Sustainability Report

2024

2025

Sustainability Report

Link Real Estate Investment Trust Stock Code: 823

About this Sustainability Report

In an era of accelerated disruption and rising stakeholder expectations, businesses are expected to demonstrate more than just financial performance. Resilience, transparency and long-term value creation are now defining traits of market leadership. This report is our response. It offers a comprehensive view of Link’s sustainability performance,

challenges and strategic direction connecting sustainability, risk and operations into a cohesive, value-driven narrative.

This Sustainability Report is prepared in accordance with the International Financial Reporting Standards (IFRS) and the Environmental, Social and Governance Reporting Code

under Appendix C2 of the Hong Kong Stock Exchange Listing Rules, guided by the Integrated Reporting Framework under the IFRS Foundation. It reflects the latest disclosure standards, including IFRS S1 and S2 issued by the International Sustainability Standards Board (ISSB), while also referencing the GRI Standards and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

By adopting this integrated approach, we aim to provide a more complete and decision-useful view of Link’s business, not only what we achieved, but how those outcomes contribute to longterm value in a changing world.

The 2024/2025 Strategic Report, the Governance, Disclosures and Financial Statements and the Sustainability Report together form our annual report.

About Link

Link Asset Management Limited (Link) is a leading, independent and fully-integrated real estate investor and manager focusing on the APAC region. We manage Link REIT and its real estate investment portfolio deploying our capabilities across asset and property management as well as fund management. We aim to provide resilient returns and growth for our Unitholders.

Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value. It is listed

on the Main Board of the Hong Kong Stock Exchange under the stock code “823”. It comprises the interest in two distinct yet complementary businesses: (i) Link and (ii) the real estate

investment portfolio held by The Link Holdings Limited (Link REIT Portfolio) with diversified property interests in multiple geographies and asset classes.

Link CentralWalk

A Materiality Lens on a Shifting Landscape

Materiality is not a checklist, it is a strategic filter. It helps us focus on the issues that matter most to business performance and stakeholder confidence. In 2024, we completed a full refresh of our materiality assessment, using several lenses:

• Strategic relevance to Link’s ability to generate and protect value and

• Influence on stakeholder decision-making.

  The results, detailed on pages 61 – 67, have directly informed our sustainability focus areas, risk mapping and reporting priorities. The topics discussed throughout this report reflect both our role in society and how we allocate resources to remain competitive.

  Independent Oversight, Credible Disclosure

  High-quality disclosure demands independent verification. To reinforce credibility:

• The HKQAA provided third-party assurance on the preparation of this report in accordance with the HKEX ESG Reporting Code Appendix C2, and reference to the International Framework, GRI Standards, ISSB IFRS S1 and S2 requirements.

• Ernst & Young conducted a limited assurance engagement on 21 ESG metrics tied to Link’s 10 material ESG KPIs and are outlined on pages 50 – 51.

• This report has been reviewed by the Sustainability Committee and Audit & Risk Management Committee and approved by the Board.

Reporting Boundary

This report covers assets where Link has operational control, including both wholly and partially owned properties, as well as select managed assets. The scope includes:

• 130 properties in Hong Kong

• 12 properties in Mainland China

• 9 properties in Australia

• 2 properties in Singapore

• 1 property in the United Kingdom

• 1 property in Singapore where Link has no ownership interest

Unless otherwise noted, ESG performance data refers to this operational boundary.

Sustainability Focus Areas and Targets

Informed by the updated materiality and risk assessments, we have refined our sustainability priorities and targets for

2024/2025. These are organised around the six types of capital defined in the Framework, providing a structured, multidimensional view of how we preserve, protect and create value.

Link Real Estate Investment Trust Sustainability Report 2024/2025 1

Table of Contents

14

100 Market Street

TKO Spot

4

30

Governance and

Oversight

30 Governance that Creates Value

34 Message from Board and Management Sustainability Committees

Sustainability Strategy: Leadership and Intent

4 Business Overview

6 A Targeted Approach: Protecting and Creating Value

8 How We Create Value

10 Board Chair and Group CEO Dialogue: Rethinking Resilience

Types of Capital and Stakeholders

14 Six Types of Capital We Manage

22 20 Years of Value Creation: Highlights

24 Who We Create Value For

388 George Street

38

Sustainability

Strategy in Execution

38 Sustainability Priorities in Focus

2

58

Tsz Wan Shan Shopping Centre

Risk and Materiality

58 Reframing Risk and Materiality

68

ESG Data

Compendium and Methodology

71 Overview & Governance

74 Financial Capital

79 Portfolio Capital

82 Innovation Capital

84 Talent Capital

91 Social & Relationship Capital

99 Natural Capital

117 Performance and Reporting

191

567 Collins Street

Link Sustainability Lab

Glossary and Definitions

Link Real Estate Investment Trust Sustainability Report 2024/2025 3

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

Business Overview

Link REIT (823.HK)

A Compelling ‘REIT Plus’ Investment Case

• Provide our Unitholders with high quality and resilient earnings and

sustainable distribution growth in the long term

Link REIT Portfolio

• Focus on

  the APAC region

  +

  Link

• Comprise the interest in two distinct yet complementary

  businesses below

  Interests in Real Estate

  • Resilient performance driven by Link’s active management and operational excellence

  • Characterised by non-discretionary retail exposure

  • Ongoing portfolio optimisation and diversification

  • Prudent capital management to mitigate financial

risks

Real Estate Investment Management (REIM)

• Comprehensive capabilities in fund management as well as asset and property management

• Expanding skillset across our target APAC markets

• Professional team with a solid track record

• Well positioned to serve capital partners in addition

  to managing the Link REIT Portfolio

  Your Trusted Partner in APAC Real Estate

  NO.1

  The largest REIT in Asia

  in terms of asset value

  19 YEARS

  Track record of revenue, NPI and

  distributable amount growth

  100%

  Free float held by institutional

  and retail investors

  4

  Stanley Plaza

  Link CentralWalk

  Jurong Point

  Hong Kong

  130

  • Retail(1)

  • Car Parks and

    Related Business(2)

  • Office

Link REIT Portfolio

Mainland China

12

• Retail

• Office

• Logistics

  Australia, Singapore & United Kingdom

  12

  • Retail

  • Office

HK$225.8B(3)

Portfolio Value

Hong Kong 75.1%

Retail(1)

Car Parks and

52.2%

20.4%

Related Business(2) Office

2.5%

Mainland

China

Australia, Singapore & United Kingdom

13.9%

11.0%

Retail Office Logistics

10.8% 2.1% 1.0%

Retail Office

7.2% 3.8%

Notes:

1. Including a property under development for non-office commercial use.

2. Including two car park/car service centres and godown buildings in Hong Kong.

3. As at 31 March 2025, 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.

Financial Highlights

HK$14,223M

Revenue

HK$10,619M

Net Property Income

HK¢272.34

Distribution per Unit

HK$63.30

Net Asset Value per Unit

Strong Financial Position Occupancy Rates

Net Gearing Ratio

EBITDA Interest Coverage

Available Liquidity

21.5%

5.0x

HK$8.7B

Link Real Estate Investment Trust Sustainability Report 2024/2025 5

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

A Targeted Approach: Protecting and Creating Value

In our business, sustainability is not about optics. It is about outcomes.

Our sustainability strategy is anchored by a simple principle: every sustainability initiative must do one of two things: either protect the value of the assets we manage or create new value where it did not exist before. This focused approach guides how we prioritise, allocate resources and make decisions. It applies equally to long-hold assets and those managed under shorter horizons.

We do not pursue sustainability as a compliance exercise. We do it to make better decisions earlier, faster and with clearer results. Our experience has shown that the best sustainability interventions are not always the most visible; they are the ones that are well-timed, risk-aware and grounded in operational reality.

A core strength in this area has been our energy management expertise. Over the past decade, we have built a deep playbook around HVAC optimisation, retro-commissioning, LED upgrades and control systems. This ability to rapidly improve performance has become a competitive advantage, especially as we scale across new asset classes and geographies, from retail into logistics, offices and mixed-use centres.

Our sustainability strategy remains grounded in the fundamentals: resilient assets, quality locations and tenant partnerships built on performance, not promises. The way we hold assets may change, but our approach does not. What matters is making every square metre more resilient, more efficient and more aligned to the people who use it.

This is what makes our approach different: we look forward, identify the challenges likely to impact us within the next three to five years and act on them now.

Value does not protect itself. Opportunity rarely waits.

Tsz Wan Shan Shopping Centre

6

Preserve & Protect

Create

(1) Compared to 2018/2019 re-baseline.

(2) The cost savings are calculated based on the weight-based gate fee of HK$365 per tonne under Hong Kong’s Municipal Solid Waste charging scheme proposal.

Link Real Estate Investment Trust Sustainability Report 2024/2025 7

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

How We Create Value

Types of Capital We Work With

PRESERVE AND PROTECT VALUE

CREATE VALUE

Financial

We manage capital carefully, creating value for investors and meeting specific return profiles for our capital partners

Portfolio

Our properties, maintained to high standards are key value creators, appealing to both tenants and shoppers

Innovation

Our market insights and property management expertise enable us to stay ahead of trends and innovate

Talent

Investing in our employees’ growth drives our success through a highly skilled and motivated workforce

Social and Relationship

Strong relationships with stakeholders are vital, with a focus on value protection and creation

Natural

We prioritise environmentally friendly practices to ensure a sustainable habitat our business can thrive in

21.5%

Net gearing ratio

154

Properties

54

Properties with AI-driven EMS for chiller plant optimisation

1,441

Colleagues

Up to 0.25%

of previous year's NPI invested in charity engagement

97.7%

Portfolio with green building certification

Governance, Risk and Compliance

8

Reinforcement Loop

Business Model Stakeholder Value Outcomes

Investors and Capital Partners

Investment Management

• Public REIT and private fund management

• Acquisitions, divestment and portfolio decisions

• Strategic and capital partnerships

  Value Protected: Stable returns, governance clarity

  Tenants

  Value Protected:

  Cost certainty

  Value Created: Strategic growth, differentiated

  opportunities

  Value Created: Stronger retail experience

  KPI(s):

  DPU, NPI

  KPI(s):

  Occupancy cost ratio, NPS for pilot sites, tenant satisfaction survey score

  Operational Partners

  Operational Excellence

• Asset and property management capabilities

• Operating efficiency and tenant experience

• ESG integration and sustainability

  Value Protected:

  Contract stability

  Colleagues

  Value Protected:

  Safe, meaningful work

  Value Created: Shared innovation

  Value Created: Career development

  KPI(s):

  Contract count, retention

  KPI(s):

  Engagement score, retention

  Capital Management

• Use of balance sheet capital

• Interest rate and foreign currency exposure

• Debt maturities and credit ratings

Communities

Value Protected: Minimal negative impact

Value Created: Social value and placemaking

KPI(s):

Community investment (HK$)

Ensures stability, oversight and alignment across the model (see more on p. 24-29)

Link Real Estate Investment Trust Sustainability Report 2024/2025 9

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

BOARD CHAIR AND GROUP CEO DIALOGUE: RETHINKING RESILIENCE

In this exchange, Board Chair Duncan Owen and Group Chief Executive Officer George Hongchoy discuss how Link is staying resilient, focused and forward-looking amid evolving market dynamics.

The conversation reinforces that sustainability at Link begins with governance – from boardroom direction to operational execution. Resilience, in our view, is not just about enduring challenges

– it is about structured foresight, confident decision-making and disciplined performance. By integrating sustainability into how we govern and manage risk, Link is positioning itself to protect long-term value, adapt with purpose

and maintain stakeholder confidence in an increasingly complex environment.

Board Chair

Duncan Owen

10

Q1

TODAY, IT IS ABOUT ADAPTING EARLY AND DECISIVELY, WHILE MAINTAINING DISCIPLINE.

What does resilience mean to Link today and how has that view evolved?

Duncan Owen: Resilience used to mean riding out volatility. Today, it is about adapting early and decisively, while maintaining discipline. We

are operating in a world of persistent

cost pressure, geopolitical shifts and structural change in real estate.

We are navigating transformation at unprecedented speed. Resilience now means not only weathering change but understanding how it reshapes

the fundamentals of our business. The road ahead demands governance that anticipates risk, supports timely

decisions and challenges assumptions before they become constraints.

George Hongchoy: That shift reflects our own journey. We remained operationally stable through the pandemic, supply chain disruptions and

changing tenant expectations. But stability alone is no longer enough. Resilience now means staying productive and relevant. This is why cost discipline, tenant alignment and targeted asset enhancement are embedded into how we operate. We are building an organisation equipped to perform in a high-complexity, low-growth environment

– one that makes deliberate trade-offs and moves

with focus.

Group Chief Executive Officer

George Hongchoy

Link Real Estate Investment Trust Sustainability Report 2024/2025 11

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

Q2

Where does sustainability leadership matter most and how do you ensure it stays commercially focused?

George Hongchoy: Sustainability only creates value when it is focused. Our approach is clear: every initiative must protect or create value. We prioritise areas with tangible returns like rooftop solar installations (over 20 MW committed across Mainland China and Hong Kong) and EV charging infrastructure, investment models

that cut energy use and repositioning assets

to meet evolving demand.

Rather than being a standalone agenda, sustainability is a lens applied to how we manage risk and opportunity across the business. Especially now, when ESG fatigue is real, we are clear on what issues move the needle and where to say no.

We also recognise that social value is part of long-term sustainability. Our tenant co-investment models are not just about reducing energy use. They help tenants

manage costs and remain competitive. More broadly, we consider how our properties support social resilience by anchoring essential services and enabling inclusive access across both established and emerging catchment areas.

Duncan Owen: From the Board’s perspective, sustainability is embedded in our core oversight responsibilities. The

Board Sustainability Committee was created this year to ensure that these issues are addressed with the same rigour as financial performance or capital allocation.

Strong leadership in this space is not about volume. It is about prioritisation, focus and clarity. We focus on what is material, measurable and relevant to long-term value. Sustainability is not a matter of box-ticking; it is a lever for strategic performance and strengthening stakeholder confidence.

WE FOCUS ON WHAT IS MATERIAL, MEASURABLE AND RELEVANT TO LONGTERM VALUE.

Q3

What are the biggest pressures you are navigating and how is Link responding?

George Hongchoy: We face macroeconomic uncertainty, demographic shifts and rising operating costs. Rather than wait for tailwinds, we are focused on areas we can control including operational efficiency, smarter capital deployment and asset-level optimisation.

At Sau Mau Ping Shopping Centre in Hong Kong, our enhancement strategy delivered a 19.9% ROI while improving shopper experience. Our longstanding strength in energy optimisation allows us to take underperforming assets and enhance their performance with confidence.

Duncan Owen: Strong alignment between the Board and management is foundational to confident decision-making, particularly in this high-cost, low-visibility environment. This is a time of polarised performance across the industry where resilience will distinguish those who emerge stronger from those who fall behind.

Our role is to ensure that decisions are not only sound in today’s context, but also resilient in the long term. We ask the difficult questions early on risk exposure, capital

discipline and trade-offs so that management is empowered to act decisively, with clarity and accountability.

12

Q4

How do you ensure decisions made under pressure still reflect long-term priorities?

Duncan Owen: Board oversight is not about approving strategies after the fact. It is about safeguarding direction under pressure. We assess whether decisions align with our long-term commitments, how risks are being addressed and whether trade-offs are understood and intentional.

To support this, we have formalised a group-wide risk appetite framework, defining clear thresholds for financial, operational, ESG, strategic and external risks. This gives both the Board and management a shared view of where we can take calculated risks and where discipline must prevail.

As our strategy evolves, so too must our oversight. The Board is focused on ensuring governance structures remain agile and fit for purpose as new complexities emerge. From a sustainability lens, a good example is our reaffirmed commitment to achieve operational net-zero emissions by 2035. It is a long-term target, but we hold ourselves accountable to the short-term actions that bring it within reach. Governance plays a key role in balancing those time horizons.

George Hongchoy: The pressure to move quickly is very real, particularly in today’s capital and regulatory environment. What allows us to stay aligned is a clear internal framework. We link strategy to KPIs, embed sustainability and risk thinking into investment decisions and pressure-test assumptions across multiple scenarios.

This ensures that even time-sensitive decisions reinforce –not undermine – our strategic direction. When execution accelerates, structure becomes even more essential.

LOOKING AHEAD, MAINTAINING TRUST WILL BE JUST AS IMPORTANT AS STRATEGY.

Sustainability is about looking into the future. What will matter most over the next three to five years?

Q5

George Hongchoy: Strategic clarity and speed will remain essential. We must continue to make the right decisions early on capital deployment, asset repositioning and tenant partnerships. Relevance across markets and investor types will depend on our ability to anticipate shifts in regulation, behaviour and funding.

Sustainability enables that. Our HVAC retrofits and tenant co-investment models have delivered measurable cost savings and deeper engagement. Link Plaza Tianhe’s asset enhancement strategy has shown

how we can lift asset performance and user experience in tandem. Our sustainability-linked insurance programme, the first in the region, provides a practical way to quantify and manage physical climate risk.

These are not pilot projects. They are core tools we use to drive performance and manage risk.

Duncan Owen: Looking ahead, maintaining trust will be just as important as strategy. Long-term value depends

on our ability to maintain confidence by

delivering consistently, communicating clearly and showing discipline in how we manage complexity.

We have built the governance structures to support that: from establishing the Board Sustainability Committee to embedding sustainability considerations into capital allocation and portfolio management. Our governance structures include scenario planning, compliance, accountability and risk oversight not simply for assurance, but to enable confident, forward-leaning decisions.

These foundations help management stay focused even when the environment shifts. Resilience, in the end, is about being trusted to lead through uncertainty with structure, alignment and purpose. That is what will carry us forward.

Link Real Estate Investment Trust Sustainability Report 2024/2025 13

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

The Quayside

Types of Capital and Stakeholders

Six Types of Capital We Manage

Our ability to deliver long-term value is shaped by how we manage six types of capital defined in the IFRS Integrated Reporting Framework, each integral to performance.

The six capitals framework used here reflects more than performance. It articulates how we are executing on the sustainability strategy set by the Board and Management.

• Supports Leadership Priorities

  ▫ Reinforces resilience, adaptability and disciplined execution across regions.

• Anchors Governance Intent

  ▫ Demonstrates progress on climate targets, scenario planning and stakeholder alignment.

• Prepares for the Future

▫ Reflects readiness for Link 3.0’s transition into a multi-asset, fund-based platform.

Together, these outcomes show how value is being protected, enhanced and positioned for long-term delivery across operating, financial and strategic dimensions.

14

01

FINANCIAL CAPITAL

Financial capital provides the funding and liquidity needed to operate, invest and deliver returns to Unitholders. It supports our ability to absorb risk, navigate volatility and maintain flexibility in responding to market conditions. In a rising-rate and low-growth environment, disciplined financial management becomes a strategic differentiator. For Link, financial capital is not just a resource. It is an active lever we use to protect value, ensure income stability and support long-term growth.

2024/2025 Performance

HOW WE APPROACH IT?

We manage financial capital with a focus on resilience, cost efficiency and alignment with long-term value creation. Our approach includes maintaining conservative gearing, managing refinancing risk and applying disciplined thresholds to capital deployment. Debt maturity is staggered to reduce exposure to market

timing and our fixed-rate ratio helps control interest expense volatility. We actively monitor global and regional credit conditions and adjust our funding strategy based on market signals. Treasury, investment and

asset management teams work in close coordination to ensure financial planning supports operating needs and strategic priorities. This financial discipline allows us to deliver steady income to Unitholders while preserving capital strength.

HK$6.5B Reduction in total debt (in face value)

to HK$53.5B

21.5% Net gearing ratio

HK$8.7B Ample liquidity

3.6% Average all-in borrowing cost, down from 3.8%

PERFORMANCE INSIGHTS

This year’s financial results reflected steady execution in an uncertain market. NPI growth in Mainland China and sustained income from car parks and ancillary

services helped offset softer performance in Hong Kong. Lower finance costs were achieved through proactive refinancing and tight control over debt structure.

These outcomes reinforced our ability to deliver stable distributions while maintaining flexibility. Our financial management continues to support operational resilience and position the organisation to respond to changing market conditions with discipline.

Link Real Estate Investment Trust Sustainability Report 2024/2025 15

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

02

PORTFOLIO CAPITAL

Portfolio capital comprises the physical assets we own and operate, including their location, quality, use potential and ability to generate income over time. As the foundation of our business model, the portfolio is a dynamic platform that must evolve with tenant needs, consumer expectations and market shifts. How we shape and operate these spaces determines our long-term competitiveness, income stability and relevance across market cycles.

2024/2025 Performance

HOW WE APPROACH IT?

We take an integrated, life cycle approach to managing our portfolio. This includes acquiring assets with long-term potential, enhancing their value through targeted AEIs and maintaining operational excellence across day-to-day performance. Our integrated operating platform connects leasing, facilities and asset management to ensure timely coordination and consistent delivery. Placemaking is a core principle. We aim to create locations that are vibrant, efficient, and fit for purpose, balancing tenant needs, community expectations and future demand. We apply disciplined return criteria to all enhancement projects,

align AEI design with evolving sustainability standards, and manage space adaptability across retail, office and car park uses. This combination of discipline and responsiveness allows us to maintain high occupancy, grow income and extend asset life.

95.9%-99.6% High retail occupancy across all

regions

2.1%-4.1% Year-on-year shopper traffic

growth in Singapore

19.9% ROI from Sau Mau Ping Shopping Centre AEI, Hong Kong

17.2% ROI from Fu Shin Shopping Centre AEI, Hong Kong

PERFORMANCE INSIGHTS

This year’s results reflect both the resilience and responsiveness of the portfolio. Occupancy remained strong across all markets despite pressures on rent reversions, particularly in Hong Kong. AEIs in Hong Kong and Mainland China delivered strong returns, validating our targeted approach. Singapore and Australia continued to benefit from sound leasing fundamentals. Our car

park assets also contributed to income diversification, demonstrating the value of asset mix and adaptive

Lok Fu Place

16

03

INNOVATION CAPITAL

Innovation capital represents the systems, knowledge, and organisational processes that support better decision-making, adaptability and operational improvement. In a rapidly evolving market environment, our ability to capture insights and translate them into scalable action shapes both short-term efficiency and long-term competitiveness. For Link, innovation is not just about new ideas. It is about building practical capabilities that help us operate smarter and respond faster.

2024/2025 Performance

23 Car parks deployed with dynamic pricing system in Hong Kong

33% Efficiency improvement from lease and facility system standardisation

38% Reduction in lift contract costs through outcome-based procurement in Singapore

17% Savings on security services via bundled contracting in Singapore

HOW WE APPROACH IT?

We apply innovation where it delivers clear business value. This includes improving operational workflows, standardising key systems and redesigning service models to reflect user needs. Innovations are tested through structured pilots, evaluated for impact and scaled across regions through common platforms and policies. Our focus areas include technology-enabled leasing and facilities management, analytics to support investment decisions and bundled procurement strategies that drive cost efficiency. Innovation priorities are aligned with enterprise goals, including operating margin protection, process simplification and cross-market coordination.

Our integrated operating platform supports consistency while enabling teams to tailor solutions locally, ensuring innovation remains relevant and replicable.

PERFORMANCE INSIGHTS

This year’s innovation work produced practical and measurable results. The new car park system improved revenue optimisation and delivered insights into usage patterns. Standardising key platforms improved efficiency and reduced duplication across markets. Cost savings in procurement showed how data and contract redesign can reduce recurring expenses. These efforts were not about technology adoption for its own sake. They were targeted interventions that made our business more efficient, connected and responsive.

Link Real Estate Investment Trust Sustainability Report 2024/2025 17

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

04

TALENT CAPITAL

Talent capital refers to the people, skills, leadership and culture that power our business and shape our future. Our ability to deliver strategy, navigate change and scale performance depends on the strength and alignment of our workforce. As we expand across asset classes and geographies, investing in the capability and cohesion of

our teams is critical to sustaining long-term value creation.

HOW WE APPROACH IT?

We focus on building depth, adaptability and leadership across the organisation. Our talent strategy prioritises future-focused capabilities, succession planning and cultural clarity. Development plans are tailored to business needs and evolving mandates. Leadership behaviours

are guided by five culture drivers that reinforce shared expectations and decision-making norms. Strategic investments in learning and performance frameworks are enabling us to operate at scale while keeping teams engaged, capable and aligned with Link 3.0.

2024/2025 Performance

1,441 Colleagues

94.4% Retention of talent at AGM level or above

13.4% Voluntary turnover across workforce

56% Female representation across workforce

2 Expanded teams in Australia and Japan

PERFORMANCE INSIGHTS

This year showed clear progress in strengthening our leadership pipeline and organisational resilience. Talent retention improved, especially at senior levels and learning investment increased across key functions.

Cultural alignment deepened through clearer expectations and targeted leadership programmes. These outcomes demonstrate that talent capital is a core asset driving performance, scale and transformation.

18

05

SOCIAL AND RELATIONSHIP CAPITAL

Social and relationship capital reflects the strength of our connections with the people, institutions and communities we depend on. It encompasses trust, reputation, collaboration and stakeholder goodwill, all of which influence our licence to operate and long-term value. As a real estate platform embedded in diverse communities, Link’s ability to maintain productive relationships with tenants, regulators, service partners and local residents is essential to both day-to-day operations and strategic progress.

2024/2025 Performance

+7 Tenant NPS score in first pilot across 5 malls

449 Community events across 15 districts in Hong Kong

3 New NGO partners added to Link Together Initiatives

1st Link Together Initiatives project funded in Singapore

87% Record high positive brand perception in Hong Kong

HOW WE APPROACH I?T

We treat engagement as an active and structured function.

With tenants, we aim to move beyond lease transactions to build partnerships grounded in business alignment, feedback and support. We use relationship metrics such as NPS to gather insights and act on them. For

communities, we deliver high-impact programmes through the Link Together Initiatives guided by local needs and relevance. We also maintain open, regular communication with government bodies, professional networks and civic institutions to ensure alignment and build credibility.

Health, safety and wellbeing are embedded into property operations as a core responsibility — not only to meet compliance standards and to strengthen public confidence. This stakeholder-focused approach helps reinforce trust, reduces friction and supports long-term brand value.

PERFORMANCE INSIGHTS

This year saw continued investment in stakeholder trust. Pilot NPS surveys revealed both areas of strength

— including responsiveness and communication and opportunities for deeper support. Community programmes expanded their reach, with new initiatives launched in Singapore. We also strengthened internal coordination

on health and safety, helping ensure confidence among tenants and visitors alike. These efforts underpin the quality of our operating environment and enhance the social value of our assets.

TKO Spot

Link Real Estate Investment Trust Sustainability Report 2024/2025 19

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

06

NATURAL CAPITAL

Natural capital includes the physical resources and ecosystem services that support the real estate sector spanning energy and water to land, materials and climate stability. Our properties and operations depend on these finite inputs, and how we use, manage and conserve them directly affects long-term value. Environmental constraints are increasingly shaping asset performance and operating costs. Our 2035 net-zero target reflects the need to manage natural capital with intention, discipline and foresight.

HOW WE APPROACH IT?

We manage our environmental footprint by improving how we consume and conserve natural resources. Energy use is tracked and reduced through retrofits, performance monitoring and on-site solar installations. Water use is managed at the asset level through equipment upgrades, leak detection and efficiency initiatives. Waste is reduced through tenant engagement and back-of-house process improvements, with a focus on diversion and recycling. As part of our climate strategy, we also assess how physical climate risks, may impact our assets and we invest in resilience measures accordingly. These efforts ensure that resource use is efficient, compliant and aligned with longterm asset stewardship.

2024/2025 Performance

21.0% Reduction in carbon intensity(1),

tracking towards the 25% 2025/2026 target

4.2% Reduction in electricity intensity(1), tracking toward the 5% 2025/2026 target

3,109 EV charging points installed in Hong Kong, exceeding target of 3,000

27.0% General waste recovered/recycled, up from 20.2%

11.7% Reduction in Hong Kong insurance premiums from improved flood resilience

(1) Compared to 2018/2019 re-baseline.

PERFORMANCE INSIGHTS

This year’s results reflect steady improvements in how we manage key environmental inputs. Lower electricity use and waste generation supported cost control and efficiency

goals. Completion of the EV charging rollout helped prepare our assets for shifts in tenant and consumer mobility. Waste reduction efforts also contributed to improved compliance under new policy frameworks. These results show how efficient use of natural capital supports both operational performance and long-term asset quality.

20

Butterfly Plaza

Link Real Estate Investment Trust Sustainability Report 2024/2025 21

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

20 Years of Value Creation: Highlights

Financial

6.2% Portfolio NPI Growth per Annum

9.1% Distributable Amount CAGR(1)

10.9% Annualised Total Unitholder Return since IPO(2)

HK$225.8B Portfolio Value

Portfolio

103 AE Projects Completed

18.0% Average ROI from Completed AE Projects

57 Realised Assets

HK$47B Realised Asset Value

Link Square

Innovation

1st Listed Company in Asia to Issue a Real Estate Green Bond

1st Real Estate Company in Asia to Introduce Sustainability-Linked

Insurance

3,109 Electric Vehicle Charging Points

56 Fresh Markets Revitalised

Link Sustainability Lab

(1) Based on 2005/2006 pro rata distribution amount of HK$1,342M. For the calculation of our CAGR since listing, the relevant financial data of 2005/2006 is annualised based on our listing date on 25 November 2005 to 31 March 2006.

(2) Calculation based on (i) distribution declared and paid in cash,

(ii) distribution declared and paid in Units under the distribution reinvestment scheme, (iii) Unit buy-back conducted and (iv) market capitalisation. Excluded FY2024/2025 final distribution.

(3) For Hong Kong portfolio since 2010.

(4) Since 2018/2019.

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As Link celebrates its 20th anniversary since its listing, check out our achievements across the six types of capital. We strive to build on this success and continue delivering long-term value in the years to come.

Talent

5.3x Increase in Headcount from 272 to 1,441

21 Colleagues with >20 Years of Service

233 Colleagues with >10 Years of Service

Natural

4.5MW Solar PV Installed Capacity

46.1% Reduction in Electricity Consumption(3)

47,000 Tonnes of Waste Diverted from

Disposal(4)

97.7% Portfolio with Green Building Certification

Social and Relationship

18M Beneficiaries from Link Together Initiatives

>HK$150M Committed Donations through

Link Together Initiatives

1,800+

Scholarships Awarded through Link University Scholarship

The Quayside

Link Real Estate Investment Trust Sustainability Report 2024/2025 23

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

Chuk Yuen Plaza

Who We Create Value For

“Stakeholder engagement” is often defined by breadth and visibility. We have chosen a more deliberate approach, one grounded in relevance, performance and long-term value.

We recognise that many stakeholders have a view on our business and we systematically assess and integrate these views. But when it comes to shaping sustainability strategy and performance, we prioritise those whose expectations have the greatest impact on the assets we manage – and whose trust is most critical to preserving and creating value. This approach does not discount other voices, but it helps us focus where alignment matters most.

That is why our stakeholder model is designed for clarity and execution.

• Our investors provide the capital and accountability that influence our strategic direction.

• Our tenants determine whether our properties remain relevant, resilient and competitive places to do business.

• Our operational partners deliver service standards and on-the-ground risk management.

• Our colleagues enable consistency, insight and delivery.

• Our communities, particularly where we are deeply embedded, shape the long-term viability of our presence and partnerships.

For each group, we define what value means, how it is delivered and what accountability looks like.

This approach is grounded by materiality assessments, risk management processes, direct feedback channels and ongoing stakeholder dialogues. These insights help us define what value means for each group including how it is preserved, how it can be created and how we can measure its delivery over time. They also allow us to connect the most relevant sustainability themes, from decarbonisation to inclusive growth, to the people most impacted. In doing so, we ensure that sustainability remains practical, impactful and performance-driven.

Because real stakeholder alignment is not about visibility. It is about shared outcomes and sustained performance.

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Temple Mall North

INVESTORS AND CAPITAL PARTNERS

Our investor base includes two groups. Public investors, including institutional fund managers and individual unitholders, hold equity in our listed REIT and assess us based on income stability, capital discipline and our ability to navigate operational and market cycles.

WHY THEY MATTER ?

Capital partners span a broader range of sophisticated investors who co-invest with us through structured mandates. While this segment is still developing, we have established governance, reporting and decision-making frameworks to manage third-party capital with alignment and integrity.

HOW DO WE ENGAGE?

Investors and capital partners provide the financial foundation that underpins our growth, resilience and reputation. Public investors shape market confidence and valuation stability through their support and scrutiny. Capital partners bring complementary capital, regional insights and long-term alignment that enable us to expand and diversify our investment platform. Both groups help hold us to high standards of governance, discipline and transparency.

What matters to them and how they define value

Both groups expect strategic clarity, disciplined execution and transparency in how we manage capital and risk. They value scalable operations, strong governance and communication that reflects long-term thinking.

Shared expectations:

• Clear strategy and consistent execution

• Transparent capital allocation and risk management

• Scalable operational capabilities

• Governance that supports accountability and alignment

• Long-term focused communications

  Public investors value predictable income, prudent gearing and visibility into leasing risk.

• Value protection: income stability and asset resilience

• Value creation: reversion upside, AEIs and strategic growth that reinforces unit price performance

  Capital partners seek platform readiness, mandate separation and disciplined execution.

• Value protection: governance clarity and strong reporting

• Value creation: access to differentiated opportunities and scalable performance

• Proactive investor meetings

• Transparent, regular financial reports

• Interactive Annual General Meeting

• ESG non-deal roadshow

  Value Protected (2024/2025)

  5.5% Year-on-year increase in NPI

  3.7% Year-on-year increase in DPU

  Value Created (2024/2025)

  2 Asset enhancements completed

  >600 New leases signed

  (Hong Kong retail, fresh market and office)

  1.5% Year-on-year revenue

  growth (Hong Kong retail)

  Relevant Sustainability Focus Areas

  • Sustainable Finance

  • Climate Resilience and Adaptation

  • Responsible Investment

  Link Real Estate Investment Trust Sustainability Report 2024/2025 25

  STRATEGY COMPENDIUM

  Sustainability Strategy: Leadership and Intent

  Types of

  Capital and Stakeholders

  Governance and Oversight

  Sustainability

  Strategy in Execution Risk and Materiality

  TENANTS

  Our tenants include a broad mix of retailers, service providers and commercial operators across Hong Kong and the wider APAC region. They range from global brands and listed companies to SMEs and local entrepreneurs, spanning

  WHY THEY MATTER ?

  sectors such as F&B, fashion, daily goods, health services, education and community uses. As end-users of our physical spaces, their success directly contributes to rental income, asset vibrancy and long-term asset relevance.

  HOW DO WE ENGAGE?

  Tenants are the economic engine of our portfolio. Their performance directly impacts rental stability, occupancy and footfall. Strong tenant relationships also influence asset valuation and consumer appeal. Our ability to cultivate strong tenant relationships,

  curate dynamic tenant mixes, and provide operational support is fundamental to our ongoing performance and reputation. As partners in placemaking, they shape the identity, liveliness and competitive strength of our properties.

  What matters to them and how they define value

  Tenants expect more than just space. They look to us for locations supported by foot traffic, enable operational efficiency and align with changing consumer needs. As their landlord and long-term partner, our role is to create environments that support business resilience and sustainable growth.

  • Value protection

    Tenants define value protection as having predictable occupancy costs, clear and mutually agreed lease terms, and access to high-quality building services and maintenance.

    They expect responsive communication, reliable operations, and a stable environment that allows them to manage costs and focus on serving their customers.

  • Value creation

    Value creation comes from partnership opportunities that help tenants grow and succeed. This includes support in store rightsizing and presentation, collaboration on marketing and promotional activities, access to foot traffic and customer insights, and opportunities to participate in broader community or sustainability initiatives. A dynamic tenant mix and well-managed asset also create an environment where tenant businesses can thrive.

    Relevant Sustainability Focus Areas

    • Tenant Engagement

    • Waste Management

    • Climate Resilience and Adaptation

    • Green Buildings

    • Occupational Health, Safety and Well-being

• Regular strategic and operational meetings

• Asset-level communications and leasing feedback loops

• Joint promotional initiatives and business forums

• Ongoing collaboration on ESG, safety and regulatory matters

  Value Protected (2024/2025)

  13.0% Rent-to-sales ratio

  (Hong Kong retail)

  >80% Tenant retention rate

  (Hong Kong retail, fresh market and office)

  Value Created (2024/2025)

  ~100 Tenant Academy

  seminars since 2009

  17 Tenant resizing requestscompleted

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  OPERATIONAL PARTNERS

  ?

  Operational partners include the vendors, contractors, facility managers and service providers who support the daily functioning of our assets across geographies. They span hard and soft services from cleaning and security to energy

  WHY THEY MATTER

  Operational partners are the frontline executors of our asset

  management, repair and technology systems. These partners are not only service providers; they are critical enablers of our brand standards, tenant satisfaction and sustainability outcomes.

  ?

  HOW DO WE ENGAGE

  • Regular performance reviews and

    performance. Their consistency, safety and reliability directly impact tenant and shopper experience, cost efficiency and regulatory compliance. As an extension of our team, they help us deliver service quality, sustainability targets and brand credibility across a distributed portfolio.

    What matters to them and how they define value

    These partners expect fair, transparent relationships, clarity in performance expectations and a long-term view of collaboration. Their performance directly affects our tenant experience, compliance and operational resilience.

    • Value protection

      Operational partners define value protection as having clear contractual terms, consistent performance expectations, and prompt, fair compensation. They expect safe working environments, stable project scopes and a culture of respect and partnership that supports long-term collaboration.

    • Value creation

      Value creation comes from opportunities to innovate, expand services and grow their engagement with us. Partners

      value joint problem-solving, early involvement in project planning, and the ability to co-develop solutions that enhance operational outcomes and create efficiencies for both parties.

      contract evaluations

• Supplier code of conduct and onboarding processes

• Safety briefings and compliance checks

• Vendor innovation sharing sessions

  Value Protected (2024/2025)

  2,124 Total active vendors

  80% Bank transfer payments since January 2025 for

  faster clearance

  75% Contractors in Hong Kong certified in our in-house

  safety awards

  Relevant Sustainability Focus Areas

  • Occupational Health, Safety and Well-being

  • Supply Chain

  • Waste Management

Value Created (2024/2025)

31% Invoices processed through vendor portal,

enhancing payment visibility and efficiency

Link Real Estate Investment Trust Sustainability Report 2024/2025 27

STRATEGY COMPENDIUM

Sustainability Strategy: Leadership and Intent

Types of

Capital and Stakeholders

Governance and Oversight

Sustainability

Strategy in Execution Risk and Materiality

COLLEAGUES

?

Our colleagues span all functions and geographies, from leasing teams in Hong Kong to operations specialists in Mainland China, and from investment professionals in Singapore to ESG, finance and digital leads across the region.

WHY THEY MATTER

Colleagues are not only responsible for executing business strategy. They are also the interpreters and enablers of change. Their alignment, resilience, and credibility directly influence tenant relationships, operational consistency, and the integrity of our brand. As we scale across new asset classes, investor segments and markets, the engagement and stability of our colleagues is foundational to performance, trust and long-term value.

What matters to them and how they define value

Colleagues expect a workplace that is inclusive, fair, supportive and professionally rewarding. They value clarity in direction, trust in leadership and opportunities to grow within a culture that recognises contribution and encourages innovation.

• Value protection is defined by the ability to work in a stable, fair and respectful environment. This includes role clarity, transparent HR policies, and leadership that communicates consistently. Access to grievance mechanisms, and a culture of respect are considered fundamental, especially during times of change.

• Value creation comes from the ability to grow, be recognised and contribute meaningfully. Colleagues seek access to learning, internal mobility, cross-functional exposure, and a sense of influence over their work environment. Recognition, development opportunities, and being part of a purpose-driven culture are central to long-term motivation and retention.

  Relevant Sustainability Focus Areas

  • Talent Management

  • Diversity, Equity and Inclusion

They work at the frontline and in regional offices, delivering both day-to-day continuity and long-range transformation. Their collective capability, institutional knowledge, and commitment anchor our platform and drive our evolution.

?

HOW DO WE ENGAGE

• Biennial staff engagement surveys and regular pulse checks

• Town halls, team listening sessions and leadership communications

• Functional forums and the Linker’s Panel (our employee committee) for structured feedback

• Internal mobility programmes, mentoring and development planning

Value Protected (2024/2025)

20 Weeks of expanded maternity leave and other upgraded benefits

240 Employees participated in Long-term Incentive Scheme or Employee

Units Purchase Plan

Value Created (2024/2025)

17% Year-on-year increase in learning hours

5 Executive coaching programmes for senior leaders

100% Personalised development

• Occupational Health, Safety and Well-being

plans (Director-grade and above)

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