Environmental Stewardship Reducing environmental impact across the REIT’s properties and supporting the transition towards a net zero economy remain fundamental priorities. Resource efficiency is optimised through integrated conservation practices embedded within the operational frameworks. The Manager is committed to reducing Scope 1 and 2 GHG emissions by 38.0% by 2035 and 80.0% by 2050, from 2018 base year. Progress is closely monitored to ensure strategic impact and effectiveness. Enhanced energy efficiency remains a critical pathway to achieving these targets, driven by operational optimisation and renewable energy exploration. These initiatives also support the goal of securing green certifications across the entire portfolio by 2030. Green lease provisions continue to be incorporated within new lease agreements to minimise environmental impact, including recommendations for tenants to reduce energy and water consumption. Selected new leases include cost recovery clauses establishing tenant responsibility for costs associated with sourcing or offsetting electricity from renewable energy sources. The Manager’s environmental risk management strategy incorporates comprehensive property insurance coverage against diverse risks including fire, property damage, terrorism, earthquakes, business interruptions, and public liabilities, maintaining alignment with U.S. industry practices. During the Reporting Period, MUST received no environmental fines, penalties, or sanctions, reflecting the REIT’s commitment to maintaining strict compliance with all applicable environmental regulations across the portfolio. Commitment to Sustainable Properties Given the real estate sector's contribution of approximately 42.0%1 to global carbon emissions, accelerating the transition to greener buildings is a critical component of global climate mitigation strategies. The Manager’s environmental stewardship is anchored in its commitment to sustainable property management, encompassing both the optimisation of existing assets and the strategic acquisition of high-performing buildings that advance the REIT’s decarbonisation objectives. The Manager works closely with the Asset Managers and Property Managers to oversee sustainability performance through the SBS framework, complemented by external benchmarking via the GRESB Real Estate Assessment. Environmental considerations are embedded across the property life cycle, spanning acquisition and operational phases through to maintenance and divestment activities. Sustainability due diligence and environmental performance evaluations form integral parts of the REIT’s acquisition methodology, while post-acquisition efforts focus on enhancing or maintaining building performance standards. Annual property resilience assessments are systematically conducted, with recommendations incorporated into capital planning where applicable. The Manager's commitment to sustainable properties led to 90.0% of the REIT's portfolio (by NLA) achieving green certification, in line with its target. Additionally, majority of the portfolio holds LEED™ certification, reflecting the Manager’s dedication to energy efficiency and sustainability across all properties. BUILDING RESILIENCE 1 GRESB, What is embodied carbon in the real estate and why does it matter?, 29 January 2026. Transition Risk Description Timeline Mitigation and Opportunity Technology Cost to move to a low-carbon economy, including capital upgrades to retrofit assets, advanced technologies for buildings, demand for high-quality transactable ESG data, realtime metering, and shifting to renewable energy sources. Short- to long-term Short-term capital costs are expected to be offset by paybacks from reduced operating expenses and growing tenant demand. Ongoing energy, water, GHG, and waste management programmes enable capital allocation towards low-carbon technologies and improved property performance. Reputation Failure to act or the perception of not acting on climate change could affect the Manager’s reputation and jeopardise relationship with tenants, employees, communities, and investors. Short- to mediumterm Objectives and performance related to climate action are disclosed annually through GRESB submissions and the Sustainability Report to ensure transparency and accountability. / 18 / EXPANDING HORIZONS
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