REPL::Capital Distribution::Mandatory

MANULIFE US REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 27 March 2015 under the laws of the Republic of Singapore)

NOTICE TO UNITHOLDERS ON EXCHANGE RATE FOR

COMPUTATION OF DISTRIBUTION IN U.S. DOLLARS

As announced on 12 August 2021 by Manulife US Real Estate Management Pte. Ltd., as manager of Manulife US Real Estate Investment Trust ("Manulife US REIT"), the declared distribution of US

2.70 cents per unit in Manulife US REIT for the period from 1 January 2021 to 30 June 2021 will be paid on Monday, 27 September 2021.

Unitholders who have elected to receive their distribution in USD will receive US 2.70 cents per unit. For Unitholders of Manulife US REIT ("Unitholders") who have not elected to receive their distribution in U.S. dollars ("USD"), the amount of distribution to be paid in Singapore dollars ("SGD") will be computed based on the exchange rate of US$1 = S$1.3491, this being the buy rate for SGD on 22 September 2021.

Should Unitholders have any queries in relation to these procedures, please do not hesitate to contact:-

Ms Caroline Fong

Chief Investor Relations and Capital Markets Officer

Tel: [phone]

Email: [e-mail]

Or visit our website at: http://investor.manulifeusreit.sg/

1With effect from 15 June 2020, CDP is providing Currency Conversion service ("CCY"), which is a conversion and payment service that converts foreign currency cash distributions to SGD and credit them directly into a CDP direct account holder's active Direct Crediting Service ("DCS") bank account. The CCY service is automatically provided to Unitholders who are CDP Securities Account holders with DCS. For more information on CCY service, please visit https://www.sgx.com/securities/retail-investor/cdp-faqs.

For Unitholders who have previously elected to receive their distributions in USD but do not opt-out of CCY service within 3 business days before the distribution payment date, please note that the CCY service will be applied automatically to convert the distributions into SGD. The exchange rates used to convert USD to SGD under the CCY service are sourced and provided by CDP's partner bank and may differ from the rate announced herein.

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CONFIDENTIAL

BY ORDER OF THE BOARD Jill Smith

Chief Executive Officer

Manulife US Real Estate Management Pte. Ltd. (Company Registration No. 201503253R)

As manager of Manulife US Real Estate Investment Trust 22 September 2021

IMPORTANT NOTICE

This announcement 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.

An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. 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. The past performance of Manulife US REIT is not necessarily indicative of the future performance of Manulife US REIT.

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