Link Real Estate Investment Trust (823) Investor update summary

Leadership transition and CEO appointment

• Neil Slater appointed as new CEO, bringing extensive international real estate and retail experience, including leadership roles at Redevco and Aberdeen Asset Management.

• The selection followed a rigorous global search, emphasizing alignment with the company's retail-focused strategy in APAC.

• Slater has lived and worked in Asia, with direct experience in Hong Kong, and is recognized for high integrity and intellect.

Strategic direction and operational focus

• No change to the 'back to basics' strategy: continued focus on retail malls in Hong Kong, Greater Bay Area, and select assets in Singapore and Australia.

• Ongoing sales of non-core assets, share buybacks, and reinvestment in the existing retail portfolio will persist.

• Asset-light strategies and regional expansion, such as into Japan or Europe, are not planned; the core retail focus remains.

• Potential for joint ventures and partnerships to maximize returns, but no shift in overall strategy.

Compensation and performance incentives

• CEO compensation includes a base salary of HKD 9 million, a guaranteed first-year bonus of HKD 13.5 million, and potential for over HKD 60 million if all long-term incentive targets are met.

• Long-term incentives are tied to total shareholder return, outperformance of cost of capital, and relative performance against a demanding peer group of 30 REITs.

• Remuneration policy remains unchanged and is aligned with shareholder interests.