Manulife US REIT - Sustainability Report 2023

67 About this Report 68 2023 Highlights 69 Message to Stakeholders 71 Sustainability Approach 71 Sustainability Framework and Materiality Review 73 Sustainability Governance 74 Stakeholder Engagement 76 Building Resilience 77 Climate Action 81 Environmental Stewardship 85 People First 86 Nurturing our Talent 89 Safeguarding Health and Well-Being 90 Serving our Communities 91 Responsible Supply Chain 91 Human Rights Due Diligence 92 Driving Sustainable Growth 93 Economic Sustainability 93 Governance Framework 95 Engaging Investors 96 Corporate Policies, Procedures and Frameworks 98 2023 ESG Data Summary Contents SUSTAINABILITY REPORT In this Sustainability Report, to the extent that ESG factors are considered, they are considered along with other factors and are not determinative of investment decisions. Further, it is possible that the investments in which the REIT invests are unable to obtain or realise any intended ESG outcomes.

t About Manulife US REIT Manulife US Real Estate Investment Trust (MUST or the REIT) is a Singapore listed REIT managed by Manulife US Real Estate Management Pte. Ltd. (the Manager). MUST was established with the investment strategy principally to invest, either directly or indirectly, in a portfolio of income-producing office real estate in key U.S. markets, as well as in real estate-related assets. The Manager is a wholly-owned subsidiary of The Manufacturers Life Insurance Company (the Sponsor), which is part of the Manulife Group (the Group). John Hancock Life Insurance Company (U.S.) (JHUSA) has been appointed as the property manager1 (the Property Manager) for the properties, while Manulife Investment Management Private Market (US) LLC is the appointed asset manager (the Asset Manager) for the properties. Reporting Scope and Period This is the seventh annual Sustainability Report for MUST. It showcases the REIT’s sustainability approach, initiatives, and performance for the financial period from 1 January to 31 December 2023 (Reporting Period), providing comparative data for the same period in 2021 and 2022. As at 31 December 2023, the REIT’s portfolio comprises 10 office properties that are strategically situated in prime locations of key U.S. cities. MUST adopts the Operational Control Approach, as defined by the Greenhouse Gas (GHG) Protocol Corporate Standard, to determine organisational boundaries. This report covers the environmental performance of these 102 properties based on the operational control approach. The Manager acknowledges that internal reviews and external assurance increase stakeholder confidence in the accuracy and reliability of the sustainability information disclosed. The Manager has relied on internal checks over sustainability disclosures, in line with the existing internal review frameworks. The Board and the Manager have also engaged with its internal auditors to incorporate an internal review of the sustainability report as part of the risk-based internal audit plan in the coming years. The Manager has not solicited external ABOUT THIS REPORT independent assurance for this report but will review the need for external assurance in the future. Employee-related information provided in this report refers solely to the employees of the Manager located in Singapore and the U.S. Reporting Standards and Guidelines This report is prepared in accordance with the updated Global Reporting Initiative (GRI) Universal Standards 2021. The GRI Standards have been selected as it is an internationally recognised standard for sustainability reporting and is relevant to the REIT’s operations. This report takes into account GRI’s Construction & Real Estate Sector Supplement (CRESS) guidelines and incorporated elements from the United Nations Sustainable Development Goals (SDGs). Once the latest GRI Sector Standard for the real estate industry is published, the Manager will validate the list of material Environmental, Social, and Governance (ESG) topics against it. For details on the relevant references, please refer to the GRI Content Index on our Sustainability webpage ( This report complies with the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Manual Rules 711A and 711B. It also incorporates recommendations relating to the Task Force on Climate-Related Financial Disclosures (TCFD). In line with the announcement by the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) in February 2024, the Manager will be enhancing its climaterelated disclosures in alignment with the International Sustainability Standards Board (ISSB). We will continue to monitor future sustainability reporting requirements. Contact We constantly strive to improve our sustainability disclosures for the investment community. Should you have any questions or feedback, kindly contact our sustainability team at usreitinquiry@ You can also find our most recent sustainability initiatives and updates on our website at Board Statement on Sustainability As a responsible corporate citizen, MUST is committed to integrating ESG topics into our business practices so that we can future-proof our business and deliver continuous long-term value for our stakeholders. The Board of Directors (Board), which is also the highest governance body of the REIT, has oversight over the management of MUST’s ESG impact and material topics. The Board also provides oversight and guidance on the implementation, management, and monitoring of sustainability matters, including the REIT’s material ESG topics. Working closely with the Sustainability Steering Committee (SSC), the Board and management regularly review material ESG topics and include them in strategic formulation to ensure MUST’s sustainability targets and performance are met. 18 March 2024 1 Since 2021, JHUSA has outsourced its property management services to third-party property managers. Reference to Property Managers in the report refers to the third-party property managers. 2 On 15 December 2023, MUST completed the divestment of Park Place, over which the Manager had operational control of until the point of divestment. MUST also divested Tanasbourne on 11 April 2023 but the Manager did not have operational control over the property. In alignment with MUST’s internal management procedures, ESG performance data related to Park Place has been excluded for FY2023. 67 ANNUAL REPORT 2023

2023 HIGHLIGHTS BUILDING RESILIENCE DRIVING SUSTAINABLE GROWTH PEOPLE FIRST ESG ACCOLADES 21.6% Reduction in water intensity since 2018 29.8% Reduction in Energy intensity 63.5% of total borrowings are sustainabilitylinked/green financing since 2018 93.0% Green-certified portfolio 100.0% Board and employees received anticorruption training 0 CASES of non-compliance and corruption by Net Lettable Area (NLA) 34.1% Reduction in GHG emissions intensity > 2,060 investors, analysts, media engaged 122 HOURS Corporate social responsibility hours 0 CASES Work-related fatality or injury 34 HOURS Employee training TOP 1%; LOW RISK of >15,000 global companies S$23,000 Donation in support of local community since 2018 GRESB 5 STAR ‘A’ for public disclosure 3.7 ESG RATING vs subsector average of 2.8 16TH out of 43 REITs & Business Trusts Singapore Governance and Transparency Index 2023 (20th in 2022) 68 MANULIFE US REIT

MESSAGE TO STAKEHOLDERS MUST’s future-proofing strategy places sustainability at the core of our efforts. By prioritising environmentally conscious real estate practices and fostering greater transparency in disclosures, we underscore our dedication to responsible business principles and longterm viability. Tripp Gantt Chief Executive Officer (CEO) 1 Target reductions in GHG and energy intensities are compared to our 2018 base year. Dear Stakeholders, As we reflect on the past year, we at MUST recognise both the opportunities and challenges that have shaped our journey. Despite global economic headwinds, including inflation and rising interest rates, as well as weak U.S. office fundamentals that led to a breach in our financial covenant, we have remained steadfast in our commitment to sustainability and continue to do our best to preserve long-term value. Committing to a Sustainable Future MUST’s future-proofing strategy places sustainability at the core of our efforts. By prioritising environmentally conscious real estate practices and fostering greater transparency in disclosures, we underscore our dedication to responsible business principles and longterm viability. To align with our Sponsor and Asset Managers’ targets, we have set an ambitious target of 80.0%¹ reduction in GHG intensity by 2050, consistent with the Paris Agreement goal of securing global net zero emissions by 2050. It is also our goal to achieve 49.0%¹ reduction in energy intensity and 100% green-certified portfolio by 2030. We continue to seek opportunities to improve the energy efficiency of our properties, to use renewable energy and cleaner fuels, and to adopt digitalisation - not just as an environmental imperative but a strategic one. We see significant opportunities in these areas, and as momentum around climate action grows globally, we are confident that our investments will reinforce our portfolio and contribute to a brighter and greener future for all. Investing in our People The team faced immense pressure during the past year. The feedback through our annual employee engagement survey has been invaluable, and it is heartening to know that our team continues to have the opportunity to excel in their roles and believe that their opinions are valued. We put great efforts into prioritising employees’ wellbeing and mental health. Breakfast on the House (BOTH) sessions were maintained in 2023 to foster a culture of communication and collaboration. To strengthen team camaraderie, we organised a Spin Art class in June 2023 where employees created art pieces together. We also implemented ‘Welcome Wednesdays’, where employees bonded over snacks and refreshments. As part of MUST’s dedication to long-term sustainability, both employees and independent directors receive training in important sustainability subjects like climate resilience and corporate governance. We provide 69 ANNUAL REPORT 2023

MESSAGE TO STAKEHOLDERS Despite the challenges facing MUST, we continued to keep our communication lines open and engaged in transparent conversations with the investment community. employees with the chance to participate in training programmes at their own convenience, using a mix of digital learning resources and online classes and strive to attain a minimum of 30 training hours per employee per year. In 2023, we are pleased to report that our staff achieved an average of 34.0 training hours per person, surpassing our annual goal. Engaging our Investors Despite the challenges facing MUST, we continued to keep our communication lines open and engaged in transparent conversations with the investment community. In 2023, we engaged over 2,060 investors, analysts and media through webinars, briefings, luncheons, calls and meetings to share updates, address queries and gather feedback from our Unitholders. We also partnered with various brokerage firms such as CGSCIMB, Phillip Securities, and DBS Private Bank, as well as the Securities Investors Association (Singapore) (SIAS) to extend our outreach. We believe that face-to-face interactions with our investors remain important. That is the reason why we chose to hold our Annual General Meeting (AGM) in a physical format in April 2023 and also arranged various investor luncheons during the year to allow investors the opportunity to engage directly with the management team. Read more about our investor outreach in the Investor and Media Relations section on pages 56 to 59. Serving our Communities Our connection to the communities in which we operate goes beyond business. We view community engagement as both a responsibility and an opportunity to effect positive change. In 2023, our community outreach efforts were diverse and far-reaching. In the U.S., we organised various community events throughout the year, encouraging our tenants and their employees to make a meaningful difference in their communities. For example, at Michelson, we organised community health-focused events including a blood donation drive and first-aid classes. We also supported domestic abuse victims via a clothing drive and assisted low-income families with a food pantry drive. At Figueroa, we collected eyeglasses and watches, providing aid to those without access to vision care access and helping the homeless population, respectively. Our employees, who are granted two days of volunteer leave annually, dedicated their time supporting vulnerable populations, contributing a total of 122 community service hours. As an organisation, the Manager contributed approximately S$23,000 towards community engagement and supporting beneficiaries, including children from disadvantaged backgrounds, youths at risk, families in distress, seniors who are socially isolated, and the chronically ill and destitute. In addition, we also maintained our commitment to the community by sourcing corporate gifts from local social enterprises. Governance at the Forefront In the Singapore Governance and Transparency Index (SGTI) 2023 – REIT and Business Trust Category, MUST has climbed from 20th in 2022 to 16th place. These advancements highlight our dedication to open communication and adhering to sound corporate governance practices. In addition to maintaining sound corporate governance practices, we believe that training plays a crucial role in establishing a strong corporate governance structure. All employees and directors are required to attend mandatory training covering topics related to antibribery and anti-corruption, business conduct and ethics and information protection. Transparent Disclosures MUST supports the TCFD and has incorporated its recommendations in our reporting framework. Manulife, our Sponsor, is a signatory to the United Nations Global Compact. In line with this, we are committed to its 10 principles. This report serves as our communication on progress made relating to sustainability and climaterelated disclosure and performances. Updated in line with the GRI requirements, this report can also be found at In conclusion, I extend my deepest gratitude to every stakeholder for your continued support. We endeavour to work together with you to forge a sustainable path forward for MUST. Tripp Gantt Chief Executive Officer (CEO) 70 MANULIFE US REIT

SUSTAINABILITY APPROACH Sustainability is core to our business and reflects who we are. We believe that integrating ESG considerations into our business strategy and operations will strengthen and futureproof the REIT for long-term success and deliver value to our stakeholders. The material ESG topics identified are embedded in our sustainability framework, which aligns with the five Sustainability Real Estate Commitments outlined in our Asset Manager’s Real Estate Sustainability Framework. Our sustainability framework guides MUST’s investment, asset, and property management operations. Sustainability Framework and Materiality Review MUST’s Sustainability Framework Our sustainability strategy is outlined in our sustainability framework, which comprises three strategic pillars: Building Resilience, People First, and Driving Sustainable Growth. These pillars are supported by eight ESG focus areas that form an integrated approach to identify material ESG topics that align with MUST’s sustainability goals and Enterprise Risk Management (ERM) framework. Each material ESG topic is categorised under the relevant sustainability pillar. Reducing the environmental impact of our properties and supporting the transition to a net zero economy. Building Resilience Ensuring the needs of our stakeholders are well-served is key to sustaining our business. This includes creating a safe and healthy environment, and safeguarding the well-being and interests of our employees, tenants, and communities. People First Conducting our business responsibly to deliver long-term value to our Unitholders. This includes the sustainable allocation of capital, robust governance framework and proactive risk management practices. Driving Sustainable Growth • Climate Action • Environmental Stewardship • Nurturing our Talent • Safeguarding Health and Well-Being • Serving our Communities • Economic Sustainability • Governance Framework • Engaging Investors 1. Sustainable building 2. Energy 3. Water management 4. GHG emissions 5. Climate change mitigation and adaptation 6. Waste management 7. Biodiversity 16. Corporate governance 17. Economic performance 18. Economic contribution to society 19. Supply chain management 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 Material ESG topics and prioritisation levels Legend: Highly Critical Critical Moderate 1. Minimise our environmental footprint 2. Support health and wellness 3. Promote responsible business practices 4. Engage our stakeholders on sustainability 5. Be accountable for our performance SUSTAINABILITY PILLARS GUIDED BY MANULIFE INVESTMENT MANAGEMENT’S FIVE SUSTAINABLE REAL ESTATE COMMITMENTS IN OUR ACTIONS Future-proofing our business to create long-term value for our stakeholders MISSION APPROACH AND MATERIAL ESG TOPICS 71 ANNUAL REPORT 2023

SUSTAINABILITY APPROACH Approach to Materiality In accordance with the GRI Standards 2021, our material ESG topics are those that represent MUST’s most significant impacts on the economy, the environment, and people, including their impacts on human rights. By aligning our approach with stakeholders’ expectations, MUST has focused its sustainability efforts on prioritising material ESG topics since our first Sustainability Report in 2017. In 2021, we refined our sustainability framework and conducted a comprehensive review of our material ESG topics, taking into account changes in the external environment that may affect our operations. An independent consultant was engaged to support this process, utilising a four-step materiality determination assessment to identify ESG topics that are relevant and material to both our internal and external stakeholders. Identify Validate Rate Prioritise 19 material ESG topics were identified as relevant to the operations of MUST, of which 14 were prioritised as highly critical material ESG topics. In 2023, the Manager reviewed the material ESG topics and their prioritisation levels and concluded that the 14 highly critical material ESG topics remain relevant for the Reporting Period. Analyse the survey data and calculate the weighted materiality scores for each ESG topic Construct a scatter graph to determine which ESG topics should be considered as material STEP 1 STEP 2 STEP 4 STEP 3 FOUR-STEP MATERIALITY DETERMINATION Design the stakeholder engagement survey in accordance with the GRI standards and the double-materiality principles Distribute the stakeholder engagement surveys to relevant stakeholders to collect their opinions Conduct peer benchmarking to evaluate the common material ESG topics in the industry Validate the prioritisation of material ESG topics based on the survey results Research on the core ESG topics that currently concern the industry Define clearly all potential ESG topics, scope, and types of stakeholders to be covered in the stakeholder engagement survey Conduct materiality determination assessment every 3 years In view of the announcement of MUST’s Recapitalisation Plan on 29 November 2023, the materiality determination assessment will be postponed until MUST’s portfolio and operations stabilise. 72 MANULIFE US REIT

Sustainability Governance MUST believes that a well-organised and dedicated leadership team is crucial for driving effective sustainability performance. The Board oversees the management of the REIT’s material ESG topics and takes them into consideration when setting the REIT’s strategic direction and policies related to sustainable development. The Board is responsible for acting with due diligence in the discharge of its duties and ensuring that it possesses the relevant knowledge to carry out and discharge its duties. This includes overseeing the processes to identify and manage the organisation’s impacts. Additionally, MUST established a sustainability committee in 2017, tasked with the execution of the REIT’s sustainability agenda. The SSC oversees the execution of MUST’s ESG strategies and initiatives, the monitoring of sustainability performance, and the formulation of goals for continuous development. It is led by our Chief Sustainability Officer (CSO), Ms Caroline Fong, and consists of representatives from key business units. The SSC regularly updates the REIT’s sustainability performances, including climaterelated issues, to the CEO, Sponsor, and Board. On the sustainable finance front, our finance department supervises green finance issuances. For a detailed overview of MUST’s governance approach employed to address its climate-related risks, mitigations and opportunities, please refer to pages 77 to 80 of this report. As a sponsored REIT, MUST works closely with our Sponsor and Asset Manager to ensure that our sustainability strategy is aligned with the sustainability commitment of our Sponsor’s real estate team. In 2023, we continued to schedule regular meetings, engaging our Asset and Property Managers, as well as Asset Manager’s sustainability team, to ensure that MUST’s sustainability actions are aligned with the Sponsor’s sustainability goals. Sustainability Governance Structure Board of Directors Sponsor Chief Executive Officer Chief Sustainability Officer Sustainability Steering Committee Regular communication and support from respective asset and property managers • Finance • Compliance • Investment • Investor Relations • Sustainability Addressing Sustainability at our Properties At MUST, we prioritise advancing performance across all key sustainability facets, ensuring that our properties continually adapt to meet industry benchmarks and drive sustainability leadership. In 2022, our Asset Manager updated its Sustainable Building Standards (SBS) to adapt to industry changes and ensure continuous improvement across our global portfolio. To ensure that the sustainability practices are upheld, we include the SBS in our property management agreements that require annual reporting on progress. The SBS define requirements and best practices to property teams and encourage improvement for the benefit of our stakeholders, in areas such as environmental risks, energy and water consumption, waste diversion, GHG emissions, climate risks, nature and biodiversity, and social impact. The SBS also allow us to meet industry and stakeholder expectations, such as supporting requirements for certifications and GRESB, drive leadership across our five sustainable real estate commitments, enable benchmarking of sustainability performance and understanding of business outcomes, and provide tools and resources for third-party property managers. This approach establishes a robust framework that empowers individual properties to actively contribute to MUST’s overarching sustainability objectives. At MUST, we ensure that our Asset Manager and Property Manager teams comply with ESG standards. We conduct regular meetings to align understanding and expectations between employees and the management teams. To enhance the implementation of our Real Estate Sustainability Framework, sustainability training programmes and awareness initiatives are organised by our Asset Manager for our Property Managers. Additionally, our Asset Manager maintains a comprehensive property management playbook as a reference for expectations. Our property management agreements serve as a strategic framework for implementing our sustainability initiatives. Our Asset Manager maintains supervision over our third-party property managers, mandating their compliance with our proprietary sustainability policies. This includes the timely provision of updates in alignment with the SBS, as well as the monthly submission of utility bills, where available. Furthermore, we require annual sustainability reporting on ESG performance metrics to inform our decision-making processes. Additionally, our Asset Manager maintains an annual scorecard for thirdparty property managers to evaluate their adherence to property management agreements. This assessment includes a qualitative evaluation of their performance in meeting our established expectations. 73 ANNUAL REPORT 2023

Stakeholder Groups Employees Investment Community (investors, analysts, media) Tenants Objectives of Engagement Upskill, retain skilled talent and build teamwork Ensuring timely and accurate disclosure of information Understand workspace needs and concerns Key Concerns/ Interests • Career development and training opportunities • Diversity and equal opportunities • Remuneration and benefits • Employee welfare • Health and safety • Labour and human rights • Transparent and timely updates on MUST’s financial and operational performance • Strategy for sustainable growth • Access to senior management • Investor education on U.S. economy and office sector • ESG performance including global sustainability rankings and indices • Clean and safe environment • On-site and modernised amenities • Tenant engagement activities • Energy-efficient space MUST’s Response • Provide regular training and skills upgrading programmes • Proactive communications with employees to gather feedback and ideas to improve the workplace e.g. employee coffee chats and breakfast sessions • Provide fair and equal opportunities for all • Maintain a safe and healthy working environment • Offer flexible work arrangements • Benefits enhancement e.g. behavioural health coaching sessions, self-help resources, mental well-being and medical tele-consult coverage • Ensure timely and transparent disclosures • Regular investor webinars and engagements • Proactive portfolio and capital management • Sustainability framework to guide MUST’s sustainability strategies across all investments, and asset and property management operations • Embarked on modernisation at Peachtree • Hosting networking events and engagement activities for tenants • Organising activities to educate tenants about environmental sustainability and encouraging them to give back to the community e.g. blood donation, eyeglasses and food donation drives Engagement Methods and Frequency Training programmes Dialogues with senior management Employee grievance handling procedures Performance review Employee engagement surveys SGX announcements Strategic investor surveys Briefings, investor roadshows, conferences and meetings Website with email alerts, hotline, dedicated IR contact Regular LinkedIn updates Live and archived results briefing webcasts Thought leadership events and investor day Annual and Sustainability Reports AGM/Extraordinary General Meeting (EGM) with minutes published on website Tenant feedback meetings Tenant appreciation events Tenant satisfaction survey SUSTAINABILITY APPROACH Stakeholder Engagement The success of the business depends on regular stakeholder engagement and meaningful communication. Key stakeholders are identified based on their potential to influence or be affected by our operations and sustainability performance. Our Board engages with stakeholders during AGMs and considers their views in identifying MUST’s impacts, as outlined in our approach to materiality. 74 MANULIFE US REIT

Local Community Regulators and Industry Associations Business Partners (Suppliers, Service providers) Supporting community needs Working together to achieve mutual interests Build strong partnerships • Engaging and meaningful relationships with vulnerable community groups • Financial support • Business impact on the environment, economy, and people • Compliance with policies, rules, regulations including environmental, labour standards and SGX-ST listing requirements • Good corporate governance and transparency • Sharing of industry/sector trends • Health and safety of workers • Human rights • Ethical business practices including anti-money laundering and anticorruption • Encourage employee participation in community engagement events by granting two days of volunteer leave annually • Continue to focus on helping vulnerable and elderly communities through corporate donations and employee volunteering • Corporate gifts are sourced mainly from social enterprises • Advocate best practices in sustainability • Participation in industry associations such as the REIT Association of Singapore (REITAS) • Participation on panels at conferences to share industry trends and insights • Consultation with regulators such as SGX and Monetary Authority of Singapore (MAS) • Review disclosures against best practices • Code of Business Conduct and Ethics in place to affirm MUST’s commitment to ethical conduct and compliance with all applicable laws • Encourage business partners to follow the human rights standards outlined in the Manulife Vendor Code of Conduct Donation drives, Corporate Social Responsibility (CSR) events Social enterprise procurement Collaborations with charities and NonGovernmental Organisation (NGOs) for community development Cash donations SGX announcements, circulars and other regulatory filings Website Panels and associations Annual and Sustainability Reports AGM/EGM Dialogues/feedback Vendor Code of Conduct Legend for engagement frequency: As required Throughout the year Semi-annual Annual 75 ANNUAL REPORT 2023

BUILDING RESILIENCE OBJECTIVES AND MATERIAL ESG TOPICS Objectives: Reducing the environmental impact of our properties and supporting the transition to a net zero economy Material ESG Topics: Sustainable building Climate change mitigation and adaptation Energy Waste management Water management Biodiversity GHG emissions 2024 AND LONG-TERM TARGETS 2023 PERFORMANCE By 2035: Achieve 38.0% reduction in GHG intensity from 2018 base year By 2050: Achieve 80.0% reduction in GHG intensity from 2018 base year 34.1% reduction in GHG intensity from 2018 base year By 2035: Achieve 33.0% reduction in energy intensity from 2018 base year By 2050: Achieve 49.0% reduction in energy intensity from 2018 base year 29.8% reduction in energy intensity from 2018 base year By 2024: Maintain ~90.0% green-certified portfolio by NLA By 2030: Achieve 100.0% green-certified portfolio by NLA 93.0% green-certified portfolio by NLA Maintain ‘A’ rating for GRESB public disclosure and 5 Star for Real Estate Assessment ‘A’ for GRESB public disclosure 5 Star for GRESB Real Estate Assessment Improve water conservation and waste reduction efforts Water usage intensity of 37.6 L/sq ft, representing 21.6% reduction from 2018 TARGETS AND PERFORMANCE APPROACH CLIMATE ACTION Building the resilience of our assets to climate change by reducing carbon footprint and managing climate-related risks ENVIRONMENTAL STEWARDSHIP Reducing the environmental impact of our properties through energy efficiency and resource conservation SUPPORTING UNITED NATIONS SDG 76 MANULIFE US REIT

BUILDING RESILIENCE Climate Action Task Force on Climate-Related Financial Disclosure (TCFD) Risks associated with climate change present risks to our business. Thus, identifying these risks and managing their impacts is integral to our sustainability strategy. MUST is aligned with both the Sponsor’s Climate Action Implementation Plan, as well as the Asset Manager’s Climate Change Statement and Real Estate Climate Disclosure report. These guide our climate mitigation and adaptation efforts to reduce the impact on and vulnerability of our asset operations. Since 2017, our Sponsor has supported the TCFD and published its first disclosure aligned with the TCFD framework in 2019. Our business strategies prioritise transparency in disclosures and the development of climate risk resilience in line with TCFD’s recommendations. 1 Due to business priorities in the second half of 2023, the SSC meeting was postponed to 2024. Governance of climaterelated risks and opportunities Strategy for responding to climate change The Board oversees the material ESG topics of the REIT, including climate-related issues, and integrates them into the development of the REIT’s strategic direction and policies. Additionally, the Board receives updates on relevant performance metrics, such as carbon emissions, as well as stakeholder expectations and regulatory requirements related to climate change. Led by MUST’s CSO, and comprising representatives from key business units, the SSC supervises the implementation of the REIT’s climate and sustainability strategies. This includes target setting, ensuring adherence to the MAS ERM guidelines, and compliance with SGX-ST reporting requirements relating to climate reporting. The SSC holds meetings twice a year1 to deliberate on the sustainability In 2021, MUST conducted a materiality review to refresh the ESG topics that are most relevant and impactful to the REIT. One addition was ‘Climate change mitigation and adaptation’ as a material ESG topic impacting the business. In 2023, the Manager reviewed the material ESG topics and concluded that ‘Climate change mitigation and adaptation’ remains material to the REIT. ESG considerations are integrated throughout our acquisition and portfolio management processes, guided by our Asset Manager’s Sustainable Investing and Sustainable Risk Statement as well as Climate Change Statement. We assess factors such as climate-related exposure, energy performance, and tenant engagement programmes as part of our due diligence process. agenda and reports regularly to the CEO, Sponsor, and Board regarding the REIT’s sustainability performance. As a sponsored REIT, the Manager works closely with our Sponsor and Asset Manager, communicating our sustainability performance regularly with our Sponsor’s real estate team to ensure that the sustainability strategy remains aligned and rooted. Employee incentives are tied to the success of ESG initiatives, with corresponding performance indicators. The remuneration policies for Management also factor in their performance in relation to the management of the REIT’s impacts on the economy, environment, and people. For more information on remuneration matters, please refer to pages 113 to 116 of the Annual Report 2023. A summary of ESG risks and strengths is recorded during the final acquisition stages to ensure MUST’s sustainability performance remains consistent. Once acquired, the new properties will be incorporated into our existing ESG programmes. A key aspect of our environmental sustainability strategy is the reduction of our carbon footprint and the enhancement of our energy consumption efficiency. Measures towards these efforts include optimising building operations, fuel switching, and exploring energy retrofit options. We remain committed to integrating sustainability considerations into our financing mechanisms and strengthening our green funding sources. As at 31 December 2023, MUST has secured US$76.4 million in green loans and US$511.7 million in sustainability-linked loans. 77 ANNUAL REPORT 2023

Risk Timeline Mitigation and Opportunity Transition Risks Regulation • Increasing climate-related regulations, including carbon pricing, regional efficiency, or emissions standards, and increasing disclosure requirements. Regulation changes could lead to increasing operating and compliance costs. Short to long term We continue to monitor emerging regulations and incorporate assessment of building performance and efficiency in our due diligence to stay ahead of carbon pricing and minimum efficiency requirements. Market • Shift in capital away from high-emitting products and services, potentially affecting tenant demand, asset value, and fundraising. Short to long term Improving portfolio efficiency could create new avenues for financing and increase investor and tenant demand. We continue to certify our properties to building standards such as LEEDTM, ENERGY STAR, WiredScore, Fitwel®, WELL and BOMA 360, implement energy and emission reduction programmes, and collaborate with tenants and clients on shared climate goals. Technology • There is a cost to move to a low-carbon economy, including capital upgrades to retrofit assets, advanced technologies for buildings, demand for high-quality transactable ESG data, real-time metering, and shifting to renewable energy sources. Short to long term Short-term capital costs are expected to be offset from paybacks on lower operating costs and meeting tenant demand. Our ongoing energy, water, GHG and waste programmes support our team in allocating capital toward low-carbon technology and improving property performance. Reputation • Failure to act or the perception of not acting on climate change could affect our reputation and risk our relationship with tenants, employees, communities, and investors. Short to medium term To communicate our climate change action and impact, we disclose our objectives and performance annually through GRESB and our Sustainability Report. Physical Risks Acute Risks Flooding • Flooding can cause asset damage, downtime, and incur costs through insurance premiums and deductibles. Flooding may affect our ability to obtain insurance in vulnerable markets. Short to long term Properties are expected to have regular site assessments completed by our insurer, and/ or building condition assessment, and where applicable recommendations for protection measures. Extreme storms • Climate change is expected to increase the frequency and severity of extreme storms, high winds from hurricanes, typhoons, snowfall, or ice storms from extreme temperature fluctuations. This can cause asset damage and downtime from power loss. Short to long term Our properties prepare for storms though emergency management planning and seek to minimise downtime by using on-site backup power generators. Wildfires • Wildfires can not only cause asset damage but may also affect occupant health through reduced air quality. Short to long term Our teams consider various resilience measures, including fire-resistant building materials, on-site emergency water supply, and high-efficiency air filters to protect indoor air quality. BUILDING RESILIENCE 1 Represents a non-exhaustive list of the main risks and opportunities currently identified across our real estate portfolio. Risks and opportunities are subject to change over time and are ultimately addressed on a case-by-case basis depending on the individual characteristics of each property. Climate-related Risk, Mitigation and Opportunity1 78 MANULIFE US REIT

Overview Description Sustainability Issue With the world’s real estate sector contributing about 40.0% of global carbon emissions, decarbonisation of the built environment is imperative in tackling climate change. Our Approach Due to MUST’s high gearing, we had to limit our capital expenditure and hence only approximately 0.3% of our FY2023 revenue (vs ~1.0% of FY2022 revenue) was allocated towards green building initiatives. This includes Light Emitting Diode (LED) light and Heating, Ventilation and Air-Conditioning (HVAC) replacements. This commitment aligns with our broader approach, which focuses on improving the operational efficiency of our buildings. Additionally, we are exploring other energy retrofit options and continue to purchase Renewable Energy Credits (RECs). When considering acquisitions, MUST considers energy-efficient buildings, incorporating eco-friendly designs, and adhering to green certifications standards. Our Progress • Works are in progress to replace HVAC at Capitol, Peachtree, and Plaza • Completed LED upgrades for Peachtree • Our portfolio’s energy consumption intensity has decreased by 29.8% from the 2018 base year • 93.0% of our buildings by NLA have green certifications such as LEEDTM, ENERGY STAR, WiredScore, Fitwel®, WELL Health-Safety and BOMA 360 Moving Forward We aim to achieve an 80.0% GHG intensity reduction by 2050, in line with our Asset Manager’s target. Risk Timeline Mitigation and Opportunity Chronic Risks Heat stress • Rising global temperatures can affect employee and tenant productivity and increase operational costs to maintain safe and comfortable building conditions. Short to long term We seek to identify opportunities to improve cooling efficiency and costs through capital upgrades, building commissioning and operating procedures. Water stress • Water scarcity can affect water availability and increase operational costs. Short to long term We seek to maximise operational efficiencies while minimising consumption through practices such as water audits and installing low-flow appliances and faucets, and minimising landscaping water requirements, where applicable, throughout our portfolio. Sea-level rise • Rising sea levels can present similar challenges to flooding while also risking failed development approvals and “stranded” assets in vulnerable areas. Long term We review and consider exposure to sealevel rise in acquisitions as well as across our existing portfolio. We invest in preventative infrastructure and consider underwriting, where applicable. Strategy for Decarbonisation of Operations 79 ANNUAL REPORT 2023

BUILDING RESILIENCE We are committed to reducing our GHG emissions by 38.0% by 2035, and 80.0% by 20501. These targets are developed in line with the Carbon Risk Real Estate Monitor (CRREM) science-based decarbonisation pathways, which are aligned with the Paris Climate Goals of limiting global temperature rise to 2.0°C, with the ambition towards 1.5°C. We have also set a long-term target to reduce our energy intensity by 33.0% by 2035 and 49.0% by 20501, and achieve 100.0% green-certified properties by NLA by 2030. Detailed information on our targets and performance can be found on page 76 under the Building Resilience section. We continue to build upon our existing metrics and targets to help guide our decarbonisation strategy and are continually improving our data collection and disclosure methods. As our data matures, we may disclose the breakdown by composition of waste generated. In measuring and reporting our GHG emissions, we reference the TCFD recommendations and global standards including the GRI and the GHG Protocol Standard. We adopt the operational control approach in accounting for our emissions as it is more representative of the REIT’s business as compared to the equity share approach. We also partner with tenants, investors, and industry experts to tackle climate change on a broader scale. By working collaboratively with our stakeholders, we are able to amplify our efforts to mitigate potential climate change impacts and realise the economic benefits of transitioning to a low-carbon model. For more details of our performance regarding GHG reduction and sustainable properties initiatives, please refer to pages 81 to 84 of this report. Climate-related risks and opportunities are identified, prioritised, and mitigated through MUST’s ERM framework. We are confident that the ERM framework is reasonably designed to identify the REIT’s climate-related risks that could significantly affect our operations. The Board is responsible for the governance of risk across the REIT and ensuring sound risk management and internal control systems. This includes the overall risk strategy based on risk appetite, risk identification, risk measurement and assessment, risk monitoring and reporting, as well as risk control and mitigation. The Board is supported by the Audit and Risk Committee (ARC) for the oversight of risk management and delegates this through a governance framework that is centred on the three lines of defence model. For more information on the model, please refer to page 61 of MUST’s Annual Report 2023. Our acquisition process includes an evaluation of environmental and social risks during due diligence, which is subsequently presented as part of the investment approval to management. Once a property is onboarded, mitigation strategies are incorporated into the asset plans. In alignment with our portfolio ESG targets, we work closely with our Asset and Property Managers to monitor and address climate risks. As part of our environmental risk management strategy, our properties are insured against fire accidents property damage, terrorism, earthquakes, business interruptions, and public liabilities including personal injuries - all in compliance with U.S. industry practices. In 2020, a portfolio risk study was conducted using both current and forward-looking risk scenarios to assess asset-level exposure to climate-related hazards such as floods, extreme storms, wildfire, sea-level rise, drought, and heat stress. Resilience measures associated with flood risk management, property features, the property team’s resilience management practices, and emergency and business continuity plans were also assessed as part of the mitigation plan for such risks. Regulatory risks were also evaluated using a third-party tool to determine our portfolio’s exposure to these transition risks. We regularly assess and analyse our portfolio’s exposure to climate-related risks, which allows us to identify the risk of future climate change using projections of future risk and Intergovernmental Panel on Climate Change (IPCC) scenarios. In addition to identifying climate-related risks, the studies also enabled us to identify climate-related opportunities, thereby assisting us in planning strategies to strengthen the climate resilience of our properties. The Manager is exploring the application of a scenario-based financial approach for assessing climate-related risks and opportunities. 1 Targets are intensity-based reduction from a base year of 2018. Please refer to page 83 for more details. Risk management of climaterelated risks Metrics and targets 80 MANULIFE US REIT

Certifications LEED™ 1 ENERGY STAR®2 WiredScore3 Fitwel® and Fitwel® Viral Response4 BOMA 3605 WELL HealthSafety6 Percentage of NLA with green certification Capitol √ √ √ ⁷ √ √ √ 10.0% Centerpointe √ √ 8.3% Diablo Nil Exchange √ √ √ √ 14.6% Figueroa √ √ √ √ 14.2% Michelson √ √ √ √ 10.6% Peachtree √ √ √ √ 11.1% Penn √ √ √ √ 5.5% Phipps √ √ √ √ √ 9.4% Plaza √ √ 9.2% Total number of certifications 7 7 9 17 3 1 93.0% Environmental Stewardship We are committed to maximising resource efficiency and embedding conservation practices into our operations. Reducing the environmental impact of our properties and supporting the transition to a net zero economy remain our key focuses. We monitor MUST’s goal to achieve an 80.0% GHG reduction by 2050. A primary strategy for achieving our target is to improve energy efficiency in our operations. Some examples of the efficiency measures we have adopted include optimising our operations, exploring fuel switching and using renewables in our buildings to achieve our target of obtaining green certifications for all our properties by 2030. We continue to incorporate green lease provisions into our new lease agreements. Commitment to Sustainable Properties Considering that the building sector accounts for approximately 40.0% of global carbon emissions, the push towards greener buildings has been accelerated as a crucial component of the global climate mitigation strategy. At MUST, our sustainability performance is monitored and managed by our Asset and Property Managers, utilising the SBS and assessed externally by the GRESB Real Estate Assessment. Environmental factors are taken into account throughout the life cycle of our properties, from acquisition and operations to redevelopment and divestment. Before acquiring a property, we conduct sustainability due diligence and evaluate the property’s environmental performance. After acquisition, we take steps to enhance or maintain the building’s environmental performance. Our commitment to sustainable properties has enabled us to achieve 93.0% of green-certified portfolio by NLA, exceeding our target of 90.0%. LEEDTM Gold Adhere to Fitwel® Viral Response LEEDTM Silver Adhere to Fitwel® Viral Response and Fitwel® Built Certification √ √ √ √ Green Certifications Note: Data as at 31 December 2023. Amounts may not sum up to 93.0% due to rounding. 1 Most widely used global green building rating system to recognise healthy and highly efficient green buildings. 2 A U.S. Environmental Protection Agency programme that certifies the top 25% commercial buildings for meeting strict energy performance standards. 3 WiredScore certification assesses, certifies, and promotes digital connectivity and smart technology in homes, offices, and neighbourhoods globally. Additionally, WiredScore provides SmartScore certification, a global standard for smart buildings. 4 A leading certification system focused on health and wellness and the impacts a building has on its occupants. The Viral Response Module sets the industry standard for optimising buildings in response to the broad health impacts of infectious respiratory diseases in light of COVID-19. 5 Worldwide standard for operational best practices in the commercial real estate industry. 6 Certification of health and safety at the workplace addressing acute health threats, including COVID-19. 7 Capitol also received the SmartScore certification. 81 ANNUAL REPORT 2023

BUILDING RESILIENCE For the sixth year running, we were awarded with the highest 5 Star rating for the GRESB Real Estate Assessment with a score of 89, outperforming both the GRESB global average of 75 and peer group average of 85. MUST is currently ranked 5th out of the 13 listed U.S. office companies. Our key strengths include: • High building certification and rating coverage • Strong GHG emissions performance • Strong ESG leadership, policies and disclosures • Robust stakeholder engagement practices • Strong risk management processes 1 Relating to GRESB’s Office: Corporate: High-Rise Office category, which represents 89.7% of our total Gross Asset Value in 2022. In the GRESB 2023 results, our high-rise office portfolio continued to outperform our U.S. peers. Energy and GHG intensities were lower than our U.S. peers by 34.1% and 27.3% respectively. This has contributed to our score of 52 compared to the average benchmark score of 49 in the Environment component of the Assessment. Moving forward, our primary areas of focus for enhancement will be energy and water consumption, as well as technical building assessments. We place emphasis on sustainability performance of our properties and remain committed to ensuring the highest quality of building standards for all properties in our portfolio. ESG Integration in Investment Process At MUST, potential acquisitions are sourced by our Chief Investment Officer and our Asset Manager. The Manager vets these acquisition opportunities, which are then presented to the Board for approval. ESG considerations are embedded throughout this process. Factors such as climate-related exposure, energy performance, and tenant engagement programmes are examples of the ESG criteria assessed for potential acquisitions. By integrating ESG considerations into various stages of our acquisition process, we ensure the continuity of MUST’s sustainable operations. Once the acquisitions are approved, environmental and social sustainability risks and opportunities are identified as part of our due diligence process. Metrics such as contamination, energy performance, and tenant engagement programmes are reviewed. In the final stages of the acquisition, a summary of ESG risks and strengths is recorded to ensure MUST’s consistent sustainability performance. Upon acquisition, the new properties will be integrated into our existing ESG programme for continual monitoring of their performance. GRESB 20231 Results 20 15 10 5 0 (kWh/sq ft) U.S. Peers MUST 5 4 3 2 1 0 (kg CO2e/sq ft) U.S. Peers MUST 4.4 17.0 3.2 11.2 (27.3%) (34.1%) Onboarding properties to Manulife ESG programme Investment ESG Summary ESG in due diligence Integrate ESG in budgets and financial models ESG in initial analysis Ensure material ESG due diligence items are addressed Include additional information in models and onboarding Summarise property ESG risks and strengths Ensure consistent and thorough process Share key information collected during investment process Ensure effective transition into ESG programme Budget for ESG costs and savings in financial models Capture efficiency opportunities Understand highlevel ESG risks and performance Communicate ESG data to Investment Committee 5 3 4 2 1 Initial Analysis/ Underwriting Due Diligence Finalise Deal Onboard Property Initial Screening Approval Decision Energy Intensity GHG Intensity 82 MANULIFE US REIT