Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 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. 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. Organisation Chart/Trust and Tax Structure Organisation Chart Board of Directors Audit and Risk Committee Nominating and Remuneration Committee Chief Executive Officer Chief Investor Relations and Capital Markets Officer Chief Financial Officer Chief Investment Officer Chief Compliance Officer Trust and Tax Structure Trustee Equity SPV Parent U.S. REIT Sub-U.S. REITs 6 Dividends 3 Intercompany loans Principal and interest payments 4 Property management services Property management fees Shareholder Loan SPVs 2 U.S. Asset Manager 5 Property Manager 7 Manager Unitholders 1 Ownership of Units Trustee fees Management fees Act on behalf of Unitholders Management services Distributions • 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 SINGAPORE UNITED STATES Properties Figueroa Michelson Peachtree Plaza Exchange Penn Phipps Centerpointe Capitol Tanasbourne Park Place Diablo 15 100% wholly-owned 100% wholly-owned 100% wholly-owned