TCFD Pillar MUST’s Approach Location in SR Governance The Board oversees material ESG topics management and incorporates them into the REIT's strategic direction and sustainable development policies. The Board is responsible for exercising due diligence in fulfilling its responsibilities and equipping itself with relevant knowledge to effectively perform its duties, including overseeing processes to identify and manage organisational impacts. 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 ESG topics, including performance against sustainability targets, during quarterly ARC meetings or Board meetings. The Board has 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 and ensure ESG strategy alignment and execution of ESG strategies. Guided by MUST's corporate policies, procedures and frameworks, the SSC plays a key role in identifying and addressing the sustainability- and climate-related risks and opportunities through collaboration across the 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 sustainability and environmental regulations. Semi-anually, the SSC meets to regularly discuss and report to the CEO, Sponsor and Board on sustainability matters such as the REIT's sustainability performance, climate-related metrics, stakeholder expectations and regulatory requirements. Recognising management's crucial role in driving ESG initiatives and achieving sustainability goals, the Manager has integrated ESG-related performance metrics into its management compensation structures which accounts for up to 20.0% of the overall performance evaluation. Pages 8 - 9, 13 - 18 Strategy In 2021, MUST updated its materiality assessment, identifying 'Climate change mitigation and adaptation’ as a new material ESG topic impacting the business. In 2025, the Manager reviewed and confirmed that this topic remains material to the REIT. As the Manager prepares to incorporate the ISSB standards into its reporting framework, the Manager will also consider the financial materiality of ESG topics. This qualitative double materiality approach will offer a more comprehensive perspective on both sustainability-related and climate-related risks and opportunities. The Manager plans to conduct a new materiality study to reevaluate the REIT's material ESG topics, ranking them based on both impact and financial materiality. ESG considerations are integrated into the Manager's investment process where criteria are evaluated, such as climate-related exposure, energy performance, and tenant engagement programmes for potential acquisitions. By incorporating ESG factors at various stages of the acquisition process, the Manager ensures the continuity of MUST's sustainable operations. Following acquisition approval, the Manager's due diligence process identifies environmental and social risks and opportunities. The Manager reviews metrics including energy performance and tenant engagement programmes. In the final stages of acquisition, the Manager records a summary of ESG risks and strengths to maintain MUST's consistent sustainability performance. After acquisition, the Manager incorporates new properties into its existing ESG programme for ongoing performance monitoring. Pages 8, 13 - 14 TCFD RECOMMENDATIONS / 47 / MANULIFE US REIT
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