CHAIRMAN’S MESSAGE Dear Unitholders, In 2025, we came within striking distance of achieving the Minimum Sale Target1 under the MRA, with the disposition of Plaza and Peachtree. This was despite persistent headwinds and the slow recovery in the U.S. office market. Historically, peak-to-trough recovery periods in the U.S. office sector have spanned approximately two years, but the current cycle since COVID-19 has exceeded that timeframe, reflecting larger market forces that may be slowing the recovery. Having made substantial progress through three asset disposals and repaid US$317 million of debt since the Recapitalisation Plan was announced in late 2023, the Manager in December 2025 announced its Growth and Value Up Plan, designed to revitalise MUST’s portfolio to improve its diversification and long-term value creation for Unitholders. This is not a new plan. Since the MRA took effect at the end of 2023, the strategy has always been to guide MUST through the phases of Stabilisation, Recovery and Growth. The MRA was intended as the first step, with the Growth and Value Up Plan constituting the next phase of the strategy. This is because focusing solely on debt repayment will not create value for Unitholders. Our objective has always been to transition to growth. Once the Minimum Sale Target is achieved, we must move beyond divesting to grow the REIT. Recapitalisation Plan Progress Since late 2023, we have adopted a four-pillar strategic framework focused on risk management, capital markets, asset level strategy and portfolio optimisation. Our primary focus has been on risk management, as MUST remains under the MRA and needs to meet the Minimum Sale Target. The sale of the two properties in 2025, along with Capitol in October 2024, has enabled us to achieve approximately 83% of the target, leaving us with a balance of US$55.6 million. Under capital markets, we are constantly considering movements in the debt and equity markets, as well as liquidity in office transactions, so as to extract the maximum value from properties that we sell. Under asset level strategy, we have been focused on strengthening asset performance with strategic leasing that maximises the REIT’s liquidity and optimises its capital. In terms of portfolio optimisation, we are focused on pursuing quality assets with higher yields versus simply paying off debt, and look forward to going on the offence as we selectively sell properties and/or invest in attractive opportunities. While we are working towards exiting the MRA, we have also presented and Unitholders have approved the Growth and Value Up Plan, which will lay the groundwork for a sustainable recovery and growth. Building for Sustainable Growth With a broadened investment mandate, we will take advantage of the cyclical nature of and dislocations in the market to actively consider diversification opportunities beyond office, especially within the industrial, living and retail sectors in the U.S. and Canada. We have a mandate to sell up to US$350 million of office assets to fund these acquisitions, as well as to repay debt and fund capital expenditure (Capex). These subsectors have historically generated higher yields and required lower Capex than office. In 2026, the Growth and Value Up Plan will strengthen our competitive edge as both a seller and buyer, while enabling a strategic pivot into more resilient asset classes that will enhance Unitholder value. We will work closely with our Sponsor, Manulife, to source for quality acquisitions through its global real estate platform and expertise. The Sponsor has both expertise and experience in the U.S. and Canada, including investment and asset management teams to source for acquisitions and manage the assets thereafter. The management team, comprising John and Mushtaque, also bring a combined 60 years of experience across the industrial, office, retail and living sectors, spanning acquisition, asset management and financial management. Appreciation I would like to thank our Unitholders for their patience and continued support, including their approval of the Growth and Value Up Plan. I am also grateful to our Board, management team and employees for their dedication, and to our Lenders and Sponsor for their steadfast support. While challenges remain, MUST is making steady progress from Stabilisation towards Recovery and Growth. With a clear strategic direction, disciplined execution, and the continued support of our stakeholders, we target to be able to resume income distribution, so as to return value to our Unitholders in a sustainable manner. Sincerely, Marc Feliciano Chairman 1 Minimum Sale Target refers to the minimum aggregate net sale proceeds of US$328.7 million to be raised pursuant to the MRA. / 8 / EXPANDING HORIZONS
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