The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CLARIFICATION ANNOUNCEMENT

The Link Management Limited (the Manager), as manager of The Link Real Estate Investment Trust (The Link) noted certain online articles published today in relation to the submission of a tender to the Government (the Land Tender) for a commercial land site at Kwun Tong, Kowloon (the Land) by a joint venture between The Link and a land developer (the Joint Venture).
The Manager would like to advise that the Joint Venture submitted the tender for the Land on
23 January 2015, and the result of the Land Tender has not been publicly released.
Unitholders of The Link (the Unitholders) should note that the investment strategy of The Link currently includes (among others) property development and related activities, which was approved by Unitholders by special resolution at the extraordinary general meeting of Unitholders of The Link held on 15 January 2015. For further details of The Link's expanded investment strategy, please refer to the announcements of The Link on, respectively,
19 December 2014 and 15 January 2015.
This announcement is made by the Manager on a voluntary basis. A further announcement will be made by the Manager for The Link in accordance with the Code on Real Estate Investment Trusts (the REIT Code) if and when the Joint Venture is notified by the Government that the tender submitted by it is successful. The Manager is not aware of any information which is

currently required to be disclosed pursuant to 10.3 and 10.4 of the REIT Code.

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Unitholders and potential investors of The Link should note that the tender submitted by the Joint Venture in respect of the Land Tender may or may not be successful. Unitholders and potential investors of The Link are therefore reminded to exercise caution when dealing in the securities of The Link.

By order of the board of directors of

The Link Management Limited (as manager of The Link Real Estate Investment Trust) Ricky CHAN Ming Tak

Company Secretary

Hong Kong, 23 January 2015

As at the date of this announcement, the board of directors of the Manager comprises: Chairman (also an Independent Non-Executive Director)

Nicholas Robert SALLNOW-SMITH

Executive Directors

George Kwok Lung HONGCHOY (Chief Executive Officer)
Andy CHEUNG Lee Ming (Chief Financial Officer)

Non-Executive Director

Ian Keith GRIFFITHS

Independent Non-Executive Directors

William CHAN Chak Cheung Eva CHENG LI Kam Fun Anthony CHOW Wing Kin May Siew Boi TAN
Peter TSE Pak Wing Nancy TSE Sau Ling David Charles WATT Richard WONG Yue Chim
Elaine Carole YOUNG

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