Image Reit — Interim / Quarterly Report 2026

Apr 30, 2026

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UN-AUDITED ACCOUNTS FOR THE NINE MONTHS ENDED MARCH 31, 2026

Image REIT | Quarterly Report 2026

Company Information

Board of Directors: Ms. Marium Ahmad Non-Executive Director Mr. Asad Ahmad Executive Director Mr. Anjum Adil Chief Executive Auditors: M/s. Crowe Hussain Chaudhury & Co. Chartered Accountants Audit Committee: Ms. Marium Ahmad Chairman Mr. Asad Ahmad Member Mr. Anjum Adil Member Shariah Advisor: Alhamd Shariah Advisory Services (Pvt) Ltd. Bankers: Meezan Bank Ltd. United Bank Ltd. Registered Office: A/33, Central Commercial Area, Block 7/8, KCHSU, Karachi. Management Company: Sinolink REIT Management Co., Ltd.

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Image REIT | Quarterly Report 2026

Directors’ Report For the quarter ended March 31, 2026

The un-audited accounts of Image REIT for the quarter ended March 31, 2026 are presented herewith.

Image REIT is a hybrid REIT Scheme governed under the REIT Regulations 2022. The REIT assets consists of commercial properties located at Shahrah-e-Faisal & Tipu Sultan Road, Karachi. Alhamdulillah the occupancy rate is 100% and the properties are one of the finest in terms of location, architecture and being well maintained. The work on the developmental portion of the REIT Scheme is set start soon and all arrangements contract/arrangements are in place.

On behalf of the Board

Anjum Adil Chief Executive

Asad Ahmad Director

Place: Karachi. Dated: April 30, 2026

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Image REIT | Quarterly Report 2026

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

AS AT MARCH 31, 2026
Note ASSETS Non-current assets Capital work in progress 6 Investment property 7 Preliminary expenses and floatation costs 8 Current assets Receivables 9 Other receivables and deposits Bank balances 10 Total assets UNIT HOLDERS' FUND AND LIABILITIES Unit holders' fund Represented By: 11 Capital reserves 12 Revenue reserve Total unit holders' fund LIABILITIES Current liabilities Payable to REIT Management Company 13 Accrued expenses Security deposit Total liabilities Total unit holders’ fund and liabilities Net assets value per unit Contingencies and commitments 15 Issued, subscribed and paid-up units (275,858,500 units of Rs.10 each)	Unaudited Audited March 31, June 30, 2 0 2 6 2 0 2 5 185,629,851 - 2,654,036,000 2,379,036,000 24,743,262 - 2,864,409,113 2,379,036,000 31,569,356 6,178,600 5,871,629 134,452 655,951,147 34,365,118 693,392,133 40,678,170 3,557,801,246 2,419,714,170 2,758,585,000 1,838,430,330 772,122,650 496,247,239 931,505 63,848,806 3,531,639,155 2,398,526,375 13,525,363 3,881,170 8,732,728 13,402,625 3,904,000 3,904,000 26,162,091 21,187,795 3,557,801,246 2,419,714,170 12.80 13.05 -----------Rupees-----------
	2,864,409,113	2,379,036,000
	31,569,356 5,871,629 655,951,147	6,178,600 134,452 34,365,118
	693,392,133	40,678,170
	3,557,801,246	2,419,714,170
	2,758,585,000 772,122,650 931,505	1,838,430,330 496,247,239 63,848,806
	3,531,639,155 13,525,363 8,732,728 3,904,000	2,398,526,375 3,881,170 13,402,625 3,904,000
	26,162,091	21,187,795
	3,557,801,246	2,419,714,170
	12.80	13.05

The annexed notes from 1 to 20 form an integral part of these financial statements.

For Sinolink REIT Management Limited

(REIT Management Company)

_____ Chief Executive

___ ___ Director Chief Financial Officer

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Image REIT | Quarterly Report 2026

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE PERIOD ENDED MARCH 31, 2026

Note Revenue Administrative expenses Net operating profit Other income Management fee Trustee fee Sindh sales tax on trustee fee Profit before change in fair value of investment property Profit before tax Taxation 16 Profit for the year Other comprehensive income Total comprehensive income for the period Earning per unit - basic and diluted Unrealised gain on remeasurement of fair value of investment property	Period ended	Quarter ended
	76,201,146 41,579,460 28,603,765 95,838 (27,451,189) - (462,200) - (69,330) -	27,252,310 15,397,765 14,255,611 13,885 (10,202,986) - - - -
	76,822,192 41,675,298 275,000,000 169,900,319 351,822,192 211,575,617 - -	31,304,935 15,411,650 - - 31,304,935 15,411,650 - -
	351,822,192 211,575,617 - -	31,304,935 15,411,650 - -
	351,822,192 211,575,617	31,304,935 15,411,650
	1.275 1.151	0.113 0.084

The annexed notes from 1 to 20 form an integral part of these financial statements.

For Sinolink REIT Management Limited (REIT Management Company)

_____ Chief Executive

___ ___ Director Chief Financial Officer

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Image REIT | Quarterly Report 2026

CONDENSED INTERIM STATEMENT OF CASH FLOW (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026

CASH FLOW FROM OPERATING ACTIVITIES Profit for the year Adjustment for non-cash and other items: Working Capital Changes: (Increase)/Decrease in current assets: Other receivables and deposits Receivables Preliminary expenses and floatation costs (Decrease)/Increase in current liabilities: Payable to the REIT Management Company Accrued expenses Other liabilities Security deposit Net cash generated from operating activities CASH FLOW FROM INVESTING ACTIVITIES Purchase of investment property Addition to capital work in progress Net cash used in investing activities CASH FLOW FROM FINANCING ACTIVITIES Issue of units Certificate premium Dividend paid Net cash generated / (used) in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the year Unrealised gain on remeasurement of fair value of investment property	March 31, March 31, 2026 2025 351,822,192 211,575,617 (275,000,000) (169,900,319) 76,822,192 41,675,298 (5,737,176) (104,376) (25,390,756) (788,936) (24,743,262) - (55,871,194) (893,312) 9,644,193 975,615 (4,669,897) 2,868,223 - 7,365,478 - 1,404,000 4,974,296 12,613,316 25,925,293 53,395,303 - (31,738,681) (185,629,851) - (185,629,851) (31,738,681) 920,154,670 - 875,411 (139,739,494) (32,172,530) 781,290,587 (32,172,530) 621,586,029 (10,515,908) 34,365,118 11,160,372 655,951,147 644,464 -----------Rupees-----------	March 31, March 31, 2026 2025 351,822,192 211,575,617 (275,000,000) (169,900,319) 76,822,192 41,675,298 (5,737,176) (104,376) (25,390,756) (788,936) (24,743,262) - (55,871,194) (893,312) 9,644,193 975,615 (4,669,897) 2,868,223 - 7,365,478 - 1,404,000 4,974,296 12,613,316 25,925,293 53,395,303 - (31,738,681) (185,629,851) - (185,629,851) (31,738,681) 920,154,670 - 875,411 (139,739,494) (32,172,530) 781,290,587 (32,172,530) 621,586,029 (10,515,908) 34,365,118 11,160,372 655,951,147 644,464 -----------Rupees-----------
	76,822,192	41,675,298
	(5,737,176) (25,390,756) (24,743,262)	(104,376) (788,936) -
	(55,871,194)	(893,312)
	9,644,193 (4,669,897) - -	975,615 2,868,223 7,365,478 1,404,000
	4,974,296	12,613,316
	25,925,293 - (185,629,851)	53,395,303 (31,738,681) -
	(185,629,851) 920,154,670 875,411 (139,739,494)	(31,738,681) - (32,172,530)
	781,290,587	(32,172,530)
	621,586,029 34,365,118	(10,515,908) 11,160,372
	655,951,147	644,464

The annexed notes from 1 to 20 form an integral part of these financial statements.

For Sinolink REIT Management Limited (REIT Management Company)

_____ Chief Executive

___ ___ Director Chief Financial Officer

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Image REIT | Quarterly Report 2026

CONDENSED INTERIM STATEMENT OF CHANGES IN UNIT HOLDERS' FUND (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026

Balance as at June 30, 2024 Balance as at June 30, 2025 Profit for the period Units issued during the period Certificate premium Balance as at March 31, 2026 Final dividend for the year ended June 30, 2024 Interim dividend for the quarter ended September 30, 2025 Final dividend for the year ended June 30, 2025 Interim dividend for the quarter ended December 31, 2025 Unrealised gain on remeasurement of fair value of investment property Total comprehensive income for the year Total comprehensive income for the period Unrealised gain on remeasurement of fair value of investment property	Issued, subscribed and paid-up units	Reserves	Reserves		Total unit holders' fund
		Capital reserves		Revenue reserves
		Certificate Premium 12.1	Fair value reserve 12.2	Accumulated profit/(loss)
	1,838,430,330	- 496,247,239		63,848,807	2,398,526,376
	- 920,154,670 -	- - - 275,000,000		351,822,192 - (275,000,000)	351,822,192 920,154,670 -
	- - - -	- 275,000,000 875,411 - - - - -		76,822,192 - (60,668,200) (23,899,594) (55,171,700)	351,822,192 875,411 (60,668,200) (55,171,700)
	2,758,585,000	875,411 771,247,239		931,505	3,555,538,749

The annexed notes from 1 to 20 form an integral part of these financial statements.

For Sinolink REIT Management Limited (REIT Management Company)

___ ___ _____ Chief Executive Director Chief Financial Officer

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Image REIT | Quarterly Report 2026

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2026

1 STATUS AND NATURE OF THE BUSINESS

1.1 Legal status and operations

Image REIT ("the Scheme") was established under Trust Deed, dated 1 July 2022, executed between SINOLINK REIT Management Limited, as the REIT Management Company (RMC) and Central Depository Company of Pakistan Limited (CDCPL), as the Trustee. The Scheme is governed under the Real Estate Investment Trust Regulations, 2022 (Previously REIT Regulations, 2015), promulgated and amended from time to time by the Securities & Exchange Commission of Pakistan (SECP).

The Trust Deed of the Scheme was registered on 1 July 2022 whereas approval of the registration of the REIT Scheme was granted by the SECP on 7 March 2023. The Scheme is a perpetual, closed-ended, shariah compliant Hybrid REIT. Image REIT was listed at Pakistan Stock Exchange on 6th October, 2025.

The registered office of the REIT Management Company is situated at 6th Floor, Image Tower, A/33, Central Commercial Area, Block 7/8, Karachi Co-operative Housing Societies Union, Karachi. The objective of the REIT Scheme is making investments in real estate, which comprises constructed premises as well as land to be acquired with the objective of development and construction of building on it and then letting on rent and / or selling them for the purpose of generating income of the Scheme.

2 BASIS OF PREPARATION

2.1 Statement of Compliance

These condensed financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprises of:

• International Accounting Standard IAS 34 'Interim Financial Reporting' issued by International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 ;

• Provisions of and directives issued under the Companies Act, 2017 and Part VIII A of the repealed Companies

• Ordinance 1984; and

• The Real Estate Investment Trust Regulations 2022 (REIT Regulations, 2022).

Where the provisions of and directives issued under the Companies Act, 2017, Part VIII A of the repealed Companies Ordinance, 1984 and REIT Regulations, 2022 differ from the IFRS Standards, the provisions of and directives issued under Companies Act, 2017 and REIT Regulations, 2022 have been followed.

• 2.2 These condensed financial statements do not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual audited financial statements of the REIT for the year ended June 30, 2025.

• 2.3 These condensed financial statements are prepared for the period covering six months ended on December 31, 2025. Since the audited comparative figures are available for the year ended June 30, 2025, the same have been disclosed as comparatives and balances in statement of profit or loss and other comprehensive income, statement of cash flows, statement of changes in Unit Holders' fund and notes to the financial statements are not comparable.

2.4 Basis of measurement

These financial statements have been prepared under the historical cost convention except for investment property, which has been measured at the fair value.

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Image REIT | Quarterly Report 2026

2.5 Functional and presentation currency

These condensed financial statements are presented in Pakistani Rupees which is the functional and presentation currency of the Scheme. All figures have been rounded off to nearest thousand of rupees unless otherwise stated.

3 MATERIAL ACCOUNTING POLICIES INFORMATION

The accounting policies adopted and the methods of computation of balances used in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the financial statements of the REIT for the year ended June 30, 2025.

4 USE OF ESTIMATES AND JUDGEMENTS

The preparation of these condensed financial statements in conformity with the accounting and reporting standards as applicable in Pakistan for financial reporting that requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgments in application of the REIT's accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these financial statements, the significant judgments made by the management in applying the REIT's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual audited financial statements of the REIT for the year ended June 30, 2025.

5 FINANCIAL RISK MANAGEMENT

The financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements of the Company for the year ended June 30, 2025.

Note 6 CAPITAL WORK IN PROGRESS Advance to contractor 6.1	March 31, June 30, 2026 2025 185,629,851 - -------Rupees-------

6.1 This represents payment made to Prestige Enterprises (Private) Limited a related party against construction of the grey structure with complete finishing works for the 2nd to 11th floors of the project at Plot No. 19, D.M.C.H.S., Block 7/8, Tipu Sultan Road, Karachi.

Note 7 INVESTMENT PROPERTY Carrying amount- opening balance 7.1 Addition to investment property Carrying amount at the end of the year Unrealized gain on remeasurement of fair value of investment property	March 31, June 30, 2026 2025 2,379,036,000 2,050,995,000 - 31,738,681 2,379,036,000 2,082,733,681 2,654,036,000 2,379,036,000 -------Rupees------- 275,000,000 296,302,319	March 31, June 30, 2026 2025 2,379,036,000 2,050,995,000 - 31,738,681 2,379,036,000 2,082,733,681 2,654,036,000 2,379,036,000 -------Rupees------- 275,000,000 296,302,319
	2,379,036,000 275,000,000	2,082,733,681 296,302,319
	2,654,036,000	2,379,036,000

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Image REIT | Quarterly Report 2026

• 7.1 It comprises of open resident plot No 24-A/19 comprises of (500 square yards) situated in Block 7 & 8 of Delhi Mercantile Muslim Cooperative Housing Society, Karachi.

• 7.2 It comprises of basement having gross covered area 2,874 square feet, showroom with lift and services area on the ground floor having gross covered area on 1st floor of 2,840 square feet, office on 2nd floor having gross covered area of 2,840 square feet, office on 3rd floor, 4th floor, 5th floor & 6th floor having gross covered area of 2,840 square feet each, on commercial plot No A/33,Survey No C.C 8 A, Survey street no 35-P/1, "Karachi Co Operative Housing Society to Union Limited, Karachi.

• 7.3 Forced sale value of the investment property is assessed at Rs. 2,123 million (June 30, 2024: Rs. 1,903 million)

Note 8 PRELIMINARY EXPENSES AND FLOATATION COSTS Balance at the beginning of the period Amortisation during the period Balance at the end of the period	March 31, June 30, 2026 2025 29,109,720 - (4,366,458) - -------Rupees-------	March 31, June 30, 2026 2025 29,109,720 - (4,366,458) - -------Rupees-------
	24,743,262	-

• 8.1 This represents preliminary and floatation expenses of the Scheme incurred in connection with the offer for sale, allotment and issuance of units including commission payable to the underwriter, listing fee, underwriting commission and takeup commission, commission to the banker to the issue etc., which are to be amortised by the Scheme over a period of five years.

March 31, June 30, Note 2026 2 0 2 4 9 RECEIVABLES Rent receivable from related parties 31,569,3566,178,600 Less: impairment allowance - - 31,569,3566,178,600 10 BANK BALANCES Cash at bank - Current account 7,881 7,881 Cash at bank - Savings account 10.1 655,943,266 34,357,237 655,951,147 34,365,118 10.1 This represents deposit held in rupee savings account with Meezan Bank Limited and United Bank Limited, carrying expected profit rates ranging from 6.70% to 10.00% (2025: 7.0% to 10.01%) per annum. -------Rupees-------	March 31, June 30, 2026 2 0 2 4 31,569,3566,178,600 - - -------Rupees-------	March 31, June 30, 2026 2 0 2 4 31,569,3566,178,600 - - -------Rupees-------
	31,569,356	6,178,600
	7,881 655,943,266	7,881 34,357,237
	655,951,147	34,365,118

Note 11 ISSUED, SUBSCRIBED AND PAID-UP UNITS Ordinary units of Rs.10 each fully paid for consideration other than cash (against property) Ordinary units of Rs.10 each fully paid for cash consideration	March 31, June 30, 2026 2025 1,838,430,330 1,838,430,330 920,154,670 - -------Rupees-------	March 31, June 30, 2026 2025 1,838,430,330 1,838,430,330 920,154,670 - -------Rupees-------
	2,758,585,000	1,838,430,330

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Image REIT | Quarterly Report 2026

12 CAPITAL RESERVES

12.1 Premium on issue of units - net

This represents premium received amounted to Rs. 875,411 against units issued to the unit holders at a strike price of Rs. 10.01 per unit.

12.2 Fair value reserve

The fair value reserve pertains to cumulative net changes in fair value of investment property which is not free for distribution by way of dividend.

			March 31,	June 30,
		Note	2026	2025
			-------Rupees-------
13	PAYABLE TO REIT MANAGEMENT COMPANY
	Payable to REIT management company - related party	13.1	13,525,363	3,881,170

13.1 This includes expenses incurred on behalf of Scheme by RMC.

14 TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Related parties include Sinolink REIT Management Limited being the Management Company, Central Depository Company of Pakistan Limited being the Trustee to the Scheme, Image Pakistan Limited being an associated company, Image Tech Limited being an associated company, First Tri-Star Modaraba being an associated company, Prestige Enterprises (Pvt.) Limited, directors and key executives of the RMC, trustee and promoter of RMC including their close relatives. Transactions with related parties are in the normal course of business, at agreed terms. There are no related parties incorporated outside Pakistan with whom the Scheme had entered into transactions during the year.

			Transactions	Transactions	Balances
			Six months	ended
			March 31,	March 31,	March 31,	June 30,
			2026	2025	2026	2025
Name	Relationship	Nature of Transaction	-----------------------Rupees-----------------------
Image Pakistan Limited	Associated	Rental income	48,513,072	11,996,160
	Undertaking	Rent received	30,531,160	5,296,800	20,270,952	2,289,040
Image Tech Ltd.	Associated	Rental income	21,288,072	11,996,160
	Undertaking	Rent received	14,039,280		9,537,832	2,289,040
First Tri-Star Modarba	Associated	Rental income	14,884,836	4,848,000
	Undertaking	Rent received	14,724,784	4,040,000	1,760,572	1,600,520
Prestige Enterprises	Associated
Private Limited	Undertaking	Construction of Grey Structure	185,629,851	-	185,629,851	-
SinoLink REIT	REIT Management	Expenses incurred on behalf of
Management Company	Company	scheme	300	1,138,327	13,525,363	3,881,170
		Management Fee	27,451,189
		Management Fee paid	17,248,203
		Reimbursement of expenses
		inncurred on behalf of scheme	559,093
		Management fee	-		-	-
Central Depository	Trustee	Trustee Fee	531,530	226,000	531,530	-
Company of Pakistan
Limited

15 CONTINGENCIES AND COMMITMENTS

There has been no change in status of contingencies and commitments reported in the financial statements for the year ended June 30, 2025.

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Image REIT | Quarterly Report 2026

16 TAXATION

The Scheme's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, 2001, subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account.

The REIT Management Company intends to distribute more than 90% of the Scheme's accounting income for the year ending 30 June 2026 as reduced by capital gains (whether realised or unrealised) to its unit holders in the form of cash to avail the exemption. Accordingly, no tax provision has been made in these interim financial statements for the period ended 31 December 2025.

17 FAIR VALUE OF FINANCIAL INSTRUMENTS

The company's financial risk management objectives and policies are consistent with those disclosed in the annual financial statement for the year ended June 30, 2025. There is no change in the nature and corresponding's hierarchies of fair value level of financial instrument from those as disclosed in the audited financial statement of the company for the year ended June 30, 2025.

18 CORRESPONDING FIGURES

Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison. No significant reclassifications were made during the period.

19 GENERAL

Figures have been rounded off to nearest rupee.

20 DATE OF AUTHORIZATION

These condensed interim financial statements were authorized for issue on April 30, 2026 by the Board of Directors of the REIT Management Company.

For Sinolink REIT Management Limited (REIT Management Company)

___ ___ _____ Chief Executive Director Chief Financial Officer

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