Portfolio Review 3Q16

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, Portfolio Review 2Q15 for 10, and Portfolio Review 2Q16 for 11):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust
9. OUE HTrust
10. FCL 3.65%b
11. Hyflux 6%Perp
12. SoilbuildBizReit
• Buy
  Resilience of business park rentals relative to logistics/industrial properties
13. FCOT

• Buy
  Stability of contributions from local technopark and overseas Australian properties

Next portfolio review due after 31 December 2016.

Note to self: only simple P/L calculated. Excluding dividends, combined paper and transacted P/L recovered to net positive this quarter, one year on from first instance of portfolio paper loss in 3Q15