Link Real Estate Investment Trust : Corporate Presentation Published in March 2024

FY2023/24 Pre-Blackout Briefing

27 March 2024

Agenda

Key Themes Shaping the Macro Environment Navigating the headwinds

4

Key Operating Market Prospects

Stable economic outlook but risks to weigh on sentiment

Stable economic outlook - low inflation provides room for fiscal and monetary stimulus to provide support the economy

2023 GDP growth rate at 5.2%, but

economy is expected to slow amidst

macro headwinds

Risks to growth -

slower than expected recovery

2024 GDP growth of c. 2% expected to be led by manufacturing and services

Fiscal support in Budget 2024 to address near-term concerns and fund longer term productivity

Risks to growth - macro headwinds and geopolitical uncertainties, elevated interest rates and sticky inflation

Peaking inflationary pressures but risk of subdued GDP growth remains

Encouraging retail leasing spreads; office to remain under pressure but could alleviate in Sydney due to lack of new supply in 2025 and 2026

Risks of cap rate expansion remain with office at most risk and retail the least

Strategic Focus Areas for Driving Performance Deploying a holistic approach

Achieving Operational Excellence

 Ensuring consistently high occupancy rate  Adjusting trade mix to reflect evolving market trends

Sharpening Portfolio Management  Focusing on yield accretive deals  Asset recycling for better capital utilisation

Entrenching Balance Sheet Strength  Holistic approach that maximises financial resilience  Increasing long term value for unitholders by conducting unit buyback

Link 3.0 Pathway

 Diversification strategy to mitigate risk inherent in a single area

Queen Victoria

Building

 Strengthened bench strength to drive long term and sustainable growth

Hong Kong Retail

Operational excellence anchored by high occupancy

Hong Kong Retail

T Town

Notes:

• (1) All figures for the period ended or as at 31 December 2023.

• (2) Average monthly unit rent represents the average base rent (excluding management fee) per month psf of leased area.

• (3) On IFA basis.

• (4) Percentage figures represent year-on-year change in tenants' average monthly sales per square foot of the period for April 2023 to December 2023.

• (5) A ratio of effective rent (excluding management fee) to tenant retail gross sales.

Cross-border Spending Outflow Trend Expected to persist for the short-to-medium term

Current Market Trend

•  Hongkongers heading North and spending across the border reflect deeper integration with Mainland China

•  Hong Kong shoppers are gravitating towards entertainment and dining experiences

Impact on Link

Notes:

• (1) A ratio of base rent (excluding management fees) to tenant retail gross sales psf.

  FOR THE PERIOD APR 2023 - DEC 2023

  TENANT SALES

  GROWTH(1, 3)

  Food and beverage 5.9%

  Supermarket & foodstuff -6.0%

  General retail (2) 3.3%

  OVERALL 1.3%

• (2) Including clothing, department store, electrical and household products, personal care/medicine, optical, books and stationery, newspaper, valuable goods, services, leisure and entertainment, and other retail.

• (3) Percentage figures represent year-on-year change in tenants' average monthly sales psf.

• (4) All figures for the period ended or as at 31 December 2023.

Fortifying Resilience While Navigating Toward Growth Optimising operations and reinforcing resilience

10

Boosting Efficiency

•  Diminished government support post-pandemic, while utility costs have levelled. Commitment to enhancing operational efficiency to counter cost inflation

Tenant Remixing

•  Innovate with unique F&B concepts, diversified experiences and services and downsize supermarket trades