Strong sustainability foundations are maintained through comprehensive director training programmes, including mandatory SGX training that equips all Board members with essential sustainability knowledge. For further details on director training, please refer to the Corporate Governance section on pages 68 - 69 in the Annual Report 2025. Material ESG topics, performance metrics, and sustainability targets are regularly reviewed through quarterly Audit and Risk Committee (ARC) and Board meetings. Established in 2017, the SSC serves as the operational engine for executing the REIT’s sustainability agenda. Comprising senior leaders from key business units, the Committee drives ESG strategy implementation, oversees goal setting, monitors performance, and ensures that sustainability considerations are embedded across business operations. Key business units, including the Manager’s dedicated sustainability team, support the SSC in staying abreast of sustainability developments and ensuring strategic alignment. In 2025, the sustainability governance was strengthened through Board representation on the SSC. This Board representative provides strategic guidance, champions sustainability initiatives, and ensures effective communication of critical sustainability- and climaterelated risks and opportunities at the executive level. Operating within the Manager’s established corporate policies, procedures and frameworks, the SSC collaborates with the Sponsor, Board, Asset Manager, and key business units to embed sustainability within the Manager's processes, including evaluation of environmental investment implications and regulatory compliance management. Semi-annual reporting by the SSC ensures the CEO, Sponsor, and Board remain informed about MUST's sustainability performance, climate-related metrics, stakeholder expectations, and regulatory requirements. The Manager’s finance department maintains oversight of sustainability and green finance issuances to support the REIT’s sustainable finance objectives. For more information on the Manager’s corporate policies, procedures and frameworks, please refer to pages 35 - 36 in this report. Continuous capability development is supported by training programmes on key and emerging topics, complemented by regular sharing of sustainability-related materials with SSC members and leadership to strengthen their ability to navigate sustainability- and climate-related challenges. For a detailed overview of the Manager’s governance approach employed to address its climate-related risks and opportunities, please refer to pages 13 - 18 in this report. The Manager works closely with the Sponsor and Asset Manager to ensure its sustainability approach aligns with the Sponsor’s broader real estate sustainability commitments. Ongoing communication with the Asset Managers, Property Managers, and Asset Manager’s sustainability team reinforces alignment between MUST’s sustainability initiatives and the Sponsor’s sustainability priorities. Accountability for sustainability outcomes is embedded across the Board, management, and employees, with ESG targets integrated into performance metrics and compensation. ESG performance is directly linked to KPIs and incentive plans, and the Manager’s compensation programme balances competitiveness with short-, medium-, and long-term performance alignment. Annual performance assessments utilise a comprehensive scorecard of quantitative and qualitative KPIs set by the Manager, including ESG metrics such as Investor Engagement, Sustainable Initiatives, and Governance. ESG-related metrics account for up to 20.0% of the overall performance evaluation, reinforcing accountability and alignment with the REIT’s sustainability objectives. This approach underscores the Manager’s commitment to integrating sustainability into compensation frameworks and fostering a culture of responsible business practices. For more information on remuneration matters, please refer to pages 77 – 80 in the Annual Report 2025. Sustainability Governance Structure Sustainability Steering Committee Supported by key management personnel and respective Asset and Property Managers Board of Directors Sponsor Management Team Compliance Finance Investment Investor Relations Sustainability / 09 / MANULIFE US REIT
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