Recognised for Governance The Manager takes pride in leading corporate governance practices in Singapore. This leadership is reflected in its dedication to implementing and maintaining rigorous standards that ensure transparency, accountability, and ethical management across all areas of its operations. MUST was awarded with the top score of 5.0 from FTSE Russell for its outstanding corporate governance, compared to the subsector average for Industrial and Office REITs of 3.9, underscoring the REIT's dedication to high governance standards and strong sustainability performance compared to its peers. For the overall FTSE Russell ESG score, MUST achieved 3.7 out of 5.0. Moreover, MUST has consistently maintained an ‘A’ grade in the GRESB Public Disclosure Assessment for six consecutive years, demonstrating its commitment to comprehensive sustainability disclosures. Sustainalytics awarded MUST an ESG Risk Rating of 5.0, indicating a negligible risk of significant financial impacts from ESG factors. For SGTI 2025, MUST also achieved a score of 93.8 and ranked 13th out of 42 REITs and Business Trusts in Singapore. These accolades highlight the Manager's unwavering commitment to maintaining excellent corporate standards, reflecting its dedication to transparency, effective governance, and sustainability. Code of Business Conduct and Ethics As the Group’s subsidiary, the Manager maintains adherence to the Group's Code of Business Conduct and Ethics. This Code provides essential employee guidelines for maintaining the highest professional integrity standards in their work, encompassing areas such as workplace behaviour, business conduct, conflicts of interest, whistle-blowing procedures, as well as bribery and corruption prohibitions. Employees violating the Code face appropriate disciplinary action, potentially including termination and prosecution. Mandatory and optional training ensures employee understanding of duties and reporting responsibilities. All employees are required to complete the Code of Business Conduct and Ethics training upon joining the Group and annually thereafter. Failure to comply with these or any other assigned training within the specified timeframes may lead to disciplinary action, potentially resulting in termination of employment. The compliance team regularly updates the Board and employees on changes to legal and organisational standards, ensuring employees across all organisational levels are informed about regulatory developments. The Manager is committed to preventing violations related to sensitive issues that could lead to repercussions or fines. This risk is managed by equipping employees with the necessary understanding and skills to prevent potential breaches. In 2025, there were no incidents of non-compliance in applicable laws and regulations concerning remuneration, dismissal, recruitment, promotion, working hours, rest periods, equal opportunities, diversity, anti-discrimination, or other benefits and welfare. Consequently, no critical concerns required reporting to the Board. Orientation programmes are designed to familiarise newly appointed directors with MUST's business, strategies, directions, and regulatory environment. Relevant training is organised for all directors, covering their roles, obligations, and the code of conduct. For further details on director training, please refer to the Corporate Governance section on pages 68 - 69 in the Annual Report 2025. The Manager’s 10 CMS representative licence holders are responsible for managing asset and investment operations, financing, and investor relations, and are required to attend regular training to stay current with market requirements. Anti-corruption As an SGX-ST listed REIT, the Manager ensures business practice compliance with relevant industry standards as outlined in the MAS's Code of Corporate Governance 2018. All employees are required to undergo the Group’s annual training covering Information Technology Protection, Code of Business Conduct and Ethics, and Anti-Money Laundering and Anti-Terrorist Financing. These trainings are essential for understanding the importance of compliance with relevant laws and includes information on entertainment and gift regulations. Employees are also required to update their Conflict of Interest Disclosure questionnaire annually or whenever real or potential conflicts arise. Employees can access anti-corruption policies through the employee intranet. In 2025, all employees and Board members completed mandatory anti-corruption training and remain informed about the Group's anti-corruption policies. No instances of corruption were recorded, indicating that effective compliance and preventive measures are in place. Engaging Investors The Manager remains dedicated to delivering material, timely, and accurate information. Regular communication is maintained with the investment community including analysts, journalists, financial bloggers, relationship managers, brokers, trading representatives, institutional and high‑net‑worth investors, and retail Unitholders. These engagements enable feedback gathering whilst addressing any concerns they may have. Engagement activities are conducted in line with SGX-ST requirements and the Investor Relations Policy, ensuring adherence to relevant regulatory standards. The key modes of engagement are detailed on pages 10 - 11 in this report. Engagement Initiatives in 2025 In 2025, the Manager focused on providing regular updates on the progress of the Recapitalisation Plan, including insights into the market conditions in which MUST was executing its asset dispositions. It also addressed questions and concerns regarding the Growth and Value Up Plan following its announcement in December 2025. Stakeholder engagements were held through various communication channels. including briefings, webinars, individual investor meetings, luncheons, press releases, email newsletters, and LinkedIn posts. / 33 / MANULIFE US REIT
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