In 2023, sustainability guidelines were updated in collaboration with the development teams. The guidelines apply to new developments and extension and renovation projects Group-wide. Requirements for all projects include zero waste to landfill for future operation, 100% of timber with FSC or PEFC certification for both works and the building itself, and divert demolition, strip-out and construction waste from landfill with at least a 70% waste recovery rate. Requirements for large projects include minimum environmental certification level, feasibility assessment of bio-sourced materials, long-term climate risks analysis, and integration of at least 2 circular economy 'concepts' from the Group's Circular Economy Framework.

The Group focuses on the choice and use of materials for its development projects, adopting a 'lean material construction' approach, using new solutions and optimised low-carbon materials, and asking subcontractors to put forward alternative solutions with low-carbon content. The Group also studies the use of wood in development projects to reduce embodied carbon emissions and increase carbon sinks. Circular economy solutions are used to lead to carbon savings through material reuse.

The Circular Economy Framework for development projects includes concepts such as creating the conditions for circularity, keeping existing elements, renovating, repairing, designing for transformation, and designing to facilitate operations. This framework aims to integrate circular economy concepts in the design of URW's development projects, selecting concepts that make the most sense for each project.

URW is committed to ensuring responsibility in its upstream supply chain. The Sustainability Brief and the Considerate Construction Charter specify that 100% of timber used in development, extension, and renovation projects must be from certified, sustainably managed forests. The Group aims to obtain 'post-construction' final certification according to the BREEAM or LEED standards for as many projects as possible. Waste management improvement includes tenant awareness raising, signage on waste bins, sharing best practices, and highlighting the importance of proper sorting material.

URW is committed to ensuring responsibility in its upstream supply chain. The Sustainability Brief and the Considerate Construction Charter specify that 100% of timber used in development, extension, and renovation projects must be from certified, sustainably managed forests. The Group aims to obtain 'post-construction' final certification according to the BREEAM or LEED standards for as many projects as possible. Waste management improvement includes tenant awareness raising, signage on waste bins, sharing best practices, and highlighting the importance of proper sorting material.

On-site innovative waste treatment solutions are installed in several of the Group's assets to increase the amount of valorised waste and reduce waste management costs. The Group also worked on improving waste service providers contracts, by integrating requirements for higher rates of recycling and 0% waste to landfill in new tenders signed in Spain and France. Reverse vending machines are tested in the UK to foster recycling of coffee cups and other small food packaging.

In 2022, a partnership between a cleaning and waste provider and Viparis at Porte de Versailles led to the set-up of an on-site sorting centre, increasing event waste being recycled. A French 'Green Growth Commitment' was signed between the industry stakeholders and 4 Ministries of the French Government to find practical solutions to tackle the waste issue and reach concrete recycling objectives. This study is still ongoing, following a technical and economic study of events' waste management.

Anticipated financial effects from the consumption of raw materials are in line with the estimates presented in section 3.2.1.4.2 Disclosure requirements in ESRS covered by the undertaking's Sustainability Statement.

A French 'Green Growth Commitment' was signed between the industry stakeholders and 4 Ministries of the French Government to find practical solutions to tackle the waste issue and reach concrete recycling objectives. This circular economy work will give rise to new common goals among the stakeholders of the French Union of the event industry.

In 2022, a partnership between a cleaning and waste provider and Viparis at Porte de Versailles led to the set-up of an on-site sorting centre, increasing event waste being recycled. A French 'Green Growth Commitment' was signed between the industry stakeholders and 4 Ministries of the French Government to find practical solutions to tackle the waste issue and reach concrete recycling objectives. This study is still ongoing, following a technical and economic study of events' waste management.