ORGANISATION CHART/ TRUST AND TAX STRUCTURE 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 the Parent U.S. REIT. 3 Subject to 30% withholding tax. 4 Principal repayments are not subject to U.S. withholding taxes. Interest payments 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 the Parent U.S. REIT and a property management agreement with each Sub-U.S. REIT. 8 As at 31 December 2025. Organisation Chart Trust and Tax Structure Dividends3 Intercompany loans Principal and interest payments4 Property management services Property management fees Ownership of Units Trustee fees Act on behalf of Unitholders Management fees 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 100% wholly-owned 100% wholly-owned 100% wholly-owned Board of Directors Manager Unitholders1 Shareholder Loan SPVs2 Equity SPV SINGAPORE UNITED STATES Trustee Chief Executive Officer and Chief Investment Officer Audit and Risk Committee Nominating and Remuneration Committee Chief Financial Officer Chief Corporate Officer Head of Investor Relations U.S.Asset Manager5 Property Manager7 Parent U.S. REIT Sub-U.S. REITs6 Centerpointe Diablo Exchange Figueroa Michelson Penn Phipps Properties8 / 17 / MANULIFE US REIT
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