We refer to AmFIRST REIT's announcement dated 1 July 2022 (“Announcement”) in relation to the Proposed Disposal of Menara AmFIRST by Maybank Trustees Berhad, as Trustee for AmFIRST REIT to Forever Backup Sdn Bhd for a Cash Consideration of RM62.0 Million ("Proposed Disposal") and queries from Bursa Malaysia Securities Berhad ("Bursa Securities") vide its email on 4 July 2022 in relation to the same (“Bursa Queries”).

The Board of Directors (“Board”) of AmREIT Managers Sdn Bhd (“AmREIT” or “the Manager”), the management company of AmFIRST REIT, wish to announce the following additional information as requested by Bursa Securities;-

1. The expected net loss on disposal (the "transaction") of approximately RM4.93 million is as per tabulation below:-

2. As announced, the disposal price was arrived at, on a willing-buyer and willing-seller basis. The disposal price is the best offer price from the Purchaser after various round of negotiations. The decision to accept the disposal price of RM62.0 million was after taking into consideration of the age and limited scope for growth of the asset and more importantly is an opportune to dispose the asset to repay existing borrowing to further optimise the gearing level of the Trust from 49.1% as at 31 March 2022 to 47.4%.

The selling price of RM62.0 million is approximately 4% below the valuation of RM64.6 million as appraised by Rahim & Co International Sdn Bhd, an independent firm of registered valuers, in its valuation report dated 28 March 2022. The valuation is derived using investment and comparison methods of valuation.

This announcement is dated 6th July 2022.