We provide clear oversight of ESG at the Board and executive level. A robust reporting structure is in place through the Sustainability and Ethics Committee, Audit Committee, input from the ESG Working Committees and the ESG Department, and updates from the CEO and Chief Marketing and Impact Officer (CMIO) to the Board.

Environmental and social objectives are linked to KPIs and embedded into our management review and remuneration processes. Executive Directors and qualifying staff have ESG objectives as part of their targets, defining and acting on our net zero pathway, biodiversity, and social and survey participation.

This year, we created a dedicated ESG department in Germany, which reports to the CMIO. Among other tasks, the team will seek to improve the quality of the data we collect and how it can be used more effectively, providing greater clarity and accountability. ESG activities in the UK are coordinated by the senior leadership team there. Meanwhile, we are conducting a new ESG materiality assessment to ensure that our strategy and actions reflect the issues most important to our stakeholders and which can have the most impact on our business, the people, and the environment.

We will ensure material issues are embedded in our strategy and will continue to review materiality to ensure we stay on top of changing stakeholder, regulatory and industry dynamics.

We regard ESG as a principal risk. Consequently, we have worked to ensure that the risk management process and framework account for ESG factors and that we have a clearly outlined risk/impact assessment.

At the same time, we have sought to enhance alignment with the TCFD framework to provide clearer definitions and KPIs for short-, medium-, and long-term timeframes and impacts within the risk management framework. We also integrated identifying and managing transitional and physical risks and opportunities into risk management processes.

We also took steps to embed ESG factors into pre-acquisition and corporate activity due diligence processes. This includes ordering an ESG specific evaluation for all potential acquisitions which reach the advanced stage of exclusivity.

ESG factors are considered in acquisitions in both Germany and the UK in order to ascertain potential implications for the Group's ongoing carbon reduction and energy efficiency programmes.

Robust education and awareness processes underpin our ESG programme with employees, tenants, suppliers, and business partners. We actively engage with all our stakeholders to understand their ESG priorities and concerns.

This year, our Chairman visited employees across Germany and the UK to discuss a range of issues and our CEO holds regular forums with staff in person or online.

We also share and discuss our ESG ambitions, environmental responsibility, and the decarbonisation pathway through regular communication, including blogs, Workplace posts, and other updates. At the same time, we invite frequent stakeholder feedback through regular face-to-face meetings with our customers and shareholders. We also conduct an annual tenant survey, and our ESG materiality assessment involves a wide spectrum of internal and external stakeholders.

We monitor the fast-changing landscape of ESG reporting frameworks, including the EU's Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS), and the Sustainability Disclosure Standards launched by the International Sustainability Standards Board (ISSB).

We also engage with ESG rating agencies, including MSCI, Sustainalytics, and Global Real Estate Sustainability Benchmark (GRESB).

Our ESG ratings:

• MSCI: AA
• GRESB Public Disclosure: A
• Sustainalytics: Low Risk
• CDP: C

We already report in line with the recommendations of TCFD and have significantly expanded on our disclosures this year. You can read more about this in our Annual Report.

Until there is greater clarity and cohesion on the most suitable reporting framework, we believe our shareholders and other stakeholders are best served by our clear engagement in and reporting on the areas of ESG that are material to our business and strategy.

All our policies were reviewed in March 2024 to ensure we remain in line with best practice and the law, including but not limited to Modern Slavery, Anti-Bribery, and Corruption and Whistleblowing policies.

We also maintain robust health and safety practices through training and awareness. Any health and safety incidents are monitored and tracked, and the appropriate training is provided.

We provide a detailed and transparent account of our ESG activities and data each year in our Annual Report, ESG Report, and on this website. The information includes progress against targets and KPIs.

Achilles

Our carbon reduction figures are audited and certified by Achilles, one of the world's most recognised certification schemes. We also completed our first CDP disclosure and were awarded a score of C. The result will help us to improve and enhance our reporting capabilities.