Dear Stakeholders,

At MIT, sustainability is an integral part of our business strategy and corporate ethos. As a responsible asset manager, we acknowledge the built environment’s significant role in global emissions and its influence on urban development. As such, we prioritise sustainable asset management, energy efficiency and carbon reduction initiatives to minimise environmental impact while fostering positive social outcomes by engaging with stakeholders, promoting ethical business practices and supporting community development.

The Board holds the ultimate responsibility for the management of sustainability-related risks and opportunities and considers themas part of our strategic formulation. In Financial Year 2024/2025(“FY24/25”), we reassessed our material topics to ensure their continued relevance and alignment with our sustainability priorities, industry standards, and market trends. These topics shape our sustainability strategy and guide the target setting across different time horizons. The results of this reassessment are explored in greater detail in this report. We have aligned our sustainability strategies and practices with those of our Sponsor, Mapletree Investments Pte Ltd (the “Mapletree Group”).

To ensure effective oversight of the myriad aspects of sustainability, we have established a robust governance structure, with different committees to execute our sustainability strategies across various geographies, functions, and departments. Details about our governance structure can be found in the ‘Sustainability Approach’ section.

Ensuring Transparent Reporting

A key aspect of our responsibility is maintaining transparency and trust in all interactions with stakeholders, including employees, investors, and business partners. In response to the growing global focus on transparent sustainability reporting – particularly with the introduction of the International Financial Reporting Standards (“IFRS”) S1 and S2 standards – this report discusses our sustainability strategy, our climate-related risks and opportunities, and our efforts to manage these factors. It also details our progress towards achieving Net Zero by 2050, highlights potential challenges, and outlines our plans for overcoming these hurdles.

In FY24/25, we completed the rollout of the Mapletree Group’s environmental data management system across our properties in Singapore. This system is instrumental in maintaining accurate and verifiable data, which will enable us to manage our sustainability performance while ensuring reliable disclosures for our stakeholders.

Reducing our Carbon Footprint

During the financial year, we completed Phase 3 of our solar panel installation project. This involved the installation of solar panels at 12 properties across six property clusters. As a result, our solar generating capacity totalled 12,453 kilowatt-peak (“kWp”), which exceeded our FY29/30 target of 10,000 kWp.

These installations generated a total of 14,536 megawatt-hour (“MWh”) of clean energy in FY24/25. This is a significant step towards achieving net zero while simultaneously reducing our operational costs and strengthening our long-term resilience.

We also obtained the ISO 14001:2015 certification for our Environmental Management System (“EMS”), which demonstrates our commitment at managing and minimising consumption across our portfolio.

Engaging our Employees

The success of MIT’s sustainability ambitions depends on our employees and their skills and capabilities. As an organisation focused on retaining strong talent, we continuously prioritise the well-being and growth of our workforce. Based on findings from the FY23/24 Employee Engagement Survey, we carried out several initiatives aimed at improving satisfaction in key areas such as professional growth, and employee compensation and benefits. These efforts are crucial in fostering a healthy work environment and retaining the talent needed to drive our sustainability agenda. Details on these initiatives can be found in the ‘Employee Engagement and Talent Management’ section.

Sustainable Commitment

MIT remains committed to advancing sustainability through proactive engagement with stakeholders, transparency and meaningful environmental, social and governance (“ESG”) practices. As we progress on our journey, we will continue to communicate our challenges, targets and initiatives while striving for sustainable value creation. We appreciate your continued support in MIT.

Board of Mapletree Industrial Trust Management Ltd.