Manulife US REIT - Annual Report 2020

Board of Directors Chief Executive Officer Audit and Risk Committee Nominating and Remuneration Committee Chief Investor Relations and Capital Markets Officer Chief Financial Officer Chief Investment Officer Chief Compliance Officer Ownership of Units Distributions Act on behalf of Unitholders Management services Management fees Trustee fees 100% Wholly-owned 100% Wholly-owned 100% Wholly-owned Intercompany loans Dividends 3 Principal and interest payments 4 Property management services Property management fees SINGAPORE UNITED STATES Trustee Unitholder (9.8% limit) 1 Manager Equity SPV Shareholder Loan SPVs 2 Figueroa Michelson Peachtree Plaza Exchange Penn Phipps Centerpointe Capitol Sub-U.S. REITs 6 Parent U.S. REIT U.S. Asset Manager 5 Property Manager 7 PROPERTIES • Set strategic vision and formulate investment strategy • Manage MUST’s assets and liabilities • Provide recommendations to Trustee on acquisitions and divestments in accordance with investment strategy • Execute MUST’s investment and asset management strategy in accordance with strategy and guidelines issued by the Manager • Provide accounting and administrative support Trust And Tax Structure Organisation Chart 1 No single investor to hold more than 9.8% (including the Sponsor) - ‘Widely Held’ (No more than 50% of shares can be owned by five or fewer individuals) rule for REITs in U.S. 2 Each shareholder loan SPV has extended an intercompany loan to Parent U.S. REIT. Certain of these SPVs had made equity investments in wholly-owned Barbados entities which had formed Barbados limited partnerships. The Barbados entities and limited partnerships are currently in the process of liquidation. 3 Subject to 30% withholding tax. 4 Principal repayments are not subject to U.S. withholding taxes. Interest payments that are finally distributed to Unitholders are not subject to U.S. withholding taxes, assuming Unitholders qualify for portfolio interest exemption and provide appropriate tax certifications, including an appropriate IRS Form W-8. 5 The U.S. Asset Manager is a subsidiary of the Sponsor. 6 Each Sub-U.S. REIT holds an individual property. 7 The Property Manager has entered into a master property management agreement with Parent U.S. REIT and a property management agreement with each Sub-U.S. REIT. 11 ANNUAL REPORT 2020 ORGANISATION CHART/TRUST AND TAX STRUCTURE