2025 EPRA Sustainability Data Report (epra sustainability data report 2025)

Introduction

Environment

Social performance measures

Governance

Community investment

Appendix

Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report

1

Contents

social outcomes

Introduction

Environment

Social performance measures

Governance

Community investment Appendix

Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 2

1. Introduction

   1. Delivering positive environmental and social outcomes

      Shaftesbury Capital PLC is the leading central London mixed-use Real Estate Investment Trust ("REIT"). Our property portfolio extends to 2.8 million square feet of lettable space across the most vibrant areas of London's West End. With a diverse mix of shops, restaurants, cafés, bars, residential and offices, our destinations include the high footfall, thriving neighbourhoods of Covent Garden, Carnaby | Soho

      Buildings

      Be a leader in the sustainable development of heritage buildings; sustainably adding value and delivering a Net Zero Carbon portfolio by 2040

      Places

      Behave as a good neighbour and support our local community: creating sustainable and healthy places

      People

      Support our people by promoting diversity, talent development and creativity across our team

      and Chinatown.

      SDGs SDGs SDGs

      For more detail on our activities and performance please refer to our 2025 Annual Report at https://www.shaftesburycapital.com/en/investors/results-reports-presentations.html ->

      Our Sustainability Strategy is fundamental to our business, delivering value for stakeholders through our long-term approach and responsible stewardship of our destinations. Our strategy aims to sustainably add value to our buildings and tackle climate change whilst supporting local communities and our people. During the year we have made significant progress in the delivery of the strategy, achieving ongoing improvements to the energy efficiency of our portfolio and continuing to support our local communities.

      How we deliver

      • Low-carbon "retrofit-first" reuse of our heritage buildings

      • Implement energy-efficient retrofit and encourage

        low-carbon behaviours

      • Integrate new technologies and make "data-led" decisions

        How we deliver

      • Consider future climate scenarios in the design of our buildings and places

      • Focus on issues that impact our local community

      • Increase biodiversity and create healthier places

        How we deliver

      • Promote an equitable and diverse culture across our business

      • Provide personal and career development

      • Maintain a positive health and safety culture throughout the Company

      We have continued to make progress towards our Net Zero Carbon 2040 commitment which was validated by the

      Science Based Targets initiative ("SBTi"). Detail of our progress is set out on pages 24 and 25.

      Emissions reduction

      8.1%

      Reduction in year-on-year reported greenhouse gas emissions

      Community investment

      £5.9m

      Social value

      Employee engagement

      84%

      Engagement rate in our 2025 survey

      Underpinned by: Our values Innovation Effective governance

      
      
      

      Introduction

      Environment

      Social performance measures

      Governance

      Community investment Appendix

      Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 3

   2. Our transparent reporting approach

      Shaftesbury Capital takes a responsible and forward-looking approach to environmental and social issues and the principles of sustainability. We are committed to transparent and clear reporting of our performance in line with the latest sector guidance.

      Shaftesbury Capital continued to participate in industry performance benchmarks in 2025, including the Carbon Disclosure Project ("CDP") climate change programme, Global Real Estate Sustainability Benchmark ("GRESB"), FTSE4Good, and MSCI. In addition, Shaftesbury Capital is a member of the UK Green Building Council, the Better Buildings Partnership and the British Property Federation.

      In 2025, we achieved our fifth consecutive Gold award for reporting in line with the European Public Real Estate Association ("EPRA") Sustainability Reporting Best Practice Recommendations ("sBPR"). Our CDP climate rating in 2025 was B, demonstrating that we are taking co-ordinated action on environmental issues. Our GRESB score remained at 66. The nature of our portfolio, with a significant proportion of smaller, heritage assets when compared with GRESB peer groups, restricts our ability to apply green building certifications such as BREEAM across the estate. Our MSCI rating remained BBB as no re-rating took place in 2025. We have retained our Prime ESG Corporate Rating by ISS in 2025. In January 2025, we received formal validation of our carbon reduction targets from the SBTi. Further commentary on our sustainability aspirations and performance can be found in the 2025 Annual Report.

      
      
      
      
      

      Introduction

      Environment

      Social performance measures

      Governance

      Community investment Appendix

      Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 4

      1. Our transparent reporting approach continued

         1. EPRA reporting requirements

            Code Performance Measure

            GRI1

            Reference

            CSRD2

            Reference

            SASB3

            Reference Reporting Location

            Code Performance Measure

            GRI1

            Reference

            CSRD2

            Reference

            SASB3

            Reference Reporting Location

            Environmental Sustainability Performance Measures

            Social Performance Measures

            Elec-Abs Total Electricity Consumption GRI 302-1 ESRS

            E1-5

            IF-RE-130a.2

            2.1 Energy

            Diversity-Emp

            Employee gender diversity GRI 405-1 ESRS

            S1-9 &

            N/A 3. Employees

            Elec-LfL Like-for-like Electricity

            Consumption

            DH&C-Abs Total District Heating & Cooling

            GRI 302-1 ESRS

            E1-5

            GRI 302-1 ESRS

            IF-RE-130a.3

            IF-RE-

            2.1 Energy

            N/A

            Diversity-Pay

            GOV-1

            Gender pay ratio GRI 405-2 ESRS S1-16

            N/A 3. Employees

            Consumption

            DH&C-LfL Like-for-like District Heating &

            E1-5

            GRI 302-1 ESRS

            130a.2

            N/A N/A

            Emp-Training

            Employee training and development

            GRI 404-1 ESRS

            S1-13

            N/A 3. Employees

            Cooling Consumption

            E1-5

            Emp-Dev Employee performance

            GRI 404-3 ESRS

            N/A 3. Employees

            Fuels-Abs Total fuel consumption GRI 302-1 ESRS

            IF-RE-

            2.1 Energy

            appraisals

            S1-13

            Fuels-LfL Like-for-like total fuel

            E1-5

            GRI 302-1 ESRS

            130a.2

            N/A 2.1 Energy

            Emp-Turnover

            New hires and turnovers GRI 401-1 ESRS

            S1-6

            N/A 3. Employees

            consumption

            E1-5

            H&S-Emp Employee Health and Safety GRI 403-9 ESRS

            N/A 3.4 Health and

            Energy-Int Building energy intensity GRI 302-3 ESRS

            N/A 2.1 Energy

            S1-14

            Safety

            GHG-Dir-

            Abs

            Total direct greenhouse gas (GHG) emissions

            E1-5

            GRI 305-1 ESRS

            E1-6

            N/A 2.1 Energy

            H&S-Asset Asset Health and Safety assessment

            H&S-Comp Asset Health and Safety

            GRI 416-1 N/A N/A 3.4 Health and

            Safety

            GRI 416-2 N/A N/A 3.4 Health and

            GHG-Indir-Abs

            Total indirect direct greenhouse gas (GHG) emissions

            GRI 305-2

            & 305-3

            ESRS E1-6

            N/A 2.1 Energy

            compliance

            Comty-Eng Community engagement, impact

            GRI 413-1 ESRS

            Safety

            N/A 3.4 Health and

            GHG-Int Greenhouse gas intensity from

            building energy consumption

            GRI 305-4 ESRS

            E1-6

            N/A 2.1 Energy

            assessments and development programs

            S3-2 & S3-4

            Safety

            Water-Abs Total water consumption GRI 303-3

            & 303-5

            ESRS E3-4

            IF-RE-410a.2

            2.3 Water

            Governance Performance Measures

            Gov-Board Composition of the highest

            GRI 2-9 ESRS 2

            N/A 4. Governance

            Water-LfL

            Like-for-like total water

            GRI 303-3

            ESRS

            IF-RE-

            2.3 Water

            governance body

            GOV-1

            consumption

            & 303-5

            E3-4

            140a.3

            Gov-Select

            Process for nominating and

            GRI 2-10

            N/A

            N/A

            4. Governance

            Water-Int	Building of water intensity	GRI 303-3 & 303-5	ESRS E3-4	IF-RE-140a.1	2.3 Water
            Waste-Abs	Total weight of waste by disposal route	GRI 306-3, 306-4 &	ESRS E5-5	N/A	2.4 Operational

            selecting the highest governance body

            Gov-COl Process for managing conflicts

            of interest

            GRI 2-15 N/A N/A 4. Governance

            Waste-LfL Like-for-like total weight of

            waste by disposal route

            306-5

            GRI 306-3,

            306-4 &

            306-5

            ESRS E5-5

            Waste

            N/A 2.4

            Operational Waste

            Notes:

            The UK Government published the UK Sustainability Reporting Standards (SRS) in February 2026. We will seek to align our reporting with the UK SRS in 2026.

            1. Global Reporting Initiative.

               Cert-Tot Type and number of sustainably certified assets

               N/A ESRS

               E1-9

               IF-RE-140a.3

               2.5 Responsible dev build certs

            2. Corporate Sustainability Reporting Directive.

            3. Sustainability Accounting Standards Board.

            Introduction

            Environment

            Social performance measures

            Governance

            Community investment Appendix

            Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 5

            1.2 Our transparent reporting approach continued

         2. EPRA sBPR reporting approach

            In this report Shaftesbury Capital provides details of the Group's environmental and social performance in line with the EPRA sBPR. The EPRA sBPR provides a guidance framework for reporting environmental and social performance and aims to bring greater consistency and clarity to companies' disclosures. Shaftesbury Capital recognises the importance of

            reporting performance in line with industry standards and we continue to align our reporting to the core recommendations of the EPRA sBPR.

            We have aligned our reporting with the most recent, fourth edition of the sBPR guidelines (released in April 2024). The reporting period covered in this report is the year ended

            31 December 2025. Data is presented in line with the Shaftesbury Capital business model, reflecting our key "destinations" and our head office at Regal House in Covent Garden.

            A key element of the sBPR guidelines is inclusion of 'like-for-like' portfolio reporting,

            i.e. reporting sustainability data from assets that have been consistently in operation, and not under development, during the most recent two full reporting years.

            During 2024 we completed the sale of the Fitzrovia portfolio and exited our 50 per cent interest in the Longmartin joint venture. As such, our 'Like-for-Like' reporting tables exclude these assets.

            Table 1.2.1 sets out the list of the EPRA Sustainability Performance measures and where these are reported. EPRA Sustainability Performance Measures, definitions, issues and rationale are aligned with the Global Reporting Initiative's ("GRI") Reporting Standards (2016 edition). In addition, we have aligned certain data points with Construction and Real Estate Sector Disclosures ("CRESD"), Sustainability Accounting Standards Board ("SASB") and certain datapoints of the European Union's Corporate Sustainability Reporting Directive ("CSRD").

            
            
            

            Introduction

            Environment

            Social performance measures

            Governance

            Community investment Appendix

            Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 6

      2. Environmental reporting

         1. Organisational boundaries for reporting For each relevant 2025 EPRA sBPR performance measure, data is presented for each destination being Covent Garden

            (including Seven Dials, Opera Quarter and Coliseum),

            Carnaby | Soho and Chinatown. In addition, we present data in respect of our 50:50 joint investment at Lillie Square. Data reported for Lillie Square relates to shared residential facilities only. In 2025, Norges Bank Investment Management ("NBIM") took a 25 per cent stake in Covent Garden, forming the "Covent Garden Partnership". Data is presented for 100 per cent for consistency. Shaftesbury Capital retains operational control.

            Shaftesbury Capital consolidates using the "operational control" approach, as defined by the World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD) GHG Protocol. Data is reported in two ways; on an "absolute" and on a "like-for-like" basis:

            • Absolute data includes all properties for which Shaftesbury Capital has or had operational control during the reporting period, where we procure energy, or appoint a third-party to procure energy on our behalf.

            • "Like-for-like" data does not include properties where Shaftesbury Capital did not have operational control for the current and comparative period, for example properties under refurbishment or properties that have been acquired or sold since 1 January 2024.

              The following parameters have been used to determine what is included within the reporting boundaries in terms of landlord and tenant consumption:

            • All properties where Shaftesbury Capital has sole ownership and operational control through the managing agent have been included, where applicable.

            • Data includes Lillie Square for the shared residential facilities.

            • Gas consumption data for areas under Shaftesbury Capital's operational control has been collected from direct meter reads. Any gas boilers that provide heating to both common and tenanted areas have been included

              where the heating plant is within the control of Shaftesbury Capital or our managing agents. These are identified within the relevant data tables.

            • Where gas consumption was given in m3, and no invoice was available, a conversion calculation was carried out to provide consumption in kWh.

              The Gross Calorific Value ("GCV") factor is taken from the National Inventory data used for UK reporting. The calculation was as follows:

            • m3 Gas x 39.18 (GCV factor for 2024) = MJ Gas.

            • MJ Gas x 1.02264 (correction factor) = MJ Gas (corrected).

            • MJ Gas x 0.278 (conversion factor to kWh) = kWh Gas.

            • Electricity consumption data for areas under Shaftesbury Capital's operational control has been collected from electricity billing records and direct meter reads, where available. All electricity supplies that serve plant e.g. lifts, common area lighting and power where the equipment is within the control of Shaftesbury Capital rather than the occupier have been included. External lighting consumption (e.g. for street lighting or temporary lighting for Christmas displays) is also included.

            • In some cases, electricity meters supply occupied tenant areas as well as landlord areas. Where these do not record sub-metered consumption, it is recorded as part of Shaftesbury Capital's consumption and is identified as whole building, unless it is possible to apportion to individual tenants through recharge. Where whole building electricity meters have active sub-meters,

              sub-meter tenant consumption is subtracted from the whole building consumption to calculate landlord consumption. This allows for consumption recharging and a clear view of tenant type consumption intensity.

            • Water consumption data has been collected from manual and automatic meter reads and information from invoices, where Shaftesbury Capital has responsibility for the water supply.

            • Where accurate utilities meter reads or invoices were not available for the full reporting year, estimated consumption has been calculated by pro-rating available data from bills and meter readings. A total of 0.7 per cent electricity,

              2.1 per cent gas and zero per cent water consumption was estimated during the 2025 reporting year.

            • Where available, service records for air conditioning ("AC") units under Shaftesbury Capital's operational control have been used to calculate the total refrigerant top ups. Where service record information is not available, estimated leakage rates taken from UK Government environmental reporting guidelines have been used.

            • For refurbishment projects, energy, water, waste and material use data has been collected. Within individual refurbishment sites absolute energy use is reported alongside operational landlord energy consumption.

            • For Scope 3 occupier emissions we have used various methods, including meter reads, billing information and energy data collected from UK energy operators for approximately 77 per cent of consumption by area for electricity and 70 per cent of consumption by area for gas supplies. This equates to approximately 56 per cent of total emissions, with the remaining emissions using industry benchmarks.

            • Residential long leaseholds (defined as a lease longer than 21 years) are legally entitled to lease extensions, and have been excluded from the reporting boundary, given these assets lie outside the operational control of Shaftesbury Capital. In accordance with best practice, tenant emissions from these properties have been reported separately to Scope 1, and 3 emissions.

              Introduction

              Environment

              Social performance measures

              Governance

              Community investment

              Appendix

              Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report

              7

              1.3 Environmental reporting continued

         2. Greenhouse Gas ("GHG") reporting

            The emissions calculation methodology uses activity data relating to Shaftesbury Capital's operations (for example, kilowatt-hours electricity consumed, litres of fuel used, kilograms of refrigerants used), and application of a standard emissions conversion factor. This has been performed for each fuel type at the individual site level to facilitate the comparison of emissions across the whole portfolio. Emission conversion factors are taken from the GHG Conversion Factor Repository reported by the Department for Energy Security and Net Zero ("DESNZ").

            Conversion factors are updated annually, for example,

            to reflect changes to the electricity generation mix for the current year.

            Scope 1 - Direct Emissions

            These are the direct emissions resulting from activities that are within our control and relate to the emissions associated with the use of natural gas and refrigerant gases that fall within landlord-controlled areas.

            Scope 2 - Indirect Emissions

            These are the indirect emissions associated with the electricity that we purchase and use. Emissions are created during the generation of the energy. For Shaftesbury Capital this includes all landlord purchased electricity within landlord-controlled areas, including common areas and shared services.

            Scope 3 - Other Indirect Emissions

            Scope 3 emissions, also known as value chain emissions, are all indirect greenhouse gas emissions not captured by Scope 1 and 2 reporting. These emissions relate to

            activities occurring from sources outside the ownership or control of the organisation. These can be separated into

            15 main categories as set out below. It should be noted that the EPRA sBPR recommendations do not require details of Scope 3 GHG emissions, and as such the tables presented in Section 2.2 do not include Scope 3 emissions. Scope 3 emissions are presented in Section 2.7, which documents the progress we have made towards our Net Zero Carbon ("NZC") targets.

            
            
            

            Introduction

            Environment

            Social performance measures

            Governance

            Community investment Appendix

            Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 8

            1.3 Environmental reporting continued

         3. GHG reporting scope

            Scope 3 emissions as set out below are reported in section 2.7 and included in the verification statement in Appendix 3.

            Natural gas Yes Yes Use of natural gas in all areas where they are our responsibility within the managed portfolio.

            Other fuels Yes Yes Use of other fuels within the managed portfolio where they are

            our responsibility (limited to fuel use for Lillie Square car wash and back-up generator in 2025)

            Waste generated in operations

            Activity	Applicability Inclusion	Scope of inclusion	Activity	Applicability	Inclusion	Scope of inclusion
            Scope 1			Category 5:	Yes	Yes	We have calculated emissions associated with the waste produced,

            Category 6: Business travel

            including refurbishment and tenant waste where we have operational control. Quantities of waste produced have been multiplied by UK Government emission conversion factors for GHG company reporting.

            Yes Yes We have calculated business travel from business flights and train journeys, using UK Government emission conversion factors for GHG company reporting.

            Scope 2

            Refrigerant emissions

            Emissions associated with electricity consumption

            Scope 3

            Emissions associated with purchased heating or cooling

            Category 1: Purchased goods and services

            Category 2: Capital goods

            Category 3: Fuel and energy related activities

            Category 4: Upstream transportation and distribution

            Yes Yes Fugitive emissions associated with refrigerant leak/top-ups in all areas where they are our responsibility within the managed portfolio.

            Yes Yes Purchased electricity has been accounted for in all areas where it is our responsibility within the managed portfolio. Shaftesbury Capital calculates 'location-based' emissions which reflect emissions according to the energy mix of the National Grid, and 'market-based' emissions which reflect the energy mix provided by our energy suppliers.

            No N/A None within Shaftesbury Capital's operations.

            Yes Yes We have calculated emissions associated with purchased goods and services, using a financial spend-based method and associated UK Government conversion factors.

            Yes Yes We have calculated emissions associated with capital goods. This is primarily from embodied carbon emissions in refurbishment projects. We use accurate embodied carbon data for all projects which are sufficiently material to warrant detailed whole life carbon assessments and monitoring. For smaller projects not yet covered by whole life carbon assessments, we use UK Government conversion factors.

            Yes Yes Includes upstream well-to-tank emissions and transmission and distribution losses of our Scope 1 and 2 energy use. Calculated in relation to Scope 1 and 2 emissions using UK Government emission conversion factors for GHG company reporting.

            Yes Yes We have calculated emissions associated with our spend on postal and courier services, using a financial spend-based method and associated UK Government conversion factors.

            Category 7: Employee commuting

            Category 8: Upstream leased assets

            Category 9: Downstream transportation and distribution

            Category 10: Process of sold products

            Category 11: Use of sold products

            Category 12: End of life treatment of sold products

            Category 13: Downstream leased assets

            Category 14: Franchises

            Category 15: Investments

            Yes Yes We have calculated employee commuting emissions using an annual company commuting survey, multiplied by UK Government emission conversion factors for GHG company reporting.

            No N/A We do not lease any assets from other entities. There are therefore no relevant Scope 3 emissions to report under this category.

            No N/A Shaftesbury Capital develop and manage real estate properties which we then lease to our customers. There are no relevant Scope 3 emissions associated with our operations to report under this category.

            No N/A Shaftesbury Capital develops and manages real estate properties which we then lease to our customers. There are no relevant Scope 3 emissions associated with our operations to report under this category.

            No N/A Shaftesbury Capital develops and manages real estate properties which we then lease to our customers. There are no relevant Scope 3 emissions associated with our operations to report under this category.

            No N/A Shaftesbury Capital develops and manages real estate properties which we then lease to our customers. There are no relevant Scope 3 emissions associated with our operations to report under this category.

            Yes Yes This includes emissions relating to tenant consumption in our properties where the leasing arrangements put responsibility for energy operation and direct payment for supply on the tenants. To calculate emissions we have used various methods, including meter reads, billing information and energy data collected from UK energy operators for approximately 77 per cent of consumption by area for electricity and 70 per cent of consumption by area for gas supplies. This equates to approximately 56 per cent of total emissions, with the remaining emissions using industry benchmarks

            No N/A We do not operate any franchises. There are therefore no relevant Scope 3 emissions to report under this category.

            No N/A Shaftesbury Capital develops and manages real estate properties which we then lease to our customers. There are no relevant Scope 3 emissions associated with our operations to report under this category.

            Introduction

            Environment

            Social performance measures

            Governance

            Community investment Appendix

            Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 9

            1.3 Environmental reporting continued

            1. Intensity normalisation

               Shaftesbury Capital presents intensity information by kWh and CO2e divided by floor area and turnover. Floor area is considered to be the most relevant denominator for intensity as it is overall area which drives consumption rather than capital value. We continue to refine our estimates of both consumption and floor areas, particularly common parts, which are not lettable and therefore have estimated area only.

               • Energy consumption figures also include shared services such as external lighting,

                 Christmas lighting and CCTV which may therefore distort attempts to compare to benchmarks.

               • Total kWh and Scope 1 and 2 emissions are measured against Net Lettable Area including joint ventures to reflect the organisational boundaries explained on page 5. The Net Lettable Area used reflects the portfolio area as of 31 December 2025, i.e. excluding assets that have been sold during the reporting year.

            2. Third party verification

               Shaftesbury Capital engaged Carbon Footprint Limited to provide independent verification of the 2025 greenhouse gas emissions assertion, in accordance with the industry recognised standard ISO 14064-3. The verification statement is available on our website

               at https://www.shaftesburycapital.com/en/responsibility/policies-and-reports.html and in Appendix 3.

            3. Data restatement

               The absolute energy and GHG emissions for the 2024 reporting period have been included directly as previously reported. There has been no restatement.

            4. Climate change risk and opportunities

               We recognise that climate change will have an impact on our business. A summary of our climate change risks and opportunities is set out in our Task Force on Climate-related Financial Disclosures ("TCFD") aligned report on pages 61 to 69 of our 2025 Annual Report.

               
               
               

               Introduction

               Environment

               Social performance measures

               Governance

               Community investment Appendix

               Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 10

               1.3 Environmental reporting continued

            5. Streamlined Energy and Carbon Reporting ("SECR")

            Energy and carbon consumption, as reported within the 2025 Annual Report, are detailed in the below tables which confirm 2024 and 2025 energy consumption (kWh) and equivalent carbon emissions (tCO2e).

            Additional detail relating to energy and carbon performance can be found within section 2 of this report. Our SECR disclosure is set out on page 83 of our 2025 Annual Report and the verification statement is available on our website.

            Shaftesbury Capital has engaged Carbon Footprint Limited to provide independent verification of the calculation of 2025 GHG emissions assertion data, in accordance with the industry recognised standard ISO 14064-3.

            Our absolute Scope 1 and Scope 2 location-based emissions have decreased by 29.9 per cent since 2024. When considered on an intensity basis, intensity has decreased by 32.7 per cent.

            Overall, Scope 1 and 2 emissions are down 53.9 per cent compared to our reported 2019 baseline.

            Scope 3 emissions decreased annually by 7.2 per cent, demonstrating continued progress against our Net Zero Carbon targets.

            The recorded increase in Scope 2 market-based emissions is attributable to the reduction in renewable energy purchased as vacant properties remained on non-REGO backed contracts for the duration of their vacancy.

            114

            0.42

            Total Scope 1 and 2 GHG emissions (location-based method)1

            Total Scope 2 GHG emissions (market-based method)2

            Total Scope 1 and 2 energy consumption (MWh)

            Intensity measure1:

            Tonnes of CO2e per '000 sq. ft.

            2,000

            1,131

            1,500

            tCO2e

            803

            1,000

            500

            0

            365

            2025

            2024

            120

            100

            80

            tCO2e

            60

            40

            20

            0

            537

            2025

            21

            2024

            8,000

            6,000

            MWh

            4,000

            2,000

            0

            2025 2024

            3.5

            8,192

            3.03

            3.0

            5,741

            2.05

            2.5

            2.0

            1.5

            1.0

            0.5

            0

            0.8

            0.6

            tCO2e

            0.4

            0.3

            0.0

            0.13

            0.29

            2025

            0.20

            2024

            Scope 1
            
            Scope 2
            
            Scope 2
            
            Total energy use (MWh)
            
            Intensity measure (MWh per '000 sqft lettable area)
            
            Scope 1
            
            Scope 2
            
            

            1. The location-based method reports emissions as tonnes of carbon dioxide equivalent (tCO2e). 100 per cent of the emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions can be found on page 217 of the 2025 Annual Report.

            2. The market-based method reports emissions as tonnes of carbon dioxide (tCO2e). 100 per cent of the emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions can be found on page 217 of the 2025 Annual Report.

            Introduction

            Environment

            Social performance measures

            Governance

            Community investment Appendix

            Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 11

      3. Social value and community contributions

         A summary of our social value and community contributions is set out on pages 85 and 86 of the 2025 Annual Report and detailed in our

         2025 Community Impact Report which can be found on our corporate website. ->

         1. Measurement and benchmarking

      We calculate and report the social value of our community contributions using the National Themes, Outcomes and Measures (TOMs) framework, details of which can be found below.

      Cash donations

      Our support includes direct cash donations to charities and organisations, alongside broader financial community contributions through stewardship, estate investment, and marketing initiatives. The reported figure is calculated using the TOMs framework and cross-referenced against our financial reporting systems. Where any costs are part service charge recoverable, we only report the cost absorbed by the business.

      We predominantly support charities and not-for-profit organisations which are located within the London boroughs of Westminster and Camden. This approach enables us to establish long term and effective relationships that reflect our aim of supporting communities in both boroughs, focusing on local employment, community cohesion and local needs. Our Community Investment Forum oversees our community investment activity including our grants fund, which enables local charities

      and not for profit organisations to apply for funding. This approach helps us to maximise the value of our contributions in line with our corporate aspirations.

      Employee time

      We encourage our colleagues to volunteer, with all employees allocated two paid volunteering days per annum. Where employees have volunteered their time during working hours, this is calculated using hourly TOMs rates (£17.48 per hour standard rate volunteering/£106.34 per hour expert rate volunteering). In 2025, we saw a 12 per cent increase in employee volunteering time with charities and community organisations.

      In-kind space donations

      We provide in-kind space such as units or pop-up spaces on a zero charge or concession basis to charities, not for profit organisations and educational establishments for events or longer-term community use. As there are no specific TOMs metrics for calculating the value of in-kind space donations, we use our own calculation and reporting methodology. For concessionary space we calculate the value of our investment by reflecting the reduction in rent charge from the ERV plus any additional business rates and insurances paid on behalf of the tenant. For pop-up space we calculate the value of the unit space provided plus any business rates, service charge and insurances paid on behalf of the charity tenant. We then discount this by

      33 per cent to reflect the short-term and flexible nature of the tenancy. When pop-up external space is provided within Shaftesbury Capital's ownership, we follow the same methodology but apply a 50 per cent discount.

      Donations of equipment

      During the year we have donated surplus IT equipment to several charities operating within Westminster at no cost. The monetary worth of this equipment has not been included within our reporting as the value cannot be fairly determined.

      Leverage

      Where applicable, details of any external leverage such as the amount raised by a charity undertaking fundraising within our portfolio is not included within our social

      value reporting.

      Mandatory obligations

      Only activity that is both voluntary and charitable in nature is included in our TOMs reporting. Where a contribution

      is mandated by a third party, such as local planning authority Section 106 agreement, this is excluded from our annual reporting.

      
      
      

      Introduction

      Environment

      Social performance measures

      Governance

      Community investment Appendix

      Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 12

2. Environment

   1. Energy performance measures

Total electricity consumption

(Elec-Abs) Carnaby | Soho Covent Garden1 Chinatown Lillie Square Longmartin2 Fitzrovia2 Shaftesbury Capital Total

Notes:

Shaftesbury Capital total excludes head office at Regal House. This is reported separately on pages 22 to 23.

1. Covent Garden consumption includes 25 per cent ownership by NBIM.

2. Remaining Fitzrovia and Longmartin assets were sold during the 2024 reporting year.

   Like-for-like total electricity consumption (Elec-LfL) Carnaby | Soho Covent Garden Chinatown Lillie Square Shaftesbury Capital Total

   	Unit	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	Change
   LfL electricity consumption	kWh	1,710,541	1,515,045	1,638,252	1,833,833	297,998	317,095	105,559	798,118	3,752,350	4,464,091	-15.9%
   LfL electricity purchased from utility suppliers from non-renewable energy sources	kWh	171,556	5,660	36,057	33,785	47,508	3,006	105,559	12,019	360,680	54,470	562.2%
   LfL electricity purchased from utility suppliers from renewable energy sources	kWh	1,538,985	1,509,385	1,602,195	1,800,048	250,490	314,089	0	786,099	3,391,669	4,409,621	-23.1%
   LfL electricity self-generated	kWh	0	0	670	627	0	0	0	0	670	627	6.9%

   Notes: Shaftesbury Capital total excludes head office at Regal House (reported on pages 22 to 23). Fitzrovia and Longmartin assets were sold during the 2024 reporting year. As such, no applicable like-for-like consumption is recorded.

   Introduction

   Environment

   Social performance measures

   Governance

   Community investment

   Appendix

   Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report

   13

   1. Energy performance measures continued

Notes:

Shaftesbury Capital total excludes head office at Regal House (reported on pages 22 to 23). All gas meters with certified green gas (RGGO-matched) have been included under renewable fuels, and all other gas supplies have not been included. Fitzrovia and Longmartin assets were sold during the 2024 reporting year. As such, no applicable like-for-like consumption is recorded.

Introduction

Environment

Social performance measures

Governance

Community investment Appendix

Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 14

Notes:

Floor area represents the total Shaftesbury Capital net lettable area.

Commentary on greenhouse gas emissions

Absolute Scope 1 GHG emissions have seen a 28.7 per cent decrease across the portfolio (excluding head office which is reported separately on page 22). The increase in F-Gas reported for Covent Garden is attributable to top-ups carried out during the year at Floral Court. Fuel use at Lillie Square has increased due to more frequent operation of the jet wash and back-up generator, both of which increased on site fuel consumption. Reported natural gas consumption at Lillie Square has declined following installation of sub-meters, which have improved allocation between tenant and landlord usage and reduced the landlord gas reported total.

Absolute Scope 2 location-based emissions have decreased by 26.5 per cent across the portfolio. This is largely due to the reduction in the published location based carbon factor used to convert consumption to CO2e, and the sale of Longmartin and Fitzrovia assets.

Absolute Scope 2 market-based emissions have increased by 178.4 per cent across the portfolio. This is attributable to the reduction in renewable energy purchased as vacant properties remained on non-REGO backed contracts for the duration of their vacancy. Additionally, several suppliers have increased their emission factors.

Our location-based and market-based GHG intensities, by floor area, have decreased by 32.4 per cent and 19.9 per cent respectively.

Introduction

Environment

Social performance measures

Governance

Community investment Appendix

Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 17

Total weight of waste by disposal route (Waste-Abs) Carnaby | Soho Covent Garden Chinatown Lillie Square Longmartin* Shaftesbury Capital Total

Notes:

Shaftesbury Capital total excludes head office at Regal House.

This includes operational waste from our managed portfolio, where Shaftesbury Capital is responsible for waste collection. All waste that cannot be recycled or composted is taken to a waste to energy plant.

* Longmartin assets were sold during the 2024 reporting year.

Total weight of waste by disposal route (Waste-Abs) Carnaby | Soho Covent Garden Chinatown Lillie Square Longmartin* Shaftesbury Capital Total

Introduction

Environment

Social performance measures

Governance

Community investment Appendix

Shaftesbury Capital PLC | 2025 EPRA Sustainability Data Report 19

2.4 Operational waste performance measures continued

Total weight of waste by disposal route (Waste-LfL) Carnaby | Soho Covent Garden Chinatown Lillie Square Shaftesbury Capital Total

Commentary on waste performance

Overall, total absolute waste has decreased by 236 tonnes, primarily due to the sale of Longmartin. There has been a 10.8 per cent increase in the total absolute waste recycled, which is due to increased recycling rates at Carnaby | Soho and Covent Garden. It should be noted however that Shaftesbury Capital is not responsible for segregation of recycling and waste streams, as mixed waste is collected by the waste contractor and separated off-site.