Starhill Global Real Estate Investment Trust : Sustainability Report FY2021/22

SUSTAINABILITY & GOVERNANCE

Sustainability Report

Sustainability

Report Contents

1. About This Report
2. Board Statement
3. Performance Summary

1. Stakeholders
2. Materiality

1. Embracing the Marketplace

1. Environmental Conservation

1. Empowering Our People

1. Enriching Our Communities
2. GRI Content Index

1. SASB Index
2. TCFD Disclosures

Contact

We welcome feedback, suggestions and questions from our stakeholders about this report. Please direct any questions or comments to:

Investor Relations and

Corporate Communications

JONATHAN KUAH

YTL Starhill Global REIT

Management Limited

391B Orchard Road,

#24-03 Ngee Ann City

Tower B, Singapore 238874

Phone: [phone]

Fax : [phone]

Email : [e-mail]

ABOUT THIS REPORT

This is the sixth annual sustainability report by Starhill Global Real Estate Investment Trust (SGREIT). The report covers the environmental, social and governance (ESG) performance of our operations from 1 July 2021 to 30 June 2022 (FY 2021/22) unless stated otherwise. This report forms part of SGREIT's FY 2021/22 Annual Report.

Reporting Standards

This report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option. The GRI Standards have been selected because it is the most widely used and accepted international framework for sustainability reporting. In addition, this report has been prepared in accordance with Singapore Exchange Securities Trading Limited's SGX-ST Listing Rules (711A and 711B) - Sustainability Reporting.

This report also refers to the Sustainability Accounting Standards Board's (SASB) Real Estate Sector Standards for its focus on financially material ESG issues. As part of our work to implement the Monetary Authority of Singapore's (MAS) Guidelines on Environmental Risk Management for Asset Managers (MAS ERM Guidelines) this report includes an environmental risk management report based on the Taskforce on Climate-related Financial Disclosures (TCFD) Recommendations. Finally, we continue to highlight our alignment with the UN Sustainable Development Goals (SDGs) in the report.

Reporting Principles

The report content has been determined primarily by applying the GRI reporting principles of stakeholder inclusiveness, materiality, sustainability context and completeness to focus on the most material ESG factors. In addition, GRI principles of accuracy, balance, clarity, comparability, reliability and timeliness have been used to ensure the content quality.

Scope and Boundary

The report provides an overview of the ESG performance of SGREIT's assets across its portfolio of properties in Singapore, Malaysia, Australia, Japan and China. Environmental performance in relation to energy and water consumption is reported only for the common areas within SGREIT's properties which are actively managed by the property managers, and where the Manager can monitor and influence the efficiency of utilities. For the Japan Properties, Daikanyama was excluded as the size of the area within SGREIT's operational control was determined to be not material.

For waste data, both tenants' consumption and common area data for Wisma Atria and Myer Centre Adelaide are included in this report. The data on waste for Singapore encompasses the Wisma Atria under the Management Corporation Strata Title.

This includes Wisma Atria Property which SGREIT owns and Isetan's own strata space.

The Product Responsibility and Human Capital performance disclosures relate only to the Manager in Singapore. The workforce data refers to the employees of the Manager

in Singapore.

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Restatements

GHG emissions and all intensity-related data for FY 2019/20 and FY 2020/21 for the Australia Properties have been restated using South Australia and Western Australia (SWIS) emission factors, and revised floor areas for Myer Centre Adelaide and David Jones Building. For the Wisma Atria Property, electricity, water and intensity-related data have been restated to include only SGREIT's strata ownership area as well as the equity interest for the common area. Data for FY 2020/21 in the SASB Index have also been restated to include Ebisu Fort.

External Assurance

Sustainability performance data presented in this report has been verified using internal sources for their accuracy. However, seeking external assurance for sustainability information for future reports remains under consideration.

BOARD STATEMENT

The Board is committed to maintaining high standards of governance, ethics, integrity and sustainability. The Board is responsible for determining SGREIT's most material ESG factors, including climate-related risks and opportunities. In determining the ESG priorities, the Board considers the interests and concerns of key stakeholders. The Board has considered sustainability issues in SGREIT's business and strategy. Through periodic reviews, the Board oversees the management and implementation of material ESG factors. The Board also reviews and approves the sustainability reports.

Working closely with the Management, the Board remains focused on driving long-term sustainable value for SGREIT's stakeholders.

Board Message

This report provides an account of the ESG performance of our portfolio properties for FY 2021/22. In addition to existing sustainability standards and frameworks, including SASB Real Estate Standards, and the UN SDGs, we have incorporated TCFD Recommendations in this year's report. Disclosures aligned with these standards and frameworks guide us in meeting the information needs of our diverse stakeholders. We have also begun implementing the MAS ERM Guidelines issued by MAS in December 2020. The MAS guidelines aim to assist asset managers in evaluating and managing the potential environmental risks such as climate change, loss of biodiversity, pollution and changes in land use. We follow the MAS ERM Guidelines to

help us assess and mitigate environmental risks in managing our current portfolio as well as in our research and portfolio management processes.

This report includes a TCFD Report that describes how we assess and manage climate-related risks and opportunities.

As with the previous year's report, we have refined our previously disclosed sustainability targets and timelines to include short- term goals while maintaining long-term aspirations. This helps us provide a more specific account of significant ESG targets, metrics and performance.

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PERFORMANCE SUMMARY

SUSTAINABILITY PERFORMANCE DATA

Material ESG Factors	Measurement Unit	FY 2019/20	FY 2020/21	FY 2021/22
ENVIRONMENTAL (1)
Energy (2)
Electricity Consumption
Total	MWh	8,424	8,290	8,241
Singapore	MWh	3,811	3,895	4,073
Australia	MWh	4,540	4,328	4,120
Japan	MWh	73	67	48
Fuel Consumption
Total	GJ	0	29	0
Singapore	GJ	No data	29	0
Australia	GJ	0	0	0
Japan	GJ	No data	No data	No data
Total Energy Consumption
Total	GJ	30,326	29,873	29,669
Singapore	GJ	13,720	14,052	14,663
Australia	GJ	16,344	15,581	14,832
Japan	GJ	262	240	174
Energy (Electricity) Intensity
Total	kWh/m2	135	133	130
Singapore	kWh/m2	198	202	211
Australia	kWh/m2	108	103	96
Japan	kWh/m2	83	76	55
GHG Emissions (3)(4)
Direct (Scope 1) GHG Emissions
Total	tonnes CO2e	Not reported	309	0
Singapore	tonnes CO2e	Not reported	309	0
Australia	tonnes CO2e	Not reported	0	0
Japan	tonnes CO2e	Not reported	No data	No data
Energy Indirect (Scope 2) GHG Emissions
Total	tonnes CO2e	3,211	3,164	3,152
Singapore	tonnes CO2e	1,557	1,591	1,662
Australia	tonnes CO2e	1,620	1,542	1,467
Japan	tonnes CO2e	34	31	23
Total GHG Emissions
Total	tonnes CO2e	3,211	3,473	3,152
Singapore	tonnes CO2e	1,557	1,900	1,662
Australia	tonnes CO2e	1,620	1,542	1,467
Japan	tonnes CO2e	34	31	23
GHG Emissions Intensity
Total	kgCO2e/m2	52	56	50
Singapore	kgCO2e/m2	81	99	86
Australia	kgCO2e/m2	38	37	34
Japan	kgCO2e/m2	38	35	26
Water
Water Withdrawal
Total	ML	83	70	62
Singapore	ML	66	55	47
Australia	ML	17	15	15
Japan	ML	0.044	0.056	0.084
Water Intensity
Total	m3/m2	1.40	1.17	1.03
Singapore	m3/m2	3.42	2.84	2.43
Australia	m3/m2	0.44	0.38	0.38
Japan	m3/m2	0.05	0.06	0.10

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SUSTAINABILITY PERFORMANCE DATA

Material ESG Factors	Measurement Unit	FY 2019/20	FY 2020/21	FY 2021/22
ENVIRONMENTAL (1)
Waste (5)
Waste Generated (Non-hazardous)
Total	metric tons	1,564	1,486	1,441
Singapore	metric tons	1,236	1,093	1,141
Australia - MCA only	metric tons	328	393	300
Japan	metric tons	no data	no data	no data
Total Recycled Waste
Total	metric tons	106	115	131
Singapore	metric tons	13	26	45
Australia - MCA only	metric tons	93	89	86
Japan	metric tons	no data	no data	no data
Non-compliance with Environmental Regulations
Number of incident of non-compliance	Number	0	0	0
SOCIAL
Occupational Health & Safety (Employees)
Fatalities	Number, rate (%)	0	0	0
High-consequenceswork-related injuries	Number, rate (%)	0	0	0
(excluding fatalities)
Non-fatal workplace injuries	Number, rate (%)	0	0	0
Occupational Disease	Number, rate (%)	0	0	0
Number of manhours worked	Number, rate (%)	62,400	64,120	61,360
Public, Tenants and Visitors Safety
Number of incidents involving public, tenants	Number, rate	0	0	0
and visitors
Non-Compliance with Health and Safety Regulations
Number of incident of non-compliance	Number, rate	0	0	0
Employees
Permanent employees	Number	30	31	30
Temporary employees	Number	0	0	0
Non-guaranteed hours employees	Number	0	0	0
Full-time employees	Number	30	30	29
Part-time employees	Number	0	1	1
Rate of new hires	%	10	10	20
Employee turnover rate	%	7	6	23
Female employees	%	60	58	60
Female managers	%	64	64	58
Female Senior Management	%	29	25	50
Average training hours per employee (full-time)	hrs	20.9	27.2	34.7

Notes:

1. Scope of data reporting covers Wisma Atria Property (Singapore), Myer Centre Adelaide (Australia) , David Jones Building (Australia), Plaza Arcade (Australia) and Ebisu Fort (Japan). With the exception of waste data, which covers both tenants' consumption and common areas, all environmental data refers to common area consumption only.
2. Energy refers to purchased electricity, and in FY 2020/21, fuel (diesel) consumption was added.
3. SGREIT started reporting Direct (Scope 1) GHG Emissions since FY 2020/21. Scope 1 emissions include emissions from fuel (diesel) from stationary combustion sources and fugitive emissions from refrigerants. Energy indirect (Scope 2) GHG emissions refers to purchased electricty.
4. GHG emissions calculations are based on the Greenhouse Gas (GHG) Protocol. Gases included in calculation include CO2, CH4 and N2O. Emission factors from IPCC 2006 and GWP values from 2014 IPCC Fifth Assessment Report were used to derive Scope 1 emissions. Scope 2 emissions were calculated using the location-based method, with grid emission factors from the Singapore Energy Market Authority (EMA) and Australia Department of Industry, Science, Energy and Resources.
5. Waste data reported for Australia covers Myer Centre Adelaide only. Waste from Plaza Arcade and David Jones Building is collected by the City of Perth.

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STAKEHOLDERS

We prioritise engagement with our stakeholders -

those affected by our operations or those who can affect our business goals and objectives. Our stakeholders include tenants, investors, shoppers, employees, governments and regulators, suppliers and contractors

and the local communities in which we operate. Regular engagement with these stakeholders helps us understand their needs and effectively address their concerns. An overview of our stakeholder engagement is presented in the following table.

Stakeholders	Engagement Methods	Stakeholder Concerns	How We Respond
		and Expectations
Tenants	• Joint promotional and	• Conducive mall environment	• Conduct annual tenant
	strategic partnerships	• Differentiated tenant mix	surveys to gather feedback
	• Tenant satisfaction survey	• Stable shopper traffic	• Use survey results
			to identify areas of
			improvement and
			implement appropriate
			follow-up actions
Investors	• Dedicated Investor Relations	• Access to high-quality	• Provide accurate
	section on company website	real estate investment	information to the
	• SGXNET announcements	• Business performance	investing public through
	• Annual General Meeting	and strategy	timely communication
	• Annual report	• Risk management
	• Results briefings to analysts	• Sustainable returns
	and investors
	• Meetings with investors and
	participation in roadshows
	and conferences
	• Mall tours upon request
	• Corporate video
Shoppers	• Marketing and promotional	• Conducive mall environment	• Improve shoppers' shopping
	programmes and events	• Differentiated tenant mix	experience in the mall
	• Online engagement and social	and refreshed offerings	through various promotional
	media		events and periodic
			rejuvenation of malls
Employees	• Regular department meetings	• Communication of business	• Inclusive work environment
	• Annual performance appraisals	strategy and developments	• Provide opportunities
	• Team-building activities	• Performance recognition	for employees to develop
	• Training courses and	• Training and career	skills and gain knowledge
	workshops	development	• Organise employee
	• Employment incentives and		wellness activities
	benefits
Governments and	• Meetings, feedback and	• Compliance with rules	• Implement policies and
Regulators	correspondences	and regulations	procedures to ensure
(e.g. SGX, MAS)		• Sustainability	regulatory compliance
		• Environmental risk	• Regularly monitor and
		management	review regulatory issues and
		• Adoption of best practices	performance
			• Annual reports and
			sustainability reports
			• Regular reports to MAS
Suppliers and	• Requests for Proposal	• Fair procurement policy	• Ensure compliance with
Contractors	• Meetings and visits	and practices	government policies,
		• Workplace safety	rules and regulations
		• Timely payment
Community	• Corporate social responsibility	• Environmental protection	• Ongoing CSR activities
	(CSR) programme	• Support for social causes	• Employees volunteering
			to support community
			programmes

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