ABACUS GROUP - Environmental & Social Information 2021

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Abacus Property Group Sustainability Report 2021

About this report

We believe that integrating sustainability into our investment decision-making and business operations is congruent with the responsibility we have to our stakeholders and critical to us achieving our long-term commercial goals.

This annual Sustainability Report for the year ended 30 June 2021 forms part of Abacus Property Group’s FY21 reporting suite. This Report covers Abacus’ Australian and New Zealand operations This Report has been prepared in accordance with the Global Reporting Initiative’s (GRI) Standards: Core option.

For questions and comments on our sustainability performance, contact [email protected]

Our intention is to deliver sustainable, long-term value and we are focused on making ongoing improvements across the Abacus Group.

We have set strong sustainability commitments across a range of functions in order to meet this objective.

Steven Sewell, Managing Director

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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EMPLOYEE ENGAGEMENT AND MOTIVATION

CUSTOMER ATTRACTION, SATISFACTION AND RETENTION, COUPLED WITH CHANGING EXPECTATIONS

49 Key Achievements in FY21 50 Why is this important? 50 Our approach to managing 50 FY21 Performance 55 FY21 Priorities and Achievements

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GLOSSARY
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24 Key Achievements in FY21

24 Why is this important? 24 Our approach to managing 26 Business impact from COVID-19 27 FY21 Performance 29 FY21 Priorities and Achievements

MANAGING DIRECTOR’S MESSAGE

ABOUT US

FY21 HIGHLIGHTS 04 06 08 24

10 18 HEALTH AND SAFETY OF OUR PEOPLE AND CUSTOMERS

18 Key Achievements in FY21 18 Why is this important? 18 Our approach to managing 20 FY21 Performance

20 Abacus business continuity during COVID-19

RESPONSIBLE RESOURCE MANAGEMENT

20 Activities

30 Key Achievements in FY21 30 Why is this important? 30 Our approach to managing 31 Abacus Sustainability Targets 32 FY21 Performance 37 FY21 Priorities and Achievements

23 FY21 Performance

OUR APPROACH

10 Abacus Sustainability Strategy 13 Governance 14 Sustainability Commitments 14 Defining our material topics 16 Engaging with our stakeholders

CLIMATE-RELATED RISKS AND OPPORTUNITIES

FINANCIAL PERFORMANCE

56 Key Achievements in FY21 56 Why is this important? 56 Our approach to managing 57 FY21 Performance and the COVID-19 pandemic context

38 Key Achievements in FY21 38 Why is this important? 38 Our approach to managing 38 FY21 Performance 39 FY21 Priorities and Achievements

58 FY21 Priorities and Achievements 38 49 56 63

40 45 GOVERNANCE, RISK, CYBER AND TRANSPARENCY

INDUSTRY PARTNERSHIPS

40 Key Achievements in FY21 40 Why is this important? Why is this important? 40 Our approach to managing Our approach to managing

40 Why is this important? Why is this important? 40 Our approach to managing Our approach to managing 40 Abacus board diversity 60 and tenure

GRI INDEX

43 FY21 Performance 44 FY21 Priorities and Achievements

RESPONSIBLE PROCUREMENT

45 Key Achievements in FY21

45 Why is this important?

45 Our approach to managing partners

46 FY21 performance

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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FY21 highlights

Worker incident severity rate

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Reduction in loss time due to injury

Focus on providing safe, secure and healthy workspaces for our employees and customers

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1.2
1.0 1.0 1.0
<1.0
FY17 FY18 FY19 FY20 FY21
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Occupancy rate across Commercial Portfolio

25% reduction in GHG emissions intensity (scope 1 and 2) compared to 2019[ 1]

Office tenant customer surveys undertaken to inform customer engagement strategy

24% reduction in water intensity

(compared to 2019)

assets with 48 SOLAR PV

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NET ZERO EMMISSIONS

2050

Development of board approved public sustainability targets including Net Zero Emissions (Scope 1 and 2) by 2050

CONTINUED IMPROVEMENT IN ENERGY AND WATER EFFICIENCY

4.63 4.05

Average NABERS rating Average NABERS rating Energy Water FY20: 4.26 stars FY20: 3.34 stars

94.7% 92.6% 91.9% 91.3% FY21 FY20 FY19 FY18

1 Assets under operational control as defined by the NGER Act

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Managing Director’s message

Welcome to our FY21 sustainability report, highlighting our progress and achievements made over the year.

Abacus’ FY21 results have progressed our vision to create exceptional value for our customers and stakeholders as an owner and manager of real estate and operator of storage locations.

FY21 was an active year for Abacus, with the deployment of $1 billion of capital, completion of a $402 million Entitlement Offer and internalisation of our Self Storage manager Storage King, to become a vertically integrated Self Storage investment platform. This has transformed Abacus, now a strong, asset backed, annuity style investment house focused on the ownership and management of our assets. The Group is focused on the sustainable, active asset and development management of our investments. As part of this, we continue to place strong emphasis on improving our systems and practices, and ensuring our stakeholders understand our commitment and approach to sustainability. Sustainability is embedded within the decisionmaking process across the Group, receiving appropriate focus at all levels of management.

This report demonstrates our commitment to the many facets of sustainability including work health and safety; stakeholder engagement; customer satisfaction; responsible resource management; governance, risk and transparency, cyber security, employee engagement, climate change risk; responsible procurement and technology and innovation. Our reporting framework has been

prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option.

This year, despite the ongoing challenges associated with the COVID-19 pandemic, we have made significant progress in our sustainability endeavours with the announcement of public sustainability targets, including net zero by 2050 and the approval of a sustainability strategy.

As part our sustainability strategy, the development of a net zero pathway (which covers our assets under operational and corporate activities) has already commenced. A significant proportion of this will be through energy efficiency measures and behind the meter on-site solar installations. Offsite renewable electricity procurement for residual energy needs plus high quality carbon offsets will be used for emissions we cannot avoid or reduce. We look forward to updating you on our progress throughout the year.

With the impact of COVID-19 ongoing throughout the year, the focus for Abacus was on providing safe and healthy environments and supporting our people and customers. We remain committed to our people and focus on providing a safe, healthy, and constructive work environment. Our FY21-FY25 Work Health and Safety Strategic Plan provides a planned and quantifiable approach for the management of WHS across Abacus’ operations.

From an environmental perspective, we continue to improve our environmental efficiencies and have set future targets around energy, emissions, water, and waste. This year we recorded a 25% reduction in greenhouse gas emission intensity across our operations (like for like assets[2] ) compared to the 2019 baseline, noting the impact from lower usage due to COVID-19. Our NABERS Energy and NABERS water ratings have also improved within our Office portfolio and we have exceeded our FY25 NABERS water target, from a combination of water efficiency improvements via real time monitoring.

On-site solar PV continues to play a large part of our operational efficiency improvements program, with a total of 44 solar systems now installed in Storage King locations, and four in our Office portfolio.

Customer engagement remains a key focus and maintaining strong relationships with our customers was emphasised throughout the year. For the first time, we engaged an external property consultancy, Campbell Scholten to undertake customer engagement surveys across our Office portfolio. Pleasingly, we scored above average for an initial survey in our portfolio average response, with each building now having an action plan for improvement based on the feedback. These surveys will also go towards developing a customer engagement strategy across the business and ensure a consistent and quality experience for

our customers through all stages of their business lifecycle.

In response to our customers and the changing nature of work, we have been focused on increasing the flexible space options in our buildings with the commencement of our ‘Flex by Abacus’ offering. Flex by Abacus will feature fully fitted-out office space offered on flexible lease terms and will initially be offered at 14 Martin Place, Sydney NSW and 99 Walker Street, North Sydney NSW. These renovated, modern spaces complete with sophisticated technology, breakout and kitchen facilities are available to both new and existing customers who require overflow space or have additional meeting room requirements. Offering flexible space on dynamic leasing terms will widen our customer market and is expected to drive higher occupancy outcomes at our assets.

Our people, culture and community have been ongoing areas of focus. Despite the constraints of COVID-19 and associated restrictions, we have continued our investment in our people, culture and progressed our philanthropic program. Of note were the implementation of a full engagement survey which produced very positive and encouraging results; the commencement of the Abacus’ NextGen graduate program; continuation of Employee volunteering and the introduction of pre-tax workplace giving.

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Steven Sewell, Managing Director

Image: Steven Sewell Managing Director

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

2 Base building under operational control

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Retail
Office
Industrial
Storage
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BRISBANE
GOLD COAST
AUCKLAND
PORT MACQUARIE
PERTH
HAMILTON
NEWCASTLE
ADELAIDE SYDNEY
About
CANBERRA WOLLONGONG
us WODONGA
BALLARAT
MELBOURNE
Abacus Property Group (ASX: ABP), is a Located in a single corporate office in Sydney,
diversified Australian REIT with an investment Australia, Abacus is listed on the Australian
portfolio concentrated in the Commercial Stock Exchange and is included in the S&P/ CHRISTCHURCH
and Self-Storage sectors in Australia and ASX 200 Index and the FTSE EPRA NAREIT
New Zealand. We invest capital in real estate Global Real Estate Index Series.
opportunities to deliver superior long term
Abacus is comprised of Abacus Group
returns and maximise securityholder value.
Holdings Limited (the nominated parent entity),
Abacus Property Group is a strong asset Abacus Group Projects Limited and Abacus DUNEDIN
backed, annuity style business where capital is Storage Operations Limited, Abacus Trust,
directed towards assets that provide potential Abacus Income Trust and Abacus Storage
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Abacus is comprised of Abacus Group Holdings Limited (the nominated parent entity), Abacus Group Projects Limited and Abacus Storage Operations Limited, Abacus Trust, Abacus Income Trust and Abacus Storage Property Trust. The shares and units in these entities are stapled together and trade as one security in ABP.

Abacus Property Group is a strong asset backed, annuity style business where capital is directed towards assets that provide potential for enhanced income growth and ultimately create value. Our people, market insight and repositioning capability together with strategic partnering are the key enablers of our strategy.

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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Our approach

Abacus Sustainability Strategy

Deliver long-term sustainable outcomes for our stakeholders

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Increase efficiencies The engagement, wellbeing
and reduce our and development of our
impact by investing people to enable them to
in smart solutions reach their true potential
Everything we do and
Develop strong and
impact on as a business is
value-add partnerships
transparent, accountable,
with our stakeholders
fair and equitable
NMENT PEOPLE
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REMOTSUC YCNERAPSNA
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Public Sustainability Targets

Actively exploring opportunitiers and managing risks

15[%] 5.0 BY FY25 (From FY19 base year) Scope 1 & 2 NABERS Energy GHG emissions intensity

NABERS Energy Office portfolio average

4.0 NABERS Water Office portfolio average

10[%] BY FY25 (From FY19 base year) Water intensity

50[%] BY FY25 Diversion from landfill

Abacus Sustainability Strategy

We believe it is important to understand and respond to the environmental, social and governance impacts of our business activities and, as a responsible corporate citizen, we have a duty of care to all our stakeholders and the environment in which we operate.

Our approach to sustainability is underpinned by our sustainability strategy, in conjunction with our sustainability and environmental policy, which are focused on supporting growth across the business by recognising that we have responsibilities to all our stakeholders and the environment in which we operate.

The sustainability strategy, which was approved this year by the Board-delegated compliance and sustainability committee, aligns with our overarching strategic business objective of creating long-term, sustained value, and is focused around four key pillars:

Everything we do in sustainability aligns with these pillars and helps strengthen our commitment to implementing sustainable practices in our investments, property management, development activities and workplaces. Our approach is further embedded by the following guiding principles which our outlined in our sustainability and environmental policy:

– Environment

– People and Culture

– Customer and Community

Net zero 2050 NET ZERO EMISSIONS BY 2050 (Scope 1 & 2)

Governance and Transparency

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Facilitating the identification and implementation of environmental, social and governance legislative requirements as well as ongoing compliance with relevant legislation and regulation

Corporate governance influences

– Maintaining a safety-aware culture ensuring proper standards how our objectives are set and of workplace health and safety achieved, how risk is monitored and for our employees and other key assessed, and how performance stakeholders visiting, or working, is optimised. We conduct our at our properties operations in a manner that ensures risks are identified, assessed, and – Using our influence where we do appropriately managed in order to not have control by collaborating promote investor confidence and to with key stakeholders (for meet stakeholder expectations.

Managing our buildings efficiently to reduce costs and conserve the use of limited natural resources, and investing in alternative energy supplies to reduce our emissions where appropriate
Using our influence where we do not have control by collaborating with key stakeholders (for example, tenants and coinvestors) to optimise sustainable outcomes and environmental benefit as appropriate

Abacus recognises that there is increasing focus on broader reputational issues such as trust and transparency. Our Code of Conduct articulates our commitment to honesty, integrity and trust and guides our commitment to deliver value and service to our stakeholders.

Incorporating environmental considerations including climate change risk, adaptation and resilience in our investment and business decision-making processes as appropriate

Governance

Our robust governance policies and procedures provide the framework for managing sustainability across the business. Abacus recognises that risk management, including environmental, social and governance risks, is the responsibility of our Board, Sustainability Committee, management, and all team members. We acknowledge that sustainability leadership at the Board and Executive team level is critical to integrating sustainability management and performance into our business.

Ongoing communication with our stakeholders on environmental, social and governance issues

Further information on our governance and risk processes, including our approach for managing sustainability risks is discussed within ‘Our Material Topics – Governance, Risk and Transparency’.

Providing our employees with the information, training and support necessary to respond to, and meet our sustainability objectives
Working with our suppliers to ensure they understand, commit to, and meet our standards for environmental management and human rights

Further information about Abacus’ corporate governance policies and practices is available on the Abacus website at: https://www. abacusproperty.com.au/about-us/ - corporate governance

Abacus Board Committees

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COMPLIANCE
AUDIT AND RISK PEOPLE PERFORMANCE NOMINATION
AND SUSTAINABILITY
COMMITTEE COMMITTEE COMMITTEE
COMMITTEE
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Abacus Management Committees

Abacus Leadership Committee (ExCo)

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CORPORATE
SUSTAINABILITY PHILANTHROPY WORK, HEALTH AND INVESTMENT
COMMITTEE SAFETY COMMITTEE COMMITTEE
COMMITTEE
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The table below outlines our material topics and provides a definition by which we report.

Sustainability – Reporting on our sustainability progress and performance

our ability to create, preserve or erode economic, environmental, and social value for ourselves, society, and the broader environment.

Commitments

Implementing our commitment to sustainability in a practicable manner
Developing an overarching sustainability strategy which is aligned with the Abacus business strategy

The outcome of the materiality assessment also guides the disclosures and content of the Abacus’ annual Sustainability Report and allows Abacus to report under the appropriate Global Reporting Initiative standards which are relevant to the current Abacus strategy and operating model.

Influencing our employees and other stakeholders to operate in a manner that supports our sustainability commitments
Identifying, managing, and monitoring potential risks and opportunities presented by environmental risks across our portfolio

Defining our Material Topics

Developing targets and strategies to enhance the environmental performance of our assets and developments including energy and water efficiency, greenhouse gas emissions reduction and waste to landfill reduction

This year, we conducted a peer benchmarking and desktop review which include analysing insights and issues from a range of internal and external sources and stakeholders, including:

At Abacus, we report on risks and opportunities that have relevant economic, environmental, social and governance impacts within our sector, and therefore influence the decisions of stakeholders.

Monitoring and reporting on key environmental and sustainability indicators to benchmark and foster continual improvement in performance

Materiality is reviewed on an annual basis and provides a structured approach for Abacus to review current and emerging risks that may impact on business operations as well as create opportunities that respond to changing market conditions. It also helps inform our stakeholders about how these risks may impact

Adopting sustainable design practices in our asset improvement and development projects where appropriate

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PEER INSIGHTS FROM WORLD ECONOMIC FORUM 2021
BENCHMARKING EXTERNAL SOURCES GLOBAL RISKS REPORT
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A benchmarking exercise	Our ongoing dialogue with a range of external	Identifed the highest likelihood risks over the next
reviewing sustainability reporting	sources provide additional insights into material	ten years as:
across a spread of A- to ensure	issues for our business	– extreme weather
our 2021 material topics are	– Investor and ESG analyst feedback	– climate action failure
aligned with our peers	– Australian Council of Superannuation Investors	– human-led environmental damage
	– Regulatory and legislative changes	– infectious disease
	– Media focus	– biodiversity loss
	– Tenant feedback via engagement surveys and other sources	– Digital power concentration, digital inequality, and cybersecurity failure
	– Participation in external events, working groups
	and forums
	– Discussions with managing agent partners
	and other external stakeholders involved in the
	management of our assets

The materiality assessment concluded that key sectors, business priorities and key processes align with prior year material topics and confirmed that material topics remain current and reflect the Abacus strategy and operating environment. New and emerging impacts of COVID-19 are reported within existing material topics.

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GRI MATERIAL KEY STAKEHOLDERS RELEVANT SECTION
MATERIAL TOPIC DEFINITION
TOPIC IMPACTED IN THIS REPORT
Relates to policy and management
Health, safety and Our Material Topic – Health,
systems to ensure the health and Occupational Employees and contractors;
security of our people safety and security of our
safety of employees, contractors Health & Safety Customers including tenants
and customers people and customers
and customers
Relates to the ability to attract and
Customer attraction, retain customers as a result of Our Material Topic –
Customers including tenants; Customer attraction,
satisfaction and high levels of customer satisfaction Organisation-
Securityholders and satisfaction and retention,
retention, coupled with due to the value for money of the specific
investment community. coupled with changing
changing expectations physical infrastructure coupled with expectations
the quality of service received
Community;
Relates to the consideration of risks,
Government and regulators;
opportunities and impacts of energy Our Material Topic –
Responsible resource Energy; Emissions; Securityholders and
consumption, direct and indirect Responsible resource
management Water; Waste investment community;
emissions (Scope 1, 2 and 3), water management
use and waste management Customers including tenants
and contractors
Customers including tenants;
Climate-related risks Relates to the risks and opportunities Government and regulators; Our Material Topic –
arising from physical and transition Emissions Securityholders and Climate-related risks and
and opportunities
impacts of climate change investment community; opportunities
Community
Relates to the compliance with
relevant legal requirements and
regulations, governance structure
and composition of the organisation Compliance; Government and regulators;
Governance, Environmental Our Material Topic –
to maintain a reputation of ethical Customers including tenants;
risk, cyber and Compliance; Governance, risk, cyber
transparency conduct and ensure transparency in Anti-corruption; Securityholders and and transparency
the way the organisation operates Customer privacy investment community
and conducts itself with both internal
and external stakeholders (including
the wider community)
Relates to engaging with suppliers
to ensure they operate in a manner
Procurement
consistent with our Supplier Code Practices; Child Employees and contractors;
of Conduct, and ensuring the
Responsible Labour; Forced Suppliers; Our Material Topic –
procurement process respects,
procurement or Compulsory Government and regulators Responsible procurement
international standards against
Labour; Human
criminal conduct and human rights
Rights Assessment
abuses, our obligations under the
Modern Slavery Act
Relates to investment in motivation
strategies to ensure employee
satisfaction and contribution, while Employment Our Material Issues –
Employee engagement
also maintaining employee turnover Diversity & equal Employees and contractors Employee engagement
and motivation
rates. This includes employee opportunity and motivation
training, development, diversity and
inclusion strategies
Employees and contractors;
Consideration of broader economic, Customers including tenants;
Refer to the
social and governance principles in Economic Government and regulators;
Financial performance the context of financial performance Performance Securityholders and Abacus AnnualFinancial Report
and the investment process investment community;
Community
Incorporated into Our
Material Issues – Customer
Attraction, Satisfaction and
Retention, coupled with
Relates to organisational capacity
Technology and to innovate and integrate Customers including tenants; changing expectations,
Governance, Risk, Cyber
Innovation technological advancements into Government and regulators and Transparency;
business processes
Responsible Resource
Management; and Climate
Change Risks and
Opportunities
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Engaging with our Stakeholders

Why is this important to Abacus?

At Abacus, we regard stakeholder engagement as fundamental in the process of understanding the breadth and depth of our impacts both within and outside our business. We are committed to engaging openly, honestly and at regular intervals with our stakeholders to understand their expectations and concerns.

Stakeholders are the entities or individuals that can reasonably be expected to be significantly affected by our activities, products, and services, or whose actions can reasonably be expected to affect the ability of the organisation to implement its strategies and achieve its objectives.

The method and frequency of engagement will vary depending on the stakeholder, the issues of concern and the purpose of engagement, and will be best selected to meet the needs, capacity, and expectations of the relevant stakeholders.

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Our stakeholders typically include the following groups:

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STAKEHOLDER
WHY EACH STAKEHOLDER GROUP METHOD OF ENGAGEMENT
GROUP
We have a range of investors with diverse
concerns. We aim to ensure that Abacus are
trusted partners to all security holders and We engage regularly with our investment community via access
Security holders, investors, and they are transparently informed to the Investor Relations team for enquiries; ongoing investor
major securityholder with the changes or developments that are briefings; Annual General Meetings; ASX announcements; half
and the investment likely to materially affect the business. We are yearly and annual financial results announcements; investor days
community committed to providing access to the most up incorporating property roadshows with investors locally, regionally,
to date and relevant information that we believe and internationally and face-to-face meetings
securityholders require to manage and evaluate
their investment in Abacus
We encourage two-way communication with our
We have ongoing dialogue throughout the tenant customer
customers, including tenants. Understanding
lifecycle including face to face meetings, phone calls and tenant
and responding to our customers is critical to the
customer surveys
sustainability and development of our business.
Customers Our key customers include: Regular meetings and reporting from Storage King to understand
– Office and Industrial tenants across our how business objectives are achieved
Commercial assets Retail developments: engagement with existing tenants with
– Storage King, our Self Storage business operator regards to a redevelopment includes hosting information evenings,
focus groups and face to face meetings
– Shoppers and retailers in our shopping centre
We have a strong commitment to our people and We engage with our people through feedback surveys, focus
focus on providing a safe, healthy, and engaging Groups, team and post-results presentations; internal training
Abacus people
work environment that supports their personal sessions; new starter orientation; regular 1:1 catch-ups; annual
and career aspirations performance assessment, development and succession planning
The Board has the responsibility for promoting the
Non-Executive success of Abacus in a way which ensures that We have ongoing dialogue with our Non-Executive Board
members via regular reporting, workshops, strategy sessions and
Board members the interests of security holders and stakeholders
scheduled meetings
are promoted and protected
We have ongoing engagement with our managing agents and
suppliers through regular correspondence, meetings, reporting and
We have a diverse supply chain which ranges project updates
Contractors and from the builders and contractors on our We have a Supplier Code of Conduct which communicates
development projects, to the managing agents Abacus’ expectations of our suppliers, including throughout their
supply chain
and operational contractors on our property own supply chains, in providing products and services to us
portfolio We work proactively with our suppliers to ensure compliance with
legislation (including the Modern Slavery Act) and to enhance
productivity and efficiencies in our operations and developments
A key part of the Abacus strategy is to develop
long term, strategic partnerships with like- We engage regularly with our capital partners via access to the
Capital Partners minded partners. A core ingredient in Abacus’ corporate development and client reporting teams for investment
(Investment and investment strategy is utilising its Third Party opportunities, acquisition analysis, general enquiries, reporting
Development Partners) Capital platform to leverage our balance sheet obligations on a monthly, quarterly, half yearly and annual basis,
capacity and allow Abacus to access and asset inspections and face-to-face meetings
manage a larger number of quality assets
We have ongoing dialogue with Local, State and Federal
We acknowledge that political and regulatory
Government and changes can affect our business and are Government in all jurisdictions in which we operate and are an
active member in industry associations and working groups e.g.
regulators appropriately resourced to monitor and manage
Property Council of Australia; Shopping Centre Council of Australia,
regulatory change
Self Storage Association of Australasia
We engage with our local community, including the visitors to our
centres and our residents, on an ongoing basis via:
– The Abacus Corporate Philanthropic Committee which includes
Our assets are located within communities and both giving and volunteering initiatives
it is important we have a level of engagement to – Provision of space at our retail centres to local charities,
Local Community
ensure we meet expectations and enhance our school groups; community groups and council
corporate reputation Where we undertake development activities, we engage with the
local community via focus groups, information evenings, shopping
centre exit interviews, community consultation with an external
provider and other forms of engagement as relevant for the project
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Health, safety and security of our people and customers

Key achievements in FY21

Zero fatalities or disabling injuries
Severity Rate = 1.0
100% of Service Providers independently audited
Ongoing COVID-19 response with a focus on providing safe, secure and healthy workspaces for our team and tenants, public areas and storage facilities including communication directly to all tenants

Why is this important?

As a responsible corporate citizen, Abacus recognises the fundamental right of all workers and those affected by our undertaking to a safe and healthy environment. We work to provide, so far as reasonably practicable, a safe and healthy working environment for all our employees, contractors, customers and visitors. This is reinforced through the view that safety is not discretionary, but that it is fundamentally important to our people and that it is only with a conscious recognition of health and safety that we will achieve and maintain our aim.

Our approach to managing

Maintaining the health, safety and wellbeing of its people is of paramount importance to us. The Group recognises the fundamental right of all workers and those affected by Abacus’ operations to

a safe and healthy environment. Abacus strives, through a process of continuous improvement, to integrate safety and health into all aspects of its activities.

Our Strategic Plan for Work Health and Safety provides a planned and quantifiable approach for the management of WHS across Abacus’ operations and during the year was delivered in-full, and ahead of schedule.

Our WHS risk profile remains primarily unchanged and is a result of:

– A large specialised and mostly outsourced labour base including property agents, consultants, and service contractors

Complex consortia and structures in asset management
A diverse portfolio and geographic composition
Assets with large public areas or significant interface with other parties
An ever-evolving industrial and statutory landscape

As our operating models continue to change, our WHS framework and programs must be constantly reviewed and flexible enough to remain relevant to our operations particularly as our risk profile evolves. Our Strategic Plan for Work Health and Safety provides a planned and quantifiable approach for the management of WHS across Abacus’ operations and provides capacity to adequately address and manage any such changes. Aside from the continual improvement required with any management system, focus areas and priorities are planned for action during FY22 and into the future. Focus areas have been identified from a combination of sources including audits, industry trends, conference proceedings, research, incident reports and investigations, peer group discussions, as well as insurance and regulator data.

Our WHS vision is simple:

”We aim to achieve zero harm in the workplace through the application of risk management principles, effective stakeholder engagement, and continuously improving our systems of work and organisational practice to empower all to work safely”.

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FY21 Performance

Aside from operational impacts related to the COVID-19 Health Emergency (which are discussed in more detail below), no major incidents, crises, disasters, or fatal or disabling injuries or illnesses occurred at any Abacus workplace during the financial year ending 30 June 2021.

Key highlights from the year include:

No major incidents, crises, or disasters
No fatal / disabling work-related injuries / illness
Severity Rate at 1.0
No regulator penalties
100% of Service Providers independently audited
96% of Workplaces independently audited[3]
All Workers audited (verification of competency)

Abacus business continuity during COVID-19

COVID-19 continued to disrupt activities at the vast majority of Abacus Workplaces throughout the year with a minor return to “normal” occupation levels at select Workplaces which was again disrupted in late-Q4FY21.

In March 2020, a Corporate Pandemic Plan and subsequent action plans were developed to guide our response to COVID-19 incidents at Abacus’ Workplaces should they occur. The plan is harmonised with Abacus’ Master Emergency and Major Incident Management Plan, the Australian Health Management

Plan for Pandemic Influenza, and the Australian Health Sector Emergency Response Plan for Novel Coronavirus as well as other state, territory, and New Zealand plans.

Our Plan focusses upon preparedness, response, and recovery actions in relation to the COVID-19 health emergency. In addition to the response and action plan for an occurrence at any Abacus workplace, the actions as detailed within our Plan are tied to defined trigger events and are based upon six key pillars. Our Corporate Pandemic Plan was formally activated on 4 March 2020 and remains “in-play” at the time of this report.

Activities

Key activities undertaken throughout FY21 in relation to the COVID-19 health emergency primarily focussed on maintaining stakeholder knowledge and the provision of enhanced hygiene measures: these activities included the continued dissemination of relevant information and support materials to all of our people including employees, tenants, and contractors; and, enforcing physical distancing and enhanced hygiene measures within our own areas of operation including remote working arrangements.

We have maintained enhanced cleaning protocols for all “hightouch” areas and areas regularly frequented (incl. ablutions), alcoholbased hand sanitiser is provided at key locations (e.g. ground floor lift lobbies, carpark lift lobbies, entries to retail areas, ablutions, etc..), “key message” posters relating to personal hygiene measures and

health awareness matters were obtained from the lead Health Authority in each location and prominently displayed at suitable locations, and End-of-Trip facilities (and similar high-risk common areas) have been closed. Additional controls including occupancy restrictions on areas, and an integrated hand-sanitising and temperature-checking station are being maintained at Head Office.

We are continuing to monitor the situation as it evolves ensuring that we respond appropriately to any events or developments as they occur. Communications with all stakeholders continues as appropriate including regular updates of Health Alerts, “Hot Spots”, relevant restrictions, and guidance advice to AFML employees.

Routine and regular communication with all employees, tenants and contractors included:

Establishment of a centralised Work Health and Safety Information System including an online portal relating to COVID-19 including resources and communication
Safety Bulletins issued during the “emergence” phase of COVID-19
Posters and information packs prominently displayed in Workplaces
Safety Alerts issued upon activation of Corporate Pandemic Plan
Safety Bulletins issued concerning remote working
Regular updates to employees

Worker Health and Safety Highlights

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FY21 FY20 FY19 FY18
Number of worker fatalities as a result of a
0 0 0 0
work-related injury
Worker Incident Severity Rate [4] 1.0 <1.0 1.0 1.0
Number of safety and environmental training
4,081 5,150 25,388 3,672
hours completed
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4 Severity rate = (number of working days lost) / (number of lost time incidents) per AS1885.1-1990: Measurement of occupational health and safety performance, Describing and reporting occupational injuries and disease (known as the “Workplace injury and disease recording standard”)

Work related injuries for all employees

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KEY PERFORMANCE INDICATOR FY21 FY20 FY19 FY18
Number of fatalities as a result of a work related injury 0 0 0 0
Rate of fatalities as a result of a work related injury 0 0 0 0
Number of high consequence work-related injuries
0 0 0 0
(excluding fatalities)
Rate of high consequence work-related injuries
0 0 0 0
(excluding fatalities)
Number of recordable work-related injuries 0 0 0 0
Rate of recordable work-related injuries 0 0 0 0
Number of first aid incidents 0 0 1 2
Number of medically treated incidents 0 0 0 0
Number of lost – time incidents 0 0 0 0
Total employee hours worked: 132,392 139,360 138,624 [5] 195,520
Standard employee hours worked [6] 132,392 139,360 138,624 195,520
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5 Decrease in employee hours worked in FY19 compared to FY18 due to the transfer of retail site management to an external party in FY19.

6 Employee hours worked relate to Abacus Funds Management Limited (AFML) only and are calculated using reported Full-time Equivalent (FTE), which is multiplied by 38 (working week hours) multiplied by 52 (weeks in a year). Annual leave / overtime is not taken into account.

For all workers (excluding employees)

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3 Movement restrictions imposed by state governments in response to the continuing COVID-19 Health Emergency prevented travel to some Workplaces

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Work-related hazards that pose a risk of high-consequence injury

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FY21 FY20
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE
Critical Risks are identified per the Critical Risks are identified per the
specification of the Abacus Property Group specification of the Abacus Property Group
How these work-related hazards that
WHS Risk Management Standard (internal WHS Risk Management Standard (internal
pose a risk of high-consequence injury
document) which conforms with the document) which conforms with the
have been determined
requirements of AS ISO 31001:2018 and requirements of AS ISO 31001:2018 and
AS/NZS ISO 45001:2018 AS/NZS ISO 45001:2018
Which of these hazards have caused or
Not applicable. No high-consequence Not applicable. No high-consequence
contributed to high-consequence injuries
injuries during the reporting period injuries during the reporting period
during the reporting period
Risk Control is undertaken per the Risk Control is undertaken per the
specification of the Abacus Property Group specification of the Abacus Property Group
Actions taken or underway to eliminate
WHS Risk Management Standard (internal WHS Risk Management Standard (internal
these hazards and minimize risks using
document) which conforms with the document) which conforms with the
the hierarchy of controls
requirements of both AS ISO 31001:2018 requirements of both AS ISO 31001:2018
and AS/NZS ISO 45001:2018 and AS/NZS ISO 45001:2018
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FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 PERFORMANCE
In line with our WHS vision, we aim to
Continual monitoring.
achieve a zero harm target in the workplace
Implementation of our WHS Strategic Plan
Continuing.
for the next five year period
Develop and implement a formal
Continuing.
employee wellbeing program
Develop and implement strategies,
programs, and actions targeted a Continuing.
high-consequence risks
Achieved Progressed Not yet progressed
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Future priorities

Other work-related hazards

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FY21 FY20
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE
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	Risk Control is undertaken per the	Risk Control is undertaken per the
Any actions taken or underway to eliminate other work-related hazards and minimize risks using the hierarchy of controls	specifcation of the Abacus Property Group WHS Risk Management Standard (internal document) which conforms with the requirements of both AS ISO 31001:2018	specifcation of the Abacus Property Group WHS Risk Management Standard (internal document) which conforms with the requirements of both AS ISO 31001:2018
	and AS/NZS ISO 45001:2018	and AS/NZS ISO 45001:2018

Harmonisation of Abacus and Storage King Work Health and Safety Management Systems (WHSMS) and reporting metrics

Development and implementation of key safety pillars: “Safe People”, “Safe Processes”, and “Safe Properties” to support the ongoing development of the WHSMS furthering the improvement of the Workplace Safety Culture

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Customer attraction, satisfaction and retention, coupled with changing expectations

Key achievements in FY21

Achieved 94.7% occupancy in our Commercial portfolio and a 90.9% in our established Self Storage portfolio
Tenant customer satisfaction surveys issued with feedback to inform customer engagement strategy across the portfolio
‘Industry Lanes’ office development achieves a 5 star Green Star Design v1.2[7] rating and registered for a Fitwell ‘building health’ rating
Retail refresh across Storage King facilities

Why is this important?

navigate this evolving situation in collaboration with our asset and operating partners and customers.

occupancy rates and reduced churn across the portfolio. The team have been focused on improving the quality of our assets with a range of capital works programs focused on both operational efficiencies, end of life replacement and visual upgrades to lobbies and bathrooms.

Abacus has transitioned to a strong asset backed, annuity style business model, pursuing long term value enhancing investments with a focus on the commercial and self storage sectors. At the core of our strategy for our portfolio is to create value through customer attraction and retention.

A strong focus continues on improving the operational performance of buildings in the Abacus portfolio. Technologies that can reduce costs and optimise building efficiencies such as on-site renewable energy and smart building automation have been implemented across the portfolio throughout the year. Many customers expect a good level of building efficiency and sustainability as it aligns with their own corporate governance requirements and the link between high efficiency buildings, lower operational costs and occupant satisfaction is clear.

Customer expectations regarding the use of space, health and wellbeing and operational efficiency continue to be an important consideration. This year, we commissioned an independent property consultancy, Campbell Scholtens, to conduct tenant surveys for 8 office assets,

We recognise that customers are constantly evolving in terms of how they use their space and their expectations of the buildings they occupy, and we strive to respond to their requirements. This has been magnified during the COVID-19 pandemic with tenants having more of a focus on the health and safety of their employees as well as ensuring business continuity. In light of this, the focus for the team at Abacus has been on providing safe and healthy environments and supporting our people and customers. We continue to

including a number of face-to-face interviews. Questions focused on the management team and building services (cleaning; airconditioning; security; lifts; endof-trip; emergency management, waste and recycling), and also incorporated questions on leasing, work health safety, sustainability;

Our approach to managing

In Office , despite the ongoing pandemic, we have improved our

response to COVID-19; building technologies, access to flexible working spaces and tenancy fitout satisfaction. Overall we had a 65% response rate with an average score of 82/100 from a combination of management team and building services questions, which is 2.4% higher than the Campbell Scholtens average for a first time survey. Actions Plans for each building have been developed from the feedback and feedback will also go towards the development of our customer engagement strategy for FY22. Tenant surveys will be done on a biennial basis going forward to benchmark our progress.

Flexibility is another key focus area for Abacus. Regardless of the pandemics long-lasting impact, going forward, some businesses may reassess their future workspace needs and an extensive work from home period may accelerate changes in the use and demand for some office space. Whether that translates to less shared workspaces (such as hot-desking), an increase in flexible work arrangements or a demand for more space to comply with physical distancing requirements, remains to be seen. Responding to this is key for customer attraction and retention. Our approach is to put forward a strategy that can adapt no matter how drastic or subtle the changes to work and the commercial office market prove to be. It is an approach that sees the next evolution of flex moving away from space leased to branded operators and more often being a value add service offering provided directly by landlords. We are finding plenty of tenants that just need space right away but cannot commit to a lease just yet. We aim to capture these tenants with the intention to assist them grow and stay for the long term. Our Flex at Abacus initiative respond to this,

with flexible booking spaces being offered to tenants in two of our Sydney assets – 14 Martin Place and 99 Walker Street. For more information, please refer to the case study further in this section.

strategic imperative for Abacus and will only serve to strengthen the operations, technological advancement and customer value proposition of the Storage King branded stores.

In Self Storage , we recognise that The ongoing COVID-19 pandemic increased density in metropolitan required our self storage facilities to areas and changes in the housing ensure a safe working environment market are driving changes in for employees as well as customers. how customers use self storage Additional cleaning regimes as well and how they prioritise location, as ‘contactless operations’ were access, and convenience. Working ongoing, and access control using from home, decluttering, moving, Bluetooth technology is being downsizing and renovating are all trialled at various facilities to further factors that are driving demand for enhance health and safety in off-site storage. As a result, self our stores. storage has proven resilient during In Retail , we understand the the COVID-19 pandemic, evident importance of ensuring our centres by record occupancy levels with respond to the needs of our an average of 90.9% across the tenants as well as the surrounding established portfolio. During FY21, communities. This includes not Abacus expanded its self storage only ensuring accessibility to the portfolio, acquiring $142 million centre, convenient parking, and the worth of new self storage facilities in appropriate combination of retail Australia. Along with the new build options but also focusing on the at Robina (Gold Coast), 7 facilities operational efficiency of the centre were also expanded during the to ensure lower operating costs year, with minimum sustainability and desirable indoor environmental standards including zoned LED conditions. lighting on timers and sensors as well as solar PV. Our largest solar During the year we undertook system of 100kW in the Storage building engineering assessments King portfolio was installed in our across the retail portfolio to new development at Robina, QLD, enhance the way the assets run. which will power the dehumidifiers This included asset condition audits, required at the facility. In addition mechanical service reviews, energy to the above, to enhance the value audits, audits for sub-metering, and of our existing facilities, a refresh solar PV feasibility with a strong of existing facilities including new focus on capital works in FY22. signage, painting, security upgrades Redevelopment plans are also and new office/customer service underway for Ashfield in Sydney areas were completed across and Oasis at Broadbeach in QLD 31 facilities. These works are with a strong focus on operational ongoing into FY22 across more performance and NABERS of our facilities. benchmarks.

During the year we undertook building engineering assessments across the retail portfolio to enhance the way the assets run. This included asset condition audits, mechanical service reviews, energy audits, audits for sub-metering, and solar PV feasibility with a strong focus on capital works in FY22. Redevelopment plans are also underway for Ashfield in Sydney and Oasis at Broadbeach in QLD with a strong focus on operational performance and NABERS benchmarks.

During the year, Abacus also strengthened its growing presence in the self-storage sector after acquiring full ownership of private operator Storage King. The acquisition was identified as a

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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2 6 — 2 7

The potential cost for a tenant (financial and time) of relocating to another property in the same location often outweighs the benefit of a cheaper rent elsewhere. The Group’s tenants are strongly connected to the property’s location, which is traditionally the reason they initially leased the property, and this results in a positive predisposition to remain. Due to the multi-tenanted floor structure, Abacus has the ability to work proactively with its tenants to contract or expand and adjust their space requirements as needed.

Abacus believes that its portfolio remains robust in the current conditions. The majority of Abacus’ offices:

Business Impact from COVID-19

Further to the tenant engagement program implemented in March 2020, the Group continues to communicate with all tenants, particularly the tenants whose businesses have been severely impacted by the COVID-19 pandemic. In assessing requests for rental support, Abacus has complied with the National Cabinet Mandatory Code of Conduct for SME Commercial Leasing Principles during COVID-19 (“Code”). In addition, rental support has been provided to tenants who do not qualify under the Code in return for extension of leases where possible, in order to assist in the retention of these tenants over the medium term.

are well located in CBD or suburban locations with low and often below market average rent levels;

– have limited exposure to full floor or multi-floor tenants;

have ample car parking spaces; and
are managed to better than average quality sustainability standards and usually offer contemporary building facilities

Further information on the impact of COVID-19 can be found our 2020 Annual Report.

Further information on the impact of COVID-19 can be found our 2021 Annual Report.

Customer Attraction, Satisfaction and Retention Highlights

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FY21 FY20 FY19 FY18
Occupancy (Office) 95.5 % 91.5 % 91.8% 86.9%
Occupancy (Self Storage) 90.9 % 88.3 % 88.4% 89.4%
WALE (Office) 3.9 3.6 3.5 3.6
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FY21 Performance

Key outcomes from our capital works programme

As our value proposition is specific to each property, capital works undertaken are tailored to each asset to attract and retain tenants. Some highlights of our works undertaken to improve or reposition our assets across our FY21 portfolio include:

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63 ANN STREET, SURRY HILLS NSW

Building refurbishment and pivoting to new use of an office building

Impact on customer attraction, satisfaction and retention

Key upgrades include:

Improvements made

63 Ann Street is a 2,367m2 warehouse located on the city fringe in Surry Hills. Previously known as the Lamson Paragon Factory, this 1920’s building has been significantly refurbished to enhance its original heritage style, while incorporating new facilities to cater for the modern workplace.
New end of trip facilities and bathrooms
Improved thermal comfort for occupants
Refurbished modern lobby and building entrance
Energy cost savings
Improvement to energy efficiency leading to higher NABERS Energy rating
New air-conditioning throughout the whole building
Building Management System
Pivoting to new non-office uses

– Smart water metering The building is now fully leased with a WALE of 4.22 years. Increase in valuation of $7m+ going from $27,500m in 2018 to $34,750m in 2021.

Original features such as high ceilings, timber floors, copious natural light and cross ventilation have been emphasised and the result is flexible and open spaces suitable for small and large businesses.

An opportunity arose to change the ground floor to retail usage with the hair dressing and beautician Salon Lane.

WALE by years Total lettable area (sqm) 4.22 2,367 NABERS Energy NABERS Water 5 stars 3.5 stars

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FLEX AT ABACUS

Flexible office solutions for our customers

Improvements made

An integration between conventional leasing and flexible workspace, two vacant office spaces fitted out with the latest in sustainable design and technology for flexible working. Key improvement made include:

– Passive infrared detectors for lighting controls – Sustainability certified furniture, flooring and carpet – Low VOC paints

Bluetooth enabled access control
Sustainability focused design including secure print release to reduce paper waste, Method recycling bins and a coffee machine using ground beans rather than pods

Impact on customer attraction, satisfaction and retention

Abacus wanted to respond to increasing tenant customer demand of flexible short-term spaces. Two floors at our Sydney assets 14 Martin Place and 99 Walker Street, North Sydney were fitted out as Flexible Office Space (FOS) to respond to market demand and develop Abacus’ systems to respond to flexibility and increase our addressable market of tenant customers.

It is an approach that sees the next evolution of flexible space moving away from space leased to branded operators and more often being a value add service offering provided directly by landlords. The idea will cater for tenants that need additional space right away but cannot commit to a lease just yet. The aim is to capture these tenants with the intention to assist them grow and stay for the long term.

WALE by income Total lettable area (sqm) N/A 1,226 NABERS Energy NABERS Water N/A N/A

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ROBINA SELF STORAGE QLD New building

Improvements made

Development of a premium grade, purpose built facility, comprising 6,291m2 of NLA over 5 levels.

Opened in September 2020, the facility has 699 units over 5 levels and offers humidity-controlled storage, LED lighting with controls and industry-leading security.

100kW of solar was also added during the development to be used for the dehumidifiers required for the site.

Impact on customer attraction, satisfaction and retention

The Gold Coast was an existing and priority market for Abacus, having only one small facility at Burleigh Heads. The facility has prominent commercial exposure to over 80,000 vehicles per day on the M1 Motorway.

Occupancy as at 30 June 2021 is 58% which has exceeded expectations at this stage of operation.

WALE by income Total lettable area (sqm) N/A 6,291 NABERS Energy NABERS Water N/A N/A

FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 ACHIEVEMENTS
Undertake annual or biannual tenant customer Achieved. Customer survey issued in FY21 with findings
engagement survey with findings used to inform
used to develop customer engagement strategy
strategic decision-making
Maintain an occupancy rate of at least 90% for the
Achieved an occupancy rate of 95.5%
office portfolio
Maintain an occupancy rate of at least 88% for the
Achieved an occupancy rate of 90.9%
Self Storage portfolio
Maintain a WALE of at least 3.5 for the office portfolio Achieve a WALE of 3.9
Continued emphasis and focus on collaboration with our
asset and operating partners and customers to provide
Ongoing
a safe and secure environment in light of the evolving
COVID-19 situation
Achieved Progressed Not yet progressed
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Future priorities

Understanding and responding to our customers’ changing needs and improving the customer experience is a key focus across the Abacus business. Ensuring we respond to these expectations will enable us to develop strong and value-add partnerships with our stakeholders and enhance our reputation, which will in turn increase our occupancy and WALE. Priorities for the year ahead include:

Development of a customer engagement strategy with our property management partners
Maintain an occupancy rate of at least 90% for the office portfolio
Maintain an occupancy rate of at least 88% for the established self storage portfolio
Maintain a WALE of at least 3.5 for the office portfolio

Continued emphasis and focus on collaboration with our asset and operating partners and customers to provide a safe and secure environment in light of the evolving COVID-19 situation.

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Responsible resource management

Key achievements in FY21

Board approved public sustainability targets for energy, emissions, water, and waste
Target of Net Zero Emissions (Scope 1 and 2) by 2050
Office portfolio NABERS Energy average – 4.63 stars (up from 4.26 stars 30 June 2020)
Office portfolio NABERS Water average – 4.05 stars (up from 3.34 stars 30 June 2020)
25% reduction in Scope 1 and 2 GHG emissions intensity and 24% reduction in water intensity compared to 2019 baseline

Why is this important?

As part of our sustainability strategy, we set clear public sustainability targets to ensure ongoing improvements in environmental performance, transparency, and accountability. The targets are focused on energy, emissions, water, and waste across our property portfolio (assets under operational control) and were developed in conjunction with our asset management team and approved by our Board. To achieve these targets, we have developed sustainability improvement pathways for our assets which are aligned with our operational and capital works upgrades. These pathways will ensure our office and retail assets have ongoing improvement opportunities and will lead to better performance and operational cost savings, and improvements in NABERS ratings. We have also set Key Performance Indicators (KPI’s) for our property partners to ensure that the stakeholders managing our assets help facilitate achieving these targets.

continue to review and improve the sustainability of our assets and are focused on energy, water, and waste efficiency, as well as carbon emission reductions across our property portfolio.

Responsible resource management is about using our resources efficiently, sustainably and in ways that minimise the impact on the environment. As the owner of a large property portfolio, Abacus are well positioned to positively impact the resource consumption of our buildings through efficient property management and the development and upgrade of buildings which incorporate more efficient plant and equipment. Alongside this we recognise the importance of ensuring our buildings are operating as efficiently as possible to reduce operating costs for our customers.

Our approach to sustainability is underpinned by our sustainability strategy, in conjunction with our sustainability and environmental policy, which are focussed on supporting growth across the business by recognising that we have responsibilities to all our stakeholders and the environment in which we operate.

Our approach to managing

Abacus has an ongoing commitment to reducing the environmental impact of our operations by integrating resource efficiency considerations into the management of our property portfolio. In line with our strategy of investing longer term, we

– Environment

– People and Culture – Customer and Community – Governance and Transparency

Abacus Sustainability Targets

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METRIC TARGET HOW WE WILL GET THERE
ENERGY Targeting a NABERS Energy portfolio average – Building efficiency optimisation using BMS analytics to ensure
of 5 stars by FY25 for office assets efficient operations of the mechanical plant
– Adjusting building operations to cater for lower occupancy
due to COVID-19
– Employing initiatives such as economy cycle, adjusting
building time schedules, maximising outside air intake,
and reducing fan speeds in winter
– HVAC upgrades
– Lighting upgrades
– Lift upgrades
15% reduction in Scope 1 & 2 GHG emissions
intensity by 2025 (from FY19 base year) for – Solar PV
commercial property – Building Management System (BMS) upgrades
EMISSIONS Net Zero emissions by 2050 (Scope 1 and 2) – Ongoing investigation and implementation of on-site renewable
energy where feasible
– Review of renewable Power Purchase Agreements with our
energy broker for future electricity procurement
WATER Targeting a NABERS Water portfolio average of – Rollout of real-time water monitoring across office and retail
4 stars by FY25 for office assets property with alarms for higher than expected water usage
and overnight baseloads
– Water audits and correction of leaks
10% reduction in water intensity by 2025
– Bathroom upgrades
(from FY19 base year) for commercial property
– Cooling tower upgrades
WASTE Targeting a 50% diversion from landfill by FY25 – Base building and tenancy waste audits
across commercial property – On-site scales to measure waste coming out of tenancies
and base building
– New waste contracts to include diversion targets and improved
stakeholder education, signage, and provision of bins
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FY21 Performance

We have seen a significant drop in energy intensity, water intensity and waste across the Abacus portfolio throughout FY20 and FY21. This can partially be attributable to COVID-19 restrictions leading to reduced occupancy of buildings by tenants and their employees. We believe initiatives put in place over recent years are also responsible for a large proportion of these reductions. We are confident that the initiatives we have put in place recently, as well as an ongoing focus to increase efficiency and reduce waste, will enable our FY25 targets to be achieved.

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Energy efficiency in operations

Abacus is cognisant that operating energy efficient, more sustainable buildings can benefit the environment and investors alike and we are actively invested in energy efficiency improvements across our portfolio that will provide both a financial return as well as energy and emission reductions, in line with our NABERS improvement pathways and energy targets. This year we recorded a 25% drop in scope 1 and 2 GHG emissions from our FY19 baseline (and a 13% drop from FY20) due in part to the reduction in building occupancy from COVID-19 but also as a result of our capital works and operational efficiency programs. This means we have exceeded our FY25 target, and we will be reviewing our targets in FY22 to ensure we maintain momentum in reducing our emissions even further.

This year energy efficiency improvement projects included LED lighting upgrades, BMS upgrades, HVAC and cooling tower upgrades, cogeneration upgrade, additional solar PV. In addition, we rolled out asset condition assessments across the whole portfolio which now provides us with detailed information to inform our capital works improvement pathways

Water efficiency in operations

Water is an increasingly scarce resource for Australia and as managers of a large property portfolio, it is our responsibility to use it responsibly. FY21 saw a further drop in water consumption intensity with a 24% drop in consumption compared to our FY19 baseline and a 11% compared to FY20.

Efficient water management in operations consists of improving the visibility of water consumption in our buildings by way of smart water metering, bathroom and cooling

tower upgrades, undertaking water assessments to identify ways we can further improve water efficiency and upgrading facilities and systems to ones that use less water in operation.

infrastructure and signage, additional waste streams, improving tenant communication, and incentivising recycling by allocating swipe cards to retail tenants for what they send to landfill. We are also in the process of streamlining our waste providers and in the process are incorporating sustainability KPI’s and obligations to help our assets meet their target.

Our smart water metering program, which commenced rolling out in of streamlining our waste providers FY19 was implemented across a and in the process are incorporating further 13 commercial property sustainability KPI’s and obligations assets during the year. Pleasingly to help our assets meet their target. this resulted in further findings Waste diversion from landfill such as leaking cooling towers, initiatives at our assets include: bathrooms leaks and overnight mechanical plant usage and – Additional recycling streams (e.g., resulted in a number of assets organics, soft plastics, e-waste, significantly improving on their secure paper and comingled) NABERS Water ratings during the – Implementation of on-site scales year. This had the impact of Abacus that can accurately record the achieving its FY25 target for water waste and recycling from each 3 years earlier. Lower levels of floor or tenancy and provide occupancy due to COVID have had immediate feedback to building a positive impact on NABERS ratings managers and tenants over the past year, however we anticipate that with improving levels – Waste audits at 5 NSW, Vic of water efficiency due to capex and ACT office buildings with projects and ongoing leak detection opportunities identified to improve monitoring, NABERS ratings will be tenancy waste diversion including maintained once occupancy returns additional bins, signage, and to pre-COVID levels. education

Waste diversion from landfill initiatives at our assets include:

Additional recycling streams (e.g., organics, soft plastics, e-waste, secure paper and comingled)
Waste audits at 5 NSW, Vic and ACT office buildings with opportunities identified to improve tenancy waste diversion including additional bins, signage, and education

Waste efficiency in operations

Conducted a NABERS Waste rating 2 King Street achieving 3 stars. Improvement opportunities have been identified and will be implemented in line with the new waste contracts

Reducing waste to landfill is a key part of our property operations and is fundamental component of each asset’s sustainability strategy. We capture waste and recycling information from the assets under our operational control and are working with our property managers, cleaners, and waste contractors to improve waste diversion from landfill. This includes setting sustainability KPI’s for cleaners and contractors when new contracts are issued.

Waste contracts renewed with KPI’s aligned with Abacus public target of 50% diversion from landfill by 2025
Oasis – Pulpmaster organics, and a user pays system that allows waste to be charged back to each tenant using actual weights

We have a 50% diversion from landfill target by FY25 across our commercial property portfolio and have developed improvement pathways for each asset in order to achieve this. These pathways include initiatives such as waste audits, improving recycling

Ashfield – waste audit using the waste Bin Trim program and onsite organics recycling provided to 25 organics producing retailers including coffee shops and food outlets and grocery shops

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Responsible Resource Management Highlights

The following environmental data is for the reporting period 1 July 2020 to 30 June 2021 (FY21) unless otherwise stated.

Energy and Emissions

Water

Waste

We report our Scope 1 and Scope 2 emissions according to our operational control boundary under the National Greenhouse and Energy Reporting Act 2017 (NGER Act). Operational control is defined as having the ability to introduce and implement operating, health and safety or environmental policies and measures for a facility. Scope 1 (direct) emissions occur from fuels combusted on-site (natural gas and diesel) as well as refrigerant leakage. Scope 2 (indirect) emissions are from the base building consumption of purchased electricity in our assets where we have operational control as well as our corporate office in Sydney and a small site office in Melbourne We also report our Scope 3 emissions from corporate travel (flights).

Total water consumed comprises potable water consumed by the whole building (base building and tenant) for our Office and Retail portfolio purchased by Abacus from local water utilities for sites under our operational control, as defined within the NGER Act.

Waste data is collected and reported on for those assets where we have operational control over the waste contract. Waste data for our Office and Retail operations is managed and reported by our waste contractors and is a combination of actual weights or calculated by number of bins and volume to weight conversion factors.

Water consumption is based on actual meter readings from water utilities, unless estimated by the utility. Where invoices are unavailable estimates based on the ‘same day, previous year’ consumption are used for reporting.

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FY21 FY20 FY19 FY18
Energy consumption (GJ) 87,178 103,751 125,258 118,317
Scope 1 and Scope 2 emissions (tCO2-e) 15,810 18,170 21,842 21,599
Water consumption (kL) 166,560 204,090 232,485 217,144
Total waste generated (tonnes) 2,027 2,448 3,351 N/A
Total recycled (tonnes) 595 677 1,191 N/A
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Energy consumption (GJ)

Water consumption (GJ)

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Energy consumption (GJ) Water consumption (GJ) Scope 1 and Scope 2 emissions (tCO2-e)
160,000 [ ________ ] 300,000 [ _______] 35,000 [ _______]
140,000 [ ________] 250,000 [ _______] 30,000 [ _______]
120,000 [ ________] 25,000 [ _______]
100,000 [ _______] 200,000 [ _______] 20,000 [ _______]
80,000 [ ________] 150,000 [ _______] 15,000 [ _______]
60,000 [ ________] 100,000 _______ 10,000 _______
40,000 ________
20,000 _______ 50,000 _______ 5,000 _______
0 [ ________] 0 [ _________] 0 [ _______]
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
Gigajoules (GJ) Kiloliter (kL) Tonnes of carbon dioxide equivalent (tCO2-e)
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Responsible Resource Management[8]

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FY21 FY20 FY19 FY18
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
Energy consumption
Stationary energy – Natural Gas (GJ) 19,974 27,267 33,075 26,509
Stationary energy – Diesel (GJ) 19 71 0 47
Total energy consumption – Fuels (GJ) 19,993 27,338 33,075 26,556
Energy Produced (GJ) [9] 1,402 2,791 3,515 n/a
Energy consumption – Electricity (GJ) 65,783 73,622 88,668 91,807
Total energy consumption (GJ) 87,178 103,751 125,258 118,363
Energy use per square metre of gross
332 395 443 382
lettable area (MJ/m2) [10]
Emissions
Carbon emissions (scope 1) associated with
2,116 2,499 2,655 2,072
energy consumed (t CO2-e)
Carbon emissions (scope 2) associated with
13,694 15,671 19,187 19,526
energy consumed (t CO2-e)
Carbon emissions (scope 3) associated
with energy, water, waste and corporate travel 3,974 6,460 9,008 N/A
(t CO2-e)
Water consumption
Water consumption (KL) 166,560 204,090 [11] 232,485 217,144
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8 FY20 and FY21 data is COVID-19 impacted.
9 Cogeneration electricity produced at 710 Collins and 91 King William Street. 91 King William Street underwent a cogeneration upgrade during the year and the turbines were not operational leading to a drop in generation from FY20.
10 Energy intensity is calculated using electricity, natural gas, and diesel consumption from base building assets under operational control divided by total lettable area in square metres
11 Updated from FY20 report due to updated ‘actual’ data from quarterly water billing

The energy consumption and scope 1 and 2 emissions data have been calculated using the default emission factors per the National Greenhouse and Energy Reporting Act 2007 and (National Greenhouse and Energy Reporting (Measurement) Determination 2008).

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FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 ACHIEVEMENTS
Achieving year on year progress towards NABERS and Energy and water targets for FY22 and FY25 agreed for
environmental targets each asset as well as portfolio average
Waste audits undertaken at 5 office buildings in NSW,
Vic, and the ACT. Sustainability KPI’s set for key property
Commence waste audits and develop a plan to improve management partners
diversion rates to meet our targets Process to streamline waste contractors commenced
with scope of services incorporating FY25 diversion
target of 50% as a KPI
Install submetering in our Lutwyche Market Central Submetering audit undertaken and Lutwyche in the
and Oasis shopping centres to enable NABERS ratings process. Oasis submetering will be incorporated into
to take place redevelopment in FY22.
Continue to implement on-site solar PV where it makes Ongoing initiative. Refer to ‘climate related risks and
good financial sense opportunities’ for further detail
Achieved Progressed Not yet progressed
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Future priorities

With the sustainability strategy and targets agreed, our focus will be on ongoing performance, measurement, and verification to ensure we meet our FY25 targets in a consistent and transparent way.

Ongoing implementation of future initiatives outlined in our sustainability strategy
Achieving year on year progress towards NABERS and environmental targets via improvement pathways consisting of
Review of sustainability targets and initiatives in FY22

NABERS rating across our properties

Our Office portfolio is rated annually under the National Australian Built Environment Rating System (NABERS) for energy and water. Abacus uses NABERS to benchmark energy and water efficiency, developing

improvement strategies to improve or maintain our buildings to high NABERS performance. By creating and maintaining high-performing, environmentally efficient assets, we can not only minimise our carbon emissions and environmental impacts, we can pass on valuable cost-savings and emissions reductions to our customers.

Public sustainability targets were approved by the Board in November 2020[12] . Good progress has been made towards our FY25 NABERS targets and a number of buildings have met or exceeded their FY22 midpoint targets. Further increases in efficiencies will be seen as building upgrades and solar installations are completed.

Implementing the findings from the waste audits and improving waste diverted from landfill across the portfolio in conjunction with our property management partners
Install submetering in our Lutwyche Market Central and Oasis shopping centres to enable NABERS ratings to take place
Continue to implement on-site solar PV where it makes good financial sense

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FY25
FY19 FY20 31 DEC 31 MAR FY22 FY25
FY21 PUBLIC
RESULT RESULT 2020 2021 ESTIMATION ESTIMATION
TARGET
NABERS
Energy 4.14 4.26 4.39 4.42 4.63 4.64 5.08 5 stars
average
NABERS
Water 3.13 3.34 3.49 3.70 4.05 3.85 4.31 4 stars
average
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12 Public sustainability targets located on the Abacus website https://www.abacusproperty.com.au/sustainability

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Climate-related risks and opportunities

Key achievements in FY21

Board approved net zero emissions (scope 1 and 2[13 ] ) target by 2050
Increased our investment in on-site solar PV in our Office portfolio with a 270kW system commencing installing at 452 Johnston Street, Melbourne, bringing our total office assets with solar to 4

Commercial Property

This year we commenced the installation of a 270kW solar PV system at 452 Johnston Street as part of a building refurbishment. We are also assessing opportunities at 187 Todd Road and Lutwyche shopping centre. The Office portfolio now has 4 assets with a total of 567kW of solar PV.

Self Storage

Our self storage portfolio now has 44 solar PV systems across the country totally 1019kW in size, with 11 installed in FY21.

Our Robina development on

the Gold Coast installed a 100kW system which is the largest installation in the storage portfolio and will be providing renewable electricity to power the dehumidifiers in the facility.

We also installed a lightweight solar PV at our Rozelle storage facility as the roof was unable to take the weight of conventional storage without a significant upgrade. This type of solar PV uses the same silicon solar cells however rather than a heavy glass

frame, it uses a plastic cover and frame hat results in a panel that is approximately 70% lighter than conventional glass panels. Abacus will continue to install solar PV and LED lighting on new sites acquired and developments as part of a continued focus on responsible resource management.

Ongoing implementation of our Self Storage solar program with 44 assets having solar PV and further installations planned for FY22

FY21 Priorities and Performance

Why is this important?

Abacus may be exposed to unforeseen material environmental risk or the impact of climate change over time. Environmental and climate change related events have the potential to damage our assets, disrupt operations and impact the health and wellbeing of our people and communities. Abacus recognises that integrating sustainability considerations, including that of climate change, into our investment decision making and business operations is congruent with the responsibility we have to our stakeholders and is critical to Abacus achieving its longterm goals.

Our focus on energy efficiency upgrades, the installation of solar PV across our portfolio and the development of targets and strategies to enhance the energy and emissions performance of our assets is key to ensuring our portfolio remains resilient to the impact of climate change over time.

Our approach to managing

Environmental issues, including that of climate change, have been identified as a material issue to Abacus and we have in place appropriate strategies to protect our properties and mitigate any risk. This includes the consideration of climate-related risks and opportunities across the lifecycle of our investment decisions – from acquisitions, to asset and property management as well as new developments. Environmental and climate change risks are included on the board approved key risk register and are incorporated into our decision-making process when acquiring properties and as part of the ongoing management of each property. We manage this risk through the due diligence process undertaken with each acquisition as well as the asset risk matrix for each property, which are reviewed every six months. Key environmental concerns are reported to the Investment Committee and Board as part of the governance framework.

Operationally we are focused on energy efficiency as well as onsite solar. New developments undertake a climate adaptation and resilience assessment as part of the Green Star certification and new office acquisitions undergo appropriate climate-related due diligence including an assessment for resilience to extreme storm, extended days of hot weather and localised flooding. Depending on potential future risks, discussions around the location of essential services, the age and condition of HVAC systems, and the water resistance of the roof and façade are factored into decision making.

FY21 Performance

Investment in renewable energy

Investing in on-site renewable energy has been a key focus for Abacus for the past three years. On-site solar PV can provide a substantial reduction in operational electricity costs as well as reduce our carbon footprint and reliance on the grid. Since 2018 we have installed 47 solar PV systems across our Self Storage and Office portfolios and have additional installations planned for FY22.

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COMMITMENTS STATUS FY21 PERFORMANCE
Continue to investigate and conduct feasibility analysis
for on-site renewables across the Self Storage, and Ongoing
Commercial portfolios
Review new solar technologies such as the thin-film
Achieved. Rozelle self-storage facility installation of light
solar PV for their applicability to assets where conventional
weight solar as conventional PV was too heavy
solar may not be practicable
Continual focus on building performance optimisation to Ongoing improvements in building performance,
minimise climate related impacts efficiency, and resilience via capital works upgrades
Evaluation of risk and opportunities and climate related
Ongoing evaluation
disclosures in line with our business, strategy, and peers
Achieved Progressed Not yet progressed
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Future priorities

Abacus is committed to the appropriate management and oversight of material climate-related risks and opportunities to our business and developing appropriate strategies to manage these issues. Our approach to climate change forms a key component in the development of our sustainability strategy and includes the following:

Evaluation of risk and opportunities and climate related disclosures in line with our business, strategy, and peers
Undertake a portfolio-wide risk assessment of exposure and vulnerability based on asset location and type
Continue to investigate and conduct feasibility analysis for on-site renewables across the Self Storage, and Commercial portfolios.
Continual focus on building performance optimisation to minimise climate related impacts

13 Assets under operational control as defined by the NGER Act

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Governance, risk, cyber and transparency

Key Achievements in FY21

A Board risk workshop was held in May 2021 in order to review, discuss and confirm the Group risk profile based on the likelihood and consequence of the risks and Abacus’ appetite for risk in order to form a unified Board and Executive view aligned to Abacus’s strategy. Following the workshop a set of key reporting indicators have been developed to support Abacus’ risk management approach and proactive risk culture
An annual risk review was conducted by an independent consultant on Abacus’ compliance with Regulatory Guide 259: Risk Management Systems of Responsible Entities in maintaining adequate risk management systems. The outcomes of the review were reported to the Audit and Risk Committee in February 2021 and confirmed that Abacus is compliant with all mandatory and good practice recommendations of the Regulatory Guide.

Why is this important?

Governance. Further information on our compliance with the ASX Corporate Governance Council Principles of Good Corporate Governance is included in our FY21 Corporate Governance Report within our Annual Reporting Suite.

decision-making process when acquiring properties and as part of the ongoing management of each property. Key environmental concerns are reported to the Investment Committee and the Board as part of the governance framework. Environmental risks associated with each property ae monitored as part of the Group’s asset management processes.

Corporate governance influences how our objectives are set and achieved, how risk is monitored and assessed, and how performance is optimised. We conduct our operations in a manner that ensures risks are identified, assessed, and appropriately managed in order to promote investor confidence and to meet stakeholder expectations.

Abacus recognises in its Sustainability and Environmental Policy that integrating sustainability issues, including environment and climate change, into our investment decision making and business operations is congruent with the responsibility we have to our stakeholders and is critical to Abacus achieving its long-term goals. This includes our focus on energy efficiency upgrades, as well as solar photovoltaic installations across our portfolio and developing targets and strategies to enhance the environmental performance of our assets including energy and water efficiency, greenhouse gas emissions reduction and waste to landfill reduction. Abacus continues to develop the appropriate strategies to protect its properties and mitigate the risks of climate change. Environmental issues are incorporated into our

Abacus board diversity and tenure

Diversity targets set in 2020 and reviewed bi-annually are the responsibility of the People Performance Committee. Abacus exceeded its target of minimum representation of 2 females on the Board and at 30 June 2021 has 3 females on the Board (being 50 percent representation – this will be reduced to 43 percent with the appointment of Mark Bloom as a Non-Executive Director on 1 July 2021). Abacus has and continues to recruit from a diverse pool of candidates for all positions filled during the year all employees, regardless of role, worked flexibly.

Our approach to managing

Abacus’ approach to the management of governance and risk matters is underpinned by our corporate governance framework and risk management framework which are aligned to the ASX Corporate Governance Council Principles of Good Corporate

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Board Directors – Tenure (years) Board Directors – Gender
4-9 years
Female
Male
2-4 years 50% 50%
0-2 years
0 1 2 3 4 5
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Our key charters and policies include:

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Performance Evaluation Business Risk
Code of Conduct
Policy Management Policy
Continuous Disclosure
and Securityholder Trading Policy Privacy Policy
Communication Policy
Sustainability and Diversity and Inclusion Work Health and Safety
Environmental Policy Policy Policy
People Performance Nominations Committee
Board Charter
Committee Charter Charter
Audit and Risk Committee
Whistleblowing Policy Human Rights Policy
Charter
Fraud, anti-bribery and Modern Slavery
Supplier Code of Conduct
corruption policy Statement
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Our suite of publicly available policies are available at our Corporate Governance page on the Abacus Property Group website at www.abacusproperty.com.au

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Non-compliance with laws and regulations

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FY21 FY20 FY19 FY18
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
Significant fines and non-monetary sanctions
for non-compliance with laws and/or
regulations in the social and economic area in
terms of:
Nil Nil Nil Nil
i. total monetary value of significant fines;
ii. total number of non-monetary sanctions;
iii. cases brought through dispute resolution
mechanisms
Significant fines and non-monetary sanctions
for non-compliance with environmental laws
and/or regulations in terms of:
i. total monetary value of significant fines; Nil Nil Nil Nil
ii. total number of non-monetary sanctions;
iii. cases brought through dispute resolution
mechanisms
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Substantiated complaints concerning breaches of customer privacy and losses of customer data

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FY21 FY20 FY19
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE PERFORMANCE
Number of substantiated complaints received
concerning breaches of customer privacy
categorised by
Nil Nil Nil
i) complaints received from outside parties
and substantiated by the organization;
ii) complaints from regulatory bodies
Number of identified leaks, thefts, or losses
Nil Nil Nil
of customer data
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Confirmed incidents of corruption and actions taken

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FY21 FY20 FY19
KEY PERFORMANCE INDICATOR
PERFORMANCE PERFORMANCE PERFORMANCE
Total number and nature of confirmed
Nil Nil Nil
incidents of corruption
Total number of confirmed incidents in
which employees were dismissed or Nil Nil Nil
disciplined for corruption
Total number of confirmed incidents when
contracts with business partners were
Nil Nil Nil
terminated or not renewed due to violations
related to corruption
Public legal cases regarding corruption
brought against the organization or its
Nil Nil Nil
employees during the reporting period and
the outcomes of such cases
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FY21 Performance

Risk management framework

Abacus is committed to maintaining a sound system of risk oversight and management and internal control to identify, assess, monitor, and manage material risks related to the conduct of Abacus’ activities. All employees are responsible for managing risks within their areas of responsibility and ensuring they comply with all legislative, regulatory and company policy requirements. This includes reporting any identified risks to an appropriate level of management in a timely manner.

We are continually working to improve and embed our risk management practices which drive a proactive risk culture. The Risk Management Framework guides our approach to identifying,

assessing and managing risk and is designed to be practical and fit for purpose. The key elements of the Abacus Risk Management approach include;

Set the risk appetite of the Group
Oversight and identification of risk (including any emerging risks)
Endorse the materiality of those risks and the plans to minimise the impact
Development of a risk culture aligned to the Board’s risk appetite and priorities
Monitor the operation of the risk management processes and procedures

The key risk register, risk management framework and risk appetite statement are reviewed annually by the Audit and Risk Committee and Board with the last review in July 2021. Key 2021 Board and Audit and Risk

Committee led risk activities in line with the risk management framework included:

A Board risk workshop was held in May 2021 in order to review, discuss and confirm the Group risk profile based on the likelihood and consequence of the risks and Abacus’ appetite for risk in order to form a unified Board and Executive view aligned to Abacus’s strategy
An annual review of the Risk Appetite Statement and Business Risk Management Policy was completed by the Board and Executives alongside an external consultant in order to articulate the acceptable level of risks Abacus are willing to take in pursuit of strategic goals and objectives to form a unified risk appetite across the business
Development of key risk indicators for each of Abacus’ key risks, as agreed by the Audit and Risk Committee. The key risk indicators are based on how Abacus operates and current available business metrics. The key risk indicators will further support Abacus’ risk management approach and proactive risk culture

– A compliance review was conducted by an independent consultant in February 2021 on Abacus’ compliance with Regulatory Guide 259: Risk Management Systems of Responsible Entities in maintaining adequate risk management systems. The outcomes of the review were reported to the Audit and Risk Committee in February 2021 and confirmed that Abacus is compliant with all mandatory and good practice recommendations of the Regulatory Guide

Cyber security governance

We have continued with the implementation of an Abacus Digital and IT Strategy which will strengthen cyber security governance in line with industry best practice. IT governance at Abacus includes documented polices and processes covering information systems incident response, network security, business continuity and disaster recovery, user access control and acceptable use. In continuing our investment into people, processes and governance, we have onboarded an IT Security Engineer and Assistant IT Systems Administrator to support the implementation of this strategy.

A risk management framework has been created and is regularly reviewed to identify potential threats to the organisation and define the best strategy to minimise the impact of these risks. Regular IT and cyber security training is delivered to employees on an ongoing basis and includes current areas of concern including acceptable use of IT and phishing attack awareness. The most recent training campaign was completed between April and June 2021. We actively aim to protect the business online, be alert to new threats and report cybercrime or incidents.

The Abacus Business Continuity Plan and Disaster Recovery Plan were successfully tested in April 2021.

Our commitment to honesty, integrity and trust We are committed to acting honestly and with integrity, so that we gain the trust of all stakeholders. At Abacus we strive for a reputation for, and commitment to, honesty, integrity and trust and recognise these elements as essential for success and longevity in the investment industry. With our

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commitment to raising awareness, and the need to encourage, protect and support responsible reporting of wrongdoing, we continue to build a supportive work environment which aligns to our Code of Conduct and values. This program is actively promoted and encouraged by the Board and Executive Team.

Our Code of Conduct is our guide to upholding our commitment to honesty, integrity and trust. In 2021, online training was delivered to all employees to

ensure the fundamental principles and behaviours within Abacus remain in line with our values and spirit of the Code of Conduct and whistleblowing policies and procedures. Abacus has chosen ‘Your Call’ to partner with, in order to enhance the integrity and transparency of our operations and to allow team members and our customers to confidentially and anonymously report in the event of misconduct in line with our Whistleblowing policies and procedures.

Compliance and risk training was delivered to all employees in May 2021 through an automated web-based learning tool. The training was tailored to Abacus’ compliance plan and risk management training and covered a broad range of topics including conduct, risk management, antimoney laundering, insider trading, complaints, breaches, financial advice, conflicts of interest, modern slavery and Privacy.

Responsible procurement

Key achievements in FY21

Ongoing implementation of Modern Slavery Action Plan and collaboration with the Property Council Modern Slavery working group
Modern Slavery clauses and KPI’s incorporated into new property management agreements and across operational contracts
Ongoing supplier due diligence via the Informed365 supplier engagement platform
Inclusion of suppliers from the newly acquired Storage King operating platform

FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 ACHIEVEMENTS
Zero tolerance for non-compliance with laws and regulations Achieved. Ongoing expectation
Delivery of revised Corporate Governance Statement in line Corporate Governance Statement in line with the ASX
with the ASX Fourth Edition of the Corporate Governance Fourth Edition of the Corporate Governance Principles
Principles and Recommendations was released in August 2021
Independent review of risk management framework in line Achieved. The independent review confirmed that
with Regulatory Guide 259: Risk Management Systems of Abacus is compliant with all mandatory and good
Responsible Entities practice recommendations of the Regulatory Guide
Recognition that cyber security and resilience is an evolving Achieved and remains an Ongoing and evolving
space and an area of continual improvement at Abacus commitment
Achieved Progressed Not yet progressed
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Future priorities

In line with our commitment to continually strengthen governance in order to influence how objectives are set and achieved, how risk is monitored and assessed and how performance is optimised we have expanded our risk team which will:

Continue to build the Abacus risk management function through a series of whole of business risk projects which; set the risk appetite of the Group; allow oversight and identification of risk (including any emerging risks); endorse the materiality of those risks and the plans to minimise the impact;
Further develop an Abacus risk culture aligned to the Board’s risk appetite and priorities that is dynamic and fosters in respect of risk - evolution, improvement, integration and implementation

Further, in ongoing recognition that cyber security and resilience is an evolving space and an area of continual improvement for the Group, we will continue to focus on this risk area.

Why is this important?

Responsible Procurement relates to engaging with suppliers to ensure they operate in a manner consistent with our Supplier Code of Conduct and ensuring the procurement process adheres to the international standards against criminal conduct and human rights abuses and our obligations under the Act. Responsible Procurement means considering the ethical, environmental and social impacts of purchasing decisions and looking for opportunities where outcomes can be enhanced and we are committed to ensuring high standards in our operations and throughout our supply chain. Abacus is committed to implementing and monitoring ongoing practices which support human rights with reference to the UN Guiding Principles on Business and Human Rights and the Australian Modern Slavery Act 2018 (‘The Act’).

Our approach to managing

Abacus has a diverse supply chain which includes;

builders and contractors on our development projects;
managing agents and operational contractors on our property portfolio; and
operational contractors and third party relationships within our Storage King business

Abacus operates wholly within Australia and New Zealand, countries which have democratic governments with high standards of governance. There is a lower social risk where operations are wholly in Australia and New Zealand. However, Abacus recognises that instances of modern slavery can still occur in Australian and New Zealand supply chains.

Respecting and proactively promoting human rights is an integral part of our business and forms a key component of our

sustainability commitment which is outlined in our Supplier Code of Conduct and Human Rights Policy. Abacus guiding principles include:

The expectation that our team members, contractors, subcontractors, consultants and suppliers will conduct business in a safe, responsible and equitable manner and in compliance with all applicable laws, regulations and standards
Our team members, customers, suppliers and investors being treated fairly and respectfully
Diversity and inclusion, which is about our commitment to ensure collective perspectives are valued and respected, with the objective of enhancing informed judgment and high-quality decision making. Diversity includes, but is not limited to, gender, age, ethnicity, sexual orientation, religious and cultural background
The right to just and fair remuneration

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– The fundamental right of all workers and those affected by our undertaking to a safe and healthy working environment

Allowing freedom of association and collective bargaining

Abacus ensures these commitments are upheld on an ongoing basis by:

Ongoing engagement, education and awareness with team members and our supply chain
Developing and implementing a Supplier Code of Conduct
Incorporating human rights into purchasing decisions and adhering to Abacus’ Human Rights Policy
Conducting human rights and modern slavery due diligence into our supply chains on an ongoing basis and ensuring our supply chains are, as far as we are aware, free from modern slavery; and

– Providing access to an effective grievance mechanism (Whistleblowing Policy) to our team members and supply chain to ensure that human rights violations are reported, investigated and remediated

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FY21 Performance

Our Modern Slavery Risks

Recognising that systemic risks in our supply chain cannot be solved in isolation, we place high value on collaborating with our industry peers to collectively understand and manage the risk of modern slavery across our direct and indirect supply chain. Abacus is a founding member of the Property Council of Australia’s Modern Slavery working group, which has fifteen founding members who working alongside peers in the industry to develop a supplier due diligence platform. This collaboration allows leading Property Council of Australia members to engage, assess and report on their supply chain networks more easily through a single online platform (Informed365) which collects, compares and collates information on suppliers, to inform year-on-year progress. In FY21 the group of fifteen founding members grew to thirty seven participating organisations with nearly 4,500 suppliers engaged within the single online platform.

The single online platform collects, compares and shares data on all suppliers to ensure consistency across the industry, streamlines the reporting process for businesses involved, reduces the reporting

Partners

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burden, and makes it easier for suppliers to share information with the leading property organisations they select. Suppliers are invited to register and enter information about actions they are taking to assess and address modern slavery. The platform is free for suppliers to register, access and use, and assessment information is updated each year following a prompt, so that they can record improvements over time. This is important to encourage participation from suppliers and improve supply chain transparency. Data can then be accessed by Property Council members through the platform’s dashboard to enable better evaluation, decision-making and reporting.

Supply chains through Australia’s property and construction industry are complex, with many suppliers working in different capacities for multiple organisations at the same time, and so the group is supported by Better Sydney for subject matter expertise and project management, and the Supply Chain Sustainability School for educational resources, with Informed365 providing the technical expertise around the platform itself.

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In FY21 Initiatives completed to enhance how we address modern slavery risks across our supply chain included:

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INITIATIVE STATUS COMMENTS
RISK Annual risk assessment of our supply The FY21 Abacus supplier risk assessment was
ASSESSMENT chain and methodology to assess approved by the internal Management Sustainability
suppliers across our highest risk Committee as part of ongoing management consultation
categories and to continue developing
our supply chain knowledge and to
improve our understanding of supplier
responses
INDUSTRY Continue industry participation and Recognising that systemic risks in our supply chain
COLLABORATION collaboration through the Property cannot be solved in isolation, we place high value on
Council of Australia’s Modern Slavery collaborating with our industry peers to collectively
Working Group understand and manage the risk of modern slavery
across our direct and indirect supply chain. Abacus is a
founding member of the Property Council of Australia’s
Modern Slavery working group which allows members
to engage, assess and report on their supply chain
networks more easily through a single online platform
(Informed365) which collects, compares and collates
information on suppliers, to inform year-on-year progress.
Industry collaboration with the Property Council of
Australia’s Modern Slavery Working Group will continue in
FY22 and beyond
SUPPLIER DUE Ongoing supplier due diligence utilising Following the acquisition of 100 per cent of the shares of
DILIGENCE - the Informed365 supplier engagement Storage King on 30 November 2020 a review of Storage
SUPPLIERS portal with a focus on; King operational suppliers through consultation with key
members of Storage King management was completed
– inclusion of suppliers from the newly
and high risk storage king operational suppliers were
acquired Storage King operating
included within the FY21 risk assessment methodology
platform (as of 30 November 2021;
In FY20 in two phases through the supplier platform
– increasing the number of invited
Abacus invited 56 key suppliers across our high risk
suppliers utilising our existing risk
categories to disclose their labour management practices
methodology; and
via the single online platform. In FY21 Abacus invited a
– increasing participation rates and further 39 suppliers (being Abacus and Storage King high
working with suppliers to improve risk suppliers) bringing the total number of suppliers who
supplier responses complete annual questionnaires within the single online
platform to 95
Processes to improve ongoing participation rates in the
online platform have been documented and are reported
to the Management Sustainability Committee. As at 30
June 2021 81 per cent (77 of 95 invited suppliers) have
completed the online questionnaire.
SUPPLIER DUE Commence verification of existing In FY21 the Property Council of Australia’s Modern
DILIGENCE - high risk suppliers within the single Slavery working group worked with Informed365 and
VERIFICATION online platform Bureau Veritas to undertake independent, third-party
reviews of the assessment responses provided by
suppliers which will assist with supplier engagement, help
identify strengths and weaknesses across shared supply
chains, and provide material for Continuous Improvement
Pathways for suppliers
In FY21 Abacus selected 5 high risk suppliers to be
reviewed. No exceptions were noted with the Bureau
Veritas review
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INITIATIVE STATUS	COMMENTS
REMEDIATION Continue to work with key stakeholders to progress our group-wide response to modern slavery with a focus on prevention, mitigation and remediation in contracts and processes to incorporate human rights and modern slavery	In FY21 Abacus investigated through a Remediation and Response instances of forced labour identifed in a Broad Daylight Report - Uyghur Forced Labour and Global Solar Supply Chains
TRAINING Annual refresher training for all Abacus employees and roll out of additional modern slavery training to key team members	Annual refresher training was delivered to all Abacus employees in May 2021 Key Storage King team members completed modern slavery training as part of their risk and compliance onboarding As part of our commitment to training high risk suppliers (such as cleaning and janitorial staff) were provided a series of modern slavery posters which are placed in back of house areas on site
Achieved Progressed Not yet progressed Continuous improvement is a key element of an effective response to modern slavery risks and our methodology and due diligence will be subject to ongoing reviews and reporting to the board as appropriate so that continuous improvement can be demonstrated as our processes are embedded (in line with the requirements of the Act). Our annual Modern Slavery statement summarise our approach in line with the reporting requirements is available on our websitehttps://www.abacusproperty.com.au/about-us/corporate-governance.

Future priorities

Recognising the global challenge of addressing modern slavery and our obligations under the Australian Modern Slavery Act (2018), Abacus will continue to incorporate human rights and supply chain due diligence into our business practices and commit to the following priorities:

Annual risk assessment of our supply chain and methodology to assess suppliers across our highest risk categories and to continue developing our supply chain knowledge and to improve our understanding of supplier responses
Continue industry participation and collaboration through the Property Council of Australia’s Modern Slavery working group
Ongoing supplier due diligence utilising the Informed365 supplier engagement portal with a focus on;
increasing the number of invited suppliers utilising our existing risk methodology; and
increasing participation rates and working with suppliers to improve supplier responses
Continued verification of existing high risk suppliers within the single online platform
Annual refresher training for all Abacus and key Storage King employees and roll out of additional modern slavery training to key team members

Employee engagement and motivation

Key achievements in FY21

Launch of the Employee Feedback and Engagement Survey
Developed, marketed, and recruited for the Abacus NextGen Graduate Program
Automation of onboarding process
Developed and introduced an employee referral program
Expanded the Abacus Benefit offering with a focus on support of employee wellbeing through a webinar series
Continued focus on learning and development including Executive Committee Leadership development

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ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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Why is this important?

Attracting, engaging, and retaining talented people is fundamental to delivering the Group’s strategy. Building a collaborative and engaging environment that enables people to contribute and excel is integral to the delivery of our business strategy and objectives. At Abacus, we empower our team members to take initiative, and attract people who are motivated by accountability and making a difference. Our flat organisational structure and open-door culture supports this and allows us to respond to change, adapt quickly and leverage opportunities as they arise.

Abacus recognises the benefits of creating an inclusive environment and promoting team member and Board diversity. Inclusion and diversity at Abacus is about our commitment to ensuring collective perspectives are valued and achieved, with the objective of enhancing informed judgment and high-quality decision making.

Our approach to managing

Abacus has, and is continuing to evolve, a range of initiatives designed to ensure the most appropriate corporate culture and capabilities are in place to deliver on its strategic business objectives.

Our values are:

We are one team;

– We are entrepreneurial; – We are responsible; and – We are accountable

These values underpin our approach to delivering on the Abacus Strategy and objectives.

We have a continuous improvement and feedback mindset in relation to further promoting employee engagement and motivation. Using feedback gained from our employee engagement and pulse surveys, focus groups, business unit leaders’ feedback and external research, we are building on foundational people and culture initiatives started in FY19.

Our approach ensures that we are progressing best practice initiatives, building organisational capability, and maintaining alignment between the People and Culture strategy and Abacus’ strategy and objectives.

FY21 Performance

Launch of the Employee Feedback and Engagement Survey

Abacus launched an Employee Feedback and Engagement Survey in April 2021 seeking feedback on a range of topics (e.g., leadership, communication, culture etc). The last survey was conducted by Abacus in June 2018. While the survey was ready to be in launched in April 2020, the decision was made to postpone the full survey set up due to the uncertainty and disruption of COVID-19.

Abacus achieved a 98% completion rate and employee engagement increased on the FY18 result. The feedback and data will be analysed to understand the priority opportunities for improvement and increased focus and will inform the People and Culture Strategy for FY22.

Developed, marketed, and recruited for the Abacus NextGen Graduate Program

Based on sector research undertaken and benchmarking with other 200 A- REITs graduate programs, Abacus has put in place a 2 year ‘Next Gen Graduate Program’. The program is rotationally based with 4 rotations of 6 months each and across the core business units, including Self-Storage, Assets, Retail and Development, Corporate Development, and Finance.

The recruitment and selection process was a highly collaborative approach, actively involving senior managers from each of the core business units.

Three graduates have been recruited and they have commenced their rotations.

Expand the Abacus Benefit offering with a focus on support of employee wellbeing

10 webinar sessions focusing on personal wellbeing and growth were organised through Q2 and Q3 of FY21. These sessions featured experts who designed interactive workshops on relevant work related topics.

Additionally, team members now have access to a range of corporate discounts such as retail, phone plans, and healthcare.

Continued focus on learning and development including Ex Co Leadership development

Abacus understands the importance of investing in our team members’ professional development ensuring that team members are continuously learning,

challenged, and up skilled, enabling the successful delivery of the business strategy. In Q4 FY20, individual development plans were developed for each team member. Additionally, a dedicated budget for learning and development was established in order to support team members’ attendance to relevant external courses.

Despite the disruption of COVID-19 to the availability of courses in FY21, 70% of our team members enrolled and attended relevant external courses which were nominated to support their development.

Evolution@Abacus and Digital@ Abacus working groups

In FY20 we launched two internal, cross-divisional working groups focused on creating a culture of innovation, collaboration, and entrepreneurial thinking across Abacus. Evolution@Abacus, which is an ongoing initiative that seeks to build upon the Abacus DNA of entrepreneurship and encourage employee participation, enhance engagement, and help strengthen ‘We are One Team’, and Digital@ Abacus, which aims to utilise technology to enhance business processes, asset performance, or the customer experience.

Key initiatives implemented throughout the year include:

To improve cyber security governance, commencement of a digital audit of the office and retail assets. The information will be captured in a central risk register for a single point of truth for all technology hardware, licenses, maintenance agreements and upgrade requirements to ensure Abacus are managing the potential cybersecurity and privacy risk
Various technology trials at our Storage King facilities designed to enhance security as well as ‘contactless’ Bluetooth technology for COVID-safe access control
WorkRooms flexplace commenced operation at 14 Martin Place and 99 Walker Street using Bluetooth wireless access control via smart phone
Trialling new ways to optimise building performance with a various building management system technologies

– Rollout of real-time smart electricity metering across the storage portfolio to provide accurate billing information

Investment in Greenpoint – a real estate innovation and venture capital firm that invests in earlystage companies that provide the real estate industry with leading technological solutions and innovative operating models

Diversity and Inclusion at Abacus

At Abacus, diversity and inclusion involves a commitment to building a more inclusive workplace that enables greater diversity of thought with the objective of enhancing informed judgment and the quality of decision making. Diversity is about recognising the uniqueness of each team member and the added value their combined differences bring to Abacus. Creating a diverse and inclusive environment which ensures collective perspectives are valued and achieved with the objective of enhancing informed judgment and high-quality decision making is essential to attracting and maintaining talent. Employees with diverse backgrounds bring their own experiences and

perspectives, helping to create a more resilient and successful organisation. Building a diverse and inclusive environment at Abacus is also critical to supporting people engagement and motivation.

During the year, we continued to further embed our diversity and inclusion initiatives with the aim of integrating diversity and inclusion as part of the business. In FY21, our efforts have been focused on initiatives improving gender diversity, including:

Maintained gender diversity on the Abacus Board of directors, with continued female representation at 50% (three females)
43% of our new hires are females and we achieved our target of 40% female new hires for FY21
International Women’s Day celebrations involved:
Presentation by the Executive General Manager – People and Culture;
Focus of the presentation was to increase awareness on Domestic Violence;
Organised an online training module on “Understanding and preventing domestic and family violence”; and
Abacus donated and set up a fundraiser to support victims of domestic violence living in shelters, donating a total of $6,720

We continue to seek to improve our understanding of the unique needs of our people demographics which is a key input for the Abacus diversity and inclusion strategy.

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Employees by employment type and gender[14]

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KEY PERFORMANCE FY21 FY20 FY19 FY18
INDICATOR PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
Female Male Female Male Female Male Female Male
Number of full time employees 20 36 18 36 20 35 34 42
Number of part time employees 8 0 10 0 9 0 5 0
Number of temporary employees 2 1 1 1 1 0 0 0
Total number of employees 30 37 29 37 30 35 39 42
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14 Excluding Storage King employees.

New employee hires by gender, age group and region[15]

KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE
Number	Rate (% of total workforce) Number	Rate (% of total workforce) Number	Rate (% of total workforce) Number	Rate (% of total workforce)
New employees by gender
Female 8	27 2	7 6	21 6	15
Male 10	27 4	14 7	20 2	5
New employees by age group
Under 30 years old 11	- 2	- 3	- 2	-
30-50 years old 5	- 2	- 10	- 6	-
Over 50 years old 2	- 2	- 0	- 0	-
New employees by region
Australia 18	27 6 9 13 23 8 10

15 Excluding Storage King employees.

Employee turnover by gender, age group and region[16]

KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE	KEY PERFORMANCE INDICATOR FY21 PERFORMANCE FY20 PERFORMANCE FY19 PERFORMANCE FY18 PERFORMANCE
Number	Rate (% of total workforce) Number	Rate (% of total workforce) Number	Rate (% of total workforce) Number	Rate (% of total workforce)
Employee turnover by gender
Female 7	24 3	11 7	12 7	18
Male 10	27 2	6 5	29 5	11
Employee turnover by age group
Under 30 years old 7	- 3	- 2	- 2	-
30-50 years old 5	- 1	- 4	- 9	-
Over 50 years old 5	- 1	- 9	- 1	-
Employee turnover by region
Australia 17	26 5	8 15	21 12	14

16 Excluding Storage King employees.

Percentage of individuals within Abacus’ governance bodies by gender

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KEY PERFORMANCE FY21 FY20 FY19 FY18
INDICATOR PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
Number Percentage Number Percentage Number Percentage Number Percentage
of total of total of total of total
of females of females of females of females
body (%) body (%) body (%) body (%)
Board of Directors 3 50 3 50 3 50 2 33
Audit and Risk Committee 2 50 1 33 1 33 1 33
People performance and
2 50 2 67 2 67 1 33
nominations Committees
Compliance Committee 3 100 2 67 2 67 2 67
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Percentage of individuals within Abacus’ governance bodies by age group

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KEY PERFORMANCE FY20 FY19 FY18 FY17
INDICATOR PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
Total Percentage Total Percentage Total Percentage Total Percentage
of total of total of total of total
number number number number
body (%) body (%) body (%) body (%)
Under 30 years old 0 0 0 0 0 0 0 0
30-50 years old 1 17 1 17 1 17 0 0
Over 50 years old 5 83 5 83 5 83 6 100
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Female salaries as a percentage of male salaries / number across divisions[17]

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FY21 FY20 FY19 FY18
PERFORMANCE PERFORMANCE PERFORMANCE PERFORMANCE
% of % of % of % of
No. of No. of No. of No. of No. of No. of No. of No. of
total total total total
females males females males females males females males
body body body body
KMP [18] – 2 N/A 0 3 N/A 0 3 N/A – - –
Executive
1 4 60 1 4 60 1 4 60 1 8 92
(excl. KMP)
Senior
4 13 95 4 13 92 4 12 91 2 6 93
Management
Other
- - - - - - - - - 5 6 79
Management [19]
Professional
& Technical
9 10 91 8 13 85 8 7 81 9 19 89
(Middle
management)
Administration
& Operations
16 8 98 16 4 99 17 9 81 22 3 132
(Support and
specialist roles)
TOTAL 30 37 - 29 37 - 30 35 - 39 42 –
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17 Excluding Storage King employees

18 Key Management Personnel

19 ‘Other Management’ category used in prior years to align with WGEA reporting

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IMAGE COURTESY OF MCGRATH FOUNDATION
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Community investment at Abacus

this year traditional volunteering was 3. September (Cerebral Palsy limited due to health considerations Alliance) where Storage King and restrictions, however, despite pays for each staff members this, some opportunities were run registration for this event including Good360, Camp Quality $25 per person.

limited due to health considerations and restrictions, however, despite this, some opportunities were run including Good360, Camp Quality and the Ashfield Infants home.

At Abacus, investing in the communities in which we operate is a core component of our culture and a key way in which we engage our people. Our philanthropic program includes pre-tax workplace giving, employee volunteering days, dollar for dollar matching on team members donation drives, corporate sponsorships with charitable organisations and providing vacant space/casual leasing in our shopping centres at minimal or no cost.

Mood Tea (Youth Suicide Prevention) with all profits from Self Storage the sales of Mood Tea going towards funding mental health Abacus’ Self Storage properties projects and saving young lives. with its manager Storage King, has an ongoing program that actively 5. Special Children’s Christmas Special Children’s Christmas supports the following charities Parties supporting children who supporting children who across its portfolio: suffer from one of the following:
Special Children’s Christmas Special Children’s Christmas Parties supporting children who supporting children who suffer from one of the following: serious illnesses, physical or intellectual impairment, domestic violence, or living in underprivileged circumstances.
McGrath Foundation (AU only) $1.00 from every Tea Chest & Carry Box sold during October is donated to the McGrath foundation to support the work of Breast Cancer care nurses.

Volunteering

In addition, individual Storage King facilities run programs that support local charities on an ongoing basis.

Abacus actively supports the local communities where we operate and encourages all employees to participate in volunteering activities by providing one day’s volunteering leave to all employees. Unfortunately, due to COVID-19,

Blue September (NZ only) $1.00 from every Tea Chest & Carry Box sold during September is donated to the Prostate Foundation to support prostate cancer research.

FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 ACHIEVEMENTS
Development of an Abacus Giving and Volunteering program
Abacus pre-tax Giving program launched this year
(From prior year)
Conduct an annual employee engagement survey with
feedback used to inform strategic decision-making The annual engagement survey undertaken during FY21
(From prior year)
Achieved. Refer above under FY21 Performance
Develop and market the Abacus NextGen Graduate Program
for more information
Achieved. Refer above under FY21 Performance
Develop and introduce an employee referral program
for more information
Achieved. Refer above under FY21 Performance
Implementation of the Individual Development Plans
for more information
Continue focus on Ex Co Leadership development Ongoing initiative for the business
Expand the Abacus Benefit offering with a focus on support
Ongoing initiative for the business
of employee wellbeing
Continue to monitor diversity and inclusion targets, which are
approved by the Nomination and Remuneration Committee,
Ongoing initiative for the business
across management representation, career progression,
parental leave, recruitment, pay equity
Achieved Progressed Not yet progressed
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Future priorities

The ongoing engagement, wellbeing and development of our people is a key priority for Abacus, and we recognise that having a high-performing and motivated workforce has a direct relationship to the success of our business. Building on the initiatives implemented as part of the Abacus People and Culture strategy, our key priorities for FY22 include:

Focus on outcomes of Employee Feedback and Engagement Survey
Remuneration (Changes to the remuneration incentives framework)
Review and enhancement to employee benefits program
Ongoing focus on management and leadership development

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Financial performance

Key achievements in FY21

27.4% growth in net property rental income to $164.6 million
Storage +46%
Commercial +14%
Statutory profit of $369.4m (up 336% on FY20)
Deployment of $1 billion into key sectors in FY21, funded with a combination of non-core disposals, debt and the December 2020 equity raising
Extension of debt facilities by $500 million on favourable terms
Additional distribution of 0.5 cents per security driven by a stronger than expected operating performance in the Self Storage sector

Why is this important?

Our approach to managing

– Understanding the critical importance of sustainability and its integration across the business via our sustainability strategy, which focuses on the four pillars of:

At Abacus, we take advantage of value add opportunities that drive long term total returns and maximise securityholder value. Our investment objective is to provide investors with sustainable income streams and increasing returns. We recognise that investors are progressively aligning their investments with their personal values. These values can include a more holistic assessment of the positive and negative environmental, social, governance and ethical impacts associated with different investment options. We understand that our operating activities can have a negative impact and aim to minimise this, wherever possible.

Abacus has continued its strategic direction giving prominence to key sectors where the Group believes it has a clear competitive advantage. Abacus’ future capital allocation framework will focus heavily upon continuing to increase its exposure to the commercial and self storage sectors. This strategy will target to acquire well located assets that will be held for the longer term. Increasing exposure to these asset classes will enhance Abacus’ ability to grow recurring revenue.

Environment
Customer and Community
People and Culture
Governance and Transparency
Recognition that customer attraction and retention is critical to the success of our business. This is identified as a material topic in this report and our approach to its management is explored in Our Material Topic – Customer attraction, satisfaction, and retention, coupled with changing expectations

Effective financial management is achieved through the responsible management of our property portfolio. We integrate the following economic factors within our day-today operations:

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Incorporation of sustainability into strategic decision making processes. As part of the property acquisition due diligence process, Abacus engages experts to advise on any potential sustainability risks and factor these into the acquisition decision making process
We make relevant sustainability information available to stakeholders to enable investors, lenders, and customers to integrate sustainability criteria into their investment and lending decisions

commercial and self storage. This was achieved through a series of acquisitions and joint ventures, funded by a combination of noncore disposals, debt and the December 2020 equity raising.

Abacus is positioned as a strong asset backed business with key investment sectors of commercial and self storage. Abacus invests its capital in assets with value add opportunities that are forecasted to drive long term total returns and maximise securityholder value. The Group’s investment objective is to provide its investors with reliable and increasing returns.

FY21 Performance and the COVID-19 pandemic context

Recognition that increased urbanisation has resulted in demand for self storage in metropolitan and suburban locations. As part of our renewed strategy, we have increased our investment in Self Storage

Acquisitions, collaboration, and active asset management have supported resilient FY21 trading performance including of 14% growth in commercial net property rental income

Appropriate gearing is maintained and reviewed regularly to align with the property portfolio and prevailing economic conditions

Over the course of FY21 and including some post balance date transactions, Abacus has successfully deployed $1 billion of capital into our key sectors of

ABACUS PROPERTY GROUP | SUSTAINABILITY REPORT 2021

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Abacus looks for property assets that can provide strong and stable cash-backed distributions from a portfolio that provides genuine potential for enhanced capital and income growth. Abacus does this through the acquisition, development, and diligent active management of property assets. In particular:

Use of specialised knowledge, track record and market positioning
Continuing to invest in property investments that are expected to yield an appropriate risk adjusted return over time
Driving value through active management of the asset portfolio

Since the COVID-19 pandemic emerged in March 2020 we have continued to actively manage its impact across our business. Further to the tenant engagement program implemented in March 2020, the Group continues to communicate with all tenants, particularly the tenants whose businesses have been severely impacted by the COVID-19 pandemic. In assessing requests for rental support, Abacus has complied with the National Cabinet Mandatory Code of Conduct for SME Commercial Leasing Principles during COVID-19 (“Code”). In addition, rental support has been provided to tenants who do not qualify under the Code in return for extension of leases where possible, in order to assist in the

retention of these tenants over the medium term. Further information on how we have managed COVID-19 can be found in the Health and safety of our people and customers and Customer attraction, satisfaction and retention coupled with changing expectations sections of this report.

Direct economic value generated and distributed

For detail, refer to the Abacus Property Group Annual Financial Report 2021.

Industry partnerships

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FY21 Priorities and Achievements

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COMMITMENTS STATUS FY21 ACHIEVEMENTS
Increasing our investment in longer date core plus and develop
Ongoing as per strategy
to core Office assets; Increase our investment in Self Storage
Capital allocation remains focused on acquiring assets that
will provide recurring income and create value over the Ongoing as per strategy
longer term
Payout ratio for FY21 is expected to increase to 85%-95%
Distribution payout ratio was 95% of FFO
of Funds from Operation
Achieved Progressed Not yet progressed
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Future priorities

Execution of our stated objectives:
Increasing our investment in longer dated core plus and develop to core Commercial assets
Increasing our investment in Self Storage
Capital allocation remains focussed on acquiring assets that will provide recurring income and create value over the longer term
Given current market conditions, the Abacus Board expects that the distribution for FY21 will reflect a payout ratio of between 85-95% of FFO

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GRI index

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PAGE NUMBER(S) OMISSION AND
GRI STANDARD DISCLOSURE
AND/OR URL(S) EXPLANATIONS
General disclosures
102-1 Name of the organisation p. 8
102-2 Activities, brands, products, and services p. 8
102-3 Location of headquarters p. 8
102-4 Location of operations pp. 8-9
102-5 Ownership and legal form p. 8
102-6 Markets served pp. 8-9
102-7 Scale of the organisation p. 8
102-8 Information on employees
pp. 49-53
and other workers
102-9 Supply chain pp. 45-48
102-10 Significant changes to the No significant
organisation and its supply chain changes
Abacus does not explicitly reference
the precautionary approach in its risk
102-11 Precautionary Principle
N/A management framework. Refer to pp.
or approach
37-38 for additional information about
Abacus’ Risk Management Framework
102-12 External initiatives p. 59
102-13 Membership of associations p. 59
Strategy
102-14 Statement from senior decision maker pp. 6-7
Ethics and integrity
102-16 Values, principles, standards,
pp. 49-51
and norms of behavior
Governance
102-18 Governance structure pp. 10-13
Stakeholder engagement
102-40 List of stakeholder groups p. 17
Zero employees on
102-41 Collective bargaining agreements collective bargaining
agreements
102-42 Identifying and selecting stakeholders p. 16
102-43 Approach to stakeholder engagement pp. 16-17
102-44 Key topics and concerns raised pp. 14-15
Reporting practice
Abacus Property Group
102-45 Entities included in the consolidated Annual Financial Report
financial statements 2021 – Notes to the
Financial Statements
102-46 Defining report content and
pp. 14-15
topic boundaries
102-47 List of material topics p. 16
102-48 Restatements of information N/A
102-49 Changes in reporting N/A
102-50 Reporting period Inside front cover
102-51 Date of most recent report Inside front cover
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PAGE NUMBER(S) OMISSION AND
GRI STANDARD DISCLOSURE
AND/OR URL(S) EXPLANATIONS
Reporting practice (continued)
102-52 Reporting cycle Inside front cover
102-53 Contact point for questions
Inside front cover
regarding the report
102-54 Claims of reporting in accordance
Inside front cover
with the GRI Standards
102-55 GRI content index pp. 60-63
We have not sought external assurance
over the content of this report however
102-56 External assurance N/A we have undertaken assurance
readiness with Deloitte in preparation for
external assurance in FY23.
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GRI STANDARD DISCLOSURE PAGE REFERENCE
Health, safety and security of our people and customers
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 18
103-2 Management approach and its components p. 18
103-3 Evaluation of management approach pp. 20-23
GRI 403: Occupational Health
and Safety 403-9 403-9 Work-related injuries p. 21
Customer attraction, satisfaction and retention, coupled with changing expectations
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary pp. 24-25
103-2 Management approach and its components pp. 24-25
103-3 Evaluation of management approach pp. 27-29
Responsible resource management
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 29
103-2 Management approach and its components p. 29
103-3 Evaluation of management approach pp. 33-37
GRI 302: Energy 302-1 Energy consumption within the organisation pp. 34-36
302-3 Energy intensity pp. 34-35
GRI 303: Water 303-1 Water withdrawal by source pp. 34-36
GRI 305: Emissions 305-1 Direct (Scope 1) GHG emissions pp. 34-35
305-2 Energy indirect (Scope 2) GHG emissions pp. 34-35
305-3 Other indirect (Scope 3) GHG emissions p. 35
Climate-related risks and opportunities
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 38
103-2 Management approach and its components p. 38
103-3 Evaluation of management approach pp. 38-39
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GRI index (continued)

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GRI STANDARD DISCLOSURE PAGE REFERENCE
Governance, risk, cyber and transparency
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 40
103-2 Management approach and its components pp. 40-41
103-3 Evaluation of management approach pp. 42-44
Non-compliance with laws and regulations in the social and
GRI 419: Socioeconomic compliance 419-1 p. 42
economic area
GRI 307: Environmental compliance 307-1 Non-compliance with environmental laws and regulations p. 42
Substantiated complaints concerning breaches of customer
GRI 418: Customer privacy 418-1 p. 42
privacy and losses of customer data
GRI 205: Anti-corruption 205-3 Confirmed incidents of corruption and actions taken p. 42
Responsible procurement
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 45
103-2 Management approach and its components pp. 45-46
103-3 Evaluation of management approach pp. 47-48
Employee engagement and motivation
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary pp. 49
103-2 Management approach and its components p. 50
103-3 Evaluation of management approach pp. 50-55
GRI 401: Employment 401-1 New employee hires and employee turnover p. 52
GRI 405: Diversity and equal
405-1 Diversity of governance bodies and employees p. 53
opportunity
405-2 Ratio of basic salary and remuneration of women to men p. 53
Financial performance
GRI 103: Management Approach 103-1 Explanation of the material topic and its Boundary p. 56
103-2 Management approach and its components pp. 56-57
103-3 Evaluation of management approach pp. 57-58
p. 58 and Abacus
Property Group’s
GRI 201: Economic performance 201-1 Direct economic value generated and distributed
Annual Financial
Report 2021
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Glossary

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TERM MEANING
Employee Turnover Who leave the organisation voluntarily or due to dismissal, retirement or death in service
Environmental laws and regulations Laws and regulations related to all types of environmental issues applicable to the organisation
ESG Environmental, Social and Governance
GHG Greenhouse gas – Gas that contributes to the greenhouse effect by absorbing infrared radiation
GRI Global Reporting Initiative
Injury Non-fatal or fatal injury arising out of, or in the course of, work
Time (‘days’) that cannot be worked (and are thus ‘lost’) as a consequence of a worker
Lost Day or workers being unable to perform their usual work because of an occupational disease
or accident
NABERS National Australian Built Environment Rating System
NDA Non-Disclosure Agreement
Direct GHG emissions from sources that are owned or controlled by an organisation
Scope 1 emissions
(eg. natural gas, diesel and refrigerant leakage)
GHG emissions that result from the generation of purchased or acquired electricity, heating,
Scope 2 emissions
cooling, and steam consumed by an organisation
All indirect GHG emissions (not included in scope 2) that occur in the value chain of the reporting
Scope 3 emissions
company, including both upstream and downstream emissions
Severity Rate Severity rate is the average time lost per occurrence of injury/disease
WALE Weighted Average Lease Expiry
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Abacus Property Group Level 34 Australia Square 264-278 George Street Sydney NSW 2000 T +61 2 9253 8600 F +61 2 9253 8616 E [email protected] www.abacusproperty.com.au

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ABACUS GROUP — Environmental & Social Information 2021

64280_rns_2021-11-09_95d56706-44d2-4bed-8cbf-9db0b71b9df6.pdf

About this report

EMPLOYEE ENGAGEMENT AND MOTIVATION

Contents

CUSTOMER ATTRACTION, SATISFACTION AND RETENTION, COUPLED WITH CHANGING EXPECTATIONS

ABOUT US

RESPONSIBLE RESOURCE MANAGEMENT

OUR APPROACH

CLIMATE-RELATED RISKS AND OPPORTUNITIES

FINANCIAL PERFORMANCE

RESPONSIBLE PROCUREMENT

FY21 highlights

2050

Managing Director’s message

Welcome to our FY21 sustainability report, highlighting our progress and achievements made over the year.

Our approach

Abacus Sustainability Strategy

Public Sustainability Targets

Abacus Sustainability Strategy

Governance

Abacus Board Committees

Abacus Management Committees

Commitments

Defining our Material Topics

Engaging with our Stakeholders

Why is this important to Abacus?

Health, safety and security of our people and customers

Key achievements in FY21

Why is this important?

Our approach to managing

FY21 Performance

Abacus business continuity during COVID-19

Activities

Worker Health and Safety Highlights

Work related injuries for all employees

For all workers (excluding employees)

Work-related hazards that pose a risk of high-consequence injury

FY21 Priorities and Achievements

Future priorities

Other work-related hazards

Customer attraction, satisfaction and retention, coupled with changing expectations

Key achievements in FY21

Why is this important?

Our approach to managing

Business Impact from COVID-19

Customer Attraction, Satisfaction and Retention Highlights

FY21 Performance

Key outcomes from our capital works programme

63 ANN STREET, SURRY HILLS NSW

FLEX AT ABACUS

Improvements made

Impact on customer attraction, satisfaction and retention

ROBINA SELF STORAGE QLD New building

Improvements made

Impact on customer attraction, satisfaction and retention

FY21 Priorities and Achievements

Future priorities

Responsible resource management

Key achievements in FY21

Why is this important?

Our approach to managing

Abacus Sustainability Targets

FY21 Performance

Energy efficiency in operations

Water efficiency in operations

Waste diversion from landfill initiatives at our assets include:

Waste efficiency in operations

Responsible Resource Management Highlights

Energy and Emissions

Water

Waste

Energy consumption (GJ)

Water consumption (GJ)

Responsible Resource Management[8]

FY21 Priorities and Achievements

Future priorities

NABERS rating across our properties

Climate-related risks and opportunities

ABACUS GROUP Environmental & Social Information 2021