CDRL NO A014

[Virtual Presenter] Working Copy REIT TRAINING AND DEVELOPER ADVSIORY SERVICES Use of Business Plan, Confidentiality and Completeness Statement This document has been prepared exclusively for REIT Academy as a strategic resource for market repositioning. It contains proprietary and confidential information and must not be shared, copied, or disclosed without prior authorization. Users are required to return the document upon request. The author, Sanie Khan, assumes no liability for the completeness or accuracy of the information presented. Financial projections and certain components are derived from external sources, and readers are advised to conduct independent due diligence before making any investment or strategic decisions. This document serves as a foundation for REIT Academy in delivering specialized training, advisory services, and developer support within the REIT sector. For inquiries, please contact: Sanie Khan – Author & Owner Email: sanie.khan@entropy-x.com Cell: +92 333 233 4909 REIT Training and Developer Advisory Services Plan i.

[Audio] Section 1 executive summary ............................................................................. 1-1 Section 2 market overview and opportunity ...................................................... 2-3 2.1 Growth of the REIT sector in Pakistan .................................................................. 2-3 2.2 Key Challanges and Knowledge Gaps in the Industry .......................................... 2-4 2.3 Regulatory Landscape and Market Potential ........................................................ 2-4 Section 3 REIT TRAINING AND ADVISORY PROGRAM .................................... 3-6 3.1 Objectives and target audience ............................................................................ 3-6 3.1.1 Objectives ........................................................................................................ 3-6 3.2 Target Audience .................................................................................................... 3-7 3.3 Course Structure and Specialized Modules .......................................................... 3-7 3.4 Pilot Program and Feedback ................................................................................ 3-7 Section 4 EXECUTION AND STRATEGY ............................................................ 4-8 4.1 Collaborations with SECP, PSX, and Industry Bodies .......................................... 4-8 4.2 Trainer Selection and Expert-Led Sessions .......................................................... 4-8 4.3 Outreach and Enrolment Strategies ...................................................................... 4-8 Section 5 Financial PLAN AND SUSTAINABILITY ............................................. 5-9 5.1 Projected Revenue and Cost Analysis .................................................................. 5-9 5.2 Profitability Outlook ............................................................................................... 5-9 5.3 Pricing Strategy and Long-Term Viability .............................................................. 5-9 Section 6 Roadmap & Risk Management ......................................................... 6-10 6.1 Timeline and Key Milestones .............................................................................. 6-10 6.1.1 Second Quarter – 2025 ................................................................................. 6-10 6.1.2 Third Quarter – 2025 ..................................................................................... 6-10 6.1.3 Fourth Quarter – 2025 ................................................................................... 6-10 6.1.4 First Quarter – 2026 ...................................................................................... 6-11 6.2 Potential Risks and Mitigation Strategies ............................................................ 6-11 REIT Training and Developer Advisory Services Plan ii.

[Audio] 6.3 Call to Action for REIT Academy's Involvement ................................................. 6-11 REIT Training and Developer Advisory Services Plan iii.

[Audio] Section 1 EXECUTIVE SUMMARY The Real Estate Investment Trust (REIT) sector in Pakistan has witnessed remarkable growth since 2015, with the number of licensed Real Estate Investment Trust Management Companies (RMCs) expanding from four to approximately 30. This surge reflects a growing interest in structured real estate investments; however, the sector still faces challenges due to limited financial market expertise among stakeholders. While the success of the Arif Habib Dolmen REIT highlights the potential of well-structured REITs, new entrants require specialized financial and regulatory knowledge to optimize operations and ensure sustainable growth. To bridge this knowledge gap, we propose a specialized training and advisory initiative tailored for RMC owners and senior managers. Our envisaged training program will focus on key areas such as regulatory compliance, corporate and bridge financing, Islamic finance for REITs, and marketing and business development. Participants will gain in-depth insights into SECP regulations, PSX listing procedures, debt vs. equity structuring, Shariah-compliant financial models, investor engagement, and branding strategies. The program comprises four specialized courses, each lasting two to three days, with an expected enrolment of 150 trainees. This initiative is projected to generate PKR 16.5 million in revenue while equipping industry professionals with the expertise needed to navigate and optimize REIT operations effectively. The execution strategy will be driven by strategic industry collaborations, expert-led training, targeted outreach, and pilot sessions to validate demand. We will partner with SECP, PSX, and industry bodies to ensure regulatory alignment and credibility while engaging senior financial and real estate professionals as trainers. A focused marketing approach will attract RMCs and developers, ensuring participation from key industry players. Initial pilot training sessions will help assess market response and refine program content. By leveraging expertise in financial markets and real estate structuring, this initiative aims to professionalize Pakistan's REIT sector, empowering industry leaders with essential financial and regulatory knowledge for long-term sustainability. For the first year, the financial outlook remains highly promising, with projected revenue of PKR 16.5 million against a total cost of PKR 6.5 million, resulting in an expected pre-tax profit of PKR 10 million. With a targeted audience comprising 30 licensed RMCs and key professionals—including REIT Training and Developer Advisory Services Plan 1-1.

[Audio] CFOs, company secretaries, and marketing executives—our training model ensures strong market demand and long-term viability. Through industry partnerships, expert training, and a strategic outreach plan, we aim to establish a sustainable and impactful training program within the first year. We invite the REIT Academy to consider this proposal as an opportunity to enhance professional standards in the sector while ensuring financial sustainability and long-term industry growth. REIT Training and Developer Advisory Services Plan 1-2.

[Audio] Section 2 MARKET OVERVIEW AND OPPORTUNITY This section presents an overview of the growth, challenges, and regulatory landscape of Pakistan's REIT sector. It highlights the sector's expansion since 2015, driven by regulatory advancements and increased investor confidence, leading to a rise in licensed REIT Management Companies (RMCs). Despite this progress, key challenges persist, including limited financial expertise, regulatory complexities, and investor awareness gaps, which hinder market optimization. The section also examines recent regulatory developments, such as SECP reforms and tax incentives, which have improved market accessibility and investment potential. Addressing these knowledge gaps through specialized training and advisory services is crucial for ensuring sustainable growth and attracting greater capital inflows into Pakistan's structured real estate market. 2.1 Growth of the REIT sector in Pakistan The Real Estate Investment Trust (REIT) sector in Pakistan has witnessed significant expansion since its inception, particularly following the regulatory advancements introduced in 2015. Initially slow to develop, the sector gained momentum with the success of Arif Habib Dolmen REIT, which served as a proof of concept for structured real estate investments. Over the years, the number of licensed REIT Management Companies (RMCs) has surged from just four to nearly 30, reflecting growing investor confidence, regulatory facilitation, and an increasing shift toward structured real estate financing. Reforms by the Securities and Exchange Commission of Pakistan (SECP)—including tax incentives, streamlined listing frameworks, and relaxed capital requirements—have further encouraged institutional participation. However, beyond facilitating capital market growth, leveraging the REIT sector holds strategic significance for Pakistan's broader economic landscape. By promoting structured documentation of real estate assets, the Government of Pakistan can meet the International Monetary Fund (IMF) and global donor requirements for economic transparency while unlocking vast untapped potential in the sector. REIT Training and Developer Advisory Services Plan 2-3.

[Audio] Currently, bank deposits stand at PKR 49 trillion, while the market capitalization of the Pakistan Stock Exchange (PSX) is approximately USD 50 billion. In contrast, the estimated value parked in Pakistan's real estate sector exceeds PKR 100 trillion, largely undocumented. Formalizing and channelling this wealth through REIT structures would not only attract Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI) but also significantly enhance Pakistan's tax-to-GDP ratio, addressing critical fiscal challenges. However, despite these promising prospects, the sector continues to grapple with regulatory complexities, limited financial expertise, and investor awareness gaps. Addressing these challenges through targeted training, advisory services, and strategic industry collaboration is imperative for sustaining long-term growth and maximizing economic benefits. 2.2 Key Challanges and Knowledge Gaps in the Industry Despite the growth of Pakistan's REIT sector, several key challenges and knowledge gaps continue to hinder its full potential. Many REIT Management Companies (RMCs) and industry stakeholders lack expertise in crucial areas such as regulatory compliance, financial structuring, debt and equity financing, and investor relations. Navigating SECP regulations, PSX listing procedures, and Shariahcompliant financial models remains a complex process for new entrants. Additionally, limited awareness among institutional and retail investors about REIT benefits and risk mitigation strategies has slowed market expansion. The absence of specialized training programs has further widened the gap, making it difficult for professionals to optimize REIT structures and ensure sustainable returns. Addressing these challenges through targeted training, advisory services, and industry collaboration is essential for strengthening Pakistan's REIT sector and fostering long-term growth. 2.3 Regulatory Landscape and Market Potential The regulatory landscape for REITs in Pakistan has evolved significantly, with the Securities and Exchange Commission of Pakistan (SECP) playing a central role in establishing a structured framework. Key reforms, such as tax incentives, relaxed capital requirements, and streamlined approval processes, have enhanced the sector's attractiveness. Notably, SECP introduced amendments in 2021 to simplify the REIT issuance process, reducing the minimum fund size requirement and allowing private REITs to operate with greater flexibility. Additionally, the Finance Act 2022 provided tax exemptions on REIT income, making the asset class more appealing to investors and developers. The Pakistan Stock Exchange (PSX) also facilitates REIT listings, enabling greater transparency and investor participation. However, further refinements in regulatory alignment, tax policies, and investment facilitation are needed to unlock the sector's full potential. With nearly 30 licensed RMCs and growing institutional interest, Pakistan's REIT market holds immense opportunities for capital inflows, real estate development, and economic growth. By REIT Training and Developer Advisory Services Plan 2-4.

[Audio] leveraging regulatory support and market-driven strategies, the sector can expand its footprint and attract both local and foreign investors seeking structured real estate investment options. REIT Training and Developer Advisory Services Plan 2-5.

[Audio] Section 3 REIT TRAINING AND ADVISORY PROGRAM This section outlines a structured training and advisory initiative aimed at strengthening Pakistan's REIT sector by addressing financial, regulatory, and investor engagement challenges. The program is designed to equip industry professionals with specialized knowledge, ensuring enhanced compliance, optimized financial structuring, and sustainable sector growth. 3.1 Objectives and target audience 3.1.1 Objectives The program seeks to bridge knowledge gaps within the REIT ecosystem, enabling professionals to navigate regulatory frameworks, structure financial instruments, and enhance investor relations effectively. Enhance Regulatory Compliance – Provide in-depth training on SECP regulations, PSX listing procedures, and corporate governance for REITs. Strengthen Financial Structuring Skills – Equip participants with expertise in corporate and bridge financing, debt-equity structuring, and Islamic finance solutions. Improve Investor Relations & Marketing Strategies – Develop capabilities in branding, investor engagement, and business development to attract institutional and retail investors. Ensure Sustainable Industry Growth – Foster a skilled workforce to optimize REIT operations, enhance market credibility, and drive long-term expansion. REIT Training and Developer Advisory Services Plan 3-6.

[Audio] 3.2 Target Audience The program is tailored for key professionals managing and operating REITs, ensuring a comprehensive understanding of financial, legal, and marketing strategies. RMC Owners & Directors – Decision-makers overseeing REIT structuring, governance, and compliance. Chief Financial Officers (CFOs) & Finance Teams – Professionals managing financial planning, risk assessment, and capital structuring. Legal & Compliance Officers – Experts ensuring adherence to SECP regulations and corporate governance frameworks. Marketing & Investor Relations Executives – Specialists in branding, stakeholder communication, and institutional investor engagement. By targeting these roles, the program ensures a holistic approach to strengthening the REIT sector. 3.3 Course Structure and Specialized Modules The training program is structured into specialized modules, each addressing critical aspects of REIT operations: Regulatory Compliance and SECP Requirements – Covering legal frameworks, governance, and compliance obligations. PSX Listing and Financial Structuring – Focused on IPO procedures, capital structuring, and funding strategies. Islamic Finance for REITs – Exploring Shariah-compliant investment models and financing mechanisms. Marketing, Investor Relations, and Business Development – Enhancing branding strategies, investor outreach, and stakeholder engagement. 3.4 Pilot Program and Feedback A pilot phase will be launched to refine course content based on participant feedback, ensuring continuous improvement and alignment with industry needs. REIT Training and Developer Advisory Services Plan 3-7.

[Audio] Section 4 EXECUTION AND STRATEGY REIT Academy is committed to executing a well-structured and strategic plan to enhance industry knowledge, regulatory compliance, and investor confidence within Pakistan's REIT sector. By leveraging key partnerships, engaging top-tier experts, and implementing targeted outreach initiatives, the Academy aims to establish itself as a premier platform for REIT education and advisory services. 4.1 Collaborations with SECP, PSX, and Industry Bodies To ensure regulatory alignment and industry relevance, REIT Academy will actively collaborate with the Securities and Exchange Commission of Pakistan (SECP), the Pakistan Stock Exchange (PSX), and other key industry stakeholders. These partnerships will facilitate knowledge sharing, streamline compliance training, and support policy advocacy for a more robust REIT ecosystem. 4.2 Trainer Selection and Expert-Led Sessions The Academy will curate a distinguished panel of seasoned professionals, including regulatory experts, financial strategists, and market practitioners. Training sessions will be designed to provide hands-on insights, case-based learning, and best practices, ensuring participants gain practical expertise in REIT structuring, governance, and investment strategies. 4.3 Outreach and Enrolment Strategies A multi-channel outreach strategy will be employed to maximize industry participation. This includes direct engagement with REIT Management Companies (RMCs), digital marketing campaigns, industry seminars, and networking events. Customized enrolment plans will ensure accessibility for professionals across various segments of the REIT ecosystem, fostering widespread knowledge dissemination and sector-wide skill enhancement. REIT Training and Developer Advisory Services Plan 4-8.

[Audio] Section 5 FINANCIAL PLAN AND SUSTAINABILITY A well-structured financial strategy is critical to ensuring the long-term success and sustainability of the REIT Academy. This section outlines the projected revenue, cost structure, profitability outlook, and pricing strategy, establishing a solid foundation for financial stability and growth. 5.1 Projected Revenue and Cost Analysis The Academy anticipates generating PKR 16.5 million in revenue through training programs, advisory services, and industry collaborations. Operating costs, including trainer compensation, administrative expenses, marketing, and technology infrastructure, are projected at PKR 6.5 million, ensuring a lean yet effective financial model. 5.2 Profitability Outlook With a pre-tax profit projection of PKR 10 million, the Academy is positioned for sustainable financial performance. This profitability will enable reinvestment in program expansion, enhancement of course offerings, and the development of digital learning platforms, further solidifying its market presence. 5.3 Pricing Strategy and Long-Term Viability A competitive yet accessible pricing strategy will be adopted to attract a diverse range of industry participants while maintaining financial sustainability. The Academy will implement tiered pricing models based on course complexity, participant segments, and customized corporate training packages. Additionally, strategic reinvestment of earnings into research, faculty development, and digital infrastructure will ensure long-term viability, positioning the Academy as a premier institution for REIT education and advisory services in Pakistan. REIT Training and Developer Advisory Services Plan 5-9.

[Audio] Section 6 ROADMAP & RISK MANAGEMENT A well-defined roadmap and proactive risk management framework are essential for ensuring the successful execution of the REIT Academy's strategic initiatives. This section outlines key milestones, potential risks, and mitigation strategies, along with a structured approach to fostering industry collaboration and participation. 6.1 Timeline and Key Milestones The REIT Academy has established a phased implementation plan to achieve its objectives in a structured and measurable manner. 6.1.1 Second Quarter – 2025 Finalization of program curriculum and training modules. Strategic partnerships with SECP, PSX, and industry bodies. Selection of subject-matter experts and trainers. 6.1.2 Third Quarter – 2025 Launch of pilot training sessions for RMCs, financial executives, and legal professionals. Targeted marketing and outreach to industry stakeholders. Implementation of feedback mechanisms for course refinement. 6.1.3 Fourth Quarter – 2025 Expansion of training programs to a broader audience, including institutional investors and policymakers. REIT Training and Developer Advisory Services Plan 6-10.

[Audio] Integration of digital learning platforms for enhanced accessibility. Development of research-based advisory services. 6.1.4 First Quarter – 2026 Full-scale rollout of REIT training and advisory services. Strengthening industry engagement through networking events and workshops. Assessment of impact and roadmap revision based on market dynamics. 6.2 Potential Risks and Mitigation Strategies Despite its promising outlook, the success of the REIT Academy is contingent on addressing key risks: Regulatory Uncertainty: Changes in SECP or tax policies may impact the REIT landscape. Mitigation: Continuous dialogue with regulatory bodies to stay aligned with evolving policies. Market Readiness: Limited awareness and slow adoption of REITs could hinder participation. Mitigation: Robust marketing, investor awareness campaigns, and strategic incentives. Resource Constraints: Availability of qualified trainers and expertise may pose challenges. Mitigation: Collaboration with leading industry professionals and international experts. Financial Viability: Initial funding and revenue generation may take time to stabilize. Mitigation: Phased investment, diversified revenue streams, and cost optimization. 6.3 Call to Action for REIT Academy's Involvement To drive the transformation of Pakistan's REIT sector, industry stakeholders, regulatory bodies, and financial institutions must actively participate in the Academy's initiatives. By engaging in specialized training, strategic advisory, and collaborative partnerships, professionals can enhance their expertise, strengthen regulatory compliance, and contribute to the sustainable growth of the REIT ecosystem. REIT Training and Developer Advisory Services Plan 6-11.

[Audio] The REIT Academy invites all key players to join this transformative journey, shaping a more structured, transparent, and investor-friendly real estate investment landscape in Pakistan. REIT Training and Developer Advisory Services Plan 6-12.