A Letter from our Chief Investment Officer

Arvi A. I. Luoma

At Cain, we see responsible investment as a holistic undertaking, from how we conduct ourselves and treat our colleagues to how we manage capital, evaluate risk and identify opportunity in pursuit of long-term
capital preservation and value creation. Our decisions extend beyond the performance of any individual investment, recognising that the assets and businesses we support shape places, create employment
and influence the communities around them.

As Cain has evolved and expanded its management of third-party capital, we have continued to strengthen our governance: implementing new global Investment Committee structures which benefit from the deep sector expertise of independent advisors, appointing a Chief Risk Officer to lead enterprise-wide risk oversight, and expanding the adoption of AI technologies across the organisation. Across our four verticals, Landmark Developments, Supply Chain Infrastructure, Living & Hospitality, and Sports & Entertainment, governance and responsible investment considerations are embedded in our investment and asset management processes, with specialist investment officers working closely with colleagues in capital formation, finance, legal, tax, risk and compliance throughout the investment lifecycle.

Over the past 12 months, we have continued to translate our responsible investment approach into measurable outcomes across our portfolio. In Beverly Hills, construction is advancing on our landmark development designed to deliver both environmental and community benefits, including more than ten acres of gardens and open space, that will create a more connected, accessible setting within the city. In Denmark, two logistics assets became the first industrial properties in the country to achieve BREEAM In-Use Excellent certification, while every asset in our circa ten million square foot pan-European logistics platform holds, or is completing, a recognised green building certification.

Across the wider portfolio, every development has achieved its target environmental rating on completion, from BREEAM Excellent in Sens, France, to LEED Gold at 830 Brickell in Miami and 125 West 57th Street
in New York.

Responsibility for us also means investing in our people and supporting the communities around us. We maintain a broadly equal balance of women and men across the firm and continue to invest in diverse talent, supporting the development of the next generation of leaders. Our colleagues have further committed hundreds of hours this year to volunteering, fundraising and community initiatives, bringing their time, expertise and energy alongside financial support. The pages that follow reflect both the progress made and the work still ahead. They are a commitment to keep raising our standards and to create lasting value not only for our investors, but for the people and places connected to Cain.

Arvi A. I. Luoma
Chief Investment Officer