DRIVING SUSTAINABLE GROWTH Conducting the business responsibly to deliver long-term value for stakeholders. This includes sustainable allocation of capital, robust governance framework and proactive risk management practices. PEOPLE FIRST Ensuring the needs of the stakeholders are well-served is key to sustaining the REIT’s business. This includes creating a safe and healthy environment, and safeguarding the well-being and interests of employees, tenants, and local communities. BUILDING RESILIENCE Reducing the environmental impact of the REIT’s properties and supporting the transition to a net zero economy. Material ESG topics and prioritisation levels Legend: Highly Critical Critical Moderate Approach and Material ESG topics Mission Future-proofing the REIT's business to create long-term value for the stakeholders Sustainability is fundamental to the Manager’s strategy, with ESG integrated into strategic planning and business operations to deliver long-term performance and stakeholder value. MUST’s sustainability framework is aligned with the Asset Manager’s (Manulife Investment Management) Real Estate Sustainable Investing Framework to ensure consistent priorities and practices. Sustainability governance is overseen by the Board, which embeds ESG into strategic deliberations, decision-making processes, management performance evaluation, and ensures directors’ competency through mandatory SGX training on sustainability and climaterelated topics. The Sustainability Steering Committee (SSC) is responsible for executing the sustainability agenda, tracking performance against targets, and providing biannually updates to the Board and Sponsor. The Manager aligns its approach with the commitments of its Sponsor and Asset Manager, while maintaining close cooperation with the Property Managers to support effective implementation across MUST’s portfolio. To drive accountability and measurable progress on sustainability objectives, ESG-related goals account for up to 20.0% of overall employee performance evaluations. In 2025, sustainability governance was further strengthened with the inclusion of Board representation in the SSC. The Board reviewed and approved the 19 material ESG topics, and agreed that they remained relevant to MUST for 2025. Economic Sustainability Governance Framework Engaging Investors Nurturing Talent Safeguarding Health and Well-Being Serving Communities Climate Action Environmental Stewardship Sustainability Pillars 8 Employee well-being, health and safety 9 Human rights and non-discrimination 10 Employment practices 11 Customer health and safety 12 Training and development 13 Diversity and inclusion 14 Community development 15 Marketing and labelling 1 Sustainable building 2 Energy 3 Water management 4 GHG emissions 5 Climate change mitigation and adaptation 6 Waste management 7 Biodiversity 16 Corporate governance 17 Economic performance 18 Economic contribution to society 19 Supply chain management / 61 / MANULIFE US REIT
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