PROFILE

We discuss issues faced by the industrial real estate industry as a whole. We also review regulations that may impact AMB, and consider the results of research by industry experts on sustainability issues. Our internal policies and values guide our reporting, particularly as they are deemed relevant to our shareholders. We consider these factors and their impact on our ability to continue to operate successfully in markets around the world.

The key topics that fall within our reporting framework include:

• Economic performance
• Corporate governance
• Labor practices and employee programs
• Infill investment focus
• Sustainable development activity
• Energy conservation retrofit activity
• Corporate carbon emissions and energy consumption
• Charitable activities

Our report is prioritized by relevance to AMB’s business activities. We report on the topics that relate directly to our business activities that could impact our stakeholders in order to ensure that our report has value and relevance. We expect that stakeholders identified in Section 4.14 will use this report.

Where appropriate, we have utilized standards to aid our reporting efforts. These standards include:

• ISS Corporate Governance Quotient
• Greenhouse Gas Protocol
• Sustainable building development standards including LEED and CASBEE

Our report includes information pertaining to operations of our leased facilities where under our direct control, our global development and private capital businesses. Where carbon emissions are identified, they are consistent with Greenhouse Gas Protocol Scope 1 and Scope 2 emissions definitions.

We also have limited or no control over regulations and other locally imposed building requirements that may advance or detract from our sustainability efforts. We have not reported on our suppliers, contractors or partners.

We strive to work with these parties on sustainability matters but their activities fall outside our boundary for Performance Data reporting. AMB does not report on the business activities of entities where we do not have direct operational control: our co-investment partners, joint venture partners, service providers, customers, contractors and vendors.

We have included our air-travel-related and other transportation emissions even though they are defined as occurring outside the boundary for Performance Data reporting. We have included the information for reference purposes as we seek to understand the impact in this area of our business activity.

Data is reported for facilities in which we own that are leased to third parties, where reasonably available. Significant year-over-year changes are denoted. Where possible, we also report with units that provide for consistent reporting, such as per square foot rather than per building or per site.

Energy use data is derived from utility company data. Where possible, the data is supplied via reported meter readings. Where meters were not available, the data is typically a pro rata share of whole-building energy use based on building operating profile and occupancy levels. As such, it may or may not accurately reflect our business activities in these spaces. Carbon emissions analysis was performed by our external consultant, the Leonardo Academy.

Two Tomorrows is a world-leading sustainability consultancy, which recently merged with csrnetwork. The company completed the report and secured external assurance to meet the requirements at the B+ level. Two Tomorrows conducted the assurance to meet the expectations of the GRI standards, with the exceptions noted below.

Assurance Objective The verification process focused on reviewing the validity of claims and reported data in the Company’s Report. Claims and associated information in the Company’s Report were verified, and observations regarding the data collection process were made to AMB management.

Responsibilities of the Management of AMB and the Assurance Providers The management of AMB has sole responsibility for the preparation of the 2008 GRI Report and associated publications. In performing our assurance activities, our responsibility is to the management of AMB, however our statement represents our independent opinion and is intended to inform all of AMB’s stakeholders, including the management of AMB. We were not involved in the preparation of any part of the Report. We have had no other contracts with AMB.

Independent assurance was undertaken by Todd Cort. Further information, including a statement of competencies relating to the team can be found at: http://www.twotomorrows.com.

Basis of Opinion The Assurance process has been executed by sampling data, information and documets that have been made available to Two Tomorrows by AMB. Accordingly, Two Tomorrows selected samples based on expert judgment and risk management. Consequently, Two Tomorrows has not checked or reviewed all data, information and documents. The findings associated with this verification are not intended to be used as advice or as the basis for any decisions, including, without limitation, financial or investment decisions.

Two Tomorrows undertook the following activities to form their opinion:

• Reviewed evidence consolidated at the AMB group level to substantiate all of the claims and data disclosed in the Report.
• Conducted a general desktop review of issues raised by external parties that could be relevant to AMB’s operations, to provide a check on the appropriateness of AMB’s selection of material issues. Two Tomorrows did not speak directly with AMB stakeholders.
• Two Tomorrows did not assess the Report with regard to stakeholder principles of completeness, inclusively or responsiveness.

Opinion On the basis of the method and scope of work undertaken and the information provided to us by AMB, nothing came to our attention to indicate that the claims and data presented in the Report are not true. In addition, for the Report boundary defined by AMB (AMB operations and the operations of subsidiaries and affiliates, but excluding property occupants, contractors and suppliers), nothing came to our attention to suggest that material issues have been omitted from the scope of the Report, or that the Report is not a balanced disclosure of AMB sustainability performance.

Two Tomorrows
USA August 2009

Todd Cort Project Director