2Q 2018 Financial Results (1 Apr 2018 to 30 Jun 2018) 6 August 2018 - PowerPoint PPT Presentation

2Q 2018 Financial Results (1 Apr 2018 to 30 Jun 2018) 6 August 2018

Important Notice This presentation shall be read in conjunction with Manulife US REIT’s financial results announcement dated 6 August 2018 published on SGX Net. This presentation is for information purposes only and does not constitute or form part of an offer, invitation or solicitation of any offer to purchase or subscribe for any securities of Manulife US REIT in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The value of units in Manulife US REIT (“ Units ”) and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by the Manager, DBS Trustee Limited (as trustee of Manulife US REIT) or any of their respective affiliates. The past performance of Manulife US REIT is not necessarily indicative of the future performance of Manulife US REIT. This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These forward-looking statements speak only as at the date of this presentation. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of office rental revenue, changes in operating expenses, property expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. Holders of Units (“ Unitholders ”) have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the “ SGX-ST ”) . Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. 2

Contents 1 Key Highlights 2 Portfolio Performance 3 Financial Highlights 4 Looking Forward 5 Appendix 3

Phipps, Atlanta, Georgia Key Highlights

Strong 2Q 2018 Results Driven Mainly by Inorganic Growth Peachtree, Atlanta, Georgia Financial Portfolio Growth Yield Accretive Acquisitions Occupancy Rate Net Property Income of Class A and Trophy Assets US$20.4 m 96.0% US$387.0 m 59.3% YoY Distributable Income WALE Phipps Penn US$16.5 m 6.3 Years 65.3% YoY Adjusted DPU Rental Reversion Net Asset Value 1.53 US$0.83 +7.2% US Cents 1 per Unit YTD as at 30 Jun 2018 5.5% YoY Valuation Gearing AUM US$1.7 b 37.3% +1.4% 2 31.0% QoQ Since 31 Dec 2017 (1) Adjusted DPU was calculated based on the weighted average number of Units in issue, which normalises the impact of the enlarged Unit base from Preferential Offering (2) Increase in valuation for Penn and Phipps was based on acquisition price announced on 13 Apr 2018 5

Phipps, Atlanta, Georgia Portfolio Performance

Best-in-Class Portfolio Across the U.S. Exchange, Figueroa, Jersey City Los Angeles Plaza, Secaucus Peachtree, Atlanta Penn, Michelson, Washington, D.C. Irvine Portfolio Summary as at 30 Jun 2018 3.7 million sq ft Total NLA Phipps, Atlanta Click to watch WALE (by NLA) 6.3 years videos! Occupancy 1 96.0 % Valuation 2 US$1.7 billion (1) Committed occupancy (2) Based on Colliers appraisal as at 30 Jun 2018 7

Proactive Leasing for 2018 and 2019 Expiries Long WALE of 6.3 Years – Lengthened due to Acquisitions of Penn and Phipps 1 Lease Expiry Profile as at 30 Jun 2018 2 (%) 60.4 58.0 18.3 17.8 8.6 8.3 7.9 6.3 6.1 5.7 1.2 1.6 2018 2019 2020 2021 2022 2023 and beyond Gross Rental Income Net Lettable Area (1) Includes a tenant that signed and committed after 30 Jun 2018 (2) Amounts may not sum to 100.0% due to rounding 8

Organic Growth: 2.1% 1 p.a. from Rental Escalation Rental Escalation as at 30 Jun 2018 6.1% 93.9% of Leases by Gross Rental Income have Rental Escalation 55.4% Annual Rental Escalations which average about 2.7% 38.5% Mid-term or periodic rental increases Without rental increases (86.9% are Government leases) Rental Reversion in 1H 2018 Rental Reversion 2 Property New/Renewed Leases Total NLA of New/Renewed Leases % of Property by NLA Figueroa 2 3,316 sq ft 0.5% +8.0% Exchange 1 70,531 sq ft 9.7% +7.1% Portfolio 3 73,847 sq ft 2.0% +7.2% (1) Includes all leases (2) Weighted by Gross Rental Income. Excludes leases signed in suites vacant more than 12 months prior to execution 9

Quality, Diversified Tenant Base Across Multiple Sectors Gross Rental Income Breakdown No Tenant Contributing more than by Trade Sector 7.5% of Gross Rental Income Top 10 Tenants by Gross Rental Income (GRI) Accommodation and Food Manufacturing, 1.7% Services, 0.9% Other, 2.1% Architectural and NLA Engineering, 1.8% Tenant Sector % of GRI Transportation and (sq ft) Warehousing, 2.1% Legal, 21.7% Accounting, 2.2% Advertising, 2.5% 304,013 7.5% The William Carter Co. Retail Trade Health Care, 2.9% Finance and The TCW Group 188,835 4.9% Insurance Arts, Entertainment, and Recreation, 3.4% Kilpatrick Townsend Legal 206,226 4.8% Real Estate, 3.4% Hyundai Capital Finance and 96,921 4.5% America Insurance Grant Giving, 3.9% The Children’s Place Retail Trade 197,949 4.2% Public 120,324 4.1% US Treasury Administration Information, 4.7% United Nations Grant Giving 94,988 3.8% Foundation Consulting, 5.2% Amazon Retail Trade 129,259 3.5% Finance and Insurance, 19.9% Quinn Emanuel Legal 126,505 3.5% Public Administration, 5.3% Quest Diagnostics Health Care 131,612 2.7% Retail Trade, 16.3% Total Top 10 Tenants 1,596,632 43.5% Data as at 30 Jun 2018 10

Portfolio Valuation Increased by 1.4% Cap Rates Remained Stable; Fluctuations Mainly due to Change in Appraisers Valuation Implied Cap Rates Property 30 Jun 2018 2 31 Dec 2017 3 30 Jun 2018 31 Dec 2017 Change 30 Jun 2018 (US$ Per Sq Ft 1 ) (US$ million) (US$ million) (%) (%) (%) Figueroa 328.0 326.0 0.6 467 4.4 4.9 Michelson 342.0 342.0 0.0 642 5.1 5.7 Peachtree 203.0 194.2 4.5 364 5.9 5.9 Plaza 119.6 118.0 1.4 259 6.6 6.4 Exchange 336.9 332.6 1.3 461 5.3 5.2 Penn 182.0 4 5.0 4 187.0 2.7 674 4.8 Phipps 207.2 205.0 4 1.1 436 5.9 5.9 4 Total/ 1,723.7 1,699.8 1.4 461 5.3 5.5 Weighted Ave (1) Based on NLA as at 30 Jun 2018 (2) Based on valuation by Colliers (3) Based on valuation by CBRE/Colliers/C&W (4) Based on acquisition price announced on 13 Apr 2018 11 11

U.S. Economy Continues to Grow; Limited Supply in Our Cities GDP Growth Rate at 4.1%, with 616,000 New Jobs Created in 2Q 2018 1 Properties Under Class A Inventory All Building Classes Construction Market to be delivered from Vacancy Gross Asking Rent 12 Month Rent Growth 2018 – 2020 (%) (US$) (%) (‘000 sq ft) Downtown Los Angeles 13.5 42.80 2.2 0 Irvine, Orange County 18.7 36.11 3.8 0 1,732 Midtown Atlanta 9.9 37.64 7.0 Meadowlands 2 11.4 3 29.61 -0.1 0 Hudson Waterfront 4 16.8 41.45 -0.2 0 Washington, D.C. 11.9 54.74 0.1 1,081 5 Buckhead Atlanta 14.8 35.57 4.3 0 Source: CoStar Market Analysis & Forecast – As at 9 Jul 2018 (1) Source: U.S. Department of Commerce, Bureau of Economic Analysis, U.S. Department of Labor, Bureau of Labor Statistics (2) Secaucus is within the Meadowlands submarket Plaza’s competitive set has vacancy rate of only 6% (3) (4) Jersey City is within the Hudson Waterfront submarket (5) Only 154K sq ft is directly comparable to Penn 12

Penn, Washington, D.C. Financial Highlights

Adjusted 2Q 2018 DPU Increased 5.5% 2Q 2018 2Q 2017 Change 1H 2018 1H 2017 Change (US$’000) (US$’000) (US$’000) (US$’000) (%) (%) Gross Revenue 32,521 19,906 63.4 63,674 39,739 60.2 Net Property Income 20,377 12,789 59.3 40,027 25,552 56.6 Distributable Income 16,505 9,987 65.3 32,138 20,400 57.5 DPU 1 (US cents) 1.30 1.44 (9.7) 2 2.53 2.95 (14.2) 2 Adjusted DPU 3 1.53 1.45 5.5 3.03 2.96 2.4 (US cents) Units Issued (million) (1) DPU for 2Q 2017 and 1H 2017 have been restated for the preferential offering of which 227,935,981 Units were issued on 20 Jun 2018 and the rights issue, through which 299,288,423 Units were issued on 25 Oct 2017 As at 30 Jun 2018 1,269.9 (2) 2Q 2018 and 1H 2018 DPU were lower than 2Q 2017 and 1H 2017 DPU largely due to the drag from the enlarged Unit base from the issuance of Preferential Offering and only 9 days of income contribution from the acquisitions of Penn and Phipps (3) Adjusted DPU was calculated based on the weighted average number of Units in issue, which normalises the impact of the enlarged Unit base from Preferential Offering As at 31 Mar 2018 1,036.1 14 14