Addressing Sustainability at Properties Driving sustainability leadership and maintaining consistent industry-standard performance across the REIT’s properties remain core operational priorities. The Manager aims to meet and, where possible, exceed sustainability performance targets. This is supported by the Asset Manager's comprehensive Sustainable Building Standards (SBS), which undergo annual reviews to ensure continuous improvement and alignment with evolving best practices. The SBS establish comprehensive requirements and best practices that guide property teams towards enhanced performance across environmental and climate risk management, water and waste stewardship, nature and biodiversity conservation, and social impact optimisation. Beyond supporting certification processes, the SBS enable performance benchmarking, advance leadership in sustainable property commitments, and provide essential resources for Asset Managers and Property Managers. This comprehensive approach helps the Manager meet stakeholder expectations and industry standards while establishing robust foundations for each property to contribute to MUST's broader sustainability objectives. Ensuring ESG standard compliance across both Asset Manager and Property Manager teams is a fundamental component of the Manager’s approach. Structured meetings foster alignment of understanding and expectations among MUST, the Asset Managers, and Property Managers. The Asset Manager delivers targeted sustainability training programmes and awareness initiatives to Property Managers, strengthening the implementation of the Asset Manager’s Real Estate Sustainable Investing Framework. A comprehensive property management playbook serves as an ongoing reference for performance expectations and operational guidance. Strategic implementation of sustainability initiatives is embedded within the property management agreement framework. The Asset Manager oversees Property Managers to ensure compliance with sustainability policies, timely updates aligned with the SBS, and submission of monthly utility bills where feasible. Annual ESG performance reporting is mandated to support informed decisionmaking. Additionally, the Asset Manager maintains annual scorecards to evaluate adherence to property management agreements, incorporating qualitative assessments of performance against established expectations. Stakeholder Engagement Long-term business success is underpinned by regular stakeholder engagement and clear communication channels. The Manager prioritises identifying stakeholders based on their influence on operations and sustainability performance, as well as their exposure to business outcomes. Through Annual General Meetings (AGMs), the Board maintains direct engagement with stakeholders, incorporating stakeholder feedback into materiality assessments to guide MUST’s long-term sustainability objectives. SUSTAINABILITY APPROACH Stakeholder Groups Investment Community (Investors, analysts, media) Objectives of Engagement Ensuring timely and accurate disclosure of information Key Concerns/ Interests • Transparent and timely updates about MUST’s financial and operational performance • Strategy for sustainable growth • Access to senior management • Investor education on U.S. economy and office sector • ESG performance including global sustainability rankings and indices MUST’s Response • Ensuring timely and transparent disclosures • Hosting regular investor webinars and engagements • Ensuring proactive portfolio and capital management • Formalising sustainability framework to guide MUST’s sustainability strategies across all investments, and asset and property management operations Engagement Methods and Frequency SGX announcements Briefings, investor roadshows, conferences and meetings Website with email alerts, hotline, dedicated investor relations contact Regular LinkedIn updates Live and archived webcasts, briefing transcripts, as well as newsletters Annual and Sustainability Reports AGM/Extraordinary General Meeting (EGM) with minutes published on website / 10 / EXPANDING HORIZONS
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