To annotate… (I had to look up the definition). I use preview and adobe acrobat. I am not sure I understand what you mean by “you would like to create a link annotation…” are you talking about doing basic highlighting and comments or sending this to someone else using icloud?
PDF standard supports “link annotations” and the target should be another page of the same PDF or a URL, that open the default browser.
This feature was available in snow leopard’s preview application and in lion’s preview application, but it seems to be removed in mountai lion’s preview app.
It’s not a good idea!!
I cannot believe that i have to buy Adobe Acrobat X to craete a simple PDF annotation.
Level 2 
Level 1
