RAM Ratings has upgraded the rating of Exsim Capital Resources Berhads (Exsim Capital or the Issuer) RM365 mil Tranche 5 Islamic medium-term notes (IMTN) to AA2/Positive from AA3/Stable. We have also affirmed the AA3/Stable ratings of the
Issuers RM300 mil Tranche 4 and RM310 mil Tranche 6 IMTN. These issuances were made under Exsim Capitals RM2 bil Sukuk Musharakah Programme.

Sukuk           Outstanding Amount    Rating/             Rating Action                Expected        Legal Maturity
                   (RM mil)*          Outlook                                          Maturity
Tranche 4            300              AA3/Stable          Affirmed                    11 Dec 2026       11 Jun 2027
Tranche 5            340              AA2/Positive        Upgraded from AA3/Stable    28 May 2027       30 Nov 2027
Tranche 6            310              AA3/Stable          Affirmed                     4 Dec 2028        4 Jun 2029
* As at 11 June 2025

The upgrade of the Tranche 5 IMTN rating reflects the advanced construction progress of the underlying projects - D'Clover Residences (92%) and D'Terra Residences (86%). The handover of vacant possession (VP) to homeowners is largely on track for 2Q 2026 (i.e. May 2026), with ample time buffers until the legal VP dates in February 2027 to mitigate any external delays. As both projects' physical structures have reached rooftop level with mainly internal work remaining, construction risk is minimal. The rating outlook is positive on our expectation that the Tranche 5 IMTN will become fully cash-backed upon VP delivery by 2Q 2026, about a year ahead of the legal VP dates.

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