AL-SALAM REIT ANNUAL REPORT 2020

CONTENTS SECTION 1 CORPORATE OVERVIEW 01 2020 Highlights 02 Objective, Policy & Strategies 03 Corporate Profile 04 Corporate Information 06 Letter to Stakeholders 08 Salient Features 12 5-Year Financial Performance 13 Trading Performance 14 Analysis of Unitholdings 15 SECTION 2 THE DRIVING FORCE 17 Trust Structure 18 Organisation Structure 19 The Board of Directors 20 The Shariah Advisory Committee 29 The Management Team 32 SECTION 3 STRATEGIC PERFORMANCE 35 Management Discussion and Analysis 36 Market Report Summary 55 Portfolio Summary and Details 59 SECTION 4 SUSTAINABILITY STATEMENT 73 About this Report 74 The Sustainable REIT 75 Governance & Accountability 76 Engaging Stakeholders 77 Materiality Assessment 78 Sustainability Pillars 78 Governance 79 Environment 80 People 80 Partners 81 Corporate Social Responsibility 83 SECTION 5 CORPORATE GOVERNANCE 85 Governance Structure 86 Board Audit & Risk Committee Report 95 Statement on Risk Management & Internal Control 99 Additional Compliance Information 103 Shariah Advisor’s Report 105 Trustee’s Report 106 SECTION 6 FINANCIAL REPORTS 107 Manager’s Report 108 Statement by Directors of the Manager 113 Statutory Declaration 113 Independent Auditors’ Report 114 Statements of Comprehensive Income 117 Statements of Financial Position 119 Statements of Changes in Net Asset Value 121 Statements of Cash Flows 122 Notes to the Financial Statements 123 COVER RATIONALE Building Resilience As on a canvas that paints a thousand words attesting to its artistic rendition, this brush strokes cover depicts Al-Salām REIT’s Islamic invested assets in its primarily commercial retail, office and industrial purposes. Each diversified shariah-compliant portfolio has been executed to meet its specific target income tenancy, driven on showcasing sustained values and building resilience in the midst of a challenging environment.