Sustainability Governance Structure Sustainability Steering Committee Supported by key management personnel and respective Asset and Property Managers SUSTAINABILITY APPROACH The Board maintains strong sustainability foundations through mandatory SGX training for all directors, ensuring they are equipped with essential knowledge of sustainability matters. They receive regular updates on material ESG topics, including ESG performance and sustainability targets, during during quarterly ARC meetings or Board meetings. By the end of the Reporting Period, our Chairman and all directors had completed the SGX-ST-prescribed sustainability training, further enhancing their expertise on the sustainability front. In 2017, MUST established a SSC to execute the REIT's sustainability agenda. The SSC is responsible for overseeing the execution of the ESG strategy implementation, tracking performance and setting development goals. It is supported by key business units, including MUST's sustainability team, to stay current with developments, ensure ESG strategy alignment and support the execution of ESG strategies. Guided by our corporate policies, procedures and frameworks, the SSC plays a key role in identifying and addressing the risks and opportunities related to sustainability and climate through collaboration with key business units, the Board, and the Sponsor to ensure sustainability is embedded within the Manager's processes. This includes evaluating financial implications of environmental investments, and ensuring compliance with evolving regulations related to ESG. Biannually, the SSC discusses and reports to the CEO, Sponsor and Board on sustainability matters such as the REIT's sustainability performance, climate-related metrics, stakeholder expectations and regulatory requirements. For sustainable finance, our finance department oversees sustainability and green finance issuances. For more information on our corporate policies, procedures and frameworks, please refer to pages 98 to 99 of this report. MUST prioritises sustainability competency and ensures that the SSC members receives regular sustainability materials designed to enhance their ability to navigate sustainability and climate-related risks and opportunities. These capacitybuilding programmes are subject to ongoing review, ensuring that the content remains relevant and up-to-date. This approach allows for the timely incorporation of current and emerging sustainability issues, keeping our leadership wellequipped to address evolving sustainability challenges. For a detailed overview of MUST’s governance approach employed to address its climate-related risks and opportunities, please refer to pages 77 to 81 of this report. MUST collaborates closely with our Sponsor and Asset Manager to align our sustainability strategy with the sustainability commitment of our Sponsor's real estate team. In 2024, regular meetings were held together with Asset Managers, Property Managers and the Asset Manager's sustainability team to ensure MUST's sustainability actions align with the Sponsor's goals. Recognising management's crucial role in driving ESG initiatives and achieving sustainability goals, we have incorporated collective ESG targets into our management team's performance metrics and compensation structures. This strategic approach ensures our leadership team is personally invested in advancing our sustainability agenda. By directly linking ESG performance against key performance indicators (KPIs) and incentive plans, we foster a culture of accountability and ownership for sustainability outcomes across the organisation. For more information on remuneration matters, please refer to pages 124 to 129 of the Annual Report 2024. Board of Directors Sponsor Management Team Compliance Finance Investment Investor Relations Sustainability 72 | MANULIFE US REIT
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