Manulife US REIT - Annual Report 2020

Strong Portfolio Occupancy Rate As at 31 December 2020, the portfolio had a high occupancy rate of 93.4%, down 2.4% YoY, but still above the U.S. Class A average occupancy rate of ~84.0%. Portfolio’s Occupancy Above U.S. Market Average in Respective Submarkets (%) 93.0 84.4 100.0 90.4 96.7 94.8 99.2 91.7 93.3 82.0 81.3 77.9 89.2 81.9 86.4 81.2 76.7 94.3 MUST average: 93.4% U.S. Class A average: ~ 84.0% Portfolio Valuation The decline in valuation was due to the independent valuers factoring in lower rental growth, higher vacancies and higher leasing costs assumptions as a result of the COVID-19 pandemic. These independent valuers were appointed by the Trustee of MUST on recommendation of the Manager. Property Valuation (US$ million) Change Direct Cap Rates as at 31 December 2020 3 As at 31 December 2020 1 As at 31 December 2019 2 Figueroa 320.0 337.6 (5.2)% 5.50% Michelson 319.0 345.0 (7.5)% 5.25% Peachtree 203.1 210.7 (3.6)% 5.75% Plaza 114.6 119.9 (4.4)% 7.00% Exchange 333.0 348.6 (4.5)% 5.50% Penn 176.5 189.0 (6.6)% 5.25% Phipps 212.1 220.1 (3.6)% 5.75% Centerpointe 118.5 122.8 (3.5)% 7.50% Capitol 196.0 201.3 (2.6)% 7.20% Total 1,992.8 2,095.0 (4.9)% Average Market Occupancy MUST’s Occupancy Downtown LA Irvine, Orange County Buckhead Atlanta Midtown Atlanta Meadowlands Hudson Waterfront Washington, D.C. Fairfax Center Sacramento 1 Valuations conducted by CBRE Valuation & Advisory Services (CBRE). 2 Valuations conducted by Colliers International Valuation & Advisory Services LLC, Newmark Knight Frank Valuation & Advisory, LLC and Cushman & Wakefield Western, Inc. 3 Based on overall cap rates used in direct capitalisation valuation approach. 26 MANULIFE US REIT OPERATIONAL REVIEW