Distribution Policy MUST’s distribution policy is to distribute at least 90.0% of its distributable income and distributions are paid on a semiannual basis in which the Manager determines the actual level of distribution. For every dividend declaration made, Unitholders will be notified via an announcement made through SGXNet. This distribution policy is also subject to the conditions as stipulated in the Property Funds Appendix, in that, if MUST were to declare a distribution in excess of profits, the Manager should be able to certify, in consultation with DBS Trustee Limited, in its capacity as trustee of MUST, that it is able to satisfy on reasonable grounds that, immediately after making the distribution, MUST will be able to fulfil, from the deposited property of the property fund, the liabilities of MUST as they fall due. Pursuant to the Recapitalisation Plan set out in the circular to Unitholders dated 29 November 2023 and the entry into the MRA, MUST halted distributions to Unitholders till 31 December 2025. Further to the granting of the MRA Concessions in relation to the relaxation of the Bank ICR requirement, the lenders have requested that half-yearly distributions to Unitholders remain suspended until the later of (i) the achievement of the Reinstatement Conditions and (ii) the period during which the Bank ICR relaxation remains in effect. ENGAGEMENT WITH SHAREHOLDERS Principle 12 The company communicates regularly with its shareholders and facilitates the participation of shareholders during general meetings and other dialogues to allow shareholders to communicate their views on various matters affecting the company. The Manager has a dedicated IR team that regularly interacts with analysts, media and investors to engage in and facilitate communication. In FY2025, the Manager met with more than 970 investors, analysts and media through virtual conferences, calls, meetings, roadshows and webinars. An IR Policy is in place to guide the Manager’s communication practices, allowing for an ongoing exchange of views so as to actively engage with and promote regular, effective, fair and timely dissemination of accurate information to the investment community. This enables current and prospective Unitholders to make well-informed investment decisions. The IR Policy also provides a dedicated IR contact point, allowing Unitholders to submit queries and receive responses within two business days. The IR Policy is available on MUST’s website at https://www.manulifeusreit.sg/about#policy_ procedure. For further information, please refer to the Investor and Media Relations section, commencing on pages 50 to 53 of this Annual Report and summarised together with Principle 13 as follows. (E) MANAGING STAKEHOLDERS’ RELATIONSHIPS ENGAGEMENT WITH STAKEHOLDERS Principle 13 The Board adopts an inclusive approach by considering and balancing the needs and interests of material stakeholders, as part of its overall responsibility to ensure that the best interests of the company are served. The Manager believes that engaging stakeholders is imperative for the success of MUST's performance. MUST has arrangements in place to identify and has identified its material stakeholders based on their impact on MUST's business and those with a vested interest in MUST's operations. MUST's material stakeholders include employees, the investment community, local community, tenants, regulators and industry associations and business partners. MUST is able to strengthen its relationships with its stakeholders and obtain valuable feedback through open and regular communication and has tailored various engagement initiatives to meet stakeholders' needs. More information on MUST's key engagement initiatives, performance and targets set for the forthcoming year can be found in the Sustainability Report 2025. MUST maintains a website at https://www.manulifeusreit.sg to facilitate ongoing communication and engagement with stakeholders. The website provides access to key investor information, including announcements, reports, policies and contact details. Further details on the Manager’s investor and media relations efforts, including the calendar of activities, specific investor relations contacts, mode of communication with Unitholders, and available avenues for submitting questions, are available in the Investor and Media Relations section on pages 50 to 53 of this Annual Report. / 89 / MANULIFE US REIT
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