2025 Sustainability Report

Sustainability Report

2025

Contents

4 About Hang Lung Properties

5 Message from the Chair

7 Message from the Chief Executive Officer

9 2025 Highlights

15 Our Sustainability Strategy

46 Climate Resilience

59 Resource Management

73 Wellbeing

97 Sustainable Transactions

122 Appendix 1 - About this Report

124 Appendix 2 - Memberships, Charters and External Recognition

132 Appendix 3 - Sustainability Goals, Targets and ESG KPIs

137 Appendix 4 - List of Sustainable Building Certificates

140 Appendix 5 - Climate-Related Financial Disclosures

152 Appendix 6 - Performance Tables

175 Appendix 7 - Independent Assurance Opinion Statement

177 Appendix 8 - Independent Practitioner's Assurance Report for Green Bonds and Green Loans

181 Appendix 9 - Content Indices for Reporting Guidelines

Hang Lung Properties Limited

Stock code: 00101

Registered office:

28th Floor, 4 Des Voeux Road Central,

Hong Kong

+852 2879 0111

Sustainability@HangLung.com

https://www.hanglung.com https://www.hanglung.com/sustainability

© Hang Lung Properties Limited 2026

If there is any discrepancy or inconsistency between the English and the Chinese versions, the English version shall prevail.

‌Introduction

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‌About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101), the property arm of Hang Lung Group Limited (SEHK stock code: 00010), strives to create compelling spaces that enrich people's lives.

We are a well-established, top-tier property developer with customer-centricity at the heart of our operations. Our diversified portfolio comprises numerous properties in Hong Kong and in nine Chinese Mainland cities of Shanghai, Shenyang, Jinan, Wuxi,

Tianjin, Dalian, Kunming, Wuhan and Hangzhou (listed by opening year). Through its premium positioning under the "66" brand, our Mainland portfolio has established a leading position

as the "Pulse of the City." For details of our business performance and outlook, please refer to our 2025 Annual Report.

At Hang Lung Properties, We Do It Well.

Our Vision

We create compelling spaces that enrich lives

Our Mission

We pursue sustainable growth by connecting our customers and communities

Our Values

We live up to our brand motto of We Do It Well, by focusing on:

Integrity / We maintain the highest standards of integrity by operating according to principles of fairness, mutual respect and adherence to business ethics.

Sustainability / Together with our pursuit of sustainable business growth, we promote the long-term development and wellbeing of our communities.

Excellence / We are committed to delivering the finest services and experiences that surpass the expectations of our customers, tenants and communities.

Openness / We maintain an open and inclusive culture that respects diverse opinions. We strive to embrace new ideas and cultivate innovative thinking.

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‌Message from the Chair

Adriel Chan

Chair of the Board and Chair of the Sustainability Steering Committee (SSC)

2025 was a pivotal year for Hang Lung's sustainability efforts, marking the transition to a more mature, ambitious phase in our journey.

This past year, we achieved our "25 x 25" targets - the 25 targets that we set out to achieve by the end of 2025, detailed later in this report. We also resolved to refresh our 2030 Sustainability Goals and Targets, which were originally formulated back in

2020. As we know, both Hang Lung and the world have changed considerably since then. After extensive external benchmarking, internal consultation and Board review, we announced our revised 2030 Sustainability Goals and Targets in January 2026. The new targets

are sharply defined, reflect our latest priorities, and capture our heightened ambition as a company. I would say that the refreshed 2030 targets are at least as ambitious, if not more, than our previous targets.

We also saw significant progress in several major initiatives in 2025. In construction, our two low carbon emissions steel procurements at Plaza 66 Pavilion Extension and Westlake 66 projects amounted to 2,500 tonnes

of steel, representing a 42% reduction in carbon emissions. Through our Changemakers Program, we are now partnering with 76 tenants on sustainability, comprising 20% of our leased floor area. In addition, our renewable energy procurement now covers nine out of

ten Mainland properties (Heartland 66 is the

latest, from January 2026), supporting China's dual-carbon goals while delivering value to us and our tenants.

During the year, we also made two

significant contributions to thought leadership in sustainability. In March, we published a discussion paper titled "Our Journey to Net Zero: Our Scenarios and Actions to Reduce Greenhouse Gas Emissions to 2050."Based on a detailed decarbonization model, the

paper highlights challenges, opportunities, and blind spots in real estate decarbonization. It has generated much discussion, as we had hoped it would, including in the South China Morning Post and in various sustainability events and forums.

The cooling (i.e., air conditioning) of commercial real estate is a bigger source of emissions than most people realize, and

global cooling demand is growing. With these issues in mind, in January 2026, the Carbon Containment Lab published a report titled "Bending the Curve: Cost-effective cooling emission reduction pathways for commercial real estate in China and the U.S." The project was sponsored by Hang Lung and LVMH Group under our pioneering sustainability partnership, and one of the paper's authors is from Hang Lung's Sustainability Team. The paper captures attractive opportunities to reduce emissions from cooling, and we are exploring practical applications with other stakeholders.

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Lastly, 2025 also marked an important evolution in Hang Lung's business strategy, with positive implications for our sustainability direction. Under our V.3 strategy, we will focus on expanding our business in existing cities through smaller investments, such as asset enhancements and strategic partnerships (e.g., 20-year operating leases). While we are pursuing this strategy primarily for business reasons, it will also substantially reduce our environmental impact compared to our earlier strategy, which was rooted in large-scale new developments. I am encouraged by the way business and sustainability reinforce each other in this new approach.

In 2026, Hang Lung celebrates our

66th anniversary. It is an exciting moment

to imagine new possibilities for action, ideas and collaboration as we look to advance our sustainable growth.

Adriel Chan

Chair of the Board and Chair of the Sustainability Steering Committee (SSC)

March 2026

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‌Message from the Chief

Executive Officer

Weber Lo

Chief Executive Oficer

I am pleased to present our Sustainability Report 2025, the 14th edition of our annual update on sustainability performance.

Five years ago, we announced our 25×25 Sustainability Targets with the ambition to embed sustainability considerations into every aspect of our business. I am pleased to

share that we have achieved-and in several areas exceeded-these targets. Building on this momentum, in January 2026 we announced our refreshed 2030 Sustainability Goals and Targets: a set of more measurable, focused objectives to guide our actions over the next five years.

Our commitment to transparency and performance continues to deliver strong results across major ESG benchmarks and indices. We saw notable improvements, for instance, in our S&P Global CSA score and in attaining the CDP A List for both Climate and Water Security.

We remain committed to advancing our sustainability efforts to align with evolving stakeholder expectations. The following five achievements highlight how we collaborate with like-minded partners to amplify our sustainability impact.

Renewable energy

In 2025, we made progress in our renewable energy procurement, expanding from five to eight Power Purchase Agreements (PPAs) across our ten operating properties in our Chinese Mainland. From May 1, 2025, Forum 66 and Palace 66 in Shenyang, and Olympia 66 in Dalian became the first commercial properties in Liaoning Province to procure 100% renewable electricity. In late 2025, RE100, a global initiative led by Climate Group, recognized Hang Lung with the

"Best Newcomer" title at its 2025 RE100 Leadership Awards.

Low carbon emissions materials Following our pioneering low carbon emissions steel procurement for our Plaza 66 Pavilion Extension in Shanghai in 2024, we secured

an additional 1,000 tonnes of low carbon emissions steel for Westlake 66 in Hangzhou in 2025. The Westlake transaction covered more than 80% of the reinforcing bars used in a key Westlake 66 connecting tunnel, and reduced emissions by about 50% compared

with conventional materials. Overall, across the two projects, we have procured almost 2,500 tonnes of lower emission steel, representing a combined 42% reduction in steel emissions.

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In 2025, Hang Lung also continued to support various broader initiatives with associations, universities, and others to help accelerate the deployment of low carbon emissions steel across the economy.

Tenant partnerships

We continued to partner with our tenants to accelerate shared sustainability goals. Following the launch of our Changemakers:

Tenant Partnerships on Sustainability Program in 2024, we celebrated tenants' achievements at Recognition Ceremony events in Hong Kong and Shanghai in April 2025. Participation in our Changemakers Program expanded significantly in its second year. By December 2025, we were proud to have 76 tenants across 18 properties

-covering 20% of the applicable leased floor area-partnering with us on sustainability initiatives. We look forward to welcoming more tenants in 2026 so we can amplify sustainability outcomes together.

Community investments

We are committed to connecting communities across our portfolio and empowering young entrepreneurs by offering spaces that spark opportunity and growth. In 2025, we launched Community · Connect, offering rent-free spaces to young entrepreneurs and community groups in Hong Kong and the Chinese Mainland.

Most participants reported expanded networks, greater confidence, and increased income as a result of the program.

Following the tragic Wang Fuk Court fire in Tai Po, we pledged HK$11 million to launch the Tai Po Wang Fuk Court Fire Relief Fund, including HK$10 million for relief and recovery, while providing 20 rent-free serviced apartments

at Kornhill Apartments for two months. We are committed to ensuring the fund delivers

meaningful support to the affected households.

Economic performance

In 2025, market conditions improved compared to the previous year, despite economic uncertainty and evolving customer preferences. While our total revenue declined by 11% due to lower property sales, our core leasing revenue decreased by only 1%, backed by strong retail occupancy and tenant mix improvements. The Hang Lung V.3 strategy launched in 2025 emphasizes core city expansion, experience enhancement, and selective, capital-efficient investments to reinforce scale and visibility.

As I prepare to retire from my role as Chief Executive Officer in August 2026, I wish to express my deep gratitude to our colleagues, Board, investors, partners, and the communities we serve. I am proud of the significant progress we have made in

sustainability over the last eight years, and I am confident that Hang Lung is well-positioned to pursue our refreshed 2030 Sustainability Goals and Targets, and our longer-term sustainability ambitions.

Weber Lo

Chief Executive Oficer

March 2026

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‌2025 Highlights

Key Achievements and Initiatives

Among the first real estate companies in Asia to have near- and long-term targets fully aligned with the Science Based Targets initiative's Buildings Criteria

Over 80% of existing properties and projects under development with green building certifications

Launched Community · Connect initiative, designed to empower young entrepreneurs and cultural startups

to thrive

Publication of "Our Journey to Net Zero" − an industry-leading discussion paper and analysis of detailed decarbonization scenarios through

to 2050

Hosted the inaugural Changemakers Tenant Sustainability Award Ceremony 2025. In 2025, we partnered with 76 tenants on sustainability initiatives, representing 20% of our total leased area

The Hang Lung As One volunteer team contributed over 73,000 volunteering hours, benefiting more than 24,000 people in Hong Kong and the Chinese Mainland

80% Mainland operating properties are now powered by renewable energy

Achieved 45%

reduction in steel emissions

at Westlake 66 key tunnel project

Celebrated the 15th anniversary of the Hang Lung Center for Real Estate at Tsinghua University with a forum on Sustainable Development of Cities and Real Estate

Conducted our first supplier engagement workshop, bringing together more than 100 suppliers and value chain partners

Our employee engagement performance in the Gallup Overall Database increased from the 79th percentile to

the 81st percentile

58% of total debts and available facilities now incorporate ESG-related elements

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Sustainability Awards and Accolades

Awards and Recognition

2024 ESG Model Enterprise Award and 2024 Green Development Model Award

14th China Philanthropy Festival

RE100 Leadership Awards 2025 -Best newcomer

Climate Group - RE100

Social Enterprise Supporter Excellence Award

Fullness Social Enterprises Society

Green Building Award 2025 -Grand Award for Existing Buildings (Interiors)

Hong Kong Green Building Council

2025 Best Corporate Governance and ESG Awards - ESG Special Mention, Large Market Capitalization Category - Main Categories Section

Hong Kong Institute of Certified Public Accountants

Diverse Abilities • Inclusive Workplace Recognition Scheme - "Caring Employer" Medal (Level 2) - Disability-Inclusive Employer

Labour and Welfare Bureau

3rd China Corporate Carbon Neutrality Performance Ranking - Energy Saving and Carbon Reduction Award

Yicai

2025 Gallup Exceptional Workplace Award

Gallup

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Participation and Performance in Key Benchmarks and Indices

MSCI ESG Rating

"AA" rating

Sustainalytics

"Low" ESG risk rating

CDP

Climate Change: A Water Security: A

Hang Seng Corporate Sustainability Index Series

"AA+" rating

GRESB

5-star performance rating for Standing Investment

S&P Global Sustainability Yearbook 2026

Top 10% S&P Global CSA Score

S&P Global CSA Score: 83

Constituent of FTSE4Good Index Series

ESG score: 3.8

Institute of Public & Environmental Affairs (IPE)

Green Supply Chain Corporate Information Transparency Index (CITI) score: 29.75

Corporate Climate Action Transparency Index (CATI) score: 56.4

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Key Figures

Number of Employees

3,900+

Located in

10 cities

approximately 3million

square meters in Gross Floor Area

Completed investment properties:

Operational waste

diverted from landfill

86%

reduction

vs 2018 baseline

14%

Water intensity

reduction

vs 2018 baseline

reduction

vs 2024 baseline

22%

22%

Electricity intensity

Absolute Scope 3

GHG emissions

reduction

vs 2019 baseline

50%

reduction

vs 2018 baseline

Absolute Scope 1 and 2

GHG emissions more than

CO2

Scope 1 and 2 GHG

emissions intensity more than

60%

hours of volunteering

services

73,000

24,000

beneficiaries from our community investment programs

Overall female-to-male pay ratio

1:0.94

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Six Years of Progress:

Key Sustainability Milestones from 2020-2025

Hang Lung has made significant progress on sustainability over the last six years. Below provides a summary of key milestones:

• December 2020. Announced our (original) 2030 Goals and Targets.

• December 2020. Signed inaugural sustainability-linked loan (SLL) facility

  agreements with Crédit Agricole Corporate and Investment Bank and DBS Hong Kong to the value of HK$1.5 billion.

• March 2021. Introduced a new expression of our Vision, Mission and Values.

• December 2021. Announced 25 targets to be achieved by the end of 2025 ("25 x 25

  Sustainability Targets" or "25 x 25").

• December 2021. Completed our first power purchase agreement (PPA) for renewable

  energy for our property - Spring City 66 in Kunming.

• March 2022. Among the first real estate companies in Hong Kong and Chinese

  Mainland to report our Scope 3 emissions.

• October 2022. Adriel Chan for Hang Lung and Antoine Arnault for LVMH launch a

  groundbreaking landlord-tenant sustainability partnership in Paris.

• December 2022. First commercial real estate company in Shandong Province to

  complete a PPA for renewable energy for our property - Parc 66 in Jinan.

• January 2023. The first real estate company in Hong Kong and Chinese Mainland to

  obtain validated net zero targets under SBTi's Net Zero Standard.

• January 2023. Plaza 66 became the first operating property and the

  largest commercial complex in Chinese Mainland to receive platinum ratings for LEED V4.0 Existing Building: Operations and Maintenance and WELL V2

  Core certifications.

• February 2023. Achieved the WELL Health-Safety Rating (WELL HSR) from the

  International WELL Building Institute (IWBI) for 19 properties in Hong Kong and Chinese Mainland.

• April 2023. Initiated a "Sustainable Real Estate Scheme" for Tsinghua University

  teachers and postgraduates, funding their creative academic research on topics including green buildings, healthy buildings, low-carbon development and digitalization.

• May 2023. The first real estate company in Hong Kong and the Chinese Mainland to

  procure low carbon concrete bricks at our Westlake 66 project.

• August 2023. Announced a partnership with Hong Kong-based green startup Sustainable

  Office Solutions (SOS) and Crossroads Foundation to implement a holistic resource

  utilization scheme for Hang Lung's Hong Kong Office Rejuvenation Project.

• December 2023. The first (and to date only) real estate company in Hong Kong and

  Chinese Mainland to join SteelZero, a Climate Group initiative.

• April 2024. With the addition of Plaza 66, Grand Gateway 66 and Center 66, 50% of our

  operating properties in Mainland have PPAs for renewable energy.

• September 2024. Convened a Real Estate & Decarbonization Summit in Beijing that

  brought together over one hundred experts, practitioners and thought leaders across the real estate value chain.

• November 2024. Plaza 66 Pavilion Extension became the first commercial real estate

  project in Chinese Mainland to incorporate nearly 100% low carbon emissions steel for all above-ground structural plates and reinforcing bars.

• March 2025. Published a first-of-its kind discussion paper, "Our Journey

  to Net Zero," drawing on a detailed decarbonization model.

• April 2025. Held the Forum on Sustainable Development of Cities and Real Estate Cum

  15th Anniversary of The Hang Lung Center for Real Estate at Tsinghua University.

• April 2025. Hosted Changemakers Tenant Sustainability Awards 2025 in Hong Kong

  and Shanghai.

• May 2025. With the addition of Forum 66, Olympia 66 and Palace 66, 80% of our

  
  
  
  
  
  
  

  operating properties in Mainland have PPAs for renewable energy.

• July 2025. The first (and to date only) real estate company in Hong Kong and

  Chinese Mainland to join RE100, a Climate Group initiative.

• August 2025. Launched a new community investment philosophy, Community

  · Connect.

• November 2025. Our Office Rejuvenation Project in Hong Kong won the prestigious

  Green Building Award - Grand Award in the "Existing Buildings Category: Interiors,"

  presented by the Hong Kong Green Building Council (HKGBC).

• December 2025. One of the first real estate companies in Asia to obtain validated net

  zero targets under SBTi's Building Criteria.

• December 2025. Co-sponsored, with LVMH Group, a Carbon Containment

Lab paper "Bending the Curve," which includes a detailed model for cooling and refrigerant emission reduction opportunities in commercial real estate in China and the United States.

We look forward to more exciting milestones between 2026 and 2030.

‌Our Approach to Sustainability

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‌Our Sustainability Strategy

At Hang Lung, sustainability is not an adjunct to our business; it is a core value and an integral part of our strategy for long-term value creation.

Climate Resilience

Resource Management

SUSTAINABILITY

LEADERSHIP

Sustainable Transactions

Wellbeing

From the Group's inception through three generations of family leadership, integrity has been the foundation of our business. Over the last decade, we have deepened and broadened our approach to sustainability. As we conclude our 25 x 25 Sustainability Targets, we have also introduced refreshed 2030 Sustainability Goals and Targets that reflect our learning and enhanced ambition. We continue to pursue the goal of becoming one of the world's most sustainable real estate companies.

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The Four Priorities

Our Sustainability Framework is anchored by four pillars, or overarching priorities, that define our most material ESG risks and opportunities. These priorities inform our investments, management, and stakeholder engagement:

Climate Resilience: We are committed to reducing our carbon footprint in line with science and adapting to a changing climate.

Resource Management: We aim to drive efficient and circular use of natural resources and help regenerate nature. This commitment involves minimizing waste,

optimizing water and energy consumption, and supporting the regeneration of nature through biodiversity practices.

Wellbeing: We foster safe, inclusive, and healthy spaces that enhance the quality of life for all stakeholders. This priority encompasses occupational health and safety (OHS), indoor environmental quality (IEQ), and community and customer wellbeing.

Sustainable Transactions: We collaborate with key stakeholders across our value chain-suppliers, tenants, and investors-to advance our sustainability priorities. This effort includes sustainable procurement, green finance, and tenant engagement programs.

Execution

Our sustainability strategy is implemented through a governance model that engages the organization through both top-down and bottom-up initiatives.

Governance and Accountability:

• Top-level commitment: The Board's Executive Committee endorses all

  sustainability policies and frameworks, ensuring alignment with the Group's longterm strategy.

• Sustainability Steering Committee (SSC):

  The SSC, chaired by the Board Chair, coordinates strategy development and execution across departments. Dedicated subcommittees (e.g., health and safety) oversee specialized topics.

• Board approval of Sustainability Report.

  Starting with this Sustainability Report 2025, the Board reviews and approves the annual sustainability report.

  Performance Integration:

• Operational integration: Sustainability KPIs are embedded into the annual performance

  reviews of the CEO, senior management, and relevant departments, thereby linking ESG performance to remuneration.

• Employee empowerment: We build internal capacity through comprehensive ESG

  training and engagement programs, enabling employees to identify and implement sustainability solutions.

• Expenditure reviews: Sustainability considerations are integrated into annual

  expenditure reviews and budgeting processes, ensuring adequate resources are allocated for ESG initiatives and that these initiatives deliver value.

• Champions: We have invited representatives from all departments to form a group

  known as the Sustainability Champions, who serve as key liaisons for driving

  and coordinating sustainability initiatives across the organization. This initiative aims to deepen ownership, enhance

  cross-functional collaboration, and cultivate a more sustainability-driven culture throughout the business.

  Value Chain and Stakeholder Engagement:

• Advancing sustainability: We extend our efforts beyond direct operations

  by collaborating with suppliers, tenants, investors and other stakeholders.

• Transparency and continual improvement:

  We uphold robust transparency standards via annual sustainability reports aligned with local and international standards. We strive to improve by participating in ESG benchmarks, indices, and awards.

• Thought leadership: We provide thought leadership and help support

industry progress by sharing insights and experiences, producing innovative white papers, participating in speaking engagements with industry peers, and collaborating with associations to foster change. Please see Appendix 2for a list

of the Group's significant external speaking engagements related to sustainability

in 2025.

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Material Issues

We employ a structured materiality assessment process to identify the ESG topics that are critical to our long-term value creation and stakeholder trust. Our methodology, aligned with GRI 3: Material Topics 2021

and the double materiality principles of the European Sustainability Reporting Standards (ESRS), evaluates issues through two distinct but interconnected lenses:

• Impact materiality: The significance of our impacts on the economy, environment,

  and people.

• Financial materiality: The potential financial effects of sustainability risks and

opportunities on our business model, cash flows, and enterprise value.

This dual perspective ensures our sustainability strategy and reporting remain responsive

to evolving risks, opportunities, and stakeholder expectations.

2025 Materiality Review Process In 2024, we conducted a comprehensive double materiality assessment, engaging

internal and external stakeholders through

surveys, in-depth interviews, and focus groups. For the 2025 reporting cycle, we engaged an independent third-party consultant to validate and refresh these findings to maintain their continued relevance.

The methodology of our materiality assessment is as follows:

Trend analysis: We conducted a scan of global and regional sustainability trends to identify emerging risks and opportunities.

Expert engagement: We held five additional targeted interviews with external stakeholders and subject-matter experts. These discussions provided granular insights into key material topics, specifically: energy management and decarbonization; technology and innovation; nature and biodiversity; placemaking; and responsible supply chain management.

Expert feedback: Experts reviewed our updated sustainability strategies and 2030 targets

and confirmed that they correspond with material risks.

Based on this review, the Chair of the Sustainability Steering Committee and the Board acknowledged that the outcomes of the 2024 materiality assessment remain current and valid for 2025. The 20 material ESG issues identified continue to form the basis of our priorities and reporting boundaries.

Prioritization and Materiality Matrix

We prioritize issues by weighing multiple inputs, including stakeholder

surveys, enterprise risk assessments, and alignment with sustainability reporting standards (Global Reporting Initiative, GRI; Sustainability Accounting Standards Board, SASB; International Financial Reporting Standards, IFRS).

Governance and Validation

The materiality assessment process is overseen by the Sustainability Steering Committee. The preliminary results and the 2025 validation findings were reviewed by the Sustainability Team, led by the Deputy Director - Sustainability. The final determination

of material topics was endorsed by the Group's Board, ensuring that our sustainability disclosures are fully integrated with our corporate governance and strategic oversight.

In this Report, we provide detailed disclosures on our management approach, performance metrics, and stakeholder engagement outcomes for these "Most Material"

issues, while also covering the remaining material topics for greater transparency and completeness.

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19

20

8

9

17

14

13

15

18

11

12

16

10

4

6

7

5

2

3 1

The Materiality Matrix

Impact Materiality

Our matrix visualizes the relative importance of issues across two axes:

• X-Axis (Importance to business): Reflects financial materiality, including regulatory

  risks, operational costs, and capital access.

• Y-Axis (Significance of our impact on people, the economy and the environment):

Reflects impact materiality, including carbon footprint, community wellbeing, and resource depletion.

Topic Materiality

Moderately material

Highly material Most material

ESG Topics

Environmental

Financial Materiality

Social Governance

Material Topics

Decarbonization

1. Green Building Design, Construction, and Operations

2. Cybersecurity and Information Privacy

1. Customer Engagement and Collaboration

2. Diversity and Equal Opportunities

3. Climate Adaptation and Resilience

4. Water Management

5. Placemaking

6. Community Engagement and Investment

7. Sustainable Finance

8. Nature and Biodiversity

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Material ESG Issues

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Stakeholder Engagement

Engaging with our stakeholders is fundamental to maintaining our social license to operate and identifying the material ESG risks and opportunities that shape our business strategy. Our approach is governed by a comprehensive, group-wide Stakeholder Engagement Policy, that mandates a consistent methodology

for identifying, prioritizing, and engaging stakeholders across all local operations. This policy ensures that we systematically capture diverse perspectives, from investors and tenants to local communities and regulators, integrating their feedback into our decision-making processes across the short-, medium-, and long-term.

Our Approach

We employ a multi-pronged engagement strategy designed to build trust, facilitate transparency, and enable dialogue. Our framework categorizes stakeholders into two primary groups:

• Core business partners: Stakeholders directly connected to our value chain,

  including employees, investors, tenants, suppliers, and contractors.

• Broader community: External parties whose interests intersect with our sustainability

focus areas, including local communities, NGOs, government agencies, academic institutions, and industry associations.

Engagement Channels

To ensure inclusive and effective communication, we have established clear, accessible channels, including the Group's contact information, as disclosed on our website, social media, corporate newsletter, and in this Report, through which stakeholders including local stakeholders can submit inquiries or raise concerns. Key sustainability publications are available to all stakeholder groups on our corporate website, providing timely and transparent access to information. For serious grievances, we operate a confidential whistleblowing mechanism that allows stakeholders to submit complaints via email or post, allowing for independent review and resolution.

We are committed to continual improvement in our engagement practices. In 2025, we conducted a review of potential barriers to engagement, which led to improved access to information on our corporate website

and refined feedback loops that support

our responsiveness to stakeholder comments and insights.

2025 Outcomes

In 2025, we maintained a full schedule of engagement activities. The feedback obtained has been instrumental in shaping both our 2030 Sustainability Targets and the content of this Report.