OUE Commercial REIT - Annual Report 2021

SUSTAINABILITY REPORT BOARD STATEMENT The Board of Directors (the “Board”) of OUE Commercial REIT Management Pte. Ltd. (the “Manager”) is pleased to present OUE Commercial Real Estate Investment Trust’s (“OUE C-REIT”) FY 2021 Sustainability Report. The Board assumes the overall responsibility for managing OUE C-REIT’s environmental, social and governance (“ESG”) risks and opportunities, and the integration of sustainability considerations into OUE C-REIT’s strategic decisions. With support from the Sustainability Steering Committee (“SSC”), the Board will continue to work closely with the management team, OUE C-REIT’s sponsor OUE Limited (the “Sponsor”), and alongside the Sponsor’s subsidiaries (collectively the “OUE Group” or “Group”) to oversee the management and monitoring of the ESG factors material to OUE C-REIT’s business, to enhance sustainable value creation for all stakeholders. According to the 2022 Global Risks Report 1 , climate action failure and extreme weather has been identified as the top risks that are likely to occur over the next 10 years. The Board is cognisant of the importance of developing climate resilience around OUE C-REIT’s business to ensure long-term operability and value creation. In FY 2021, the Manager embarked on OUE C-REIT’s first climate-related reporting based on the recommended disclosures by the Taskforce on Climate- related Financial Disclosures (“TCFD”) framework to articulate the management approach and governance around climate risks and opportunities. Scenario analysis was also conducted to simulate the 2°C and 4°C global warming scenarios to identify potential climate-related risks that could physically- or in transitioning to a low carbon economy, impede OUE C-REIT’s operations across the short- to long-term time horizon. These are included in this report. As this is the first time OUE C-REIT is adopting such a framework, the Manager will continue to work with the relevant stakeholders to strengthen the governance and management of climate-related risks, as well as the quality of climate-related disclosures. Last but not least, with the support of the Board, OUE C-REIT will be participating in the Global Real Estate Sustainability Benchmark (“GRESB”) assessment, an internationally recognised ESG performance rating system for the real estate and built environment industry. By participating in the assessment, OUE C-REIT’s ESG performance will be benchmarked against peers, improving the ease of assessment by institutional investors and enhancing our profile amongst industry peers. With the results, the Manager can also take feasible action towards improving the sustainability performance of OUE C-REIT. ABOUT OUE C-REIT Who We Are OUE C-REIT is a diversified real estate investment trust which invests in income-producing real estate primarily used for commercial (including office and/or retail) and hospitality-related purposes. Our portfolio comprises more than two million square feet of prime commercial (office and retail) space, as well as 1,643 upper upscale hotel rooms. The Manager is a wholly- owned subsidiary of the Sponsor, a real estate owner, developer and operator with a diverse real estate portfolio consisting of commercial, hospitality, retail, residential and healthcare located in prime locations in Asia. OUE C-REIT’s supply chain mainly comprises suppliers appointed by the property managers to provide cleaning, security, operations and maintenance services. Due to the renovation works undertaken at Mandarin Orchard Singapore (“MOS”) in FY 2021 for its re-branding to Hilton Singapore Orchard, we have included building and renovation contractors in our supply chain as well. Headquartered in Singapore, OUE C-REIT operates in both Singapore and Shanghai, China, and was publicly listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 27 January 2014. OUE C-REIT’s total assets has since grown from S$1.6 billion, to S$5.8 billion as at 31 December 2021. Note: 1 World Economic Forum Global Risks Report 2022, https://www.bloomberg.com/news/articles/2022-01-11/confidence-in-faster-global-recovery-in-short- supply-wef-finds 78 O U E COMM E R C I A L R E I T