentagem do pessoal de segurança submetido a formação nas políticas ou procedimentos da organização, relativos aos direitos humanos, e que são relevantes para as operações. (complementar)

-

The  securityservices  are  provided  by  external  companies  subcontracted  by MMM. Although it is planned the communication of our principles to our main stakeholders, being the Human Rights issues and theme to consider in this communications. It is also important to refer the good practices of our security service providers concerning the certifications they have, which also include some aspects on human rights.

-

Aspect – Indigenous Rights

HR9. Total number of incidents of violations involving rights of indigenous people and actions taken (additional)

-There  is  no  risk  of  violation  of  the  rights  of  indigenous  people  in Portugal.

-

Social Performance Indicators - Society

Aspect - Community

SO1. Nature, scope and effectiveness of any programmes and practices that assess and manage the impacts of operations on communities, including entering, operating and exiting (core)

-

Through  its  Sustainability  Policy  and  Operational  Plan  MMM  has mechanisms  that  enable  it  to  monitor  some  of  the  environmental, social and economic impacts on the community. The publication of the Philanthropy Policy in 2009 and 2010 together with the implementation of the MSG2 as a pilot-project in Forum Algarve, allowed us to identify the needs of the various local community entities. This will ensure that the centres support the surrounding community in a more focused manner, which will bring about positive effects. After the success of the MSG2 in Forum Algarve, in which after a tender we selected and gave significant support to an initiative developed by a local organization regarding the transportation of newborn babies, MMM P decided  to  implement  it  in the  remaining  centres  in  order  to  maximize  our  responsible  conduct in  all  of  the  geographic  locations  where  we  operate.  In  addition to  these  new  mechanisms,  we  have  environmental  management systems  in  every  centre  and  are  beginning  the  implementation  of  an integrated management system (AQS) which we think will cover, at the centre  management  level,  a  great  range  of  issues  related  to  quality, environment and safety that impact the surrounding communities. Before  the  beginning  of  every  project  we  are  also  careful  to  establish the necessary contacts with the local entities and authorities, in order to identify potential problems that may arise and evaluate improvement opportunities  that can benefit  the community and ease  the operation of our centres.

Verified and complete

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Aspect - Corruption

SO2. Percentage and total number of business units analysed for risks relating to corruption (core)

-The company does not have mechanisms enabling it to report on this indicator.

-

SO3. Percentage of employees trained in the organisa-tion’s anti-corruption policies and procedures (core)

-

The company does not possess anti-corruption policies and practices.However, our business principles and the MMM BV code of conduct to which  we  subscribed  in  2009  enable  us  to  minimise  the  risk  of  such cases occurring.

-

SO4. Actions taken in response to incidents of corruption -The company did not record any cases of corruption in 2010 and has not recorded any throughout its trading history.

Verified and complete

Aspect – Public Policy

SO5. Participation in public policy development and lob-bying (core)

- -

SO6. Total value of financial and in-kind contributions to political parties, politicians and related institutions by country (additional)

-MMM Portugal does not make financial contributions to political parties or related institutions.

-

Aspect – Anti-Competitive Behaviour

SO7. Total number of legal actions for anti-competitive behaviour, anti-trust and monopoly practices and their outcomes (additional)

-We have not been the subject of any legal actions for anti-competitive behaviour, anti-trust or monopoly practices.

-

Aspect - Conformity

SO8. Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations (core)

- There were no significant fines in 2010.Verified and

complete

Social Performance Indicators – Product Responsibility

Aspect – Customer health and safety

PR1. Life cycle stages in which health and safety impacts of products and services are assessed for improvement, and percentage of significant products and services categories subject to such procedures (core)

54-55Considering  that  MMM  has  no  influence  in  the  performance  of  the centres  in  the  remaining  stages,  there  are  only  measures  to  evaluate, monitor and reduce impacts in the operation stage. 

Verified and complete

PR2. Total number of incidents of non-compliance with regulations and voluntary codes concerning health and safety impacts of products and services, by type of outcomes (additional)

-

There were no incidents of this kind.The  implementation  of  the  integrated  management  system  (that includes the WSH area according to the OSHAS 18001 standard), which was started in 2010 will enable us to give a more substantiated answer to this indicator in the next reports.

-

Aspect – Product and Service Labelling

PR3. Type of product and service information required by procedures, and percentage of significant products and services subject to such information requirements (core)

- -

PR4. Total number of incidents of non-compliance with regulations and voluntary codes concerning product and service information and labelling, by type of outcomes (additional)

-

The  company  has  not  reliable  methods  of  reporting  this  indicator  in an  aggregated  way.  However  there  is  a  complaints,  suggestions  and incidents registry  for users of  the shopping centers. According to  this registry there were no incidents, of this kind.

-

PR5. Practices relating to customer satisfaction, including results of surveys measuring customer satisfaction (ad-ditional)

46-47Verified and

complete

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Aspect – Marketing Communications 

PR6. Programmes for adherence to laws, standards, and voluntary codes relating to marketing communications, including advertising, promotion and sponsorship (core)

Not relevant

The  company  does  not  adhere  to  any  voluntary  codes  concerning marketing  communications  including  advertising,  promotion  or sponsorship,  with  the  result  that  the  indicators  concerned  are  not relevant to the current management of the organisation.

-

PR7. Total number of incidents of non-compliance with regulations and voluntary codes concerning marketing communications, including advertising, promotion and sponsorship, by type of outcomes (additional)

Not relevant -

Aspect – Customer Privacy

PR8. Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data (additional)

-The  company  did  not  record  any  complaints  concerning  breaches  of privacy arising from actions by the management of MMM Portugal.

Verified and complete

Aspect - Conformity

PR9. Monetary value of significant fines for noncompli-ance with laws and regulations concerning the provision and use of products and services

- There were no significant fines in 2010.Verified and

complete

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Published byMulti Mall Management Portugal

ConsultancySustentare, Lda

DesignBeNext

Multi Mall ManagementGestão de Empreendimentos Imobiliários, SAAvenida Cáceres Monteiro, nº10 - 3º

Arquiparque II - Miraflores

1495-192 Algés, Portugal

For more information contact:João Ferreira da Cruz

T. +351 21 413 6000

F. +351 21 413 6024

[email protected]

www.multi-mallmanagement.pt

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