SUSTAINABILITY

The Board of Directors (“Board”) assumes ultimate responsibility for PRIME's sustainability strategy and determining material ESG topics to be managed and monitored. The Board offers guidance and oversees Management’s performance in implementing the strategy and managing material topics. This ensures sustainability principles are integrated into the decision-making processes at the highest level, clearly communicating its importance across our entire value chain. ESG updates by Management and LPC are tabled at quarterly Board meetings.

The Audit and Risk Committee ("ARC") assists the Board in its oversight of sustainability risks through the Enterprise Risk Management (“ERM”) process, incorporating sustainability risks into the Company’s risk register. Management’s ERM updates and the risk register are tabled at quarterly ARC meetings for the committee’s review.

PRIME’s management team is primarily responsible for integrating sustainability considerations into business operations in line with the sustainability strategy, by developing action plans and tracking outcomes. The central ESG team from LPC is engaged to coordinate and manage key ESG issues for the U.S. portfolio and provide expertise in execution and monitoring of sustainability action plans at the property level. Both teams refer to PRIME’s Sustainability Risk Framework – which is part of PRIME’s ERM framework – to manage and monitor sustainability risks and opportunities. Updates on sustainability matters are provided to the ARC on a quarterly basis.

Interactions with our stakeholders provide significant direction for our focus in advancing sustainability within our operations. We gather inputs through regular surveys, meetings or events with our various stakeholder groups to understand what matters to them the most, and therefore strategise how we can strengthen our own efforts and initiatives to create a positive influence. In the same vein, we are highly invested in creating long-term relationships and open communication channels with each stakeholder group, which will help us form an even deeper awareness of how we can create value for them.

Materiality assessment is crucial in identifying the ESG topics where we can generate the greatest positive impact, and therefore which are of greatest interest to PRIME and our stakeholders. It is the foundation of sustainability reporting, informing us of significant ESG areas for PRIME to develop strategies and measure and monitor progress towards more sustainable outcomes.