SUSTAINABILITY APPROACH DRIVING SUSTAINABLE GROWTH Conducting business responsibly to deliver long-term value for stakeholders. This includes the sustainable allocation of capital, robust governance framework and proactive risk management practices. PEOPLE FIRST Ensuring the needs of stakeholders are well-served is key to sustaining the REIT’s business. This includes creating a safe and healthy environment, and safeguarding the well-being and interests of employees, tenants, and local communities. BUILDING RESILIENCE Reducing the environmental impact of the REIT’s properties and supporting the transition to a net zero economy. 8 Employee well-being, health and safety 9 Human rights and non-discrimination 10 Employment practices 11 Customer health and safety 12 Training and development 13 Diversity and inclusion 14 Community development 15 Marketing and labelling 16 Corporate governance 17 Economic performance 18 Economic contribution to society 19 Supply chain management 1 Sustainable building 2 Energy 3 Water management 4 GHG emissions 5 Climate change mitigation and adaptation 6 Waste management 7 Biodiversity Material ESG topics and prioritisation levels Legend: Highly Critical Critical Moderate Approach and Material ESG topics Mission Future-proofing the business to create long-term value for the stakeholders Sustainability remains fundamental to the Manager’s business strategy, with ESG considerations integrated throughout strategic planning processes and operational activities. This comprehensive approach positions the REIT for sustained long-term performance while delivering enduring value to stakeholders. The Manager’s approach to sustainability is anchored by a comprehensive framework that embeds key ESG factors and aligns with the Asset Manager's Real Estate Sustainable Investing Framework. This framework serves as the foundation for the Manager’s investment decisionmaking processes and shapes its asset and property management methodologies. To ensure consistent implementation of sustainability practices, the Manager has established sustainabilityrelated policies addressing its identified material ESG topics, which are being rolled out across MUST and its subsidiaries. This systematic approach reinforces the Manager’s commitment to embedding sustainability considerations at every level of operation. Sustainability Framework and Materiality Review MUST’s Sustainability Framework MUST’s Sustainability Framework outlines its strategy through three key pillars: Building Resilience, People First, and Driving Sustainable Growth. These pillars are underpinned by eight ESG focus areas, creating a comprehensive approach to identifying material ESG topics that align with MUST's sustainability objectives and Enterprise Risk Management (ERM) framework. Each material ESG topic is mapped to its corresponding sustainability pillar to ensure clear accountability and strategic alignment. MUST’s Sustainability Framework has been revised and aligned with the Asset Manager’s Sustainable Investing Framework, which was updated in 2025. Sustainability Pillars Economic Sustainability Governance Framework Engaging Investors Nurturing Talent Safeguarding Health and Well-Being Serving Communities Climate Action Environmental Stewardship / 07 / MANULIFE US REIT
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