Link Real Estate Investment Trust : Grant of Restricted Unit Awards and Conditional Cash Awards under the 2017 Long-term Incentive Scheme

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.

GRANT OF RESTRICTED UNIT AWARDS

AND CONDITIONAL CASH AWARDS UNDER THE 2017 LONG-TERM INCENTIVE SCHEME

This announcement is made pursuant to 10.3 of the Code on Real Estate Investment Trusts (the REIT Code).

The Board of the Manager announces that Restricted Unit Awards and Conditional Cash Awards were granted to certain Directors and employees of the Manager on 4 July 2018 under the 2017 LTI Scheme.

Reference is made to the long-term incentive scheme (the 2017 LTI Scheme) of Link Real Estate Investment Trust (Link) adopted by the board of directors (the Board) of Link Asset Management Limited (the Manager) (as manager of Link) on 10 July 2017.

The Board announces that restricted unit awards (the Restricted Unit Awards) in conjunction with conditional cash awards (the Conditional Cash Awards, which, together with the Restricted Unit Awards, may hereafter be referred to collectively as the Awards) were granted on 4 July 2018 (the Date of Grant) in accordance with the 2017 LTI Scheme to the following persons:

1.

The following executive, non-executive and independent non-executive directors of the Manager (the Directors) (as approved by the Board (and, where required, by all the independent non-executive Directors) with no Director having voted on the relevant resolution approving his/her own grant):

Maximum number of Units which may be vested under the Restricted Unit

Name of Director

Awards granted

(subject to due acceptance and fulfilment of vesting conditions, if any)

Vesting periods (both days inclusive)

Nicholas Charles ALLEN

10,500 10,500

04/07/2018 to 30/06/2020 04/07/2018 to 30/06/2021

Save as disclosed above, no other person to whom Awards were granted on the Date of Grant in accordance with the 2017 LTI Scheme was a Director, the chief executive of the Manager, a significant holder (within the meaning of Chapter 8 of the REIT Code) of Link, or any of their respective associates.

2.

Employees of the Manager (not being a Director, its chief executive, a significant holder (within the meaning of Chapter 8 of the REIT Code) of Link, or any of their respective associates) in aggregate:

Maximum number of Units in aggregate which may be vested under the Restricted Unit Awards granted (subject to due acceptance and fulfilment of vesting conditions, if any):

1,139,788

Vesting periods (both days inclusive):

50% 50%

04/07/2018 to 30/06/2020 04/07/2018 to 30/06/2021

The Restricted Unit Awards so granted (as mentioned above) are subject to vesting conditions which may involve fulfilment of performance targets (if applicable). The actual number of Link's units (the Units) which may vest in favour of each relevant grantee will vary from the maximum number as disclosed above to zero depending on whether, and to what extent, the relevant vesting conditions (if applicable) are met. On vesting, Units will be purchased by an independent third party intermediary for, and in the name of, the relevant grantee from the open stock market in satisfaction of the Restricted Unit Awards vested with him/her in accordance with the 2017 LTI Scheme. On the assumption that all the Restricted Unit Awards were vested for the maximum number of Units as mentioned above, the relevant Units will account for approximately 0.12% of the Units currently in issue.

The Conditional Cash Awards granted in conjunction with the Restricted Unit Awards will, on vesting, entitle each relevant grantee to receive a cash amount equal to the total distributions per unit paid by Link during the vesting periods multiplied by the actual number of Units finally vested with such grantee.

Details of the 2017 LTI Scheme (including, without limitation, the oversight of its operation by the remuneration committee of the Manager who will recommend for approval by the Board of grant of Awards to Directors and approve grant of Awards to non-Director grantees) are set out in the announcement of Link dated 10 July 2017.

The closing price of the Units as quoted on The Stock Exchange of Hong Kong Limited on the Date of Grant was HK$72.05 per unit.

Details of grant, vesting, cancellation and/or lapse of Restricted Unit Awards and Conditional Cash Awards under the 2017 LTI Scheme together with estimated fair value of Restricted Unit Awards granted will be disclosed in interim and annual reports of Link.

By order of the Board

Link Asset Management Limited

(as manager of Link Real Estate Investment Trust)

Ricky CHAN Ming Tak

Company Secretary

Hong Kong, 4 July 2018

As at the date of this announcement, the Board of the Manager comprises:

Chairman (also an Independent Non-Executive Director)

Nicholas Charles ALLEN

Executive Directors

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

Non-Executive Director

Ian Keith GRIFFITHS

Independent Non-Executive Directors Christopher John BROOKE

Ed CHAN Yiu Cheong Blair Chilton PICKERELL Poh Lee TAN

May Siew Boi TAN Peter TSE Pak Wing Nancy TSE Sau Ling David Charles WATT Elaine Carole YOUNG