The Trustee has the discretion under the Trust Deed to decide whether or not to enter into a transaction involving a Related Party of the Manager or the Trustee. If the Trustee is to sign any contract with a Related Party of the Manager or the Trustee, the Trustee will review the contract to ensure that it complies with the relevant requirements relating to Related Party Transactions (as may be amended from time to time) as well as such other guidelines as may from time to time be prescribed by the MAS and the SGX-ST to apply to REITs. MUST will comply with Rule 905 of the Listing Manual by announcing any interested person transaction in accordance with the Listing Manual if the value of such transaction, by itself or when aggregated with other interested person transactions entered into with the same interested person during the same financial year, is 3.0% or more of MUST’s latest audited net tangible assets. The aggregate value of all Related Party Transactions which are subject to Rules 905 and 906 of the Listing Manual in a particular financial year is disclosed on page 90 of the Annual Report. The ARC will periodically review all Related Party Transactions to ensure compliance with the Manager’s internal control system, the relevant provisions of the Listing Manual, and the Property Funds Appendix. The review will include the examination of the nature of the transaction and its supporting documents or such other data deemed necessary by the ARC. AUDIT COMMITTEE Principle 10 The Board has an Audit Committee which discharges its duties objectively. ARC The ARC is governed by a set of written terms of reference approved by the Board, setting out its scope of authority and responsibilities in performing its functions. The ARC comprises three Directors, all of whom are non-executive, and 66.7% of the members, including the ARC Chairman, are independent. In line with Provision 10.2 of the CG Code, at least two ARC members, including the ARC Chairman, possess recent and relevant accounting or related financial management expertise. Collectively, the members bring substantial current and relevant managerial and professional expertise in accounting and related financial management fields. Consistent with Provision 10.3 of the CG Code, none of the ARC members are former partners or directors of the incumbent external auditors, Ernst & Young LLP (EY). Additionally, none of the ARC members holds any financial interest in EY. The members of the ARC as at 31 December 2025 were: 1. Professor Koh Cher Chiew Francis (ARC Chairman) 2. Ms Veronica Julia McCann 3. Mrs Karen Tay Koh The role of the ARC is to monitor and evaluate the adequacy and effectiveness of the Manager’s internal controls and risk management systems, while the Board reviews, at least annually, the overall adequacy and effectiveness of the Manager’s risk management and internal control systems. The ARC also reviews the quality and reliability of information prepared for inclusion in financial reports and is responsible for the nomination of external auditors and reviewing the adequacy and effectiveness of external audits in respect of cost, scope and performance. In the event the ARC observes that changes are required to improve the quality of future interim financial statements or financial updates, the ARC will advise the Board accordingly and ensure that such proceeding changes are appropriately disclosed in the annual report. Under its terms of reference, the ARC’s responsibilities also include: • monitoring the procedures established to regulate Related Party Transactions, including ensuring compliance with the provisions of the Listing Manual relating to interested person transactions; • reviewing transactions constituting Related Party Transactions; • reviewing the significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of MUST and any announcements relating to MUST’s financial performance; • reviewing on an annual basis a report on conflict decisions regarding asset allocation, pursuant to the Sponsor’s allocation process; CORPORATE GOVERNANCE / 84 / EXPANDING HORIZONS
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