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On the occasion of Earth Day 2024, URW shared its 2023 sustainability performance, as well as additional progress we made this year towards our ambitious Better Places targets.

About Better Places

With the comprehensive evolution of our Better Places roadmap last year, we aim to accelerate, setting ambitious new targets in terms of carbon emission reduction and environmental performance, and to develop and operate places that provide sustainable experiences and contribute to thriving communities.

Our roadmap sets a clear science-based net-zero target on Scopes 1 & 2 by 2030 and introduces a new 2050 net-zero target on Scopes 1, 2 & 3, making us the first retail real estate company in the European Union and the sixth CAC 40 company to obtain the approval of the Science Based Targets initiative on their net-zero targets.

HIGHLIGHTS OF OUR 2023 SUSTAINABILITY PERFORMANCE

Thanks to the dedication of our teams, we are proud to report that we have made great progress across the 3 pillars of our sustainability roadmap: Environmental Transition, Sustainable Experience and Thriving Communities. Our efforts have also continued to intensify this year, with additional achievements paving the way to reaching our 2024 targets.

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ENVIRONMENTAL TRANSITION

We aim to be the preferred partner of cities in their environmental transition, by improving the carbon footprint and environmental efficiency of our assets and operations.



NET ZERO TARGETS

1. -81% reduction in carbon emissions on Scopes 1 & 2¹ (from -72% in 2022), on track with our -90% target by 2030

2. -43% reduction in carbon emissions from Scopes 1, 2 & 3¹ in 2023 (from -41% in 2022) vs. -50% target by 2030

3. -30% reduction in energy intensity (from -14% in 2022) vs. -50% target by 2030²

4. 23.8 MWp renewable energy installed capacity (up from 17 MWp globally in 2022), comprising 13.8 MWp in Europe vs. our target of 50 MWp by 2030 in Europe

RESILIENT PORTFOLIO

1. 25% of the Group’s waste sent to landfill (down from 32% in 2022), on track with our target of zero waste to landfill by the end of 2025

MOBILITY

1. 1,236 EV chargers in use in 2023 (up from 1,183 in 2022) vs. our target of 4,000+ EV chargers installed in Europe by 2030, to continue to accelerate low-carbon mobility

2. Globally, 47% of our visitors accessed our destinations by sustainable transport in 2023 (up from 40% in 2022)

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SUSTAINABLE EXPERIENCE

We partner with our visitors and all stakeholders of the retail industry to accelerate the transition towards more sustainable experiences.

1. BETTER PLACES CERTIFICATION | Roll-out of the Better Places certification methodology, targeting 10 certified destinations by the end of 2024

2. SUSTAINABLE RETAIL INDEX | 57% of eligible URW revenues³ covered with the SRI vs. 70% target by the end of 2024

   1. Assessment of Fashion Sector retailers⁴ in Europe including 2,500 stores and 800 brands of which 82% are already engaged in sustainability initiatives and 52% rated Active, Advanced or Leader

   2. Methodology for the Health & Beauty sector developed in 2023, with assessments conducted in 2024 which will help us reach our 2024 target

3. SUSTAINABILITY-DRIVEN CUSTOMER JOURNEY | 100% of retail assets⁵ organised at least one annual campaign or event in 2023, like the Westfield Good Festival, to raise awareness on sustainability

   1. Accelerating our progress in 2024 with the roll-out of the Westfield Good Festival to 38 Westfield destinations in Europe and the US in April and May

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THRIVING COMMUNITIES

We put people at the heart of what we do, bolstering economic and social vitality for local communities, and driving a sustainable and impact-oriented company culture.



ECONOMIC & SOCIAL IMPACT

1. 2,600 people supported via job placements and targeted training through the URW for Jobs initiative⁶ (up from 877 in 2022), contributing to our broader target of 15,000 people supported annually through training, social inclusion and employment opportunities

2. c. €13 Mn⁷ donated in 2023 (up from €12.6 Mn in 2022), with around 600 charities and NGOs supported on topics such as employment and skills, social inclusion and environmental protection

INTERNAL COMMUNITY OF SUSTAINABILITY & DIVERSITY CHANGE-MAKERS

1. 43% of senior management positions are held by women, reaching our target to maintain at least 40% (compared to 39% in 2022)

2. 93% of URW employees have completed a sustainability course, close to our annual target of 95%

To learn more about our detailed targets and 2023 sustainable performance, you can read the Better Places scorecard updated with our 2023 performance against our targets.

¹ In absolute value, from a 2015 baseline
² In kWh/sqm of the energy consumption for common areas and common equipment divided by the total area served with energy from a 2015 baseline
³ Revenues in Minimum Guaranteed Rents; Eligible revenues in the following categories: Fashion Apparel, Sport Apparel, Jewellery, Bags & Footwear & Accessories, Health & Beauty, Home, Culture & Tech, Food & Beverage
⁴ Fashion sector: Fashion Apparel, Sport Apparel, Jewellery, Bags & Footwear & Accessories; Standing European Retail assets
⁵ Standing European Retail assets
⁶ URW for Jobs is one of the numerous initiatives aimed at reaching the target of 15,000 people supported, along with the URW for Social Inclusion and Health programme
⁷ Including donations of the airports division and contributions made at national and corporate levels