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IPO Note: The King of Office Our View – Subscribe to the Offer We think IGB Commercial REIT provides an opportunity to invest in premium asset class, namely the commercial assets in the Mid Valley City and Golden Triangle. Company Background IGB Commercial REIT is a REIT established with the principal investment policy of investing, directly or indirectly, in a portfolio of income-producing Real Estate primarily used for commercial purposes in Malaysia and overseas. The investment objective of IGB Commercial REIT is to provide Unitholders with regular and stable distributions, sustainable long-term Unit price and Distributable Income and capital growth, while maintaining an appropriate capital structure. The Sponsor, Who is IGB? The sponsor of IGB Commercial REIT is IGB Berhad. IGB Berhad and its group of companies (“IGB Group”) have over 40 years of property development experience. Listed on Bursa Securities since 8 May 2002, IGB Berhad has a market capitalisation of approximately RM2,547.6 million (based on prospectus). In its FYE 2020, the IGB Group generated revenue of approximately RM1,016.4 million, with a total asset base of approximately RM8,584.8 million. The principal activities of IGB Group mainly consist of property investment and management, owner and operator of the Subject Properties and malls, hotel operations, property development, construction, information and communication technology services, provision of engineering services for water treatment plants and related services, education, investment holding and management of REIT. IGB developed Mid Valley City, one (1) of the largest mixed-use developments in Malaysia, and has successfully achieved substantial growth in real estate value. The entire development includes Mid Valley Megamall and The Gardens Mall, the MVC Subject Properties, as well as a host of hotels and residential components. The Sponsor’s property development arm, TT Developments, has a track record of more than 40 years in the Klang Valley and has been recognised with awards such as the Des Prix Infinitus ASEAN Property Awards Malaysia in the Best Developer category1. IGB was also awarded The Edge Malaysia Top Property Developers Award in October 2019. Subject Properties in the Commercial REITS Located in Mid Valley City 1) Menara IGB & IGB Annexe – an 18-storey office block together with a 2-storey office building annexed thereto, both erected on top of a 5-storey retail podium known as Mid Valley Megamall. Total NLA: 261,993 sq ft. 2) Centrepoint South – a 19-storey office block with an annexed link bridge erected on top of a 5-storey retail podium known as Mid Valley Megamall. Total NLA: 232,237 sq ft. 3) Centrepoint North – a 19-storey office block erected on top of a 5-storey retail podium known as Mid Valley Megamall. Total NLA: 232,051 sq ft. 4) Boulevard Properties – 2 blocks of 11-storey office units known as Blocks 25 and 27 of Boulevard Offices. Total NLA: 32,267 sq ft 5) Gardens South Tower – a 26 storey office block erected on top of an 8 storey retail podium known as The Gardens Mall. Total NLA: 422,381 sq ft. 6) Gardens North Tower – a 26 storey office block erected on top of an 8 storey retail podium known as The Gardens Mall. Total NLA: 425,612 sq ft. 7) Southpoint Properties – a 26 storey office space, 2 storey retail space together with 1,065 car park bays, all located with a 59-storey mixed commercial building known as Menara Southpoint. Total NLA: 515,501 sq ft. Located in Golden Triangle 1) Menara Tan & Tan – a 25-storey office building together with 2 basements and 543 car park bays. Total NLA: 339,385 sq ft. 2) GTower – a 32-storey office building together with 2 basements and 1,090 car park bays. Total NLA: 746,194 sq ft. 3) Hampshire Place Office – a 28-storey office building together with 286 car park bays. Total NLA: 239,253 sq ft. Investment Merits 1. Malaysia’s Largest Standalone Office REIT- With an aggregate NLA of approximately 3.4 mil sq ft, IGB Commercial REIT will be the largest standalone office REIT to be listed on Bursa. Its large asset base will enable it to raise significant amounts of capital for future acquisition, thus placing IGB Commercial REIT in a better competitive position to capitalise on future investment opportunities. 2. Properties are Located in Prime Commercial Districts of KL: IGB Commercial REIT provides a unique opportunity to invest in 2 distinct commercial submarkets in KL, namely the Mid Valley City and the Golden Triangle. The Mid Valley City is a well-known integrated urban development that consists of 2 flagship malls (Mid Valley Megamall and The Garden Mall). The distinct also provide superior connectivity and accessibility to other business districts. On top of that, the Golden Triangle is the preferred office address for businesses due to its excellent connectivity via public transportation and surrounding the KLCC area.