The relationship between the golf course holding company ("Golf Course Holding Company or SPC") and AGT is governed by a tokumei kumiai ("TK")
agreement, being a silent partnership agreement. TK is a contractual relationship between an investor and a business operator, whereby the investor makes
certain business contributions to the business operator (whether in the form of cash, shares or other things of value) in return for the right to receive
distributions of profits generated from the business managed by the operator. The assets contributed by the investor to the business operator shall be legally
owned by the business operator ("TK Investment"). For further information on TK structure, please see the prospectus of AGT dated 21 July 2014.
AGT invests in the Initial Portfolio via the Golf Course Holding Company established to hold the Initial Portfolio under a TK investment structure.