The Board of Directors of Pelaburan Hartanah Nasional Berhad, being the manager of AHP (“Manager”) wishes to announce that it has today received a letter dated 18 September 2020 (“Proposal Letter”) from Ombak Real Estate Sdn Bhd (“ORE”), a wholly-owned subsidiary company of Permodalan Nasional Berhad (“PNB”) and a unit holder of AHP, requesting the Manager to undertake the following corporate exercises:

(i) proposed amendments to the relevant clauses in the First Restated Deed dated 13 August 2015 and supplemented by the First Supplemental Deed dated 28 November 2019 (“Deed”) entered into between the Manager, AmanahRaya Trustees Berhad, being the trustee of AHP (“Trustee”) and the several persons therein mentioned, constituting AHP to allow for the following:

(a) the implementation of the Proposed SUR (as defined below); and

(b) the conversion of AHP to an unlisted real estate investment trust which beneficiaries shall be ORE, PNB and Amanah Saham Bumiputera (“ASB”),

(collectively referred to as the “Proposed Amendments”); and

(ii) the proposed selective unit redemption exercise, involving the redemption by AHP of all undivided interest in AHP as constituted by the Deed (“AHP Units”) held by AHP’s unit holders (save and except for the AHP Units held by ORE, PNB and ASB) for RM1.00 per AHP Unit (“Proposed SUR”).

(the Proposed Amendments and the Proposed SUR are collectively referred to as the “Proposals”).

The Board of Directors of the Manager, save for the Interested Directors (as defined in Section 6 of the Proposal Letter), will deliberate on the Proposals and decide on the next course of action.

Further announcement(s) on the above matter will be made in due course.

Please refer to the attached Proposal Letter for further information on the Proposals.

This announcement is dated 18 September 2020.