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Introduction As a diversified developer, operator, and investment manager of top-tier real estate around the globe, Tishman Speyer recognizes the vital importance of enlightened social governance and responsible environmental management. As such, we are committed to making a positive impact across our portfolio and our firm, and to building inclusive and welcoming communities in all of our markets. With roots in a family business dating back more than 100 years, Tishman Speyer’s Guiding Principles serve as the ethical foundation for our global firm. Our core business, which can begin with land purchase and extend through decades of ongoing property ownership, must reflect the values and needs of the local communities where we invest. We adhere to the highest standards of social, employment, and environmental practices, striving to make each community in which we operate a better place to live and work. This is both a top-down mandate and an integral part of our culture as we conduct day-to-day business. Scope This ESG Policy applies to Tishman Speyer globally, guiding management as it makes investments and conducts its business. To achieve the commitments outlined in this policy, Tishman Speyer has developed an ESG framework in alignment with ISO 14001, the internationally-recognized standard for environmental management, which requires the firm and our investment vehicles to:

• Establish roles, responsibilities, accountability, and resource allocation.
• Establish operational procedures to implement best practice ESG initiatives throughout day-to-day business activities.
• Work towards establishing specific, measurable, and time-dependent objectives and targets, which, alongside this policy, will be reviewed by senior management on a regular basis.
• Identify ESG-related risks and opportunities throughout the investment cycle.
• Ensure the continual improvement of ESG performance.
• Be demonstrable to stakeholders, serving as evidence of ESG practices.

Leadership Operating our businesses sustainably enhances the quality of life of our customers and employees, and creates lasting value for our investors and communities. Tishman Speyer is committed to sharing environmental knowledge with our peers in order to learn from their experiences, while exercising leadership on prominent Green Building Councils and other sustainability-focused industry groups globally. We strive to not only create the most sustainable value in real estate today, but also to create the blueprint for a sustainable future for all. ESG Oversight Tishman Speyer’s cross-functional, senior executive-level Global ESG Committee is responsible for the governance of this policy and has authority over the firm’s ESG strategy. Accordingly, it is responsible for ensuring that Tishman Speyer’s ESG framework is appropriately resourced and is effective in satisfying the needs of stakeholders. The Global ESG Committee conducts regular reviews of the policy, at least annually, and delegates responsibility for enacting the firm’s ESG strategy to the appropriate teams. The Global ESG Committee is chaired by the Global Head of Portfolio Management; Marketing, Studio, ESG, and reports back regularly into the Investment Committee, and to the Chief Executive Officer, as needed. The Global ESG Committee is supported by a network of regional ESG Committees. In addition, the firm employs a dedicated ESG department that is responsible for implementing ESG initiatives across the firm. Climate Change and the Environment As developers and operators of buildings, whose lives span many generations, we are acutely aware that the construction and management of those buildings must protect and enhance the physical environments in which they exist, specifically minimizing potential contributions to climate change. Further, in response to our changing world, we must make our buildings resilient to the effects of warming while also promoting biodiversity and nature-based solutions. The core of our environmental policies is to conduct business in accordance with applicable environmental laws and governmental directives and to minimize our environmental footprint whenever and wherever feasible. In our physical assets, we commit to:

1. Promoting responsible consumption by monitoring energy, water and waste data and the associated greenhouse gas emissions.
2. Minimizing our impact on the environment and supporting the transition to sustainable cities by programmatically identifying and implementing innovative operational and mechanical strategies to continually improve resource efficiency and performance.
3. Managing the short-, mid- and long-term risks associated with changing regulatory, legislative and stakeholder requirements, as well as climate change resilience-related risks, including physical, social and transition risks.

Net Zero Tishman Speyer has committed to achieve operational net zero carbon across our global real estate portfolio by 2050 or sooner. We are dedicated to achieving this goal responsibly and authentically; our net zero pathway for our properties is informed by our pathway roadmap, which emphasizes investments in energy efficiency and purchasing renewable energy where possible. As outlined in our roadmap, we will further investigate opportunities to install onsite renewables and electrify away from Scope 1 (onsite) emissions. All new acquisitions and developments will be bound by this commitment. Additionally, Life Cycle Assessments (LCAs) will be conducted at all new developments to baseline their embodied carbon emissions. Certifications and Standards We understand that in order to be a leader in the ESG space, we must put our strategies and performance to the test against industry-recognized green certifications and sustainability standards. For our existing buildings and developments, these standards include LEED, BREEAM, DGNB, HQE, and/or other applicable standards. All new construction office projects will be certified to minimum LEED Gold/BREEAM Excellent or local equivalent, and we will target corresponding operational certifications at all eligible properties. In the United States, all properties will be ENERGY STAR benchmarked and certified if applicable. As a firm, we commit to aligning our corporate ESG reports with the Global Reporting Initiative (GRI) and the UN Sustainable Development Goals (SDGs). Efficiency Efficiency has always been at the core of our business. Doing more with less allows us to reduce operating and capital expenses while minimizing our impact on the environment. Our integrated platform allows us to identify trends and share best practices throughout the firm. We actively track and independently verify data to ensure accuracy across the globe. Tishman Speyer aim to reduce energy and water consumption and decrease waste production through better design, technology and sustainable operating procedures. Commitment to Diversity, Equity and Inclusion Our corporate culture emphasizes the importance of diversity, equity, and inclusion, as laid out in our Global Diversity and Inclusion Policy. We are committed to investing in the hiring, growth, development, and wellbeing of our employees, maintaining parity in compensation, and continuously striving to create an environment in which all employees are engaged, empowered, and supported in the pursuit of their highest potential. Health Our ESG focus ensures that our customers and employees work in healthy and productive environments. Through our innovative operating practices, education programs, and outreach, we continue to create some of the healthiest and most desirable spaces to work and live globally. We aim to certify all eligible buildings and developments to the highest applicable building wellness standard. We will continue to improve our indoor air quality, water quality, and biophilic design strategies to ensure the effectiveness of our buildings as places to work, visit, and live by enhancing health and wellbeing performance. Stakeholder Engagement We are committed to working with our customers to maximize the opportunities to collaborate on environmental and social issues within our assets and our communities. We understand that in order to achieve impactful change, we need to work hand in hand with all of our stakeholders, customers, employees, investors, communities and governments. As such, we engage with our stakeholders regularly, conducting routine materiality assessments to ensure that our ESG efforts are focused on those topics deemed most important to both our business, and our stakeholders. We have established processes for communicating and engaging with relevant stakeholders on ESG performance, including progress against the commitments set out in this policy and made in our annual ESG Reports. As a leading investment manager, we are uniquely positioned to leverage our expertise to help customers achieve their corporate ESG goals. It is only through strong partnership that we can achieve meaningful reductions in resource consumption in our buildings, and increase positive impacts on our surrounding communities. Additionally, we exert wider influence across our client-base, suppliers, and the communities in which our buildings are situated to promote net-positivity in terms of community and occupier safety & wellbeing, conservation, biodiversity, education, equality and other wider sustainability issues. Our Employees Tishman Speyer is committed to investing in the growth, development and wellbeing of our employees. This strategy, consisting of on-the-job training, internal training courses, and external courses, as well as comprehensive annual performance reviews and reimbursement for external education and development, helps ensure that all employees are able to reach their full potential. Tishman Speyer encourages our employees to engage with and contribute to the firm’s ESG initiatives. As such, Tishman Speyer delivers regular training to all employees on material topics, and annual employee performance self-assessments include reflections on ESG contributions. Community Impact We believe in our ability and responsibility to positively impact our communities and our employees through the development and management of best-in-class real assets worldwide. We create direct, meaningful community connections by providing robust employee and occupant engagement programming, developing publicly accessible green and community spaces, and by supporting national, regional, and local nonprofits through charitable donations and volunteer efforts. We fully support our senior team members in their roles as civic leaders who support organizations, build coalitions, and take proactive steps to address larger societal challenges. Good Governance We take seriously our responsibility to do business in an ethical way that benefits all of our stakeholders. Our core values remind us to hold ourselves to the highest standards – to treat all with respect and civility, to incorporate transparency, honesty, and simplicity in our business relationships, to honor our agreements and act with integrity, and to make the communities we operate in around the world better places to work and live. We live these values through our governance practices and policies regarding anti-corruption, human rights and anti-slavery, non-discrimination, and our code of ethics. Transparency Tishman Speyer seeks to maintain transparency with our stakeholders regarding the ESG characteristics of our developments and operations. We keep our investors and customers updated on material information related to our investments and business operations, and publicy report on ESG progress with annual reporting and certifications through recognized third-party platforms. For additional information about ESG at Tishman Speyer, please reach out to [email protected].