Accordia Golf TrustRHB Securities Corporate Day: Top 25 Jewels

April 2017 Stock code: ADQU

This presentation is intended solely for your information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units (“Units”) in Accordia

Golf Trust (“AGT” or the “Trust”). The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed, and it may not

contain all material information concerning AGT.

No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, the

information or opinions contained herein. None of the Trust, Accordia Golf Trust Management Pte. Ltd. (the “Trustee-Manager”), Accordia Golf Co., Ltd. (the “Sponsor”),

and Daiwa Real Estate Asset Management Co. Ltd., or any of their respective affiliates, directors, officers, employees, agents, advisers or representatives shall have

assume any responsibility or any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or

distribution of this presentation or its contents or otherwise arising in connection with this presentation. Nothing contained herein is, or shall be relied upon as, a promise or

representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the

information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.

The information in this presentation may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding,

distribution or reproduction of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the United States

Securities Act of 1933, as amended or the applicable laws of other jurisdictions.

This presentation contains forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,”

“depends,” “projects,” “estimates” or other words of similar meaning and that involve assumptions, risks and uncertainties. All statements that address expectations or

projections about the future and all statements other than statements of historical facts included in this presentation, including, but not limited to, statements about the

strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Such forward-looking statements are based

on certain assumptions and expectations of future events regarding the Trust's present and future business strategies and the environment in which the Trust and the

Trustee-Manager will operate, and must be read together with those assumptions. The Trustee-Manager does not guarantee that these assumptions and expectations are

accurate or will be realised. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a

number of risks, uncertainties and assumptions. There can be no assurance that such expectations will be met. Representative examples of these risks, uncertainties and

assumptions include (without limitation) general global, regional and local economic conditions, regulatory developments and changes in the golf course industry,

implementation of new changes in government regulations, man-made or natural disasters that affect the business or assets of AGT, and general global, regional and local

political and social conditions and the implementation of or changes to existing government policies in the jurisdictions where AGT operates. Predictions, projections or

forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Trust. Past performance is not

necessarily indicative of future performance. The forecast financial performance of the Trust is not guaranteed. You are cautioned not to place undue reliance on these

forward-looking statements, which are based on the Trustee-Manager's current view of future events. The Trustee-Manager does not assume any responsibility to amend,

modify, revise or update any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. While the Trustee-Manager

has taken care to ensure that information is extracted accurately and in its proper context, the Trustee-Manager has not independently verified any of the data from third

party sources.

The value of the Units and the income derived from them may fall or rise. The Units are not obligations, or deposits in, or guaranteed by the Trustee-Manager. An

investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The holders of the Units (the “Unitholders”) have no right

to request that the Trustee-Manager redeem or purchase their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on

Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

Important Notice

2

Golf Industry

3

Central Golf Course, Tokyo Region

Golf Industry Overview

4

• Japan is the second largest golf market globally

• Highest number of golf players per golf course as compared to other mature countries

Country 2014: No. of Golf Courses(1)

USA 15,372

Japan 2,383

Canada 2,363

UK 2,084

Australia 1,628

China 473

France 648

Korea 447

Sweden 491

Total 25,8890

500

1,000

1,500

2,000

2,500

3,000

3,500

Japan USA UK Canada Australia

Golf Player Per Golf Course in Mature Countries(2)

Source:

(1) Golf Around the World 2015 by R&A and Nihhon Golf-jo Keieisha Kyodai

(2) National Golf Foundation (in US), British Golf Industry Association, Leisure White Paper 2013 by Japan Productivity Council, Forward Management Group (in

China), Korea Leisure Industry Institute, UK Sports Marketing Surveys 2011, Australia Golf Industry Economic Report 2010, Economic Impact of Golf for Canada

2009 by National Allied Golf Associations, Measuring the Lifecycle Carbon Footprint of a Golf Course and Greening the Golf Industry in Japan by Saito, Dr.,

Osamu, 2011, International Monetary Fund & CBRE

Limited Supply of Golf Courses in Japan

5

Significant Barriers to Establishing New Golf Courses

High land cost

Relatively high construction cost of at least US$50.0

million to US$60.0 million (5 billion to 6 billion yen)

No new development of golf course in the past few

years.

Source: Nihon Golf Jo Jigyo Kyokai (NGK)(1)

Declining Number of Golf Courses

Market in Consolidation

(1) NGK has not provided its consent to the inclusion of the information extracted from the relevant report published by it and therefore is not liable for such information. While the

Trustee-Manager has taken reasonable actions to ensure that the information from the respective reports published by NGK is reproduced in its proper form and context, and

that the information is extracted accurately and fairly from such report, neither the Trustee-Manager nor any other party has conducted an independent review of the information

contained in such report nor verified the accuracy of the contents of the relevant information.

• High Barriers of Entry to the Japanese Golf Course Market

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

No. of Golf Courses

6

Top 20 Golf Operators/Owners in Japan

(1) Source: Golf-jo Kigyo Group & Keiretsu

(2) Based on the total number of golf courses in Japan (2,317) from Nihhon Golf-jo Keieisha Kyokai

(3) Combined AGT and Accordia Golf

No. Company NameNo. of Golf Courses(1)

as at 1 April 2016

Market Share(2) as at

1 April 2016

1 Accordia Golf(3) 132 5.69%

2 PGM Group 130 5.39%

3 Orix Group 40 1.71%

4 Seibu Group 31 1.20%

5 Tokyu Group 27 1.20%

6 Ichikawa Golf Kogyo Group 24 1.11%

7 Cherry Golf Group 22 0.98%

8 OGI Group 22 0.98%

9 Unimat Group 18 0.81%

10 Taiheyo Club 17 0.73%

11 Chateraise 16 0.68%

12 GCE Group 16 0.68%

13 RESOL Group 15 0.64%

14 Resort Trust 13 0.56%

15 Tokyo Tatemono (J Golf) 12 0.51%

16 JGM Golf Group 12 0.51%

17 Kamori Kanko 11 0.47%

18 Akechi Club & Boso Country Club Group 10 0.43%

19 Daiwa House 10 0.43%

20 Hotel Monterey 10 0.43%

• Japanese golf course market remains fragmented with the top 10 players holding

approximately 20% of the total market share

7

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2005-2010(%)

2010-2015(%)

Source:

National Institute of Population and Social Security Research, Japan (www.ipss.go.jp)

Region classification is based on AGT’s area classification

Population Shift to Urban Prefecture from in Rural Prefecture since 2005 to 2015

Urbanization in Japan

About Accordia Golf

Trust

8

Midono Country Club, Tokyo Region

ACCORIA GOLF TRUST

1. Unique Asset

2. Attractive Yield with

Relatively Steady Cash Flow

3. Acquisition Opportunities

9

Unique Asset: Golf Courses (89 courses in Japan)

70% are located in the 3 Key Metropolitan AreasTotal Appraisal Value: JPY 150.89 billion(1)

Greater Tokyo Region

No of Golf Courses 35

Appraisal Value (JPY bil) 73.984

Greater Nagoya Region

No of Golf Courses 12

Appraisal Value (JPY bil) 17.884

Greater Osaka Region

No of Golf Courses 15

Appraisal Value (JPY bil) 37.860

Other Regions

No of Golf Courses 27

Appraisal Value (JPY bil) 21.166

(1) Appraisal Value is as at 31 December 2016. 10

1

Unique Asset : Trust Structure

• Singapore’s first listed Business Trust with golf course assets

• Listed on Singapore Exchange (SGX-ST) on 1 August 2014

11

1

Unique Asset: Income and Expense Structure

Golf CourseRevenue

67%

RestaurantRevenue

24%

MembershipRevenue

8%

Other,1%

Operating Income (9M YTD FY16/17)

Labour & Outsourcing Expenses

38.0%

Merchandise & Material Expenses ,9.0%

Golf Course Management Fee14.0%

Golf Course Maintenance & Repair Cost, 6.6%

Depreciation & Amortisation, 7.3%

Utility Expenses4.8%

Operating Lease Expenses,4.6%

SG&A and others15.7%

Operating Expenses (9M YTD FY 16/17)

Golf course revenue: play fees, caddie fees, accommodation

fees, driving range fees, etc.

Restaurant revenue: sales at golf course restaurant and golf

course shops, hotel sales of food and drinks, etc.

Membership revenue: annual membership fee, new

membership fees, name transfer fee, etc. 12

1

12.58 12.70 12.9311.78 12.03

12.76

5.42 5.455.61

5.53 5.695.81

0

1

2

3

4

5

6

7

0

2

4

6

8

10

12

14

16

FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16

EBITDA Number of players(JPY billion) million

Earthquake

in March

Economy

stagnant

Heavy

snowfall

Warmer

winter

(1) Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”): These figures are on J-GAAP basis and for illustration purposes and have not

been audited or verified by third parties. 13

• Actual Number of players for AGT’s golf courses remains stable over the years.

• EBITDA(1) (based on J-GAAP) reflects the stability of players regardless of unfavourable

events.

(1)

Relatively Steady EBITDA Regardless of Unfavourable Events2

3.6%

5.7%

3.4%

0.6% 0.4%

4.1%

0.5%

-0.4%

2.7%

10.6%

7.0%

3.2%

6.8%

4.8%

2.4%

8.6%

1.8%

4.0%

2.4%

-0.4%

4.1%

-5%

0%

5%

10%

15%

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

FY15/16: Change in Reservations FY16/17: Change in Reservations

Year-on-Year changes of number of visitors under reservation as at beginning of month

14

The calculation on change in reservation is based on actual reservation vs the same month of the previous year for 89 golf courses and does not reflect any cancellation

due to weather conditions

Sound demand for golf brought fairly positive reservation rate each month.

Sound Demand with Stable Number of Visitors under Reservation 2

Number of Plays in Japan Remains Stable

15

• Number of plays in Japan remains stable as the number of plays per player has been

increasing.

• Proportion of senior plays has been increasing.

Source: Japan Productivity Centre

Nihon Golf-jo Keieisha Kyokai, Japan

90.7 91.6 88.1

84.3 86.7 86.7 86.5 87.7

9.0 10.0 10.5 11.3 12.8 13.9 14.8 15.5

9.5 9.510.9

10.511.0

10.1

12.011.5

0

2

4

6

8

10

12

14

-

20

40

60

80

100

120

140

2008 2009 2010 2011 2012 2013 2014 2015

Number of Play and Number of Plays Per PlayerNo of Plays

(millions)

No. of Play

per PlayerOver 70sNo of plays (mil) No of Play per Player

2

Seasonality in Operation, Accounting Profit and Cash Flows

1QSpring

2QSummer

3QAutumn

4QWinter

Operating Revenue Operating Profit

1st Half

Golf Seasonality (Image）

1st Half

2nd Half

Operating Profit

1st Half

2nd Half

Distribution

Golf course business naturally has seasonality

Demand fluctuates according not only to Japanese

seasons but also weather conditions,

e.g.

• Rainy season (June to July) : low demand & high

cancellation.

• Typhoon (September to October) : high cancellation.

• Snow fall (January to March) : low demand.

➢ Cash available for distribution could differ from

operating profit as the distributable amount is calculated

based not only on the operating profit but also actual

“cash flow”.

➢ The major cause for such deviation is the membership

fees that are recognized monthly but actually received

and become distributable mostly in the fourth quarter.

Distribution

Calculated based on

cash flow

Calculated based on

accounting profit

16

2nd Half

High Season

Middle Season

High Season

Low Season

3.8

6.9

10.7

9.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0

JREITs

SREITS

BTrusts

AGT

Source:

AGT: Calculation is based on actual announced/payout in 2HFY15/16 DPU and 1H FY16/17 DPU / AGT’s closing price as at 7 April 2017 of SGD0.725 cents

NOTE: AGT’s financial year is March and AGT’s distribution is payable on a semi-annually basis (March and September)

BTrusts: Data consists of 9 business trust, including AGT. OCBC SREITs Tracker as at 3 April 2017

SREITs: Data consists of 9 business trust, including AGT. OCBC SREITs Tracker as at 3 April 2017

JREITs: J-REIT Report from The Association for Real Estate Securitization. Data is as at 7 April 2017 and includes 56 REITs.

17

Attractive Yield2

Acquisition Opportunities: Pipeline from Sponsor

Right of First Refusal (“ROFR”)

AGT has a right of first refusal for ALL golf course

related assets owned by the Sponsor

Call Option granted to AGT

AGT can initiate asset purchase negotiations with

the Sponsor any time over the relevant assets

subject to the call option

18 Golf Courses

(Call Option)

“Non-Accordia” Brand

19 Golf Courses

26 Driving Ranges

7 Golf Courses

“Accordia” Brand

Data as at 31 December 2015

Golf courses held by Sponsor

Accordia brand

Non-Accordia brand

Assets under Sponsor

18

3

Strength of "Accordia" Brand Golf Course

Accordia Brand Golf Courses

• Main Target: Middle Class

• Provide Casual atmosphere with Reasonable Play

Fees

• Higher number of Visitors (utilisation)

19

Middle class golf courses with

higher number of visitors

Strength of Accordia Brand Golf Courses

1. Well located golf courses

2. Sponsored by the Largest Golf Operators in Japan(*)

with Economies of Scale, Efficient Golf Course

Operation, and Effective Brand Management

(* by market share)

Strength of "Accordia" Brand Golf Course

20

Loyalty Card Holders of Accordia Golf

(million)

1.922.33

2.803.29

3.650.24

0.32

0.34

0.31

0.32

0.20

0.19

0.18

0.18

0.17

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016

Visitor Silver Member

Source: Sponsor/Golf Course Manager

2.36

2.84

3.32

3.784.14

Strength of Accordia Brand Golf Courses

3. Expertise in Expanding Tee Time Slots

4. Ability to Attract and Retain Customers with

Competitive Play Fee, and Direct/Indirect Marketing

5. Large and Loyal Customer Base

“Silver” : non-member “Gold” and Silver” status loyalty card holders

(frequent player).

“Member” : member loyalty card holders. (member of each golf course)

“Visitor” : non-member “White” status loyalty card holders.

High Market Penetration Rate

4.14 million loyalty card holders (as at 31 March

2016).

approx. 57.5% of total number of golf players in

Japan (7.2 million(1)).

51.28 51.44

53.01 52.20 53.70

36.21 34.95 36.07 36.36 37.03

-

10

20

30

40

50

60

FY09/10 FY10/11 FY11/12 FY12/13 FY13/14

Thousands

• Higher numbers of players would drive stable operating cash flows.

(1) Average number of players is calculated by dividing total number of players by 18 holes converted number of golf courses.

Source: Nihon Golf-jo Keieisha Kyokai

Strength of "Accordia" Brand Golf Course

Higher Number of Visitors

Approx. 45% higher

than national average

21

AGT’s Average

Japan national

average

Number of Players per Golf Course per year

Outlook

22

Hanao Country Club, Tokyo Region (Chiba)

Outlook

Japan Economy

• Expected to recover gradually with underlying support from domestic factors such as:

growth of real wages and Implementation of economic stimulus package

• Downside risk factors includes: yen appreciation and World economic slowdown

• GDP forecast revised upwards(1):

• Fiscal Year 2017 at 1.5% (from 1.3%); and

• Fiscal Year 2018 at 1.1% (from 0.9%)

Steady Number of Golf Plays in Japan Expected to Continue

• Affordable play cost leads to steady number of plays in the mid-to-long run.

Golf Remains as a Popular Leisure and Sports

• Golf continues to be a healthy leisure activity for seniors.

• Japanese baby boomers who have money and more time for golf.

• Higher healthy life expectancy of seniors led to increasing demand as players can

play at a higher age.

23

Source: Golf News Net dated 18 Oct 2016(1) Source: CNN News dated 1 February 2017

Appendix

Lake Forest Resort, Osaka Region

24

Revenue per Player (3Q FY16/17 vs 3Q FY15/16)

Note: Revenue per player based on IFRS were lower than J-GAAP base especially for weekday because of “free play” coupon of the rewards programme.

Play fee includes Green fee and cart fee

(1) Revenue does not include revenue from memberships fees and Pro-shop business.

Revenue(1) per Player (J-GAAP-based Revenue)

25

4,712

8,554

6,165

81

109

92 2,264

2,577

2,382 365

403

379

¥-

¥2,000

¥4,000

¥6,000

¥8,000

¥10,000

¥12,000

Weekday Weekend All day

3Q FY15/16

Play fee Caddy fee F & B Others

4,621

8,559

6,164

68

94

78 2,245

2,577

2,375 361

394

374

¥-

¥2,000

¥4,000

¥6,000

¥8,000

¥10,000

¥12,000

Weekday Weekend All day

3Q FY16/17

Play fee Caddy fee F & B Others

7,296

11,625

8,992

11,644

7,422

9,018

26

Monthly Number of Players and Utilization Rate

FY16/17 Number of Players (thousands) Utilization Rate(1)

Actual YoY Change(2) 3 Year Average

Change(3) Actual

YoY Change

Percentage Point

(ppt)(4)

3 Year Average

Percentage Point

(ppt) Change(5)

Apr 491 +0.1% +0.2% 77.9% -0.3 ppt -0.2 ppt

May 572 -4.0% -1.0% 87.2% -3.6 ppt -0.8 ppt

Jun 492 -5.4% -3.0% 77.8% -4.2 ppt -2.1 ppt

Jul 541 +11.9% +8.6% 82.5% +8.3 ppt +6.3 ppt

Aug 497 -1.8% -0.2% 76.4% -1.2 ppt +0.1 ppt

Sep 477 -4.6% -6.3% 75.3% -4.6 ppt -5.6 ppt

Oct 541 -2.3% 4.4% 82.4% -2.0 ppt +2.7 ppt

Nov 498 -0.9% -2.7% 80.9% +0.9 ppt -0.3 ppt

Dec 473 -1.8% +3.7% 75.9% -0.4 ppt +1.3 ppt

Jan 371 +6.8% +5.0% 67.9% +1.9 ppt +3.9 ppt

Feb 334 -6.9% +10.1% 66.3% +0.2 ppt +2.1 ppt

Mar 466 -0.2% +3.2% 76.4% +0.9 ppt +2.2 ppt

TOTAL 5,753 -0.9% +1.4% 77.2% -0.3 ppt +0.8 ppt

1Q 1,555 -3.2% -1.3% 81.0% -2.7 ppt -1.0 ppt

2Q 1,515 +1.7% +0.7% 78.1% +0.9 ppt +0.3 ppt

3Q 1,512 -1.7% +1.7% 79.7% -0.5 ppt +1.2 ppt

4Q 1,171 -0.2% +5.7% 70.2% +1.0 ppt +2.7 ppt

(1) Utilization Rate = Total number of players per 18 holes / (Total operating days x 50 (flights) x 4 (persons)). Total operating days exclude closed days under specific

circumstances such as typhoon and snow, among other factors.

(2) Year-on-Year (YoY) Change = (Current month data - corresponding month of the previous year) / corresponding month of the previous year.

(3) 3 Year Average Change = (Current month data – previous 3 Year Average) / previous 3 Year Average.

(4) Year-on-Year (YoY) Change Percentage Point (ppt) = Current month data - corresponding month of the previous year.

(5) 3 Year Average Percentage Point Change = Current month data – previous 3 Year Average.

Leased Land in the Golf Courses

27

• Percentage of leased land

Freehold, 76%

Leased, 24%

0% 20% 40% 60% 80% 100%

• Overall 76% of the land are owned by AGT group.

14

22

10

16

13

10

4

0 5 10 15 20 25

0

0 - 5

6 - 10

11 - 20

21- 50

51 - 100

over 100

Number of golf courses in AGT

14

12

13

14

16

6

5

9

0 5 10 15 20

0.00

0 - 5 %

5 - 10%

10 - 20%

20 - 40%

40 - 60%

60 - 80%

80 - 100%

Number of golf courses in AGT

• Number of leased land owners

- Most of the land owners are individuals or corporate

- Only one course has land leased from the

government

- Standard lease term is 10- 20 years

Management FeesFund Fee Formula(1)

Trustee-Manager Fees • Base fee: 0.11% per annum of the value of the total assets

• Performance fee: 0.25% per annum of Adjusted NOI(2)

• Acquisition fee: 0.6% of appraisal value

• Divestment fee: 0.15% of divestment value

• Initial set-up fees: JPY400 million or 0.232% of Trust Property as at 31 December 2013

Asset Management

Fees

• Base fee: 0.066% per annum of the appraisal value of New SPC’s golf courses(3)

• Acquisition fee: 0.75% of appraisal value

• Disposal fee: 0.15% of divestment value

• Initial set-up fees: JPY400 million or 0.265% of total appraisal value of the Initial

Portfolio as at 30 September 2013

Golf Course

Management Fee

• Fixed fee: JPY2.75 million per 18 holes per month and JPY1 million per driving range

• Variable fee: 3.0% of the net sales and 5.0% of incremental operating profits per month

• Integral Purchase System Usage fee: JPY15,000 per course per month

• New Membership fee: 60% of admission fee

(1) Please refer to the Prospectus for further details

(2) Net Operating Income (“NOI”) = Gross revenue less merchandise and material expenses, labour costs and other operating expenses in respect of such golf courses,

driving ranges, golf course related assets and driving range related assets but before deduction of fees payable under the golf course management agreement

(3) Appraised value of the total assets of New SPC based on the last available appraised value obtained by New SPC

28