To strengthen environmental oversight, the Manager has implemented an Environmental Management System (EMS) aligned with ISO 14001 standards, providing a structured framework for tracking and managing environmental impacts. Continuous refinement of metrics and objectives supports the REIT’s decarbonisation roadmap while enhancing data collection and analysis capabilities. The Manager also tracks its tenants’ utilities through separate meters for electricity and water to enhance transparency and downstream leased asset management. Currently, 52.8% of NLA have separate electricity meters and 1.2% of NLA have separate water meters, enabling more accurate consumption tracking and targeted efficiency initiatives. Energy1, 2 and Emissions1, 3 Consistent with the decarbonisation trajectories of the Sponsor and Asset Manager, the Manager has developed the following GHG reduction targets, measured against a 2018 base year: • Energy intensity: 33.0% reduction by 2035 and 49.0% reduction by 2050 • Scope 1 and 2 GHG emission intensity: 38.0% reduction by 2035 and 80.0% reduction by 2050 Comparing against the 2018 base year, energy intensity and Scope 1 and 2 GHG emission intensity decreased by 29.0% and 40.2% respectively. This is largely attributed to Asset Enhancement Initiatives (AEIs), installation of lighting retrofitting and energy efficient HVAC equipment, and purchase of renewable energy over the years. Though the Scope 1 and 2 GHG intensity target of 38.0% reduction by 2035 has been met, the performance may not accurately represent the underlying operational performance due 1 According to GRESB, LFL change only includes comparable data that is the portion of the portfolio that has remained for, at least, two successive reporting years. For example, assets sold, acquired or that have undergone new construction or major renovation should be excluded from LFL calculations. For MUST, Peachtree and Plaza were divested in 2025 and have been excluded from LFL calculations. 2 Energy intensity is calculated relative to Gross Floor Area (GFA), expressed as ekWh/sq ft. 3 GHG emissions intensity is calculated by total GHG Emissions relative to GFA, expressed as kgCO2e/sq ft. to the impact of divestments on the portfolio in the recent years. Looking ahead, the Manager will review its targets, continue to pursue operational efficiencies, deepen engagement with tenants and service partners, and evaluate additional renewable energy opportunities to sustain performance and progress towards the 2050 target. On a like-for-like (LFL) basis, energy intensity and Scope 1 and 2 GHG emission intensity increased by 5.1% and 5.0% respectively as compared to 2024. This was primarily driven by a new tenant’s high electricity and natural gas usage due to the nature of its business, as well as a longer winter season requiring more natural gas for heating. Although there were no RECs purchased in 2025, MUST continues to seek opportunities to invest in sustainable green energy sources to drive a greener portfolio, where feasible. In its inaugural Scope 3 disclosure, the Manager measured its value-chain emissions in accordance with the GHG Protocol Corporate Value Chain (Scope 3) Standard to assess the indirect impacts so that it can work on reduction efforts through partner collaboration and future portfolio diversification. As an initial step, the Manager quantified Category 5 (Waste Generated in Operations) for 2025. Moving forward, the Manager will continue to deepen its understanding of Scope 3 impacts and assess its emissions across additional material categories. This progressive approach supports the Manager's commitment to comprehensive emissions management and stakeholder transparency. A full breakdown of energy consumption and GHG emissions data can be found in the Appendix: 2025 ESG Data Summary. Scope 3 Category Description Emissions (tCO2e) Category 5: Waste generated in operations Emissions from third-party disposal and treatment of waste generated by the REIT's operations. 408 Total Scope 3 emissions for FY2025 408 / 21 / MANULIFE US REIT
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