1 2 Approach to Materiality Following the GRI Standards 2021, the Manager has identified material ESG topics that reflect MUST's most significant economic, environmental, social, and governance impacts, including those on human rights. Since its inaugural Sustainability Report in 2017, the Manager has aligned its sustainability efforts with stakeholder expectations by prioritising material ESG topics. SUSTAINABILITY APPROACH In 2021, the Manager refined its sustainability framework and conducted a thorough review of material ESG topics, while taking into account external factors that could impact operations. This process was supported by an independent consultant who applied a four-step materiality determination assessment, enabling the identification of ESG topics most relevant and material to both internal and external stakeholders. The Manager identified 19 material ESG topics relevant to its operations, with 14 of these designated as highly critical. In 2025, these material ESG topics and their priority levels were reviewed and confirmed that they remained pertinent for the Reporting Period. As the Manager prepares to incorporate ISSB Standards into its reporting framework, the financial materiality of ESG topics will also be considered. This qualitative double materiality approach will provide a more comprehensive perspective on both sustainability-related and climate-related risks and opportunities. To support this, the Manager plans to conduct a new materiality assessment to re-evaluate the REIT’s material ESG topics, ranking them based on both impact and financial materiality. Sustainability Governance Effective sustainability performance requires robust governance structures and committed leadership. The Board provides strategic oversight of MUST’s sustainability strategy and performance, ensuring ESG matters are systematically integrated into Board discussions to align with long-term strategic priorities and stakeholder expectations. The Board exercises due diligence in fulfilling its governance responsibilities, continuously building relevant expertise to effectively oversee processes that identify and manage organisational impacts. Research on the core ESG topics that currently concern the industry Define clearly all potential material ESG topics, scope, and types of stakeholders to be covered in the stakeholder engagement survey Conduct materiality determination assessment every three years In view of the announcement of MUST's Recapitalisation Plan on 29 November 2023, the materiality determination assessment will be postponed until MUST's portfolio and operations stabilise. Conduct a peer benchmarking to evaluate the common material ESG topics in the industry Once material ESG topics have been prioritised, it will be internally reviewed, validated, and approved by the SSC and the Board Design the stakeholder engagement survey in accordance with GRI standards and the double materiality principles Distribute the stakeholder engagement surveys to relevant stakeholders to collect their opinions Upon identifying potential material ESG topics, and their positive and negative impacts on business activities, cluster similar topics together. A rating process can be done to assess which topics are most common across MUST and its subsidiaries Analyse the survey data and calculate the weighted materiality scores for each material ESG topic Construct a scatter graph to determine which ESG topics should be considered as material and prioritised based on likelihood and impact Step 1: Identify Step 4: Validate Step 2: Rate Step 3: Prioritise Four-step Materiality Determination 4 3 / 08 / EXPANDING HORIZONS
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