Letter to Stakeholders “ “ Dear Valued Stakeholders, On behalf of the Board of Directors of the Manager, it is both an honour and a privilege to present the Annual Report and Audited Financial Statements of Al-Salām REIT (the “Fund”) for the financial year ended 31 December 2024 (“FY2024”). This marks my first address to you as Chairman, and I would like to take this opportunity to reintroduce AlSalām REIT with a catalytic growth story, in line with the rebranding of Al-Salam REIT's managers, Damansara REIT Managers Sdn Berhad to JLG REIT Managers Sdn Bhd. As we step into a new dynamic and digitalised era of business, it is imperative that we reimagine our strategies and realign our priorities. The newly appointed management team, armed with deep industry expertise in capital market exercises and a track record of navigating property cycles, remain optimistic about the trajectory of the real estate market over the near to medium term. While macroeconomic headwinds, including inflationary pressures and interest rate volatility continue to pose challenges, we are confident of the opportunities emerging from evolving market dynamics. Our priorities are clear: strengthen operational efficiencies, unlock value through asset optimisation, and pursue strategic, themedriven portfolio diversification, anchored firmly in diversified retail, office, hospitality, and commercial assets. Our investment strategy now prioritises acquisitions that are synergistic with AlSalām REIT’s existing portfolio, strengthening value across the board while positioning us for long-term yield accretion. We are also actively reviewing and rebalancing the portfolio to maintain thematic clarity, replacing ageing assets with quality investments that deliver sustainable returns. At the same time, we are capitalising on the promising momentum of the Johor-Singapore Special Economic Zone (“JS-SEZ”) by rolling out Asset Enhancement Initiatives (“AEIs”) at our flagship assets, KOMTAR JBCC and Menara KOMTAR. The early response from our investor base has been encouraging, signalling growing confidence in the REIT’s turnaround strategy. This renewed momentum positions us to capitalise on key opportunities, from strengthening our footprint in urban commercial hubs and repositioning underperforming assets to advancing our sustainability commitments. Moving forward, we will continue to explore innovative business models and leverage technology to future-proof Al-Salām REIT, optimise returns for our unitholders, and maintain our position as a forward-looking Shariah-compliant REIT of choice. DATUK HASHIM BIN WAHIR Chairman 10 AL-SALĀM REIT ANNUAL REPORT 2024
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