Disclaimer

Information contained on this website is intended solely for your personal reference and is strictly confidential. The information and opinions on this website are subject to change without notice, its accuracy is not guaranteed, and it may not contain all material information concerning Accordia Golf Trust ("AG Trust" or the "Trust"). Neither Accordia Golf Co., Ltd. (the "Sponsor"), Accordia Golf Trust Management Pte. Ltd. (the "Trustee-Manager"), the Trust nor any of its affiliates, advisors and representatives make any representation regarding, and assumes no responsibility or liability whatsoever (in negligence or otherwise) for, the accuracy or completeness of, or any errors or omissions in, any information contained herein nor for any loss howsoever arising from any use of these materials. By attending or viewing all or part of this presentation, you are agreeing to maintain absolute confidentiality regarding the information disclosed on this website and to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The information contained in these materials has not been independently verified. 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, the Trustee-Manager, the Sponsor, Daiwa Real Estate Asset Management Co. Ltd., Daiwa Capital Markets Singapore Limited ("Daiwa") and Citigroup Global Markets Singapore Pte. Ltd. ("Citigroup", together with Daiwa, the "Joint Bookrunners") or any of their respective affiliates, directors, officers, employees, agents, advisers or representatives shall have 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. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Trust's financial or trading position or prospects. The information and opinions contained in these materials is a summary only, and is qualified in its entirety by reference to the Final Prospectus (as defined below) for the offering (the "Offering") by the Trustee-Manager of units in AG Trust, and are provided as at the date of this presentation and are subject to change without notice. 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. None of the Joint Bookrunners or their subsidiaries or affiliates has independently verified, approved or endorsed the material herein.

The information on this website 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 (the "Securities Act") 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 on this website, 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, the Trustee-Manager and the Sponsor 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 AG Trust, and general global, regional and local political and social conditions and the implementation of or changes to existing government policies in the jurisdictions where AG Trust 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.

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, the Sponsor, or the Joint Bookrunners. 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 redeems or purchases 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.

This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. A preliminary prospectus dated 30 June, 2014 ("Preliminary Prospectus") setting out details of the Offering has been lodged with the Monetary Authority of Singapore ("MAS"). The information on this website is based on the information found in the Preliminary Prospectus and is qualified in its entirety by, and should be read in conjunction with, the full text of the final prospectus to be registered with the MAS (the "Final Prospectus"). You are cautioned that the Preliminary Prospectus is subject to such further verification, updating, revision and amendments as may be required by the MAS. Any decision to invest in any securities issued by the Trust or its affiliates should be made solely on the basis of information contained in the Final Prospectus after seeking appropriate professional advice, and you should not rely on any information other than that contained in the Final Prospectus. Any offer of units will be made in or accompanied by a copy of the Final Prospectus to be registered with the MAS. Anyone wishing to acquire units will need to make an application in the manner set out in the Final Prospectus.

Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose, copied, photocopied, duplicated or other ways reproduced in any form or by any means, or (ii) redistributed, passed on or otherwise disseminated directly or indirectly to any persons in your organisation or otherwise, without the prior written consent of the Trustee-Manager and the Joint Bookrunners.

Neither this presentation nor any copy or portion of it may be sent or taken, transmitted or distributed, directly or indirectly, into the United States, Canada, Japan or any other jurisdiction which prohibit the same.

These materials are not an offer of securities for sale into the United States, Canada or Japan. The securities have not been and will not be registered under the Securities Act or the securities laws of any state of the United States or other jurisdictions, and the securities may not be offered or sold within the United States except pursuant to an exemption from or in a transaction not subject to, the restrictions requirements, of the Securities Act and the applicable state or local security laws. The securities are being offered and sold outside of the United States in reliance on Regulation S under the Securities Act. There will be no public offer of securities in the United States and the Trustee Manager does not intend to register any part of the proposed offering in the United States.

This presentation has not been and will not be registered as a prospectus with the MAS under the Securities and Futures Act, Chapter 289 of Singapore and accordingly, this document may not be distributed, either directly or indirectly, to the public or any member of the public in Singapore. Failure to comply with this directive may violate applicable laws.