In 2023, URW carried out its double materiality assessment for the Group, across all business segments and activities. An external advisory firm supported the Group in this process to ensure the robustness and neutrality of the methodology. The results of the double materiality analysis were directly integrated in the Group’s risk management approach, as presented in section 6.2.2.C Category #3 environmental and social responsibility risks.

The purpose of this double materiality assessment was to assess the materiality of sustainability and ESG topics from 2 complementary perspectives:

• An “impact” perspective, i.e., the negative or positive impacts of the Company and its activities on the environment, the people it works with and the communities it operates in. It considered the scale (level of criticality of the issue), the scope (value chain and affected stakeholders), the remediability (ability to mitigate the impact), as well as the likelihood of the impact.

• A “financial” perspective, i.e., the risks or opportunities that environmental and social issues represent for the Company’s activity and value. It considered the Company’s dependencies towards business relations and stakeholders (i.e., financial partners, tenants or suppliers), as well as the continuity of use or access to resources that are essential for the Company to operate and grow (e.g., raw materials, retention of key talents or development of stricter regulations). The materiality of risks and opportunities has been assessed based on the likelihood of occurrence and the potential magnitude of the financial effects. The financial thresholds considered for the analysis were aligned with the financial impact scales used for the Group risk mapping.

The materiality analysis was conducted in 4 phases:

1. URW identified a list of sustainability topics by conducting a contextual analysis, a sectoral analysis and a selection of applicable international standards that are relevant to the commercial real estate sector and its closest related sectors, such as retail, offices and construction. Key topics of sectors that represent the value chain of URW were integrated in the analysis, including but not limited to, construction materials, engineering, building products and retail.