The strategic process aimed at :

1. The identification of material issues arose from 4 different analysis:

• A benchmark analysis of sustainability practices implemented by the major European players in this sector;
• An internal analysis that allowed to identify the current position in terms of MMM Portugal sustainability;
• An analysis of documents, studies and environmental certification systems of commercial buildings;
• The analysis of the results of the consultation to the stakeholders, described below;

2. Developing a Governance Model for Sustainability, which equipped the organization with the necessary structures for managing the social and environmental aspects of our business:

• This model presents an evolutive nature for the next 3 years. Aims at ensuring the incorporation of sustainability at a corporate level and in each one of the assets that we manage. Still, it has foreseen the incorporation of external stakeholders in specific organs;

3. Creating a risk and opportunity matrix concerning sustainability for MMM Portugal business model:

• This matrix is the conducting guide for the new sustainable management tools and procedures and for the creation of value through sustainability;

4. Developing Business Principles which reinforce and normalize the form of being of the company and its employees in the market;

5. Developing a Sustainability Policy that provides a holistic view of sustainability in the management model of the company. This policy will be consolidated by an operating plan. It also involves the integration of new tools and procedures in the current management system of the company;

• These new tools and procedures will be applied in the corporation and will be transversal to all the centers that we manage; there will also be developed specific procedures for our value chain;

6. Developing a Sustainability Operating Plan:

• The sustainability operating plan will be implemented as from the 2nd semester of 2009; this plan requires the identification of performance goals integrated for the organization, embodied by its key performance indicators (KPIs).

BCSD Portugal
Conselho Empresarial para o Desenvolvimento Sustentável

The Governance Model for the sustainability management aims to:

• Provide our company with the necessary organizational structures for the sustainability management;
• Define functions and responsibilities for the development and operationalisation of our sustainable management model;
• Ensure the proper management of sustainability's material aspects.

The Differentiation of our government model for Sustainability

Having as a goal the adoption of a model tailored to our business and management structures incorporated therein, our model of governance for sustainability is based on the following principles:

• Specialization, ensuring that the members of each working group have the skills and knowledge required for the development of activities to be carried out;
• Transversality, given that each working group is responsible for ensuring the incorporation of the social and environmental management aspects in MMM Portugal value chain;
• Operability: the composition of the working groups, with corporate managers and managers from each of the commercial spaces that we manage, seeks to ensure that the principles, policies and management procedures are coherent with the operational reality of each shopping centre; the model of governance set up also involves the integration of representatives of our value chain in the bodies that are part of it.

The business principles were developed through the participation and collaboration of all the company's employees. These represent the formalization of our culture and experience, in the way we present ourselves in all work situations, before all stakeholders and in pursuing our business goals. With this formalization we intend to communicate efficiently with all who wish to cooperate with us, whether as employees, partners, customers, shareholders or suppliers.

1. Building Relationships of Trust

The essence of our organisation is the attitude and passion of our employees in the management of the shopping centres under our responsibility, by sharing and seeking knowledge, by the innovation and creativity in doing more and better, by the demand and strictness with which we face the challenges of our work. All these premises are essential to the construction of our most important asset: trust.

2. Respect People, Market and Environment

We develop our business having, as reference, the International Bill of Human Rights, the national legislation and the regulations applicable to our business. We aim to respond to the expectations of the market and community that surrounds us, considering, simultaneously, the respect for the environment. It's the aim to surpass these standards that makes us continuously develop in search of excellence.

3. Create Value for Our Shopkeepers, Owners and Visitors

We seek the success of our activity in the long-term. By continuously valuing our assets we ensure the return to the owner, the economic viability of our shopkeepers and the satisfaction of the needs of those who visit us daily.

• We manage the assets in an integrated and global perspective, offering the owner profitability above the market's expectations, having the medium and longterm as horizon for our valorisation strategies;
• We try to satisfy our visitors, creating attractive and safe spaces where we offer products and services that aim to overcome the expectations of the consumer, providing moments of consumption and leisure;
• We have established with our shopkeepers relationships of proximity. We want that their involvement in the management of the assets promotes the viability and development of their business.

4. Promoting Long Term Partnerships

The viability of our activity depends on the relationships that we keep with all our stakeholders. We seek to establish longterm relationships, promoting the involvement of our service providers and institutions of the local community.

• We try to develop with our service providers longterm partnerships, seeking to select entities aligned with our commitment to sustainability;
• We try to harmoniously integrate ourselves into the local community surrounding each of our assets, in a spirit of openness and cooperation. We aim to create social and commercial relations that are fruitful and long-lasting, contributing to the quality of life and welfare of the surrounding communities.

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