SUSTAINABILITY OVERVIEW Building Resilience MUST’s sustainability performance is guided by the Sustainable Building Standards (SBS), developed by the Asset Manager. The standards set clear requirements for environmental and climate risk management, water and waste, biodiversity, and social impact. The Manager ensures consistent execution and continuous improvement across all properties through training, a management playbook, utility data submissions, annual ESG reporting, and scorecards for all Asset Manager and Property Manager teams. Climate Action The Manager's approach aligns closely with the Manulife Climate Action Implementation Plan and the climate focused commitments of the Asset Manager. Climate risk studies were conducted using a third-party tool to assess asset-level climate-related risk exposure for both physical and transition risks. Findings were presented to senior leadership and integrated into internal process development. Looking ahead, the Manager is exploring scenario-based financial approaches to assess climaterelated risks and opportunities, ensuring robust integration into long-term planning and decision-making. Environmental Stewardship MUST's environmental strategy focuses on systematic decarbonisation aligned with science-based pathways. Aligned with its Asset Manager’s targets, the Manager is committed to reduce Scope 1 and 2 emissions by 38.0% by 2035 and 80.0% by 2050, from 2018 base year. These targets follow Carbon Risk Real Estate Monitor (CRREM) sciencebased pathways consistent with the Paris Climate Goals of capping global warming at 2.0°C, while striving for 1.5°C. A key milestone for MUST is the inaugural disclosure of Scope 3 emissions, underscoring their importance and highlighting the commitment to comprehensive environmental transparency. Moving forward, the Manager will continue to deepen its understanding of Scope 3 impacts and assess its emissions across additional material categories. People First Nurturing Talent The Manager fosters an inclusive, high-performing workforce through comprehensive training, equitable performance management, and a healthy, respectful workplace. Human rights are embedded across the organisation via global policies and accessible reporting channels. Employee well‑being is supported through health screenings, education, insurance discounts, corporate passes, and a hybrid work model. Safeguarding Health and Well-being Guided by Manulife’s Global Health and Safety Policy, the Manager maintains a safe, compliant workplace through annual policy reviews, targeted training, and ongoing monitoring. Tenant health and wellness are supported by emergency protocols, risk assessments, continuous monitoring, SBS‑aligned wellness initiatives and certifications, and multiple engagement and grievance channels. During the year, more than 80 tenant engagement activities were organised across the properties, covering sustainability, community, and wellness topics (e.g. e‑waste drives, Earth Day events, workshops, yoga and fitness sessions, biodiversity activities, and safety training). Serving Communities The Group provides diverse opportunities for employees to contribute, including paid volunteer leave, corporate matching, in-person volunteering, and unique rewards programmes. Through the global giving and volunteering platform, the Impact Hub, employees can support meaningful causes worldwide, including disaster relief. Beyond the Group’s support, the Manager is committed to creating positive, lasting impacts in local communities by supporting vulnerable families, assisting isolated seniors, strengthening the financial resilience of social enterprises, and protecting the environment. During the year, community stewardship activities such as environmental cleanup initiatives and charitable contributions, were organised to reinforce the Manager’s commitment to positive social impact. / 62 / EXPANDING HORIZONS
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