IGBReit AR2023

CONTENT
ABOUT THIS REPORT 2
OVERVIEW
Corporate Directory 3
REIT Structure 4
REIT Salient Features 5
REIT Portfolio 6
Organisation Structure of the Manager 7
Awards & Recognition 8
2024
Business Events and Highlights 9
Our Approach to Value Creation 10 - 11
BUSINESS REVIEW
ANNUAL GENERAL CEO Statement 12 - 13
MEETING Financial Highlights

Management Discussion and Analysis
14 - 17
18 - 37
Sustainability Statement
Day and Date Sustainability Governance Structure 38
Wednesday Stakeholder Engagement 39 - 42
17 April 2024 Material Matters 43 - 44
Management Approach to Material Matters 45 - 65
LEADERSHIP
Time
Profile of Directors 66 - 69
2.30 pm Profile of Management 70 - 71
GOVERNANCE AND ACCOUNTABILITY
Online Meeting Platform Corporate Governance Overview Statement 72 - 85

Statement on Risk Management and Internal Control 86 - 87
https://tiih.online
FINANCIAL STATEMENTS 88
Manager’s Report 89 - 91
Statement by the Manager 92
Statutory Declaration 92
Trustee’s Report 93
Independent Auditor’s Report 94 - 96
Statements of Financial Position 97
Statements of Comprehensive Income 98
Statements of Changes in Net Asset Value 99
QR Code for Statements of Cash Flows 100
2023 Annual Report Notes to the Financial Statements 101 - 138
OTHER INFORMATION
Unitholding Statistics 139 - 140
Notice of 2024 Annual General Meeting 141
Virtual Meeting Guide 142
Proxy Form
2023 Annual Report Request Form
2 IGB REIT | About This Report
ABOUT THIS REPORT
INTRODUCTION
Established on 25 July 2012, IGB REIT is a Malaysia-domiciled real estate investment trust. Listed on the Main Market of Bursa Malaysia
Securities Berhad (Bursa) on 21 September 2012, it owns income producing real estate that is used for retail purposes in Malaysia and
overseas. Comprising two malls – Mid Valley Megamall (MVM) and The Gardens Mall (TGM) – located in the Klang Valley, IGB REIT’s
portfolio has a total net lettable area (NLA) of approximately 2.69 million square feet (sf), and as at 31 December 2023, had a market
capitalisation of RM6.19 billion. Its investment properties are independently valued at RM5.186 billion.
IGB Berhad is the major unitholder of IGB REIT with a unitholding of 48.13% as at 31 December 2023.
 REPORTING PERIOD  FORWARD LOOKING STATEMENT
IGB REIT’s 2023 Annual Report covers the reporting period from 1 This annual report contains a range of forward-looking statements
January to 31 December 2023 unless stated otherwise. in relation to our plans, objectives, goals, strategies, future
operations and performance of the organisation. Such statements
are premised on forecast and present market conditions, which
 REPORTING FRAMEWORKS AND STANDARDS could change, and are not intended to guarantee future operating,
financial or other results involving uncertainty. Unitholders are
This annual report has been developed according to the advised not to place undue reliance on such statements as our
regulations and rules set forth by the regulatory bodies: business is subject to risks and uncertainties beyond our control.
l Bursa Malaysia Corporate Governance Guide (4th Edition)

l
l
Bursa Malaysia Sustainability Reporting Guide (3rd Edition)
The Malaysian Code on Corporate Governance (MCCG) 2021
NAVIGATION ICONS
issued by Securities Commission Malaysia (SC) 6 Capitals
l Main Market Listing Requirements (MMLR) issued by Bursa
l Guidelines on Listed Real Estate Investment Trusts issued by
SC
l United Nations’ Sustainable Development Goals (SDGs) Financial Manufactured Intellectual Human Social Natural
l Malaysian Financial Reporting Standards (MFRS)
l International Financial Reporting Standards (IFRS) Material Matters
l Companies Act 2016
Health, Safety Customer Economic
& Security Satisfaction Performance
 ASSURANCE
All data contained within this annual report has been sourced Human Capital Data Privacy & Corporate
Management Security Governance
internally and has been verified by the respective business units or
information owners. PricewaterhouseCoopers PLT is the statutory Diversity,
auditor appointed to audit IGB REIT’s financial statements for the Climate Water
Change Equity &
financial year ended 31 December 2023. The audit was limited to Management
Inclusion
the financial statements on pages 97 to 138 of this annual report.
Community/ Waste Supply Chain
Society Management Management
 MATERIALITY
United Nations Sustainable Development Goals Adopted
Information disclosed in this annual report is relevant to our
material matters, which have been determined by extensive
stakeholder engagement, as well as internal evaluation.
These material matters reflect existing and emerging risks and
opportunities, which could affect our ability to create value for the
organisation and stakeholders.
Annual Report 2023

IGB REIT | Overview 3
Corporate DIRECTORY
MANAGER PROPERTY MANAGER
IGB REIT Management Sdn Bhd Chartwell ITAC International Sdn Bhd
201201006785 (908168-A) 197901008026 (52312-H)
Capital Market Services License : CMSL/A0305/2013 B-11-3A – B-11-05
Level 11, Gateway Corporate Suites
Registered Address : Level 32, The Gardens South Tower Gateway Kiaramas
Mid Valley City No. 1, Jalan Desa Kiara, Mont Kiara
Lingkaran Syed Putra 50480 Kuala Lumpur
59200 Kuala Lumpur Malaysia
Malaysia Telephone : 603-6201 6288
Telephone : 603-2289 8989 Telefax : 603-6203 0088
Telefax : 603-2289 8802
Website : www.igbreit.com
Email : corporate-enquiry@igbreit.com
Investor Relation : investorrelations@igbreit.com AUDITOR
Feedback : feedback@igbreit.com
PricewaterhouseCoopers PLT
(LLP0014401-LCA & AF 1146)
Board Of DIRECTORS Level 10, 1 Sentral, Jalan Rakyat
Kuala Lumpur Sentral
Dato' Seri Robert Tan Chung Meng 50470 Kuala Lumpur
Chairman / Non-Independent Non-Executive Director Malaysia
Telephone : 603-2173 1188
Halim bin Haji Din Telefax : 603-2173 1288
Independent Non-Executive Director
Robert Ang Kim Pack

Independent Non-Executive Director REGISTRAR
Raymond Yeoh Cheng Seong Tricor Investor & Issuing House Services Sdn Bhd
Independent Non-Executive Director 197101000970 (11324-H)
Unit 32-01, Level 32, Tower A
Datuk Richard Lee Say Tshin Vertical Business Suite
Independent Non-Executive Director Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
Tan Lei Cheng 59200 Kuala Lumpur
Non-Independent Non-Executive Director Malaysia
Telephone : 603-2783 9299
Elizabeth Tan Hui Ning Telefax : 603-2783 9222
Non-Independent Executive Director/Chief Executive Officer (“CEO”)
Tan Mei Sian

Non-Independent Executive Director
PRINCIPAL BANKER
Hong Leong Bank Berhad

HEAD OF COMPLIANCE / COMPANY SECRETARY 193401000023 (97141-X)
Level 1, Wisma Hong Leong
Tina Chan Lai Yin 18 Jalan Perak
MAICSA 7001659/SSM PC No. 201908000014 50450 Kuala Lumpur
Malaysia
Telephone : 603-2164 2525
TRUSTEE Telefax : 603-2164 7922
MTrustee Berhad
198701004362 (163032-V)
Tingkat 15, Menara AmFirst
No. 1, Jalan 19/3
46300 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Telephone : 603-7954 6862
Telefax : 603-7954 3712
2023 Annual Report

4 IGB REIT | Overview
REIT Structure
UNITHOLDERS
Investment Distributable
in IGB REIT Income
Represents
Management interest of
Services Unitholders
MANAGER
IGB REIT TRUSTEE
Management MTrustee Berhad
Sdn Bhd
Management Trustee Fee
Fee
Ownership Net Property

of Assets Income
Property
Management PORTFOLIO
PROPERTY MANAGER Services
Chartwell ITAC
International ● Mid Valley Megamall (“MVM”)
Sdn Bhd Property ● The Gardens Mall (“TGM”)
Management
Fee
2023 Annual Report

REIT Salient Features
Fund Category Real Estate Investment Trust
Fund Type Income and Growth
Fund Duration The earlier of:

• the occurrence of any of events listed in Clause 27.2 of the Deed of Trust dated 18 July 2012
(as supplemented on 25 October 2018) (“Deed”);
• the date 999 years after 25 July 2012 (the date of establishment of IGB REIT); or
• the date IGB REIT is terminated by the Manager under Clause 27.1(b) of the Deed
Investment Objective To provide the Unitholders with regular and stable distributions, sustainable long-term unit price and distributable
income and capital growth, while maintaining an appropriate capital structure.
Authorised Investments (a) Real Estate; (b) Non-Real Estate Assets; (c) Cash, deposits and money market instruments; and (d) any other
investments not covered by (a) to (c) but specified as a permissible investment in the SC’s Guidelines on Listed
Real Estate Investment Trusts (“REIT Guidelines”) or as may be permitted by the SC
Investment Limits The investments of IGB REIT are subject to the following investment limits imposed by REIT Guidelines:
• at least 75% of IGB REIT’s total asset value (“TAV”) must be invested in Real Estate that generates
recurrent rental income at all times;
• the aggregate investments in Property Development Activities (Property Development Costs) and real estate
under construction must not exceed 15% of IGB REIT’s TAV; and
• such other investment or limits as may be permitted by the SC or the REIT Guidelines
Distribution Policy • At least 90% of IGB REIT’s distributable income

• Quarterly distribution
Revaluation Policy Annually by an independent professional valuer
Manager Fee The Manager may elect to receive its fees in cash or units or a combination of cash and units (as it may in its
sole discretion determine):
• Base Fee: up to 1% per annum (“p.a.”) of IGB REIT’s TAV (excluding cash and bank balances which are
held in non-interest bearing accounts)
• Performance Fee: 5% p.a. of IGB REIT’s net property income
• Acquisition Fee: 1% of the acquisition price
• Divestment Fee: 0.5% of the disposal price
Trustee Fee Up to 0.03% per annum of IGB REIT’s net asset value
Financial Year End 31 December
Quotation Main Market of Bursa
Listing Date 21 September 2012
Stock Name and Stock Code IGBREIT, 5227
2023 Annual Report

reit portfolio
Properties MVM TGM

Land area of master title (sq ft) 1,060,783 421,773
Tenure Leasehold for 83 years expiring on 11 April 2104 Leasehold for 99 years expiring on 6 June 2103
Master title particulars PN 54050, Lot 20013 Seksyen 95A, Bandar PN 37073, Lot 79 Seksyen 95A, Bandar
Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Kuala Lumpur, Daerah Kuala Lumpur, Wilayah
Persekutuan Kuala Lumpur Persekutuan Kuala Lumpur#
Encumbrances/material limitations l Private caveat lodged by Hong Leong Bank l Trust caveat lodged by the Trustee on
in master title Berhad (Registration No. 193401000023 behalf of IGB REIT vide Presentation No.
(97141-X)) vide Presentation No. PDB14472/2012 dated 30 August 2012
PDB6233/2021 dated 9 July 2021 l Trust caveat lodged by the Trustee on
l Private caveat lodged by Malaysian Trustees behalf of IGB REIT vide Presentation No.
Berhad (Registration No. 197501000080 PDB16049/2012 dated 26 September 2012
(21666-V)) vide Presentation No.
PDB6763/2021 dated 27 July 2021
l Private caveat lodged by the Trustee on behalf
of IGB Commercial REIT vide Presentation No.
PDB7576/2021 dated 17 August 2021
l Private caveat lodged by the Trustee on
behalf of IGB REIT vide Presentation No.
PDB7577/2021 dated 17 August 2021
l Private caveat lodged by Tenaga Nasional
Berhad (Registration No. 199001009294
(200866-W)) vide Presentation No.
PDB3740/2023 dated 16 March 2023
Restrictions in interest in master title This land shall not be transferred, leased or This land shall not be transferred, leased, secured
charged without the consent of the Federal Territory or charged except with the consent of the Federal
Land Executive Committee Secretariat Territory Land Executive Committee Secretariat
(Tanah ini tidak boleh dipindahmilik, dipajak atau (Tanah ini tidak boleh dipindahmilik, dipajak,
digadai tanpa kebenaran Jawatankuasa Kerja dicagar atau digadai melainkan dengan kebenaran
Tanah Wilayah Persekutuan Kuala Lumpur)* Jawatankuasa Kerja Tanah Wilayah Persekutuan
Kuala Lumpur)
Express conditions in master title This land shall be used for commercial building for This land shall be used for commercial building for
purpose of office towers, hotels, retail malls, office purpose of commercial spaces, offices, hotels and
shops/lots and car park spaces only service apartments only
(Tanah ini hendaklah digunakan untuk bangunan (Tanah ini hendaklah digunakan untuk bangunan
perdagangan bagi tujuan menara pejabat, hotel, perdagangan bagi tujuan ruang perniagaan,
pusat membeli-belah, kedai pejabat dan tempat pejabat, hotel dan pangsapuri servis sahaja)
letak kereta sahaja)
Appraised Value as at 3,790,000 1,396,000
31 December 2023 (RM’000)
Purchase consideration (RM’000) 3,440,000 1,160,000
Net Lettable Area (NLA) as at 1,844,924 840,266
31 December 2023 (sq ft)
Gross Floor Area as at 6,107,052 3,540,767
31 December 2023 (sq ft)
Number of tenancies as at 553 231
31 December 2023
Occupancy rate as at 99.9 94.8
31 December 2023 (%)
Number of car park bays as at 6,127 3,957
31 December 2023
#
TGM is separately held under 3 issue documents of strata title. The transfer of these strata titles has been registered in favour of the Trustee.
* The extended expiry date of the State Authority’s consent for the transfer of MVM in favour of the Trustee is 10 July 2024.
2023 Annual Report

Organisation Structure OF THE MANAGER
BOARD OF DIRECTORS
Audit Committee
(“AC”)
Retail Risk
Management and
Sustainability Committee
(“Retail RMSC”)
Nomination
Committee (“NC”)
Commercial Risk
Management and
Sustainability Committee
(“Commercial RMSC”)
Remuneration
Committee (“RC”)
CEO
Elizabeth Tan Hui Ning
Joint Deputy CEO Joint Deputy CEO

(Retail) (Commercial)
Rennie Lee Chai Tin Wong Khim Chon
Management of Management of
IGB REIT IGB Commercial REIT Head of
Chief Head of Internal
Compliance/
Financial Strategy Audit
Company
Officer & Risk  Mid Valley Megamall  Menara IGB & IGB (Outsourcing)
Secretary
Chai Lai Sim Tan Mei Sian  The Gardens Mall Annexe Christine Ong
Tina Chan Lai Yin
 Centrepoint South
 Centrepoint North
 Boulevard Offices
& Retail
 The Gardens South
Tower
 The Gardens North
Tower
 Southpoint Offices
& Retail
Head of  Menara Tan & Tan
Investment  GTower
Chow Yeng Keet  Hampshire Place
Office
2023 Annual Report

Awards &
Recognition
♦ Persatuan Pengurusan Kompleks Malaysia (PPKM) Award for Best Experiential Marketing 2022-2023: TGM received the Gold award for its “A
Gilded Christmas at The Gardens Mall” campaign
♦ The EDGE Billion Ringgit Club: Highest Return on Equity Over Three Years
♦ The EDGE Billion Ringgit Club: Highest Returns to Shareholders Over Three Years
The Gardens Mall team receiving the

Persatuan Pengurusan Kompleks Malaysia (PPKM) Award for
Best Experiential Marketing 2022-2023
The EDGE Billion Ringgit Club: Award for

Highest Return on Equity Over Three Years
The EDGE Billion Ringgit Club:
Award for Highest Returns to
Shareholders Over Three Years
2023 Annual Report

Business
Events TGM’s Sweet 16 media appreciation event
and Highlights
Business events and highlights for TGM in 2023: TGM’s Sweet 16 celebrations: giveaway
♦ TGM celebrated its 16th anniversary in 2023. Several campaigns were running
under the Sweet 16 umbrella including:
o Sweet 16 Treats: a collaboration with selected food and beverage tenants.
o Sweet 16 Swag: a gift-with-purchase (GWP) campaign. Visitors could also
participate in a social media photo contest and win prizes.
o Sweet 16 Celebration: this included a private media event and a GWP
campaign. Participants of the GWP campaign also stood a chance to win one
of 16 grand prizes at a draw held during TGM’s Sweet 16 Birthday Bash.
o Sweet 16 Birthday Bash: this included elaborate decorations and on-ground
celebrations which shoppers could participate in. It highlighted the 16 lucky
shoppers who participated in the Sweet 16 Celebration GWP campaign and
walked away with prizes.
TGM’s Sweet 16 celebrations: performers
Business events and highlights for MVM in 2023:
♦ MVM ran 7 campaigns in 2023: Chinese New Year, Hari Raya, Oh So Sweet, Mid-Autumn Festival, Take a Break, Deepavali, and Christmas.
MVM’s Mid-Autumn Festival celebrations MVM’s “Oh So Sweet” campaign
2023 Annual Report

OUR APPROACH TO VALUE CREATION
1 STRATEGIC
PRIORITIES /
GOALS
3 INPUTS by
Capitals 4 OUR BUSINESS
MODEL & ACTIVITIES
 Deliver long-term Financial

sustainable returns to  Total Assets:
unitholders RM5.5 billion
 Explore yield-accretive  Total Liabilities:
and business RM1.5 billion
enhancing  Unitholders’ fund:
asset acquisition RM4.0 billion
opportunities
 Efficiently manage
capital and risks to
support growth and
OUR
Manufactured
value creation
 2 retail malls STRATEGIC
 Total Property Value:
RM5.186 billion FRAMEWORK
2 BUSINESS
STRENGTHS
Human
Asset
Management
 Total employees:
 Prime retail assets 356
 Synergistic integration  Employee turnover:
with Mid Valley City 9.6%
(MVC)
 Strong and reputable Asset
sponsor with a proven Natural
track record  Energy consumption: Enhancement
 Diverse tenant base 59,451 MWh
 Prudent capital and risk  Water consumption:
management 718,973 m3
 Strong corporate
governance
Customer
Social and Relationship Experience
 26 community initiatives
 RM975k contributed towards
community investment
 Regular stakeholder engagement
 Creating sustainable business Operational
opportunities with local suppliers
Excellence
Intellectual
 Data and Cybersecurity Policies
 Digitalisation
 Analytics
* All references to employees are in relation to employees of the Manager and Service Providers
2023 Annual Report

OUR APPROACH TO VALUE CREATION

(continued)
5 OUTPUT by
Capitals 6 OUTCOMES
7 TRADE-OFFS
Financial  Continue to offer a strong value Our financial resources fuel our growth,
proposition through continual review of mitigate risks, and strengthen other
business plans, sales performance capitals. Utilising financial capital for
 Revenue: RM604.3 million and initiatives that support our capital expenditure and investments
Net Property Income: RM447.9 million
recurring income business. allows for positive impact on the

 Distribution per unit: 10.47 sen

 Maintained a healthy balance sheet long-term performance of our
through effective capital, cashflow and manufactured assets.
cost management for shareholders.
Manufactured  MVM occupancy: 99.9% Navigating market shifts requires

 TGM occupancy: 94.8% adjustments. Utilising short-term financial
capital to improve our assets presents an
 MVM: 1.85 million sq ft NLA opportunity to unlock long-term value and
TGM: 0.84 million sq ft NLA
enhance all our capitals, not just

 Total 10,084 carpark bays

financially, but through improved brand
perception and sustainability.
Human  Building employee engagement platforms Empowering our people is key. Investing
to attract and retain a diverse workforce in training and engagement might impact
and create a positive employee short-term financials, but the long-term
 Employee retention: 90.4% experience. gain is undeniable: a skilled, engaged
Total training hours: 6,293 workforce driving growth and societal
Increased training programmes and

Average training hours per



learning hours to build talent and a impact across all capitals.
employee: 17.7 hours
resilient workforce.
 Job opportunities created for the
community.
Natural  To ensure our long-term business Investing in efficient resource

strategies support environmental management has proven beneficial.
sustainability and climate-change While initial costs exist, preserving
 Waste Diversion Rate: 9% resilience. natural capital improves our
Rainwater harvested: 2,019 m3
manufactured assets' value, brand

 2,562 tCO2e Scope 1 emissions

 34,779 tCO2e Scope 2 emissions equity, and demonstrates our
 52,422 tCO2e Scope 3 emissions commitment to sustainability, ensuring a
balanced future.
Social and Relationship  Bridging the connectivity gap and We leverage our financial resources to
creating a seamless customer fuel impactful community programmes,
experience. empowering marginalised communities
 3,946 individuals benefitted from  Support local issues and, in particular, to and contributing to a more sustainable
community initiatives
help the underprivileged and the needy. future for all. This approach strengthens
 23,977 bags of blood collected for
Pusat Darah Negara (PDN)  Community development and our social and relationship capital and
 99.91% spending on local suppliers partnerships in creating a collaborative ensures shared prosperity.
environment.
Intellectual  Accelerate technology adoption to Investing in knowledge development

improve resilience and gain might impact short-term financials, but
competitive advantage. the long-term benefits outweigh this.
 Zero cybersecurity incidents These investments empower our people,
Upgraded to cloud-based IT
improve processes with digital

infrastructure
 Improved workflow efficiency and technology, and enhance various
business applications capitals, driving sustainable growth and
societal impact.
2023 Annual Report

12 IGB REIT | Business Review
CEO statement
Highlights for FY2023 Against this backdrop, IGB REIT

performed above expectations, recording
year-on-year growth in revenue and net
property income. I am particularly proud
2
to share that IGB REIT received two
awards - The Edge Billion Ringgit Club:
Highest Return on Equity Over Three
Years and The Edge Billion Ringgit Club:
Received awards: Highest Returns to Shareholders Over
 The Edge Billion Ringgit Club: Three Years - reflecting our commitment
Highest Return on Equity Over to driving value and sustainable growth for
Three Years our stakeholders.
 The Edge Billion Ringgit Club:
Highest Returns to
Shareholders Over Three Drive towards Community-
Years CENTRED Engagement
Consumers today are looking for more

than just a place to go and shop. They are
looking for experiences they can share
with their friends and family, and want to
be in spaces that are comfortable, safe,
and conducive to building community
and connections. We understand that to
remain competitive in today’s market, we
Reconfigured
need to go beyond the basic upkeeping
70,000 sf of our properties, and create a retail
destination that is continually evolving to
of space
in The Gardens Mall, meet the needs of our customers. To this
end, IGB REIT has not only continued to
adding
upgrade our equipment and infrastructure,
14 new lots we have been working to reimagine our
spaces to allow for more community-
centred engagement.
This year for example, we reconfigured

Invested in a larger approximately 70,000 square feet (sf) of
composting space across two floors at The Gardens
Dear Valued Stakeholders, machine boosting average Mall adding 14 new lots, enhanced
monthly accessibility through the construction of
Year in Review composting a new walkway connecting The Gardens
from North Tower and The Gardens South
We entered 2023 cautiously on the back of extraordinary Tower, as well as a new drop off. This new
200kg to area will not only allow us to introduce a
consumer spending in 2022, as the world grappled
with adjusting to a new norm following a pandemic that 2,000kg broader mix of tenants and rejuvenate our
lasted close to two years. malls, but also allow for greater flexibility in
the spaces available to us as we explore
new concepts and customer engagement
The global economy performed better than expected in
initiatives.
2023, but was not without its challenges. The year saw
a worsening of geopolitical uncertainties, communities Engagement with both our tenants and
wrecked by terrible natural disasters, and a weakening visitors to our malls also continued to be
in global trade growth. In Malaysia, growth momentum a priority. In working with our tenants, we
moderated in the year, however our economy continued believe that collaboration is key. For us
to enjoy sustained growth, showing resilience to external to succeed, we need to nurture strong
headwinds. The retail market saw a normalisation in relationships based on trust, and ensure
growth following the sharp post-covid rebound in 2022, our tenants understand our long-term goals
with consumers emerging to be more discerning and and the plans we have in place to achieve
community-centered. them. Through this, we will be able to work
Walkway together and bring to life creative new
connecting concepts and experiences that continue to
excite the market. This year, for example,
The Gardens Mall we worked with Louis Vuitton to bring to life
to The Gardens a beautifully designed golden space that
South Tower and showcased their range of jewellery and
Elizabeth Tan Hui Ning watches. Visitors to the pop-up were also
CEO The Gardens able to see the brand’s Blossom collection
North Tower in white gold before it was officially
released to the public.
2023 Annual Report

IGB REIT | Business Review 13
CEO statement
(continued)
Visitor engagement needs to go beyond the traditional gift-with- Outlook

purchase campaigns, and include fun, community-driven events and
activities that are suitable for visitors across all age groups and engage We enter 2024 cautiously optimistic. The Malaysian economy is
across platforms. MVM converted its South court into a community expected to remain resilient, however downside risks remain. We expect
area for a month to engage customers of all ages with games and the retail sector to continue to be competitive as new malls enter the
activities, and TGM celebrated its 16th Anniversary with a string of fun, market, and consumer sentiment to moderate on the back of the
iridescent events and activities held throughout the year that included increase in the Sales and Service Tax, the introduction of the high-value
performances, lucky draws, gift-with-purchase campaigns, social media goods tax, and the rationalisation of subsidies across commodities and
contests, as well as interactive activities suitable for all ages. The utilities. Globally, growth is expected to be subdued and geopolitical
response we received was overwhelmingly positive. uncertainties look set to remain.
These factors will inevitably impact our community and our business, but
Sustainability we remain committed to working collaboratively with our tenants, and
exploring new ways of elevating the retail experience, making our malls
Reaffirming our commitment to sustainability, IGB REIT adopted the IGB a destination for community engagement. We have many exciting plans
Group Sustainability Policy, which was established in August 2023. in the pipeline, and are confident in our strategy to build a sustainable
business that will continue to positively impact our communities for
Our sustainability efforts are ongoing. We are proud of the steps that generations to come.
have already been taken across our business and are committed to
continue to embed meaningful Economic, Social and Governance (ESG)
developments into our operations. Acknowledgements
One of the initiatives that I am particularly proud of is our food waste I would like to thank the Board of Directors for their guidance and
recycling programme. Through the programme we work together with support, and for entrusting me as CEO to build on the strong foundation
our tenants to compost food waste. This year we invested in a larger laid by Antony Barragry, CEO of IGB REIT Management Sdn Bhd
composting machine to enhance our food waste recycling programme. (2012 to 2023). I would also like to express a personal, heartfelt thanks
This has allowed us to boost our composting efforts from a monthly to Mr Barragry for his valuable guidance through the years and for his
average of 200kg to 2,000kg. The compost produced through this commitment to growing our asset portfolio. Today, I take on a business
initiative is used for landscaping across our malls. that is not only financially strong but poised for long-term sustainable
growth.
Exciting Developments and Plans Underway Our gratitude must also be expressed to exiting members of our Board -
Tan Sri Dato' Prof. Lin See Yan (Chairman / Independent Non-Executive
Moving forward, we will continue to focus on bringing exceptional Director), Le Ching Tai @ Lee Chen Chong (Independent Non-Executive
retail experiences to our community and further embed sustainability Director), and Tan Boon Lee (Non Independent Non-Executive Director),
into our operations. We have exciting plans lined up, including the all of whom have been invaluable in their guidance and counsel through
introduction of new community-centred spaces. We are pushing forward the years.
with developing our rooftop garden which will offer visitors a calm and
relaxing space to hang out. It will also be home to a vegetable garden, Thank you also to my team for their efforts and continued commitment
which will supply produce to a café located there and offer vegetable to working collaboratively to drive growth and deliver value to our
boxes that visitors can purchase as well. stakeholders.
In addition to reimagining our spaces, our people continue to remain Finally, I would like to thank all our stakeholders for their continuous
key. I will be looking into nurturing our human capital management trust and support. I am excited to continue IGB REIT's journey, pushing
and leveraging the talents that we have to increase efficiency, promote boundaries and bringing to market exceptional experiences that keep
innovation, and elevate our retail experience. Identifying and grooming retail engaging and exciting for our evolving customer demographic.
talent will also be a priority to ensure seamless succession planning and
business continuity.
Lastly, we are fortunate to be located in MVC which has a thriving CEO
ecosystem, of which we are a part. I will be exploring ways to leverage IGB REIT Management Sdn Bhd
this ecosystem to drive growth through collaboration and engagement.
2023 Annual Report

FINANCIAL HIGHLIGHTS
Statement of comprehensive income FYE 2023 FYE 2022 FYE 2021 FYE 2020 FYE 2019
Total revenue (RM’000) 604,308 556,409 399,527 465,239 552,132

Net property income (“NPI”) (RM’000) 447,882 420,249 275,101 316,678 398,786
Distributable income (RM’000) 385,764 361,945 220,583 259,837 341,854
Basic earnings per Unit (“EPU”) (realised) (sen) 9.99 9.38 5.61 6.65 8.91
Core basic EPU (sen) 14.40 11.05 5.61 6.65 8.91
Distribution per Unit (sen) 10.47 9.86 6.03 6.75 9.16
Distribution yield (%) 6.09 5.98 3.65 3.92 4.84
Management expense ratio (%) 1.00 0.99 0.80 0.86 0.98
FYE 2023 FYE 2022 FYE 2021 FYE 2020 FYE 2019
Total revenue RM’000 RM’000 RM’000 RM’000 RM’000
MVM 416,921 386,632 281,143 322,554 386,850

TGM 187,387 169,777 118,384 142,685 165,282
Total 604,308 556,409 399,527 465,239 552,132
FYE 2023 FYE 2022 FYE 2021 FYE 2020 FYE 2019
NPI RM’000 RM’000 RM’000 RM’000 RM’000
MVM 321,690 301,891 200,312 231,595 294,941

TGM 126,192 118,358 74,789 85,083 103,845
Total 447,882 420,249 275,101 316,678 398,786
As at As at As at As at As at
Statement of financial position 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019
Investment properties (RM’000) 5,186,000 5,020,000 4,960,000 4,960,000 4,960,000

Total asset value (RM’000) 5,504,946 5,317,512 5,233,071 5,220,926 5,220,951
Total liabilities (RM’000) 1,468,372 1,446,730 1,428,524 1,420,157 1,436,988
Net asset value (“NAV”) (RM’000)
- before income distribution 4,413,346 4,224,308 4,019,847 4,041,283 4,108,669
- after income distribution 4,036,574 3,870,782 3,804,547 3,800,769 3,783,963
NAV per Unit (RM)
- before income distribution 1.2254 1.1777 1.1254 1.1350 1.1578
- after income distribution 1.1208 1.0791 1.0651 1.0675 1.0663
Note:-
FYE Financial year ended 31 December.
MVM Mid Valley Megamall
TGM The Gardens Mall
2023 Annual Report

(continued)
NAV PER UNIT PERFORMANCE (RM)
1.1300 1.1208
1.1200
1.1100
1.1000
1.0900
1.0791
1.0800
1.0663 1.0675 1.0651
1.0700
1.0600
1.0500
1.0400
1.0300
2019 2020 2021 2022 2023
UNIT PRICE PERFORMANCE 2023
1.80 4,641 5,000

1.76 1.76 1.75
1.74 4,500
1.75 1.72 1.72
1.70 4,000
1.70 1.67 1.68
1.66 3,500
1.65 1.63 3,000

2,500
1.60 1.57 2,000
1,677
1,453 1,379
1.55 1,215 1,149 1,500
861 1,004
807 705 712 1,000
580
1.50
500
1.45 -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Transaction Volume ('000) Closing Price (RM)
Trading performance 2023 2022 2021 2020 2019
Closing price as at 31 December (RM) 1.72 1.65 1.65 1.72 1.89

Highest traded price (RM) 1.78 1.69 1.79 2.00 2.10
Lowest traded price (RM) 1.57 1.36 1.57 1.53 1.72
Issued units (‘000) 3,601,639 3,586,907 3,571,851 3,560,560 3,548,828
Market capitalisation as at 31 December (RM’000) 6,194,819 5,918,397 5,893,554 6,124,163 6,707,285
2023 Annual Report

(continued)
Financial Review
a) 2023 highlights 2023 highlights - IGB REIT
Total revenue Net property income Net lettable area

(RM'million) (RM'million) (million sf)
604.31 447.88 2.69

Occupancy rate (%)
Distribution per unit Distribution yield
(sen)
MVM: 99.9 (%)
10.47 TGM: 94.8 6.09

Property valuation Net asset value per unit Market capitalisation
(RM'billion) (RM) (RM'billion)
5.186 1.1208 6.19

FY2023 FY2022 Change
b) Group key financial highlights RM’000 RM’000 (%)
Total revenue 604,308 556,409 8.61%

• MVMAlmost 416,921 386,632 7.83%
B
• TGMCertain 187,387 169,777 10.37%
Net property income 447,882 420,249 6.58%
• MVM 321,690 301,891 6.56%
• TGM Likely C D 126,192 A 118,358 6.62%
Net profit 517,629 396,164 30.66%
DPU (sen) 10.47 9.86 6.19%
Likelihood
E F
For FY2023, IGB REIT posted a total revenue of RM604.3 million and a net property income of RM447.9 million for the year, which were 8.61%
Possible J
and 6.58% higher than that recorded in FY2022 respectively.
G H
Net profit was RM517.6 million for the year, representing a 30.66% increase compared with net profit in FY2022.
K L
Unlikely I As at As at Change
c) Group statement of financial position M N 31.12.2023 31.12.2022 (%)
Investment properties (RM’000) 5,186,000 5,020,000 3.31%

• MVM (RM’000) 3,790,000 3,700,000 2.43%
Remote
• TGM (RM’000) 1,396,000 1,320,000 5.76%
Total asset value (RM’000) 5,504,946 5,317,512 3.52%
Insignificant
Cash and bank balances (RM’000) Minor Moderate 274,026Major Significant
258,382 6.05%
Total liabilities (RM’000) 1,468,372 1,446,730 1.50%
Impact
Net asset value (“NAV”) (RM’000) 4,036,574 3,870,782 4.28%
NAV per Unit (RM)
A
Business / Market Risk H 1.1208 1.0791
Talent & Resource Management Risk
3.86%
No. of Issued Units (’000 units) 3,601,639 3,586,907 0.41%
B Supply Chain Risk I Regulatory & Compliance Risk
C Information & Cyber Security Risk J Climate Change Risk
2023 Annual Report

D Competition Risk K Credit Risk
(continued)
Investment properties are stated at fair value based on valuations performed by an independent registered valuer, One Asia Property Consultants
(KL) Sdn Bhd. The valuer holds recognised relevant professional qualification and has relevant experience in valuing investment properties.
Based on the valuation reports dated 8 January 2024, the market values of MVM and TGM as at 31 December 2023 were RM3.790 billion and
RM1.396 billion respectively.
Cash and bank balances as at 31 December 2023 was RM274.0 million, compared with RM258.4 million as at 31 December 2022.
NAV after income distribution as at 31 December 2023 was RM4.037 billion, compared with RM3.871 billion the year before, reflecting a growth
of 4.28%.
IGB REIT’s issued units increased from 3,586.907 million as at 31 December 2022 to 3,601.639 million as at 31 December 2023, due to the
issuance of new units as part settlement for the Manager’s management fees.
d) Income distribution FY2023 FY2022
Income distribution (RM’million) 376.7 353.5

• 1st quarter (RM’million) 100.5 89.7
• 2nd quarter (RM’million) 85.3 87.7
• 3rd quarter (RM’million) 93.6 87.6
• 4th quarter (RM’million) 97.3 88.5
Average payout ratio (%) 97.5% 97.5%
For the first quarter ended 31 March 2023, a distribution amounting to RM100.5 million or 2.80 sen per unit (@ 2.77 sen taxable and 0.03 sen
non-taxable) was paid on 30 May 2023.
For the second quarter ended 30 June 2023, a distribution amounting to RM85.3 million or 2.37 sen per unit (@ 2.33 sen taxable and 0.04 sen
non-taxable) was paid on 29 August 2023.
For the third quarter ended 30 September 2023, a distribution amounting to RM93.6 million or 2.60 sen per unit (@ 2.55 sen taxable and 0.05
sen non-taxable) was paid on 20 November 2023.
For the fourth quarter ended 31 December 2023, a distribution amounting to approximately RM97.3 million or 2.70 sen per Unit (@ 2.65 sen
taxable and 0.05 sen non-taxable), will be made and be payable on 29 February 2024.
Distribution for FY2023 amounted to 10.47 sen per unit.
At least 90% of IGB REIT’s distributable income will be paid for FY2024 subject to IGB REIT’s financial position, earnings, funding and capital
management requirements. This is in line with the Manager’s objective of providing investors with regular and stable income distribution.
2023 Annual Report

MANAGEMENT DISCUSSION AND ANALYSIS
Malaysian Economy Remained Resilient
In 2023, the Malaysian economy remained resilient, growing by 3.0% in Q4 2023 and 3.7% for the full year (Figure 1.1). Domestic demand and private
consumption drove much of the growth in output, with the services, wholesale & retail trade, as well as transportation and storage sectors performing
well. Activity in construction, real estate, and tourism-related industries added buoyancy, while international travel gradually built momentum in Asia
following China’s reopening in January. Major infrastructure projects such as the East Coast Rail Link (ECRL), Pan Borneo Highway, West Coast
Expressway (WCE), and Johor-Singapore Rapid Transit System (RTS), made good progress in the year, while exports and imports were subdued
amid weakness in external demand caused by global geopolitical and macroeconomic challenges.
Figure 1.1: Gross Domestic Product Growth (2019 - 2023)

20
Covid-19
15
7.1
10 3.6 Figure 1.1: Gross Domestic Product Growth
3.6 (2019 - 2023)
(%) Growth (%)
3.0
5
20 -3.2
0 Covid-19
15
-5 7.1
10
Y-o-Y GrowthY-o-Y
-10 3.6 3.6 3.0

5
-15 -3.2
0
-20
-5
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
-10
-15
-20
Source: Department of Statistics Malaysia (DOSM)
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
The labour market continued its recovery trajectory with the national unemployment rate improving to 3.3% in Q4 2023, bringing the full year
average in parity with the pre-Covid average (Figure 1.2). Employment in the services sector showed remarkable improvement, particularly for the
Figure 1.2: Unemployment Rate (2019 - 2023)
transportation and storage, information and communication, food and beverage, and accommodation groups. Mining and quarrying, manufacturing,
6
and agriculture also saw robust job creation despite headwinds.
Covid-19 4.8
5 4.3
Rate (%) Rate (%)
Figure 1.2: Unemployment Rate (2019 - 2023) 3.6

4 3.2 3.3
6
Unemployment
3 Covid-19 4.8
5 4.3
2
3.6
4 3.2 3.3
1
Unemployment
3
0
2
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Figure 1.3: Consumer Price Index (2019 - 2023)

5% 4.5%
Covid-19 3.2%consumer price index (CPI) declining from a high of 4.5%
4% eased and prices stabilised, we saw a moderation of inflation with the
As cost pressures
in Q3 2022 to3%1.6% in Q4 2023 (Figure 1.3). On an annual basis, the headline rate came in at 2.5% compared to 3.3% in the preceding year. The
(%) Growth (%)
Figure 1.3: Consumer Price Index (2019 - 2023) 1.6%

improvement2% was mainly attributable to slower price increases in transport, communication, furnishings and household equipment, as well as food and
5% 1.0% 4.5%
non-alcoholic beverages. Core inflation improvedCovid-19
in tandem but to a lesser degree.
1%
4% 3.2%
0%
3%
Y-o-Y GrowthY-o-Y
-1.5% 1.6%
-1%
2% 1.0%
-2%
1%
-3%
0%
-1.5%
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
-1%
-2%
-3%
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
2023 Annual Report

Figure 1.4: USD - MYR Exchange Rate (2022 - 2023)
5 4.70
Covid-19 4.8
Unemp
51 4.3
(%)
3.6
Unemployment Rate
40 3.2 3.3
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
3
2
MANAGEMENT
1
DISCUSSION AND ANALYSIS
(continued)
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Figure 1.3: Consumer Price Index (2019 - 2023)
5% 4.5%
Covid-19 3.2%
4%
3%
Y-o-Y Growth (%) Y-o-Y Growth (%)
1.6%
2% 1.0%
1% Figure 1.3: Consumer Price Index (2019 - 2023)
5%
0% 4.5%
Covid-19 -1.5% 3.2%
4%
-1%
3%
-2% 1.6%
2%
-3% 1.0%
1%
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
0%
-1.5%
-1%
-2% of Statistics Malaysia (DOSM)
Source: Department
-3%
Bank Negara Malaysia (BNM) raised the Overnight Policy Rate (OPR) only once in May, compared to four times in 2022, providing much needed
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
relief for businesses and consumers. At its last Monetary Policy Committee (MPC) meeting in November, BNM left the OPR unchanged at 3.00%.
Figure 1.4: USD - MYR Exchange Rate (2022 - 2023)
Meanwhile, the United States Federal Reserve (The Fed) raised its Federal Funds Rate four times during the year to the 5.25% - 5.50% range.
5
The widening interest rate gap between Malaysia and The United 4.70States resulted in a further depreciation of the Ringgit (Figure 1.4).
Covid-19 4.68However, it
is anticipated that the Ringgit will see some improvement moving forward, as The Fed has signalled for rate cuts in 2024, contingent on economic
indicators.
Exchange Rate (USD/MYR)
4.19
4 Figure 1.4: USD - MYR Exchange Rate (2022 - 2023)

5 4.70
Covid-19 4.68
Exchange Rate (USD/MYR)
4.19
3
4
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
3 Dec-23
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Source: Bank Negara Malaysia (BNM)
Investment facilitation efforts by the government attracted RM225 billion (b) in approved Domestic and Foreign Direct Investments (DDI and FDI) for
Malaysia from Q1 to Q3 2023. This is 6.6% higher year-on-year and the highest in the corresponding period over the past decade (Figure 1.5). FDI
constituted 56% (RM125.7b) of the total approved investments with The Netherlands (RM35b), Singapore (RM20.4b), The United States (RM18.9b),
China (RM11.6b), and Japan (RM11.2b) emerging as major investors. Investments from The Netherlands and Singapore grew an astonishing 112%
and 134% respectively, while Chinese inflows shrank by 76%. DDI increased significantly from RM68.3b to RM99.3b, reflecting the local market’s
confidence. The services sector continued to lead in 2023, accounting for 52% (RM117.7b) of total approvals, followed by 44% (RM99.8b) for
manufacturing, and 4% (RM7.5b) for the primary sector. Among the many services sub-sectors, information and communications (ICT) and real estate
were the largest beneficiaries, attracting 38% and 37% of all services-related approved investments.
2023 Annual Report


(continued)
Figure 1.5: Approved DDI and FDI (2017 - Q3 2023)

billion) Investments (RM, billion)
400 Covid-19
309
300 265
211 211 225
201 204
200 167 209 178
54 85 163
80 126
64 106 143
100 Figure 1.5: Approved DDI and FDI (2017 - Q3 2023)
146 124 127
Approved Investments (RM,Approved
103 101 101 72 99

68
4000 Covid-19
2017 2018 2019 2020 2021 2022 Q1 -Q3 Q1 -Q3 Q1 -Q3
309
2021 2022 2023
300 265
Domestic Direct Investments Foreign Direct Investments 225
201 204 211 211
200 Investment Development Authority (MIDA)
Source: Malaysian 167 209 178
54 85 163
80 126
64 106 143
100 Figure 2.1: Wholesale & Retail in
Trade
Malaysian Retail146 Market Sustained
124 Growth,
127 Normalised 2023Sales, Growth (2019 - 2023)
103 101 101 72 99
500 68 40%
0
The Malaysian retail market normalised inCovid-19
2023. Footfall returned to pre-pandemic levels while shopping and spending patterns eased to a more
2017
moderate pace.
450 Total wholesale &2018 2019
retail trade sales 2020
reached nearly RM429b2021 2022
in Q4 2023, growing 0.9% Q1 -Q3 Q1 -Q3
quarter-on-quarter
2021 2022
and 5.8% Q1 -Q3
year-on-year.
2023
30%
Cumulative sales for 2023 were recorded at RM1.67 trillion (t), 7.7% and 26% higher than last year and 2019 respectively (Figure 2.1). While the
400
‘revenge shopping’ trend dissipated and cost Domestic
concernsDirect Investments
became more pronouncedForeign Direct
for both Investments
consumers and businesses, all wholesale and retail trade
sub-sectors 350
showed resilience, with festive celebrations and the school holidays helping to drive demand and traffic. 20%
300
5.4% Figure 2.1: Wholesale & Retail Trade Sales,
5.1% Growth (2019 - 2023)
14.3% 5.8% 10%
250
Sales (RM, million)
Y-o-Y Growth (%)

500 - 0.5% 40%
200
Covid-19 0%
450
30%
150 -10%
400
100 20%
350
-20%
50
300
5.4% 5.1% 14.3% 5.8% 10%
0 -30%
250
Sales (RM, million)
- 0.5% Y-o-Y Growth (%)

Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
0%
200
150 -10%
100 Wholesale Trade Retail Trade Motor Vehicles Y-o-Y Growth
-20%
50
0 -30%
Figure 2.2: Retail Trade Sales, Growth by Trade Group (2019 - 2023)
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
200 80%
Covid-19
180
60%
160 Wholesale Trade Retail Trade Motor Vehicles Y-o-Y Growth
Sales (RM, million)
140
Y-o-Y Growth (%)
40%
Source: Department
120 of Statistics Malaysia (DOSM)
100 20%
80
200 0%
80%
60 Covid-19
180
40
-20%
60%
160
20
Sales (RM, million)
140
Y-o-Y Growth (%)
0 -40%
40%
120
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
100 Report
2023 Annual 20%
80
Retail Trade ICT Equipment Non-specialised Stores Other Household
0%Equipment
60
Sales (RM
Y-o-Y Gr
150 -10%
100
-20%
50
MANAGEMENT
0 DISCUSSION AND ANALYSIS -30%
(continued)
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
By specific retail trade group, retail sales of food, beverages and tobacco in specialised stores registered a remarkable expansion of 10.3% year-on-
year in Q4 2023. Other trade groups which also saw moderate sales growth were retail sales in non-specialised stores (such as supermarkets and
Wholesale
department stores), retail sales Tradeand markets (suchRetail
via stalls Trade stalls and night
as roadside Motor Vehiclesand retail sales ofY-o-Y
markets), otherGrowth
household equipment
(consisting of items such as furniture, carpets, electrical appliances). Retail sales of information and communications equipment stood out as the only
trade group to have shrunk during the period (-2.4%), reflecting the slump in the technology and consumer electronics markets (Figure 2.2).
200 80%
Covid-19
180
60%
160
Sales (RM, million)
140
Y-o-Y Growth (%)

40%
120
100 20%
80
0%
60
40
-20%
20
0 -40%
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Retail Trade ICT Equipment Non-specialised Stores Other Household Equipment
F&B and Tobacco Cultural & Recreational Goods Automotive Fuel Stalls and Markets
E-commerce sales saw a decline in growth, growing by just 5.4% year-on-year in Q3 2023 and 6% from January to September, a significantly lower
pace compared to the growth witnessed during the height of the pandemic. Retailers continue to craft more engaging experiential retail experiences
and enhance their e-commerce platforms, elevating their omnichannel capabilities.
Supply and Demand of Retail Space
Kuala Lumpur
The cumulative supply of retail space in Kuala Lumpur increased to approximately 34 million (m) square feet (sf) of net lettable area (NLA) in 2023
(Figure 2.3). The influx of new malls over the years has seen supply continue to grow at a steady pace. Two landmark malls - Pavilion Damansara
Heights (Phase 1) and The Exchange TRX @ TRX - opened to the public towards the end of 2023, adding approximately 1.83m sf of prime retail
space to the market. Both malls are integrated developments targeting the mid-to-upper and high-income consumer segments. An additional 1.53m
sf is slated to come into the market in 2024 with the opening of Pavilion Damansara Heights (Phase 2) and Warisan Merdeka Mall @ Merdeka 118
(Figure 2.4).
Figure 2.3: Cumulative Supply of Retail Space in Kuala Lumpur (2017 - 2023)
40
Covid-19
30 33.8
31.0 32.0
NLA (sq ft, million)
27.5 28.4 28.5 29.0

20
10
0
2017 2018 2019 2020 2021 2022 2023
Source: Knight Frank Research
2023 Annual Report

Figure 2.5: Average Occupancy of Retail Space in Kuala Lumpur (2017 - Q3 2023)
90%

(continued) Figure 2.3: Cumulative Supply of Retail Space in Kuala Lumpur (2017 - 2023)
Figure 2.3: Cumulative Supply of Retail Space in Kuala Lumpur (2017 - 2023)
40
Figure 2.4:40Notable Retail Completions and Incoming Supply in Kuala Covid-19
Lumpur
30
Covid-19 33.8
31.0 32.0
Shopping30Complex 33.8
ft, million)
27.5 28.4 Location

28.5 29.0
31.0Completion 32.0 NLA (sq ft)
ft, million)
20 27.5 28.4 28.5 29.0

20
Pavilion Damansara Heights (Phase 1) Pusat Bandar Damansara Q4 2023 533,000
(sq(sq
10 TRX @ TRX
The Exchange Jalan Tun Razak Q4 2023 1,300,000
NLA
10
Pavilion Damansara Heights (Phase 2) Pusat Bandar Damansara 2024 530,000
NLA
0
Warisan Merdeka
0 Mall2017
@ Merdeka 118 2018 Jalan Hang Jebat
2019 2020 2021
2024 2022
1,000,000
2023
2017
Source: Knight Frank Research 2018 2019 2020 2021 2022 2023
Newly added retail supply and moderate consumer demand saw occupancy and rental rates improve only marginally. Occupancy rates improved by
0.4 percentage points (p.p.), while rental rates increased by just 0.1% in Q3 2023 as compared to the end of 2022. Super regional (> 1m NLA) and
regional malls (500k – 1m NLA) managed to sustain rental rates, though they were equally subdued in terms of growth (Figure 2.5, Figure 2.6).
90%
90% Covid-19
Covid-19
85.3%
85.3%
85% 83.1%
(%)(%)
85% 83.1%
Occupancy
Occupancy
80%
80%
75%
75% 2017 2018 2019 2020 2021 2022 Q3 2023
2017 2018 2019 2020 2021 2022 Q3 2023
Source: National Property Information Centre (NAPIC)
Figure 2.6: Average Rental Rate of Retail Space in Kuala Lumpur (2017 - Q2 2023)
Figure 2.6: Average Rental Rate of Retail Space in Kuala Lumpur (2017 - Q2 2023)
40
(RM/sf/month)
40 Covid-19
(RM/sf/month)
28.22 Covid-19 29.63

30 28.22 29.63
30
20 15.06
Rate
14.25
20 15.06
Rate
14.25
Rental
7.47 7.95
10
Rental
7.47 7.95
10
AvgAvg
0
0 2017 2018 2019 2020 2021 2022 Q2 2023p
2017 2018 2019 2020 2021 2022 Q2 2023p
KL KL (Super Regional Malls) KL (Regional Malls)
KL KL (Super Regional Malls) KL (Regional Malls)
p = preliminary
Among select malls, Suria KLCC commanded between RM35 – RM206 per sf in rent per month, the highest rental rates in 1H 2023. This was driven
by its prime location in the Golden Triangle.
FigureFurther out, NU Sentral,
2.8: Cumulative SupplyMVM and TGM
of Retail Spacehad rental rates(2017
in Selangor ranging from RM12 – RM27, RM15 – RM80, and
- 2023)
RM17 – RM40 respectively (Figure 2.7). Figure
With2.8:
the Cumulative
exception ofSupply of Retail
a decrease in NUSpace in Selangor
Sentral’s (2017
Ground floor - 2023)
rates, rental rates were overall relatively stable
and in line 40
with the market’s muted trend.
40 Covid - 19
Covid - 19 35.8 36.4
30 33.4 33.9
ft, million)
32.0 35.8 36.4

30 29.8 30.6 33.4 33.9
ft, million)
30.6 32.0
29.8
20
20
(sq(sq
NLA
10
NLA
10
0
2023 Annual
0 Report
2017 2018 2019 2020 2021 2022 2023
2017 2018 2019 2020 2021 2022 2023
40
Covid-19
30 33.8
IGB REIT | Business Review 31.0 32.0 23

27.5 28.4 28.5 29.0
20
MANAGEMENT
10
DISCUSSION AND ANALYSIS
(continued)
0
2017of Select Malls
Figure 2.7: Rental Rates 2018
in Kuala Lumpur2019 2020 2021 2022 2023
Rental Range (RM / sf / month) Y-o-Y Change (%)

Shopping Complex Floor
2019 2022 1H 2023 Lower Upper
Suria KLCC LG 45.85 - 191.99 35.00 - 207.30 35.00 - 206.85 - -0.2%

Figure
G 2.5: Average
10.35Occupancy
- 191.99 of Retail
44.10Space in Kuala Lumpur
- 151.00 44.10 (2017 - Q3 2023)
- 154.35 - 2.2%
90% 1 31.15 - 114.40 95.40 - 113.10 95.40 - 116.10 - 2.7%
2 43.85 - 102.82
Covid-19
36.54 - 100.54 36.30 - 103.15 -0.7% 2.6%
85.3%
3 35.05 - 106.58 43.95 - 100.20 42.00 - 100.20 -4.4% -
85% 83.1%
4 31.35 - 67.35 37.75 - 61.12 37.75 - 59.30 - -3.0%
Occupancy (%)
NU Sentral @ KL Sentral LG 20.00 - 35.00 21.00 - 24.15 21.35 - 24.15 1.7% -

80% G 15.81 - 33.00 20.00 - 31.00 14.50 - 27.20 -27.5% -12.3%
1 12.38 - 28.00 13.70 - 16.95 13.70 - 16.95 - -
2 9.20 - 25.00 14.70 - 18.95 14.76 - 18.95 0.4% -
75%
2017 3 2018 11.00 - 17.00
2019 13.00 2020
- 14.45 13.20
2021 - 14.45 2022 1.5% Q3 2023 -
4 10.00 - 17.00 12.60 - 14.00 12.60 - 14.00 - -
5 12.00 - 18.02 13.05 - 15.20 13.21 - 15.20 1.2% -
Mid Valley Megamall LG 27.65 - 63.65 25.00 - 35.65 25.00 - 36.00 - 1.0%
G 38.65 - 72.65 45.00 - 80.00 45.00 - 80.00 - -
Figure
1 2.6: Average Rental Rate
18.15 - 52.65 of Retail Space in
33.50 - 38.00 Kuala Lumpur
33.50 (2017
- 38.00- Q2 2023) - -
40 2 11.15 - 32.65 23.35 - 25.00 23.35 - 25.00 - -
Avg Rental Rate (RM/sf/month)
Covid-19
28.22 3 13.15 - 29.65 15.00 - 22.00 15.00 - 22.00 - 29.63 -
30
The Gardens Mall LG 18.10 - 40.15 27.00 - 40.00 27.00 - 40.00 - -
20 G 23.65 - 38.55 31.50 - 37.50 33.00 - 37.50 4.8% -
14.25 15.06
1 18.15 - 38.15 23.50 - 30.00 23.50 - 30.00 - -
7.47 7.95
10 2 13.65 - 31.65 18.50 - 21.00 18.50 - 21.15 - 0.7%
3 12.75 - 26.65 17.00 - 18.00 17.50 - 18.00 2.9% -
0
Source: National Property 2017
Information Centre (NAPIC)
2018 2019 2020 2021 2022 Q2 2023p
Selangor KL KL (Super Regional Malls) KL (Regional Malls)
In Selangor, the cumulative supply of retail space increased by approximately 600k sf to 36.4m sf in 2023 (Figure 2.8). Ongoing developments in new and
existing townships, as well as the gentrification of older and underutilised urban areas continue to transform and revitalise the state’s retail landscape.
Figure 2.8: Cumulative Supply of Retail Space in Selangor (2017 - 2023)
40
Covid - 19
35.8 36.4
30 33.4 33.9
30.6 32.0
29.8
20
10
0
2017 2018 2019 2020 2021 2022 2023
Source: Knight Frank Research
2023 Annual Report


(continued)
Selangor saw a reversal in a 5-year-long decline in occupancy rates, which improved by 1.8 p.p. to 79.3% (Figure 2.9) by the end of Q3 2023. While
still a few notches below 2017’s peak of 85.4%, the rebound bodes well for the Selangor retail market. Average rental rates, which have stayed more
or less stagnant since 2022, are anticipated to gradually build momentum and see real growth. As with Kuala Lumpur, super-regional and regional
malls in Selangor enjoyed significant rental premiums over non-prime retail spaces, though by a considerably smaller margin (Figure 2.10).
Figure 2.9: Average Occupancy of Retail Space in Selangor (2017 - Q3 2023)

Figure 2.9: Average Occupancy of Retail Space in Selangor (2017 - Q3 2023)
90%
90% Covid-19
85.4% Covid-19
85.4%
85%
(%)(%)
85%
Occupancy
Occupancy
79.3%
80% 79.3%
80%
75%
75% 2017 2018 2019 2020 2021 2022 Q3 2023
2017 2018 2019 2020 2021 2022 Q3 2023
Figure 2.10: Average Rental Rate of Retail Space in Selangor (2017 - Q2 2023)
Figure 2.10: Average Rental Rate of Retail Space in Selangor (2017 - Q2 2023)
16
(RM/sf/month)
16 Covid-19 14.18
(RM/sf/month)
Covid-19 14.18
14
14 12.80
12.80
12
Rate
12 10.29
Rate
9.74
Rental
10.29
10 9.74 10.00
Rental
10 9.38 10.00
9.38
AvgAvg
8
8 2017 2018 2019 2020 2021 2022 Q2 2023p
2017 2018 2019 2020 2021 2022 Q2 2023p
Selangor Selangor (Super Regional Malls) Selangor (Regional Malls)
Selangor Selangor (Super Regional Malls) Selangor (Regional Malls)
p = preliminary
2023 Annual Report


(continued)
Rental rates held steady among the selected malls below, ranging between RM2 – RM39 for The Curve and Ikano Power Centre in Mutiara
Damansara, RM 7 – RM41 for 1 Utama in Bandar Utama, and RM13 – RM58 for Sunway Pyramid in Sunway City (Figure 2.11).
Figure 2.11: Rental Rates of Select Malls in Selangor
Rental Range (RM / sf / month) Y-o-Y Change (%)

Shopping Complex Floor
2019 2022 1H 2023 Lower Upper
The Curve G 9.10 - 39.21 9.48 - 39.48 9.48 - 39.48 - -

1 8.20 - 17.19 9.10 - 15.33 9.10 - 15.33 - -
2 2.00 - 13.01 2.20 - 10.68 2.20 - 10.68 - -
Ikano Power Centre G 10.26 - 35.23 19.50 - 28.50 19.50 - 28.50 - -
1 12.70 - 21.03 8.80 - 25.36 8.80 - 25.36 - -
2 3.80 - 15.19 5.15 - 6.40 5.15 - 6.40 - -
1 Utama LG 11.88 - 36.74 12.00 - 41.00 12.00 - 41.00 - -
G 19.50 - 35.00 12.50 - 34.00 12.50 - 34.00 - -
1 18.70 - 34.10 12.50 - 38.00 12.50 - 38.00 - -
2 19.00 - 22.00 7.00 - 31.00 7.00 - 31.00 - -
Sunway Pyramid LG2 16.80 - 33.15 16.80 - 35.80 16.80 - 35.80 - -
LG1 15.79 - 45.30 13.60 - 45.30 13.60 - 45.30 - -
G 21.60 - 43.79 22.60 - 43.79 22.60 - 43.79 - -
1 5.60 - 29.88 17.50 - 58.62 17.50 - 58.62 - -
Operations Overview
IGB REIT performed well in 2023 and enjoyed sustained growth, recording revenue and net property income figures above those achieved in 2022.
Cost pressures increased in the year, however, with significant increases seen in manpower and electricity in particular. Despite this, both malls
achieved a positive overall performance.
Tenant sales have been the key driver of growth in the year. We believe that the engagement and support we have given and continue to give our
tenants, have allowed us to build positive, collaborative relationships. These have ensured that tenants within our malls have kept up service levels
and maintained current and regularly refreshed stock, providing a retail experience that continues to excite our customers.
New malls have continued to enter the market, increasing competitive pressures. However, we have continued to focus on investing in our assets,
elevating service levels, and bringing to market vibrant and exciting retail experiences that build community. MVM and TGM are in their 24th and
16th year of operations respectively, and with this, we have started working to overhaul equipment to ensure that our operations can continue to run
smoothly and with increased efficiency.
Strategic Response
As the retail landscape has normalised post-Covid, consumers are emerging with a greater need for community and an increasingly discerning palette
for retail. Against a backdrop where retail options are ever increasing and consumers have become more cautious in their spending, offering an
exciting tenant mix is no longer enough to attract and retain consumers. Malls need to go above and beyond this, creating engagement through
experiences and designing community-driven spaces.
We believe that our efforts to continually evolve and offer exceptional service levels are what sets our malls apart from our competitors. In 2023, we
have continued to undertake asset enhancement initiatives (AEIs) and embark on community engagement events and activities that have allowed us
to provide retail experiences unique to our malls. We have also continued to actively engage our tenants, working to support them so that together we
can bring to market exciting and engaging retail experiences.
2023 Annual Report


(continued)
In 2023, we have focused our efforts on the following areas:
1. Enhancing Retail Experiences
Active tenant engagement forms a cornerstone of our business strategy. It has allowed us to weather challenging times as well as thrive in
positive market environments.
Asset Enhancement Initiatives
To ensure that our malls remain relevant and competitive, we continuously look for ways to enhance them to ensure that they provide safe and
comfortable community spaces that meet the needs of our visitors. Post-Covid, as people prioritise their well-being and reconnect with friends
and family, creating these community spaces have become more important.
In 2023, we kick-started a broader initiative to create more community spaces within our malls. This has required us to review the way in
which our malls are currently laid out and embark on a reconfiguration exercise that will optimise the usage of space, create more areas for
communities to gather, and convert low yield areas to higher yielding ones.
The use of mall space is also evolving as consumer tastes and expectations change. We are therefore working towards a space configuration
that will allow for greater flexibility, so that we are able to continuously adapt as the retail landscape evolves.
We believe that our strategy supports the longevity of our malls and our sustainability as a business. AEIs undertaken in the year are set out
below.
The Gardens Mall
AEIs undertaken in 2023:
♦ Repainting of large round columns (from the Ground Floor to Level 7), ceilings (from Level 3 to Level 7) and walls (on Level 3).
♦ East entrance façade wall repair and repainting works.
♦ Installation of an inverter to optimise the Kitchen Exhaust Fan for a Food & Beverage outlet.
♦ Synchronisation of the South and North Genset to optimise efficiency and add redundancy for critical load and increased power capacity.
♦ Installation of a carbon monoxide (CO) sensor in the Basement Car Park to monitor concentrations of CO in the air and activate the
ventilation fan as required.
♦ Reconfiguration of North Ground Floor and Level 1:
o Converted a lot spanning 2 floors previously occupied by an anchor tenant into 14 new lots and 1 kiosk.
o Enhanced the surrounding areas to allow for a seamless flow in design and created a new walkway towards the North office tower to
allow for enhanced accessibility.
o Installed an external LED to support marketing efforts.
o Created a new cut-in driveway with exclusive car park bays, allowing access to the newly reconfigured area.
♦ Revarnishing of the Ground Floor Timber Flooring.
♦ Common Walkway Expansion (Ground Floor to Level 3): Joint Flooring Cover.
♦ Common Walkway Expansion (Ground Floor to Level 3): Joint Groove for Ceiling.
♦ Replacement of Acrylonitrile Butadiene Styrene (ABS) Pipes to Polypropylene Random Copolymer (PPR) Pipes for added strength and
resilience, minimising the occurrence of cracks and leaks.
♦ Upgrading of energy monitoring system to allow for more detailed monitoring of power consumed by M&E services. This will allow for better
energy optimisation.
♦ Completed the construction of a new food waste recycling room to support TGM’s food waste recycling programme.
♦ Modernisation of service lifts 21 and 22.
New food waste recycling room East Entrance façade where repair and repainting Revarnished ground floor timber flooring
works were undertaken
2023 Annual Report


(continued)
Repainted columns, walls and ceilings in TGM North Ground Floor and Level 1 reconfiguration
Mid Valley Megamall
AEIs undertaken in 2023:
♦ Second Floor South Escalator ceiling upgrade

♦ LG reconfiguration (partial space of AEON Big)
♦ New South Entrance Bus Stop
♦ Upgrading of Mid Valley Exhibition Center Hall 1 Toilet
♦ Replacement of transformer TX / LL1/V3 (MVEC)
♦ Consumer Low Voltage (LV) Power Coupling to build redundancy to enable transformer replacement
♦ Upgrading of a diesel tank
♦ Cooling Tower Replacement
♦ LED Lighting Replacement
♦ Chiller Replacement
Upgraded Hall 1 toilet at MVEC New South Entrance bus stop LG reconfiguration
Upgrading of 2F ceiling
Enhancing Service Levels
We firmly believe that the experience visitors have in our malls plays a big part in building loyalty and a sense of community. We therefore work
hard to ensure that our malls not only provide conducive spaces for our visitors but also positive experiences that will encourage them to stay
longer, patronise us again, and bring their friends and family.
We work closely with our tenants to ensure that they continue to offer their customers a consistently high level of customer service and also work with
our customer service staff to provide an elevated experience. We not only focus on the broader approach to customer service, but also the smaller,
often unnoticed gestures, that make all the difference. From offering biscuits and candy at our concierge desks, having customer service officers
come around to the front of their desks to engage with customers instead of talking to them from behind a table, and changing their uniforms to one
that is more informal and approachable, we believe that our overall efforts work to provide a welcoming space for visitors to our malls.
We have set our focus on delivering experiential engagement to generate “customer stickiness” and loyalty to our Malls.
2023 Annual Report


(continued)
Bringing to Market Exciting Brands and Concepts
Creative Brand Pop-Ups
The retail market is extremely competitive, and brands are constantly looking for ways to engage with their customers, bringing to market new
ideas and concepts to stay fresh and relevant. New, up-and-coming brands are also looking to gain a foothold in the market and grow their
customer base. To support these brands, we have:
♦ Worked with existing tenants on pop-ups in the malls to test out new concepts
Some of the exciting pop-ups with TGM’s existing tenants in 2023
♦ Worked with brands that currently do not have a presence in our malls on pop-ups allowing them to test out the market. Pop-ups also allows
us to gauge community interest and engage with the brands before they commit to a long-term lease. This strategy allows the Mall and
potential new tenants to gauge the market potential by locating in TGM.
Some of the 2023 pop-ups with brands without a presence in TGM
Maintaining a Vibrant Tenant Mix
As consumer tastes and preferences evolve, it is important that our malls continue to offer a tenant mix that is relevant to today’s consumers. We are therefore
always on the lookout for new and exciting brands and work to keep our tenant mix fresh, vibrant and, most importantly, relevant to our shoppers.
In 2023, we welcomed the following new tenants:
Mid Valley Megamall The Gardens Mall
Châteraisé Kenangan Coffee BIBI’S POPIAH Tamago EN CLUB21

Lalezar Miniso MLB MARCO Creative Cuisine Chuck’s
MSI Mamaway Beutea BookXcess SushiHan
Vincci Ed Hardy Vivid Concept Store éPure Watch Clinic
TRT Plug+ Montigo MANJOE
Sugirl Desserts Crème De La Crème Sun & Sand Sports Shojikiya Fresh Market
adidas Concept Store myBurgerLab Columbia Res-Toe-Run
Luxasia Multi Brand Jungle House VTMT Yong Sheng
Fragrance
2023 Annual Report


(continued)
2. Community Engagement
Malls are no longer brick and mortar destinations where shoppers only go for purchases. They have evolved to become community spaces
that people visit to gather with friends and family, and to see exciting and engaging retail experiences come to life. Community engagement is
therefore critical as we work to enhance retail experiences.
The Gardens Mall: Community Engagement, Visitors to Our Malls
Celebrating The Gardens Mall’s 16th Anniversary
In 2023, TGM celebrated its 16th anniversary with a variety of engagement events and activities. The following campaigns were run under the
Sweet 16 umbrella:
♦ Sweet 16 Treats: From the 1st to the 16th of selected months throughout the year, TGM worked with selected F&B tenants to offer visitors
an item at a discounted price of RM16 per set. The event sought to raise brand awareness for the tenants.
♦ Sweet 16 Swag: From 29 May to 18 June, shoppers who spent RM700 (RM600 for Standard Chartered credit cardholders or The Gardens
Club members) and above in a single receipt at any of TGM’s specialty stores had a chance to win either a pair of champagne flutes or a
dining voucher worth RM100 from our Sweet 16 gashapon machine. Visitors to the mall could also participate in TGM’s Social Rewards
contest to win prizes.
♦ Sweet 16 Celebration:
o From 13 to 28 October, shoppers who spent RM700 (RM600 for Standard Chartered credit cardholders or The Gardens Club
members) and above in a single receipt at any of TGM’s specialty stores could redeem an iridescent umbrella and stand a chance to
win one of 16 grand prizes during a lucky draw held at the mall’s Sweet 16 Birthday Bash.
o Media Appreciation Event: TGM’s 16th anniversary was a good opportunity to reconnect with members of the media post-covid. An
intimate media get together was organised at MST Golf on 17 October.
♦ Sweet 16 Birthday Bash: The event, held on 29 October, had hourly giveaways, performances, free photo printing, and a cake-cutting
session. A lucky draw ceremony to announce the winning 16 shoppers who participated in the Sweet 16 Celebration GWP campaign was
also held.
TGM’s Sweet 16 celebration: grand and special TGM’s Sweet 16 celebration: giveaway TGM’s Sweet 16 celebration: media appreciation
prize winners event
Play Date Campaign
TGM ran the Play Date Campaign on 25 and 26 November. The campaign required participants to decipher clues posted on TGM’s social media
platforms. Deciphering the clues allowed them to be rewarded in person at the mall by our team. The campaign received a positive response,
with our customer service lines receiving phone calls from the public asking about the activity.
Participants of TGM’s Play Date campaign Shoppers participating in TGM’s Play Date campaign
2023 Annual Report


(continued)
Festive Campaigns
TGM’s festive campaigns are always a big hit with shoppers. With festive decorations, activities and performances, the campaigns provide an
opportunity to attract visitors and directly engage with shoppers. During Deepavali for example, we organised a saree draping workshop for
shoppers on the weekends. 260 shoppers participated in this activity.
We also continued to work with non-governmental organisations (NGOs) during the festive periods. TGM ran three corporate social responsibility
(CSR) programmes in 2023 during Chinese New Year, Hari Raya and Christmas. For more information on these initiatives, please refer to the
Sustainability Statement in this annual report.
TGM’s festive celebrations
Mid Valley Megamall: Community Engagement, Visitors to Our Malls
Oh! So Sweet
Shoppers were invited to celebrate the summer with some holiday fun at
MVM’s “Oh! So Sweet” campaign which ran from 12 July to 6 August 2023. The
campaign saw the mall decked out in decorations that brought shoppers to a
sunny paradise. The campaign included:
♦ Capsule vouchers: Shoppers were rewarded with capsule vouchers for

frosty ice creams and cheery doughnuts.
♦ A Fashion Challenge: Visitors were encouraged to cast their vote on the
hottest holiday fashion trends on MVMs official social media platforms, then
come to the mall dressed in the winning theme and take photos against the
mall’s decorations. Shoppers were asked to post their photos on Instagram
with the hashtag #MVMOhSoSweet2023.
♦ A Gift-With-Purchase Campaign: Shoppers who spent a minimum of RM250 MVM’s “Oh! So Sweet” campaign
(or RM200 with an HSBC Credit Card) at participating stores were entitled to
redeem a token for a surprise treat.
2023 Annual Report


(continued)
Take A Break
Shoppers were invited to come by MVM to take a break, relax, and have some
fun during the “Take a Break” campaign, which ran from 25 October to 13
November 2023. The campaign included:
♦ Game Stations: Shoppers could participate at 6 game stations and even

challenge their friends and family. Once all 6 games were completed,
shoppers could trade their scorecards for a treat. New games, bonus
challenges, and prizes were introduced each weekend.
♦ Group Adventures: Shoppers who preferred taking part in a group activity
could pick up a “Take a Break Activity Book” to complete with friends. The
book included such activities as crossword puzzles, mazes and more.
♦ A Gift-With-Purchase Campaign: Shoppers who spent RM200 with their
AmBank Credit Card (or RM300 in cash or through other payment methods) MVM’s “Take A Break” campaign
at participating stores could redeem a gift.
Festive Campaigns
MVM’s festive campaigns continued to excite shoppers through colourful displays of festive decorations, on-ground activities and engagements, and
GWP programmes. Additionally, in 2023, we considered how our actions could impact the broader local community and incorporated initiatives that
would help support them. For more information, on these initiatives, please refer to our Sustainability Statement in this annual report.
MVM’s festive events and activities
2023 Annual Report


(continued)
Tenant Engagement
We believe in building positive and collaborative relationships with our tenants. These relationships help us weather challenging times and
allow us to work together to bring to market elevated retail concepts and experiences. As we work to reconfigure our spaces to allow for greater
flexibility and more community-centred engagement, it is important to us that our tenants understand our overarching strategy and long-term
plans, and see how what we are doing today will support the long-term growth and longevity of our malls and their brands.
The good relationships that we have with our tenants have also allowed us to work collaboratively with them to explore new concepts and
creative retail engagement initiatives.
Some of the creative concepts and engagement initiatives carried out with TGM’s tenants
Some of the creative concepts and engagement initiatives carried out with MVM’s tenants
Market Outlook
Heading into 2024, the Malaysian economy is expected to remain resilient against prevailing uncertainties in the global economic and geopolitical
landscapes. The Ministry of Finance (MOF) forecasts Gross Domestic Product (GDP) to grow between 4%– 5% in 2024, supported by robust domestic
demand, easing inflationary pressures, a strong labour market, and improvements in trade and tourism-related activities. Financial conditions remain
accommodative and The Federal Reserve’s intent to loosen interest rates are likely to provide some upside to the Ringgit’s strength. Frameworks
such as the National Energy Transition Roadmap (NETR) and National Industrial Master Plan (NIMP) 2030 have strong potential to channel and boost
investments in strategic, high-growth areas such as renewable energy, electric vehicle (EV) manufacturing, electrical and electronics (E&E) fabrication,
aerospace engineering, and pharmaceuticals.
Nevertheless, downside risks continue to persist. The outlook for the retail industry in Malaysia remains cautious as consumer demand and sentiment
are anticipated to be dampened by the increase in the Sales and Service Tax, the introduction of the high-value goods tax in May 2024, and the
rationalisation of subsidies across commodities and utilities. Inflation could see an uptick as the impact on prices propagates through the value chain.
Additionally, global growth is projected to slow down in 2024, with both the economic and geopolitical situations in several regions remaining volatile.
As an export-driven country, these factors will undoubtedly affect the Malaysian economy and the Malaysian consumer, shifting spending patterns to
become more value-driven and cost conscious in 2024.
IGB REIT is therefore entering the year ahead cautiously and will continue to invest in our malls to keep them relevant and community-centred.
Evolving the way in which we use our spaces will support our strategy and allow us to remain flexible so that we are able to quickly adapt to emerging
trends and changing customer tastes and preferences. We will continue to focus on elevating retail experiences and explore ways to better utilise the
community and vibrant ecosystem at Mid Valley City to drive footfall and sales in our malls. We are confident that our approach will allow us to attract
new visitors, build loyalty amongst those who frequent our malls, and bring first-to-market experiences that excite our community.
Risk Management Integral to Sustained Success
IGB REIT adopts a proactive approach to risk management and has in place the IGB REIT Strategy & Risk Framework (Framework) which is based
on the Committee of Sponsoring Organisations of the Treadway Commission’s (COSO) Enterprise Risk Management (ERM) updated framework of
2017 – Integrating with Strategy and Performance, which focuses on integrating risk and strategy in the organisation.
The Framework puts in place a robust risk management process which allows us to identify, assess and manage significant business risks in a timely
manner as well as achieve our strategic objectives.
2023 Annual Report

TGM: 94.8
Property valuation Net asset value per unit Market capitalisation
IGB REIT | Business Review
(RM'billion) (RM) (RM'billion) 33
5.186
1.1208 6.19
(continued)
During the year, the following were deemed key risk focus areas in working towards achieving IGB REIT’s strategic objectives.
Almost
B
Certain
Likely C D A
Likelihood
E F
Possible J
G H
K L
Unlikely I
M N
Remote
Insignificant Minor Moderate Major Significant
Impact
A Business / Market Risk H Talent & Resource Management Risk
B Supply Chain Risk I Regulatory & Compliance Risk
C Information & Cyber Security Risk J Climate Change Risk
D Competition Risk K Credit Risk
E Tenant Concentration Risk L Liquidity & Cash Flow Risk
F Health, Safety & Security Risk M Interest Rate Risk
G Infrastructure and Facilities Risk N Capital Management Risk
2023 Annual Report


(continued)
Key Risk Areas Potential Impact Opportunities Mitigating Actions
A
n Lower revenue and net n Differentiation of our malls n Continual improvement and optimisation
Business / Market Risk
property income due to by optimising our tenancy of the tenancy mix, amenities, services,
poor economic conditions, mix, delivering operational fit-out and events offered by our malls to
Risks associated with reduced gross turnover for excellence, and crafting attract visitorship.
macroeconomic factors tenants, loss of tenants, engaging and memorable n Collaboration with our sister companies
and retail industry trends and increasing operational customer experiences. under the IGB Group to maximise
such as low business costs. n Strengthening relationships operational and business synergies.
and consumer sentiment, with our tenants through win- n Strict monitoring of operational costs and
changing consumer win negotiations in tenancy regular reviews on process efficiencies.
preferences, oversupply terms and conditions.
of retail space, and n Improvement of operational
disruptions to the supply efficiencies to mitigate rising
and demand of goods and costs.
services.
B
n Disruptions to operational n Diversification and expansion n Ongoing monitoring and management
Supply Chain Risk
and maintenance activities, of the vendor management of costs amid an inflationary surge in
resulting in lower service system database to allow for expenses.
Internal and external levels to our tenants and a wider selection of vendors. n Maintain an adequate inventory surplus
events such as customers. n Improvement of inventory of critical operational equipment and
geopolitical conflicts, n Increased operating costs management systems and components to mitigate long lead times
outbreaks of infectious due to the mismatch in the processes to account for in order fulfilment and other unexpected
diseases, extreme supply and demand of goods unexpected supply chain disruptions.
weather, and changes in and services. disruptions.
regulations that result in
unanticipated disruptions
to supply chains.
C
n Disruptions to operations n Establishment of strong n Established a Business Continuity
Information & Cyber
from compromised cyber security policies Plan (BCP) for IGB REIT, which is
Security Risk
information technology and processes related to supplemented by IGB Group’s IT BCP.
systems or loss of key information technology n Subscription to IGB Group’s Cybersecurity
Incidents related to operational data. management, with an Policy, IT Acceptable Use Policy and Data
information technology n Financial and reputational emphasis on security Governance and Data Privacy Policies.
systems which have implications from the protocols. n Deployment of critical cyber security
the potential to result in exposure of confidential n Establishment of a business software across key information
compromised system company, tenant or customer continuity plan (BCP) as well technology systems e.g. privilege access
security or access, or data. as recovery plans that can management, endpoint protection, log
the loss or exposure of be activated in the event of a management systems etc.
confidential data. cyber security incident. n Regular cyber security training through
e-portals, as well as ad hoc social
engineering tests throughout the year.
D
n Loss of visitors to new malls n Strengthening customer n Regular communication with tenants
Competition Risk
in the surrounding areas and loyalty by improving the alongside timely retail curation to maintain
loss of in-store purchases overall customer experience high retention rates within the malls.
Intensified competition to e-commerce platforms, in our malls. n Craft unique and memorable mall
for visitors and tenants resulting in reduced revenue n Continuous AEIs to ensure experiences to attract visitors throughout
as a result of new mall from lower gross turnover our malls remain relevant in the year e.g. festive seasons, tenant
openings in the Klang from tenants as well as the the market. roadshows etc.
Valley and the prevalence exiting of tenants due to low n Completed AEIs during the year in both
of online shopping sales. malls for a refreshed look and feel, and
platforms. to accommodate evolving trends and
preferences (Further details can be found
in the Asset Enhancement Initiatives
section of the Management Discussion
And Analysis (MD&A)).
2023 Annual Report


(continued)
E
n Significant drop in mall n Diversification of our tenant n Employ proactive leasing strategies by
Tenant Concentration
occupancy due to the loss mix across business size, closely engaging with tenants for forward
Risk
of a key tenant or group of type and industry within our renewals and to spread out the portfolio
tenants. malls. lease expiry profile.
Over-reliance on one n Loss of customer interest n Continually assess our tenant mix and
tenant or a group of due to a tenancy mix that work to bring in fresh, new and exciting
tenants for rental income lacks vibrancy and does not brands.
or their ability to attract meet the needs and wants of n Ensure no single tenant or group of
visitors. consumers today. tenants contribute more than 10% of IGB
REIT’s total gross rental income.
F
n Loss in profitability and n Embed strong health, safety n All health, safety & security incidents
Health, Safety &
long-term sustainable & security procedures occurring within our malls are tracked and
Security Risk
performance due to and protocols, as well as investigated promptly, with appropriate
reputational loss. recovery plans within our follow-up actions taken.
Incidents related to operations. n Regularly hold health, safety & security
health, safety & security briefings, trainings and inspections
which have the potential (including annual fire drills) to manage
to result in significant the risks within our malls and ensure
adverse outcomes compliance with the Occupational Safety
for individuals and and Health Act.
communities. n Quarterly Safety, Health and Environment
Committee meetings to review all matters
pertaining to health and safety.
G Infrastructure &
n Failure of mechanical, n Establishment of strong n Adhere to strict maintenance policies
electrical or plumbing (MEP) policies and procedures and procedures, with preventative
Facilities Risk
infrastructure, resulting in related to preventive maintenance conducted regularly.
disruptions to service levels, maintenance of infrastructure n Replace worn-out or underperforming
Risks relating to potential higher operating costs and and equipment to drive infrastructure and equipment with modern,
events or conditions that lower customer satisfaction. long-term sustainable effective and efficient upgrades.
could damage or disrupt n Loss of reputation from performance. n Completed AEIs during the year to not
the physical structure, customer interactions with n Continuous AEIs to ensure only improve performance but enhance
systems, and operations noticeably weathered or the upkeep of our malls. safety (Further details can be found in the
of our assets, leading to overused infrastructure or Asset Enhancement Initiatives section of
financial losses, safety equipment. the MD&A).
hazards, and reputational n Reduction in infrastructure
damage. and equipment efficiency,
leading to higher operating
costs and lower service levels
over time.
H
n Reduced operational and n Inclusion of talent n The Service Providers invest in talent
Talent & Resource
business capabilities, development and succession development programmes and offer
Management Risk
adversely impacting plans as key strategies. competitive employment packages to
profitability and sustainable n Expansion and diversification attract and retain talent.
The inability to attract, long-term performance. of responsibilities for high n The Service Providers monitor and assess
retain or effectively potential talent to drive for potential skill gaps, redeployment
utilise talent. Chartwell career development. needs, succession plans, and other
ITAC International Sdn beneficial career and employee-related
Bhd (Property Manager) initiatives.
engages Mid Valley City n The Service Providers foster an inclusive
Sdn Bhd and Mid Valley and equitable work culture through regular
City Gardens Sdn Bhd engagement sessions and events with
(Service Providers) to employees.
employ and manage the n The Service Providers ensure full
personnel who oversee compliance with all local labour and
the day-to-day running of employment laws and regulations.
our properties.
2023 Annual Report


(continued)
I
n Financial and reputational n Establishment of strong n Keep abreast with regulatory
Regulatory &
impact from failure to comply corporate governance requirements and roll out updates to
Compliance Risk
with applicable laws and/or policies and frameworks policies and frameworks in a timely
regulations. to ensure the highest level manner.
Compliance with of operational, financial n Subscription to IGB Group’s Anti-Bribery
Malaysian laws and and legal compliance with and Corruption Policy and Group
regulations, which all applicable laws and Whistleblowing Policy.
include those related to regulations.
employment, health &
safety, data privacy, and
anti-corruption, amongst
others.
J
n Increased maintenance costs n Establishment of n Set sustainability targets for energy usage
Climate Change Risk
and potential damage to sustainability policies intensity (EUI) and waste diversion for
our malls from the impact of and frameworks to build IGB REIT.
The physical and extreme weather events such operational resilience against n Subscription to IGB Group’s Sustainability
transitional risks of as floods, water seepages, climate change risks. Policy.
climate change, such as extreme heat, etc. n Improvement of energy, n Ongoing efforts to improve energy and
extreme weather events, n Taxation, penalties or water, waste and material water usage efficiency within the malls’
disruptions to commodity restrictions imposed by management practices to operations.
and resource production, authorities due to new achieve higher levels of n Ongoing food composting and recycling
and the implementation of regulations concerning operational efficiency and initiatives to divert waste from landfills.
sustainability-related laws, carbon emissions, supply lower operating costs. n Completed AEIs during the year to
regulations and financing. chains and sustainable improve consumption efficiency (Further
financing. details can be found in the Sustainability
Statement).
K
n Financial losses from the n Establishment of stringent n Employ strict tenant selection procedures,
Credit Risk
impairment of uncollectible tenant due diligence and with close monitoring of credit balances.
receivables. credit collection policies to n Ensure cash, cash equivalents and
Credit exposure to maintain low exposure to deposits are only held with financial
outstanding receivables outstanding receivables. institutions with high credit ratings
from tenants, as well as assigned by reputable credit rating
cash, cash equivalents agencies.
and deposits held with
banks and financial
institutions. Credit risk
with respect to trade
receivables is limited
due to the nature of the
business which is mainly
rental-related and cash-
based.
l
n Significant impact on mall n Establishment of strong n Close monitoring and prudent
Liquidity & Cash
operations from inadequate financial control policies maintenance of adequate cash, cash
Flow Risk
funds. to reduce the likelihood equivalents and bank facilities to
and impact of unexpected finance operations, distribute income to
Arises when there are interruptions to business unitholders, and mitigate the effects of
inadequate funds to meet operations and new growth fluctuations in cash flows.
financial obligations. ventures. n Adhere to the limits on total borrowings
set by the Guidelines on Listed Real
Estate Investment Trusts issued by SC.
2023 Annual Report


(continued)
m Interest Rate Risk

n Inability to effectively n Management of interest rates n IGB REIT’s borrowings are made up of
manage interest rates, to facilitate better financial AAA-rated Medium-Term Notes bearing
leading to fluctuations in planning and returns to a fixed coupon rate which locks in the
Exposure to changes interest payment obligations. unitholders and other interest rate allowing income and cash
in interest rates, which stakeholders. flows to be substantially independent from
affect borrowing and loan changes in market interest rates.
obligations.
N
n Inability to continue as a n Maintain an efficient capital n Maintain an appropriate gearing level
Capital Management
going concern, resulting structure to facilitate and adopt an interest rate management
Risk
in the reduction of value sustainable long-term strategy to manage the risks associated
delivered to unitholders and performance and delivery of with refinancing and changes in interest
The mismanagement of other stakeholders. returns to unitholders and rates.
capital, which adversely other stakeholders. n Diversify sources of debt funding as
impacts the ability to appropriate, secure favourable funding
operate as a going terms, and maintain a reasonable level of
concern or to provide debt servicing capability.
returns for unitholders and n Manage financial obligations and
other stakeholders. exposures arising from adverse interest
rate movements to improve the efficiency
of the cost of capital.
31.12.2023 31.12.2022
RM’ million RM’ million
Borrowings 1,215 1,214

Cash and bank balances (274) (258)
Net gearing 941 956
Total Unitholders’ fund 4,037 3,871
Net gearing (%) 23% 25%
Loan-to-total asset value (LTV) (%) 22% 23%
Securities Commission allowable gearing limit for M-REITS is 50% of TAV as at 31 December 2023.
2023 Annual Report

38 IGB REIT | Sustainability Statement
SUSTAINABILITY STATEMENT
INTRODUCTION
IGB REIT is committed to building a business that remains relevant in an industry that is ever-evolving, and that positively impacts our community and
environment. This year, we have continued to make strides in our sustainability journey and are proud to present IGB REIT’s Sustainability Statement
for the year ended 31 December 2023. This statement covers all properties in our portfolio and sets out the progress we have made, and includes our
strategies, implemented initiatives, as well as future goals and targets.
OUR
Our approach to sustainability has evolved through the years, with our efforts initially
piecemeal and largely focused on reducing costs. As the meaning of sustainability has
evolved over time and people have developed a deeper appreciation of what it means,
APPROACH TO sustainability has become an all-encompassing priority that we continue to embed into
our medium- and long-term strategies. This year, our approach to sustainability has
SUSTAINABILITY been formalised through the adoption of the IGB Group Sustainability Policy which
was established in August 2023.
Holds ultimate responsibility for oversight of IGB REIT’s

Board of sustainability matters.
Directors
(Board) Approves sustainability strategies, targets, and policies set.
Reviews and approves the results of the materiality
assessments conducted.
OUR Approves sustainability statement.
SUSTAINABILITY
GOVERNANCE
Reviews and recommends sustainability strategies, targets,
Retail Risk and policies.
Management & Reviews the results of the materiality assessments conducted
STRUCTURE Sustainability
Committee
(Retail RMSC)
as well as the sustainability statement before obtaining Board
approval.
Oversees the management of IGB REIT’s material matters.
Roles and responsibilities Monitors the implementation of approved strategies and
policies, as well as the performance against targets set.
Develops sustainability strategies and policies to be

recommended to the Retail RMSC and Board.
Head of Strategy
& Risk Evaluates overall sustainability risks and opportunities.
Undertakes the materiality assessment process.
Consolidates the sustainability report and data for the Retail
RMSC and Board.
Coordinates with and provides support to Business Units in
relation to the implementation of sustainability initiatives.
Execution of sustainability actions and monitoring of

Management performance against sustainability targets set.
Aligning operational procedures with IGB REIT’s sustainability
strategies.
2023 Annual Report

IGB REIT | Sustainability Statement 39
(continued)
STAKEHOLDER
ENGAGEMENT
Feedback Channels
In order to ensure that we are building a business that continues to remain relevant, it is important that we regularly engage with our stakeholders
to understand what is important to them and their expectations. Insights garnered through these engagements enable us to develop medium- and
long-term strategies, and align our sustainability practices so that they meet stakeholder needs and expectations. It also helps us make decisions that
improve our day-to-day operations and remain accountable.
Regular engagement with our stakeholders also supports the cultivation of strong relationships that are built on trust and mutual respect. Stakeholder
engagement is therefore important to us, and we utilise various channels to engage them throughout the year. We work to ensure that all engagements
are inclusive and that we are responsive to any feedback received.
The channels used to engage our stakeholders are set out in the table below.
Business Partners & Industry Associates

Engagement Objective Engagement Approach Key Concerns
•• To nurture strong and lasting Ongoing •• Identify business opportunities and share knowledge.
relationships with business •• Digital communication •• To contribute to industry advancement.
partners. channels •• To have fair representation of the industry with authorities.
•• To discover business •• Participation in industry
opportunities. associations Our Responses
•• To share knowledge and best Periodically
practices. •• Attend and participate in forums, dialogues, workshops, and other
•• Forums & dialogue events.
•• To keep up to date with sessions
changes in the operating •• Collaborate with business partners to further shared goals.
environment. As required •• Contribute to industry advancement initiatives.
•• Formal engagement through •• Hold memberships in industry associations.
meetings organised
Government & Authorities

•• To fulfil legal and compliance Ongoing •• Regulatory and legal compliance.
requirements. •• Digital communication •• Compliance with corporate governance practices.
•• To keep up to date with the channels •• Health, safety and security management.
regulatory landscape. •• A fair and balanced view of key material topics.
Periodically •• Contribution to economic growth.
•• To listen and respond to •• Forums & dialogue sessions •• Contribution to industry advancement.
concerns and interests of the
authorities. As required
Our Responses
•• To seek clarification on •• Formal engagement through
meetings organised •• Ensure full compliance with all regulatory requirements.
applicable laws, guidelines
•• Establish policies to align with and ensure compliance with rele-
and frameworks.
vant legislation.
•• To share industry-related •• Attend physical / virtual meetings to keep up with regulatory
issues and concerns. changes.
•• Conduct briefings and inspections with the relevant authorities in
their areas of interest.
•• Timely communication with authorities to provide information.
2023 Annual Report

(continued)
Employees*
•• To support human capital Ongoing •• Career development and progression.
development and talent •• Employee Communication •• Opportunities for upskilling and learning.
retention. platforms •• Remuneration and benefits.
•• To communicate employee •• Job security.
•• Company websites •• Healthy, safe and inclusive work environment.
benefits and welfare matters.
Periodically •• Fair and ethical labour practices and standard.
•• To ensure the overall welfare
•• Workshops, trainings & team •• Non-discrimination and equal opportunity.
of employees is addressed.
building •• Work-life balance.
•• To support the creation of •• Strategy and future orientation of the business.
a safe and healthy work Quarterly
•• Opportunities to contribute to CSR programmes.
environment. •• Company newsletter
•• To foster a culture of diversity, •• Townhalls & dialogue Our Responses
inclusivity and excellence. sessions •• Offer competitive benefits and remuneration packages.
•• To provide fair and equal Annual / Bi-annual •• Develop a high performing workforce through structured training
opportunities that recognise •• Employee satisfaction survey programmes.
the talent of individuals. •• Provide enriching employee engagement activities on a regular basis.
•• Performance appraisals
•• Communicate updates on company financial performance and
growth plans.
•• Promote a culture of inclusivity, openness and collaboration.
•• Provide equal employment opportunities without discrimination.
•• Ensure compliance with all applicable health & safety and labour
laws.
•• Conduct fair and constructive employee appraisals.
Investment Community
•• To communicate financial Ongoing •• Economic and financial performance.
performance, key business •• Digital communication •• Business strategy and future orientation.
activities and decisions. channels •• Long-term sustainable value creation.
•• To listen and respond to •• Timely and accurate disclosure of information.
•• Company websites •• Return on investment / equity.
shareholders’ concerns and
interests. •• Social media •• Corporate governance practices.
As required •• Sustainability initiatives and climate change strategies.
•• To nurture strong and
lasting relationships with the •• Corporate announcements Our Responses
investment community. •• Physical & virtual meetings
•• Deliver operational excellence to our customers and tenants.
•• To obtain access to capital and Quarterly •• Employ sound investment and capital management strategies.
other financial resources.
•• Investor & analyst briefings •• Ensure full compliance with all regulatory requirements.
•• Quarterly results •• Establish policies to align with and ensure compliance with
relevant legislation.
Annually
•• Timely communication and dissemination of information to
•• Annual reports & General investors.
Meetings •• Provide appropriate channels for investor engagement and
communication.
•• Integrate sustainability into business decisions and strategies.
2023 Annual Report

(continued)
Customers
•• To keep abreast with Ongoing •• High quality assets and amenities.
changing customer needs and •• Customer service platforms •• Excellent operational service and standards.
preferences. •• Timely and appropriate responses to queries / issues.
•• Company websites •• Positive and convenient customer experience.
•• To further improve our spaces
and services to drive customer •• Social Media •• Onsite safety and security.
satisfaction. As required •• Data privacy and security.
•• Attractive customer loyalty programme benefits.
•• To listen and respond to •• Customer feedback &
•• Engaging and memorable events and experiences.
queries and/or complaints. satisfaction surveys
•• Clean and hygienic spaces.
•• To build market and brand •• Marketing & Promotional
reputation. campaigns Our Responses
•• To nurture strong and lasting •• Regular and thorough maintenance of assets.
relationships with customers. •• Deliver operational excellence.
•• To communicate and raise •• Timely response to queries / issues.
awareness about events and •• Engage and communicate with customers to gauge their
happenings. satisfaction.
•• Maintain high health and safety operating standards.
•• Ensure compliance with all relevant data privacy and security laws.
•• Offer a diverse product range / retail mix.
•• Craft engaging and enriching customer experiences.
•• Provide a range of lifestyle amenities for customers.
Tenants
•• To facilitate operational Ongoing •• High quality assets and amenities.
practices and the maintenance •• Digital communication •• Excellent operational service and standards.
of properties. channels •• Safety and security of managed properties.
•• To further improve our spaces •• Timely and appropriate responses to queries / issues.
•• Company websites •• Fair and transparent lease / rental agreements.
and services to drive tenant
satisfaction. •• Social Media •• Good value for rental.
•• Tenant feedback and enquiry •• Data privacy and security.
•• To listen and respond to
channels •• Opportunities to collaborate.
queries and / or complaints.
•• Upgrading the quality of assets and amenities through Asset
•• To build market and brand As required
Enhancement Initiatives (AEI).
reputation. •• Collaborative / joint events
•• To nurture strong and lasting •• Physical and virtual meetings Our Responses
relationships with tenants. Annually •• Regular and thorough maintenance of assets.
•• To communicate and support •• Festive / corporate greetings •• Deliver operational excellence.
sustainability initiatives and and events •• Enforce health and safety standard operating procedures.
awareness. •• Timely response to tenants queries / issues.
•• Engage and communicate with tenants to gauge their satisfaction.
•• Offer competitive rental rates and packages.
•• Ensure compliance with all relevant data privacy and security laws.
•• Notify tenants of possible service disruptions in advance.
•• Craft engaging and enriching tenant experiences.
•• Collaborate with tenants on Environmental, Social and
Governmental (ESG) initiatives and activities.
2023 Annual Report

(continued)
Local Communities
•• To build strong and long- Ongoing •• Economic and financial aid. •• Job opportunities.
lasting relationships with our •• Company websites •• Sustained, long-term support. •• Opportunities to collaborate.
local communities. •• Social impact of business •• Opportunities for upskilling and
•• Social Media activities. learning.
•• To contribute to the well-being
of our local communities. As required •• Environmental impact of
•• Digital communication business activities.
channels
Our Responses
•• Donation drives,
sponsorships, volunteer work •• Contribute to the economic well-being of our local communities.
•• Contribute manpower and resources to support community
•• Festive and cultural themed
initiatives.
events
•• Communicate and engage with local communities to understand
their needs.
•• Collaborate with local authorities and Non-governmental
Organisation (NGO)s to deliver positive social impact.
Media
•• To communicate financial Ongoing •• Economic and financial performance.
performance, key business •• Company websites •• Business strategy and future orientation.
activities and decision. •• Timely and accurate disclosure of information.
•• Social Media •• Timely and accurate responses to queries.
•• To communicate and raise
awareness on events and As required •• Events, advertisements and promotions.
happenings. •• Digital communication •• Engagement with media.
channels •• Accessibility to corporate communications / investor relations.
•• To listen and respond to
queries. •• Press briefings, conferences Our Responses
•• To build market visibility and and statements
•• Timely communication and dissemination of information to the media.
brand recognition. Quarterly
•• Communicate market outlook and future orientation.
•• To nurture trust and •• Investor & analyst briefings •• Timely response to media queries.
confidence with media •• Quarterly results •• Organise press briefings and media interviews.
organisations. •• Engage and nurture relationships with media organisations.
Annually
•• Provide appropriate channels for media engagement and
•• Annual reports & General
communication.
Meeting
Vendors
•• To engage with reputable and As required •• Smooth and efficient procurement processes.
reliable vendors for supplies •• Digital communication •• Fair and transparent procurement processes.
and services. channels •• Regular and clear communication between parties.
•• To ensure fair, ethical and •• Fair compensation for scope of work and deliverables.
•• Tender briefings and •• Timely and reasonable payment schedules.
transparent procurement of interviews
supplies and services. •• Occupational health and safety.
•• Occupational health & safety •• Regulatory and legal compliance.
•• To mitigate supply chain risks. briefings and updates •• Contract extensions or cancellations.
•• Contract negotiations
Our Responses
•• Vendor / supplier feedback
surveys •• Conduct fair and thorough vendor evaluations and assessments.
•• Regularly engage and communicate with vendors.
Periodically
•• Offer competitive rates and contract terms.
•• Vendor evaluations and •• Adhere to strict deliverable timelines and payment schedules.
assessments •• Require vendors to comply with the Group’s business ethics and
sustainability policies.
•• Provide equal opportunities for vendors.
•• Support local vendors and employment through our supply chain.
* Chartwell ITAC International Sdn Bhd (the Property Manager) has engaged Mid Valley City Sdn Bhd and Mid Valley City Gardens Sdn Bhd (Service Providers) to man-
age the personnel who oversee the day-to-day running of our properties.
2023 Annual Report

(continued)
MATERIAL
MATTERS
Identifying material matters that are relevant to our business is important as it allows us to continue to meet the needs of our stakeholders as well as
mitigate risks and identify opportunities. In addition to regularly engaging our stakeholders, we work to align our business with global developments,
current trends, and industry peers at home and abroad.
This year, we conducted a comprehensive review of our material matters to gain a better understanding of our business, the issues that matter, and how
it impacts our stakeholders. Our review included garnering insights from industry benchmarks, sustainability standards, and stakeholder engagement.
We have since updated our list of material matters, ensuring our focus remains firmly on the issues that drive long-term value for all.
IGB REIT’s MATERIALITY ASSESSMENT PROCESS
01 03
REVIEW ENGAGEMENT PRIORITISATION ENDORSEMENT
•• We reviewed our existing •• We engaged our •• The results from our •• The results of the
material matters to senior internal stakeholder engagement materiality assessment
assess their relevance stakeholders through were collated and process were presented
in the current operating group discussions and analysed. to the Board for
environment. an online survey to •• The relative importance endorsement.
•• A wide range of internal better understand their and significance of each
and external sources perspectives. material matter was
were considered, •• Their domain expertise carefully determined by
including global and and extensive industry taking into consideration
local trends, industry experience provided their environmental,
peers and benchmarks, valuable insight into the social and governmental
and business risks and needs and preferences (ESG) impacts and their
opportunities. of external stakeholders. influence on stakeholder
assessments and
decisions.
02 04
MATERIAL MATTERS
1 Health, Safety & Security 8 Diversity, Equity & Inclusion
2 Customer Satisfaction 9 Water Management

M
H 3 Economic Performance E 10 Community / Society
I D
4 Human Capital Management 11 Waste Management
G I
H 5 Data Privacy & Security U 12 Supply Chain Management
M
6 Corporate Governance
7 Climate Change
Note:
1. Anti-Corruption is managed under “Corporate Governance”.
2. Energy management and emissions management are collectively managed under “Climate Change”.
3. Labour practices and standards are managed under “Human Capital Management” and “Diversity, Equity & Inclusion”.
2023 Annual Report

(continued)
OUR FOCUS AREAS

As a subsidiary of IGB Berhad, IGB REIT has adopted the IGB Group Sustainability Policy which was established in August 2023. The policy outlines
the following strategies and how they align with our material matters:
SUSTAINABILITY STRATEGIES & FOCUS AREAS
Ethics-Driven Safeguarding the Positive Community Responsible Supply

Performance Environment Impact Chain
Economic Performance Climate Change Diversity, Equity & Inclusion

MATERIAL MATTERS
Human Capital
Customer Satisfaction Water Management
Management
Supply Chain
Data Privacy & Security Health, Safety & Security
Management
Waste Management
Corporate Governance Community / Society
We have identified the following United Nations Sustainable Development Goals that align with our sustainability strategies and focus areas.
We have also set the following sustainability targets:
MATERIAL MATTERS TARGETS 2023 STATUS

Reduction in Energy Usage Intensity (EUI) Average reduction of 3.7% from 2019
Climate Change of 5.8% by 2025 and 9.5% by 2030 using baselines.
2019 as a baseline.
Waste Management Diversion rate of 17.5% by 2030. Diversion rate of 8.3%.
To achieve zero substantiated complaints Achieved zero substantiated complaints

Data Privacy & Security concerning breaches of customer privacy concerning breaches of customer privacy
and loss of customer data annually. and loss of customer data.
To achieve zero confirmed incidents of Achieved zero confirmed incidents of
Corporate Governance corruption annually. corruption.
To achieve zero work-related fatalities

Health, Safety & Security annually.
Zero work related fatalities
A minimum of 30% of positions within the Women representation on the Board at

Board of Directors to be represented by 37.5%.
women. Achieved zero substantiated complaints
Diversity, Equity & Inclusion concerning human rights violations.
To achieve zero substantiated complaints
concerning human rights violations
annually.
2023 Annual Report

(continued)
MANAGEMENT APPROACH
TO MATERIAL MATTERS
Annual fire drills are executed to familiarise all employees and tenants with evacuation
procedures in the event of an emergency.
Collaboration with Polis Diraja Malaysia (PDRM) enables us to stay updated on potential threats,
Health, Safety & facilitating our preparedness and ability to implement necessary preventive measures. Our
Security emphasis on readiness drives our efforts to consistently enhance the efficiency and effectiveness
of our security services, focusing on controls, intelligence, and training. We also undertake
preventative measures, and strategically deploy personnel, conduct routine patrols to ensure a
visible security presence, and have installed electronic security systems across our malls.
Related UNSDGs: In addition to our collaboration with PDRM, ongoing communication with various enforcement
agencies allows us to collaborate on investigations, share information, and facilitate training
sessions for enhanced preparedness and responsiveness.
Why this is important to us: Our performance:

We work hard to prioritise the health, safety and Health and safety training
security of everyone who comes into our malls 2023
including tenants, shoppers, employees, and
■■ Number of employees trained on health and safety standards 207
suppliers.
� Visitors to our malls should feel Work-related fatalities and lost-time injuries
comfortable and safe when on our
During the year, we achieved zero work related fatalities and lost-time injuries.
premises and know that we are doing
our utmost best to ensure their health, 2023 2022 2021
safety and security. By providing such
an environment, visitors are more likely ■■ Work-related fatalities - - -
to visit us again and again, while feeling ■■ Lost-time injuries -
comfortable staying for extended periods
of time. ■■ Lost-time injury rate -
� Focusing on the health, safety, and *Figures for those years were not tracked
security of people working in our malls
support the efficiency and productivity of Reported health and safety incidences in our malls
our business operations.
We had 2 reported fatalities this year. The first incident involved a patient receiving outpatient
Prioritising health, safety, and security therefore care from a clinic who was found collapsed a nd in a non-responsive state. The second incident
supports the long-term sustainability of our involved a motorcyclist involved in an accident outside our malls. Our teams promptly addressed
business. these incidents and provided assistance until the authorities arrived.
Our approach:
2023 2022 2021 2020 2019
Our Health & Safety Committee convenes
quarterly to meticulously review all health and ■■ Fatality 2 1 2 - 1
safety aspects within our malls. Incident reviews ■■ Dangerous Occurrence 0 - 2 1 4
extend to those that take place in other malls
■■ Injury 45 42 21 27 29
across Malaysia and the world. This allows our
teams better mitigate potential risks, enhance ■■ Near Misses 5 - - 2 7
our response strategies, and be better equipped ■■ Occupational Poisoning or Disease - - - - 12
to handle similar situations should they occur. All
■■ Motor Vehicle Accident or Property
complaints and health & safety incidents undergo 28 10 11 8 16
Damage
comprehensive investigation, with our teams
working proactively to ensure an appropriate IGB REIT regrets the occurrence of all adverse health and safety incidents within our malls and
resolution is found. remains steadfast in our commitment to ensuring a secure environment for our employees,
Regular safety audits, training sessions, and tenants, customers, and business partners. We will continue to track our safety performance,
inspections are conducted to uphold compliance bolster safety standards, and refine our standard operating procedures to ensure we continue to
with the Occupational Safety and Health Act, make improvements year-on-year. The health, safety and security of our community continues
and to ensure we are able to manage safety to be a priority and we will work in collaboration with our teams and authorities to ensure a safe
risks within our malls. and secure environment for everyone visiting our premises.
2023 Annual Report

(continued)
Why this is important to us:

Maintaining the ongoing satisfaction of our tenants and shoppers is critical to the long-term
Customer success of our operations.
Shoppers who are happy with their experience at our malls are not only more likely to
Satisfaction regularly visit us, but are also more likely to advocate for our malls by sharing positive
experiences and bringing their friends and families along.
Satisfied tenants are more likely to continue to renew their leases with us and work
collaboratively to bring to market new and exciting concepts and experiences.
Related UNSDGs: Customer satisfaction is therefore crucial for our long-term success, helping us build a strong
reputation in the market, driving footfall and sales, and allowing us to remain a relevant and
vibrant retail destination.
Our approach:
We are committed to enhancing the experience of our customers through the following:
Shoppers Tenants
•• Maintaining a vibrant tenant mix that •• Regular engagement with tenants to
meets the needs and wants of our identify tenants’ needs and issues faced.
shoppers. •• Enhancing operational efficiencies to
•• Elevating their shopping experience minimise disruption to tenant operations.
through interactive activities, marketing •• Collaboration with tenants to bring to
events and festive attractions. market exciting new retail concepts and
•• Prioritising customer health and safety. experiences.
•• Establishing and maintaining multiple
communication channels such as
websites, social media platforms,
customer hotlines and a mobile text
service. These will allow shoppers to
get updates on events and activities
at our malls, receive customer service
assistance, and provide feedback.
Our performance:
Our commitment to providing a safe, vibrant, and engaging customer experience has been a
key driver in our continued success and is evidenced by our ability to maintain high occupancy
rates across our mall network.
2023 Annual Report

(continued)

IGB REIT’s strong financial performance not only reflects the strength of our business, but
Economic our ability to positively impact our communities through creating jobs, supporting our tenant’s
businesses, contributing to the economic development of local communities, and investing in
Performance sustainable practices.
Our approach:
IGB REIT’s approach to economic performance centres around delivering sustainable recurring
Related UNSDGs: income in line with our value creation model through the following strategies:
Active asset management to optimise rental and occupancy rates of our properties
alongside proactive risk management.
Asset enhancement through future-proofing our properties to stay ahead of evolving trends
and attract tomorrow’s customers.
Creating exciting and engaging retail experiences in collaboration with our tenants.
Maintaining a vibrant tenant mix that meets the needs and wants of customers.
Building operational excellence to maintain a high level of efficiency and effectiveness,
keeping costs manageable and limiting disruptions.
Our performance:
This year, we achieved a total revenue of RM604.31 million and a net property income of
RM447.88 million. We have also contributed to the wealth of our stakeholders.
2023 2022 2021

RM’000 RM’000 RM’000
Economic Value Generated:

Total revenue 604,308 556,409 399,527
Interest income 5,459 7,585 8,655
Economic Value Distributed:

Operating costs 157,496 137,010 125,499
Manager’s management fees 38,853 37,162 29,155
Trustee’s fees 320 320 320
Finance costs 54,034 53,338 53,060
Distribution to unitholders 376,772 353,526 215,300
Economic Value Retained* (8,812) (17,362) (15,152)
* Mainly comprises unrealised income/loss and distribution adjustments.
2023 Annual Report

(continued)

People are critical to our continued success. They determine the experiences that our tenants and
Human Capital shoppers have when they interact with us, and collectively drive the growth of our business. How
well-equipped and competent our people are, determines our ability to navigate the dynamic and
Management increasingly competitive retail industry, and adapt to evolving trends and unforeseen challenges.
By prioritising human capital management, we work to build a competitive and future-proof
workforce, safeguarding the long-term organisational sustainability of our business.
Our approach:
Related UNSDGs:
The Service Providers continue to adhere to all local labour and employment regulations in
their management of all employees. They are further guided by the following focus areas in
cultivating a positive and healthy work environment that is open and supports continued growth
and development for employees across all functions.
Continuous Learning to Support Growth and Development
Employee skillsets are regularly assessed to determine if there are any gaps that may be
affecting their ability to perform in their current role and achieve their career development goals.
In line with this, the Service Providers provide the following to all employees:
Access to regular internal and external training courses and workshops.
A tuition reimbursement scheme as well as scholarship programmes for employees
pursuing long-term certifications.
Competitive and Attractive Compensation
The Service Providers work hard to ensure that employment packages are competitive by
benchmarking policies and strategies against our competitors. Annual year-end performance
appraisals are conducted and employees who have performed exceptionally well and whose
values embody those of the organisation, are recognised through additional bonuses, salary
increments and promotions. Benefits provided to employees include:
Employees are provided with a comprehensive benefits package which include:
Leave in the form of annual leave, unpaid leave, marriage leave, maternity and paternity
leave, compassionate leave, study and examination leave, sick / hospitalisation leave.
Health benefits in the form of medical outpatient coverage, medical specialist treatment,
dental benefits, health check-ups, Group Hospitalisation & Surgical Insurance and Group
Personal Accident Insurance schemes.
Flexible working arrangements are subject to reasonable requests.
Other benefits such as the provision of a general allowance, petrol card, business travel
claims, mobile phone subsidies, professional body membership subsidies, parking
facilities, etc.
Effective recruitment and retention of talent
The Service Providers utilise a variety of platforms to recruit talent including employment
websites, agencies, executive search consultants, and employee referrals. Candidates are
rigorously vetted by both human capital teams and hiring managers, with final approval received
from Business Unit Heads. This process ensures merit-based selections that align with role
requirements and a cultural fit, fostering a diverse and high performing talent pool. New hires
enrol in a formal onboarding programme to familiarise themselves with the organisation.
A probationary period is also required to allow both the new hire and the business unit an
opportunity to assess the fit. This period also provides time for the new hire to learn what is
required on the job and adjust to the new work environment. This process allows for a better
chance of achieving a successful long-term employment relationship.
Recognising individual growth and fostering talent development, the Service Providers also offer
internal mobility opportunities through transfers or relocations where opportunities that align with
employee skillsets become available. This not only empowers employees but also strengthens
internal talent pipelines.
Cultivating Connections through Employee Engagement
Building on two-way conversations, the Service Providers conducted an employee engagement
survey during the year. This explored employee insights on their roles, career aspirations, team
engagement, and the value of engagement initiatives. Equipped with insights from the survey,
2023 Annual Report

(continued)
the Service Providers undertook efforts to organise more diverse employee engagement initiatives and develop an internal training programme
leveraging cross-departmental expertise.
Employee engagement initiatives carried out in the year include:
Quarterly employee newsletters.
IGB REIT Monthly Birthday Bash for employees.
Health month including events like health talks and health screenings.
Financial literacy talks by financial institutions.
Employee-led activities including fitness events, rowing, and carrying out volunteer work at Zoo Negara.
Festive celebrations.
Games and sports tournaments e.g Chess, Darts, Futsal, Badminton, Bowling, etc.
Our performance:
This year, the Service Providers invested a total of 6,293 internal and external training hours across all employee categories.
Total hours of training Average training hours

Employee Category (2023) per employee (2023)
■ Senior Management 203 16.9
■ Managers & Senior Managers 732 17.0
■ Senior Executives & Assistant Managers 1,333 18.3
■ Executives 1,763 23.5
■ Non-Executives 2,262 14.8
Total 6,293 17.7
Employee turnover for 2023 ended at 9.6% and is in line with the industry turnover rate.
Total number of Turnover rate

Employee Category employee turnover (2023)
(2023)
■ Senior Management 1 8.3%
■ Managers & Senior Managers 3 7%
■ Senior Executives & Assistant Managers 4 5.5%
■ Executives 15 20%
■ Non-Executives 11 7.2%
Total 34 9.6%
2023 Annual Report

(continued)

In a technology-driven world, where everything is digitally recorded, companies have been
Data Privacy and empowered with the ability to access data like never before. This access has allowed them to
uncover insights that are able to drive product development, curate personalised experiences,
Security and anticipate trends. The growth of the digital space however, has also resulted in elevated
concerns about the privacy of data collected. IGB REIT understands the importance of
safeguarding data and works to prioritise data protection through having strong data privacy
and security practices. This not only allows us to prevent breaches but also lessen their impact
Related UNSDGs: should they occur, thereby safeguarding information and intellectual property for all stakeholders.
Our approach:
As a subsidiary of IGB Berhad, IGB REIT has adopted the following policies:
IGB Group Cybersecurity Policy.
IGB Group IT Acceptable Use Policy.
IGB Group’s Data Governance and Data Privacy Policies.
The IGB Group Cybersecurity Policy is aligned with the international standard ISO 27001:2013
and the Malaysian standard MS ISO/IEC 27002:2013. This forms the basis of our approach
towards cybersecurity, asset management, communications and operations, access control,
systems acquisition and development, and incident management, amongst others.
The IGB Group IT Acceptable Use Policy serves as a guideline for effective and positive use
of IT and network facilities by employees. It also aids employees by promoting awareness and
good practices, which mitigates cybersecurity threats whilst shielding our organisation from
potential liability.
Our data governance and data privacy policies serve as a framework for how we collect, store,
manage and use the data we collect through our services and are aligned with the Personal
Data Protection Act 2010 (PDPA). We therefore work hard to ensure that all data collected is
done through lawful means, and that we are transparent about how data is gathered, used, and
secured to ensure consistency and efficiency in our data management.
As cyber threats evolve, we will need to adjust our cybersecurity approach. Some of the
measures we have implemented include:
Cybersecurity Posture Assessments.
Privilege Access Management software for our key systems.
Endpoint protection with data loss prevention.
Web application firewalls.
Log management systems.
Disaster recovery cold-sites with regular backup of key data.
Partitioned networks for key systems and closed-circuit televisions and cameras (CCTV).
Regular cybersecurity education for employees through an in-house learning platform and
email communications on cyber threats and best practices.
Internal social engineering exercises to create awareness among employees.
In 2023, we embarked on a substantial upgrade of our key financial enterprise resource planning
(ERP) software which allows us to not only maximise our resources but also ensure that our
system and applications are readily available with limited downtime, improving our organisation’s
defences.
Our performance:
As of 31st December 2023, there were zero substantiated complaints concerning breaches in
customer privacy or data loss.
2023
■■ Number of substantiated complaints concerning breaches in customer
-
privacy and losses of customer data.
2023 Annual Report

(continued)

We firmly believe that strong corporate governance forms the bedrock of long-term success.
Corporate Governance fosters effective and prudent management by setting clear expectations, promoting
transparency, and ensuring accountability. These attributes are essential for navigating the
Governance complex challenges of today’s business environment, particularly those related to sustainability.
By embedding good governance principles into our operations, we empower our Board and
leadership to make responsible decisions that benefit not only our business but also society and
the environment as a whole.
Related UNSDGs: Our approach:
We strive to maintain and uphold the highest standards of corporate conduct through a proactive
approach that adopts the following:
Directors Code of Business Conduct and Ethics with core concepts of conducting business
that is premised on transparency, integrity and accountability.
IGB Group’s Anti-Bribery and Corruption (ABAC) Policy which is wholly aligned with the
Malaysian Anti-Corruption Commission Act 2009.
IGB Group’s Whistleblowing Policy and Procedures which provides a framework that allows
employees and stakeholders to disclose or report serious or illegal acts in relation to our
business activities in a safe and secure manner. The framework also sets out procedures
for investigations into all disclosures or reports received.
IGB REIT further adopts a zero-tolerance approach towards any and all forms of bribery and
corruption. Any employee found to have violated the ABAC Policy, or who has been found to be
involved in other stipulated acts of bribery and corruption, shall be subject to strict disciplinary
procedures which may result in permanent work termination alongside other required legal
proceedings. Tenancy agreements involving IGB REIT include a clause that tenants must
observe and comply with the provisions of the Malaysian Anti-Corruption Act 2009.
As part of the Service Providers’ onboarding process, an introduction to the ABAC Policy
together with a training module is provided to all new employees.
For a full view of our governance efforts, please refer to the Corporate Governance Overview
Statement of this report.
Our performance:
Corruption risk assessment

This year we have undertaken a corruption risk assessment that covers all 2023
of our operations.
■■ Percentage of operations that underwent corruption risk assessments 100%
Corruption-related training
This year, 83% of employees have completed corruption-related training. The remaining
employees will receive similar training in 2024.
Completion rate (%)
Employee Category
2023
■ Senior Management 100%
■ Managers & Senior Managers 100%
■ Senior Executives & Assistant Managers 89%
■ Executives 87%
■ Non-Executives 71%
Total 83%
Corruption incidents
2023
There were zero incidents of corruption in 2023.
■■ Incidents of corruption -
2023 Annual Report

(continued)

The impact of climate change is irreversible and increasing. As a responsible corporate entity,
we recognise the important role that we play in doing our part to reduce the impact that we have
Climate Change on our planet. As societal expectations have evolved, there is a greater urgency for companies
to embrace opportunities that support the shift towards a low carbon economy. As such, it is
important that we remain committed to exploring opportunities to reduce our carbon footprint and
implement initiatives that positively impact our community and environment. By doing so, we are
building resilience against regulatory shifts and market demand, while securing our long-term
Related UNSDGs: continuity as a business.
Our approach:
The IGB Group Sustainability Policy guides us in effectively managing and minimising the
adverse environmental impacts arising from our business operations. We continually review
our operations, looking for opportunities to increase efficiency and reduce consumption. Several
initiatives have already been implemented including:
Tracking and monitoring energy consumption. Any unusual deviations are promptly
investigated and addressed.
Regular engagement with external consultants to drive efficiency in our malls’ M&E
systems.
The use of energy-efficient escalators. These escalators are able to regulate speed based
on shopper traffic and conserve energy during periods of low usage. Additionally, the
standby modes feature allows for enhanced energy savings.
In 2023, we undertook the following key initiatives to improve our energy use:
Mid Valley Megamall
Key Initiatives Description
Chiller Replacement •• A 2000 RTon highly efficient chiller has been

replaced. It brings considerable system efficiency
improvements with monthly savings of approximately
230,000 kWh and a reduction of 500kW in Maximum
Demand.
Cooling Tower and Piping •• 2 Cooling Towers out of 6 have been replaced with
Replacement an ongoing process planned for the remaining 4.
Upgrading of LED Lighting •• Enhancement of GF and L1 common area lighting

to LED which has lower energy consumption and
higher lumens rating.
Management of the emission of greenhouse gases (GHG) is a core component of addressing
climate change. It is a crucial ESG concern for IGB REIT and one that we have taken steps
to improve. In 2023, we started tracking and monitoring carbon emissions generated by our
business operations. We currently track:
Scope 1 emissions which primarily arise from company vehicles, fuel combustion and
fugitive emissions.
Scope 2 emissions which include purchased electricity.
Scope 3 emissions, which include employee commute, business travel, waste generated
in operations, district cooling and downstream leased assets.
In July , we have started a pilot version of our Sustainable Commuting Programme for employees
which has helped us avoid 1.3 tonnes of CO2.
Additionally, we actively support the nation’s goal of achieving carbon neutrality by 2050 and will
be looking into developing net-zero plans in 2024, setting targets to curtail carbon emissions. As
we prioritise sustainability, stakeholder engagement will be crucial as we work towards reducing
carbon emissions.
2023 Annual Report

(continued)
Our Performance:
Energy Consumption
Annual Energy Consumption

60,000
TGM MVM
66,927
50,000
60,000
('000 MWh)('000 MWh)
55,280 57,075 TGM 59,451

MVM
66,927 40,000
42% 45,466 50,000
45%
59,451
Energy Consumption
43% 44%
57,075
55,280 30,000
42% 44%
40,000
45,466
45% 20,000
Energy Consumption
43% 44%
30,000
58% 44%
57% 56% 55%
56% 10,000
20,000
58%
57% 56% 55% -
2019 2020 56%
2021 2022 2023 10,000
* 2019-2022 data restated for accuracy.
-
2019
In 2023, we started work to 2020
understand the full efficiency of our assets2021 2022
by tracking our malls’ 2023(EUI) (kWh/m2/year). We have set
Energy Usage Intensity
an EUI reduction target of 5.8% by 2025 and 9.5% by 2030 from our 2019 baselines.
400
EUI (kWh/m2/yr) 345.93 60,0
350 333.01
320.33
60,000 400 50,0
345.93
286.07 52,422
300 40,0
60,0
50,000 350 333.01
320.33
241.16 30,0
50,0
250 286.07
40,000 300 20,0
40,0
34,779
200 241.16 10,0
30,0
250
30,000 20,0
150
200 2019 2020 2021 2022 2023 10,0
20,000
150 Combined
10,000 2019 2020 2021 2022 2023
2,562
Combined
-
The increased energy consumption Carbon
and EUI Emissions
in 2023 from the previous year are reflective of the increased footfall within our malls as the economy
returned to pre-Covid levels. However, overall energy consumed remained lower than our 2019 baselines.
Scope 1 Scope 2 Scope 3
Carbon Emissions
2023 Carbon Emissions (tCO2e)
60,000 Note:
52,422
1. Our calculation methodology is based on the GHG Protocol
50,000
Corporate Accounting and Reporting Standard using the
40,000 34,779 operational control consolidation approach.
30,000 2. Scope 1 and Scope 3 emission factors are sourced from the
GHG Conversion Factors for Company Reporting version 1.1
20,000 (2023), published by the UK Department for Environment, Food
& Rural Affairs (DEFRA)
10,000
2,562 3. Scope 2 emission factors for electricity grids in Peninsular
- Malaysia, Sabah and Sarawak are sourced from the 2017 CDM
Carbon Emissions Electricity Baseline for Malaysia published by Malaysian Green
Scope 1 Scope 2 Scope 3 Technology and Climate Change Corporation (MGTC).
2023 Annual Report

(continued)
Recognising and respecting the legal and customary rights of local communities and
indigenous people, as well as the need to protect the basic human rights of marginalised
groups, including refugees.
Diversity, Equity
These commitments are also enshrined in the Service Provider’s Professional Code of Conducts
and Inclusion and Business Ethics which applies to all employees.
Our commitment towards diversity, equity and inclusion in the workplace is also evidenced by
gender representation on our Board and in leadership roles with women representing a minimum
of 30% of positions on our Board and Management. We have further set a target to continue to
Related UNSDGs: maintain a minimum of 30% of women representation on our Board going forward.
Our properties are also designed to be friendly to persons with disabilities. Ramps are available
at our mall entrances, accessible parking is available for the handicapped, and mobility devices
are provided at our Information Counters.

Our performance:
At IGB REIT, we firmly believe that fostering a
diverse, equitable, and inclusive workplace is Board diversity
not just the right thing to do, but also crucial for
our long-term success. By growing a diverse Age % 2023
workforce, we are able to tap on a wide range of ■■ 30-50 25% 62% 38%
62% gender 38%
talents and perspectives, and unlock a wealth of ■■ Above 50 75%
knowledge, experience, and ideas. These then
fuel innovation, drive creativity, and strengthen
male female
our decision-making. male female
Ensuring fairness and equity in all aspects of Workforce diversity

our operations is important in promoting an
Executives and Senior Management
open, transparent and tight-knit culture. It is
important that we provide equal opportunities Age % 2023
for our people to grow and thrive, regardless of ■62%
■ Below 30 19% 51% 49% 76%
who they are. 38% 51% 49% 76%
■■ 30 - 40 28% gender
Our approach: ■■ 40 - 50 33%

male female male
Guided by the IGB Group Sustainability Policy, male■■ Above 50 20%
female
male female male
IGB REIT is committed to the following:
Being an equal opportunity employer, Non-Executives
which extends to the Service Providers.
Age % 2023
Ensuring no form of discrimination against
our employees on the basis of age, ■■ Below 30 29%
51% 49% 76% 24%
disability, ethnicity, family or marital status, ■■ 30 - 40 31% gender
gender identity or expression, language, ■■ 40 - 50 21%

national origin, physical and mental
ability, political affiliation, race, religion, ■■ Above 50
male
19%
female male female
sexual orientation, socio-economic status,
and other characteristics that make our
employees unique.
Employee Composition
Operating in full compliance with % (2023)
Total employees of the Manager and Service Providers of 355 in 2023.
applicable wage, work hours, overtime
and benefits laws. ■■ Permanent 99.2%
Zero tolerance for any form of harassment
■■ Contractors or temporary staff 0.8%
and abuse including physical, sexual,
psychological or verbal.
Ensuring that no children are employed
directly by the Service Providers or our Human Rights Violations % (2023)
contractors.
■■ Number of substantiated complaints concerning human rights violations. -
Ensuring that all our operations are free
of forced labour, human trafficking and
modern slavery. * All references to employees are in relation to employees of the Manager and Service Providers
2023 Annual Report

(continued)
This year, we installed a further 4 rainwater harvesting tanks, 2 each at Mid Valley Megamall
(MVM) and The Gardens Mall (TGM), bringing the total number of tanks on our premises to 6.
Each tank has a capacity of 10,000 litres. The water collected through our rainwater harvesting
Water tanks is used to meet our landscaping needs. This initiative has allowed us to save 2,019m3 in
water usage in 2023.
Management
Our current water storage systems are able to sustain our malls for 1.5 days in the event of a
disruption in supply from the municipal water provider. We also have in place agreements with
the providers for additional water where required. Our approach has allowed us to adequately
Related UNSDGs: manage water disruptions in the past.
4,993 Looking ahead, we remain focused on finding new approaches to reduce our overall water usage.
4,993 We will continue to implement more efficient water management fixtures and infrastructure and
3,870
monitor our water consumption, ensuring that all instances of notable increases in usage are
3,870 thoroughly investigated.
Our performance:
The growing challenge of water scarcity is
compounded by various factors including Annual Water Consumption
climate change, poor water management, and
MVM TGM Total
2022 contamination.
2023 Effective management of this
invaluable resource has become critical for MVM TGM Total
2022 2023 striving for sustainable growth. 731 719
businesses 689
461 Effective water management strategies can 731 719
help429
companies optimise their water usage, 557 689
Consumption
461 reduce 456

429 operational costs, and enhance 421 557 409
Consumption
m3) m )
overall efficiency. Additionally, effective water

3
456 364
324 326 409 310
421 310
('000('000
management practices enable companies to 257

build resilience in the face of climate change 232 199 364
310 324 326
WaterWater
310
and other operational uncertainties and work 232 257
199
to mitigate risks posed by water scarcity. By
working to conserve this vital resource, we hope
to foster environmental stewardship, fortify our 2019 2020 2021 2022 2023
2022 2023 resilience, and secure our long-term
operational 2019
This year, overall 2020increased as2021
water consumption year before. This 2023
compared to the 2022 was due
2022 sustainability.
2023
to the increase in footfall as shoppers returned post-covid.
Our20
approach:
Guided by the IGB Group Sustainability Policy, Annual Rainwater Collection
20 is committed to adopting a practical
IGB REIT
approach to water management. We seek to 2023 2,019
improve water efficiency and promote water 2023 2,019
conservation within our business.
2022 1,439
3 We have put in place robust measures to bolster
water security across our malls to mitigate 2022 1,439
3
2022 water-related
2023 risks which may cause disruptions 2021 1,613
to our operations. Such disruptions can impact 2021
2022 2023 1,613
tenant and shopper satisfaction and the long- Rainwater Harvested (m3)
10.7% term sustainability of our business. Through the
years, we have undertaken initiatives to support Rainwater Harvested (m3)
10.7% 8.3% water management. Some notable
effective
initiatives are set out below.
8.3%
Usage of water efficient fittings and
flushing systems to reduce water usage.
Review of piping to reduce leakages
throughout our water system networks.
Recycled water from our chillers is used to
2022 2023
water plants and wash common areas.
2022 2023
Installation of water harvesting systems to
harvest rainfall.
Water audits to address any unaccounted
water consumption.
2023 Annual Report

(continued)

IGB REIT is committed to building community as we believe that by doing so, we can collectively
Community and work towards outcomes that are beneficial to all. By working to understand the needs of our local
communities, we are able to contribute to strengthening them, which then creates opportunities
Society for growth. Through this, we can continue to support one another and cultivate a symbiotic
relationship that positively impacts the community and supports a sustainable future for all.
Our approach:
Related UNSDGs: We engage and support our local communities and charitable organisations through the following:
Direct contributions by IGB REIT in the form of monetary and non-monetary donations,
rental fee waivers and employee volunteerism.
Collaborations with our tenants to promote local communities and charitable organisations.
Opening up opportunities for our shoppers to support these local communities and
charitable organisations through donation booths and showcased merchandising.
This approach allows us to integrate community support into our business strategies thereby
creating long-lasting relationships with our communities.
Our Performance
In 2023, our direct contributions amounted to RM974,856 impacting 3,946 beneficiaries.
Additionally, our initiatives also helped to collect a total of 23,977 bags of blood which were
channelled to Pusat Darah Negara (PDN).
2023 2022 2021

■■ Total amount invested in the community
where the target beneficiaries are external to 974,856 617,314 650,573
the listed issuer (RM)
■■ Total number of beneficiaries of the
3,946
investment in communities
*Figures for those years were not tracked
Full Year Rental Waivers by Mid Valley Megamall

The following rental waivers were provided for the full 12 months in 2023:
Name of Organisation Amount
■■ Pusat Darah Negara – Donation Suite RM16,013 per month
■■ Kedai BLESS RM13,365 per month
■■ OKU Dobi Sdn Bhd RM7,759 per month
■■ MAB Shoppe RM8,791 per month
Initiatives undertaken in 2023 include:
Mid Valley Megamall

Ti-Ratana children’s homes (July 2023)
Beneficiaries: 60 Children from Ti-Ratana Children’s Homes.
Contribution: RM75,000 in donations.
Presenting the cheque to a representative of Ti-Ratana Children and representatives of the Ti-Ratana
Children’s Home. Children’s Home.
Following the cancellation of the MySchoolBus programme in February 2023, the children
under the care of 3 Ti-Ratana children’s homes had to be sent to school with vans allocated
for children and senior citizens. MVM’s financial contribution of RM75,000 supported the
acquisition of a minimum 44-seater bus for the 60 children who attend school.
2023 Annual Report

(continued)
TSM Blood Donation at Centre Court, Ground Floor (February 2023) iHeal Jom Sihat event at Centre Court, Ground Floor (March 2023)
Beneficiaries: Recipients through the National Blood Centre. Beneficiaries: 1,000 shoppers.
Contribution: RM24,920 in rental waivers. Contribution: RM 26,725 in rental waivers.
The TSM Charity Golf Foundation’s blood donation drive was officiated by
YB Tan Sri Dato’ HJ Muhyiddin Bin Mohd Yassin, former Prime Minister and
Chairman, TSM Charity Gold Foundation.
Members of the public donating blood

at the TSM Charity Golf Foundation’s
blood donation drive. iHeal Jom Sihat event at Centre Court, Ground Floor, MVM.
MVM collaborated with the TSM Charity Golf Foundation to strengthen The event was held to raise public awareness on the importance of
and promote the voluntary blood donor programme. The blood donation community action to fight disease and promote a healthy lifestyle. To
drives helped the National Blood Center (PDN) maintain blood supply support the event, MVM waived a total of RM26,725 in promotion space
for medical emergencies, especially blood transfusions for those in rental. The event successfully provided free glucose and BMI tests,
need. To support the efforts of the TSM Charity Golf Foundation, MVM blood group tests, and basic heart screenings. It also helped to raise
waived a total of RM24,920 in promotion space rental. awareness about the importance of leading a healthier lifestyle to more
than 1,000 patrons.
Hari Raya 2023: Gift-with-Purchase, Batu Seremban Surin International School Field Trip
(March – May 2023) Beneficiaries: 7 Children from Surin International School.
Beneficiaries: 27 individuals in total through Persatuan Wanita & Ibu Contribution: N/A
Tunggal WITUS and Persatuan Pembangunan Jayadiri.
Contribution: RM 28,500 in purchases.
Students from Surin International School learning about the retail industry
through hands-on experiences.
Batu Seremban sets from Persatuan

Wanita & Ibu Tunggal WITUS and Per-
satuan Pembangunan Jayadiri were
given away as part of MVM’s GWP
campaign.
Students from Surin International School.

In our ongoing efforts to support local communities, MVM purchased MVM collaborated with Surin International School to organise a school
handmade Batu Seremban sets as their Gift-with-Purchase (GWP) item field trip to the mall for high functioning autistic students. The students
from the following organisations: had the opportunity to learn about the retail industry through a sharing
•• Persatuan Wanita & Ibu Tunggal WITUS: we supported 20 single session, and were also connected to selected tenants, - Uniqlo, Sasa,
mothers and channelled a total of RM21,000 in sales back to the Tealive, Mr D.I.Y, mynews.com, Nike, Watson’s, Typo, Supreme Bowl,
organisation. Pets Wonderland, Comics Mart, GSC, Zus Coffee, Muji and Baskin
Robbins - for future internship opportunities.
•• Persatuan Pembangunan Jayadiri: we supported 7 disabled persons,
channelling a total of RM7,500 of sales back to the organisation.
2023 Annual Report

(continued)
The Gardens Mall

Beautiful Gate Foundation for the Disabled during CNY period Beautiful Gate Foundation for the Disabled during Christmas period
(January – February 2023) (November – December 2023)
Beneficiaries: 20 individuals through the Beautiful Gate Foundation. Beneficiaries: 30 individuals through the Beautiful Gate Foundation.
Contribution: RM10,000 in donations and RM39,900 in rent waiver. Contribution: RM10,000 in donations and RM81,900 in rent waiver.
TGM donated RM10,000 to support Shoppers could donate money or TGM collaborated with the Beautiful TGM’s Gardensville postal service post
the Beautiful Gate Foundation. purchase merchandise to support the Gate Foundation and donated boxes.
Beautiful Gate Foundation. RM10,000 to support the organisation.
The Beautiful Gate Foundation assists persons with disabilities through TGM teamed up with the Beautiful Gate Foundation for its Christmas
the provision of welfare & care, holistic & life skills development, basic campaign titled “Christmas in Gardensville”. TGM set up a mini post
education, vocational skills, employment services, transport services, office complete with Gardensville Postal Service post boxes. Volunteers
and advocacy & awareness across their 9 locations across the country. from the Beautiful Gate Foundation were stationed at the Gardensville
In 2023, TGM donated RM10,000 which was used to help the Beautiful Post Office from 24 Nov 2023 - 1 Jan 2024 to help and engage with
Gate Foundation provide 2 months of training to 20 disabled persons. shoppers as they mailed their exclusive Gardensville postcards.
The on-ground kiosk also provided disabled residents an opportunity Shoppers received a postcard for every RM5 donation they made.
to work and interact with shoppers who wished to purchase their TGM arranged for postcards to be mailed to the various domestic and
merchandise. This helped to increase awareness of the foundation in international addresses as required. TGM also donated RM10,000 to the
the community. In addition to purchasing merchandise, shoppers could Beautiful Gate Foundation.
make a donation to support the organisation. At the end of the campaign, a total of RM23,090.58 was raised through
donations received from shoppers through the Gardensville postcards
initiative. This was in addition to the RM10,000 donated by TGM.
Centre for Orang Asli Concerns during Hari Raya period (April 2023)
Beneficiaries: The Jahai Community in Kampung Kelab located in the interior of Perak.
Contribution: RM10,000 in donations and RM54,500 in rent waiver.
In support of the country’s indigenous people, TGM

teamed up with the Center for Orang Asli Concerns
(COAC) during Hari Raya. Shoppers made
contactless donations directly to the organisation
via a DuitNow QR code displayed on the COAC info
board located at the North Palm of the mall.
TGM donated RM10,000, which was used by COAC

to support the various needs of the Jahai community
in Kampung Kelab in the interior of Perak. This
included stationery and morning meals for the
children at the community learning centre, as well
as teacher allowances. The funds were also used
to buy vegetable seeds and farming tools for their
community plot. The balance was used for general
food aid, as well as the repair of 3 motorcycles, their
only mode of transport through 25km of logging
roads to the main road, and a further 40km to the
TGM donated RM10,000 to support the Center for Orang Shoppers could make contactless donations directly nearest town.
Asli Concerns. to the Center for Orang Asli Concerns via DuitNow.
2023 Annual Report

(continued)
to produce 1.6 to 1.8 tonnes of compost

monthly, which we use for landscaping
purposes across our malls. Construction of
Waste a new food waste recycling room was also
Management completed in the year to support MVM and
TGM’s food waste recycling program.
Related UNSDGs: *MVM and TGM’s food recycling room.
Our performance:
Annual Volume of Waste Disposed
Why this is important to us: 4,993
4,993
Disposed
4,192 4,993
4,993
Human beings continue to create increasing 3,870
Disposed
4,192
Disposed
4,192 3,422
Disposed
amounts of waste each year, contributing to the 4,192 3,870

3,870
worsening of the climate crisis and negatively 3,422
3,422 3,870
2,492
(tonnes)
3,422
of Waste
impacting the wildlife population, as well as 2,492

(tonnes)
Waste
2,492
(tonnes)
Waste
2,492
(tonnes)
Waste
public health. Proper waste management

not only supports the sustainability of the
Volume
ofofof
environment, it can also positively impact

Volume
Volume
Volume
businesses. Implementing proper waste 2019 2020 2021 2022 2023

management strategies can help businesses 2019 2020 2021 2022 2023
2019
2019 2020
2020 2021
2021 2022
2022 2023
2023
reduce costs, improve operational efficiency,
Annual Volume of Recyclable Materials Collected
bolster your reputation in an environment 461
Materials
where companies and consumers alike are 429 461 429

Materials
461
Materials
increasingly valuing sustainable practices, 429

429 461 429
429
Materials
429 345 429

(tonnes)
and pave the way for long-term environmental 345

(tonnes)
of Recyclable
345
(tonnes)
345
(tonnes)
sustainability.
Recyclable
Recyclable
207
Recyclable
Collected
Our approach: 207

207
Collected
Collected
207
Collected
Our actions are guided by the Group’s

Volume
ofofof
Sustainability Policy in managing our waste

Volume
Volume
in accordance with applicable regulatory

Volume
requirements and other commitments made by 2019 2020 2021 2022 2023
the Group. We are committed to reduce, reuse, 2019
2019 2020
2020 2021
2021 2022
2022 2023
2023
2019 2020 2021 2022 2023
recycle and dispose waste in an environmentally Annual Volume of Food Waste Composted
responsible way.
20
Waste
(tonnes)
Some of our key initiatives currently 20

20
Waste
Waste
20
(tonnes)
Waste
(tonnes)
implemented at our malls include:

(tonnes)
of Food
Recycling bins placed in our malls.

Food
Composted
Food
Food
Composted
Composted
Food composting initiative which composts

Composted
Volume
ofofof
food waste collected from tenants. 4

Volume
3 3
Volume
Volume
44 1 33
Educating tenants on the importance 4 33
3 11 3
of segregating waste into compostable, 2019 2020 1
2021 2022 2023
recyclable and non-recyclable waste at 2019
2019 2020
2020 2021
2021 2022
2022 2023
2023
the source to increase the efficiency of our 2019 2020 2021 2022 2023
waste diversion efforts. Annual Waste Diversion Rate 10.7%
9.4% 10.7%
Rate
Installing grease traps at dedicated 9.2% 10.7%

9.4% 10.7% 8.3%
Rate
drainage outlets to ensure that pollutants 9.4% 9.2% 7.7%

Rate
9.4% 9.2%
Rate
8.3%
Diverision
are dealt with in a responsible manner 9.2% 7.7% 8.3%

7.7% 8.3%
Diverision
7.7%
Diverision
instead of being released into the

Diverision
sewerage system.
Waste
In 2023, we invested in a larger composting

Waste
Waste
Waste
machine which has allowed us to boost our

food waste composting efforts from a monthly
2019 2020 2021 2022 2023
average of 200 kg to 2,000 kg. We are now able 2019 2020 2021 2022 2023
2019
2019 2020
2020 2021
2021 2022
2022 2023
2023
2023 Annual Report

(continued)

At IGB REIT, we view the supply chain as a strategic asset, not just a logistical necessity.
Supply Chain Proper supply chain management supports operational efficiency, ensures cost-effectiveness,
and mitigates potential risks. We prioritise building resilient partnerships with local businesses,
Management not only for economic benefit but also to minimise our environmental footprint and support
the communities in which we operate. Just as importantly, our commitment to good corporate
governance extends to our suppliers, with strict adherence to regulatory requirements.
Related UNSDGs:
Our approach:
In ensuring a fair and transparent procurement practice, our procurement processes adhere to
an open and accountable system as follows:
1. Supplier registration and pre-qualification eligibility.
2. Supplier pricing and competencies evaluation.
3. Contract tender and award.
4. Annual performance review (or at end-of-project/contract).
In ensuring responsible business practices across our supply chains, our suppliers are required
to adhere to all laws and regulations. These include those relating to health and safety,
environmental control, human resource management, corruption, money laundering, and
human rights, amongst others.
In 2023, we introduced an ESG questionnaire for all new registrants and existing suppliers with
the intention to include this in our supplier pre-qualification and evaluations.
Our performance:
In 2023, 99.91% of our supplier procurement was spent on local suppliers, reinforcing our
commitment to positively contributing to the local community.
2023
■■ Proportion of spending on local suppliers. 99.91%
2023 Annual Report

(continued)
2023 Performance Data Table for IGB REIT

Indicator Measurement Unit 2021 2022 2023
Health, Safety & Security

Bursa C5(a) Number of work-related fatalities Number 0 0 0
Bursa C5(b) Lost time incident rate ("LTIR") Rate - - 0.00
Bursa C5(c) Number of employees trained on health and Number - - 207
safety standards
Economic Performance
Economic Value Generated MYR 408,182,000 563,994,000 609,767,000
Economic Value Distributed MYR 423,334,000 581,356,000 627,475,000
Human Capital Management
Bursa C6(a) Total hours of training by employee category
Senior Management Hours - - 203
Managers & Senior Managers Hours - - 732
Senior Executives & Assistant Managers Hours - - 1,333
Executives Hours - - 1,763
Non-Executives Hours - - 2,262
Bursa C6(c) Total number of employee turnover by employee
category
Senior Management Number - - 1
Managers & Senior Managers Number - - 3
Senior Executives & Assistant Managers Number - - 4
Executives Number - - 15
Non-Executives Number - - 11
Data Privacy & Security
Bursa C8(a) Number of substantiated complaints concerning Number - - 0
breaches of customer privacy and losses of customer data
Corporate Governance
Bursa C1(a) Percentage of employees who have received
training on anti-corruption by employee category
Senior Management Percentage - - 100.00
Managers & Senior Managers Percentage - - 100.00
Senior Executives & Assistant Managers Percentage - - 89.00
Executives Percentage - - 87.00
Non-Executives Percentage - - 71.00
Bursa C1(b) Percentage of operations assessed for Percentage - - 100.00
corruption-related risks
Bursa C1(c) Confirmed incidents of corruption and action taken Number - - 0
Internal assurance External assurance No assurance (*)Restated
2023 Annual Report

(continued)
Climate Change
Bursa C4(a) Total energy consumption Megawatt1 45,465.81 57,074.68 59,450.74
Bursa C11(a) Scope 1 emissions in tonnes of CO2e Metric tonnes - - 2,562.00
Bursa C11(b) Scope 2 emissions in tonnes of CO2e Metric tonnes - - 34,779.00
Bursa C11(c) Scope 3 emissions in tonnes of CO2e (at least Metric tonnes - - 52,422.00
for the categories of business travel and employee commuting)
Diversity, Equity & Inclusion
Bursa C3(a) Percentage of employees by gender and age group,
for each employee category
Age Group by Employee Category
Executives and Senior Management Below 30 Percentage - - 18.70
Executives and Senior Management 30 - 40 Percentage - - 28.10
Executives and Senior Management 40 - 50 Percentage - - 33.50
Executives and Senior Management Above 50 Percentage - - 19.70
Non-Executives Below 30 Percentage - - 29.40
Non-Executives 30 - 40 Percentage - - 30.70
Non-Executives 40 - 50 Percentage - - 20.90
Non-Executives Above 50 Percentage - - 19.00
Gender Group by Employee Category
Executives and Senior Management Male Percentage - - 51.20
Executives and Senior Management Female Percentage - - 48.80
Non-Executives Male Percentage - - 75.80
Non-Executives Female Percentage - - 24.20
Bursa C3(b) Percentage of directors by gender and age group
Male Percentage - - 62.50
Female Percentage - - 37.50
30 - 50 Percentage - - 25.00
Above 50 Percentage - - 75.00
Bursa C6(b) Percentage of employees that are contractors or Percentage - - 0.80
temporary staff
Bursa C6(d) Number of substantiated complaints concerning Number - - 0
human rights violations
2023 Annual Report

(continued)
Water Management
Bursa C9(a) Total volume of water used Megalitres 456.000000 689.000000 718.973000
Community / Society
Bursa C2(a) Total amount invested in the community where the MYR 650,573.00 617,314.00 974,856.00
target beneficiaries are external to the listed issuer
Bursa C2(b) Total number of beneficiaries of the investment in Number - - 3,946
communities
Waste Management
Bursa C10(a) Total waste generated Metric tonnes 2,700.00 4334.00 5,442.00
Bursa C10(a)(i) Total waste diverted from disposal Metric tonnes 208.00 464.00 449.00
Bursa C10(a)(ii) Total waste directed to disposal Metric tonnes 2,492.00 3,870.00 4,993.00
Supply Chain Management
Bursa C7(a) Proportion of spending on local suppliers Percentage - - 99.91
1
Megawatt-hours
2023 Annual Report

(continued)
Statement of Assurance
Internal Review Assurance Statement to the Board of Directors (Board) of IGB REIT Management Sdn Bhd (the Manager)
The Audit Committee of the Manager has requested Group Internal Audit of IGB Berhad, being the outsourced internal audit function of IGB REIT, to
perform an internal review on selected subject matters contained in the Sustainability Statement of the 2023 Annual Report (SS2023).
Scope of Work
The scope of the internal review was limited to selected subject matters (Subject Matter) presented in the SS2023 and did not include coverage of
data sets nor information unrelated to the data and information underlying the Subject Matter and related disclosures; nor did it include information
reported outside of the SS2023, comparisons against historical data, or management’s forward-looking statements.
The scope of work covered the data and information from the operations of:
a) Mid Valley Megamall
b) The Gardens Mall
Subject Matters
The subject matters covered by the internal review include the following indicators:
Material Matters Subject Matter

Health, Safety & Security •• Number of work-related fatalities.
•• Lost time incident rate.
•• Number of employees trained on health and safety standards.
Human Capital Management •• Total hours of training by employee category.

•• Total number of employee turnover by employee category.
Data Privacy & Security •• Number of substantiated complaints concerning breaches of customer privacy and losses of customer data.
Corporate Governance •• Percentage of employees who have received training on anti-corruption by employee category.
•• Percentage of operations assessed for corruption-related risks.
•• Confirmed incidents of corruption and action taken.
Climate Change •• Total energy consumption.
Diversity, Equity & Inclusion •• Percentage of employees by gender and age group, for each employee category.
•• Percentage of directors by gender and age group.
•• Percentage of employees that are contractors or temporary staff.
•• Number of substantiated complaints concerning human rights violations.
Water Management •• Total volume of water used.
Community / Society •• Total amount invested in the community where the target beneficiaries are external to the listed issuer.
•• Total number of beneficiaries of the investment in communities.
Supply Chain Management •• Proportion of spending on local suppliers.
In preparing the Subject Matter mentioned above, the Manager applied the following criteria:
•• Bursa Malaysia’s Sustainability Reporting Guide.
•• IGB REIT’s relevant policies and procedures.
Description of procedures performed
Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not provide all the evidence that would
be required to provide a reasonable level of assurance.
•• Gaining an understanding of IGB REIT's business, internal processes, and approach to sustainability;
•• Conducting interviews with key personnel and collating evidence to understand IGB REIT's process for reporting of performance indicators;
2023 Annual Report

(continued)
•• Conducting limited assurance procedures over the selected Subject Matter including.
»» Undertaking analytical procedures to support the reasonableness of the data.
»» Checking that the calculation as per the methodologies for the Subject Matter has been applied consistently.
»» Identifying and testing assumptions supporting calculations.
»» Testing, on a sample basis, underlying source information to check accuracy of the data.
»» Performing recalculation of performance indicators using input data.
»» Checking that measurements made at the end of the reporting period are entered in the records and in the sustainability statement in a timely
manner.
We also performed such other procedures as we considered necessary in the circumstances.
Other Matters
Information relating to prior reporting periods has not been subject to assurance procedures. Our limited review does not extend to any disclosures or
assertions relating to future performance plans and/or strategies disclosed in the SS2023. Our Statement of Assurance is limited to the subject matter
disclosed in the SS2023 as approved by the Board. We do not accept responsibility for any subsequent changes to the Subject Matter and related
disclosures.
Conclusion
Based on the procedures performed and the evidence obtained from The Manager of IGB REIT, nothing has come to our attention that causes us to
believe that the Subject Matter as presented in the SS2023 have not been prepared and presented fairly, in all material respects, in accordance with
the defined Criteria.
Restriction of use
Our report is intended solely for the Board and should not be used by any other parties. We do not accept or assume liability to any party other than the
Board, for our work, for this report or for the conclusion we have reached.
We agree to the publication of this assurance statement in SS2023, provided it is clearly understood by the Unitholders that they enjoy such receipt for
information only and that we accept no duty of care to them whatsoever in respect of this report.
Group Internal Audit

IGB Berhad
23 February 2024
2023 Annual Report

66 IGB REIT | Leadership
Profile of Directors
Date of Appointment 21 March 2012

Profile Summary On 1 January 2024, Dato’ Seri Robert Tan Chung Meng (“DSRT”) was made
Non-Independent Non-Executive Chairman. In March 2012, when IGB REIT
Management Sdn Bhd was incorporated, Dato’ Seri Robert Tan was appointed
Managing Director, a post in which he has served for 10 years before being
redesignated to NINED between the period 1 January 2023 to 31 December 2023.
Dato’ Seri Robert Tan, who has been on the Board of IGB Berhad (“IGB”) Group
since 1995, was redesignated as NINED on 1 January 2023 after he relinquished
his position as Group Chief Executive Officer (“GCEO”) on 31 December 2022.
He has held various leadership positions over the course of his career in IGB
Group. He was GCEO on 30 March 2018, and before that, Group MD of IGB
Corporation Berhad (“IGBC”) (delisted and privatised on 16 March 2018 by IGB,
then known as Goldis Berhad (“Goldis”)) from 30 May 2001 to 29 March 2018,
and Joint MD from 18 December 1995 to 29 May 2001.
DATO’ SERI ROBERT
TAN CHUNG MENG With more than 30 years of operational and leadership experience as IGB’s leader,
DSRT is well regarded for expertise in property development, hotel construction,
(Malaysian, male, age 71) retail design and development as well as corporate management. After studying
Business Administration in the United Kingdom, he was attached to a firm of
Chairman / Non-Independent chartered surveyor for a year. He has developed a housing project in Central
Non-Executive Director (“NINED”) London before returning to Malaysia. He was involved in various development
projects carried out by the IGB Group, notably the Mid Valley City. From inception
to the realisation of Mid Valley Megamall and The Gardens Mall (collectively, the MV
Malls), he was actively involved in every stage of their developments. He has been
instrumental and crucial to the success of the MV Malls.
Dato’ Seri Robert Tan’s achievements have been recognised by prestigious

awards, namely ‘The Edge Malaysia Outstanding Property CEO Award 2019’
and ‘Personality of the Year’ in the Des Prix Infinitus Media ASEAN Property
Developer Awards 2021/2022.
External IGB
Appointments IGBC
Wasco Berhad (fka Wah Seong Corporation Berhad) (“Wasco”)
Yayasan Tan Kim Yeow
Date of Appointment 27 April 2012

Board Committee(s) Retail RMSC (Chair)
Commercial RMSC (Chair)
Profile Summary Elizabeth Tan Hui Ning (“ETHN”), a NIED, has been appointed as CEO on 2
January 2024. Prior to her appointment as CEO, she was Joint Deputy CEO
(“DCEO”) of the Manager. Elizabeth Tan has led and/or been a key member
of the retail management team since IGB REIT was listed in September 2012,
and before that, she was Joint Chief Operating Officer and Head of Operations/
Leasing (TGM) of the Manager, overseeing and managing the day-to-day
operations of leasing including asset enhancement strategies.
Elizabeth Tan has over 20 years of retail management and operations experience;
in particular, she was a key member of TGM pre-opening team. She joined Mid
Valley City Gardens Sdn Bhd, a wholly-owned subsidiary of IGB, in August 2004
ELIZABETH as Head of Operations/Leasing, and in January 2011 as ED, then elected CEO,
before relinquishing her position on 31 December 2023.
TAN HUI NING
(Malaysian, female, age 40) Elizabeth Tan was appointed to the Board of IGB on 29 August 2022 as alternate
director to Dato’ Seri Robert Tan Chung Meng.
CEO / Non-Independent
Executive Director Elizabeth Tan holds a Bachelor of Business Administration (First Class Honours)
(“NIED”) from Cardiff University, Wales, United Kingdom.
External IGB (Alternate Director to DSRT)

Appointments
2023 Annual Report

IGB REIT | Leadership 67
(continued)

Board Committee(s) Audit Committee (Chairperson)
Nomination and Remuneration Committees (Member)
Profile Summary Halim bin Haji Din is a Chartered Accountant who spent more than 30 years
working for multinational corporations and international consulting firms.
He accumulated 18 years of experience working in the oil and gas industry - 6

years of which as a Board member of Caltex/Chevron, responsible for financial
management before engaging in the consulting business. Prior to his appointment
as a Board member of Caltex Malaysia, he served as Regional Financial Advisor
for Caltex Petroleum Corporation Dallas, Texas, overseeing investment viability of
the corporation’s Asian subsidiaries.
He also had an extensive experience in corporate recovery when he worked for

HALIM BIN HAJI DIN Ernst & Whinney, London, United Kingdom in mid-1980’s. He was appointed as
Managing Partner of the consulting division of Ernst & Young Malaysia from 1995.
(Malaysian, male, age 77) He later became the Country Advisor of Cap Gemini Ernst & Young Consulting
Independent Malaysia when Cap Gemini of France merged with Ernst & Young Consulting. In
2003, he with two partners took over the consulting business of Cap Gemini Ernst
Non-Executive Director (“INED”) & Young Malaysia through a management buyout and rebranded it as Innovation
Associates, currently known as IA Group, where he is currently the Chairman of
the group.
He was a Council Member of the Malaysian Institute of Certified Public

Accountants (“MICPA”) from 1994 to 2003. He previously served as an
independent and non-executive director on the board of MMC Corporation Berhad
(5 years), Takaful Ikhlas Berhad (10 years), Employees Provident Fund (4 years),
Kwasa Land Sdn Bhd (3 years) and BNP Paribas Berhad (9 years).
He is the fellow member of MICPA and Malaysian Institute of Accountants.

External Wasco
Appointments
Date of Appointment 26 August 2020

Board Committee(s) Remuneration Committee (Chairperson)
Audit and Nomination Committees (Member)
Profile Summary Robert Ang is a registered estate agent. He joined Rahim & Co in 1982 and has
extensive experience in the field. Robert was the MD of the Agency in Rahim &
Co. for 30 years prior to retiring in 2019.
Over his 38-year career, he has been key in developing the firm’s business;
working closely with and advising local public-listed companies, foreign
governments, multinationals and high net worth individuals on all aspects of their
property requirements. Over the last 15 years, Robert has also advised the UK
and German governments in acquiring and disposing of properties worth more
than RM750 million. In 2015, he headed the team appointed by Black Rock and
successfully concluded the sale of the Integra Tower at the Intermark, Kuala
ROBERT ANG KIM PACK Lumpur at RM1 Billlion. In addition to agency and consultancy work, Robert has
considerable experience in valuation and property management.
(Malaysian, male, age 66)
INED Robert Ang graduated from the University of Waterloo (Canada) with a Bachelor’s
Degree in Mathematics.
External Nil
Appointments
2023 Annual Report

(continued)
Date of Appointment 1 November 2023

Board Committee(s) Audit, Remuneration and Nomination Committees (Member)
Profile Summary Raymond Yeoh began his career at Deloitte Haskins & Sells, London in 1984
as an Accountant prior to being employed as a Derivatives Research Analyst at
Hoare Govett Securities Limited based in London and then in Singapore in the
early 1990s. He then moved to become an Arbitrage Trader at Bankers Trust
Company, Singapore and subsequently held the position of Vice-President/Joint
Head of Asian Currency and Interest Rate Trading at Merrill Lynch International
Bank Limited, Singapore before joining Banco Santander SA, Singapore as
Head of Asian Markets Trading. After various other positions there, Mr. Yeoh then
moved to Hong Kong to become Banco Santander’s Regional Treasurer for Asia.
Raymond Yeoh returned to Malaysia to join Hong Leong Bank Berhad as its Head
of Treasury, Wealth Management and Intra Group Cross Selling prior to moving
RAYMOND YEOH to ABN AMRO Bank Berhad, Malaysia as its Executive Director/Head of Global
Markets/Financial Markets. His career continued with his appointment as the
CHENG SEONG Head of Global Markets (Malaysia and Vietnam) and subsequently as the Country
(Malaysian, male, age 61) Chief Executive Officer of Deutsche Bank (Malaysia) Berhad and Principal Officer
of its Labuan branch. Mr. Yeoh concluded his banking career with another 10
INED years at Bank of America Malaysia Berhad as Country Head and Chief Executive
Officer and Principal Officer of its Labuan branch before finally retiring in October
2023.
Raymond Yeoh completed his Bachelor of Art’s degree in Economics and Social
Studies at the University of Manchester, United Kingdom. He is a Fellow of the
Institute of Chartered Accountants in England and Wales and a Chartered Banker.
External CIMB Investment Bank Berhad
Appointments Ayer Holdings Berhad
Date of Appointment 1 November 2023

Board Committee(s) Nomination Committee (Chairperson)
Audit and Remuneration Committees (Member)
Profile Summary Datuk Richard is an accomplished banker with over 46 years of experience in the
banking industry, having held various positions in HSBC Bank Malaysia Berhad
(“HSBC”), including the position of MD of Strategic Business Development prior
to his retirement in 2013. He is currently the Vice Chairman, Strategic Initiatives
for HSBC. He is also a Council Member of the Malaysia-China Business Council.
Datuk Richard graduated from the University Malaya with a Bachelor’s Degree in
Economics.
External CJ Century Logistics Holdings Berhad
Appointments Padini Holdings Berhad
DATUK RICHARD Alpha IVF Group Berhad
Malaysia-China Business Council
LEE SAY TSHIN
(Malaysian, male, age 70)
INED
2023 Annual Report

(continued)

Board Committee(s) Nomination and Remuneration Committees (Member)
Profile Summary Tan Lei Cheng (“TLC”) has more than 40 years’ experience in the property
industry and corporate sector. She was Chief Executive Officer of Tan & Tan
Developments Berhad (“Tan & Tan”) from March 1995, a property development
company that was listed on Bursa Malaysia Securities Berhad. Following the
completion of the merger between (IGBC and Tan & Tan on 8 May 2002, she
assumed the role of Executive Chairman and Chief Executive Officer of Goldis
(now known as IGB, which took over the listing of Tan & Tan). Following her
retirement on 31 December 2016, she assumed the role as NEC of Goldis. After
the privatisation of IGBC by IGB on 16 March 2018, she remains as NEC of IGB.
Tan Lei Cheng holds a Bachelor of Commerce from University of Melbourne,

Australia and a Bachelor of Law from King’s College, London (LLB Hons),
TAN LEI CHENG England. She was admitted to the English Bar in 1983. She is a member of the
Lincoln’s Inn and the Young Presidents’ Organisation (Gold), Malaysia Chapter.
(Malaysian, female, age 66)
External IGB
NINED Appointments Dato’ Tan Chin Nam Foundation
Date of Appointment 11 June 2020

Board Committee(s) Retail RMSC (Member)
Commercial RMSC (Member)
Profile Summary Tan Mei Sian (“TMS”) was appointed HSR of the Manager on 1 February 2020, a
position she still holds, and NIED on 11 June 2020.
Tan Mei Sian is Deputy GCEO of IGB and Exco chair of Group Property
Investment (Commercial) and Other Investment divisions. She is an alternate to
Tan Lei Cheng on the board of IGB. Prior to her appointment as Deputy GCEO
on 1 January 2023, she was Head of Group Strategy & Risk, a role she held until
31 December 2022. Preceding that, she was NIED of Goldis (renamed IGB on 20
March 2018) from 18 May 2016 to 30 August 2018.
Earlier in her career, Tan Mei Sian was an Engagement Manager at Oliver
TAN MEI SIAN Wyman, specialising in financial services strategy and risk management
consulting, having worked with major financial institutions in the United States,
(Malaysian, female, age 40) United Kingdom, Netherlands, China, Taiwan, Hong Kong, Singapore, Malaysia,
Thailand and Australia.
NIED / Head of Strategy & Risk
(“HSR”) Tan Mei Sian graduated with a 2.1 from the London School of Economics and
Political Science with a Bachelor of Science in Economics.
External IGB (DGCEO / Alternate Director to TLC)
Appointments Tan & Tan
Other disclosures
1. Except for DSRT, TLC, ETHN and TMS, none of the Directors has any family relationship with any Directors and/or major shareholder of the
Manager and/or major unitholders of IGB REIT.
2. DSRT, TLC, ETHN and TMS have actual and/or potential conflicts-of-interest due to their family companies’ unitholding in IGB REIT in connection
with the general mandate for recurrent related party transactions as disclosed in the Corporate Governance Overview Statement.
3. None of the Directors has been convicted of any offence (other than traffic offences) within the past 5 years.
4. None of the Directors has been imposed with public sanction or penalty by the relevant regulatory bodies during financial year ended
31 December 2023 (“FY2023”).
5. Directors’ attendance at the Board and Board Committee meetings during FY2023 as disclosed in the Corporate Governance Overview Statement.
6. Directors’ unitholdings in IGB REIT as disclosed in the Unitholding Statistics.
2023 Annual Report

Profile of Management
ELIZABETH Description under the heading Profile of Directors in this Annual Report.
TAN HUI NING
CEO
RENNIE LEE Academic/ Rennie Lee appointed as Joint DCEO of the Manager on 1 January 2024. She is also a
Background/ member of the Retail RMSC. Rennie Lee has led and/or been a key member of the retail
CHAI TIN Working management team since IGB REIT was listed in September 2012. Prior to her appointment
Joint Deputy CEO Experience as Joint DCEO, she was Joint Chief Operating Officer, and before that, Head of Operations/
(“DCEO”) (Retail) Leasing (MVM) of the Manager, overseeing and managing the day-to-day operations of
leasing including asset enhancement strategies.
Rennie Lee has over 30 years of retail management and operations experience; in particular,
she was a key member of MVM pre-opening team and a founding team member in the leasing
of Mid Valley City. Rennie Lee is concurrently General Manager (“GM”) of Mid Valley City Sdn
Bhd (“MVC”), a wholly-owned subsidiary of IGB Berhad (“IGB”) since 1995, and then elected
as CEO on 1 January 2024. Preceding that, her past work experiences involved leasing and
marketing of shopping malls such as Mahkota Parade, Subang Parade and IOI City Mall.
WONG KHIM Academic/ Wong Khim Chon was appointed DCEO of the Manager on 1 June 2021 and redesignated as
Background/ Joint DCEO on 1 January 2023. He is also a member of Commercial RMSC of the Manager.
CHON Working
Joint DCEO Experience He has over 35 years of experience in the real estate industry in areas of building and civil
(Commercial) construction, property development, project management and property management. He
began his career with Hong Leong Property Management Co. Sdn Bhd and later with
Guobena Sdn Bhd, both wholly-owned subsidiaries of Guocoland Berhad (formerly, Hong
Leong Property Berhad), started as management trainee in 1984 and worked his way up as
GM developing various building types from residential, industrial, high-rise condominiums,
commercial offices, hotel to government projects, both in Malaysia and Singapore.
Thereafter, in 1997, he joined Taraf Wijaya Sdn Bhd as GM, overseeing projects in Cameron
Highlands, Ipoh and Bangi. From 1998 to 2002, as Managing Partner of Manifold Alliance
Sdn Bhd, he was responsible in overseeing the management of project portfolio which
included housing and industrial projects in Johor, township development in Sepang, Hulu
Langat and Port Dickson. He then moved to Great Eastern Life Assurance (M) Berhad as
Head of Property, overseeing the acquisition and management of investment properties as
well as branch offices from 2002 to 2008. Subsequently from 2008 until 2010, he joined IGB
Corporation Berhad (“IGBC”) to head its Group Property Management (“GPM”) division and
was tasked in managing the commercial assets of the group in Mid Valley City and Kuala
Lumpur Central Business District.
He was then attached with Hap Seng Land Sdn Bhd, the property arm of Hap Seng
Consolidated Berhad as Senior GM, from 2010 until 2014, where he headed the property
management and leasing department in addition to overseeing the sales and marketing
department for commercial and residential properties in the property development business
unit. Between January 2015 and July 2018, he was Executive Director and CEO of AmREIT
Managers Sdn Bhd, the manager of listed AmFIRST Real Estate Investment Trust.
He was the Head of GPM of IGB in August 2018 and CEO of IGB Property Management Sdn
Bhd in January 2019 until he relinquished the posts on 31 May 2021.
He also served as the Vice Chairman of the Management Board of the Malaysian REIT
Managers Association in 2016.
He holds a Master of Business Administration from University of Strathclyde, Glasgow,

Scotland, a Bachelor of Engineering (Hons) in Civil Engineering from University of Malaya,
and a Certified Diploma in Accounting and Finance of The Association of Chartered Certified
Accountants, United Kingdom.
2023 Annual Report

Profile of Management
(continued)
Tan Mei Sian Description under the heading Profile of Directors in this Annual Report.
HSR
CHAI LAI SIM Academic/ Chai Lai Sim is CFO of the Manager since IGB REIT was listed in September 2012.
Background/
Chief Financial Officer Working Chai Lai Sim has over 30 years of experience in audit, corporate finance, capital management
(“CFO”) Experience strategy including treasury, financial accounting and taxation in property development,
commercial and retail property investment and hospitality industries. She began her career
as an articled student with Coopers & Lybrand (now known as PriceWaterhouseCoopers)
before joining Tan & Tan Developments Berhad (“Tan & Tan”) as Group Financial Controller
in 1993. Following the completion of the merger between Tan & Tan and IGBC in 2002, she
was appointed Senior Group GM of Group Finance and subsequently as Group CFO of IGBC.
After the privatisation of IGBC by IGB on 16 March 2018, she was appointed as Group CFO
(“GCFO”) of IGB.
She is a member of the Malaysian Institute of Accountants (“MIA”) and Malaysian Institute of
Certified Public Accountants (“MICPA”).
CHOW YENG Academic/ Chow Yeng Keet is HOI of the Manager since IGB REIT was listed in September 2012. He is
Background/ also a member of the Retail RMSC of the Manager.
KEET Working
Head of Investment Experience He has working experience in corporate finance and advisory covering mergers and
(“HOI”) acquisitions, equity and debt fund raising, capital management and restructuring, valuations
as well as take-over offers. He started his career as Corporate Finance Executive with
the then Sime Merchant Bankers Berhad in 1997. Thereafter, he was with Commerce
International Merchant Bankers Berhad (now known as CIMB Investment Bank Berhad)
where his last position was Corporate Finance Manager prior to joining IGBC in 2004. He
was appointed as Senior GM, Corporate Finance of IGBC from 1 January 2017. After the
privatisation of IGBC by IGB on 16 March 2018, he resumed the same role at IGB and then
appointed as Deputy GCFO on 1 January 2023. He is currently Director of Finance of MVC.
He holds a Bachelor of Economics (First Class Honours) from University of Malaya, a Fellow
of the Association of Chartered Certified Accountants and a member of the Malaysian Institute
of Accountants.
TINA CHAN Academic/ Tina Chan is HOC/CS of the Manager since IGB REIT was listed in September 2012.
Background/
LAI YIN Working Tina Chan has accumulated more than 30 years of extensive experience in corporate
Head of Compliance/ Experience secretarial work, having dealt with a wide-range of corporate exercises. She started her
Company Secretary corporate secretarial career at a legal firm since 1990, and then took up the role of Joint
Company Secretary in Tan & Tan, where she had been significantly involved in the floatation
(“HOC / CS”) of Tan & Tan in 1993 (a property development company that was listed on Bursa Malaysia
Securities Berhad until Goldis Berhad, now renamed IGB took over its listing on 8 May 2002
following the completion of the merger between IGBC and Tan & Tan). She joined IGBC in
1997 and subsequently assumed the role as Senior GM (Corporate Secretarial), overseeing
the governance processes and company secretarial matters of the group, particularly with
regard to ensuring that the group complies and operates in accordance with statutory and
regulatory requirements, and assumed the role of Group Company Secretary of IGB after the
privatisation of IGBC by IGB. She was also involved in successful listing of IGB REIT and IGB
Commercial REIT in September 2012 and 2021 respectively.
She is a Fellow of the Chartered Governance Institute.
2023 Annual Report

72 IGB REIT | Governance and Accountability
CORPORATE GOVERNANCE OVERVIEW STATEMENT
The Manager
IGB REIT, constituted as a REIT, is externally managed by IGB REIT Management Sdn. Bhd. (in its capacity as manager of IGB REIT) (“the Manager”).
The business and affairs of IGB REIT are managed under the direction and oversight of the Manager’s Board of Directors (the “Board” or “Directors”).
The Manager has general powers of management over the assets of IGB REIT. Its main responsibility is to manage the assets and liabilities of IGB
REIT for the benefit of unitholders (“UHs”), with a focus on generating rental income and enhancing asset value over time to maximise returns from the
investments, and ultimately the distributions to UHs.
The primary role of the Manager is to set the strategic direction and business plans of IGB REIT in accordance with its mandate. This includes making
recommendations to MTrustee Berhad (in its capacity as trustee of IGB REIT) on any investment or divestment opportunities in accordance with the
stated investment strategy of IGB REIT.
The Manager is a wholly-owned subsidiary of IGB Corporation Berhad (“IGBC”), which is, in turn, wholly owned by IGB Berhad (“IGB”), the sponsor
and controlling UH of IGB REIT.
Governance at IGB REIT

The Manager embraces the tenets of sound corporate governance (“CG”) including accountability, transparency, and sustainability. The Manager’s
stewardship approach ensures IGB REIT upholds its economic, ethical, legal, and social duties to stakeholders.
The Board remains committed to effective CG as the basis for promoting the long-term growth and sustainability of IGB REIT’s business for the benefit
of UHs and wider stakeholders.
While IGB REIT must comply with the Guidelines on Listed Real Estate Investment Trusts (“REIT Guidelines”) by the Capital Markets and Services Act
2007 (“CMSA”) and the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa”), the Manager continues to have
regard to the principles of good governance of the Malaysian Code on Corporate Governance (“MCCG”) and seek to comply with MCCG wherever this
is appropriate for IGB REIT and the Manager.
This Corporate Governance Overview Statement (“CGOS”) describes the Manager’s governance practices relating to operations of IGB REIT and
how the Board has discharged its responsibilities during the financial year ended 31 December 2023 (“FY23”) and up to the date of this CGOS. IGB
REIT has complied with the key principles in MCCG in all material respects. Where there are deviations from the principles of MCCG, appropriate
explanations and details of the alternative practices are provided in this CGOS. This CGOS was approved by the Board on 30 January 2024.
Principle A: Board Leadership and Effectiveness
The Manager
Governance Framework
Board Chairman  Leads the Board in its collective oversight of IGB REIT and ensures its effectiveness by steering
Dato’ Seri Robert Tan Chung Meng effective, productive, and comprehensive discussions on strategies, business operations,
(“DSRT”) sustainability risk management and other plans of IGB REIT.
Non-Independent Non-Executive  Spearheads IGB REIT’s drive to promote, attain and maintain good governance standard.
Director (“NINED”)  Presides over all general meetings and fosters constructive dialogue between UHs, Board and
Chief Executive Officer (“CEO”).
Board  Fosters the success of IGB REIT to deliver sustainable value over the long term to UHs.
• 2 NINED  Oversees the strategic vision, direction, performance, and affairs of the Manager and IGB REIT.
• 4 Independent Non-Executive  Engages stakeholders based on the principles of sustainability and sound governance.
Directors (“INEDs”)  Provides leadership to CEO and key senior management (collectively “KSM” and individually, the
• 2 Executive Directors (“EDs”), “Officer”).
one of whom is a CEO
Board Committees (“BC”) Audit Committee (“AC”) Nomination Committee (“NC”)

Chair: Halim bin Haji Din (“HHD”) Chair: Datuk Richard Lee Say Tshin (“DRL”)
4 INEDs 4 INEDs and 1 NINED
Remuneration Committee (“RC”) Retail Risk Management & Sustainability Committee
Chair: Ang Kim Pack (“AKP”) (“Retail-RMSC”)
4 INEDs and 1 NINED Chair: Elizabeth Tan Hui Ning (“ETHN”)
KSM
 The BCs’ terms of reference (“ToR”), reviewed and approved annually, are available on IGB REIT’s
website www.igbreit.com.
 The Board Chairman is not a member of the BCs.
CEO/ED  Spearheads the business and day-to-day management of the Manager and IGB REIT.
ETHN  Makes major corporate decisions ranging from daily operations to managing company resources.
 Leads the KSM to address strategies, business operations and sustainability risk management in
meeting the strategic, investment and operational objectives of IGB REIT
2023 Annual Report

IGB REIT | Governance and Accountability 73

(continued)
Clear division of
roles and responsibilities
Board Provides overall leadership to, and ensures the effectiveness of, the Board; sets the agenda, character and tone of Board
Chairman meetings and discussions; maintains an effective relationships and open communication, both inside and outside the boardroom,
between Non-Executive Directors (“NEDs) and KSM; establishes good CG practices and procedures, and promotes the
standards of integrity, probity, and CG throughout IGB REIT and particularly at Board level; and ensures that there is effective
communication with UHs.
NEDs Monitor and scrutinise IGB REIT’s performance against its strategic goals and financial plans; bring objective perspective to the
Board’s deliberation and decision-making, drawing on their collective broad experience and individual expertise and insights; play
a lead role in the functioning of BCs; and monitor and assess the effectiveness of, and support and constructively challenge, the
EDs, one of whom is CEO.
CEO Develops IGB REIT’s strategy for consideration and approval by the Board and provides effective leadership to KSM in their
delivery strategy; oversees day-to-day management and conducts of business and affairs of the Manager and IGB REIT;
manages, with KSM, relationships with key stakeholders, from UHs to tenants, customers, and suppliers; and communicates IGB
REIT’s progress against strategy and operational performance to investors and analysts. In carrying her task, CEO, is supported
by Joint Deputy CEO (“JDCEO”) (Retail) and JDCEO (Commercial).
The clear separation of roles and responsibilities of Board Chairman, NEDs and CEO provides a healthy professional relationship between the Board
and KSM, with clarity of roles and robust deliberations on the business activities of the Manager and IGB REIT.
Board Framework
The Board has a Charter (available on IGB REIT’s website and last updated on 30 January 2024) that sets out the Board’s role, responsibilities, and
mandates. The Charter has been developed to give prominence to the Board’s commitment to good CG, adopting best practices, applicable rules
and regulations, processes and procedures to guide the Board in discharging their duties and functions. The Charter is reviewed on a regular basis to
enhance its processes and procedures and ensure alignment with new requirements and regulations.
The Board has a formal schedule of matters reserved for its approval, among others, IGB REIT’s sustainability and business strategy, business plans
and budgets, major capital expenditure, acquisitions, divestitures, capital management, internal control and risk management system, financial results,
changes to key corporate policies and CG arrangements. Other responsibilities and authorities are delegated by the Board to its standing BCs: AC,
NC, RC and Retail-RMSC. Matters that fall outside of those reserved to the Board or its BCs fall within the responsibility and authority of CEO and or
Chief Financial Officer (“CFO”) and are either reserved to them or delegated further to the executive team through an authority limit matrix, which is
also reviewed and approved by the Board.
Sustainability Governance
Sustainability plays an integral role in IGB REIT’s operations. The Manager has the right governance processes in place to ensure effective board
oversight of IGB REIT’s environmental, social and governance (“ESG”) sustainability. Over the past several years, the Manager has transformed the
ways in which sustainability is incorporated into IGB REIT’s business activities (strategy, operations, risk management, and corporate culture) and will
continue to advance further in this area in the years ahead. The Manager subscribes to the IGB Group Sustainability Policy (established in August
2023) which serves as the overarching policy framework of the Group’s sustainability commitments.
The Board recognises that sustainability is essential part of good governance and acknowledges its stewardship duties over IGB REIT. The Board
remains steadfast in building a sustainable and resilient IGB REIT, with the aim of creating value for UHs and stakeholders. The Board, together with
Retail-RMSC, led by CEO, which in turn, is responsible for sustainability management across IGB REIT. The Board determines the material ESG
factors and considers them in IGB REIT’s sustainability and business strategy. The Board oversees the management and monitoring of sustainability
issues through quarterly reports presented by the Head of Strategy & Risk (“HSR”), who assists the Retail-RMSC in monitoring and evaluating the
effectiveness on an on-going basis.
As disclosed in the annual reporting under the Sustainability Statement, the Manager is transparent about how sustainability is embedded in IGB
REIT’s business and initiatives driven by IGB REIT in terms of material matters. Through monitoring efforts during FY23, the Manager continues to
identify areas for improvement at IGB REIT’s portfolio of properties.
The Manager’s initiatives are a testament to its continuous efforts towards sustainable value creation. The Manager will continually work on and
improve ESG performance by engaging with stakeholders and understanding emerging sustainability issues affecting IGB REIT’s business.
IGB REIT’s sustainability strategies, initiatives and performance are communicated to internal (email, employee engagement, monthly management
meetings, presentations to leadership team, quarterly reporting to the Board, etc.) and external (corporate website, annual reports (“AR”), media
releases, investor presentations, quarterly analyst briefings, etc.) stakeholders.
The Board recognises that ESG issues are complex, evolving rapidly, and present a range of strategic risks and opportunities for IGB REIT’s business.
Therefore, the Board strives to constantly build the necessary knowledge and skills and stay updated on the emerging ESG regulations, standards and
frameworks and stakeholder expectations. In addition to discussion of IGB REIT’s sustainability matters at the Board table, Directors stay up to date with
relevant developments in sustainability and ESG as detailed in the Continuing Development of Directors section. In FY23, save for HHD, all Directors have
attended the Mandatory Accreditation Programme (“MAP”) Part II: Leading for Impact (Building high-impact boards for sustainable growth) prescribed by Bursa.
2023 Annual Report


(continued)
The Board’s 2023 effectiveness evaluation which is facilitated through NC includes a section relating to ESG and sustainability issues. KSM’s
performance evaluation is guided by the Manager’s Remuneration Policies and Practices (“RPP”) which measures value creation to IGB REIT through
financial benefits and cost-savings as well as impact on IGB REIT’s long-term business sustainability.
As described above, sustainability management has Board-level oversight, with the support of Retail-RMSC presided by CEO, overseeing
sustainability matters of IGB REIT – identification, assessment, andED disclosures
25% of such risks, and these data flow into the boardroom to ensure well-
informed discussion. Besides, the internal audit (“IA”) will look at internal controls to ensure that
INEDESG is integrated within IGB REIT’s decision-making
process, while the external auditor (‘’EA”) will focus on financial statement disclosures. As such,50%there has not yet been a need to designate a specific
individual to strategically manage sustainability of IGB REIT. NINED 25%
IGB REIT reports on its sustainability performance through its Sustainability Statement, which contains details of the material sustainability issues
that IGB REIT has identified.
62.5% 37.5%
Board Diversity ED 25%
INED
Board Independence Gender Diversity 50% Age Diversity Expertise and Experience
NINED 25%
MALE (5) FEMALE (3)
Real Estate Management
62.5% 37.5% 25% 75%

ED 25% Management & Business Operations
INED
50% 50 and 60 and Accounting, Banking and Finance
NINED 25% below above
MALE (5) FEMALE (3)
Risk Management and Sustainability
Unbiased
62.5%
decisions in the
37.5%
Diversity and inclusion in the A holistic perspective to Diversity of thought enriches Director
25% 75%
best interests of IGB REIT. boardroom. Board discussions. deliberations.
The Manager is committed to ensuring an appropriate mix of skills, expertise, experience, and diversity (including gender) on the Board and its BCs so
50 and 60 and
that the Board can effectively discharge its CG and oversight responsibilities.
MALE (5) FEMALE (3) below above
As part of NC’s oversight of Board succession planning, it is also responsible for identifying suitable candidates to fill Board vacancies as and when they
arise, or to identify candidates to complement the existing Board, and to make recommendations to the Board on their appointment. When appointing new
Directors, the Board and NC look to ensure that an appropriate balance of skills, knowledge, experience, independence, and diversity is maintained.
25% 75%
The NC has a rigorous process around the direction of selection, nomination, and appointment of Directors. The assessment process includes
reviewing the candidate curriculum vitae and other biographical information (career paths, personal and professional merits), conducting background
searches
50 and (must not have any prohibited characteristics according to relevant laws and criteria set out in the Manager’s Fit and Proper (“FAP”)
60 and
Guidelines),
below as well as formal/informal
above interview at NC’s discretion. The final decision on the selection of the Directors will be based on merit against
an objective criterion that complements and expands the skills and experience of the Board as whole. The potential candidate may be proposed by
existing Directors, KSM, or third-party referrals.
During FY23, the Board’s succession planning has seen the retirement and appointment of several Directors. DRL and Raymond Yeoh Cheng Seong
(“RYCS”) joined the Board as INEDs on 1 November 2023. On 29 December 2023, the Manager announced that Tan Sri Dato’ Prof. Lin See Yan
(“TSL”) and Lee Chen Chong (“LCC”) stepped down from the Board on 31 December 2023, after almost 12 years’ service as INEDs. Tan Boon Lee
(“TBL”) also resigned as NINED, effective from the same date. The Manager also announced new leadership for both its Board and KSM with the
appointment of DSRT as its new Chairman effective 1 January 2024 and ETHN, as the new CEO, replacing Antony Patrick Barragry (“APB”), effective
2 January 2024. The Board thanked TSL, LCC, TBL and APB for their significant contribution to the Board and the Manager during their tenures, and
welcomed DRL and RYCS to the Board.
Further information about the Board’s and its BCs’ composition, succession plans and evaluation, and how diversity and inclusion are being fostered
on the Board and across the Manager, are fully explained in the NC Report section. The NC will continue to consider the forward skill and experience
requirements of the Board with respect to Board succession to ensure strong corporate knowledge is coupled with new skills and thinking to support
the long-term strategic direction of the Manager and IGB REIT.
As IGB REIT is externally managed trust, UHs are not legally able to vote for Directors of the Manager. Directors are not subject to periodic retirement
by rotation under the Manager’s Constitution. However, the Board evaluates the performance of each individual Director on an annual basis.
Board Processes
Board/BC Schedules
The Board is responsible for the governance of the Manager and IGB REIT as well as provides leadership in shaping the strategic directions of
the Manager and IGB REIT. The Board fulfils its mandate at regularly scheduled meetings at least 4 times a year, with additional meetings held as
required to address specific issues. The dates for the Board/BC meetings are preset, allowing for active and insightful participation during meetings. All
Directors are required to attend UHs, Board and / BC meetings called, in person or via audio or video conference, unless required to recuse.
The number of Board and BC meetings and each individual Director’s attendances at such meetings during FY23 are shown in Board and BC
Meeting Attendance section.
2023 Annual Report


(continued)
Provision of Information
Directors are provided with meeting materials setting out relevant information on the agenda items to be discussed at Board / BC meetings at least
5 business days in advance of the meeting (save in cases of urgency), to give Directors sufficient time to prepare for the meeting and review and
consider the matters being tabled so that discussions can be more meaningful and productive and Directors have the necessary information to make
sound and informed decisions.
The CEO, CFO, HSR, Head of Compliance/Company Secretary (“HOC/CS”) and Head of Group IA (“GIA”) of IGB (providing IA outsourcing) attend
Board meetings, and where necessary, BC meetings, to brief and make presentations to Directors, provide input and insight into matters being
discussed, and respond to queries and take any follow up instructions from the Directors.
All proceedings of the Board and BC meetings are duly recorded in the minutes of each meeting and circulated promptly to every Board/BC member
for their comments prior to confirmation of the minutes.
Board Areas of Focus

The Board meets every quarter with additional meetings held as required to address specific issues. During FY23, the Board met 4 times to deliberate
and consider a variety of significant matters that required its guidance and approval.
At each scheduled Board meeting, the Board is apprised of IGB REIT’s financial and portfolio performance, including results announcements and
business outlook (following AC’s review of the same at its meeting typically scheduled before Board meeting), sustainability and ESG-related risks
and mitigation strategies, regulatory and compliance updates, as well as mandate sought by KSM, including, where applicable, relevant budgets and
business plans. BC Chairs also provide summaries of the main decisions and recommendations arising from BC meetings to ensure non-members are
kept up to date with the work undertaken by each BC.
The following were key focus areas in respect of IGB REIT and the Manager which the Board had reviewed, deliberated and/or approved at the
respective Board meetings in FY23 and up to the date of this CGOS:
 IGB REIT’s strategies (including ESG), budgets, plans and policies.
 CEO quarterly property portfolio performance (including asset enhancement initiatives) reports.
 Quarterly financial results of IGB REIT and the audited financial statements of IGB REIT.
 Quarterly income distributions of IGB REIT.
 Quarterly desktop update and year-end valuation of IGB REIT’s property portfolio.
 Quarterly updates on strategy and key risks associated to IGB REIT’s business operations.
 Quarterly updates on sustainability related initiatives and key ESG performance as tracked against 2023 goals and targets, including reviewing
and assessing the readiness of IGB REIT to comply with the MMLR on Enhanced Sustainability Disclosure, which the gaps closure plan had
been established and approved by the Board.
 Policies, procedures, and practices relating to operational governance.
 Board appointment and succession, including changes to BCs’ composition.
 CEO and KSM appointment and succession.
 Remuneration of Directors and KSM
 Board effectiveness evaluation.
 FAP assessments of Directors and Management.
 Reports and statements for inclusion in AR of IGB REIT, including Management Discussion and Analysis, Sustainability Statement, Statement
on Risk Management and Internal Control (“SORMIC”), CGOS and Circular to UHs in relation to renewal of recurrent related party transactions
(“RRPT”) (“Circular-RRPT Mandate”).
Conflicts-of-Interest (“COI”)
Directors and KSM should conduct themselves with integrity, impartiality, honesty, and professionalism at all times, and to avoid any conflict arising
between their role with the Manager and IGB REIT, and their private interests. Directors and KSM are expected to be meticulous in their disclosure of
any material personal or family contract or relationship.
To foster a culture of responsible governance, the Manager has established a COI Policy in July 2023. The policy sets out the disclosure obligations
of each Director and Officer with respect to COI, and the procedures to be followed when a COI arises or potentially arises to ensure systematic
identification, disclosure and management of COI in an effective and timely manner. The policy also serves as a guide to AC in discharging its role
which is to provide oversight over COI within the Manager and IGB REIT.
As a general rule, Directors and KSM are responsible for identifying and managing COI on an ongoing basis. Directors have a duty to declare any
interests relevant to the agenda items at the start of the meeting and/or during discussion, and recuse him/herself when the matter is being discussed
and resolved. Any such declaration concerning a decision of the Board/AC shall be included in the minutes of meeting. In the case of KSM, declaration
must be escalated to CEO who shall consider and decide whether to authorise such conflict based on the overriding principle that KSM has a duty to
uphold professionalism and ethics in the conduct of business activities of the Manager and IGB REIT. HOC/CS shall submit a quarterly report on COI
disclosures to AC. All COI transactions, with details regarding the conflicted persons, nature of relationship, type of transactions, rationale and necessity of
the transactions and opinion rendered by the Board / AC / CEO, are recorded in the meeting minutes and/or register of COI. The Manager also undertakes
an annual declaration exercise requiring Directors, CEO and KSM to complete the COI disclosure questionnaire. The questionnaire is designed to
extract crucial details related to potential COI. The annual COI declaration not only streamlines the disclosure process but also ensures that all relevant
information is captured, enabling the Manager to take appropriate actions based on a thorough understanding of the disclosed conflicts.
2023 Annual Report


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Following review by AC of the application of this policy, the Board is satisfied that every Director and Officer has complied with this standing policy. No
Director conflict situation currently exists, save in respect of DSRT, TLC, TMS and ETHN (“Interested Directors”). The Interested Directors have actual
and/or potential COI due to their family companies’ unitholding in IGB REIT in connection with the RRPT. This conflict has been authorised by the
Board on the basis that, a general mandate for such RRPT had been obtained from UHs at the Eleventh Annual General Meeting of IGB REIT on 27
April 2023 (“2023 AGM”).
Board Access to KSM and

Independence Advice
The Board members are supported by HOC / CS who provides advisory services to the Board, particularly on CG and compliance issues, including
compliance to the relevant laws and guidelines relevant to the Manager and IGB REIT.
Tina Chan Lai Yin, a Fellow of the Chartered Governance Institute, is the HOC/CS. She is a qualified Chartered Secretary and experienced in the field
of corporate compliance and governance. HOC / CS plays a vital role in ensuring the Manager and IGB REIT comply with the relevant guidelines, rules
and regulations, including disclosure requirements under the REIT Guidelines and MMLR. A summary of role and responsibilities is set out below:
 Oversees, monitors, and advises on regulatory compliance obligations of the Manager and IGB REIT, ensuring that all corporate processes and
procedures comply with laws, regulatory requirements, policies, and procedures, and all notification and reporting requirements are met.
 Periodic reviews of CG practices and processes of the Manager and formulates internal compliance procedures and guidelines to strengthen the
governance of the Manager and IGB REIT.
 Advises Directors on their statutory duties under the law, disclosure obligations, regulatory requirements, CG requirements and practices and
effective board processes.
 Coordinates Board business and provides a point of reference for ensuring timely information flows within the Board and its BCs, as well as
between and with KSM.
 Acts as IGB REIT’s primary channel of communication with the regulatory authorities.
 Organises, coordinates, and attends the Board / BCs, and takes down meeting minutes, as well as ensures that the decisions of the Board/BCs
are followed through.
 Prepares and circularises notice of AGM, circular to UHs and CGOS for inclusion in the AR of IGB REIT.
HOC / CS works synergistically with CEO and KSM in ensuring that necessary internal controls and procedures are in place so that regulatory
compliance can be measured and monitored. To play an effective advisory role to the Board, HOC / CS remains informed of the latest regulatory
changes, evolving industry developments and best practices in CG through continuous training.
Directors have unrestricted access to KSM and may seek briefings from KSM on specific matters.
Directors, either individually or as a group, may at the Manager’s expense, seek independent professional advice, where appropriate, to discharge
their duties effectively.
Board Effectiveness
Evaluation
The Board annually reviews the performance of the Board and each BC, as well as individual Directors, using a comprehensive and structured self-
assessment approach based on the individual input and responses of Directors. This includes consideration of the effectiveness of the Board and its
performance against the requirements of its Charter as well as an assessment of the effectiveness of the structure and the composition of the Board.
This will give the Board valuable insights into their collective and individual strengths and areas for further development, positioning them well to
maintain and further enhance their effectiveness.
The NC is responsible for establishing processes for reviewing the performance of individual Directors, the Board as a whole and BCs. The
performance assessment will be discussed with the full Board.
The effectiveness of the Board, its BCs and of individual Directors was assessed in January 2024 by means of an internal questionnaire evaluation.
The evaluation was designed to assess how effectively the Board functions as a whole and how effectively its BCs function. It was also intended to
provide individual Board members with insights about themselves to enable them to improve their personal contribution, in turn increasing the overall
effectiveness of the Board and BCs of which they are members. More details are provided in the NC Report section.
Director independence
The Manager’s criteria for independence are set out in the Charter. To be judged independent, a Director must, in the opinion of the Board (with the
assistance of NC), be free of any interest, position, affiliation or relationship that might influence, or reasonably be perceived to influence, their capacity
to bring an independent judgement to bear on issues before the Board and to act in the best interest of IGB REIT as a whole than in the interests of
an individual UH or other party.
The tenure of an INED shall not exceed a cumulative term of 9-year, as stated in the Charter (last updated on 30 January 2024).
The Board reviews the independence of INEDs annually. The NC assesses the annual independence confirmation received from each INED, having
regard to the criteria laid down in the Charter, REIT Guidelines and MMLR. All INEDs have declared that there were no relationships or instances that
would otherwise deem them not to be independent.
The NC has considered the independence of each individual Director and the overall independence balance of the Board in January 2024, as more
fully explained in the NC Report section.
2023 Annual Report


(continued)
Continuing Development
of Directors
Directors are expected to maintain the skills required to discharge their obligations to the Manager. Directors must keep up-to-date with strategic
issues and commercial changes affecting IGB REIT and the market in which it operates. All Directors have participated in continuing education,
training, and development programmes during FY23, as detailed below:
 Asia School of Business – Beyond box-ticking: Essentials for effective remuneration committees
 Bursa Malaysia Berhad – Advocacy Session for Directors and CEOs of Main Market Listed Issuers
 CHK Consultancy (“CHK”) – Industry 4.0 and its impact on Malaysian Capital Markets
 CHK – Creative and Innovation: The key to successful corporate transformation in Covid-19 era
 CHK – Rethinking Business Strategies in driving the ESG and Sustainability Agenda
 CKM Advisory (“CKM”) – Common pitfalls in transactions and related party transactions (“RPT”) rules
 CKM – Key disclosure obligations of a Listed Company
 Institute of Corporate Directors Malaysia – MAP Part II (Leading for Impact)
 MESH Consultancy & Training Centre PLT – Effective set up of safety and health committee
 PricewaterhouseCoopers PLT (“PwC”) – Trust in Leadership
 Securities Industry Development Corporation (“SIDC”) – Sustainable and Responsible Investment: Revving up the race for sustainability
 SIDC – Leveraging Artificial Intelligence in Growing the Digital Economy
BC
The Board has appointed 4 BCs to cover specific operations: AC, NC, RC and Retail-RMSC. BC members are chosen for the skills and experience
they can contribute to the respective BCs. The Board Chairman is not a member of BCs. This is to ensure the objectivity of the Board Chairman is not
impaired particularly during deliberation on the recommendations put forth by BCs.
The objectives, remit and powers of each BC are established in the Charter. Topics of discussion and frequency of meetings will vary depending on
each BC’s ToR (last updated on 30 January 2024) and the portfolio’s complexity. BCs may invite non-BC members and members of KSM to attend
BC meetings to provide reports and/or guidance where appropriate. BCs may seek any independent counsel, expert, or advisor that they believe to be
desirable and appropriate.
The Board performs a detailed analysis of the various parts of the business through BCs and receives reports from BC chairmen highlighting matters
requiring the Board’s further attention or noting.
As part of the Manager’s governance processes, an internal evaluation of the BCs was undertaken in January 2024. The results of the evaluation were
positive. The evaluation concluded that the BCs are effective, well chaired, with good discussion and debate, and the level of expertise on the BCs is
good.
The BCs’ roles, and main activities during FY23 and up to the date of this CGOS were those as set out in the respective BC reports below:
AC Report
Primary Role Provides independent oversight of IGB REIT’s financial accounting and reporting process, IA function, external audit, RPT, COI
situations, and annual reporting.
Activity The following were key deliberations, and basis for the decisions and/or recommendations made to, and approved by the Board:
Highlights Financial reporting
 IGB REIT’s financial and portfolio performance.
 Financial Reporting Checklist FY23 completed by CFO, and assessed by CEO, and obtained their assurance, that adequate
processes and controls were in place for an effective and efficient process in the preparation of IGB REIT Financial
Statements FY23.
 IGB REIT’s quarterly financial results and year-end financial statements, including consideration of these reports being fair,
balanced, and understandable, and provide the information necessary for UHs to assess IGB REIT’s position, performance,
and strategy. The results of the review have been provided to the Board. The Board’s conclusion in this respect is set out in
the Manager’s Report and Statement by the Manager
Internal control
 IGB REIT’s internal processes for monitoring and assessing the effectiveness of internal controls and governance. No
significant irregularity or deficiency in internal controls has come to the attention of AC during FY23. AC has reported this
opinion to the Board.
IA
 IA function’s charter and annual risk-based IA plan, and received assurance from the Head of GIA that the IGB GIA
Department (“GIAD”) has the resources and competency to carry out the IA function effectively and independently.
 Quarterly reports on the delivery of IA plan and on the principal findings from the work of IA and management’s actions to
remediate issues identified. A total of 14 audit reports (including progress reports and special reports) were issued by GIAD
for the assignment conducted on the Manager and IGB REIT, and most findings were rated satisfactory while some required
improvements relating to control weaknesses, risk management, compliance shortcomings, and documentation anomalies
whereby all gaps had since been addressed.
2023 Annual Report


(continued)
Activity  Coordination between IA and EA to maximise the benefits from clear communication and coordinated activities.
Highlights
 The assurance statement by IA on the internal review of the Sustainability Statement.
 Met with IA twice without presence of KSM, to discuss any matter in relation to audit issues and internal control weaknesses
noted in the course of their audit. There were no major shortcomings or impediments highlighted by IA in relation to the
execution of their audit assignments.
 The role and effectiveness of IA in the overall context of risk management, internal control and governance systems and
processes of IGB REIT and the Manager. The IA function continues to be effective, and has appropriate standing within the
Manager and IGB REIT.
External Audit
 The external audit’s plan for IGB REIT, encompassing the planned scope and timing for the year’s audit.
 For FY23, amount payable to PwC is RM138,000 for audit services.
 The EA’s report on the conduct of audit of the year-end financial statements, the audit findings together with
recommendations, in particular key audit matters included in the Independent Auditor’s Report (“IAR”). The Board had
obtained assurance from EA on their independence in their duties throughout the conduct of the audit engagement.
 Adopted a framework in relation to the provision of non-audit services (“NAS”) by EA. For certain specified NAS, IGB REIT
can employ EA without reference to AC, subject to a specified fee limit. NAS (predominantly tax compliance) fees for FY23
amounting to RM11,550. The Board was satisfied based on advice from AC that the provision of these NAS was not in
conflict with the role of EA or its independence. The EA has also confirmed its independence to the Directors in accordance
with applicable laws and standards as set out in the IAR.
 Met with EA twice without presence of KSM to discuss any issues or reservations arising from their audit. No major concerns
were highlighted by EA and they received full cooperation from KSM and were given unrestricted access to the Manager’s
and IGB REIT’s records.
 PwC’s Annual Transparency Report i.e., a summary of the legal and governance structure of PwC, audit quality measures
and audit quality indicators.
 The annual performance assessment of EA via evaluation questionnaire completed by AC, in consultation with CFO. The
assessment included review of EA performance in terms of professional expertise, objectivity, business understanding, scope,
quality, efficiency, and independence, as well as PwC’s own internal quality control procedures. Based on this review, AC
confirmed to the Board that it was satisfied with PwC’s technical competency in terms of their skills, execution of audit plan
and reporting and overall performance.
RPT and COI
 Quarterly report of COI disclosures. AC was satisfied with the current arrangements in place to address perceived as well as
actual conflicts, assured by transparent self-declarations of interest.
 Quarterly report on RPT and RRPT transactions to ensure proper monitoring and reporting of such transactions according to
RPT policy and against approved mandate.
 Circular-RRPT Mandate to be sought at the Twelfth AGM of IGB REIT (“2024 AGM”). AC was satisfied that adequate
processes and controls were in place for an effective and efficient process in monitoring, tracking, and identifying RRPT in a
timely and orderly manner
NC Report
Primary Role Reviews the structure, size, and composition (including the balance of skills, experience, independence, and diversity) of the
Board and its BCs, oversees development of a diverse pipeline for Board and management succession, identifies and nominates
candidates to fill Board vacancies as and when they arise, evaluates the effectiveness of the Board, BCs and individual Directors
including independent status of NEDs on an annual basis, and reviews CG matters.
Activity The following were key deliberations, and basis for the decisions and/or recommendations made to, and approved by the Board:
Highlights Reconstitution of the Board/BCs to facilitate independence and diversity in the boardroom
DRL and RYCS were appointed to the Board and Chair/member of AC, NC, and RC on 1 November 2023. Both highly talented
individuals with diverse experiences and expertise in various business leadership roles with financial institutions and publicly held
companies. With a focus on board diversity and renewal, DRL and RYCS with their specialised expertise, knowledge, and talent,
will enhance the Board’s collective strong and relevant experiences. DRL and RYCS met the FAP criteria and the requirement of
independence set out in the REIT Guidelines and MMLR.
Board Chairman succession
DSRT was appointed Board Chairman on 1 January 2024, replacing TSL. DSRT has the breadth of leadership experience to ably
lead the Board and IGB REIT due to his extensive experience and deep knowledge in the REIT businesses, as well as his notable
work as Managing Director of the Manager, a post in which he has served for 10 years before being redesignated to NINED in
January 2023. DSRT did not have any prohibited characteristics according to relevant laws and the Manager’s FAP criteria.
Board decision: The Board has engaged in thoughtful long-term succession planning, and the resulting composition of the
Board/BC members, adequately encompass the knowledge, qualifications, diversity, and experience needed to drive IGB REIT’s
continued growth and success. The Board has also considered it important that the Manager has a mix of Directors with a level
history with the Manager, and newer appointments to bring a fresh perspective to discussions.
2023 Annual Report


(continued)
Activity CEO succession

Highlights ETHN has been named CEO, effective 2 January 2024, taking over the position from APB, whose term of office ended on 31
December 2023. ETHN has been an integral part of the Manager for over 11 years, where she held a variety of executive,
operational and leaderships roles, having served as ED, JDCEO (Retail), Joint Chief Operating Officer and Head of Operations
/ Leasing (The Gardens Mall). With acknowledgment that CEO succession was necessary to prepare the Manager for its next
phase of growth, ETHN has the leadership skills, capabilities, and experience for the CEO’s role to lead IGB REIT through its next
strategic phase. ETHN has satisfied the FAP criteria.
Board decision: The Board has full faith in ETHN’s ability to lead the Manager, and to continue delivering on the Manager’s
mandate in leading IGB REIT forward.
Annual Board evaluation
The effectiveness of the Board, its BCs and of individual Directors was assessed in January 2024 by means of an internal
questionnaire evaluation. Upon due consideration of the Directors’ attendance, contribution and participation at the Board/BC
meetings, Directors’ individual evaluations, the intrinsic values demonstrated by INEDs and the overall effectiveness of the Board in
steering and overseeing the conduct of IGB REIT’s business, NC concluded that the Board members have, between them, highly
relevant knowledge and experience, a broad range of skills and a collective deep understanding of IGB REIT’s business; and the
Board and its BC have functioned effectively and that each Director has given sufficient time to fulfil his/her duties and responsibilities.
Board decision: The Board has a balanced team with diverse skillsets, enabling them to provide effective oversight and strategic
guidance to CEO and KSM, as well as to facilitate effective decision-making and constructive deliberations during its meetings,
and that each Director has dedicated, and is able to dedicate, sufficient time and attention to their duties to the Manager. BCs have
performed their duties with diligence, ethics, and independence, ensuring fairness, transparency, and objectivity in their decision-
making processes, that helped enhance efficiency of the Board to steer the operations of IGB REIT forward in line with the
established strategies and direction efficiently. The Board has met its performance objectives for FY23, and an external facilitator
was not necessary considering the Board size and composition and regular meetings held by the Board and BCs.
Independence of INEDs
INEDs have the experience and business acumen necessary to carry sufficient weight in the Board’s decisions and act in the best
interests of IGB REIT and UHs, thereby enabling balanced and well-considered decisions to be made. None of the INEDs have
any financial, business, family, or other material/relevant relationships with the Manager or IGB REIT or major UHs or KSM. The NC
considered each NED to be independent throughout FY23. Every NC member had abstained from assessing his own independence.
Board decision: The Board considers it has an appropriate balance of independence on the Board and all INEDs continued to
demonstrate strong independence in judgement and were free from any business or other relationships which could interfere with
their ability to discharge their duties effectively, and they therefore all remained independent.
Governance policies and practices
Every year, NC reviews and reassesses the adequacy of the Manager’s CG framework and practices and makes
recommendations for improvements, where applicable to IGB REIT’s governance environment. The assessment was undertaken in
January 2024 and NC was satisfied that the Board has been committed to ensuring good governance standards and compliance
practices, and has continuously strived to refine the Manager’s policies and practices to ensure at a minimum that IGB REIT meets
the expectations of UHs and evolve in line with best practice in CG and the Manager’s internal processes and practices. During
FY23, key governance enhancements implemented by the Manager include the reconstitution of Board composition with 50%
INEDs; a female CEO with women representing 38% of the Board, and over 67% female representation in KSM; the establishment
of COI Policy so that any such conflict may be assessed and appropriately addressed; and the commitment and focus of the Board
and KSM in meeting ESG and sustainability goals of IGB REIT by means of mapping and prioritising material ESG topics towards
achieving the sustainable development goals.
Board decision: The Board remains of the view that the Manager is fully dedicated to upholding good governance principles,
business integrity and professionalism in IGB REIT’s activities.
RC Report
Primary Role Oversights of the Manager’s RPP and within the terms of the policy, determines the level of remuneration of Directors and KSM
(including terms of employment).
Activity Remuneration of NEDs
Highlights Based on the comparative data of peer group, the fee level and meeting allowance of NEDs were within the benchmark of market
median rates, and as such NED fee (FY23) and meeting allowance (2024) remained status quo, except for the addition of annual health
screening, on top of the existing insurances i.e., health and medical and directors’ and officers’ liability and travel personal accident.
Remuneration of CEO and KSM
The quantum for the annual increment and bonus were determined with due consideration to the market practice, benchmarking
against peer companies of a similar size and complexity, assigned responsibilities and individual work performance, as well as
taking due cognisance of an excellent performance of IGB REIT in FY23, a testament to the commendable job that the Manager
and its team have done.
Board decision: The Manager’s remuneration structures are aligned to its culture and value, which includes a core principle
to offer a competitive, fair and well-balanced remuneration package, enabling the Manager to recruit and retain talented people
on board, which support IGB REIT’s overall business strategy and long-term interests – including its growth, sustainability and
profitability – and that contribute to long-term growth in UH value.
2023 Annual Report


(continued)
Activity Service contracts of CEO and KSM

Highlights With a view to maintaining a skilled, well-balanced, and experienced KSM which is of fundamental importance to the long-term
success of IGB REIT’s business, as well as taken cognisance of the individual performance, their employment had been extended
with all contract extension remained on materially the same terms, which the Board had approved.
Retail-RMSC Report
Primary Role Oversight of IGB REIT’s strategic activities, policies, and practices for sustainability and management of key risks, including
strategic and operational risks, as well as the guidelines, policies and processes for monitoring and mitigating such risks.
Activity The following matters were discussed, deliberated upon, and dealt with at Retail-RMSC quarterly meetings:
Highlights  Key performance indicators of the retail mall businesses.
 Financial and non-financial business risks and risk mitigation action plans.
 Sustainability objectives, strategies, and targets, and effectiveness of sustainability policies and programs.
 Benchmarking of ESG-focused practices, risk oversight and disclosure as compared against peer practices, regulatory
requirements, and institutional investor guidelines.
Board and BC Meeting

Attendance
The table below sets out the attendance by Directors and BC members at meetings of the Board and BCs, and AGM in FY23:
Attendance of Meetings Board AC NC RC Retail-RMSC AGM
Total meetings in 2023 4 4 4 1 4

Chairman and NEDs
DSRT(a) 4 - - - - 
TSL(b) 4 2 1 - - 
HHD 4 4 4 1 - 
LCC(c) 4 4 4 1 - 
AKP(d) 4 2 4 1 - 
DRL(e) - - - 1 - -
RYCS(f) - - - 1 - -
TBL(g) 4 - 4* 1* - 
Tan Lei Cheng (“TLC”) 4 - 4 1 - 
EDs
Tan Mei Sian (“TMS”) 4 - - - 3 
ETHN(h) 4 - - - 4 
(a) Appointed as Board Chairman on 1 January 2024, succeeding TSL as the Board Chairman.
(b) Ceased to be members of AC, NC and RC on 10 July 2023, and retired from the Board on 31 December 2023
(c) Ceased to be members of AC, NC and RC on 1 November 2023, and retired from the Board on 31 December 2023
(d) Appointed as a member of AC and chairman of RC on 10 July 2023, succeeding TSL in this role.
(e) Appointed as INED, members of AC and RC, and chairman of NC on 1 November 2023 but did not attend any Board/BC meetings save for RC in the year as none
were held after the date he was appointed.
(f) Appointed as INED and members of AC, NC and RC on 1 November 2023 but did not attend any Board/BC meetings save for RC in the year as none were held
after the date he was appointed.
(g) Resigned as NINED on 31 December 2023
(h) Appointed as CEO on 2 January 2024
* By invitation
Directors and KSM

Remuneration
The Manager also manages IGB Commercial REIT (“IGBCR”) which is listed on the Main Market of Bursa. IGB REIT and IGBCR (collectively, the
“REITs”) have different investment policies. The REITs, constituted as trusts, have no personnel of their own. Remuneration of Directors and KSM is
paid by the Manager, and not by the REITs.
Successful implementation of the REITs’ business strategies and the fostering of the REITs’ long-term interests, including their sustainability, require
that the Manager is able, through competitive remuneration, to recruit, incentivise and retain resources which possess the professional qualities needed
to effectively pursue the REITs’ objectives. The Manager’s RPP provides a structure that aligns remuneration with the successful delivery of long-term
strategic and sustainability goals of the REITs, through the consolidation of the link between reward and performance, of both individuals and the REITs.
2023 Annual Report


(continued)
The determination of the remuneration of Directors and KSM is a matter dealt with by RC and the Board. The NEDs are remunerated by way of annual
fee, which is based on the role that individual Directors fulfil in respect of Board and BC responsibilities, and benchmarked against the fee levels of
directors of peer group companies, as well as industry norms and factors affecting the time commitment expected of NEDs. The Board Chairman and
AC Chairman receive fees at a higher rate than the other Directors in view of the additional responsibilities carried by those appointments. The fees
payable to NEDs are not performance related and is subject to approval of IGBC. No other payments are made to NEDs other than meeting allowance
and other benefits. EDs and CEO do not receive any fee nor meeting allowance as they are salaried executives of the Manager. The remuneration of
NEDs is reviewed annually to ensure NEDs are reasonably remunerated and reflects their role and responsibilities in discharging their fiduciary duties.
No Director shall participate or vote on the deliberations and decisions concerning his/her own remuneration.
KSM personnel have service contracts with the Manager, and their remuneration are made up of basic salaries and performance bonus as
accorded by comparable REIT managers, and are set according to the individual’s skills, experience, responsibility and performance, and market
competitiveness. The remuneration to CEO is recommended by RC and approved by the Board on an annual basis. The remuneration to the
remaining executive management shall be approved by CEO in consultation with the chairman of RC, and informed to the Board on an annual basis.
Remuneration of Directors and KSM was last reviewed by RC and the Board in October 2023. Full details of RC’s process on the remuneration of
Directors and KSM, including service contract renewals, against all performance measures, are provided in the RC Report section.
Details of each individual Director’s remuneration paid and payable in respect of FY23 are disclosed below:
Remuneration(a)(b) Fee(a) Meeting Allowance(c) Benefits-in-kind (“BIK”)(a)(d) Total
Directors
RM RM RM RM RM
Chairman and NEDs

DSRT 1,571,997 130,000 10,000 - 1,711,997
TSL - 182,000 20,000 480 202,480
HHD - 143,000 35,500 480 178,980
LCC - 130,000 30,500 480 160,980
AKP - 130,000 28,000 480 158,480
DRL - 21,667(d) 2,500 40 24,207
RYCS - 21,667(d) 2,500 40 24,207
TBL - 130,000 10,000 - 140,000
TLC - 130,000 22,500 4,740 157,240
EDs
TMS 471,451 - - 1,185 472,636
ETHN 539,149 - - - 539,149
TOTAL 2,582,597 1,018,334 161,500 7,925 3,770,356
(a) Managing 2 funds i.e., IGB REIT and IGBCR, subject to the approval of IGBC.
(b) Base salary and annual bonus
(c) Number of Board/BC meetings in respect of IGB REIT attended by Directors
(d) Car park season pass card
(e) Pro-rated based on part of the year during which they served on the Board.
The NC and the Board are of the opinion that, given the confidentiality and sensitivity of staff remuneration matters, the competition for talent in the
REIT management industry and the importance of ensuring stability and continuity of business and operations of the REITs with a competent and
experienced KSM, it is in the best interests of the Manager not to disclose the remuneration of its top 5 officers (who are not Directors) on a named
basis, but in bands of RM50,000, and such disclosure is sufficient for providing transparency to UHs without prejudicing the interests of UHs.
The remuneration paid to the top 5 officers (who are not Directors) in bands of RM50,000 (instead of on a quantum basis) for FY23 are as follows:
Remuneration Band Number of Officer Remuneration(a) BIK(a) Total
Between RM250,000 – RM300,000 1 100.00% - 100.00%

Between RM500,000 – RM550,000 1 100.00% - 100.00%
Between RM550,000 – RM600,000 1 100.00% - 100.00%
Between RM1,000,000 – RM1,050,000 1 95.35% 4.65% 100.00%
Between RM1,050,000 – RM1,150,000 1 99.09% 0.91% 100.00%
(a) Base salary, annual bonus and fixed allowance are to manage 2 funds i.e., IGB REIT and IGBCR.
Acting Ethically and

Responsibly
The Board is committed to providing robust leadership and oversight of the business required in setting and monitoring the Manager’s culture to
ensure that behaviours align with IGB REIT’s purpose, values, and strategy. The Manager has a number of policies and procedures in place to ensure
the culture the Board wants to foster is embedded throughout the business of IGB REIT.
2023 Annual Report


(continued)
The key corporate policies and guidelines referred to in this CGOS (or a summary of them), are available on IGB REIT’s website at www.igbreit.com.
These documents are periodically reviewed and enhanced to take account of changes in the legislative or regulatory requirements and governance
practices to ensure their relevance and effectiveness.
Below is a summary of the key governance policies and guidelines the Manager has implemented:
Directors’ Code of Business

Conduct & Ethics (“Code”)
The Board is guided by the Code in discharging its oversight role effectively. The Code requires all Directors to observe high ethical business conduct,
honesty, and integrity and to apply these values to all aspects of the business and professional practice of the Manager and act in good faith in the
best interests of the Manager, IGB REIT and UHs.
KSM is required to abide by the IGB Group Employee Code of Conduct, which sets out the behaviour and conduct expected of all employees in
accordance with the guiding principles.
FAP Guidelines
All members of the Board and KSM shall be qualified by the FAP rule, based on the criteria set out in the Manager’s FAP Guidelines, which shall
include, but not limited to, standards of integrity and reputation, competence and capability, and financial soundness, as well as shall not have
prohibited characteristics under the CMSA, MMLR and other applicable laws and regulations.
In relation to the policy, Directors and KSM are required to provide FAP declaration twice a year i.e., before filing the Anniversary Reporting for
Authorisation of Activity to the Securities Commission and issuance of IGB REIT’s AR. The FAP assessment were undertaken in January 2024 in
accordance with the process.
Guidelines for dealings in

units of IGB REIT (“Units”)
The Manager’s internal procedures on dealings in securities reinforce the requirements of CMSA in relation to the prohibition against insider trading. Directors
and KSM while in possession of material information of IGB REIT must refrain from dealing in Units or communicate such information to any person.
As a general principle, Directors and KSM will be notified of the closed trading period by an internal memorandum, which sets out the prohibition
on dealing in Units in the period commencing one month before the quarterly financial results announcement of IGB REIT and at any time while in
possession of price sensitive information.
Each Director and Officer is to give written notice to the Manager of his/her acquisition of Units or of changes in the number of Units which he/she
holds, or in which he/she has an interest, within 3 market days after such acquisition or change in interest. Directors are required to update disclosure
of interests in Units quarterly. All dealings in Units by Directors and/or KSM will be announced via the regulatory information service (“BursaLINK”).
The interests in Units of Directors are shown in the Unitholding Statistics section.
Anti-Bribery & Corruption

(“ABC”) Policy
The Manager acknowledges the importance of lawful and ethical behaviour in IGB REIT’s business activities and remains committed to adhering to the
values of transparency, integrity, impartiality, and accountability in the conduct of IGB REIT’s business.
The Manager subscribes to the IGB Group ABC Policy. This Group-wide policy details the prohibition against bribery and corruption in all of the
Group’s operations, highlighting the specific compliance requirements relating to these prohibitions, and reinforcing the Group’s commitment to
conducting business with the highest level of honesty and integrity. In relation to these guidelines, Directors and KSM of the Manager are required to
submit quarterly declaration of gifts, entertainment, and hospitality, given to and received from third parties to the Integrity Officer of IGB.
There were zero instances of bribery, corruption and fraud reporting during FY23.
Whistleblowing Policies and

Procedures (“WPP”)
The Manager also subscribes to the IGB Group WPP. This policy provides a channel for employees and other stakeholders to raise concerns on
potential improprieties, including but not limited to suspected fraud, corruption, and unlawful or dishonest conduct. All whistleblower reports are
addressed to the Whistleblowing Committee (“WBC”) (comprising the Heads of Group Legal, GIA and Group Human Capital of IGB) which addresses
complaints received relating to IGB REIT. Whistleblowing reports may be made via a dedicated email address at feedback@igbreit.com. Strict
confidentiality standards are established to ensure the protection of whistleblowers.
There was 1 complaint received via the whistleblowing channel which has been attended to and resolved in FY23.
Guidelines for RPT and RRPT

The Manager has established controls and reporting measures for RPT and RRPT to ensure all transactions involving, among others, the Manager,
Directors, CEO, major UHs and persons connected with them will be undertaken on an arm’s length basis and on normal commercial terms and will not
be prejudicial to the interests of UHs. KSM has been kept informed of the disclosure procedures for RPT/RRPT, who would ensure that transactions with
related parties (“RPs”) would be entered into after taking into account the pricing and contract rates, terms and conditions, level of service and expertise
required, and the quality of products and services provided, when compared to prevailing market prices and rates, industry norms and standards, as well
as general practices, adopted by service providers of similar capacities and capabilities generally available in the open market.
2023 Annual Report


(continued)
All RPT / RRPT entered into by IGB REIT with RPs are maintained in records by the Manager and reviewed by the AC at its quarterly meetings to
ensure that such transactions are conducted on an arm’s length basis and are not prejudicial to the interests of UHs. It is also in the scope of IA to
review RPT / RRPT entered into by IGB REIT to ascertain the guidelines and procedures established to monitor RPT / RRPT have been complied
with, including the relevant provisions of MMLR. The review will include the examination of the nature of the transaction and its supporting documents
or such other data deemed necessary to AC.
At the 2023 AGM, a general mandate under paragraph 10.09(2) of the MMLR for IGB REIT to enter into RRPT with RPs had been obtained from UHs.
Based on the actual amount transacted from the date of 2023 AGM up to the date of this CGOS, the actual value of RRPT has not exceeded the
estimated value by 10% under the mandate.
On 30 January 2024, IGB REIT announced its intention to seek UHs’ approval for the renewal of existing RRPT at its 2024 AGM. The RRPT that have
been entered into and will be entered into by IGB REIT with the RPs are necessary for its business and are intended to meet the ordinary and usual
course of business needs at the best possible terms. Directors who have interests in the RRPT Mandate have abstained from board deliberations and
voting and would ensure that they and any person connected with them would also abstain from voting on the RRPT Mandate at the 2024 AGM. The
details of the RRPT Mandate are set out in the Circular-RRPT Mandate.
The AC has reviewed the Circular-RRPT Mandate in January 2024, and having considered, among others, the nature of RRPT to be made, are
intended to meet the ordinary and usual course of business needs of IGB REIT and likely to occur with some degree of frequency and such
transactions to be undertaken at arm’s length and on normal commercial terms consistent with IGB REIT’s usual practices and policies, as well as the
procedures and processes established to regulate RRPT, was satisfied that adequate processes and controls are in place for monitoring, tracking and
identifying RRPT in a timely and orderly manner.
The following table sets forth the RRPT entered into by IGB REIT with RPs during FY23 pursuant to the mandate:
Estimated Actual value
Transacting value FY23
Parties RRPT nature RM’000 RM’000 Interested RPs
IGB Group(a) Retail leases, car parks & related services 15,000 6,491 IGBRM(c)
Receipt of intellectual property 10 6 IGBC(c)
IGB(c)
Provision of chilled water & liquefied petroleum gas 15,000 5,477 DSRT(d)
Receipt of upgrading, repair & maintenance works 3,000 2,451 ETHN(e)
Receipt of information system services & products 1,500 439 TMS(f)
TLC(g)
Receipt of tenant sales verification audit & special 200 168 TBL(h)
review Pauline Tan Suat Ming (“PTSM”)(i)
Manager fee 42,000 38,853 Tony Tan Choon Keat (“TTCK”)(j)
Tan Chin Nam Sdn Bhd (“TCN”)(k)
IGBCR(b) Commercial leases, car parks &related services 20 9 Tan Kim Yeow Sdn Bhd (“TKY”)(l)
Wah Seong (M) Trading Co. Sdn Bhd (“WST”)(m)
Provision of chilled water 10,000 7,346 Gabrielle Tan Hui Chween (“GTHC”)(n)
(a) The principal activities of IGB Group are investment holding, provision of management services, property investment and management, owner and operator of
malls, hotel operations, property development, construction, selling and distribution of utilities, information and communication technology services, provision of
engineering services for water treatment plants and related services, education, investment holding and management of REITs.
(b) IGBCR is a REIT with principal investment policy of investing, directly and indirectly, in a portfolio of income producing real estate used primarily for retail purposes
in Malaysia and overseas.
(c) IGBRM is a wholly-owned subsidiary of IGBC, which in turn is wholly-owned by IGB, a substantial UH of IGB REIT.
(d) DSRT is Chairman and NINED of IGBRM and Wasco; NINED of IGB; a director of certain subsidiaries within IGB Group; a major shareholder (“SH”) of IGB; a major
UH of IGB REIT and IGBCR; a director and/or a substantial SH of TKY Group and WST Group; a brother to PTSM and TTCK, and the father of ETHN and GTHC.
(e) ETHN is ED and CEO of IGBRM; alternate to DSRT on the board of IGB; a director of certain subsidiaries within IGB Group; a daughter of DSRT; and a sister of GTHC.
(f) TMS is ED and HSR of IGBRM; Deputy Group CEO and alternate to TLC on the board of IGB; and a director of certain subsidiaries within IGB Group.
(g) TLC is NINED of IGBRM; Chairman and NINED of IGB; a director of TCN Group and WST; and a sister of TBL.
(h) TBL is Group CEO and ED of IGB; a director of certain subsidiaries within IGB Group, TCN Group and WST Group; and a brother of TLC.
(i) PTSM is a director of TKY; a major UH of IGB REIT and IGBCR; a major SH of IGB and Wasco; a substantial SH of TKY Group and WST Group; and a sister of
DSRT and TTCK.
(j) TTCK is a director of TKY Group; a major UH of IGB REIT and IGBCR; a major SH of IGB and Wasco; a substantial SH of TKY Group and WST Group; and a
brother of DSRT and PTSM.
(k) TCN is a major UH of GB REIT and IGBCR; a major SH of IGB and Wasco; a substantial SH of WST; and a person connected to TLC, TBL and TMS.
(l) TKY is a major UH of IGB REIT and IGBCR; a major SH of IGB and Wasco; a substantial SH of WST; and a person connected to DSRT, PTSM, TTCK, ETHN and GTHC.
(m) WST is a major UH of IGB REIT and IGBCR; a major SH of IGB and Wasco; and a person connected to DSRT, PTSM, TTCK, TCN and TKY.
(n) GTHC is a director of certain subsidiaries within IGB Group; a daughter of DSRT; and a sister of ETHN.
Principle B: Effective Audit and Risk Management
AC
The AC, is chaired by HHD, who is a member of Malaysian Institute of Accountants and a former council member of the Malaysian Institute of Certified
Public Accountants. The members of AC, as set out in their biographical details, have relevant financial experience as well as other fields of expertise
and are highly qualified to formulate and review the integrity and reliability of IGB REIT’s quarterly and full-year financial results. None of AC members
have had an employment relationship with the incumbent EA, PwC.
The AC is responsible for the oversight and monitoring of the integrity of published financial information, the adequacy and robustness of the system
of internal control and the adequacy and effectiveness of the internal audit function and external audit. In discharging its functions, AC has been
empowered by the Board to have necessary resources which are required to perform its duties, and full and unrestricted access to any information
and documents relevant to its activities.
2023 Annual Report


(continued)
Meetings shall be held at least once a quarter or at a frequency to be decided by AC. Typically, the CEO, CFO, HOC/CS and Head of GIA, as well as
EA are invited to attend meetings of AC. When required, other key executives are invited to attend to present and provide deeper insight on various
topics as are required by AC to discharge its duties. The lead EA partner and Head of GIA have direct access to AC Chairman at all times and meet
privately with AC at least twice every financial year to discuss any issue that need to be deliberated in the absence of KSM.
AC annually reviews the performance of EA based on 3 key areas: quality of service, sufficiency of resources and independence, objectivity, and
professional scepticism. As part of the review, AC obtains feedback from CFO regarding the quality of the audit service. The AC also evaluates the
appropriateness of audit fees to support the quality of the audit. In January 2024, AC conducted its formal annual assessment of the performance of EA.
The details of the matters discussed, deliberated and/or approved at AC meetings are shown in the AC Report section.
Risk Management and

Internal Control
Board
→ Approving the Strategy and Risk Framework (“Framework”) (last updated on 30 January 2024) and
internal compliance systems.
→ Reviewing IGB REIT’s wider risk profile.
→ Overseeing implementation of risk management policies, procedures, and systems.
AC Retail-RMSC CEO/CFO
→ Liaising with and reviewing activities of → Monitoring the risk profile of IGB → Assessing whether risk management
internal and external audit functions. REIT against its risk appetite and the procedures and systems are operating
Framework (financial and non-financial efficiently and effectively in all material
risks). respects.
→ Reviewing adequacy of financial controls. → Overseeing the identification, → Providing sign-off to the Board regarding
management and reporting of business IGB REIT’s risk management system and
risks by the functional units. internal control.
→ Monitoring relevant regulatory → Oversight of sustainability policies and
requirements. targets and Management’s reporting and
disclosures with respect to sustainability
matters.
IA Functional Units
→ Assessing the adequacy and effectiveness of the risk management, → Identifying and managing risks (including financial, operational,
governance and internal control processes and procedures. information technology and compliance risks).
→ Providing assurance to AC on risk management processes, → Implementing policies, procedures, and systems adopted by the
evaluating risk management processes, reporting key risks, and Board.
reviewing the management of key risks. → Providing internal sign-offs and reporting to Retail-RMSC
regarding risk management procedures and systems.
IGB REIT’s approach to risk management and internal controls as well as the management of key business risks is set out in the SORMIC which has
been reviewed by PwC.
IA function
The Manager adopts the principle that a robust internal control system is required to safeguard UHs’ interests, IGB REIT’s assets, and to manage risks.
As described above, the IA function is outsourced and undertaken by IGB’s GIAD, which is staffed by qualified professionals and their audit
methodology is in conformance with the International Standards for the Professional Practice of Internal Auditing (“Standards”) of the Institute of
Internal Auditors (“IIA”). The Head of GIA, Christine Ong May Ee, who holds the following qualifications – Certified Internal Auditor (USA), Certified
Risk Management Assurance (USA), Fellow of the Chartered Accountant Australia and New Zealand, Fellow of the IIA (Malaysia), Chartered
Accountant (Malaysia) and Bachelor of Accountancy (Hons.) (Singapore), reports directly and functionally to AC. On an annual basis, every staff signs
a declaration of his/her adherence to the IIA Code of Ethics.
The role of IA is to provide an independent assurance function for KSM and AC based on a systematic review and evaluation of the risk management,
internal control and governance processes of the Manager and IGB REIT. The IA is independent of the functions and activities that it audits and
operates under an audit charter mandated by AC which gives it unfettered access to documents, records, properties and personnel including
unrestricted access to AC.
The IA adopts a risk-based audit methodology to develop its audit plans, and its activities are aligned to IGB REIT’s principal risks and objectives. Based
on risk assessment by IA and key risks identified by management, greater focus and appropriate review intervals are set for higher risk activities, and
material internal controls, including compliance with the policies, procedures, and regulatory responsibilities of the Manager and IGB REIT.
2023 Annual Report


(continued)
The scope of IA reviews is carried out in accordance with the yearly plans prepared by IA and approved by AC. The IA reports generally set out
the results of the audit conducted in terms of the control environment assessment of risk management, operating effectiveness of internal controls,
compliance with internal and regulatory requirements and overall management of the Manager and IGB REIT, highlighting key control issues,
significant risks and recommendations, along with management’s responses and action plans for improvement and/or rectification, where applicable.
This enables AC to execute its oversight function by forming an opinion on the adequacy of internal controls implemented by management in IGB
REIT’s business operations.
Other than planned assurance engagements that have been included in IA’s annual plan, IA also conducts ad hoc special reviews as and when the
need arises or when a significant change in risk has been identified. The scope of these engagements is discussed with KSM and reported to AC for
their approval. All reports issued for such engagements are communicated to the relevant members of KSM and AC.
The IA function also provides advisory services to Retail-RMSC in the areas of risk management, sustainability, and business continuity.
Apart from the usual IA function, IA is the contact point for feedback@igbreit.com i.e., communication channel for lodging complaints and feedback
from stakeholders. The Head of GIA is also a member of IGB’s WBC and ABC Committee.
During FY23, IA conducted its audit reviews based on 2023 IA plan and issued multiple reports covering all levels of operations within the Manager
and IGB REIT, and monitored the status of management action plans resulting from audit findings to ensure completion and reports progress each
quarter to AC. Details of IA activities are disclosed in the AC Report section and the SORMIC.
In accordance with the Standards, an external quality assessment review (“QAR”) of GIAD is conducted at least once every 5 years by a qualified,
independent reviewer. A QAR of GIAD was performed by Crowe Governance Sdn Bhd in October 2020. The review had concluded that GIAD was in
conformance with the Standards. The next review would be due in year 2025. The IA function also engages in quality improvement programs on an
on-going basis to ensure that IA activities keep up with the latest developments in the internal auditing practices.
The Manager and IGB REIT have paid RM211,500 or IA services in FY23.
IGB REIT is committed to positive and meaningful stakeholder engagement. The Manager has implemented procedures to ensure that it provides
relevant and timely information to IGB REIT’s UHs and to the broader investment community, in accordance with IGB REIT’s obligations under the
Bursa continuous disclosure regime.
Principle C: Integrity Corporate Reporting and Meaningful Relationship with Stakeholders
Engagement with
Stakeholders
Good investor relations management is crucial in sustaining a high level of transparency and good governance
Timely, Transparent Disclosures Proactive Investor Outreach Proactive 2-way Communication with UHs
The Manager is committed to keeping UHs and The Manager values investors as major UHs have the option to receive
investment community well-informed of IGB stakeholders of IGB REIT and views communications from and send
REIT’s financial and operating performance. investor engagement as an essential communications to IGB REIT and its unit
avenue to strengthen relationships and registry electronically.
IGB REIT’s market disclosure protocol ensure promote greater understanding of IGB
that IGB REIT discloses all market sensitive REIT’s financial and operating performance, IGB REIT also engages with UHs via yearly
information to Bursa in a timely manner, in and future growth strategies. AGM. The Manager has successfully organised
accordance with the MMLR and all UHs have a virtual 2023 AGM. The AGM notice to UHs
timely and equal access to material information The Manager has a dedicated communication was published on 28 February 2023, more
affecting IGB REIT, including its financial position channel at investorrelations@igbreit.com than 28 days in advance of the AGM, to give
and operating performance, and governance. to enable UHs and to a lesser extent, UHs more time to register and send questions.
institutional investors to direct queries and Registered UHs were able to observe the
Material information affecting IGB REIT are obtain responses to their queries. In addition, AGM proceedings through a live audio-
made public in a timely and transparent manner, the Manager conducts quarterly results visual webcast. The AGM minutes, including
via BursaLINK and concurrently at IGB REIT’s briefings with institutional investors and allows matters approved by UHs, voting results and
website at www.igbreit.com, which include research analysts a platform for question that substantial and relevant comments and queries
among others, quarterly results overview that they may have on IGB REIT’s financial and from UHs relating to the agenda together with
sets out in relation to IGB REIT, an overview of operating performance. The Manager ensures responses from the Board and KSM, were
its financial position, distribution statement, debt all institutional investors have equal access to published on IGB REIT’s website on 2 May
profile and information on its portfolio, comprising information regarding IGB REIT. 2023.
details of major tenants, tenancy expiry profile,
occupancy rates, average monthly rent, new In FY23, the Manager continued its investor IGB REIT will conduct its AGM this year as a
tenants and asset enhancement initiatives. outreach by way of frequent physical and virtual meeting. Details of how UHs will be able
virtual meetings, one-on-one and group to join, vote and submit questions in advance
The above, including robust and continuous sessions as well as quarterly results of the 2024 AGM can be found in the Notice of
communication with the investment community briefings for institutional investors. 2024 AGM as set out in this AR. Should UHs
provide investors and members of the public with wish to have a printed copy of the AR, they may
ease of accessibility to IGB REIT’s latest material also submit a request via email to IGB REIT at
information and updates. corporate-enquiry@igbreit.com.
2023 Annual Report

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
The Board of Directors (Board) of IGB REIT Management Sdn Bhd is pleased to present the Statement on Risk Management and Internal Control
(Statement). This Statement is prepared pursuant to paragraph 15.26(b) of the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements
(MMLR) and in accordance with the guidelines as set out in the Statement on Risk Management and Internal Control: Guidelines for Directors of
Listed Issuers.
The Board maintains its overall responsibility to ensure a framework of risk management and internal controls is in place to maintain the continued
high level of corporate governance. The Retail Risk Management and Sustainability Committee (Retail RMSC) assists the Board to oversee the overall
strategy and risk framework with their expertise, experience and knowledge of the business.
Risk Management Framework
IGB REIT adopts the “IGB REIT Strategy & Risk Framework” (Framework) which is based on the Committee of Sponsoring Organisations of the
Treadway Commission’s (COSO) Enterprise Risk Management (ERM) – Integrating with Strategy and Performance framework and is designed to
integrate risk and strategy within the operations of the organisation.
The Framework itself is a set of principles organised into 5 interrelated components:
1. Governance and Culture: Governance sets the organisation’s tone, reinforcing the importance of, and establishing oversight responsibilities for
ERM. Culture pertains to ethical values, desired behaviours, and understanding of risk in the entity.
2. Strategy and Objective-Setting: ERM, strategy, and objective-setting work together in the strategic-planning process. A risk appetite is
established and aligned with strategy; business objectives put strategy into practice while serving as a basis for identifying, assessing, and
responding to risk.
3. Performance: Risks that may impact the achievement of strategy and business objectives need to be identified and assessed. Risks are
prioritised by severity in the context of risk appetite. The organisation then selects risk responses and takes a portfolio view of the amount of risk
it has assumed. The results of this process are reported to key risk stakeholders.
4. Review and Revision: By reviewing entity performance, an organisation can consider how well the ERM components are functioning over time
and in light of substantial changes, and what revisions are needed.
5. Information, Communication, and Reporting: ERM requires a continual process of obtaining and sharing necessary information, from both
internal and external sources, which flows up, down, and across the organisation.
The Framework is reviewed annually by the Retail RMSC to ensure its adequacy as more robust methodologies are introduced.
In January 2024, the Board approved updates to the Framework to include IGB REIT’s sustainability governance and responsibilities as well as
updating IGB REIT’s risk profiling.
Risk Management
IGB REIT’s robust risk management is not designed to eliminate risks but to mitigate unexpected operational surprises and losses, reduce
performance variability, improve resource deployment, identify and manage entity wide risks and also increase the range of opportunities.
The IGB REIT culture pertaining to strategy and risks is one of ownership, whereby the functional units themselves take ownership of their strategies
and risks. They identify and evaluate strategies and risks to ensure the implementation of strategic plans and mitigation actions are in place and
aligned with the Framework. Functional units will monitor and measure performance of their strategic plans and mitigation actions before submitting
strategy and risk reports every quarter to the Retail RMSC.
The Retail RMSC maintains the database for the IGB REIT functional units’ strategies and risks and monitors updates. Functional units’ escalation of
risks of new and existing investments, strategies or opportunities are reviewed by the Retail RMSC to ensure that exposures are within the approved
risk appetite in consultation with the Head of Strategy and Risk (HSR). The Board assesses the adequacy and effectiveness of internal controls on an
annual basis. Management is responsible for ensuring that risk management activities are implemented effectively to manage significant business risks
in a timely manner. Group Internal Audit reviews the risk management process for comprehensiveness and effectiveness.
During the meetings held in the financial year, the Retail RMSC reviewed the quarterly strategy & risk reports which include key risks identified, ratings
accorded to each risk as well as controls and mitigating actions implemented or to be implemented by the Manager. Highlights of the salient risks and
corresponding mitigating actions by IGB REIT have been further detailed in the Management Discussion & Analysis section of the Annual Report.
Business Continuity Plan
In order to provide contingency plans and recovery processes to respond and recover in the event of a disaster, IGB REIT has established a Business
Continuity Plan (BCP). The BCP incorporates detailed Emergency Response Plans for each operational site, a Crisis Management & Communication
Plan, and a Business Impact Analysis to ensure Business Recovery Plans are established for prompt restoration of mission critical systems. The BCP
is currently being updated to improve its effectiveness for operational response and recovery.
Anti-Bribery & Corruption Policy
IGB has established the IGB Group Anti Bribery and Corruption Policy (ABC) in line with the requirements of the Malaysian Anti-Corruption
Commission (Amendment) Act 2018 specifically regarding the corporate liability provision on commercial organisations for corruption committed by
persons associated with it. The ABC applies to all employees and directors of companies under the IGB Group.
The ABC enshrines the principles of a zero-tolerance approach against any and all forms of bribery and corruption as well as provides guidance to
employees on dealing with improper solicitation, bribery and other corrupt activities that may arise in the course of executing or undertaking their
duties, obligations and responsibilities.
2023 Annual Report

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL

(continued)
The Manager is a subsidiary of IGB and therefore subscribes to the ABC. Risks in relation to bribery and corruption are assessed as part of the risk
management process before being reviewed by the Retail RMSC.
The ABC is reviewed at least once every three years for effectiveness by the Head of Group Legal of IGB who has been appointed as the Integrity Officer.
Whistleblowing Policy
IGB has implemented the IGB Group Whistleblowing Policy and Procedures (WPP). The WPP is intended to encourage and facilitate employees and
stakeholders who have or may have genuine concerns in relation to any alleged, suspected or actual serious acts of misconduct or illegal activity to
disclose or report such acts or activities.
The WPP addresses the commitment by IGB towards maintaining the highest standards of accountability, ethical conduct, fairness, integrity,
probity, professionalism and transparency as well as the requirement for all IGB Group employees to conduct themselves with the highest level of
accountability, integrity, impartiality, professionalism and transparency, at all times.
The WPP undertakes that all disclosures and reports by whistle-blowers will be treated with the strictest of confidence and promptly, professionally
and fully investigated. The WPP also provides assurance that no action will be taken against any employee who discloses or reports any alleged,
suspected or actual serious acts of misconduct or illegal activity in good faith. The WPP further complements the ABC whereby protection and
confidentiality commitment of the WPP also applies to the ABC.
The Manager is a subsidiary of IGB and therefore subscribes to the WPP.
Cyber Security
Recognising the increasing role of digitalisation and data security in our business, IGB has in place the Group Cybersecurity Policy (CSP) and the IT
Acceptable Use Policy (ITAUP) which help to define the technical controls and security configurations that users and IT administrators are required to
implement, as well as provide users with policies and guidelines regarding the acceptable use of the Group’s technology equipment and email.
The Manager is a subsidiary of IGB and therefore subscribes to the CSP and ITAUP. Risks in relation to cyber security are assessed as part of the risk
management process and reviewed by the Retail RMSC.
Internal Control Processes
The Board maintains full control and direction over appropriate strategic, financial, organisational and compliance issues. It has delegated to
Management the implementation of internal controls in the operation of the functional units in IGB REIT.
The main pillars of the framework for internal controls include:
Organisation & Structure
- Continued maintenance of defined lines of reporting, responsibility and delegated authorities.
- Clear and structured boundaries of authority that form a framework of leadership and accountability within the IGB REIT.
- Instil control-conscious and risk management culture and ensure proper tone at the top for an effective control environment.
Anticipation & Accountability
- Regular consortium of all heads of functional units to raise and review any and all significant risks and opportunities related to known and
emerging changes in the operational and regulatory landscape.
- Construction of annual operating budgets and capital expenditure plans by all functional units, reviewed and approved by the Chief Executive
Officer (CEO), Joint Deputy CEO and the Board.
- Transparent assessment of performance against approved budgets, with reporting of discrepancy or variance to the Board.
- Regular reporting updates of all significant issues, financial accounting status and legal developments to the Board for up-to-date visibility.
Compliance & Training
- Standardisation and distribution of operating policies and procedures in line with internal controls, industry best practices and the relevant laws
and regulations; to be reviewed regularly and approved by Management.
- Ongoing investment in training and guidance of staff to ensure they are competent and motivated to excel in their responsibilities, improving
retention rate of strong talent.
- Maintenance of clear guidelines for conducting hiring, termination and annual performance appraisal processes that uphold a reputation of
corporate integrity.
The IA provides further independent assurance on the adequacy and effectiveness of the risk management and internal control systems as part of
their audit review. All reports are brought to the attention of the Board through the AC.
The Board, with the concurrence of AC, has reviewed the effectiveness of IGB REIT’s system of risk management and internal controls. There were no
significant internal control issues that would have resulted in any material losses, contingencies, or uncertainties that would require disclosure in the
IGB REIT annual report.
The Board has received assurance from the CEO and CFO that the IGB REIT’s risk management and internal control systems are operating
adequately and effectively in all material aspects.
As required by paragraph 15.23 of the MMLR, the external auditors have reviewed this Statement. Their limited assurance review was performed in
accordance with Recommended Practice Guide (RPG) 5 (Revised) issued by the Malaysian Institute of Accountants. RPG 5 (Revised) does not require
the external auditors to form an opinion on the adequacy and effectiveness of the risk management and internal control systems of the IGB REIT.
This Statement has been approved by the Board.
2023 Annual Report

FINANCIAL STATEMENTS
31 December 2023
 Manager’s Report 89 - 91
 Statement by the Manager 92
 Statutory Declaration 92
 Trustee’s Report 93
 Independent Auditors’ Report 94 - 96
 Statements of Financial Position 97
 Statements of Comprehensive Income 98
 Statements of Changes in Net Asset Value 99
 Statements of Cash Flows 100
 Notes to the Financial Statements 101 - 138
IGB REIT | Financial Statements 89
MANAGER’S REPORT
IGB REIT Management Sdn Bhd, the Manager for IGB Real Estate Investment Trust (“IGB REIT” or “Fund”), is pleased to present its report together
with the audited financial statements of IGB REIT and its wholly-owned subsidiary, IGB REIT Capital Sdn Bhd (“Group”) for the financial year ended 31
December 2023.
PRINCIPAL ACTIVITY OF THE MANAGER
The principal activity of the Manager is the management of real estate investment trust (“REIT”). There has been no significant change in the nature of
this activity during the financial year.
THE FUND AND ITS INVESTMENT OBJECTIVE
IGB REIT is a Malaysia-domiciled REIT established on 25 July 2012 pursuant to the deed of trust dated 18 July 2012, as supplemented on 25 October
2018 (“Deed”) between the Manager and MTrustee Berhad (“Trustee”), listed on Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”)
on 21 September 2012 and regulated by the Securities Commission Act 1993, the Securities Commission Malaysia’s Guidelines on Listed Real Estate
Investment Trusts (“REIT Guidelines”), the Listing Requirements of Bursa Securities, the Rules of Bursa Malaysia Depository (“Depository”) and
taxation laws and rulings. IGB REIT will continue its operations until such time as determined by the Manager and the Trustee as provided under the
provisions of Clause 27 of the Deed. The principal investment policy of IGB REIT is to invest, directly and indirectly, in a diversified portfolio of income
producing real estate used primarily for retail purposes as well as real estate related assets. Real estate used primarily for retail purposes would
include retail properties and mixed used development with a retail component.
DISTRIBUTION OF INCOME
IGB REIT had declared distributions in the financial year as follows:-
- 2.80 sen per unit (@ 2.77 sen taxable and 0.03 sen non-taxable) for the period from 1 January 2023 to 31 March 2023, which was paid on 30
May 2023;
- 2.37 sen per unit (@ 2.33 sen taxable and 0.04 sen non-taxable) for the period from 1 April 2023 to 30 June 2023, which was paid on 29 August 2023;
- 2.60 sen per unit (@ 2.55 sen taxable and 0.05 sen non-taxable) for the period from 1 July 2023 to 30 September 2023, which was paid on 20
November 2023; and
- 2.70 sen per unit (@ 2.65 sen taxable and 0.05 sen non-taxable) for the period from 1 October 2023 to 31 December 2023, which is payable on
29 February 2024.
RESERVES AND PROVISIONS
All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.
DIRECTORS
The Directors who have served on the Board of the Manager during the financial year and during the period from end of the financial year to the date
of this report are as follows:-
Dato’ Seri Robert Tan Chung Meng

Halim bin Haji Din
Tan Lei Cheng
Tan Mei Sian
Ang Kim Pack
Datuk Lee Say Tshin (Appointed on 1.11.2023)
Raymond Yeoh Cheng Seong (Appointed on 1.11.2023)
Tan Boon Lee (Resigned on 31.12.2023)
Le Ching Tai @ Lee Chen Chong (Retired on 31.12.2023)
Tan Sri Dato’ Prof. Lin See Yan (Retired on 31.12.2023)
DIRECTORS’ BENEFITS
During and at the end of the financial year, no arrangement subsisted to which the Manager is a party, with the object or objects of enabling the
Directors of the Manager to acquire benefits by means of the acquisition of units in or debentures of IGB REIT or any other body corporate, other than
as disclosed in Directors’ interest.
For the financial year ended 31 December 2023, no Director has received or become entitled to receive a benefit (other than certain Directors received
remuneration as a result of their employment with the Manager or related corporations).
2023 Annual Report

90 IGB REIT | Financial Statements
MANAGER’S REPORT
(continued)
DIRECTORS’ INTEREST
The following Directors of the Manager who held office at the end of the financial year had, according to the register of unitholdings in IGB REIT,
interests in the units of IGB REIT as follows:-
Number of units
Disposal/
Balance at Transferred/ Balance at
01.01.2023 Addition Ceased 31.12.2023
Dato’ Seri Robert Tan Chung Meng

Direct 16,272,721 - - 16,272,721
Indirect 1,936,160,542 14,731,885 - 1,950,892,427
Tan Lei Cheng
Direct 2,005,944 - - 2,005,944
Direct 4,754,000 57,000 - 4,811,000
Other than as disclosed above, the other Directors who held office at the end of the financial year did not have interests in the units of IGB REIT.
OTHER INFORMATION
Before the financial statements of the Group and of the Fund were prepared, the Manager took reasonable steps:-
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and
satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and
(b) to ensure that any current assets, which were unlikely to realise in the ordinary course of business including the values of current assets as
shown in the accounting records of the Group and of the Fund had been written down to an amount which the current assets might be expected
so to realise.
At the date of this report, the Manager is not aware of any circumstances:-
(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the
Group and of the Fund inadequate to any substantial extent;
(b) which would render the values attributed to current assets in the financial statements of the Group and of the Fund misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Fund misleading or
inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve (12) months after the end of the
financial year which, in the opinion of the Manager, will or may affect the ability of the Group or of the Fund to meet its obligations when they fall due.
At the date of this report, there does not exist:-
(a) any charge on the assets of the Group or of the Fund which has arisen since the end of the financial year which secures the liability of any other
person; or
(b) any contingent liability of the Group or of the Fund which has arisen since the end of the financial year.
At the date of this report, the Manager is not aware of any circumstances not otherwise dealt with in this report or the financial statements which would
render any amount stated in the financial statements misleading.
In the opinion of the Manager:-
(a) the results of the operations of the Group and of the Fund during the financial year were not substantially affected by any item, transaction or
event of a material and unusual nature; and
(b) there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material
and unusual nature likely to affect substantially the results of the operations of the Group and of the Fund for the financial year in which this
report is made.
2023 Annual Report

MANAGER’S REPORT
(continued)
MATERIAL LITIGATION
The Manager is not aware of any pending material litigation as at the date of statement of financial position and up to the date of this report.
SOFT COMMISSION
There was no soft commission received by the Manager and/or its delegates during the financial year.
ULTIMATE HOLDING COMPANY
The Manager regards IGB Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Securities, as the ultimate holding
company.
AUDITORS
The auditors, PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), have expressed their willingness to accept re-appointment as auditors.
Signed on behalf of the Board of the Manager in accordance with a resolution of the Directors of the Manager dated 23 February 2024.
HALIM BIN HAJI DIN ELIZABETH TAN HUI NING

DIRECTOR EXECUTIVE DIRECTOR
2023 Annual Report

STATEMENT BY THE MANAGER
In the opinion of the Directors of the Manager, the financial statements are drawn up in accordance with the provisions of the Deed, the REIT
Guidelines, applicable securities laws, Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true
and fair view of the financial position of the Group and of the Fund as at 31 December 2023 and of their financial performance and cash flows for the
financial year ended 31 December 2023.
Signed on behalf of the Board of the Manager in accordance with a resolution of the Directors of the Manager dated 23 February 2024.
HALIM BIN HAJI DIN ELIZABETH TAN HUI NING

DIRECTOR EXECUTIVE DIRECTOR
STATUTORY DECLARATION
I, Chai Lai Sim, the Chief Financial Officer of the Manager primarily responsible for the financial management of the Group and of the Fund, do
solemnly and sincerely declare that the financial statements are, to the best of my knowledge and belief, correct and I make this solemn declaration
conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
CHAI LAI SIM
Subscribed and solemnly declared by the abovenamed at Kuala Lumpur in the Federal Territory on 23 February 2024.
Before me:
COMMISSIONER FOR OATHS
2023 Annual Report

TRUSTEE’S REPORT
To the Unitholders of IGB REAL ESTATE INVESTMENT TRUST (Established In Malaysia)
We have acted as Trustee of IGB Real Estate Investment Trust (“IGB REIT”) for the financial year ended 31 December 2023. In our opinion and to the
best of our knowledge, the Manager has managed IGB REIT in accordance with the limitations imposed on the investment powers of the Manager and
the Trustee under the Deed, the REIT Guidelines, applicable securities laws and other applicable laws during the financial year then ended.
We have ensured the procedures and processes employed by the Manager to value and price the units of IGB REIT are adequate and that such
valuation/pricing is carried out in accordance with the Deed and other regulatory requirements.
We also confirm the income distributions declared during the financial year ended 31 December 2023 are in line with and are reflective of the
investment objectives of IGB REIT. Income distributions have been declared for the financial year ended 31 December 2023 as follows:-
- 2.80 sen per unit (@ 2.77 sen taxable and 0.03 sen non-taxable) for the period from 1 January 2023 to 31 March 2023, which was paid on 30
May 2023;
- 2.37 sen per unit (@ 2.33 sen taxable and 0.04 sen non-taxable) for the period from 1 April 2023 to 30 June 2023, which was paid on 29 August
2023;
- 2.60 sen per unit (@ 2.55 sen taxable and 0.05 sen non-taxable) for the period from 1 July 2023 to 30 September 2023, which was paid on 20
November 2023; and
- 2.70 sen per unit (@ 2.65 sen taxable and 0.05 sen non-taxable) for the period from 1 October 2023 to 31 December 2023, which is payable on
29 February 2024.
For and on behalf of the Trustee,

MTRUSTEE BERHAD
NURIZAN BINTI JALIL

CHIEF EXECUTIVE OFFICER
Selangor,
23 February 2024
2023 Annual Report

INDEPENDENT AUDITORS’ REPORT

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the financial statements of IGB Real Estate Investment Trust (“the Fund”) and its subsidiary (“the Group”) give a true and fair view of
the financial position of the Group and of the Fund as at 31 December 2023, and of their financial performance and their cash flows for the financial
year then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.
What we have audited
We have audited the financial statements of the Group and of the Fund, which comprise the statements of financial position as at 31 December
2023 of the Group and of the Fund, and the statements of comprehensive income, statements of changes in net asset value and statements of cash
flows of the Group and of the Fund for the financial year then ended, and notes to the financial statements, comprising material accounting policy
information and other explanatory information, as set out on pages 97 to 138.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities
under those standards are further described in the “Auditors’ responsibilities for the audit of the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian
Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance
with the By-Laws and the IESBA Code.
Our audit approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements of the Group
and of the Fund. In particular, we considered where the Directors of the Manager made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also
addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias
that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking
into account the structure of the Group and of the Fund, the accounting processes and controls, and the industry in which the Group and the Fund
operate.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the Group
and of the Fund for the current financial year. These matters were addressed in the context of our audit of the financial statements of the Group and of
the Fund as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matters How our audit addressed the key audit matters
1) Fair value of investment properties We evaluated the competency, capabilities and objectivity of the external valuer by
considering their professional qualifications and recent experience in the location and
As at 31 December 2023, the Group’s and the segment of the investment properties being valued.
Fund’s investment properties, carried at fair value,
amounted to RM5.19 billion. We met with external valuer to discuss the methodology and assumptions used in the
valuation.
The fair value of the Group’s and the Fund’s
investment properties was determined by an We performed testing on the rental rates, rental periods and net lettable area used in
external valuer. the valuation, on a sample basis to the underlying lease agreements.
We focused on this area due to the magnitude of We assessed the reasonableness of capitalisation rates, outgoing expenses and
the balance and the complexities in determining allowance of void used by the external valuer, with references to comparable real estate
the fair value of the investment properties, which investment trusts, and car park income, percentage rent and other income to historical
involves significant estimates and judgements. trends. We discussed with the external valuer to understand the factors they have
considered in adjusting the inputs, including consideration of current market conditions
and long term perspective. We discussed with and challenged the external valuer on
certain inputs and estimates with the involvement of auditors’ experts.
2023 Annual Report


(continued)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (continued)
Key audit matters (continued)
Key audit matters How our audit addressed the key audit matters
1) Fair value of investment properties (continued) We assessed the sensitivity analysis prepared by management on the capitalisation
rates on term and reversionary periods and the outgoing expenses, where applicable.
Refer to Note 3(b) (Material Accounting Policy
Information - Investment Properties), Note 4 (Critical We assessed the adequacy of the disclosure in the Group’s and the Fund’s financial
Accounting Estimates and Judgements) and Note 6 statements.
(Investment Properties).
Based on the above procedures performed, we did not identify any material exceptions.
Information other than the financial statements and auditors’ report thereon
The Directors of the Manager are responsible for the other information. The other information comprises all other information contained within the 2023
Annual Report, but does not include the financial statements of the Group and of the Fund and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Fund does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Fund, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements of the Group and of the Fund or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
Responsibilities of the Directors of the Manager for the financial statements
The Directors of the Manager are responsible for the preparation of the financial statements of the Group and of the Fund that give a true and fair view
in accordance with the provisions of the Deed of Trust dated 18 July 2012, the Securities Commission Malaysia’s Guidelines on Listed Real Estate
Investment Trusts, applicable securities laws, Malaysian Financial Reporting Standards and International Financial Reporting Standards. The Directors
of the Manager are also responsible for such internal control as the Directors of the Manager determine is necessary to enable the preparation of
financial statements of the Group and of the Fund that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Fund, the Directors of the Manager are responsible for assessing the Group’s and
the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors of the Manager either intend to liquidate the Group or the Fund or to cease operations, or have no realistic alternative
but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Fund as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International
Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the Fund, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Group’s and of the Fund’s internal control.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the
Directors of the Manager.
2023 Annual Report


(continued)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (continued)
Auditors’ responsibilities for the audit of the financial statements (continued)
(d) Conclude on the appropriateness of the Directors of the Manager’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or on the
Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’
report to the related disclosures in the financial statements of the Group and of the Fund or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions
may cause the Group or the Fund to cease to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Fund, including the disclosures, and
whether the financial statements of the Group and of the Fund represent the underlying transactions and events in a manner that achieves fair
presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express
an opinion on the financial statements of the Group. We are responsible for the direction, supervision and performance of the group audit. We
remain solely responsible for our audit opinion.
We communicate with the Directors of the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors of the Manager with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors of the Manager, we determine those matters that were of most significance in the audit of the
financial statements of the Group and of the Fund for the current financial year and are therefore the key audit matters. We describe these matters in
our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
OTHER MATTERS
This report is made solely to the unitholders of the Fund, and for no other purpose. We do not assume responsibility to any other person for the
content of this report.
PRICEWATERHOUSECOOPERS PLT TAN CHIN YEE

LLP0014401-LCA & AF 1146 03380/06/2024 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
23 February 2024
2023 Annual Report

STATEMENTS OF FINANCIAL POSITION

As at 31 December 2023
Group Fund
2023 2022 2023 2022
Note RM’000 RM’000 RM’000 RM’000
Non-current assets
Plant and equipment 5 2,073 1,690 2,073 1,690
Investment properties 6 5,186,000 5,020,000 5,186,000 5,020,000
Investment in subsidiary 7 - - -* -*
Trade and other receivables 8 - - 31,326 30,341
Total non-current assets 5,188,073 5,021,690 5,219,399 5,052,031
Current assets
Trade and other receivables 8 42,847 37,440 42,598 37,300
Cash and bank balances 9 274,026 258,382 242,950 228,181
Total current assets 316,873 295,822 285,548 265,481
Total assets 5,504,946 5,317,512 5,504,947 5,317,512
Financed by
Unitholders’ fund
Unitholders’ capital 10 4,550,473 4,525,538 4,550,473 4,525,538
Accumulated losses (513,899) (654,756) (513,899) (654,756)
Total unitholders’ fund 4,036,574 3,870,782 4,036,574 3,870,782
Non-current liabilities
Borrowings 11 1,199,423 1,199,269 - -
Trade and other payables 12 - - 1,199,423 1,199,269
Total non-current liabilities 1,199,423 1,199,269 1,199,423 1,199,269
Current liabilities
Borrowings 11 15,204 15,204 - -
Trade and other payables 12 253,745 232,257 268,950 247,461
Total current liabilities 268,949 247,461 268,950 247,461
Total liabilities 1,468,372 1,446,730 1,468,373 1,446,730
Total unitholders’ fund and liabilities 5,504,946 5,317,512 5,504,947 5,317,512
Net asset value (“NAV”)

- before income distribution 4,413,346 4,224,308 4,413,346 4,224,308
- after income distribution 4,036,574 3,870,782 4,036,574 3,870,782
Number of units in circulation (‘000 units) 10 3,601,639 3,586,907 3,601,639 3,586,907
NAV per unit (RM)

- before income distribution 1.2254 1.1777 1.2254 1.1777
- after income distribution 1.1208 1.0791 1.1208 1.0791
* Denotes RM2 share capital in IGB REIT Capital Sdn Bhd
The accompanying notes form an integral part of the financial statements.
2023 Annual Report

STATEMENTS OF COMPREHENSIVE INCOME

For the Financial Year Ended 31 December 2023
Group and Fund

2023 2022
Note RM’000 RM’000
Lease revenue 446,041 415,902

Revenue from contracts with customers 158,267 140,507
Total revenue 13 604,308 556,409
Utilities expenses (55,744) (43,444)

Maintenance expenses (26,284) (25,004)
Quit rent and assessment (15,367) (14,937)
Reimbursement costs 14 (48,220) (40,619)
Upgrading costs (10,811) (12,156)
Property operating expenses (156,426) (136,160)
Net property income 447,882 420,249
Net fair value changes on investment properties 158,565 60,000

Interest income 5,459 7,585
Net investment income 611,906 487,834
Manager’s management fees 15 (38,853) (37,162)

Trustees’ fees (320) (320)
Valuation fees (120) (80)
Other trust expenses (950) (770)
Finance costs 16 (54,034) (53,338)
Profit before taxation 517,629 396,164
Taxation 17 - -
Profit after taxation 517,629 396,164
Other comprehensive income, net of tax - -
Total comprehensive income attributable to unitholders 517,629 396,164
Profit after taxation/Total comprehensive income is made up as follows:-

Realised 359,064 336,164
Unrealised 158,565 60,000
517,629 396,164
Basic earnings per unit (sen) 18 14.40 11.05

Diluted earnings per unit (sen) 18 14.38 11.05
Total comprehensive income 517,629 396,164

Distribution adjustments 19 (131,865) (34,219)
Distributable income 385,764 361,945
Distribution per unit (sen) 19 10.47 9.86
2023 Annual Report

STATEMENTS OF CHANGES IN NET ASSET VALUE

Total
Unitholders’ Accumulated unitholders’
capital losses* funds
Note RM’000 RM’000 RM’000
Group and Fund
As at 1 January 2023 4,525,538 (654,756) 3,870,782
Profit after tax / Total comprehensive income

for the financial year attributable to unitholders - 517,629 517,629
Distribution to unitholders 19 - (376,772) (376,772)
Net total comprehensive income for the
financial year attributable to unitholders - 140,857 140,857
Unitholders’ transactions
Issue of new Units
- Manager’s management fees paid in Units 10 24,935 - 24,935
Increase in net assets resulting from unitholders’ transactions 24,935 - 24,935
As at 31 December 2023 4,550,473 (513,899) 4,036,574
As at 1 January 2022 4,501,941 (697,394) 3,804,547
Profit after tax/Total comprehensive income

for the financial year attributable to unitholders - 396,164 396,164
Distribution to unitholders 19 - (353,526) (353,526)
Net total comprehensive income for the
financial year attributable to unitholders - 42,638 42,638
Unitholders’ transactions
Issue of new Units
- Manager’s management fees paid in Units 10 23,597 - 23,597
Increase in net assets resulting from unitholders’ transactions 23,597 - 23,597
As at 31 December 2022 4,525,538 (654,756) 3,870,782
* IGB REIT adopted predecessor accounting as its accounting policy to account for business combinations under common control on 21
September 2012. In accordance with this policy, the difference between the fair value of the Units issued as consideration and the aggregate
carrying amounts of the assets and liabilities acquired as of the date of the business combination is included in equity as accumulated losses.
2023 Annual Report

STATEMENTS OF CASH FLOWS

Group Fund
2023 2022 2023 2022
Note RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities

Profit before taxation 517,629 396,164 517,629 396,164
Adjustments for:-
Changes in fair value on investment properties (158,565) (60,000) (158,565) (60,000)
Manager’s management fee payable in Units 25,254 24,155 25,254 24,155
Amortisation of fit-out incentives 250 219 250 219
Finance costs 54,034 53,338 54,034 53,338
Interest income (5,459) (7,585) (5,459) (7,585)
Movement of loss allowance of trade receivables (9,664) (6,955) (9,664) (6,955)
Depreciation of plant and equipment 1,042 1,173 1,042 1,173
Plant and equipment written-off 9 53 9 53
Operating income before changes in working capital 424,530 400,562 424,530 400,562
Net change in trade and other receivables 4,114 17,034 4,224 17,109
Net change in trade and other payables 12,273 7,093 12,274 7,092
Net cash generated from operating activities 440,917 424,689 441,028 424,763
Cash flows from investing activities

Purchase of plant and equipment (1,434) (316) (1,434) (316)
Payment of subsequent capital expenditure (7,435) - (7,435) -
Interest received 5,352 7,322 4,366 6,695
Movement in pledged deposit - 29,615 - -
Movement of fixed deposits with maturity period of more
than 3 months (31,000) - - -
Net cash (used in) / generated from investing activities (34,517) 36,621 (4,503) 6,379
Cash flows from financing activities

Interest paid (53,880) (52,800) (53,880) (52,800)
Distribution paid to unitholders (367,876) (342,739) (367,876) (342,739)
Payment of financing expenses - (770) - (770)
Net cash used in financing activities (421,756) (396,309) (421,756) (396,309)
Net (decrease) / increase in cash and cash equivalents (15,356) 65,001 14,769 34,833
Cash and cash equivalents at beginning
of the financial year 258,382 193,381 228,181 193,348
Cash and cash equivalents at end
of the financial year 9 243,026 258,382 242,950 228,181
Details of the reconciliation of liabilities arising from financing activities are disclosed in Note 9.
2023 Annual Report

NOTES TO THE FINANCIAL STATEMENTS
1 GENERAL
(A) Background
IGB Real Estate Investment Trust (“IGB REIT” or “Fund”) is a Malaysia-domiciled real estate investment trust established on 25 July 2012
pursuant to the deed of trust dated 18 July 2012, as supplemented on 25 October 2018 (“Deed”) between the Manager and MTrustee
Berhad (“Trustee”), listed on Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 21 September 2012 and regulated
by the Securities Commission Act 1993, the Securities Commission Malaysia’s Guidelines on Listed Real Estate Investment Trusts (“REIT
Guidelines”), the Listing Requirements of Bursa Securities, the Rules of Bursa Malaysia Depository (“Depository”) and taxation laws
and rulings. IGB REIT will continue its operations until such time as determined by the Manager and the Trustee as provided under the
provisions of Clause 27 of the Deed. The addresses of the Manager’s registered office and principal place of business are as follows:-
Registered office Principal place of business
Level 32, The Gardens South Tower Mid Valley Megamall (“MVM”) and The Gardens Mall (“TGM”)
Mid Valley City Mid Valley City
Lingkaran Syed Putra Lingkaran Syed Putra
59200 Kuala Lumpur 59200 Kuala Lumpur
The principal investment policy of IGB REIT is to invest, directly and indirectly, in a diversified portfolio of income producing real estate used
primarily for retail purposes in Malaysia and overseas as well as real estate related assets. Real estate used primarily for retail purposes
would include retail properties and mixed used development with a retail component. The principal activity of the subsidiary, incorporated in
Malaysia, is disclosed in Note 7 to the financial statements.
The consolidated financial statements comprise the Fund and its subsidiary (“Group”).
The Manager’s key objective is to provide unitholders with regular and stable distributions, sustainable long term IGB REIT’s units (“Unit”)
price and distributable income and capital growth, while maintaining an appropriate capital structure.
The Manager regards IGB Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Securities, as the ultimate
holding company.
The financial statements for the financial year ended 31 December 2023 were authorised for issue in accordance with a resolution by the
Directors of the Manager on 23 February 2024.
(B) Fee Structure
IGB REIT has entered into service agreements in relation to the management of IGB REIT and its property operations. The fee structures
are as follows:-
(a) Property management fees
The property manager, Chartwell ITAC International Sdn Bhd, is entitled to property management fee of RM18,000 per month
(excluding sales and service tax). In addition, the property manager is also entitled to full disbursement of costs and expenses properly
incurred in the operation, maintenance, management and marketing of the properties held by IGB REIT (“Permitted Expenses”) as well
as fees and reimbursements for Permitted Expenses payable to its service providers.
(b) Manager’s management fees
Pursuant to the Deed, the Manager is entitled to receive the following fees from IGB REIT, in the forms of cash, new Units or a
combination thereof at the election of the Manager in its sole discretion:-
i) a base fee (“Base Fee”) of up to 1.0% per annum of the total asset value of IGB REIT (excluding cash and bank balances which
are held in non-interest bearing accounts).
ii) a performance fee (“Performance Fee”) of 5.0% per annum of net property income in the relevant financial year.
iii) an acquisition fee (“Acquisition Fee”) of 1.0% of the transaction value (being total purchase consideration) of any real estate and
real estate-related assets directly or indirectly acquired from time to time by the Trustee or one or more special purpose vehicle
(“SPV”) on behalf of IGB REIT pro-rated, if applicable, to the proportion of IGB REIT’s interest.
2023 Annual Report


(continued)
1 GENERAL (continued)
(B) Fee Structure (continued)
(b) Manager’s management fees (continued)
iii) In the case of acquisition of SPVs or holding entities which holds real estate, 1.0% of the underlying value (as determined by an
independent valuer appointed by the Trustee) of any Real Estate (which are directly or indirectly held through one or more SPVs
of IGB REIT) pro-rated, if applicable, to the proportion of IGB REIT’s interest.
Any payment to third party agents or brokers in connection with the acquisition of any real estate and real estate-related assets
for IGB REIT shall not be paid by the Manager out of the acquisition fee received or to be received by the Manager (but shall be
borne by IGB REIT).
For the avoidance of doubt, no Acquisition Fee is payable with respect to acquisition of the subject properties in connection with
the listing of IGB REIT but Acquisition Fee is payable with respect to all other transactions (which includes related party and non-
related party transactions), including acquisitions from the sponsor.
iv) a divestment fee (“Divestment Fee”) of 0.5% of the transaction value (being total sale consideration) of any real estate and real
estate-related assets directly or indirectly sold or divested from time to time by the Trustee or one or more SPVs on behalf of IGB
REIT pro-rated, if applicable, to the proportion of IGB REIT’s interest.
In the case of divestment of SPVs or holding entities which holds real estate, 0.5% of the underlying value (as determined by an
independent valuer appointed by the Trustee) of any real estate (which are directly or indirectly held through one or more SPVs of
IGB REIT) pro-rated, if applicable, to the proportion of IGB REIT’s interest.
Any payment to third party agents or brokers in connection with the sale or divestment of any real estate and real estate-related
assets for IGB REIT shall not be paid by the Manager out of the Divestment Fee received or to be received by the Manager (but
shall be borne by IGB REIT).
For the avoidance of doubt, the Divestment Fee is payable with respect to all transactions (which includes related party and non-
related party transactions), including divestments to the sponsor, as well as for compulsory acquisitions.
The payment of the Manager’s management fee in the form of new Units will be in accordance with the following formula:-
New Units to be issued as payment of = Manager’s management fee payable in Units

the Manager’s management fee Market Price
For this purpose, “Market Price” means the volume weighted average market price of the Units for the last 5 market days preceding the
following events:-
(i) in respect of the Base Fee and Performance Fee, the announcement of the relevant quarterly financial reports; or
(ii) in respect of the Acquisition Fee and Divestment Fee, the completion of the relevant acquisition/divestment,
(each a “Trigger Event”).
With reference to any book closing date, where the Trigger Event is before but the issuance of the new Units relating to such Trigger
Event is after the said book closing date, the Market Price will be further adjusted for the entitlement relating to such book closing date.
The Manager will make an immediate announcement to Bursa Securities disclosing the number of new Units to be issued and the
issue price of the new Units when new Units are issued as payment for management fee. Payment of the management fees in Units
shall also be subject to IGB REIT complying with the public spread requirements stated in the Listing Requirements of Bursa Securities
and there being no adverse implications under Malaysian Code on Take-Overs and Mergers 2016.
During the financial year, the Manager received a base fee of 0.3% per annum of the total asset value of IGB REIT (excluding cash
and bank balances which are held in non-interest bearing accounts) and a performance fee of 5.0% per annum of net property income.
Manager’s management fees are recognised in statement of comprehensive income in the period in which they are incurred. If, the
payment of the Manager’s management fees is in the form of new Units, such payment is determined by reference to the market price
of the Units.
2023 Annual Report


(continued)
1 GENERAL (continued)
(B) Fee Structure (continued)
(c) Trustee’s fees
In accordance to the Deed, an annual trustee fee of up to 0.03% per annum of NAV of IGB REIT is to be paid to the Trustee.
(C) Other information
(a) Net asset value
NAV is the value of the total assets less the value of total liabilities in accordance with the REIT Guidelines.
(b) Distribution of income
Distribution of income should only be made from realised gains or realised income in accordance with the REIT Guidelines.
Distribution of income should be made after the Manager has taken into consideration the total returns for the period, cash flow for
distribution, stability and sustainability of income and the investment objective and distribution policy of IGB REIT. Liability is recognised
for the amount of any distribution of income not distributed at the end of the reporting period.
Distribution adjustments are disclosed in Note 19.
(c) Realised and unrealised profit or loss analysis in statement of comprehensive income
In accordance with the REIT Guidelines, a charge or a credit to the statement of comprehensive income is deemed as realised when
it is resulted from the consumption of resource of all types and form, regardless of whether it is consumed in the ordinary course of
business or otherwise. A resource may be consumed through sale or use.
Where a credit or a charge to the statement of comprehensive income upon initial recognition or subsequent measurement of an asset
or a liability is not attributed to consumption of resource, such credit or charge should be deemed as unrealised until the consumption
of resource could be demonstrated. Unrealised profit or loss comprises mainly the changes in fair value on investment properties.
2 BASIS OF PREPARATION
(a) Statement of compliance
The financial statements of the Group and the Fund have been prepared in accordance with the provisions of the Deed, the REIT
Guidelines, applicable securities laws, Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards
(“IFRS”).
The financial statements have been prepared under the historical cost convention except as disclosed in the material accounting policy
information.
The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reported period. It also requires Directors of the Manager to
exercise their judgement in the process of applying accounting policies. Although these estimates and judgement are based on the Directors
of the Manager’s best knowledge of current events and actions, actual results could differ. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4.
(b) Amendments to published standards and interpretations that are effective
The Group and the Fund have applied the following amendments for the first time for the financial year beginning on 1 January 2023:-
● Amendments to MFRS 101 and MFRS Practice Statement 2 ‘Disclosure of Accounting Policies’
● Amendments to MFRS 108 ‘Definition of Accounting Estimates’
● Amendments to MFRS 112 ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction’
● Amendments to MFRS 112 ‘International Tax Reform—Pillar Two Model Rules’
The adoption of new amendments to published standards and interpretations above did not have any material impact on the financial
statements of the Group and of the Fund in the current period or any prior period.
2023 Annual Report


(continued)
2 BASIS OF PREPARATION (continued)
(c) Standards and amendments that have been issued but not yet effective
The new standards and amendments to standards and interpretations that are effective for financial year beginning after 1 January 2023
and are applicable to the Group and the Fund are as follows:-
● Amendments to MFRS 16 ‘Lease Liability in a Sale and Leaseback’ (effective 1 January 2024)
● Amendments to MFRS 101 ‘Presentation of Financial Statements’ which are ‘Classification of liabilities as current or non-current’ and
‘Non-current Liabilities with Covenants’ (effective 1 January 2024)
The adoption of the above amendments will not have a material impact on the financial statements of the Group and of the Fund in the
current period or any prior period. The Group and the Fund will continue to assess the potential impact, if any, of new standards and
amendments on the financial statements and expect the assessment to be completed prior to effective date of such standards and
amendments.
3 MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies set out below have been applied consistently to the period presented in these financial statements. The financial
statements consist of statements of financial position, statements of comprehensive income, statements of changes in net asset value,
statements of cash flows and notes to the financial statements.
(a) Consolidation
(i) Business combination under common control
IGB REIT applied predecessor accounting to account for business combinations under common control on 21 September 2012, i.e.
combination involving entities or businesses under common control. Under the predecessor accounting, assets and liabilities acquired
are not restated to their respective fair values but at the carrying amounts from the consolidated financial statements of the holding
company. The difference between any consideration given and the aggregate carrying amounts of the assets and liabilities (at the date
of the transaction) of the acquired business is recorded as an adjustment to retained earnings. No additional goodwill is recognised.
Acquisition-related costs are expensed as incurred. The acquired business’ results and the related balance sheet items are recognised
prospectively from the date on which the business combination between entities under common control occurred.
(ii) Subsidiary
Subsidiary is an entity over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant
activities of the entity. Subsidiary is fully consolidated from the date on which control is transferred to the Group. It is deconsolidated
from the date that control ceases.
The Group applies the acquisition method to account for business combinations when the acquired sets of activities and assets meet
the definition of a business. The Group determines that it has acquired a business when the acquired set of activities and assets
include an input and a substantive process that together significantly contribute to the ability to create outputs. The consideration
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of
the acquiree and the equity interests issued by the Fund. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement and fair value of any pre-existing equity interest in the subsidiary. Identifiable
assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured
initially at their fair values at the acquisition date.
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the
non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of
any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recognised as goodwill. If the total
of consideration transferred, non-controlling interest recognised and fair value of previous equity interest measured is less than the fair
value of the identifiable net assets of the acquiree, the difference is recognised directly in the statement of comprehensive income.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the carrying value of the acquirer’s previously held equity interest in the acquiree
is re-measured to fair value at the acquisition date and any gains or losses arising from such re-measurement are recognised in the
statement of comprehensive income.
2023 Annual Report


(continued)
3 MATERIAL ACCOUNTING POLICY INFORMATION (continued)
(a) Consolidation (continued)
(ii) Subsidiary (continued)
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with MFRS
9 ‘Financial Instruments’ in the statement of comprehensive income. Contingent consideration that is classified as equity is not re-
measured, and its subsequent settlement is accounted for within equity.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
(iii) Investment in subsidiary
In the Fund’s separate financial statements, investment in subsidiary is carried at cost less accumulated impairment losses. On
disposal of investment in subsidiary, the difference between disposal proceeds and the carrying amounts of the investments are
recognised in the statement of comprehensive income.
(b) Investment properties
Investment properties are held for long term rental yields or for capital appreciation or both, and are not occupied by the Group and the
Fund.
Investment properties are measured initially at cost, including related transaction costs and borrowing costs if the investment property meets
the definition of qualifying asset.
After initial recognition, investment properties are carried at fair value. Fair value is based on valuation using an income approach, where
cash flows projections are capitalised using a capitalisation rate and takes into account the unexpired period, yield and outgoings, where
applicable. Valuations are performed as of the financial position date by registered valuers who hold recognised and relevant professional
qualifications and have relevant experience in valuing the investment properties.
The fair value of investment properties reflects, among others, rental income from current leases and other assumptions that market
participants would make when pricing the investment properties under current market conditions.
Subsequent expenditure is recognised to the asset’s carrying amount only when it is probable that future economic benefits associated with
the expenditure will flow to the Group and the Fund, and the cost of the item can be measured reliably. All other repair, maintenance and
upgrade costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is
derecognised.
Changes in fair value are recognised in the statement of comprehensive income. Investment properties are derecognised either when they
have been disposed or when the investment properties are permanently withdrawn from use and no future economic benefit is expected
from its disposal.
Where the Group and the Fund dispose of an investment property at fair value in an arm’s length transaction, the carrying value immediately
prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the statement of comprehensive income as a net gain
or loss from fair value adjustment on such investment property.
Prepaid or accrued operating lease income is excluded from the fair value of the related investment property. The prepaid or accrued
operating lease income is a separate asset or liability.
Incentives paid by a lessor to a lessee to enter into a lease are initially recognised as an asset and treated as a reduction of the lease
payments over the lease term. The fair value of the investment property is based on the net rentals (after deducting the incentive). The fair
value does not reflect the element of the gross rental that has effectively been subsidised by the lessor through giving such incentive.
Right-of-use assets that meet the definition of investment property
Right-of-use assets that meet the definition of investment property in accordance with MFRS 140 are presented in the statement of financial
position as investment property. Subsequent measurement of the right-of-use assets is consistent with those investment properties owned
by the Group and the Fund.
2023 Annual Report


(continued)
(c) Plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost also includes borrowing
costs that are directly attributable to the acquisition, construction or production of a qualifying asset.
Cost of plant and equipment includes purchase price and any direct attributable costs. Cost includes the cost of replacing part of an existing
plant and equipment at the time that cost is incurred if the recognition criteria are met and excludes the costs of day-to-day servicing of the
plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the Fund, and the cost of the item can be measured
reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of
comprehensive income during the financial period in which they are incurred.
Depreciation on capital work-in-progress commences when the assets are ready for their intended use. Plant and equipment are
depreciated on a straight-line basis to allocate the cost of the assets to their residual values over their estimated useful lives, summarised as
follows:-
Motor vehicles 20%

Furniture and fittings 12.5%
Equipment 12.5%
Information technology equipment 33 1/3%
Plant and machinery 10%
Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end of each reporting period. The assessment of
expected residual values and estimated useful lives of assets is carried out on an annual basis.
At the end of the reporting period, the Group and the Fund assess whether there is any indication of impairment. If such indications exist, an
analysis is performed to assess whether the carrying amount of the asset is fully recoverable. A write-down is made if the carrying amount
exceeds the recoverable amount. Please refer to accounting policy on impairment of non-financial assets (Note 3(h)).
Gains and losses on disposals are determined by comparing net disposal proceeds with carrying amount and are included in the statement
of comprehensive income.
(d) Financial assets
(i) Classification
The Group and the Fund classify financial assets at amortised cost. The classification depends on the Group and the Fund business
model for managing the financial assets and the contracted terms of the cash flows.
(ii) Recognition and derecognition
Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group and the Fund commit to
purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have
expired or have been transferred and the Group and the Fund have transferred substantially all the risks and rewards of ownership.
(iii) Initial measurement
At initial recognition, the Group and the Fund measure a financial asset at its fair value plus, in the case of a financial asset not
at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed in the statement of comprehensive income.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely
payment of principal and interest (“SPPI”).
(iv) Subsequent measurement – gain or loss
Subsequent measurement of financial asset depends on the Group’s and the Fund’s business model for managing the asset and the
cash flow characteristics of the asset.
2023 Annual Report


(continued)
(d) Financial assets (continued)
(iv) Subsequent measurement – gain or loss (continued)
The Group and the Fund classify financial assets at amortised cost.
Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI are measured at
amortised cost. Interest income from these financial assets is included in interest income using the effective interest rate method.
Any gain or loss arising from derecognition is recognised directly in the statement of comprehensive income and presented in
reimbursement cost mainly due to the nature of the principal activity of the Fund.
(v) Subsequent measurement – impairment
The Group and the Fund assess on a forward-looking basis the expected credit loss (“ECL”) associated with financial assets carried
at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade
and other receivables are subject to the ECL model.
While cash and cash equivalents are also subject to the impairment requirements of MFRS 9 ‘Financial Instruments’, the impairment
loss was immaterial.
ECL represents a probability-weighted estimate of the difference between present value of cash flows according to contract and
present value of cash flows the Group and the Fund expect to receive, over the remaining life of the financial instrument.
The measurement of ECL reflects:
● an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
● the time value of money; and
● reasonable and supportable information that is available without undue cost or effort at the reporting date about past events,
current conditions and forecasts of future economic conditions.
Simplified approach for trade receivables, accrued billings and trade intercompany balances
The Group and the Fund apply the MFRS 9 ‘Financial Instruments’ simplified approach to measure ECL which uses a lifetime ECL for
all trade receivables, accrued billings and trade intercompany balances. Note 23.1(b) sets out measurement details of ECL.
General 3-stage approach for other receivables, deposits and non-trade intercompany balances
The Group and the Fund measure ECL through loss allowance at an amount equal to twelve (12) months ECL if credit risk on a
financial instrument or a group of financial instruments has not increased significantly since initial recognition. For all other financial
instruments, a loss allowance at an amount equal to lifetime ECL is required. Note 23.1(b) sets out measurement details of ECL.
Significant increase in credit risk
The Group and the Fund consider the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit
risk, the Group and the Fund compare the risk of a default occurring on the asset as at the reporting date with the risk of default as
at the date of initial recognition. The Group and the Fund take into account the available, reasonable and supportable forward-looking
information in the measurement of ECL.
The following indicators are incorporated:-
● internal credit rating and/or external credit rating (if available);

● actual or expected significant changes in business, financial or economic conditions that are expected to cause a significant
change to the debtor’s ability to meet its obligations;
● actual or expected significant changes in the operating results of the debtor;
● significant increases in credit risk on other financial instruments of the same debtor;
● significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit
enhancements; and/or
● significant changes in the expected credit performance and payment behaviour of the debtor, including changes in the payment
status of debtor in the group.
2023 Annual Report


(continued)
(d) Financial assets (continued)
(v) Subsequent measurement – impairment (continued)
Definition of default and credit-impaired financial assets
The Group and the Fund define a financial instrument as default, which is aligned with the definition of credit-impaired, when the
financial asset meets one or more of the following criteria:-
Quantitative criteria
The Group and the Fund define a financial instrument as default, when the counterparty fails to make contractual payment within 90
days when fall due and/or when legal action is taken against the counterparty.
Qualitative criteria
The debtor meets unlikeliness to pay criteria, which indicates the debtor is in a financial difficulty or it is becoming probable that the
debtor will enter bankruptcy, financial restructuring or will become insolvent.
Financial instruments that are credit-impaired were assessed on individual basis.
Write-off – trade receivables and intercompany balances
Trade receivables and intercompany balances are written off when there is no reasonable expectation of recovery. Indicators of no
reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment or settlement plan with the
Group and the Fund, and/or legal action is taken against the debtor.
Impairment losses on trade receivables and intercompany balances are presented as net impairment losses within the net property
income. Subsequent recoveries of amounts previously written off are credited within the net property income.
Write-off – other receivables, deposits and non-trade intercompany balance
The Group and the Fund write off financial assets, in whole or in part, when they have exhausted all practical recovery efforts and
have concluded there is no reasonable expectation of recovery. The assessment of no reasonable expectation of recovery is based on
unavailability of debtor’s sources of income or assets to generate sufficient future cash flows to repay the amount. The Group and the
Fund may write-off financial assets that are still subject to enforcement activity. Subsequent recoveries of amounts previously written
off will result in impairment gains.
(e) Offsetting financial instruments
Financial assets and liabilities can be offset and the net amount presented in the statement of financial position when there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the
liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course
of business and in the event of default, insolvency or bankruptcy.
(f) Trade and other receivables
Trade receivables are amounts due from customers and tenants for services performed in the ordinary course of business. Other
receivables generally arise from transactions outside the usual operating activities of the Group and the Fund. If collection is expected
in one (1) year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are
presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing
components, where they are recognised at fair value plus transaction costs. Other receivables are recognised initially at fair value plus
transaction costs. Transaction costs include transfer taxes and duties.
After recognition, trade and other receivables are subsequently measured at amortised cost using the effective interest method, less
impairment allowance.
2023 Annual Report


(continued)
(g) Trade and other payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers, vendors or contractors. Trade payables are classified as current liabilities if payment is due within one (1) year or less (or in the
normal operating cycle of the business, if longer). If not, they are presented as non-current liabilities. Deposits received from tenants are
classified as current liabilities.
Trade payables, deposits received from tenants and other payables are recognised initially at fair value, net of transaction costs incurred,
which include transfer taxes and duties, if applicable, and subsequently measured at amortised cost using the effective interest method.
(h) Impairment of non-financial assets
Plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
The impairment loss is charged to the statement of comprehensive income during the period in which they are incurred and any subsequent
increase in recoverable amount is recognised in the statement of comprehensive income during the period in which they are incurred.
(i) Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash in hand, deposits held at call with licensed
financial institutions, other short term and highly liquid investments with original maturities of three (3) months or less, that are readily
convertible to known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts, if any, are included
within borrowings in current liabilities in the statement of financial position.
(j) Unitholders’ capital
Unitholders’ contributions are classified as equity when there is no obligation to transfer cash or other assets, nor they are redeemable at
the unitholders’ option. Any consideration received or distributions paid is added or deducted directly from equity. Incremental external costs
directly attributable to the issue of new Units are shown in equity as a deduction, net of tax, from the proceeds.
(k) Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortised
cost using the effective interest method; any difference between proceeds (net of transaction costs) and the redemption value is recognised
in the statement of comprehensive income over the period of borrowings. Borrowings are classified as current liabilities unless the Group
and the Fund have an unconditional right to defer settlement of the liability for at least twelve (12) months after the reporting date.
Borrowings costs directly attributable to the acquisition, construction or production of any qualifying asset capitalised during the period of
time that is required to complete and prepare the asset for its intended use or sale, are added to the cost of those assets, until such time as
the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred.
Fees paid on the establishment of borrowings are recognised as transaction costs of the borrowings to the extent that it is probable that
some or all of the borrowings will be issued. In this case, the fees are deferred until the issuance occurs. To the extent there is no evidence
that it is probable that some or all of the borrowings will be issued, the fees are capitalised as a prepayment for liquidity and amortised over
the period of the borrowings.
Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or
expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to other party and
the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the statement of comprehensive
income.
(l) Revenue/income recognition
Lease revenue
Rental income and rent from promotion and marketing activities are recognised in accordance with the accounting policy set out in Note 3(n)(b).
2023 Annual Report


(continued)
(l) Revenue/income recognition (continued)
Revenue from contracts with customers
Revenue which represents income from the Group’s and the Fund’s principal activities within the ordinary course of business and is
recognised by reference to each distinct performance obligation in the contract with customer when or as the Group and the Fund transfer
the control of the goods or services in a contract and the customer obtains control of the goods or services. Depending on the substance of
the respective contract with customer, the control of the goods or services may transfer over time or at a point in time.
A contract with customer exists when the contract has commercial substance, the Group and the Fund, and their customer have approved
the contract and intend to perform their respective obligations, the Group’s and the Fund’s, and the customer’s rights regarding the goods
or services to be transferred and the payment terms can be identified, and it is probable that the Group and the Fund, will collect the
consideration to which they will be entitled to in exchange of such goods or services.
Specific revenue recognition criteria for each of the Group’s and the Fund’s principal business activities are as described below:-
(i) Service charge
Service charge, a non-lease component included in the tenancy agreement, is recognised upon services rendered over the lease term.
Revenue is measured at the transaction price contractually agreed in the tenancy agreement. The accounting policy on separating
lease and non-lease components is set out in Note 3(n)(b).
(ii) Car park income
Car park income is recognised upon collection for daily parking and over time when services are rendered for season parking
measured at the transaction price.
(iii) Utilities recoveries
Recoveries from utilities are recognised upon supply, distribution and billing of utilities to the customers and the customers receive and/
or consume the utilities based on the contractually agreed billing rate.
(iv) Promotion partnership income
Promotion partnership income is recognised upon collection of income.
(v) Other income
Other income is recognised upon services rendered.
Interest income
Interest income on financial assets is carried at amortised cost calculated using the effective interest method and is recognised in the
statement of comprehensive income as part of interest income.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial
assets that become credit-impaired. For credit-impaired financial assets, the effective interest rate is applied to the net carrying amount of
the financial asset (after deduction of the loss allowance).
(m) Income tax
Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. This liability
is measured using the single best estimate of the most likely outcome.
2023 Annual Report


(continued)
(m) Income tax (continued)
Where investment properties are carried at their fair value in accordance with the accounting policy set out in Note 3(b), the amount of
deferred tax recognised is measured using the tax rates that would apply on the sale of those assets at their carrying value at the reporting
date unless the property is depreciable and is held with the objective to consume substantially all of the economic benefits embodied in the
investment property over time, rather than through sale. In all other cases, the amount of deferred tax recognised is measured based on the
expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date. Deferred tax assets and liabilities are not discounted.
(n) Leases
(a) Accounting by lessee
Leases are recognised as right-of-use (“ROU”) asset and a corresponding liability at the date on which the leased asset is available for use
(i.e. the commencement date).
Contracts may contain both lease and non-lease components. Consideration in the contract is allocated to the lease and non-lease
components based on their relative standalone prices.
Lease term
In determining the lease term, facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise
a termination option are considered. Extension options (or periods after termination options) are only included in the lease term if the lease
is reasonably certain to be extended (or not to be terminated).
The lease term is reassessed upon the occurrence of a significant event or change in circumstances that is within the control of the Group
and the Fund and affect whether the Group and the Fund are reasonably certain to exercise an option not previously included in the
determination of lease term, or not to exercise an option previously included in the determination of lease term. A revision in lease term
results in remeasurement of the lease liabilities.
ROU assets
ROU assets are initially measured at cost comprising the following:
● The amount of the initial measurement of lease liability;

● Any lease payments made at or before the commencement date less any lease incentive received;
● Any initial direct costs; and
● Decommissioning or restoration costs.
ROU assets that are not investment properties are subsequently measured at cost, less accumulated depreciation and impairment loss
(if any). The ROU assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If
the Group and the Fund are reasonably certain to exercise a purchase option, the ROU assets are depreciated over the underlying asset’s
useful life. In addition, the ROU assets are adjusted for certain remeasurement of the lease liabilities.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at that date. The lease payments include
the following:
● Fixed payments (including in-substance fixed payments), less any lease incentive receivable;
● Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
● Amounts expected to be payable under residual value guarantees;
● The exercise price of a purchase and extension options if it is reasonably certain to exercise that option; and
● Payments of penalties for terminating the lease, if the lease term reflects the Group and the Fund exercising that option.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the
case for leases in the Group and the Fund, the lessee’s incremental borrowing is used. This is the rate that the individual lessee would have
to pay to borrow the funds necessary to obtain an asset of similar value to the ROU in a similar economic environment with similar term,
security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of comprehensive income
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
2023 Annual Report


(continued)
(n) Leases (continued)
(a) Accounting by lessee (continued)
Lease liabilities (continued)
Variable lease payments that depend on sales are recognised in the statement of comprehensive income in the period in which the
condition that triggers those payments occurs.
Lease liabilities are presented as a separate line item in the statement of financial position. Interest expense on the lease liability is
presented within the finance cost in the statement of comprehensive income.
Short-term leases and leases of low value assets
Short-term leases are leases with a lease term of twelve (12) months or less. Payments associated with short-term leases and low-value
assets are recognised on a straight-line basis as an expense in the statement of comprehensive income.
(b) Accounting by lessor
As a lessor, the Group and the Fund determine at lease inception whether each lease is a finance lease or an operating lease. To classify
each lease, the Group and the Fund make an overall assessment of whether the lease transfers substantially all of the risks and rewards
incidental to ownership of the underlying asset to the lessee. As part of this assessment, the Group and the Fund consider certain indicators
such as whether the lease is for the major part of the economic life of the asset.
Operating leases
The Group and the Fund classify a lease as an operating lease if the lease does not transfer substantially all the risks and rewards
incidental to ownership of an underlying asset to the lessee.
The Group and the Fund recognise lease payments received under operating lease as lease income on a straight-line basis over the lease
term.
When assets are leased out under an operating lease, the asset is included in the lessor’s statement of financial position based on the
nature of the asset.
Rental income on operating leases is recognised over the term of the lease on a straight-line basis. Rental income includes base rent,
percentage rent and other rent related income from tenants. Base rent is recognised on a straight-line basis over the lease term. Percentage
rent is recognised based on sales reported by tenants. When the Group and the Fund provide incentives to the tenants, the cost of
incentives capitalised as deferred lease incentive and is recognised over the lease term, on a straight-line basis, as a reduction of rental
income.
Rent from promotion and marketing activities are recognised over the term of the lease on a straight-line basis.
Initial direct cost incurred by the Group and the Fund in negotiating and arranging an operating lease is recognised as an asset and
amortised over the lease term on the same basis as the rental income.
The Group and the Fund grant rental supports, which are not required by the existing contractual terms in the tenancy agreements and
applicable laws and regulations, to eligible tenants on a case-by-case basis. Depending on the circumstances of the rental supports granted,
the supports are recognised by the Group and the Fund in the following manner:
a) Supports granted on lease payments in advance of them being due are accounted for as a lease modification, as the supports have
changed the total lease consideration. The supports granted are treated as a new operating lease at the effective date of modification,
where lease income based on revised total lease consideration as a reduction of rental income is recognised in the statement of
comprehensive income over the remaining lease term on a straight-line basis; and
b) supports granted on lease payments that are contractually past due are accounted for as partial extinguishment of lease payments as
the Group’s and the Fund’s contractual rights to these lease receivables have been waived. The supports are recognised as a loss in
the same period in which the reduction is contractually agreed.
2023 Annual Report


(continued)
(n) Leases (continued)
(b) Accounting by lessor (continued)
Operating leases (continued)
Separating lease and non-lease components
As the tenancy agreements contain lease and non-lease components, the Group and the Fund separate the lease and non-lease
components based on the terms and conditions contractually agreed in the tenancy agreement. If the services rendered by the Group and
the Fund exceed the payments, a contract asset is recognised for non-lease components. If the payments exceed the services rendered, a
contract liability is recognised.
(o) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the Group and
the Fund operates (“functional currency”). The financial statements are presented in Ringgit Malaysia, which is the Group and the Fund’s
functional and presentation currency.
(p) Earnings per unit
Basic earnings per Unit (“EPU”) is calculated by dividing the profit after taxation or total comprehensive income attributable to unitholders by
the weighted average number of Units outstanding during the financial year.
Diluted earnings per Unit (“EPU”) is determined by adjusting the profit after taxation or total comprehensive income attributable to
unitholders against the weighted average number of Units outstanding adjusted for the effects of all dilutive potential units.
(q) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision makers, who are responsible for allocating resources, assessing performance of the operating segments and
making strategic decisions for the Group and the Fund, have been identified as the Directors of the Manager.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated by the Directors of the Manager and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Group and the Fund make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely
equal the related actual results. To enhance the information content of the estimates, certain key variables that are anticipated to have material
impact to the Group’s and the Fund’s results and financial position are tested for sensitivity to changes in the underlying parameters. The
estimates and assumptions that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are outlined below.
Significant assumptions for estimation of fair value of investment properties
The valuations of investment properties were carried out by an external valuer. There are complexities in determining the fair value of the
investment properties which involves significant estimates and judgements in determining the appropriate valuation methodologies and estimating
the underlying assumptions to be applied.
The significant assumptions underlying estimation of fair value of investment properties are those related to term and reversionary rental, car park
income, percentage rent, other income, outgoing capitalisation rate and allowance for void. The valuations are compared with actual market yield
data and those reported by the market, when available. Assumptions used are mainly based on market conditions existing at each reporting date.
Sensitivity analysis on fair value of investment properties is disclosed in Note 6.
2023 Annual Report


(continued)
5 PLANT AND EQUIPMENT
Information
Motor Furniture technology Plant and
Group and Fund vehicles and fittings Equipment equipment machinery Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost
As at 1 January 2023 712 2,723 15,684 2,699 20 21,838
Additions 508 41 458 267 160 1,434
Write-offs - (36) (89) (133) - (258)
As at 31 December
2023 1,220 2,728 16,053 2,833 180 23,014
Accumulated
depreciation
As at 1 January 2023 702 2,470 14,443 2,513 20 20,148
Depreciation charge
for the financial
year 101 64 695 175 7 1,042
Write-offs - (33) (83) (133) - (249)
As at 31 December
2023 803 2,501 15,055 2,555 27 20,941
Carrying amounts
As at 31 December
2023 417 227 998 278 153 2,073
Cost
As at 1 January 2022 712 2,733 16,406 2,661 28 22,540
Additions - 94 104 118 - 316
Write-offs - (104) (826) (80) (8) (1,018)
As at 31 December
2022 712 2,723 15,684 2,699 20 21,838
Accumulated
depreciation
As at 1 January 2022 696 2,454 14,361 2,403 26 19,940
Depreciation charge
for the financial
year 6 70 906 189 2 1,173
Write-offs - (54) (824) (79) (8) (965)
As at 31 December
2022 702 2,470 14,443 2,513 20 20,148
Carrying amounts
As at 31 December
2022 10 253 1,241 186 - 1,690
2023 Annual Report


(continued)
6 INVESTMENT PROPERTIES
Group and Fund

2023 2022
RM’000 RM’000
As at 1 January 5,020,000 4,960,000

Addition from subsequent capital expenditure 7,435 -
Net fair value changes 158,565 60,000
As at 31 December 5,186,000 5,020,000
On 20 September 2012, IGB REIT acquired the investment properties of which the consideration was settled in cash for RM1,200 million and
issuance of 3,400 million units in IGB REIT.
MVM is charged as a security for borrowings as disclosed in Note 11.
Investment properties as at 31 December 2023 and 31 December 2022 are stated at fair value based on valuations performed by independent
registered valuers, One Asia Property Consultants (KL) Sdn Bhd (“One Asia”) and Henry Butcher Malaysia Sdn Bhd (“Henry Butcher”)
respectively. The independent registered valuers hold a recognised and relevant professional qualification and have relevant experience in the
locations and segments of the investment properties being valued. These valuations were approved by the Board of Directors of the Manager.
Based on the valuation reports dated 8 January 2024 issued by One Asia, the fair values of MVM and TGM as at 31 December 2023 amounted
to RM3.790 billion (2022: RM3.700 billion) and RM1.396 billion (2022: RM1.320 billion) respectively.
Fair value is determined based on income approach method using Level 3 inputs in the fair value hierarchy of MFRS 13 ‘Fair Value
Measurement’. Under the income approach, the fair value of the investment properties is derived from an estimate of the market rental
which the investment properties can reasonably be let for. Rental evidence may be obtained from actual passing rents commanded by the
investment properties if they are tenanted. Outgoings, such as quit rent and assessment, utilities costs, reimbursable manpower costs, repair and
maintenance, insurance premium, asset enhancement initiatives, upgrades expenses as well as management expenses, are then deducted from
the rental income. Thereafter, the net annual rental income capitalised at an appropriate prevailing market yield to arrive at its fair value. Changes
in fair value are recognised in the statement of comprehensive income during the period in which they are reviewed.
The Level 3 inputs or unobservable inputs include:-
Term rental - the expected rental that the investment properties are expected to achieve and is derived from the current passing
rental, (including revision upon renewal of tenancies during the year which is part of passing rental);
Reversionary rental - the expected rental that the investment properties are expected to achieve upon expiry of term rental;
Percentage rent - the variable lease payment related to sales generated from tenants;
Car park income - the rental on car park bays;
Other income - mainly leasing and advertising income;
Outgoings - mainly quit rent and assessment, utilities costs, reimbursable manpower costs, repair and maintenance, insurance
premium, asset enhancement initiatives / upgrades expense and management expenses;
Capitalisation rate - based on actual location, size and condition of the investment properties and taking into account market data at the
valuation date based on the valuers’ knowledge of the factors specific to the investment properties; and
Allowance for void - allowance given for transition period for new tenants to start operation as well as vacancy periods.
There has been no change to the valuation techniques used during the financial year.
2023 Annual Report

6 INVESTMENT PROPERTIES (continued)
116
The fair value measurements using Level 3 inputs as at 31 December 2023 were as follows:-
(continued)
Group and Fund
Parameters Sensitivity analysis on fair value measurements*1
2023 Annual Report

Capitalisation rates
Impact of Impact of
lower higher Impact of Impact of
Valuation Fair Term Reversionary Percentage Car park Other Allowance capitalisation capitalisation lower higher
technique value period period rent income income Outgoings for void rate rate outgoings outgoings
RM’000 % % % % % RM psf % RM’000 RM’000 RM’000 RM’000
MVM Income approach 3,790,000 5.85-6.85 6.35-7.35 10.00 7.50 7.50 4.10 5.00 112,600 (91,100) 72,500 (57,600)
TGM Income approach 1,396,000 5.85-6.85 6.35-7.35 10.00 7.50 7.50 5.00 5.00 36,000 (23,600) 34,300 (23,800)
5,186,000 148,600 (114,700) 106,800 (81,400)
Notes:-
*1 Changes in capitalisation rates on term and reversionary periods by 25 basis points and outgoings by RM0.20 per square feet on existing unexpired contractual terms are used as these are the key
inputs subjected to changes in market conditions.
The fair value measurements using Level 3 inputs as at 31 December 2022 were as follows:-
Group and Fund
Parameters Sensitivity analysis on fair value measurements*1

Capitalisation rates
Impact of Impact of Impact of Impact of
lower higher lower higher Impact of Impact of
Valuation Fair Term Reversionary Percentage Car park Other Allowance capitalisation capitalisation percentage percentage lower higher
technique value period period rent income income Outgoings for void rate rate rent rent outgoings outgoings
RM’000 % % % % % RM psf % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
MVM Income approach 3,700,000 5.85-6.85 6.35-7.35 9.25 7.50 7.50 3.80 5.00 104,200 (94,900) (18,500) 11,700 66,800 (63,900)
TGM Income approach 1,320,000 5.85-6.85 6.35-7.35 9.25 7.50 7.50 4.50 5.00 34,900 (27,700) (3,900) 12,300 32,200 (27,000)
5,020,000 139,100 (122,600) (22,400) 24,000 99,000 (90,900)
Notes:-
*1 Changes in capitalisation rates on term and reversionary periods by 25 basis points, percentage rent by 5% and outgoings by RM0.20 per square feet on existing unexpired contractual terms are
used as these are the key inputs subjected to changes in market conditions.
IGB REIT | Financial Statements
The investment properties are as follows:-

(continued)
Group and Fund
Percentage of fair
Occupancy rates Fair value as at Fair value value to NAV*3
Date of acquisition Date of valuation Location Tenure as at 31.12.2023 31.12.2023 at acquisition as at 31.12.2023
IGB REIT | Financial Statements
% RM’000 RM’000 %
MVM 20.09.2012 31.12.2023 Kuala Lumpur Leasehold*1 99 3,790,000 3,440,000 93.9

2
TGM 20.09.2012 31.12.2023 Kuala Lumpur Leasehold* 95 1,396,000 1,160,000 34.6
5,186,000 4,600,000
Percentage of fair
Occupancy rates Fair value as at Fair value value to NAV*3
Date of acquisition Date of valuation Location Tenure as at 31.12.2022 31.12.2022 at acquisition as at 31.12.2022
% RM’000 RM’000 %
MVM 20.09.2012 31.12.2022 Kuala Lumpur Leasehold*1 99 3,700,000 3,440,000 95.6

2
TGM 20.09.2012 31.12.2022 Kuala Lumpur Leasehold* 97 1,320,000 1,160,000 34.1
5,020,000 4,600,000
Notes:-
*1 The expiry date of the lease has been extended from 6 June 2103 to 11 April 2104 (remaining term of lease of 81 years)(2022: 82 years).
*2 The lease will be expiring on 6 June 2103 (remaining term of lease of 80 years)(2022: 81 years).
*3 Based on consolidated NAV after income distribution.
117
2023 Annual Report


(continued)
(i) Amounts recognised in statement of comprehensive income for investment properties
The lease revenue arising from investment properties during the financial year are RM446,041,000 (2022: RM415,902,000) (Note 13).
Direct operating expenses arising from investment properties during the financial year are RM156,426,000 (2022: RM136,160,000), as
disclosed under property operating expenses in statement of comprehensive income.
(ii) Leasing arrangement
The investment properties are leased to tenants under operating leases with rentals payable monthly. Lease income from operating leases
where the Group and the Fund are a lessor is recognised as income on a straight-line basis over the lease term.
The security deposits in the form of cash or bank guarantees collected by the Group and the Fund act as collateral if receivables due from
the tenant are not settled timely or in case of breaches of tenancy. Although the Group and the Fund are exposed to changes in the residual
value at the end of the current leases, the Group and the Fund typically enter into new operating leases and therefore will not immediately
realise any reduction in residual value at the end of these leases. Expectations about the future residual values are reflected in the fair value
of the investment properties.
Undiscounted lease payments to be received on leases of investment properties are disclosed in Note 24.
7 INVESTMENT IN SUBSIDIARY
Fund
2023 2022
RM’000 RM’000
At cost
Unquoted shares -* -*
* Denotes RM2
Group’s effective
Place of interest (%)
Name of company Principal activity incorporation 2023 2022
IGB REIT Capital Sdn Bhd A special purpose vehicle to raise financing via the issuance of Malaysia 100 100
medium term notes pursuant to a medium term notes programme
2023 Annual Report


(continued)
8 TRADE AND OTHER RECEIVABLES
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Non-current
Amount owing by subsidiary - - 31,326 30,341
Current
Trade receivables 2,153 14,623 2,153 14,623
Accrued billings 17,563 13,567 17,563 13,567
Amount owing by ultimate holding company 16 18 16 18
Amounts owing by related companies 1,914 918 1,914 918
Less: Loss allowance (1,210) (10,874) (1,210) (10,874)
Trade receivables – net 20,436 18,252 20,436 18,252
Deferred lease incentives 11,532 9,136 11,532 9,136
31,968 27,388 31,968 27,388
Other receivables 976 1,000 727 860

Deposits 8,270 7,564 8,270 7,564
9,246 8,564 8,997 8,424
Prepayments 1,633 1,488 1,633 1,488
10,879 10,052 10,630 9,912
Total current trade and other receivables 42,847 37,440 42,598 37,300
Total trade and other receivables 42,847 37,440 73,924 67,641
The credit terms of trade receivables were 7 days (2022: 7 days).
The amount owing by subsidiary represents advances, mainly to comply with the minimum required balance in Debt Service Reserve Account
pursuant to Tranche 2, MTN (Note 11), which are unsecured, repayable on demand and carries interest rate at 4.20% (2022: 2.90%) per annum.
The Fund does not expect to realise this balance within 12 months after the reporting period, therefore the amount owing by subsidiary is
classified as non-current asset as at 31 December 2023.
The amounts owing by ultimate holding and related companies are trade in nature, unsecured and with credit terms of 7 days (2022: 7 days).
9 CASH AND CASH EQUIVALENTS
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Cash in hand 1,072 664 1,072 664

Bank balances 18,445 21,521 18,403 21,517
Deposits placed with licensed banks 254,509 236,197 223,475 206,000
Cash and bank balances 274,026 258,382 242,950 228,181
Less:-
Deposits with maturity period of more than 3 months (31,000) - - -
Cash and cash equivalents 243,026 258,382 242,950 228,181
Bank balances are deposits held at call with banks and earn no interest.
2023 Annual Report


(continued)
9 CASH AND CASH EQUIVALENTS (continued)
As at 31 December 2022, included in the deposits placed with licensed banks of the Group was a pledged deposit of RM30.2 million, which was
maintained in a Debt Service Reserve Account to cover a minimum of six (6) months interest for Medium Term Notes (Note 11). The amount
had been presented as part of cash and cash equivalents in line with the IFRS Interpretations Committee (“IFRIC”) agenda decision on demand
deposits with restrictions on use arising from a contract with third party. As at 31 December 2023, the maturity period of pledged deposit was
more than three (3) months, therefore the pledged deposit of RM31.0 million was being excluded from the cash and cash equivalents. The
pledged deposit had an effective interest rate of 4.20% (2022: 2.90%) per annum as at reporting date.
The weighted average effective interest rate of deposits with licensed banks of the Group and the Fund that were effective at the reporting date
were 3.39% per annum (2022: 2.76%) and 3.28% per annum (2022: 2.73% per annum) respectively.
Deposits placed with licensed banks of the Group and the Fund have a weighted average maturity of 57 days (2022: 38 days) and 31 days
(2022: 31 days) respectively.
The reconciliation of liabilities arising from financing activities is as follows:-
Distribution
Non-current Current payable to
Group borrowings borrowings unitholders Total
RM’000 RM’000 RM’000 RM’000
As at 1 January 2023 1,199,269 15,204 88,348 1,302,821
Cash flows:-
Interest paid - (53,880) - (53,880)
Distribution paid to unitholders - - (367,876) (367,876)
- (53,880) (367,876) (421,756)
Non-cash changes:-
Amortisation of transaction costs 154 - - 154
Accrual for interest - 53,880 - 53,880
Distribution to unitholders - - 376,772 376,772
154 53,880 376,772 430,806
As at 31 December 2023 1,199,423 15,204 97,244 1,311,871
As at 1 January 2022 - 1,214,705 77,561 1,292,266
Cash flows:-
Interest paid - (52,800) - (52,800)
Payment of financing expenses (770) - - (770)
(770) (52,800) (342,739) (396,309)
Non-cash changes:-
Amortisation of transaction costs 60 174 - 234
Distribution to unitholders - - 353,526 353,526
Reclassification 1,199,979 (1,199,979) - -
1,200,039 (1,146,701) 353,526 406,864
As at 31 December 2022 1,199,269 15,204 88,348 1,302,821
2023 Annual Report


(continued)
9 CASH AND CASH EQUIVALENTS (continued)
The reconciliation of liabilities arising from financing activities is as follows:- (continued)
Non-current – Current – Distribution

amount due amount due payable to
Fund to subsidiary to subsidiary unitholders Total
RM’000 RM’000 RM’000 RM’000
As at 1 January 2023 1,199,269 15,204 88,348 1,302,821
Cash flows:-
Interest paid - (53,880) - (53,880)
- (53,880) (367,876) (421,756)
Non-cash changes:-
Amortisation of transaction costs 154 - - 154
Accrual for income distribution - - 376,772 376,772
154 53,880 376,772 430,806
As at 31 December 2023 1,199,423 15,204 97,244 1,311,871
As at 1 January 2022 - 1,214,705 77,561 1,292,266
Cash flows:-
Interest paid - (52,800) - (52,800)
Payment of financing expenses (770) - - (770)
(770) (52,800) (342,739) (396,309)
Non-cash changes:-
Amortisation of transaction costs 60 174 - 234
Accrual for income distribution - - 353,526 353,526
Reclassification 1,199,979 (1,199,979) - -
1,200,039 (1,146,701) 353,526 406,864
As at 31 December 2022 1,199,269 15,204 88,348 1,302,821
10 UNITHOLDERS’ CAPITAL
Group and Fund

2023 2022
Number Number
of units Value of units Value
‘000 RM’000 ‘000 RM’000
Issued and fully paid up:

As at 1 January 3,586,907 4,525,538 3,571,851 4,501,941
Issue of new Units * 14,732 24,935 15,056 23,597
As at 31 December 3,601,639 4,550,473 3,586,907 4,525,538
* During the financial year, a portion of the Manager’s management fees was paid in Units. Total Manager’s management fees paid/payable in
Units are disclosed in Note 15.
2023 Annual Report


(continued)
10 UNITHOLDERS’ CAPITAL (continued)
The unitholdings of the substantial unitholders for related parties of the Manager, the Manager and the Directors of the Manager in the Fund are
as follows:
Group and Fund

2023 2022
Number Market Number Market
of units Value of units Value
‘000 RM’000 ‘000 RM’000
Direct unitholding of related parties of Manager

IGB Berhad 1,733,618 2,981,823 1,733,618 2,860,469
Dato’ Seri Robert Tan Chung Meng 16,273 27,989 16,273 26,850
Tan Kim Yeow Sendirian Berhad 14,765 25,395 14,765 24,362
Tony Tan Choon Keat 1,000 1,720 1,000 1,650
Indirect unitholding of related parties of Manager

IGB Berhad 202,185 347,757 187,453 309,297
Dato’ Seri Robert Tan Chung Meng 1,950,892 3,355,535 1,936,161 3,194,665
Pauline Tan Suat Ming 1,950,892 3,355,535 1,936,161 3,194,665
Tony Tan Choon Keat 1,950,892 3,355,535 1,936,161 3,194,665
Tan Chin Nam Sendirian Berhad 1,947,124 3,349,054 1,932,392 3,188,447
Tan Kim Yeow Sendirian Berhad 1,936,128 3,330,140 1,921,396 3,170,303
Wah Seong (Malaya) Trading Co. Sdn Bhd 1,935,802 3,329,580 1,921,070 3,169,766
Direct unitholding of Manager

IGB REIT Management Sdn Bhd 201,639 346,819 186,907 308,397
Direct unitholding of Manager’s Directors

Dato’ Seri Robert Tan Chung Meng 16,273 27,989 16,273 26,850
Tan Lei Cheng 2,006 3,450 2,006 3,310
Elizabeth Tan Hui Ning 4,811 8,275 4,754 7,844
Indirect unitholding of Manager’s Directors

Dato’ Seri Robert Tan Chung Meng 1,950,892 3,355,535 1,936,161 3,194,665
The market value of the units was computed based on the closing market price as at 31 December 2023 of RM1.72 (2022: RM1.65).
2023 Annual Report


(continued)
11 BORROWINGS
Group
2023 2022
RM’000 RM’000
Current (secured):
Medium term notes 15,204 15,204
15,204 15,204
Non-current (secured):
Medium term notes 1,199,423 1,199,269
1,199,423 1,199,269
Total 1,214,627 1,214,473
Medium Term Notes (“MTN”) Programme of up to RM5.0 billion in nominal value (“MTN Programme”)
On 18 August 2017, the Manager announced on the Main Market of Bursa Securities that IGB REIT Capital Sdn Bhd (“IGBRC”), a special
purpose vehicle wholly-owned by IGB REIT via MTrustee Berhad (acting in its capacity as trustee for IGB REIT), had lodged a MTN Programme
with the SC pursuant to the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework issued by the SC. The MTN
Programme has a tenure of twenty (20) years from the date of first issuance of MTN under the MTN Programme.
On 20 September 2022, IGBRC issued the second tranche AAA-rated MTN (“Tranche 2, MTN”) amounting to RM1.2 billion to fully redeem the
Tranche 1, MTN. Tranche 2, MTN has a tenure of 7.5 years (“Legal Maturity”) effective from 20 September 2022. For the first 5 years (“Expected
Maturity”), the Tranche 2, MTN bears a fixed coupon rate of 4.49% per annum. The RM1.2 billion has to be fully repaid on Expected Maturity
which is on 20 September 2027, otherwise it would constitute a trigger event that would result in the coupon step up to 5.49% per annum for the
subsequent 2.5 years.
The Tranche 2, MTN is secured against, among others, the following:-
(i) a third party legal assignment of the Trustee’s present and future rights, titles, interests and benefits in MVM and under the sale and
purchase agreement in relation to MVM. In the event the subdivision of master title is completed and a separate strata title is issued for
MVM (“MVM Strata Title”), a third party first legal charge shall be created on MVM Strata Title;
(ii) a third party legal assignment over all the Trustee’s rights, titles, interests and benefits under the proceeds derived from the tenancy/lease
agreements in relation to MVM;
(iii) a third party legal assignment of the Trustee’s present and future rights, titles, interests and benefits under all insurance policies in relation
to MVM and the Security Trustee (acting for and on behalf of the MTN holders) being named as the co-insured and loss payee of the
insurance policies;
(iv) a third party first ranking legal assignment and charge over the revenue and operating accounts of the Tranche 2, MTN;
(v) a first party first ranking legal assignment and charge over the debt service reserve account of the Tranche 2, MTN;
(vi) an irrevocable power of attorney granted by the Trustee in favour of the Security Trustee (acting for and on behalf of the MTN holders) to
manage and dispose MVM upon expiry of the remedy period under the terms of the Tranche 2, MTN;
(vii) a letter of undertaking from the Trustee and the Manager:-
(a) to deposit all cash flows generated from MVM into the revenue account; and
(b) it shall not declare or make any distributions out of the cash flows from the revenue account to the unitholders if an event of default
and/or a trigger event has occurred and is continuing or the financial covenants are not met; and
(viii) a first party legal assignment over the Tranche 2, MTN’s Trustee financing agreement.
2023 Annual Report


(continued)
11 BORROWINGS (continued)
The maturity profiles of the borrowings are as follows:-
Total
carrying
<1 year 1 to 2 years 2 to 3 years >3 years amount
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Tranche 2, MTN 15,204 - - 1,199,423 1,214,627
15,204 - - 1,199,423 1,214,627
Tranche 2, MTN 15,204 - - 1,199,269 1,214,473
15,204 - - 1,199,269 1,214,473
The weighted average effective interest rates as at the reporting date are as follows:-
Group
2023 2022
per annum per annum
Tranche 2, MTN 4.46% 4.46%
12 TRADE AND OTHER PAYABLES
Group Fund
2023 2022 2023 2022
Note RM’000 RM’000 RM’000 RM’000
Non-current
Amount due to subsidiary a - - 1,199,423 1,199,269
Current
Trade payables b 9,449 7,645 9,449 7,645
Tenants’ deposits c 100,907 94,189 100,907 94,189
110,356 101,834 110,356 101,834
Other payables and accrued expenses 14,388 16,972 14,388 16,972

Indirect tax payable 346 361 346 361
Prepaid rental 12,838 7,279 12,838 7,279
Contract liabilities e 4,314 4,165 4,314 4,165
Amount due to subsidiary a - - 15,204 15,204
Amounts due to related companies d 14,259 13,298 14,260 13,298
Distribution payable to unitholders 97,244 88,348 97,244 88,348
143,389 130,423 158,594 145,627
Total current trade and other payables 253,745 232,257 268,950 247,461
Total trade and other payables 253,745 232,257 1,468,373 1,446,730
2023 Annual Report


(continued)
12 TRADE AND OTHER PAYABLES (continued)
(a) The amount due to subsidiary represents advances from the issuance of Tranche 2, MTN, which are secured and carries fixed interest rate
at 4.49% (2022: 4.49%) per annum, in which the repayment terms mirror the terms stated in Note 11.
(b) Credit terms for trade payables range from 30 days to 90 days (2022: 30 days to 90 days).
(c) Tenants’ deposits include refundable deposits received from tenants for tenancy and lease related agreements. Tenancy and lease tenures
are generally for a period of one (1) to three (3) years. The liability is derecognised upon returning the deposit to the tenant at the end or
termination of the tenancy and lease or transferred to the statement of comprehensive income in accordance with the terms and conditions
of the tenancy and lease agreements.
(d) Amounts due to related companies are unsecured, interest-free (2022: interest free) and repayable on demand.
(e) Contract liabilities mainly consist of advance receipts for the payment of service charges and car park season pass as follows:-
Group and Fund

2023 2022
RM’000 RM’000
As at 1 January 4,165 -
Revenue recognised that was included in the balance at the beginning of the financial year (4,165) -
Revenue recognised during the financial year (83,794) (78,315)
Less: Billings during the financial year 88,108 82,480
As at 31 December 4,314 4,165
13 TOTAL REVENUE
Group and Fund

2023 2022
RM’000 RM’000
Revenue from contracts with customers

- Service charge 77,982 70,801
- Car park income 45,598 41,612
- Utilities recoveries 27,423 20,914
- Promotion partnership income and others 7,264 7,180
158,267 140,507
Total revenue 604,308 556,409
Revenue from contracts with customers is recognised:-

- Over time 158,267 140,507
Lease revenue included percentage rent related to sales generated from tenants which approximate to 21.4% (2022: 18.8%) of lease revenue.
Total conditional rental supports granted by the Group and the Fund under the rental support programme offered to eligible tenants affected
by the COVID-19 pandemic amounted to nil (2022: RM9.5 million), of which nil (2022: RM8.3 million) were recognised as a reduction to lease
revenue and service charge in the financial year.
Conditional rental supports given in 2021 and 2022 resulting in lease modification were recognised over the unexpired lease term and the amount
recognised during the financial year was RM1 million (2022: RM2.5 million).
2023 Annual Report


(continued)
14 REIMBURSEMENT COSTS
These are costs incurred in the operation, maintenance, management and marketing of the investment properties by the property manager
pursuant to the Service Provider Agreements, as well as insurance premiums which is reimbursed to the property manager.
Group and Fund

2023 2022
RM’000 RM’000
Manpower costs 33,354 31,761

Marketing expenses 5,186 4,751
Administration expenses 5,462 4,990
Management expenses 4,586 4,569
Insurance premium 1,519 1,503
Reversal for impairment of trade receivables (1,887) (6,955)
48,220 40,619
15 MANAGER’S MANAGEMENT FEES
Group and Fund

2023 2022
RM’000 RM’000
Base fee 16,459 15,949

Performance fee 22,394 21,213
38,853 37,162
For the financial year ended 31 December 2023, 65% of the total Manager’s management fees has been paid/payable in Units (2022: 65%)
and the remaining 35% in cash (2022: 35%), amounting to approximately RM25,254,000 and RM13,599,000 (2022: RM24,155,000 and
RM13,007,000) respectively.
16 FINANCE COSTS
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Interest expense on:

- Medium Term Notes 54,034 53,338 - -
- advances from subsidiary - - 54,034 53,338
54,034 53,338 54,034 53,338
17 TAXATION
Group and Fund

2023 2022
RM’000 RM’000
Reconciliation of tax expense

Profit before taxation 517,629 396,164
Income tax using Malaysian tax rate of 24% (2022: 24%) 124,231 95,079
Non-deductible expenses 5,182 8,677
Fair value gain on investment properties not subject to tax (38,056) (14,400)
Income exempted from tax (91,357) (89,356)
- -
2023 Annual Report


(continued)
17 TAXATION (continued)
Pursuant to Section 61A of the Malaysian Income Tax Act, 1967 (“Act”), income of IGB REIT will be exempted from tax provided that at least
90% of its total taxable income (as defined in the Act) is distributed to the investors in the basis period of IGB REIT for that year of assessment
within two (2) months after the close of the financial year. If the 90% distribution condition is not complied with or the 90% distribution is not made
within two (2) months after the close of IGB REIT financial year which forms the basis period for a year of assessment, IGB REIT will be subject
to income tax at the prevailing rate on its total taxable income. Income which has been taxed at the IGB REIT level will have tax credits attached
when subsequently distributed to unitholders.
As the distribution to unitholders for the financial year ended 31 December 2023 is approximately 97.5% (2022: 97.5%) of the total distributable
income, no provision for income taxation has been made for the current and prior financial year.
18 EARNINGS PER UNIT (“EPU”) – BASIC AND DILUTED
The calculation of EPU is based on profit after taxation or total comprehensive income attributable to unitholders divided by the weighted average
number of Units.
Group and Fund

2023 2022
Profit after taxation/total comprehensive income

- Realised 359,064 336,164
- Unrealised 158,565 60,000
Total 517,629 396,164
Weighted average number of Units (‘000)

Weighted average number of Units in issue 3,594,885 3,579,799
Adjustment for Manager’s management fees payable in Units a 3,764 3,578
Weighted average number of Units for diluted EPU 3,598,649 3,583,377
Basic EPU (sen)

- Realised 9.99 9.38
- Unrealised 4.41 1.67
Total 14.40 11.05
Diluted EPU (sen)

- Realised 9.97 9.38
- Unrealised 4.41 1.67
Total 14.38 11.05
Note (a):-
Group and Fund

2023 2022
Number of Number of
units Value units Value
‘000 RM’000 ‘000 RM’000
Manager’s management fees payable in Units
- from 1 October 2023 to 31 December 2023 at RM1.72 per

Unit listed on 7 February 2024 3,764 6,474 - -
- from 1 October 2022 to 31 December 2022 at RM1.72 per
Unit listed on 31 January 2023 - - 3,578 6,154
3,764 6,474 3,578 6,154
2023 Annual Report


(continued)
19 DISTRIBUTION TO UNITHOLDERS
Group and Fund

2023 2022

Distribution adjustments a (131,865) (34,219)
Distribution per unit (sen)

- for the period from 1 January 2023 to 31 March 2023 2.80 -
- for the period from 1 April 2023 to 30 June 2023 2.37 -
- for the period from 1 July 2023 to 30 September 2023 2.60 -
- for the period from 1 October 2023 to 31 December 2023 2.70 -
- for the period from 1 January 2022 to 31 March 2022 - 2.51
- for the period from 1 April 2022 to 30 June 2022 - 2.45
- for the period from 1 July 2022 to 30 September 2022 - 2.44
- for the period from 1 October 2022 to 31 December 2022 - 2.46
10.47 9.86
Sources of distribution
Revenue from contracts with customers 158,267 140,507
Changes in fair value on investment properties 158,565 60,000
Interest income 5,459 7,585
768,332 623,994
Less: Expenses (250,703) (227,830)
Distribution adjustments a (131,865) (34,219)
Income distribution of 2.80 sen per unit (@ 2.77 sen taxable and 0.03 sen non-taxable) for the
period from 1 January 2023 to 31 March 2023 (100,512) -
period from 1 April 2023 to 30 June 2023 (85,289) -
period from 1 July 2023 to 30 September 2023 (93,627) -
period from 1 October 2023 to 31 December 2023 (97,344) -
period from 1 January 2022 to 31 March 2022 - (89,666)
period from 1 April 2022 to 30 June 2022 - (87,763)
period from 1 July 2022 to 30 September 2022 - (87,577)
period from 1 October 2022 to 31 December 2022 - (88,520)
Income distributed (376,772) (353,526)
Income retained 8,992 8,419
2023 Annual Report


(continued)
19 DISTRIBUTION TO UNITHOLDERS (continued)
Group and Fund

2023 2022
Note (a):-
Distribution adjustments comprise:-
Changes in fair value on investment properties 6 (158,565) (60,000)
Manager’s management fees paid/payable in Units 15 25,254 24,155
Amortisation of fit-out incentives 250 219
Amortisation of transaction costs 154 234
Depreciation of plant and equipment 5 1,042 1,173
(131,865) (34,219)
Withholding tax has been deducted for distributions as follows:-
Withholding tax rate

2023 2022
Resident corporate N/A^ N/A^

Resident non-corporate 10% 10%
Non-resident individual 10% 10%
Non-resident corporate 24% 24%
Non-resident institutional 10% 10%
^ to tax at prevailing rate
20 MANAGEMENT EXPENSE RATIO
Group and Fund

2023 2022
Management expense ratio (“MER”) (%) 1.00 0.99
The calculation of the MER is based on the total fund operating fees of the Group and the Fund incurred for the financial year, including the
Manager’s management fees, trustees’ fees and other trust expenses, to the NAV (after income distribution) as at year end.
The calculation of the MER is required as the REIT Guidelines and the basis of calculating MER can vary among REITs. As such, there is no
consistent or coherent basis for providing an accurate comparison of the Group’s and of the Fund’s MER against other REITs.
21 SEGMENT REPORTING
The segmental financial information by business or geographical segments is not presented as there is only one (1) business activity which is
primarily generating rental income from the shopping malls’ tenants within the investment properties portfolio of the Group and of the Fund, which
comprises of MVM and TGM and its entire business is conducted in Kuala Lumpur.
The Manager assesses the financial performance of the operating segments based on, including but not limited to, net property income (“NPI”).
The NPI enables financial performance benchmarking as such basis eliminates the effect of financing and investment decisions which may not be
made at operating level.
2023 Annual Report


(continued)
22 FINANCIAL INSTRUMENTS BY CATEGORY
Group Fund
2023 2022 2023 2022
Note RM’000 RM’000 RM’000 RM’000
Financial assets at amortised cost

Assets as per statement of financial position:-
- Trade and other receivables (excluding
prepayments and deferred lease incentives) 8 29,682 26,816 60,759 57,017
- Cash and bank balances 9 274,026 258,382 242,950 228,181
Total financial assets 303,708 285,198 303,709 285,198
Financial liabilities at amortised cost

Liabilities as per statement of financial position:-
- Borrowings 11 1,214,627 1,214,473 - -
- Trade and other payables (excluding indirect tax
payable, prepaid rental and contract liabilities) 12 236,247 220,452 1,450,875 1,434,925
Total financial liabilities 1,450,874 1,434,925 1,450,875 1,434,925
23 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
23.1 Financial risk factors
The Group’s and the Fund’s activities expose it to a variety of financial risks: interest rate risk (including fair value interest rate risk), credit
risk and liquidity and cash flow risk. The Group’s and the Fund’s overall financial risk management objective is to ensure that it creates
value for its unitholders. The Group and the Fund focus on the unpredictability of financial markets and seeks to mitigate potential adverse
effects on the financial performance of the Group and the Fund. Financial risk management is carried out through risk reviews, internal
control systems and insurance programmes. The Manager regularly reviews the risk profile and ensure adherence to the Group’s and the
Fund’s financial risk management policies.
(a) Interest rate risk
The Group’s and the Fund’s income and cash flows are substantially independent of changes in market interest rates as the interest
rate of Tranche 2, MTN is fixed at 4.49% per annum which locks in the interest rate against any fluctuation resulting in exposure to fair
value and cash flow interest rate risk.
Sensitivity analysis for interest rate fluctuation is irrelevant or not applicable as the Group and the Fund do not use variable rates in
managing its cash flow interest rate risk.
(b) Credit risk
Credit risk arises from credit exposures to outstanding receivables from the tenants, as well as cash, cash equivalents and deposits
with banks and financial institutions.
Credit risk with respect to trade receivables is limited due to the nature of business which is mainly rental and security deposit
receivable in advance. Credit risks arising from outstanding receivables from the tenants are monitored and managed on an on-going
basis via compliance with credit control standard operating and reporting procedures.
Other than anchor tenants, namely Aeon BIG, Aeon, Metrojaya, GSC Mid Valley, Isetan and GSC Aurum Theatre, which contribute
8.3% (2022: 8.2%) of the total rental income, the Group and the Fund do not have any significant exposure to any individual or group
of tenants or counterparties.
2023 Annual Report


(continued)
23 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
23.1 Financial risk factors (continued)
(b) Credit risk (continued)
Simplified approach for trade receivables, accrued billings and trade intercompany balances
The Group and the Fund apply simplified approach which requires expected lifetime losses to be recognised from initial recognition of
the trade receivables, accrued billings and trade intercompany balances.
The expected credit loss and default rates are based on the historical payment profiles of tenants, the corresponding historical
credit loss and default experienced. The historical credit loss and default rates are adjusted to reflect current and forward-looking
factors affecting the ability of the tenants to settle the receivables. The Group and the Fund have identified the credit profile, sales
performance, cash flow sustainability and business outlook of tenants to be the most relevant forward-looking factors, especially during
the prevailing economic uncertainties and challenging operating environment, and adjusted the historical credit loss and default rates
based on expected changes in these factors.
Furthermore, the tenants have placed security deposits in the form of cash or bank guarantees which act as collateral if receivables
due from the tenants are not settled or in case of breaches of tenancy or lease agreements. As such, no additional credit risk beyond
amounts allowed for expected credit losses is inherent in the Group’s and the Fund’s trade receivables.
Bank deposits are placed with licensed financial institutions with high credit ratings assigned by credit rating agencies. The Group
considers the risk of material loss in the event of non-performance by a financial counterparty to be unlikely and hence, the expected
credit loss is immaterial, if any.
The analysis of credit risk exposure of trade receivables, accrued billings and trade intercompany balances is as follows:-
Trade receivables, accrued billings and trade intercompany balances
Group and Fund
Not due and 8-30 31-60 61-90 >90

1-7 days days days days days Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Trade receivables 215 626 46 43 1,223 2,153
Accrued billings 17,563 - - - - 17,563
Intercompany balances (trade) 1,349 545 36 - - 1,930
Total (gross) 19,127 1,171 82 43 1,223 21,646
Loss allowance* (152) (304) (31) (42) (681) (1,210)
Total (net) 18,975 867 51 1 542 20,436
Trade receivables 1,365 2,715 723 172 9,648 14,623
Accrued billings 13,567 - - - - 13,567
Intercompany balances (trade) 850 20 66 - - 936
Total (gross) 15,782 2,735 789 172 9,648 29,126
Loss allowance* (132) (1,088) (179) (106) (9,369) (10,874)
Total (net) 15,650 1,647 610 66 279 18,252
* Expected loss rate for receivables due more than 90 days and tenants under legal actions are 100%. The Group and the Fund
take into account security deposits and other factors in determining the expected credit loss.
General 3-stage approach for other receivables, deposits and non-trade intercompany balances
The other receivables, deposits and non-trade intercompany balances impairment are assessed individually to determine whether
there was objective evidence that an impairment had been incurred but not yet identified. Loss allowance is measured at a probability-
weighted amount that reflects the possibility that a credit loss occurs and the possibility that no credit loss occurs.
2023 Annual Report


(continued)
(b) Credit risk (continued)
Other receivables, deposits and non-trade intercompany balances
There is no impairment of other receivables, deposits and non-trade intercompany balances as the rate of default and expected credit
loss rate are low.
The movement of loss allowance of trade receivables is as follows:-
Group and Fund

2023 2022
RM’000 RM’000
As at 1 January 10,874 28,265

Loss allowance 517 2,571
Reversal during the financial year (2,404) (9,526)
Bad debt written-off (7,777) (9,497)
Credit notes issued for rental support provided - (939)
As at 31 December 1,210 10,874
The decrease in the loss allowance is arising from receipt and recovery from tenants. Loss allowance net of reversal of approximately
RM1,887,000 (2022:RM6,955,000) is included in “Reimbursement Cost” in Note 14.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables.
(c) Liquidity and cash flow risk
The rolling forecasts of liquidity requirements are monitored to ensure there is sufficient cash to meet operational needs while
maintaining sufficient headroom on the committed borrowing facilities (Note 11).
Adequate cash, cash equivalents and bank facilities are maintained and monitored to finance the operations, to distribute income to
unitholders, and to mitigate the effects of fluctuations in cash flows. In addition, the Manager also monitors and observes the REIT
Guidelines concerning limits on total borrowings of the investment trust.
Cash and bank balances as at 31 December 2023 of the Group and of the Fund of RM274 million (2022: RM258 million) and RM243
million (2022: RM228 million) respectively are expected to assist in the liquidity and cash flow risk management.
The analysis of the non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the reporting
date to the contractual maturity date is as follows:-
1 to 2 2 to 3
Group <1 year years years >3 years Total
RM’000 RM’000 RM’000 RM’000 RM’000
At 31 December 2023
Borrowings 54,028 53,880 53,880 1,253,880 1,415,668
Trade and other payables and accruals

(excluding indirect tax payable, prepaid
rental and contract liabilities) 236,247 - - - 236,247
At 31 December 2022
Borrowings 53,880 53,880 53,880 1,307,760 1,469,400

(excluding indirect tax payable, prepaid rental
and contract liabilities) 220,452 - - - 220,452
2023 Annual Report


(continued)
(c) Liquidity and cash flow risk (continued)
1 to 2 2 to 3
Fund <1 year years years >3 years Total
RM’000 RM’000 RM’000 RM’000 RM’000
At 31 December 2023

(excluding indirect tax payable, prepaid
rental and contract liabilities) 305,480 53,880 53,880 1,239,833 1,653,073
At 31 December 2022

(excluding indirect tax payable, prepaid rental
and contract liabilities) 289,536 53,880 53,880 1,293,559 1,690,855
Note:-
The amounts are contractual and undiscounted cash flows, including interest payable up to the maturity date for the borrowings.
23.2 Capital risk management
The Group’s capital includes the unitholders’ capital and borrowings. The Fund’s capital includes unitholders’ capital and intercompany
borrowings.
The overall capital management objectives are to safeguard the ability to continue as a going concern in order to provide returns for
unitholders and other stakeholders as well as to maintain a more efficient capital structure.
The Manager’s on-going capital management strategy involves maintaining an appropriate gearing level and adopting an active interest rate
management strategy to manage the risks associated with refinancing and changes in interest rates. The Manager intends to implement this
strategy by (i) diversifying sources of debt funding to the extent appropriate, (ii) maintaining a reasonable level of debt service capability, (iii)
securing favourable terms of funding, (iv) managing its financial obligations and (v) where appropriate, managing the exposures arising from
adverse market interest rates, such as through fixed rate borrowings, to improve the efficiency for the cost of capital.
The total borrowings to total assets ratio is as follows:-
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Total borrowings 1,214,627 1,214,473 - -

Total intercompany borrowings - - 1,214,627 1,214,473
Total assets 5,504,946 5,317,512 5,504,947 5,317,512
Borrowings to total assets ratio (%) 22.1 22.8 22.1 22.8
The total borrowings should not exceed 50% of the total assets at the time the borrowings are incurred in accordance with the REIT
Guidelines. The Group and the Fund complied with the borrowing limit in the current financial year.
The financial covenants of the MTN Programme are as follows:-
(i) to ensure that the total amount raised by the Group from issuance of debt securities and/or any other financing facilities shall not
exceed 50% of the total asset value of the Group; and
(ii) to maintain the interest service cover ratio (“ISCR”) of not less than 1.5 times for the Group, calculated on a yearly basis at the end of
the financial year of the Group.
2023 Annual Report


(continued)
23.2 Capital risk management (continued)
The financial covenants of the Tranche 2, MTN are as follows:-
(i) to maintain a security cover ratio for MVM of not more than 60%;
(ii) to maintain the ISCR of not less than 2.0 times for MVM, calculated on a yearly basis at the end of the financial year of IGB REIT; and
(iii) to ensure that the total amount raised by the Group from issuance of debt securities and/or any other financing facilities shall not
exceed 50% of the total asset value of the Group.
The Group and the Fund complied with the financial covenants for the financial year ended 31 December 2023.
The Deed provides that the Manager shall, with the approval of the Trustee, for each distribution period, distribute all (or such other
percentage as determined by the Manager at its absolute discretion) of the Fund’s distributable income. It is the intention of the Manager to
distribute at least 90% of the Fund’s distributable income on a quarterly basis (or such other interval as determined by the Manager at its
absolute discretion).
For the financial year ended 31 December 2023, the Group and the Fund distributed approximately 97.5% (2022: 97.5%) of the total
distributable income.
23.3 Fair value
The assets and liabilities measured at fair value and classified by level of the fair value measurement hierarchy are as follows:-
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (Level 2);
and
(c) inputs for the asset or liability that are not based on observable market data i.e. unobservable inputs (Level 3).
Group and Fund

2023 2022
RM’000 RM’000
Level 3
Recurring fair value measurements:-
Investment properties 5,186,000 5,020,000
Level 3 fair values of the investment properties have been derived from the income approach method based on valuations performed by
One Asia (2022: Henry Butcher). The valuation techniques, significant parameters and movement in fair values are as disclosed in Note 6.
2023 Annual Report


(continued)
23.3 Fair value (continued)
Assets and liabilities not carried at fair value
Save as disclosed below, the carrying amounts of financial assets and liabilities as at reporting date approximated their fair values.
The Group’s borrowings are not measured at fair value as at reporting date. The fair value of such borrowings is disclosed within the fair
value hierarchy as follows:-
Group
2023 2022
Carrying Fair Carrying Fair
amount value amount value
RM’000 RM’000 RM’000 RM’000
Level 2
Borrowings 1,214,627 1,236,096 1,214,473 1,214,424
Fund
2023 2022
Carrying Fair Carrying Fair
amount value amount value
RM’000 RM’000 RM’000 RM’000
Level 2
Intercompany borrowings 1,214,627 1,236,096 1,214,473 1,214,424
24 OPERATING LEASES (LEASE COMPONENT)
Leases as lessor
The Group and the Fund lease out the investment properties (Note 6) under operating leases. Subject to full receipts and/or recoveries of all
trade receivables, and assuming no existing tenancies are prematurely terminated, all expiring tenancies will be renewed at the same passing
rent rates and no rental supports, incentive or waiver will be given to tenants, the undiscounted lease revenue, i.e. rental income, to be received,
excluding any percentage rentals, based on committed tenancies as at 31 December 2023 are as follows:-
Group and Fund

2023 2022
RM’000 RM’000
Rental income:
Less than one (1) year 341,239 316,183
Between one (1) and two (2) years 273,454 216,540
Between two (2) and three (3) years 179,823 105,953
Between three (3) and four (4) years 84,835 32,846
Between four (4) and five (5) years 28,171 19,174
More than five (5) years 48,156 87,172
955,678 777,868
2023 Annual Report


(continued)
25 REMAINING PERFORMANCE OBLIGATIONS
The Group and the Fund lease out the investment properties (Note 6) under operating leases. Subject to full receipts and/or recoveries of all
trade receivables, and assuming no existing tenancies are prematurely terminated, all expiring tenancies will be renewed and no rental supports,
incentive or waiver will be given to tenants, the yet to be satisfied performance obligation resulting from non-lease components, i.e. service
charges, to be received, based on committed tenancies as at 31 December 2023 are as follows:-
Group and Fund

2023 2022
RM’000 RM’000
Service charges:
Less than one (1) year 86,346 69,874
Between one (1) and two (2) years 70,619 48,114
Between two (2) and three (3) years 42,267 25,631
Between three (3) and four (4) years 20,231 7,877
Between four (4) and five (5) years 7,502 5,681
More than five (5) years 13,392 23,467
240,357 180,644
26 CAPITAL COMMITMENTS
The capital expenditure which has not been provided for in the financial statements is as follows:-
Group and Fund

2023 2022
RM’000 RM’000
Plant and equipment

Authorised by Directors of the Manager but not contracted 514 1,260
27 SIGNIFICANT RELATED PARTY TRANSACTIONS
The significant related party transactions are carried out in the normal course of business on terms and conditions negotiated between the
contracting parties.
Related party Relationship
IGB Berhad (“IGB”) Major unitholder of the Fund, the sponsor and ultimate holding company of the Fund
IGB Corporation Berhad (“IGBC”) A subsidiary of IGB
IGB REIT Management Sdn Bhd The Manager of the Fund, a subsidiary of IGBC
IGB REIT Capital Sdn Bhd A subsidiary of the Fund via MTrustee Berhad (acting in its capacity as trustee for the Fund)
IGB Digital Sdn Bhd A subsidiary of IGB
IGB Commercial Real Estate Investment Trust A subsidiary of IGB
(“IGB Commercial REIT”)
Ensignia Construction Sdn Bhd A subsidiary of IGBC
Mid Valley City Developments Sdn Bhd A subsidiary of IGBC
Mid Valley City Energy Sdn Bhd A subsidiary of IGBC
Mid Valley City Enterprise Sdn Bhd A subsidiary of IGBC
Mid Valley City Hotels Sdn Bhd A subsidiary of IGBC
MVC CyberManager Sdn Bhd A subsidiary of IGBC
MVEC Exhibition and Event Services Sdn Bhd A subsidiary of IGBC
Tanah Permata Sdn Bhd A subsidiary of IGBC
Wah Seong (M) Trading Co Sdn Bhd Major unitholder of the Fund
Strass Media Sdn Bhd A subsidiary of Wah Seong (Malaya) Trading Co. Sdn Bhd
CPI Spicy Gardens Sdn Bhd A person connected to a director of the Manager
2023 Annual Report


(continued)
27 SIGNIFICANT RELATED PARTY TRANSACTIONS (continued)
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Significant related party transactions for the financial year:-
Receivables
1) Utilities charges
- IGB Commercial REIT 7,495 5,386 7,495 5,386
- Mid Valley City Enterprise Sdn Bhd 718 168 718 168
- Mid Valley City Hotels Sdn Bhd 2,618 2,388 2,618 2,388
- Tanah Permata Sdn Bhd 1,158 743 1,158 743
- Mid Valley City Energy Sdn Bhd 1,004 711 1,004 711
- Mid Valley City Developments Sdn Bhd 100 52 100 52
- Strass Media Sdn Bhd 39 50 39 50
13,132 9,498 13,132 9,498
2) Rental of premises
- MVEC Exhibition and Event Services Sdn Bhd 6,061 5,865 6,061 5,865
- MVC CyberManager Sdn Bhd 60 60 60 60
- CPI Spicy Gardens Sdn Bhd 302 244 302 244
6,423 6,169 6,423 6,169
3) Rental of light box

4) Rental of car park

- IGB Berhad 200 223 200 223
5) Interest charges to
- IGB REIT Capital Sdn Bhd - - 985 626
Payables
1) Utilities charges
- Mid Valley City Energy Sdn Bhd 51,107 37,776 51,107 37,776
2) Manager’s management fee

- IGB REIT Management Sdn Bhd 38,853 37,162 38,853 37,162
3) Repair and maintenance

- Ensignia Construction Sdn Bhd 1,977 353 1,977 353
- Wah Seong (M) Trading Co Sdn Bhd 100 11 100 11
2,098 446 2,098 446
4) Support cost
- IGB Digital Sdn Bhd 439 413 439 413
- IGB Berhad 167 162 167 162
606 575 606 575
5) Hotel facilities and services

- Mid Valley City Hotels Sdn Bhd 29 56 29 56
6) Interest charged by
- IGB REIT Capital Sdn Bhd - - 54,034 53,338
2023 Annual Report


(continued)
27 SIGNIFICANT RELATED PARTY TRANSACTIONS (continued)
Group Fund
2023 2022 2023 2022
RM’000 RM’000 RM’000 RM’000
Significant related party balances as at reporting date:-
1) Deposits placed with

2) Amount owing by
- IGB REIT Capital Sdn Bhd - - 31,326 30,341
3) Amount owing to
- IGB REIT Management Sdn Bhd 9,960 9,468 9,960 9,468
- IGB REIT Capital Sdn Bhd - - 1,214,627 1,214,473
2023 Annual Report

IGB REIT | Other Information 139
UNITHOLDING STATISTICS
As at 16 February 2024
ISSUED UNITS
3,605,402,936 Units (voting right : 1 vote per Unit)
PUBLIC SPREAD
44.63%
ANALYSIS BY SIZE OF UNITHOLDINGS
No. of % of
Range of Unitholdings Unitholders Unitholders No. of Units % of Units
Less than 100 1,888 6.42 51,245 0.00

100 – 1,000 9,756 33.16 5,191,369 0.14
1,001 – 10,000 13,103 44.54 55,774,286 1.55
10,001 – 100,000 3,979 13.52 121,083,609 3.36
100,001 to less than 5% of Issued Units 687 2.34 1,139,940,738 31.62
5% and above of Issued Units 5 0.02 2,283,361,689 63.33
Total 29,418 100.00 3,605,402,936 100.00
SUBSTANTIAL UNITHOLDERS
Direct Deemed*
Name No. of Units % of Units No. of Units % of Units
IGB Berhad 1,733,617,754 48.08 205,948,422 5.71

Dato’ Seri Robert Tan Chung Meng 16,272,721 0.45 1,954,656,293 54.22
Pauline Tan Suat Ming - - 1,954,656,293 54.22
Tony Tan Choon Keat 1,000,000 0.03 1,954,656,293 54.22
Tan Chin Nam Sendirian Berhad - - 1,950,888,107 54.11
Tan Kim Yeow Sendirian Berhad 14,764,772 0.41 1,939,891,521 53.81
IGB REIT Management Sdn Bhd 205,402,936 5.70 - -
Wah Seong (Malaya) Trading Co. Sdn. Bhd. - - 1,939,566,176 53.80
Employees Provident Fund Board 428,280,515 11.88 - -
Kumpulan Wang Persaraan (Diperbadankan) 222,389,800 6.17 31,169,600 0.87
DIRECTORS UNITHOLDINGS
Direct Deemed*
Name No. of Units % of Units No. of Units % of Units
Dato’ Seri Robert Tan Chung Meng 16,272,721 0.45 1,954,656,293 54.22
Tan Lei Cheng 2,005,944 0.06 - -
Elizabeth Tan Hui Ning 4,811,000 0.13 - -
* Deemed to have interests in Units held by other corporations by virtue of section 4 of the Capital Markets and Services Act 2007
2023 Annual Report

140 IGB REIT | Other Information
UNITHOLDING STATISTICS
As at 16 February 2024
(continued)
TOP 30 UNITHOLDERS
No. Name No. of Units % of Units
1 Public Nominees (Tempatan) Sdn Bhd 920,000,000 25.52

Pledged Securities Account for IGB Berhad (KLC)
2 IGB Berhad 453,617,754 12.58
3 IGB Berhad 360,000,000 9.99
4 Citigroup Nominees (Tempatan) Sdn Bhd 328,446,015 9.11
Employees Provident Fund Board
5 Kumpulan Wang Persaraan (Diperbadankan) 221,297,920 6.14
6 IGB REIT Management Sdn Bhd 150,402,936 4.17
7 Public Nominees (Tempatan) Sdn Bhd 55,000,000 1.53
Pledged Securities Account for IGB REIT Management Sdn Bhd (KLC)
Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
Employees Provident Fund Board (AHAM AM)
10 Amanahraya Trustees Berhad 33,134,616 0.92
Public Smallcap Fund
11 Pertubuhan Keselamatan Sosial 29,000,050 0.80
Employees Provident Fund Board (NOMURA)
13 HSBC Nominees (Tempatan) Sdn Bhd 26,528,900 0.74
HSBC (M) Trustee Bhd for Zurich Life Insurance Malaysia Berhad (NP-Other-REITs)
14 Cartaban Nominees (Tempatan) Sdn Bhd 24,731,092 0.69
PAMB for Prulink Equity Fund
15 Amanahraya Trustees Berhad 21,627,232 0.60
Public Dividend Select Fund
Employees Provident Fund Board (AMUNDI)
HSBC (M) Trustee Bhd for Zurich Life Insurance Malaysia Berhad (LIFE PAR)
18 Cartaban Nominees (Tempatan) Sdn Bhd 16,012,600 0.44
Prudential Assurance Malaysia Berhad for Prulink Strategic Fund
Employees Provident Fund Board (F Templeton)
20 Robert Tan Chung Meng 13,539,395 0.38
21 CIMB Group Nominees (Tempatan) Sdn Bhd 13,258,700 0.37
CIMB Commerce Trustee Berhad – Kenanga Growth Fund
22 Citigroup Nominees (Asing) Sdn Bhd 12,147,900 0.34
CBNY for DFA International Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc
23 Tan Kim Yeow Sendirian Berhad 11,953,968 0.33
24 CIMB Group Nominees (Tempatan) Sdn Bhd 11,321,931 0.31
CIMB Bank Berhad (EDP 2)
Great Eastern Life Assurance (Malaysia) Berhad (LSF)
Great Eastern Life Assurance (Malaysia) Berhad (Non PAR 16)
HSBC (M) Trustee Bhd for Zurich General Insurance Malaysia Berhad (GI-REITs)
28 CIMSEC Nominees (Tempatan) Sdn Bhd 9,000,000 0.25
CIMB For Tee Teh Sdn Berhad (PB)
Kumpulan Wang Persaraan (Diperbadankan) (Kenanga)
Kumpulan Wang Persaraan (Diperbadankan) (AHAM AM EQ)
2023 Annual Report

NOTICE OF 2024 ANNUAL GENERAL MEETING
Notice convening the Twelfth Annual General Meeting of Unitholders (“UHs”) of IGB REIT (“2024 AGM”)
To be held on Wednesday, 17 April 2024, at 2.30 p.m. in a virtual (online) format at https://tiih.online
ITEMS OF BUSINESS
1. Financial Statements and Reports

To receive IGB REIT’s Financial Statements and Reports of the Trustee, the Manager and the Auditor for the year ended 31 December 2023.
2. Ordinary Resolution - Renewal of Recurrent Related Party Transactions Mandate (“RRPT Mandate”)
That pursuant to paragraph 10.09 of the Bursa Malaysia Securities Berhad’s Main market Listing Requirements, IGB REIT be authorised to enter
into any of the transactions falling within the categories of RRPT described in the Circular to UHs dated 28 February 2024 (“Circular”), with the
Transacting Parties mentioned therein, provided that such transactions are carried out on normal commercial terms and will not be prejudicial to
the interests of IGB REIT and its minority UHs (“RRPT Mandate”) and, that the RRPT Mandate (unless revoked or varied by UHs in a general
meeting) shall continue in force until IGB REIT’s AGM in 2025, and that the Board of Directors (“Board”) of the Manager be authorised to take
such decisions and/or actions as may be necessary to give effect to the RRPT Mandate and/or this resolution.
By Order of the Board
Tina Chan
Head of Compliance/Company Secretary
MAICSA7001659/SSM PC No. 201908000014
Kuala Lumpur
28 February 2024
Explanatory Notes
1. There is no requirement for UHs to approve IGB REIT’s Financial Statements and Reports. However, a reasonable opportunity will be given to
UHs to ask questions in relation to the content of Financial Statements and Reports
2. The Ordinary Resolution, if passed will renew the RRPT Mandate for IGB REIT to enter into certain types of transactions with the Transacting
Parties from the date of 2024 AGM until IGB REIT’s AGM in 2025. More details relating to the RRPT Mandate are set out in the Circular. The
Interested Directors set out in the Circular and their connected persons will not vote on the Ordinary Resolution.
Important Information
1. The 2024 AGM will be broadcast through live audio-visual. UHs that want to vote or ask questions at the 2024 AGM should access the virtual
meeting by logging on to https://tiih.online. Further information on how to register and join the 2024 AGM are set out in the Virtual Meeting
Guide.
2. Registered UHs as at 9 April 2024 will be entitled to participate and vote at the 2024 AGM.
3. Registered UHs have rights to appoint up to 2 proxies to exercise all or any of their rights to participate and vote at the 2024 AGM, provided that
the unitholding proportion to be represented by each proxy is specified. A proxy need not be a UH. A proxy form, which may be used to make
such an appointment and give proxy instructions, accompanies this Notice of 2024 AGM.
4. To be effective, proxy appointment (and any power of attorney or other authority under which it is signed), must be received no later than 2.30
p.m., Tuesday, 16 April 2024, either by mail/by hand to the Manager’s registered office at Level 32, The Gardens South Tower, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur or online https://tiih.online.
5. If registered UHs intend to appoint the Chairman of the meeting as their proxies, UHs can direct the Chairman how to vote by marking the boxes
for the relevant resolution. However, if UHs do not mark a box next to the resolution, UHs will be expressing authorising the Chairman to vote as
he sees fit.
6. UHs may contact IGB REIT’s unit registry, Tricor Investor & Issuing House Services Sdn Bhd at helpline number 603-2783 9299 or email
is.enquiry@my.tricorglobal.com if they have questions, require assistance on e-proxy submission and the process to pre-register, participate
and vote at the 2024 AGM, or encounter any log-in difficulties.
7. UHs may submit questions related to the resolution to be tabled for approval at the 2024 AGM, in advance by email to
corporate-enquiry@igbreit.com before Tuesday, 9 April 2024. Answers will be grouped thematically, and provided during the 2024 AGM, and
made available on IGB REIT’s website at www.igbreit.com in the days following 2024 AGM.
View the 2023 Annual Report, Circular and this Notice of 2024 AGM on IGB REIT’s website at www.igbreit.com
or, alternatively, a copy may be obtained by sending an email to corporate-enquiry@igbreit.com.
2023 Annual Report

VIRTUAL MEETING GUIDE
(1) Remote Participation and Voting (“RPV”)
As the holding of the 2024 AGM in the form of a virtual event, Unitholders to pay special attention to the procedures for RPV facility as
summarised below:
Procedure Action Required

BEFORE IGB REIT 2024 AGM
(a) Sign up as a user of  Access website at https://tiih.online. Sign up as a user under the “e-Services” (refer to the tutorial guide
TIIH Online (for first posted on the homepage).
time registration only)  Your registration as user will be approved within 1 (one) working day and you will be notified via e-mail
on the approval/rejection of your user registration.
(b) Submit your request to  Registration is open from 2.30 pm on Tuesday, 28 February 2024 until the day of 2024 AGM on
attend 2024 AGM Wednesday, 17 April 2024.
 Login with your user ID and password and select the corporate event: “(REGISTRATION) IGB REAL
ESTATE INVESTMENT TRUST 2024 AGM”.
 Read and agree to the Terms & Conditions and confirm the Declaration.
 Select “Register for Remote Participation and Voting”.
 Review your registration and proceed to register.
 System will send an e-mail notifying your registration for remote participation is received and to be verified.
 After verification of your registration against the Record of Depositors as at 9 April 2024, the system will
send you an e-mail, approving or rejecting your registration for remote participation.
IGB REIT 2024 AGM DAY
(c) Login to TIIH Online  Login with your user ID and password for remote participation at the 2024 AGM from 2.10 p.m. i.e., 20
minutes before the commencement of 2024 AGM at 2.30 p.m. on Wednesday, 17 April 2024.
(d) Participate through  Select the corporate event: “(LIVE STREAMING MEETING) IGB REAL ESTATE INVESTMENT TRUST
Live Streaming 2024 AGM” to engage in the 2024 AGM proceedings remotely.
 If you have any question for the Chairman/Board, you may use the query box to transmit your question.
The Chairman/Board will try to respond to questions (related to the business of the 2024 AGM) submitted
by remote participants during the 2024 AGM, as timing and circumstances permit.
 Take note that the quality of the live streaming is dependent on the bandwidth and stability of the internet
connection at the location of the remote participants.
(e) Online Remote Voting  Select the corporate event: “(REMOTE VOTING) IGB REAL ESTATE INVESTMENT TRUST 2024 AGM”.
 Read and agree to the Terms and Conditions and confirm the Declaration.
 Voting session commences from 2.30 p.m. on Wednesday, 17 April 2024 until a time when the Chairman
announces the completion of the voting session of the 2024 AGM.
 Select the CDS account that represents your unitholdings.
 Indicate your votes for the resolutions that are tabled for voting.
(f) End of RPV  Upon the announcement by the Chairman on the closure of 2024 AGM, the Live Streaming will end.
Note:
Please call Tricor’s Help Lines at 011-40805616/ 011-40803168/ 011-40803169/ 011-40803170 or e-mail to tiih.online@my.tricorglobal.com for
assistance if you encounter problems with the RPV.
(2) Electronic Submission of Proxy Form (e-Proxy)
The procedures for submission of e-Proxy are summarised below:
Procedure Action
1. Individual Unitholders
(a) Sign up as User with  Using your computer, access the website at https://tiih.online. Register as a user under the “e-Services”.
TIIH Online Please refer to the tutorial guide posted on the homepage for assistance.
 If you are already a user with TIIH Online, you are not required to register.
(b) Proceed with  Login with your user name (i.e., email address) and password.
submission of e-Proxy  Select the corporate event: “IGB REAL ESTATE INVESTMENT TRUST 2024 AGM -Submission of
Proxy Form”.
 Insert your CDS account number and indicate the number of units for your proxy(s) to vote on your behalf.
 Appoint your proxy(s) and insert the required details of your proxy(s) or appoint Chairman as your proxy(s).
 Indicate your voting instructions - FOR or AGAINST, otherwise your proxy will decide your vote.
 Review and confirm your proxy(s) appointment.
 Print e-Proxy for your record.
2023 Annual Report

VIRTUAL MEETING GUIDE

(continued)
(2) Electronic Submission of Proxy Form (e-Proxy) (continued)
The procedures for submission of e-Proxy are summarised below:
Procedure Action
2. Corporation or Institutional Unitholders
(a) Sign up as User with  Using your computer, access the website at https://tiih.online
TIIH Online  Under e-Services, the authorised or nominated representative of the corporation or institutional
shareholder selects “Create Account by Representative of Corporate Holder”.
 Complete the registration form and upload the required documents.
 Registration will be verified, and you will be notified by email within one (1) to two (2) working days.
 Proceed to activate your account with the temporary password given in the email and re-set your own
password.
Note: The representative of a corporation or institutional shareholder must register as a user first in accordance
with the above steps before he/she can subscribe to this corporate holder electronic proxy submission. Please
contact our Unit Registrar if you need clarifications on the user registration.
(b) Proceed with  Login with your user name (i.e., email address) and password.
submission of e-Proxy  Select the corporate exercise name: “IGB REAL ESTATE INVESTMENT TRUST 2024 AGM
-Submission of Proxy Form”.
 Proceed to download the file format for “Submission of Proxy Form” in accordance with the Guidance
Note set therein.
 Prepare the file for the appointment of proxies by inserting the required data.
 Submit the proxy appointment file.
 Proceed to upload the duly completed proxy appointment file.
 Select “Submit” to complete your submission.
 Print the confirmation report of your submission for your record.
(3) Enquiry
Should you need assistance to access the RPV facility and e-Proxy submission, please contact the following persons at TIIH:
(a) Encik Hayman Daniel : +603 2783 9145 (Hayman.Daniel @my.tricorglobal.com)

(b) Syafiqul Hafidz : +603 2783 9024 (Syafiqul.Hafidz@my.tricorglobal.com)
2023 Annual Report

This page has been intentionally left blank
2023 Annual Report

PROXY FORM CDS Account No.
No. of Units Held
*I/We (full name as per NRIC/Certificate of Incorporation)
NRIC No./Company No. of (full address)
being a Unitholder of IGB REIT and entitled to attend and vote hereby appoint:
Name, NRIC No. and email of proxy No. of Units to be represented by proxy
1.
2.
or, failing the person named, or if no person is named, the Chairman of the 2024 AGM as my/our proxy to act as my/our behalf (including to vote
in accordance with the following directions or, if no directions have been given and to the extent permitted by the law, as the proxy sees fit) at the
2024 AGM of IGB REIT to be held at 2.30 p.m. on Wednesday, 17 April 2024.
First Proxy Second Proxy

Ordinary Resolution For Against For Against
RRPT Mandate
Dated this day of 2024

Signature/Common Seal of Unitholder
Important Information
1. The 2024 AGM will be broadcast through live audio-visual. UHs that want to vote or ask questions at the 2024 AGM should access the virtual
meeting by logging on to https://tiih.online. Further information on how to register and join the 2024 AGM are set out in the Virtual Meeting Guide.
2. Registered UHs as at 9 April 2024 will be entitled to participate and vote at the 2024 AGM.
3. Registered UHs have rights to appoint up to 2 proxies to exercise all or any of their rights to participate and vote at the 2024 AGM, provided that the
unitholding proportion to be represented by each proxy is specified. A proxy need not be a UH. A proxy form, which may be used to make such an
appointment and give proxy instructions, accompanies this Notice of 2024 AGM.
4. To be effective, proxy appointment (and any power of attorney or other authority under which it is signed), must be received no later than 2.30 p.m.,
Tuesday, 16 April 2024, either by mail/by hand to the Manager’s registered office at Level 32, The Gardens South Tower, Mid Valley City, Lingkaran
Syed Putra, 59200 Kuala Lumpur or online https://tiih.online.
5. If registered UHs intend to appoint the Chairman of the meeting as their proxies, UHs can direct the Chairman how to vote by marking the boxes for
the relevant resolution. However, if UHs do not mark a box next to the resolution, UHs will be expressing authorising the Chairman to vote as he sees
fit.
6. UHs may contact IGB REIT’s unit registry, Tricor Investor & Issuing House Services Sdn Bhd at helpline number 603-2783 9299 or email
is.enquiry@my.tricorglobal.com if they have questions, require assistance on e-proxy submission and the process to pre-register, participate and
vote at the 2024 AGM, or encounter any log-in difficulties.
7. UHs may submit questions related to the resolution to be tabled for approval at the 2024 AGM, in advance by email to
corporate-enquiry@igbreit.com before Tuesday, 9 April 2024. Answers will be grouped thematically, and provided during the 2024 AGM, and made
available on IGB REIT’s website at www.igbreit.com in the days following 2024 AGM.

Fold this flap for sealing
Fold along this line (2)
PROXY FORM Affix

RM0.80
stamp

IGB REIT Management Sdn Bhd 201201006785 (908168-A)
(Manager of IGB REIT)
Level 32, The Gardens South Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Malaysia

2023 ANNUAL REPORT REQUEST FORM
Please select the document(s) you would like to receive by ticking () within the box provided:
2023 Annual Report
Circular to Unitholders
For further information, you may contact Ms. Foo Swee Lee at 2289 8824 or Ms. Yvonne Fong at 2289 8825.
Name of Unitholder :
NRIC/Company No. :
Mailing Address :
Email Address :
Contact Number :
Signature :
Date :

Fold this flap for sealing
2023 ANNUAL REPORT REQUEST FORM Affix

RM0.80
stamp

IGB REIT Management Sdn Bhd 201201006785 (908168-A)
(Manager of IGB REIT)
Level 32, The Gardens South Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Malaysia

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CONTENT

ABOUT THIS REPORT 2

MEETING Financial Highlights

Online Meeting Platform Corporate Governance Overview Statement 72 - 85

ABOUT THIS REPORT

 REPORTING PERIOD  FORWARD LOOKING STATEMENT

l Bursa Malaysia Corporate Governance Guide (4th Edition)

Annual Report 2023

MANAGER PROPERTY MANAGER

Robert Ang Kim Pack

Tan Mei Sian

Hong Leong Bank Berhad

2023 Annual Report

Ownership Net Property

2023 Annual Report

REIT Salient Features

Fund Category Real Estate Investment Trust

Fund Type Income and Growth

Fund Duration The earlier of:

Distribution Policy • At least 90% of IGB REIT’s distributable income

Revaluation Policy Annually by an independent professional valuer

Financial Year End 31 December

Quotation Main Market of Bursa

Listing Date 21 September 2012

Stock Name and Stock Code IGBREIT, 5227

2023 Annual Report

Properties MVM TGM

2023 Annual Report

Organisation Structure OF THE MANAGER

Joint Deputy CEO Joint Deputy CEO

2023 Annual Report

The Gardens Mall team receiving the

The EDGE Billion Ringgit Club: Award for

2023 Annual Report

Business events and highlights for MVM in 2023:

MVM’s Mid-Autumn Festival celebrations MVM’s “Oh So Sweet” campaign

2023 Annual Report

OUR APPROACH TO VALUE CREATION

 Deliver long-term Financial

2023 Annual Report

OUR APPROACH TO VALUE CREATION

 Distribution per unit: 10.47 sen

Manufactured  MVM occupancy: 99.9% Navigating market shifts requires

 Total 10,084 carpark bays

Average training hours per

Natural  To ensure our long-term business Investing in efficient resource

 2,562 tCO2e Scope 1 emissions

Intellectual  Accelerate technology adoption to Investing in knowledge development

2023 Annual Report

Highlights for FY2023 Against this backdrop, IGB REIT

Consumers today are looking for more

This year for example, we reconfigured

2023 Annual Report

Visitor engagement needs to go beyond the traditional gift-with- Outlook

2023 Annual Report

Total revenue (RM’000) 604,308 556,409 399,527 465,239 552,132

MVM 416,921 386,632 281,143 322,554 386,850

MVM 321,690 301,891 200,312 231,595 294,941

Investment properties (RM’000) 5,186,000 5,020,000 4,960,000 4,960,000 4,960,000