Manulife US REIT - Annual Report 2021

MANULIFE US REIT 120 Under the SF(LCB)R, an Independent Director means a Director who: (i) is independent from the management of the manager and the REIT that is managed or operated by the manager; (ii) is independent from any business relationship with the manager and the REIT that is managed or operated by the manager; (iii) is independent from every substantial shareholder of the manager, and every substantial unitholder of the REIT; (iv) is not a substantial shareholder of the manager, or a substantial unitholder of the REIT that is managed or operated by the manager; and (v) has not served as a director of the manager for a continuous period of nine years or longer. Accordingly, the Board has reviewed and determined that each of the four aforementioned Independent Directors satisfies the above criteria of independence as set out in the CG Code and the SF(LCB)R. Mr Hsieh Tsun-Yan, Mr Michael Floyd Dommermuth and Mr Stephen James Blewitt have also not served as a Director of the Manager for a continuous period of nine years or longer. Board of Directors Hsieh Tsun-Yan 1 Koh Cher Chiew Francis Veronica Julia McCann Choo Kian Koon Karen Tay Koh Michael Floyd Dommermuth 1 Stephen James Blewitt 1 (i) is independent in conduct, character and judgement and has no relationship with the Manager, its related corporations or its officers and with substantial unitholders that could interfere or be reasonably perceived to interfere, with the exercise of the Director’s independent business judgement in the best interests of MUST √ √ √ √ √ √ √ (ii) had been independent from the management of the Manager and MUST during FY2021 √ √ √ √ (iii) had been independent from any business relationship with the Manager and MUST during FY2021 √ √ √ √ √ √ √ (iv) had been independent from every substantial shareholder of the Manager and every substantial unitholder of MUST during FY2021 √ √ √ √ Corporate Governance 1 Mr Hsieh Tsun-Yan is an appointed Director to the Board of MFC, the ultimate parent of the Manager. MFC is also a deemed substantial unitholder of MUST. Mr Michael Floyd Dommermuth and Mr Stephen James Blewitt are employed by subsidiaries of MFC. As such, during FY2021, each of them is deemed (a) to have a management relationship with the Manager and MUST; and (b) connected to a substantial shareholder of the Manager and substantial unitholder of MUST.