INVESTOR AND MEDIA RELATIONS The Manager proactively engages the investment community with timely and transparent communication. In 2025, communication efforts centred on providing regular updates on the progress of the Recapitalisation Plan, including insights into the market conditions in which MUST was executing its asset dispositions, as well as explaining the Growth and Value Up Plan following its announcement in December 2025. The Manager’s outreach spanned a diverse range of stakeholders, including analysts, journalists, financial bloggers, relationship managers, brokers, trading representatives, institutional and high‑net‑worth investors, and retail Unitholders. In total, the Manager engaged approximately 970 investors, media representatives and analysts. Engagement activities intensified towards the end of the year, as the Manager devoted significant efforts to communicating the Growth and Value Up Plan and addressing questions from the investment community in the lead‑up to the EGM on 16 December 2025. Progress Updates on Recapitalisation Plan In 2025, the Manager completed the divestment of Plaza in New Jersey and Peachtree in Atlanta, generating combined net proceeds of US$163.6 million. Together with US$25.0 million of cash, these proceeds were used to repay debt, reducing MUST’s remaining loans maturing in 2026 to US$35.6 million. For each of the properties sold, the Manager conducted briefings and one-on-one calls with media, analysts and investors, to share the rationale behind the sale and the pricing, thereby ensuring open channels for dialogue and transparency with all stakeholders. In each of MUST’s quarterly updates, the Manager also provided information on key milestones achieved, including a stock-take of the REIT’s progress in meeting the requirements of its MRA with lenders, as well as an outlook of the next steps in its strategic roadmap. Since the Recapitalisation Plan was announced in November 2023, the Manager has raised approximately US$273.1 million from the divestments of Capitol, Plaza and Peachtree, achieving around 83% of the Minimum Sale Target of US$328.7 million. Using divestment proceeds and cash from its balance sheet, the Manager has repaid approximately US$317 million of debt. The Manager remains committed to proactively engaging media, analysts and investors on all significant developments related to the Recapitalisation Plan. Intensive EGM Roadshow On 1 December 2025, the Manager announced that it had expanded its investment mandate beyond the U.S. office sector to include additional property sectors in the U.S. and Canada. It also disclosed that it would be tabling two resolutions at the EGM on 16 December 2025 to seek approval for two new mandates under its Growth and Value Up Plan. These were a Disposition Mandate to sell up to three existing properties to raise not more than US$350 million, and an Acquisition Mandate to buy one or more properties and investments outside the office sector, not exceeding US$600 million, focusing on industrial, living sector, and retail assets. This was a build-up from its earlier communication with the investment community that it had been in ongoing discussions with key lenders to explore strategies beyond dispositions that mitigate risks, and that dispositions moving forward will have to be tied to a path for growth. Under the Acquisition Mandate, the Manager will leverage the Sponsor’s expertise and real estate platform to identify and pursue acquisitions of higher-yielding assets from third-party sellers. Following this announcement, the Manager launched an intensive roadshow tailored to different stakeholder groups. After its analyst and media briefings on the day of the announcement, the Manager conducted individual follow‑ups with analysts, key journalists and financial bloggers to better understand their perspectives and address their questions and concerns. It also held several webinar sessions with brokerages such as Phillip Securities and CGS International (CGSI) to engage their retail investors and trading representatives. Two luncheon sessions were also organised for MUST’s family office and high‑net‑worth investors as well as those holding units through custodians and nominees, respectively. Both sessions saw strong attendance, with Unitholders raising many valid concerns that management addressed thoroughly. In addition, the IR team hosted a dialogue session with the Securities Investors Association (Singapore) (SIAS), which was attended by more than 90 investors. Chairman of the Board, Mr Marc Feliciano, also the Global Head of Real Estate for Private Markets at the Sponsor, attended both luncheons to engage directly and personally with investors and address their questions. His presence underscored the Sponsor’s strong support and commitment to working alongside the Manager to meet the MRA requirements and chart a sustainable growth path for the REIT. On 16 December 2025, Unitholders approved both the Disposition Mandate and Acquisition Mandate at the EGM. The Manager also secured Lenders’ approval for the MRA Concessions, namely a six‑month extension of the deadline to meet the Minimum Sale Target to 30 June 2026, as well as an extension of the temporary relaxation of the unencumbered gearing and Bank ICR covenants. Together, these approvals provide MUST with time and flexibility to fulfil the MRA requirements while allowing the Manager to shape a more diversified portfolio that enhances cash flow resilience and delivers improved long‑term returns for Unitholders. Commitment to IR Excellence The Manager extends its sincere appreciation to all stakeholders for their patience and support throughout / 50 / EXPANDING HORIZONS
RkJQdWJsaXNoZXIy NTM2MDQ5