BUILDING RESILIENCE 1 According to GRESB, LFL only includes comparable data that is the portion of the portfolio that has remained for, at least, two successive reporting years. For example, assets sold, acquired or that have undergone new construction or major renovation should be excluded from LFL calculations. For MUST, Peachtree and Plaza were divested in 2025 and have been excluded from LFL calculations. 2 Total amount of water withdrawn is the same as total amount of water discharged into third-party water with negligible amount of water consumed. Hence, the total amount of water usage is reported. 3 Water intensity ratio is calculated by the total volume of water consumed relative to GFA, expressed as L/sq ft. 4 MUST’s properties do not store water on-site. 5 Waste intensity is calculated by total waste generated relative to GFA, expressed as kg/sq ft. Water Management1, 2, 3, 4 Water management remains a fundamental priority within the REIT’s property operations. Municipal utilities serve as the primary water source, with all properties responsibly discharging wastewater through corresponding municipal systems. Beyond reducing operating costs, prudent water use contributes meaningfully to resource conservation and long-term environmental sustainability. As part of water conservation efforts, third-party water audits are conducted every three years. Opportunities identified through these audits are incorporated into annual budgets and assetlevel strategies to drive continuous improvement. Through a range of initiatives and operational practices, the Manager seeks to improve water efficiency and drive portfolio-wide reductions in water usage. On a LFL basis, the water usage decreased by 6.9% in 2025, primarily attributed to water efficiency initiatives implemented across MUST’s properties. Water scarcity risk mitigation focuses on maximising operational efficiencies whilst minimising portfolio-wide consumption. MUST's strategic approach includes conducting water audits, installing water-efficient appliances and taps, and reducing water requirements for landscaping where applicable. While the properties currently rely on municipal water systems and do not operate on-site recycling facilities, the Manager evaluates water recycling and reuse opportunities during property improvements and acquisition as part of its comprehensive water stewardship approach. A full breakdown of water usage data can be found in the Appendix: 2025 ESG Data Summary. Waste Management1,5 Responsible waste management is crucial for creating sustainable and liveable urban environments. Guided by circular economy principles, the Manager strives to minimise waste volumes sent to disposal facilities. A centralised data management system is used to process waste invoice, ensuring accurate and consistent reporting across the portfolio. Quarterly environmental data reviews further support performance analysis and identify opportunities for efficiency improvements. Additionally, waste audits are conducted once every three years to assess waste generation patterns, identify reduction opportunities, and validate data accuracy. Property Managers manage waste-related impacts by engaging third-party waste haulers who comply with relevant contractual and legislative obligations to recover recyclable materials, ensuring proper segregation, processing, and regulatory compliance while maximising material recovery rates and supporting the Manager’s sustainability objectives. In 2025, 1,250 tonnes of waste were generated, of which 605 tonnes were disposed of in landfills while the remaining 645 tonnes were recycled. All of the waste generated from MUST’s properties consists of non-hazardous waste from tenants and no hazardous waste was generated from activities in the building. The waste intensity was 0.14 kg/sq ft, a 2.4% increase from 2024. Detailed waste data collection and disclosure continue across key recycled waste categories, including cardboard, mixed paper, and e-waste. In line with waste reduction efforts, the Manager continues to emphasise recycling practices throughout its operations. Educational initiatives targeting employees, tenants, and business partners were conducted to help reinforce reduction, reuse, and recycling habit. An annual e-waste collection programme is conducted across the REIT’s properties. Collectively, these enhanced waste recycling efforts contributed to the waste diversion rate improvement from 48.4% in 2024 to 51.6% in 2025. A full breakdown of waste generation and recycling data can be found in the Appendix: 2025 ESG Data Summary. / 22 / EXPANDING HORIZONS
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