The TMPF has completed its fourth year of Toitū Net Carbon Zero certification for our landlord-controlled emissions.

The Trust Management Property Fund (TMPF) has been re-certified as a Toitū Net Carbon Zero organisation for the fourth consecutive year. The certification covers the landlord-controlled greenhouse gas emissions (GHG emissions) from the properties we hold and operate directly and has been independently verified against international standard ISO 14064-1:2018.

The Property Fund is the only one of the Trust Management PIE Funds where Trust Management acts as landlord, holding and operating physical assets ourselves rather than through an underlying manager. This direct involvement gives us first-hand oversight of the environmental footprint within our control. The greenhouse gas emissions data below relate to the landlord-controlled emissions only and form the basis of the certification.

This year's landlord-controlled emissions, in full

For the measurement period 1 April 2025 to 31 March 2026 ("FY26"), the Fund's independently verified landlord-controlled greenhouse gas emissions totaled 78.76 tCO₂e.

In the interest of transparency, this figure is higher than in previous years — 11.28 tCO₂e in FY25 and 14.39 tCO₂e in our FY23 base year. The increase was driven by two main factors: refrigerant losses from two HVAC leaks identified during routine maintenance, and higher landlord-controlled electricity consumption associated with tenant changes and fit-out works.

Because the portfolio has a relatively modest emissions base, a small number of one-off events like these can noticeably affect the total for a single year. We believe it is more helpful to explain what drove the change than present the number in isolation. Toitū Envirocare's independent audit rated the quality of our underlying data as "high" and issued an unmodified verification opinion, confirming that our reporting fairly reflects what occurred.

As part of the Toitū Net Carbon Zero certification process, Toitū provides carbon offset opportunities to compensate for the Fund’s landlord-controlled greenhouse gas emissions for the reporting period. The Fund used this opportunity to invest in carbon credits from the Hinewai project, part of the New Zealand Permanent Forest Sinks Initiative, to offset its landlord-controlled greenhouse gas emissions for the reporting period.

How we're managing emissions, and what's next

We continue to manage landlord-controlled emissions through improved HVAC monitoring, utility metering, energy-efficiency initiatives, LED upgrades and stronger data collection.

This year we also commissioned energy efficiency"opportunity scans" at three industrial properties, identifying practical, ranked opportunities to improve energy efficiency, strengthen metering and reduce emissions, including solar generation, sub-metering and lighting controls — which could also support building performance ratings such as NABERSNZ and Green Star performance over time.

Looking ahead to 2027, our focus areas are:

• Strengthening HVAC leak detection and lifecycle planning
• Reviewing base-building settings during periods of tenancy changes
• Improving electricity and water metering
• Continuing to develop Scope 3 emissions data capture across the wider portfolio

We remain committed to our target of reducing absolute Category 1, 2 and 3 landlord-controlled emissions by 10% by 2029, relative to the FY23 base year.We will continue to openly report on progress including the setbacks.

Also see our Ethical Investment Update & Stewardship Report (August 2026).

FundRock NZ Limited is the manager and issuer of the Trust Management PIE Funds Scheme. The product disclosure statement is available from FundRock or by going to The Disclose Register on the Companies Office website. Past performance is not necessarily indicative of future performance, and you may not recover the full amount of your investment.