INTERIM REPORT - The Link REIT

REPORT OF THE CHIEF EXECUTIVE OFFICER (CONTINUED)Composite Reversion RateThe composite reversion rate is an indicator of rental growth comparing the newly achieved rentalrates of a like for like space with those leases expired during the period. The composite reversionrate for the retail properties showed a slight decline to 21.5% (six months ended 30 September 2010:22.7%). The composite reversion rate for shops, which accounted for the major share of revenue,was 22.7% (six months ended 30 September 2010: 22.2%).Composite Reversion Rate by Trade CategorySix months ended30 September2011%Six months ended30 September2010%% of total IFA(exclude Self useoffice) as at30 September2011%Shops 22.7 22.2 81.3Markets/Cooked Food Stalls 14.3 24.8 9.1Others (1) 15.2 3.5 9.6Overall Retail Properties 21.5 22.7 100.0Note:(1)Others include Education/Welfare, HD Office, and Ancillary.Portfolio Lease Expiry ProfileIn the financial year ending 31 March 2012, leases accounting for 20.3% by IFA and 21.2% by monthlybase rent of the retail properties will expire.By Total IFABy Monthly Base Rent(as at 30 September 2011) (as at 30 September 2011)Six months ending31 March 2012Six months ending20.3% 21.2%31 March 2012Year 2012/1329.6% Year 2012/1327.4%Year 2013/14 19.9% Year 2013/1425.0%Year 2014/15 and beyond16.6% Year 2014/15 and beyond20.1%Short-term leaseand vacancy13.6% Short-term lease 6.3%18The Link Real Estate Investment Trust