Link Real Estate Investment Trust : 9M FY2024/25 Operational Update Published in March 2025

About this update from Link Real Estate Investment Trust

9M FY2024/25 Operational Update Presentation 25 March 2025 Agenda 01 Highlights 02 Operational Update 03 Financial 04 Other Updates 05 Q&A Executive Summary • Highly uncertain global context with prolonged high interest rates, uncertainty around the global economy, and geopolitical tensions. • Outlook in our key markets looks challenging , particularly Hong Kong where retail and property sectors are undergoing structural change. • Link's business continues to show high level of resilience but impact nonetheless being felt in terms of pressure on rental reversions . • Diversification strategy has enhanced resilience of the business and earnings, and Link continues to pursue 3.0 strategy in terms of (a) active management of Link REIT portfolio, (b) expanding our real estate investment management business. • Launch of Link Real Estate Partners an important milestone but development of this business will take time. Navigating Shifts in Policy and Heightened Uncertainties; Divergence Amongst Key Markets 5 Geoeconomic Confrontation Macroeconomic Outlook for Key Markets Hong Kong Mainland China GDP : Expected real GDP to grow 2-3% in 2025 (1) Full-year GDP target: ~5% for 2025 (2) Inflation: Forecast at ~2% for 2025 (2) Inflation: Estimated 1.5% for 2025 (1) Policy measures: Support policy for dominant finances services for an increase in IPOs & trading volume (1) Policy measures: Consumption boost campaign and doubling trade-in subsidies to RMB 300 billion (2) Singapore Australia GDP: Growth forecast for 2025 at 1-3% (3) Interest rate: rate cut of 25bps to 4.1% in Feb 2025; RBA cautious about further easing Inflation: Forecast average 1.0-2.0% in 2025 (4) Economy: Growth expected to pick up in 2025 and population growth to stay Retail Sales: Issuance of consumption vouchers of S$600-800 (approx. HK$3,500 - 4,600) for citizens above 21 (5) robust (6) (7) Inflation: Expected inflation to slow to 2.7% by June 2025 (6) Notes: (4) MAS Monetary Policy Statement - January 2025, Monetary Authority of Singapore, Government of Singapore (1) 2025-26 Budget, HKSAR Government. S&P Global, February 2025 (5) Budget 2025, Ministry of Finance Singapore, Government of Singapore (2) News as of 5 March 2025 on Two Sessions, Bloomberg (6) Statement on Monetary Policy - February 2024, The Reserve Bank of Australia (3) Press release as of 14 February 2025, Ministry of Trade and Industry, Government of Singapore (7) Australian government projections, December 2024 Link REIT Portfolio Portfolio Value (1) Hong Kong: 130 assets 74.1% 51.6% Retail (2) 19.9% 2.6% Office Car Parks and Related Business (3) Mainland China: 6 retails, 1 office, 5 logistics 14.8% 11.5% 2.2% Office 1.1% Logistics Retail Australia, Singapore, United Kingdom: 5 retails, 7 offices 11.1% 7.2% Retail 3.9% Office ▪ Optimise our portfolio by continuing to explore opportunities in APAC markets, such as Australia , Japan , and Singapore , but maintain a high bar for the right acquisitions and inorganic M&A. ▪ Link officially launched Link Real Estate Partners , a private fund management business line. Notes: (1) As at 30 September 2024, the total property valuation which includes 100% value of The Quayside, Dongguan and Foshan logistic facilities and 49.9% value of the prime office portfolio in Sydney and Melbourne. (2) Including a property under development for non-office commercial-use. (3) Including two car park/car service centres and godown buildings in Hong Kong. Overall Portfolio - Solid Occupancies Maintained Occupancy Summary (As at 31 December 2024) Hong Kong Mainland China International 97.1% Retail 94.1% Retail 99.5% (1) Australia Retail Notes: (1) Represented 50% interest in three retail properties in Sydney. 99.2% Office 90.3% Office 100.0% Singapore Retail 96.6% Logistics 90.8% (2) Office (2) Included 100 Market street, 49.9% interest in a prime office portfolio in Sydney and Melbourne, as well as The Cabot in London. (3) All figures for the period ended or as at 31 December 2024 unless stated otherwise. Operational Highlights Hong Kong The resilience and stability of non-discretionary retail and premium office assets are evidenced by continued high occupancy rates . Mainland China Mainland China maintained healthy occupancy rates across different asset types, underscoring the effectiveness of our focussed leasing initiatives . International The Australian and Singaporean retail assets both reported almost full occupancy levels , reflecting solid leasing demand, compared to the ongoing challenges in the office market in Australia. Hong Kong Retail - Reversion Registered a Mild Decline Amidst Challenging Market Conditions 0% Tenant Sales Growth (1) (April - December 2024) Link Hong Kong -10% -11.3% -20% Occupancy Cost (1) (April - December 2024) Food & Beverage Supermarket & Foodstuff General (2) Retail Overall 2019/2020 9M 2024/2025 Notes: (1) Percentage figures represent year-on- year change in tenants' average monthly sales per square foot. Food & Beverage Supermarket & Foodstuff ▪ The growth of tenant sales was hindered by the shift in consumption patterns of visitors and residents. ▪ 2020/2021 2021/2022 2022/2023 2023/2024 1Q 2024/2025 1H 2024/2025 Occupancy costs slightly came down compared to 1Q 2024/25 and 1H 2024/25, suggesting a possible stabilisation of the conditions . (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) A ratio of base rent (excluding management fee) to tenant retail gross sales per square foot. 10 Hong Kong Car Parks - Sustained Modest Growth Momentum Number of Parking Tickets Parking Tariffs Parking Revenue Minor Decline Rise with Market Rate Modest Growth (For the 9 months ended 31 Dec 2024) (For the 9 months ended 31 Dec 2024) (For the 9 months ended 31 Dec 2024) Revenue from Car Parks Business Hourly car park Monthly car park Car park related business (1) 1H 20/21 2H 20/21 1H 21/22 2H 21/22 1H 22/23 2H 22/23 1H 23/24 2H 23/24 1H 24/25 Notes: (1) Refers to contributions from two car park / car service centres and godown buildings in Hung Hom and Chai Wan. ▪ The number of parking tickets saw a slight decrease in the first nine months of the year compared to the same period last year. ▪ Nevertheless, parking revenue experienced modest growth , compensated by the rising parking tariffs that align with market rates.

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