Meetings of Board and Board Committees The Board meets at least four times a year and as warranted by particular circumstances to discuss and review the Management’s key activities, including its business strategies and policies of MUST, proposed acquisitions and divestments, the annual budget, the performance of the business and financial performance of MUST and the Manager. The Board also reviews and approves the release of the financial results. In addition, Board and Board Committee meetings are scheduled prior to the start of each financial year in consultation with the Directors to allow Directors to plan ahead to attend such meetings, so as to maximise participation. Where exigencies prevent a Director from attending a Board meeting in person, the Constitution of the Manager permits the Directors to participate via audio or video conference. All of the meetings of the Board and Board Committees for FY2025 have been held in physical format in the Manager’s office in Singapore. The Board and Board Committees may also make decisions by way of resolutions in writing. In each meeting, where matters requiring the Board’s approval are to be considered, all members of the Board attend and actively participate in the deliberations and discussions, and resolutions in writing are circulated to all Directors for their consideration and approval. The exception is where a Director has a conflict of interest in a particular matter, in which case he/she will be required to recuse himself/herself from the deliberations and abstain from voting on the matter. This principle of collective decisions adopted by the Board ensures that no individual influences or dominates the decision-making process. In view of the responsibilities of a Director, in regard to those Directors who possess multiple board representations, each of such Directors confirms he/she is able to devote sufficient time and attention to adequately perform and discharge his/her duties as Director of the Manager. As part of its annual effectiveness review, the Board has confirmed that each Director is not “overboarded”, i.e., not sitting on an excessive number of Boards. In-Camera Session To facilitate open discussions and the review of the performance and effectiveness of Management, time is set aside at the end of every Board meeting (and Board Committee meeting where necessary) for closed door discussions between the Directors without the presence of Management and feedback, if any, is provided to the Chief Executive Officer (CEO) and Management. A total of eight Board meetings, five ARC meetings and two NRC meetings were held in FY2025. All Directors are invited to attend scheduled Board Committee meetings even if they are not a Committee member. The key deliberations and decisions taken at Board and Board Committee meetings are recorded in writing in the minutes of meeting. The IDs, led by the Lead Independent Director or other ID as appropriate, meet regularly without the presence of Management. The chairman of such meetings provides feedback to the Board, Chairman and/or Management as appropriate. A record of the Directors’ attendance at Board and Board Committee meetings as well as the AGM and EGM held in FY2025 is set out below. All Directors attended all meetings in FY2025, and all Directors voted on each resolution where applicable. AGM EGM Board Meetings Board Committee Meetings Scheduled Ad Hoc ARC NRC Name of Director Number of Meetings Held in FY2025 1 1 4 4 5 2 Marc Lawrence Feliciano Chairman and Non-Executive Director 1 1 4 4 5* 2 Koh Cher Chiew Francis Lead Independent Director and Independent Non-Executive Director 1 1 4 4 5 2 Veronica Julia McCann Non-Independent Non-Executive Director 1 1 4 4 5 2* Choo Kian Koon Independent Non-Executive Director 1 1 4 4 5* 2 Karen Tay Koh Independent Non-Executive Director 1 1 4 4 5 2 Note: * Attendance by invitation of the Committee. In addition to regular scheduled meetings, the Board and Board Committees may also hold ad hoc meetings as required by business imperatives. The ARC conducted weekly update meetings from November 2025 to December 2025 to discuss and deliberate on the strategic review and the Growth and Value Up Plan. These meetings also provided updates on lenders’ negotiations, including concessions under MUST’s Master Restructuring Agreement (MRA). Board meetings, if required, were convened on an ad hoc basis. The meeting attendance set out in the table above does not reflect weekly ARC update meetings. / 67 / MANULIFE US REIT
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