The Link Real Estate Investment Trust Investor Presentation January 2012 P.1 Disclaimer This document has been prepared by The Link Management Limited in its capacity as the Manager (the ―Manager‖) of The Link Real Estate Investment Trust (―The Link REIT‖) solely for use at the presentations held in this meeting and may not be reproduced or redistributed to any other person or the press or other media. Without the prior written approval of the Manager, neither this document nor any copy may be taken or transmitted into or distributed, directly or indirectly, in the United States or to any U.S. person (within the meaning of Regulation S under the United States Securities Act of 1933, as amended). Neither this document nor any copy may be taken or transmitted into or distributed or redistributed in Canada or to the resident thereof. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. All information and data are provided for information purposes only. All opinions expressed by The Link REIT herein are based on information available as of the date hereof and are subject to change without notice. The information contained in this document is not intended to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of The Link REIT’s financial or trading position or prospects. The past performance of The Link REIT is not necessary indicative of the future performance of The Link REIT and nothing contained in this document is, or shall be relied on, as a promise or forecast as to the future. This document may contain forward-looking statements. Investors are cautioned that the actual results may differ materially from those set forth in any forward-looking statements herein. The slides forming part of this document have been prepared solely as a support for oral discussion about information of The Link REIT. No representation or warranty, express or implied, is made as to, and no reliance should be place on, the fairness, accuracy, completeness or suitability of any information or opinion contained herein. None of the Manager, The Link REIT, or any of its Directors, officers, employees, agents or advisors shall be in any way responsible for the contents hereof, nor shall they be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith. This document does not constitute an offer or invitation to purchase or subscribe for any units of The Link REIT and neither any part of it shall form basis of or be relied upon in connection with any contract, commitment or investment decision whatsoever. No action has been taken or will be taken by the Manager or The Link REIT or any of its Directors, officers, employees, agents or advisers, to register this document as an offering document or otherwise to permit public distribution of this document. P.2 Contents 1 Hong Kong Market Overview 2 Introduction of The Link REIT 3 Business Review 4 Strategy and Outlook 5 Financial Review 6 Additional Financial and Operational Information P.3 Hong Kong Market Overview P.4 Economy: Private Consumption Expenditure PCE Growth (YoY) 1Q11 +8.0% 2Q11 +9.7% 3Q11 +8.8% 2011F +8.1% 2012F +4.6% Source: Census and Statistics Department, EIU P.5 Economy: Household Income by Housing Type Source: CEIC P.6 Retail Market: Retail Sales Growth of Retail Sales Value (YoY) Aug 11 +29.0% Sep 11 +24.0% Oct 11 +23.1% 2011F +24.0% 2012F +14.0% Source: Census and Statistics Department, Hang Seng Bank P.7 Retail Market: Performance of Key Retail Trades Year-on-Year Change of Retail Sales Value 60% Global financial crisis 50% Supermarkets 40% Jewellery Foods & alcoholic drinks 30% Tech bubble burst Department stores 20% Clothing 10% 0% 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Jan- -10% Sep 11 -20% -30% SARS outbreak -40% Asian financial crisis Source: Census & Statistics Department; latest data as of end of September 2011 P.8 Economy: Tourist Arrivals Tourist Arrivals (YoY) Aug 11 +17.7% Sep 11 +16.8% Oct 11 +16.4% 2011F +15.0% 2012F +10.0% Source: CEIC, Hang Seng Bank P.9 Economy Outlook Economic Outlook 2010 2011F 2012F 2013F Real GDP growth 7.0% 4.8% 3.8% 4.8% Private consumption 6.2% 8.1% 4.6% 3.4% Inflation 2.4% 5.2% 3.4% 2.9% Unemployment rate 4.3% 3.3% 3.4% 3.2% Retail sales value 18.3% 24.0%* 14.0%* N/A Source: Census & Statistics Department; forecast by Economist Intelligence Unit and Hang Seng Bank (*); figures as of December 2011 P.10 Introduction of The Link REIT P.11 Profile of The Link REIT Formed from a divestment of assets by the Hong Kong Housing Authority with an initial portfolio of 180 assets in Hong Kong Listed on the Stock Exchange of Hong Kong on 25 November 2005 Hong Kong’s first and largest REIT 100% publicly held by institutions and private investors Approximately 11M sq ft (IFA) of retail space and 80,000 car park spaces located Retail facilities located at suburban housing estates, on the doorstep of the majority of Hong Kong population P.12 Unique Internally-managed REIT Structure Trustee Unitholders Fees 100% The Link REIT Management The Link Services The Link Management Holdings Limited Limited Fees 100% The Link Board of Other financing Properties Directors companies Limited Management The Team Properties P.13 Largest REIT in Asia Market Capitalisation 9.00 8.12 8.00 7.00 6.00 4.89 5.00 4.35 4.00 US$ Bn US$ 3.00 2.25 1.84 2.00 1.63 1.00 0.74 0.81 0.26 0.45 0.46 0.00 Prosperity Sunlight GZI Regal Fortune Frontier Champion Hui Xian CapitaMall Nippon The Link (HK) (HK) (HK) (HK) (HK) (JP) (HK) (HK) (SG) Building (HK) Fund (JP) Source: Pricing as of December 23 2011 P.14 Diversified Portfolio at the Doorstep of the Majority of Hong Kong Population P.15 Largest Market Share of Retail Facilities IFA ('000 sq.ft) % The Link REIT 11,020 9.5% SHKP 5,391 4.7% Henderson Land & Sunlight REIT 2,707 2.3% Sino Land Properties 2,425 2.1% MTRC 2,224 1.9% Wharf 1,959 1.7% Swire Properties 1,871 1.6% New World Development 1,657 1.4% Cheung Kong & Fortune REIT 1,613 1.4% Hutchison 1,594 1.4% Hang Lung Properties 1,436 1.2% Hopewell 761 0.7% Chinese Estates 701 0.6% Kerry Properties 657 0.6% Chinachem 538 0.5% The Link REIT SHKP Hysan Development 528 0.5% Henderson Land & Sunlight REIT Sino Land Properties MTRC Wharf Hong Kong Land 420 0.4% Swire Properties New World Development Great Eagle & Champion REIT 399 0.3% Cheung Kong & Fortune REIT Hutchison Nan Fung Group 222 0.2% Hang Lung Properties Hopewell Chinese Estates Kerry Properties Sub-Total - Major Landlords 38,121 33.0% Chinachem Hysan Development Others - Minor Landlords 77,530 67.0% Hong Kong Land Great Eagle & Champion REIT Total 115,651 100.0% Nan Fung Group Others - Minor Landlords Note: Property companies’ IFAs are estimates based on published GFA data Source: Company data, Link REIT as of July, 2011 P.16 Years of Consistent Growth Growth in both DPU & NAV HK Cents The Link REIT's DPU Distributions HK$ Net Asset Value Per Unit* 120 30 30 24.70 24.35 100 25 25 19.14 20 18.80 20 80 17.26 15.32 60 15 15 26.14 97.37 110.45 24.63 83.99 40 74.40 10 10 67.43 18.68 63.11 14.94 12.98 13.97 20 5 5 0 0 0 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Sep 11 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Sep 11 Year / Period As at DPU ended NAV Unit Price Note: * Comparative figures have been restated as a result of the early adoption of the amendments to the Hong Kong Accounting Standard 12 “Deferred Tax: Recovery of Underlying Assets” P.17 Business Model Asset management Leasing strategy Maintain strong reversion Improve occupancy Enhance trade mix Property management strategy Improve service quality Cost control Energy savings Asset Improve operating margins Asset enhancement acquisition Rejuvenate shopping centres Target community retail malls Enhance environment Leverage on synergy and Improve traffic/circulation economies of scale Reposition shopping centres Expand geographic coverage Introduce variety/choices Improve competitiveness Tailor trade mix to local shopper demand P.18 Business Review P.19 Asset Management: Consistent Growth in Unit Rent Average monthly unit rent (HK$) 38 Unit rent steadily increasing since IPO 36 4.9% 4.3% supported by improving 34 shopping environment 32 Buoyant retail sales 30 boost demand for shop 32.8 34.2 28 30.6 34.2 space 28.4 26 32.6 30.3 24 25.4 28.2 25.1 22 20 As at Mar 08 Mar 09 Mar 10 Mar 11 Sep 11 Overall Shops P.20 Asset Management: Improving Occupancy Occupancy rate 100% Retail shops occupancy continued 0.8% 95% 0.6% to show healthy improvement driven by better property 90% condition 85% 92.8% 93.8% 94.6% Overall occupancy 91.2% 91.5% 92.1% 88.7% 90.6% steadily improving 89.3% 87.4% 80% supporting rental growth 75% As at Mar 08 Mar 09 Mar 10 Mar 11 Sep 11 Overall Shops P.21 Asset Management: Stable Trade Mix Retail Trade Mix - Focused on Staples and Daily Needs – by Monthly Rent Notes: As at 30 September 2011 ^ Includes Department Store, Clothing, Footwear & Allied Products, Electrical & Household Products, Leisure & Entertainment, Single Operator Shopping Centre, Cooked Food, Education/Welfare, HD Office, Ancillary, etc.