Business Summary

• The Link Real Estate Investment Trust (The Link REIT) is a Hong Kong-based real estate investment trust (REIT).

• The principal activity of The Link REIT and its subsidiaries is investment in retail properties and car park operations in Hong Kong.

• The portfolio consists of properties with an internal floor area of approximately 11 million square feet of retail space and approximately 80,000 car park spaces. Its segments include retail properties and car parks. The portfolio’s retail facilities, located on the doorstep of over 40% of Hong Kong’s households, primarily serve the daily needs of people in Hong Kong.

• The car parks mainly serve tenants and customers of the retail facilities and residents of the surrounding neighborhoods. The Link REIT's manager is The Link Management Limited.

Interim Results for the 6 months ended 30 September 2014

• During the six months under review, total revenue increased by 9.6% to HK$3,830 million (six months ended 30 September 2013: HK$3,493 million) while net property income increased by 10.6% to HK$2,783 million (six months ended 30 September 2013: HK$2,517 million).

• Interim distribution per unit (“DPU”) for the period amounted to HK89.56 cents (six months ended 30 September 2013: HK80.22 cents), which includes a discretionary distribution relating to the transaction costs incurred for the acquisition of investment property during the period of HK5.56 cents (six months ended 30 September 2013: Nil).

• The interim DPU represents a year-on-year increase of 11.6%. Valuation of the investment properties portfolio continued to improve and reached HK$125,486 million (31 March 2014: HK$109,899 million), representing an increase of 14.2% compared to 31 March 2014.

• Net asset value per unit grew to HK$48.23 (31 March 2014: HK$41.69).

Recommendation

• From Thomson Reuters data, out of 17 analysts, 2 of them rated “BUY”, 5 of them rated “OUTPERFORM”, 7 of them rated “HOLD”, and the remaining 2 of them rated “UNDERPERFORM.”

• Therefore, the consensus recommendation = HOLD

• We set the BUY PRICE @ $50, TARGET PRICE = $55, CUT LOSS = $48.5.

I, Michael Fung Ka Kit, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.