Recognising this potential impact, the Manager initiated a campaign to encourage investors to submit the required tax forms, in spite of the suspension of distributions. These efforts were multifaceted, leveraging various communication channels to reach stakeholders. Reminders were disseminated through MUST’s website, presentation slides and press releases, LinkedIn, as well as direct letters and emails. In addition, the Manager set up a dedicated tax assistance booth at the AGM to explain to Unitholders the importance of submitting tax forms and assisted them in the process. The IR team also worked closely with depository agents to communicate deadlines and provide clear instructions to their underlying Unitholders on submitting their tax forms. In July and August 2024, the Manager issued SGX announcements reminding Unitholders, particularly those with invalid tax statuses, to submit their forms. The IR team also reached out to some Unitholders with invalid forms through emails and phone calls. Through these coordinated efforts, the Manager successfully reduced the proportion of Unitholders with invalid tax documentation, and hence withholding tax payable for the year. NEW IR INITIATIVES The IR team launched two key initiatives during the year to enhance communication with stakeholders, namely the publication of a detailed transcript of the half-year and fullyear results briefings as well as a supplemental data deck to provide stakeholders with a more convenient way of searching for information and analysing data. This complements the recordings of the half-yearly financial results briefings and presentation slides that are already made available on MUST’s website, thus improving the REIT’s transparency in its communications. Throughout the year, the Manager maintained regular and timely communication with its investor base. Retail Unitholders received regular email newsletters featuring key updates, while research reports about MUST were published promptly on MUST’s website to enable informed decisionmaking for Unitholders. Stakeholders are encouraged to keep abreast of MUST’s latest developments by signing up for email alerts at https://investor.manulifeusreit.sg/email_alerts.html and following the REIT’s corporate LinkedIn page. Unitholders can also email queries to the IR team at usreitinquiry@manulifeusreit.sg. The Manager is guided by its IR Policy (available at https://www.manulifeusreit.sg/about#policy_procedure) which informs how MUST engages with the investment community and outlines how Unitholders may communicate Note: Retail includes high net worth individuals. As at 31 December 2024. Note: Excludes unidentified and unanalysed holdings. Amounts may not sum up to 100.0% due to rounding. As at 31 December 2024. Unitholders by Investor Type (%) Unitholders by Geography (%) 26.5 Institutional 60.7 Singapore 1.8 Rest of World 64.4 Retail 22.8 Asia (ex Singapore) 0.8 United Kingdom (UK) 9.1 Sponsor 13.7 North American 0.3 Europe (ex UK) with MUST. This policy provides MUST’s stakeholders with a coordinated approach to the REIT’s investor engagement. MUST has a dedicated IR team that handles all Unitholder matters and provides the Board with regular updates on Unitholder feedback. INVESTOR AND MEDIA RELATIONS 56 | MANULIFE US REIT
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