(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those used in the Company's announcements dated 26 August 2025, 10 April 2026 and 30 April 2026 in relation to the Proposals ("Announcements").)

Reference is made to the Announcements.

On behalf of the Board, the Joint Principal Advisers wish to announce the following updates in relation to, and variations of, the Proposals:

(i)         Knight Frank, being the Independent Property Valuer, had conducted and completed an update valuation of the Subject Properties based on the material valuation date of 31 May 2026 which has resulted in an increase in the overall appraised value of the Subject Properties by RM86.0 million or 1.1%, to RM7.66 billion ("Revised Appraised Value"), as compared to the appraised value of RM7.58 billion based on the material valuation date of 31 October 2025 ("Original Appraised Value").

The increase in the appraised value is attributable to an increase in the market value of IOI City Mall, IOI City Towers, PFCC Towers, Putrajaya Marriott Hotel and Moxy Putrajaya between the material valuation dates of 31 October 2025 and 31 May 2026, which has been partially offset by a decrease in the market value of Courtyard by Marriott Penang. Further, the market value of W Kuala Lumpur has reduced by RM3.0 million due to, among others, the revision of the valuation assumptions adopted for the proposed lease arrangement in relation to an additional improvement area measuring 3,649 sq ft, which is currently a void area and does not form part of the existing strata titles of W Kuala Lumpur (collectively, "Variation to the Appraised Value"); and

(ii)         the number of Pink Form Units under the Proposed Restricted Pink Form Offering has increased with the allocation of Pink Form Units under the Proposed Restricted Pink Form Offering to the eligible business associates of the IOIPG Group who have contributed to the success of the IOIPG Group. This resulted in a corresponding decrease in the Offer Units allocated to other institutional and selected investors under the Proposed Institutional Offering ("Variation to the Proposed Offering").

Further details of the Variation to the Appraised Value and Variation to the Proposed Offering are set out in the attachment.

Save for the Variation to the Appraised Value and Variation to the Proposed Offering as detailed above, the other terms and conditions of the Proposals remain unchanged.

This Announcement is dated 23 July 2026.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE PROHIBITED BY APPLICABLE LAWS.

This announcement does not constitute and is not an offer to sell or the solicitation of an offer to buy units (the "Units") of IOIPG Malaysia Real Estate Investment Trust (the "REIT") in the United States or elsewhere. The REIT has not registered and does not intend to register the Units under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and the Units may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. There will be no offering of the Units in the United States and no public offering of the Units in any jurisdiction other than Malaysia.