Wednesday, 23 J uly 2014

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I PO FACT SHEET
Accordia Golf Trust
ISSUE STATISTICS
Offer Size: 782.025m new units
Singapore Public Tranche: 41,163m new units
Japanese Public Tranche: 576.27m new units
Placement Tranche: 164.592m new units
Price: S$0.97 to S$1.00
NAV per share (post IPO): S$0.904 to S$0.933
Historical PE: 14.4x to 14.9x
Market Cap (post-IPO): S$1,066.1m to S$1,099.1m
Open: 21 J ul 14
Close: 24 J ul 14, 4.00 pm
Price Determination: 24 J ul 14
Trading: 1 Aug 14, 2.00 pm (on ready basis)
Lead Manager: Daiwa Capital Markets, Citigroup

cents cents
DPU Based on S$0.97 Based on S$1.00
FY15 8.8 8.8
FY15 ( Excl non-recurring items) 6.8 6.8

Yield
FY15 9.1 8.8
FY15 ( Excl non-recurring items) 7.0 6.8

BACKGROUND
Accordia Golf Trust (AGT) is the first business trust comprising investments in golf course assets in J apan to be listed on the SGX. The
initial portfolio will comprise 89 golf courses (including golf course-related assets) across J apan, of which 86.4% (based on their appraised
values as at 30 Sep 13) are located in the three largest metropolitan areas in J apan (Greater Tokyo Region, the Greater Nagoya Region
and the Greater Osaka Region). 10 of the golf courses have hotel facilities located on them. The initial portfolio is valued at about J PY
150,908m (S$1.85b) as at 30 Sep 13.
BUSINESS STRATEGY AND FUTURE PLANS
Asset management strategy. Increase revenue of the initial portfolio, acquire new assets and divest under-performing assets, optimise
and improve operating efficiency and reduce operating costs.
Risk and capital management strategy. Assess risks relating to the business, optimise overall capital structure of AGT and its assets,
proactively manage overall financing costs, utilise hedging techniques as appropriate to manage foreign-exchange exposure.
Acquisition and growth strategy. A right of first refusal and call option over the sponsors pipeline of golf courses and driving ranges,
pursue selective acquisition opportunities to expand AGTs business and portfolio of assets.
COMPETITIVE STRENGTHS
Well-diversified and balanced initial portfolio with low customer concentration risk.
Portfolio located mainly in the three largest metropolitan areas in J apan with good access from densely populated cities.
High barriers to entry in the golf course market.
KEY RISKS
Dependent on the condition and outlook of the golf course and golf course-related industries, which include adverse weather conditions,
natural disasters, changes in the domestic, regional and global economies, and the number of new golf courses.
Attractiveness of the initial portfolio of golf courses is subject to changes in consumer preferences, which are difficult to predict.

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Fluctuations in J apans demographics and economic environment.
Some of the golf courses are situated on lands to which the golf course subsidiaries do not have title over.
Certain golf course subsidiaries are not registered in the land records as current owners and/or lessees of the lands on which some of the
initial portfolio golf courses are situated.
Not all the leased lands held by the golf course subsidiaries have leases executed or renewed in writing.
Not all the land owners of the lands which have been leased by the golf courses subsidiaries are known.
DIVIDEND POLICY
AGT intends to distribute 100% of its distributable income to unitholders for FY15, and make distributions of at least 90% of distributable
income to unitholders from FY16 onwards.
USE OF IPO PROCEEDS
Sources S$m Applications S$m As a dollar amount for each S$ of
the total issue proceeds of the
offering and the consideration units
Offering 758.564 Funding the acquisition of the tokumei kumiai (TK)
interests on the llsting date
913.135 0.856
Consideration units 307.584 Working capital purposes 4.514 0.004
Equity issue expenses 76.71 0.072
Further investment in the TK business by way of
additional TK contributions to the TK business
71.789 0.067
Total 1,066.148 Total 1,066.148 1
Based on minimum offering price




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