IN CONVERSATION WITH MANAGEMENT Q1 AJohn: We are happy to report good progress with positive results to our Unitholders who have entrusted us with the execution of the Recapitalisation Plan. However, it has not been without challenges given the uneven recovery in the U.S. office sector. I hit the ground running, getting to know our assets and stakeholders, including the asset and property managers and local brokers. I have also assessed the portfolio to analyse which assets have liquidity. Property transactions tend to be more dynamic during these periods of uncertainty, which is why the execution is critical to ensure that we are maximising Unitholder value. So far, we have completed the divestment of Capitol for a net consideration of approximately US$110 million, using net proceeds plus US$21 million of cash from our balance sheet to pay off our 2025 debts. We have also completed the sale of Plaza and used the net consideration of approximately US$40 million to pay down 20% of 2026 debts. While these divestments will impact NPI, we are repositioning for the future as we plan to pivot towards diversified assets that offer higher yields with less capital expenditure. We are implementing strategies to improve cash flows by strategically optimising leasing and enhancing business operations. These include executing leases with creative structuring to preserve and manage capital which will enable us to create liquidity and value at the asset level. AMushtaque: Since we came onboard, we have prioritised financial stability and risk management through deleveraging our balance sheet and prudent use of our capital expenditure budget. In 2024, we repaid a total of US$180.7 million of debt, including US$50.0 million in March 2024, followed by another US$130.7 million in November 2024. The latter amount was made possible largely from the net proceeds realised from the sale of Capitol. To be able to make an early repayment of all of our outstanding loans maturing in 2025 was a significant achievement. The sale of Plaza in February 2025 has further enabled us to pay off US$40.0 million of debt towards the US$203.9 million coming due in 2026. We intend to make an early repayment of our remaining 2026 debts totalling US$163.9 million by 30 June 2025. As the new management, having joined in mid-2024, you have had to drive MUST’s Recapitalisation Plan. Can you share the progress so far? Q2 AJohn: As at 31 December 2024, MUST's same-store occupancy fell to 73.6% from 84.2% the year before, due to significant vacates and downsizes such as TCW Group's non-renewal in Figueroa, a financial tenant’s vacate in Exchange, and The Children's Place downsize in Plaza. The current market conditions favour tenants, so a lot of the recent lease comparables tend to be non-accretive. Therefore, we take a more strategic approach in optimising our capital. We proactively pursue every lease deal in the market that makes sense. With our market knowledge, we are able to determine during the negotiation process, if our building has a competitive Why have MUST's occupancy and valuations declined? RIGHT John Casasante Chief Executive Officer and Chief Investment Officer LEFT Mushtaque Ali Chief Financial Officer ANNUAL REPORT 2024 | 11
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