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Honma Golf Limited (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)

[] Honma Golf Limited [ ] [][] [][] [] [] [] [] [] [] [][]1.0% 0.0027%0.005% [] [] [ ] [ ] 32 342C [][] [][][][][][] [][][][]1.0%0.0027% 0.005%[][][] [] [][][][] [][] [][] [][][][] [][] [] []144A144A []S []

(1) []

[][] [][] [][] [] [] [] []...... i iii... 1... 11... 17... 19... 20... 31... 35... 38... 41... 43... 53... 58... 70... 107... 140... 143

... 145... 147... 148... 156... 158... 166... 173... I-1... II-1... III-1... IV-1... V-1... VI-1

[] [] [] HONMA HONMA HONMA(a) (b)

(1) BOM (2) (3) (a)(b)

2.2%118 1333.0% 47 39.6% HONMA 2.7%5.7% HONMA HONMAHONMA 22.6% HONMA % % %... 13,274,424 84.5 15,608,625 84.3 18,852,732 84.3... 84,965 0.5 338,181 1.8 419,891 1.9 (1)... 2,354,068 15.0 2,578,286 13.9 3,096,138 13.8... 15,713,457 100 18,525,092 100 22,368,761 100 (1) BERESTOUR WORLDBe ZEALG1X

HONMA 86HONMA HONMA (a)(b) % % %... 6,791,400 43.2 8,413,590 45.4 8,334,484 37.3 (1)... 5,482,627 34.9 6,048,205 32.6 8,410,386 37.6... 3,439,429 21.9 4,063,297 21.9 5,623,890 25.1... 8,922,057 56.8 10,111,502 54.6 14,034,277 62.7... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 (1) HONMA 442.5503.2 535.3 TOUR WORLD G1XBe ZEAL

163,000 36027 HONMA

% % %... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0... (6,353,737) (40.4) (7,620,050) (41.1) (9,173,918) (41.0)... 9,359,720 59.6 10,905,042 58.9 13,194,843 59.0... 925,393 5.9 90,825 0.5 77,125 0.3... (6,589,045) (41.9) (7,752,319) (41.8) (8,058,098) (36.0)... (922,750) (5.9) (1,195.421) (6.5) (1,362,533) (6.1)... (69,151) (0.4) (46,248) (0.2) 104,565 0.5... (10,776) (0.1) (7,490) (*) (24,073) (0.1)... 13,403 0.1 9,213 * 27,307 0.1... 2,706,794 17.3 2,003,602 10.8 3,959,136 17.7... (118,185) (0.8) 298,467 1.6 (394,596) (1.8)... 2,588,609 16.5 2,302,069 12.4 3,564,540 15.9 (1)... 1,762,444 11.2 2,278,272 12.3 3,390,234 15.2 * 0.1% (1) (i)(ii)(iii)

... 4,567,938 5,342,040 5,689,990... 11,603,279 12,268,408 14,378,784... 16,171,217 17,610,448 20,068,774... 8,608,846 3,515,792 5,527,297... 2,299,432 2,242,367 2,605,157... 5,262,939 11,852,289 11,936,320... 7,562,371 14,094,656 14,541,477... 6,340,340 416,119 2,442,464... 10,908,278 5,758,159 8,132,454... 1,972,960 (136,842) 1,430,499... 471,296 (296,899) (1,296,126)... (746,533) (442,613) (547,351)... 1,697,723 (876,354) (412,978)... 1,230,950 3,018,000 2,315,069... 89,327 173,423 (76,282)... 3,018,000 2,315,069 1,825,809

... 59.6% 58.9% 59.0%... 16.5% 12.4% 15.9%... 11.2% 12.3% 15.2%... 16.0% 13.1% 17.8%... 30.1% 65.5% 64.5%... 5.8% 14.2% 30.9%... 2.2 1.0 1.2... 1.0 0.4 0.6 [][] [] Kouunn Holdings []%Kouunn HoldingsKouunn Holdings[]% 24.425 21.29115 519.727 22.333 [] [][] [][] [][][

][][] [] [] []... []... []... []... []% []%[][]%[] [] [][][]% [][][] [] [] [] [] [] [] [] (1)(2)... [] [] (3)(4)(5)... [] [] [][] (1) [] (2) [][][] (3) 19.95 [][][ ][][][][][] (4) [][][ ][][][][][][] [][][][] (5) 1.0013.41 [][] [][][][] [][] []%[] []%[](i) TEAM HONMA(ii)(iii)

[]%[] []%[](i)(ii) (iii) []%[](i)[][] [](ii)[]%[] [] []%[] [][][] [] 30% (1)(2)(3) (4)(5)(6)(7) (8) 1,000.0 463.31,235.0 [] (i)(ii)(iii)[] HONMA []

[] [] [] [] A. 3.[] 75,059,000 223 622 32

Kouunn Holdings 00656 [] [] [] [] []

Honma Golf Co., Ltd. Tsurumi Golf Center Co. Honma Co. Honma Co., Ltd. 80% 20%Huang Wenyong Huang Wenyong Huang Wenyong20% Honma Golf (Thailand) Company Limited 9,798A 48.99%10,199B 50.995%Asia Alliance Partner Co., Ltd. Hiroo HonmaShuichi Honma A 0.005%Masaru Takahashi B 0.005%

[] [] [] [] Kouunn Holdings Kouunn Holdings Limited [] [] []

[] [] [] [] [] [] [] 144A S S [] Taisai Holdings Ltd. D.1. 144A 144A

163,000 Seiyou Holdings Seiyou Holdings Limited 571 0.0000025 A. 3.[] [] [] []

BOM (i)(ii) 12 345 67 89 OEM 700200 1 2 3 4 5 6

7 8 9

[] [] HONMA HONMAHONMA HONMA 157224.0214.6 19.3% 183432.5 38.7% 50 2

61.3%66.7%70.1% 23.3%20.8%25.4% 50

40 TEAM HONMATEAM HONMA 108278 156 7(i) (ii) (iii) (i)

(ii)(iii)(iv) 40.6

4.4%(14.9%)10.0% 2,301.3 [] 3.3% 30% 600,000 19,000

5%8%10% 10% 38%35.6%33.06%

[] [] [] [][] [] (i) [](ii)[] (iii)[][] [] [] [] Kouunn Holdings []Kouunn Holdings [] []

1,000.0463.31,235.0 []

[] [] [] [] [] [] [ ] []

[] 8.12 8.12 8.12 (a) (b) 3.05 (i) (ii) (i) (ii) (iii) (c) (d) (e) (f) 13.46[][] A27

A27 I10 [][] [] [][][] [] D.2. 342A(1) I10(d) A27 (a) (b)

152 [][] [] []%[][] [] Kouunn Holdings[] [][] [] 10.07(1)(a) (a) [] (b) Kouunn Holdings (c) Kouunn Holdings 10.07(1)(a)10.07(1)(b) (d) []

[]

9 5-8-17-905, Higashiikebukuro, Toshima-ku, Tokyo, 170-0013, Japan 1-5-4-601 Heiwadai, Nagareyamacity, Chiba, Japan 9261502 66630 6 10011002 1455 151001

[] [] 1 46 3 35 272 JP 1007036 12 6 99 53 [] 1 21-22 261 Park Building 100-8222

77 334 1 22 151 8807 500 B1018 200232 181 27 []

NovaSage Incorporations (Cayman) Limited Floor 4, Willow House Cricket Square P.O. Box 2582 Grand Cayman KY1-1103 Cayman Islands 35F Roppongi Hills Mori Tower P.O. Box#62, 6-10-1 Roppongi Minatoku Tokyo, Japan 10031 183 54 http://www.honmagolf.co.jp (FCIS FCS(PE)) 183 54 9261502 (FCIS FCS(PE)) 183 54

[] [] 181 27 3-6-12 Kitaaoyama Minato-ku,Tokyo Japan 3-18-11 Kamiuma Setagaya-ku,Tokyo Japan 208 1 21

[] 2.2% 118 133 3.0% 4739.6% 141111.8% 9.5%39.1%46

44 37.3% 2.3%48 30 25.1% 2.0%32 10 8.9% 5.9% 13 469 4.0%646 8.3% (1)

3.1% 64.1% 15.7% 17.1% HONMA86

9021Tiger Woods Jason DayJordan SpiethRory McIlroy

(i) (ii) 56 89 85 96 25.3%22.0%15.2%13.2% 5 62 23.8%22.9%11.1%1 23

8795 30.2%18.6%16.7%10.1% 56 9 87 37.8%28.6%14.0%98

2 6 968 7.3%5.5%2.9% 1.5% 89765 11.5%11.1%9.4%9.3%7.6% 6.5%

654 35.1%21.2%11.9% 10.9%8 973 8.3%7.6%6.7% 56 7.4%6.6% 1.2% 5689 73.7%76.7% HONMA HONMA 2.7%5.7%HONMA HONMA HONMA 22.6%700 200

(1) 1 A 17.8% 4.6% 1 C 15.1% 1.7% 1 HONMA 22.6% 2 B 11.6% (5.3%) 2 B 14.1% (4.0%) 2 F 12.5% 3 C 9.9% 2.2% 3 A 11.2% 3.8% 3 D 10.3% 4 D 9.4% 2.9% 4 F 9.9% 3.7% 4 A 9.9% 5 E 9.2% 3.7% 5 D 8.5% 1.3% 5 C 9.4% 6 F 6.9% 4.5% 6 HONMA 5.7% 16.8% 6 B 6.1% 7 HONMA 2.7% 21.0% 7 G 3.9% 4.0% 7 G 5.1% 8 G 2.6% 3.5% 8 I 3.1% 1.5% 8 J 4.8% 9 H 1.9% 3.5% 9 H 2.7% 2.5% 9 K 3.3% 10 I 1.8% 1.1% 10 E 2.6% 4.4% 10 L 2.2% (1) 700200 Honma 8.7%6.8%15.4% (1) 1 F 13.7% 1 B 11.2% 1 F 15.5% 2 C 11.0% 2 F 11.0% 2 HONMA 15.4% 3 A 9.4% 3 A 8.5% 3 B 12.2% 4 HONMA 8.7% 4 C 7.4% 4 C 8.4% 5 B 8.4% 5 J 6.8% 5 A 6.6% 6 D 6.8% 6 HONMA 6.8% 6 G 5.6% 7 H 6.0% 7 D 6.7% 7 H 3.7% 8 G 3.1% 8 G 5.2% 8 M 3.3% 9 M 2.8% 9 E 4.4% 9 D 3.1% 10 E 1.0% 10 H 1.9% 10 E 2.7% (i) HONMA

HONMA 1,000,000 1961402,000

13897 9864 53 120 54 60

13461 3% 85 57 108

121127 123 125 B.2. 228299 61

30,000 10,000

HONMA HONMA HONMA HONMA (Honma Golf Club Manufacturing Co.) HONMA HONMA HONMA 163,000 HONMA HONMAHONMATitanium Carbon 12HONMA HONMA HONMA

HONMA341 Aso Takamori Golf ClubHonma Public Wakayama Course HONMA 437 HONMA HONMA Creat Fund I, L.P. Marlion Holdings Limited85% Creat Fund I, L.P.Marlion Holdings Limited63.6%36.4% 15% Creat Fund I, L.P.Marlion Holdings Limited HONMA

3R 3R 1. HONMA HONMA 2. HONMA HONMA

HONMA TEAM HONMA TEAM HONMA TEAM HONMA JPGA TEAM HONMA TEAM HONMA KLPGA 3. HONMAR A. 6TOUR WORLDHONMA TEAM HONMA TOUR WORLD 717 89G1X 5Be ZEAL 100TEAM HONMA JLRGATEAM HONMA 2 BERES 05 HONMA HONMA

B. TEAM HONMA HONMA C. HONMA HONMAXebioNikigolf 340625 HONMA HONMA 157185 22319.2% D. HONMA Kouunn Holdings100% Kouunn Holdings Seiyou Holdings Seiyou Holdings Seiyou Holdings Creat Fund I., L.P.85% HONMA 100% 6.79 10070.61

(1) Marlion Holdings LimitedCreat Fund I, L.P.Creat Fund I, L.P.Marlion Holdings (2) 9,798A48.99%10,199B 50.995%Asia Alliance Partner Co., Ltd.Hiroo Honma Shuichi HonmaA0.005%Masaru Takahashi B0.005% (3) 1%

(1) 9,798A48.99%10,199B 50.995%Asia Alliance Partner Co., Ltd.Hiroo Honma Shuichi HonmaA0.005%Masaru Takahashi B0.005% (2) 1%

152 [][] [] []%[ ][] [] [] Kouunn Holdings Kouunn Holdings7.5% 60,000,000 (1) 13.07 [][] (2) []% 7.5% [] (3) []% (1) 633,412,000 (2) [][][] (3) [] (i) (ii)(iii) (iv)[][]15% []

[] 00656 [] [] [] [][][][] 28(HKEx- GL43-12)[][] Seiyou Holdings Limited 100% 100% 100% 100% 100% 100% 100% (1) 48.99% (2)

(1) 1% (2) [] (1) 9,798A48.99%10,199B 50.995%Asia Alliance Partner Co., Ltd.Hiroo Honma Shuichi HonmaA0.005%Masaru Takahashi B0.005%

[][] (1) [][] (2) 9,798A48.99%10,199B 50.995%Asia Alliance Partner Co., Ltd.Hiroo Honma Shuichi HonmaA0.005%Masaru Takahashi B0.005%

75 75 (i)marlion Holdings Limited (ii)marlion Holdings Limited

HONMA HONMA 84.3% BERESTOUR WORLDBe ZEALG1X HONMA HONMA 163,000360 HONMA HONMA50 HONMA 86HONMA (a)(b)

341 3R 3R(i)(retain) HONMA (ii)(restore) HONMA(iii) (reinvent) HONMA HONMA 157 224214.619.3% 18 3432.538.7% HONMA 60 HONMA 22.6% HONMA TEAM HONMA 40 (USLPGA) (JLPGA)

(Koumei Oda)JGTO TEAM HONMA10 1321TEAM HONMAHONMA HONMA TOURWORLD CUP AT TROPHIA GOLF HONMA TOUR WORLD 930270 TEAM HONMA 30 TEAM HONMATEAM HONMA HONMA Nissei Co., Ltd.

HONMA 86HONMA HONMA (a)xebionikigolf Golfsmith(b) HONMA 4

62% 5.747% 2.4 190,000 20 HONMA 37 3R(i)(retaining) HONMA (ii)honma (restore) (iii)(reinvent) HONMA HONMA 3R 157224214.6 19.3% 18 3432.5 38.7%

2 BERES 267 627 6 6 6 TOUR WORLD6 BERESTOUR WORLD 6 58G1X 89 Be ZEAL5

5689 75.7%61.2%62.5%80.2% 29HONMA BERES 2BERES 6,905.99,912.2 19.8% HONMA TOUR WORLD TOUR WORLD TOUR WORLD G1XBe ZEAL TEAM HONMA 1214 12,911.6 18,895.921.0% 8.7%6.8%15.4% 56 (i)(ii) TEAM HONMA

37.3% TOUR WORLDBe ZEAL G1X 89 TEAM HONMA G1X TOUR WORLD HONMA HONMA TEAM HONMAHONMA Facebook TEAM HONMA TEAM HONMA (i) (ii)

2,17914.0% 2,48344.2% 3,581 11.2% 15.2% HONMA 419.91.9% HONMA 3,096.1 13.8%

HONMA HONMA HONMA(a) (b)

(1) BOM (2) (3) (a)(b)

HONMA % % %... 13,274,424 84.5 15,608,625 84.3 18,852,732 84.3... 84,965 0.5 338,181 1.8 419,891 1.9 (1)... 2,354,068 15.0 2,578,286 13.9 3,096,138 13.8... 15,713,457 100 18,525,092 100 22,368,761 100 (1)

BERESTOUR WORLDBe ZEAL G1X BERES 2 2TOUR WORLD6 Be ZEAL5G1X 895689 % % % BERES... 6,905,873 51.9 8,840,941 56.6 9,912,207 52.5 TOUR WORLD... 2,742,770 20.7 3,158,343 20.2 4,330,562 23.0 Be ZEAL... 1,173,221 6.2 G1X... 58,939 0.3 (1)... 3,127,463 23.6 3,133,235 20.1 2,878,115 15.3... 498,318 3.8 476,106 3.1 499,688 2.7... 13,274,424 100 15,608,625 100 18,852,732 100

(1) BERES BERESBERES BERES HONMA BERES BERES BERES BERESBERES 05BERES BERES 05 35,000336500,0004,797 TOUR WORLD

TOUR WORLD TOUR WORLD TEAM HONMA TOUR WORLD Golf Digest Hot List Japan TOUR WORLD BERESTOUR WORLD TOUR WORLD TOUR WORLDBERESTW727 19,000182 80,000768 Be ZEAL Be ZEAL TOUR WORLDBe ZEAL Be ZEAL (Golf Digest Hot List Japan)Be ZEAL Be ZEALTOUR WORLDBe ZEAL 19,00018280,000768

G1X G1XHONMA G1X G1X BERESTOUR WORLDG1XG1X 100430 BERESTOUR WORLD 25,00024060,000576

HONMABERESTOUR WORLDBe ZEALG1X VIZARDARMRQ VIZARD VIZARD VIZARD VIZARDTOUR WORLDBe ZEAL

ARMRQ ARMRQ ARMRQ BERES TOUR WORLD9 30 270

HONMA 2,40023127,2006912

HONMA (1) (a)(b)

86HONMA(a) (b) % % %... 6,791,400 43.2 8,413,590 45.4 8,334,484 37.3 (1)... 5,482,627 34.9 6,048,205 32.6 8,410,386 37.6... 3,439,429 21.9 4,063,297 21.9 5,623,890 25.1... 8,922,057 56.8 10,111,502 54.6 14,034,277 62.7... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 (1) HONMA

HONMA 657786HONMA 43.2%45.4%37.3% (a)(b) XebioNikigolf (i) (ii) 56.8%54.6%62.7% 23.3%20.8%25.4% 10.2%10.1%11.3%

870 625 (i)60(ii)

30140 3%5%... 1,832 1,965 2,159... 459 560 397... (326) (366) (451)... 133 194 (54)... 1,965 2,159 2,105 10,111.514,034.3 2,1592,105

50 % % %... 9,099,791 57.9 9,705,131 52.3 11,889,359 53.2... 1,932,702 12.3 2,233,705 12.1 2,816,042 12.6... 1,879,086 12.0 3,335,914 18.0 4,190,468 18.7... 651,300 4.1 698,402 3.8 793,164 3.5... 542,918 3.5 626,731 3.4 665,997 3.0... 1,607,660 10.2 1,925,209 10.4 2,013,731 9.0... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 % % %... 4,145,822 45.6 4,339,081 44.7 4,599,869 38.7... 4,953,969 54.4 5,366,050 55.3 7,289,490 61.3... 1,141,652 12.5 1,658,557 17.1 2,654,301 22.3... 9,099,791 100.0 9,705,131 100.0 11,889,359 100.0 31.3%

6.5% 9.0% 18 24 40 TEAM HONMA USLPGA89 JLPGA1 JGTO1 TEAM HONMA101321 Facebook

TEAM HONMA TEAM HONMA TEAM HONMA Facebook TEAM HONMA 1,778.72,367.8 15.4% TEAM HONMA TEAM HONMA TEAM HONMA 190,000 62% 5.747% 2.4 HONMA 442.5503.2535.3 Nissei Co., Ltd.

ARMRQ ARMRQARMRQ TOUR WORLD G1X Be ZEAL

TEAM HONMA TEAM HONMA 3D TEAM HONMA

... HONMA.........

130BOM OEMBOM G1X OEMOEM OEM 19.3%21.5%25.4% 61.3%66.7%70.1% 30 30120 15 360 (i)(ii) (1) (2) (1) (2) (1) (2) (%) (%) (%)... 705,000 67 711,000 73 788,070 94

(1) (2) 738,38994% (i) (ii)oem

HONMABERES G1X HONMA BERESBERES 7.98.76.9

6,5187,0607,389 73.7%76.7%HONMA HONMA 2.7%5.7% 987... 561... 292... 71... 48... 15... 987

D. 1. 8.9 8.27.2 7.2 163,000 15%6(2)

342(1)(b)34(2) 775 607.52.7% 11200,000 300,000 HONMA HONMA 108278 15 B. 2.

HONMA HONMA 84.3% BERESTOUR WORLDBe ZEALG1X HONMA HONMA50 HONMA 86HONMA (a)(b) HONMA 157 224214.619.3% 18 3432.538.7%

2TOUR WORLD 6TOUR WORLD 2,742.8 4,330.625.7%G1X 89 Be ZEAL5Be ZEAL G1X1,232.1 OEMHONMA HONMA 419.9 3,096.1 9,099.8 11,889.414.3% 1,932.7 2,816.020.7% TOUR WORLDBe ZEAL G1X 89 TEAM HONMA

HONMA(a) (b) 340569625 1,141.7 2,654.352.5% 6,353.7 7,620.19,173.940.4%41.1%41.0% (i)(ii)(iii) (iv) 6,589.07,752.38,058.1 41.9%41.8%36.0%

171.4 295.6(175.5) (i)(ii) 118.2298.5394.6 2,301.3 2

(a) (b) (c) (d) (e)............... 2%10% 6%11% 16.7%50% 14%50% 5%50%

% % %... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0... (6,353,737) (40.4) (7,620,050) (41.1) (9,173,918) (41.0)... 9,359,720 59.6 10,905,042 58.9 13,194,843 59.0... 925,393 5.9 90,825 0.5 77,125 0.3... (6,589,045) (41.9) (7,752,319) (41.8) (8,058,098) (36.0)... (922,750) (5.9) (1,195,421) (6.5) (1,362,533) (6.1)... (69,151) (0.4) (46,248) (0.2) 104,565 0.5... (10,776) (0.1) (7,490) (*) (24,073) (0.1)... 13,403 0.1 9,213 * 27,307 0.1... 2,706,794 17.3 2,003,602 10.8 3,959,136 17.7... (118,185) (0.8) 298,467 1.6 (394,596) (1.8)... 2,588,609 16.5 2,302,069 12.4 3,564,540 15.9 (1)... 1,762,444 11.2 2,278,272 12.3 3,390,234 15.2 * 0.1% (1) (i)(ii)(iii)

(i)(ii)(iii)(i)(ii)... 2,588,609 2,302,069 3,564,540... (925,393) (90,825) (77,125)... 69,151 46,248 (104,565)... 30,077 20,780 7,384... 1,762,444 2,278,272 3,390,234... 11.2% 12.3% 15.2% (i) (ii) % % %... 15,564,396 99.1 18,353,428 99.1 22,193,493 99.2... 149,061 0.9 171,664 0.9 175,268 0.8... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0

15,713.5 22,368.819.3% (i)(ii)(iii) HONMA % % % BERES... 6,905,873 43.9 8,840,941 47.8 9,912,207 44.3 TOUR WORLD... 2,742,770 17.5 3,158,343 17.0 4,330,562 19.4 Be ZEAL... 1,173,221 5.2 G1X... 58,939 0.3 (1)... 3,127,463 19.9 3,133,235 16.9 2,878,115 12.9... 498,318 3.2 476,106 2.6 499,688 2.2... 13,274,424 84.5 15,608,625 84.3 18,852,732 84.3... 84,965 0.5 338,181 1.8 419,891 1.9 (2)... 2,354,068 15.0 2,578,286 13.9 3,096,138 13.8... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 (1) (2) 13,274.4 18,852.719.2%BERES TOUR WORLDBe ZEALG1X

50 % % %... 9,099,791 57.9 9,705,131 52.3 11,889,359 53.2... 1,932,702 12.3 2,233,705 12.1 2,816,042 12.6... 1,879,086 12.0 3,335,914 18.0 4,190,468 18.7... 651,300 4.1 698,402 3.8 793,164 3.5... 542,918 3.5 626,731 3.4 665,997 3.0... 1,607,660 10.2 1,925,209 10.4 2,013,731 9.0... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 9,099.8 11,889.414.3% BERESTOUR WORLD 1,141.72,654.3 52.5% % % %... 4,145,822 45.6 4,339,081 44.7 4,599,869 38.7... 4,953,969 54.4 5,366,050 55.3 7,289,490 61.3... 1,141,652 12.5 1,658,557 17.1 2,654,301 22.3... 9,099,791 100.0 9,705,131 100.0 11,889,359 100.0 1,932.7 2,816.020.7% TEAM HONMA

(ii)(iii) TEAM HONMA HONMA(a) (b) % % %... 6,791,400 43.2 8,413,590 45.4 8,334,484 37.3 (1)... 5,482,627 34.9 6,048,205 32.6 8,410,386 37.6... 3,439,429 21.9 4,063,297 21.9 5,623,890 25.1... 8,922,057 56.8 10,111,502 54.6 14,034,277 62.7... 15,713,457 100.0 18,525,092 100.0 22,368,761 100.0 (1) 56.8%62.7% (a)(i)(ii) (iii)(iv)(v)(b)oem (c ) 6,353.7 7,620.19,173.9 40.4%41.1%41.0%

59.6%58.9%59.0% % % % BERES... 4,455,181 64.5 5,851,410 66.2 6,131,654 61.9 TOUR WORLD... 1,745,256 63.6 1,775,129 56.2 2,451,790 56.6 Be ZEAL... 671,200 57.2 G1X... 30,400 51.6 (1)... 1,972,506 63.1 1,805,608 57.6 2,085,785 72.5... 333,349 66.9 325,990 68.5 333,129 66.7... 8,506,292 64.1 9,758,137 62.5 11,703,958 62.1... 44,171 52.0 199,175 58.9 239,161 57.0 (2)... 809,257 34.4 947,730 36.8 1,251,724 40.4... 9,359,720 59.6 10,905,042 58.9 13,194,843 59.0 (1) (2) % % %... 4,593,335 67.6 5,754,144 68.4 5,871,173 70.4... 4,766,385 53.4 5,150,898 50.9 7,323,670 52.2... 9,359,720 59.6 10,905,042 58.9 13,194,843 59.0

% % %... 48,499 0.3 788 * 536 *... 55,137 0.3... 834,418 5.3 487 * 6,742 *... 11,142 0.1 11,376 0.1 10,955 *... 31,334 0.2 23,037 0.1 58,892 0.3... 925,393 5.9 90,825 0.5 77,125 0.3 * 0.1% 834.4 (i)(ii)(iii) (iv) % % %... 2,580,252 16.4 3,138,868 16.9 2,947,676 13.2... 1,778,735 11.3 2,076,653 11.2 2,367,787 10.6... 1,291,075 8.2 1,537,258 8.3 1,569,767 7.0 (1)... 938,983 6.0 999,540 5.4 1,172,868 5.2... 6,589,045 41.9 7,752,319 41.8 8,058,098 36.0 (1)

(i)(ii)(iii)[] 922.8 1,195.41,362.5 5.9%6.5%6.1% (i)(ii)(iii) (iv)(v)... 2,969 40,601... 1,917 20,370... 57,326 13,794... (159,356)... 6,939 12,084 14,190... 69,151 46,248 (104,565) 69.2 46.2104.6 159.4 10.87.524.1 13.49.227.3

(i)(ii) 118.2298.5394.6 12 2,301.3 16.5% (corporate tax)(inhabitant tax) (enterprise tax) 38%35.6%33.06% (Macau Complementary Tax Law)300,000 300,00012% 17%20% 25%

18,525.120.7% 22,368.8(i) (ii)(iii) 7,620.120.4% 9,173.9 10,905.021.0% 13,194.858.9% 59.0% 90.8 77.155.1 7,752.3 3.9%8,058.1 41.8%36.0% 3,138.9 2,947.7 329.0 1,195.414.0% 1,362.5[][ ] 6.5%6.1% 46.2 104.6 159.4

7.5221.4% 24.1 6.3 9.2196.4% 27.3 15.2 2,003.6 97.6%3,959.1 298.5 394.6 2,302.1 54.8%3,564.5 12.4%15.9% 15,713.517.9% 18,525.1(i) (ii)(iii) 6,353.719.9% 7,620.1 9,359.716.5% 10,905.059.6% 58.9%

925.490.2% 90.8 6,589.017.7% 7,752.3 2,580.3 3,138.9 329.0 41.9% 41.8% 922.829.5% 1,195.4 82.0 5.9% 6.5% 69.233.6% 46.2 10.830.5% 7.5 13.431.3% 9.2 2,706.8 26.0%2,003.6 118.2 298.5

2,588.6 11.1%2,302.1 16.5%12.4% 1,825.8... 1,972,960 (136,842) 1,430,499... 471,296 (296,899) (1,296,126)... (746,533) (442,613) (547,351)... 1,697,723 (876,354) (412,978)... 1,230,950 3,018,000 2,315,069... 89,327 173,423 (76,282)... 3,018,000 2,315,069 1,825,809 1,430.5 3,959.1(i)364.5 (ii)1,255.5 (iii)234.3 (iv)20.2(v) 471.0(vi)364.9Honma Shanghai(vii) 350.0(viii)155.0(ix) 184.2(x)128.3 136.8 2,003.6(i)518.4 (ii) 615.7(iii)1,463.1 Honma Shanghai(iv)109.2(v) 222.8(vi)505.7 (vii)315.7(viii)185.4

1,973.0 2,706.8(i)816.4 (ii)834.4 (iii)45.0(iv) 135.7(v)368.7 (vi)176.3 1,296.1 775.1529.2 8.1 296.9 402.8 105.9 471.3 1,060.9 39.8 629.5 547.4(i) 7,139.8(ii)1,235.0(iii) 715.5(i)1,274.9(ii) 7,268.0 442.6(i) 463.3(ii)693.6(i) 714.2 746.5 1,000.0150.0

1... 991,017 951,379 778,352 15... 1,130,719 752,016 833,014 5... 153,256 78,592 57,534... 2,274,992 1,781,987 1,668,900 629.5402.8529.2 413.0 []... 6,518,059 7,059,638 7,389,330 7,445,171... 1,705,829 2,321,451 3,576,645 3,152,520... 361,391 435,723 670,032 820,345... 795,292 818,173... 136,527 121,676 117,018... 3,018,000 2,315,069 1,825,809 4,059,109... 11,603,279 12,268,408 14,378,784 16,412,336

... 818,656 1,324,385 1,382,207 1,638,516... 1,461,007 1,550,965 1,263,335 1,304,108... 500,000 500,000 1,707,554 3,680,225... 2,404,335 8,331,909 7,379,755 7,447,023... 78,941 145,030 203,469 213,397... 5,262,939 11,852,289 11,936,320 14,283,269... 6,340,340 416,119 2,442,464 2,129,067 2,442.5 2,129.11,972.7 15500 2,233.3 416.1 2,442.5(i)1,255.2 (ii)795.3 1,207.6 6.3 6,340.3 416.15,927.6 [ ]12 [] 12

... 500,000 500,000 1,707,554 3,680,225... 500,000 500,000 1,707,554 3,680,225 1.4757%1.2750%0.82%2.48% 6.3 6.3 (i)2520 (ii)10 15 0.79%0.83% 5000.79% 0.79%

... 59.6% 58.9% 59.0%... 16.5% 12.4% 15.9% (1)... 11.2% 12.3% 15.2% (2)... 16.0% 13.1% 17.8% (3)... 30.1% 65.5% 64.5% (4)... 5.8% 14.2% 30.9% (5)... 2.2 1.0 1.2 (6)... 1.0 0.4 0.6 (1) 100% (2) 100% (3) 100% (4) (5) (6) 16.0% 13.1% 17.8% 30.1% 65.5% 5.8% 14.2% 30.9% 2.2 1.0 1.2

1.0 0.4 0.6... 412,678 470,260 750,035... 861,292 1,170,539 1,486,927... 5,660,682 5,812,292 5,580,667... (416,593) (393,453) (428,299)... 6,518,059 7,059,638 7,389,330 6,518.18.3% 7,059.64.7% 7,389.3 7,389.3 576.5 (1)... 370 325 287 (1) 365 370325 287

... 1,648,838 2,174,183 3,513,671... 57,142 147,539 63,506 1,705,980 2,321,722 3,577,177... (151) (271) (532)... 1,705,829 2,321,451 3,576,645 30140 1,705.82,321.53,576.6 3,576.6 1,376.3 (1)... 30 40 48 (1) 365 1... 1,050,132 1,450,585 2,181,335 13... 451,828 479,055 836,585 312... 146,727 234,401 486,180 1... 9,871 9,039... 1,648,687 2,173,912 3,513,139

... 115,876 99,335 92,440... 28,622 40,552 229,099... 57,780 133,597 140,957... 135,130 87,184 120,749... 12,048 53,404 59,807... 11,935 21,651 26,980... 361,391 435,723 670,032 (i) (ii)(iii) (iv) 361.4 20.6%435.7(i) 75.8(ii)41.4(i) 48.0 435.7 53.8%670.0(i) 188.5(ii)33.6(i) 6.9... 776,783 640,375 773,829... 41,873 684,010 608,378... 818,656 1,324,385 1,382,207 (1)... 30 51 54 (1) 365

30 5154... 28,848 21,996 51,765... 199,046 183,004 173,814... 503,442 746,162 245,344... 143,550 114,148 107,515... 586,121 485,655 684,897... 1,461,007 1,550,965 1,263,335 1,461.06.2% 1,551.0(i) 242.7(i)29.4(ii) 100.5 1,551.018.5% 1,263.3(i) 500.8(i)199.2(ii) 29.8 35

6.3 7,379.8795.3 [] 23.7%22.1% 22.6% 27.4%27.0%34.4% %... 5 11,794... (5) (11,794)... 5 13,727... (5) (13,727)... 5 (25,967)... (5) 25,967

1 1... 1,382,207 1,382,207... 736,662 736,662... 1,718,455 1,718,455... 14,235 14,235... 7,379,755 7,379,755 8,130,652 3,100,662 11,231,314... 500,000 500,000 1,707,554... 8,608,846 3,515,792 5,527,297... 5.8% 14.2% 30.9% [] [][][][][ ][][][] [] 3232 [][] [] [] 224.0[]

[][][][ ][][] [] []32 32[ ] 30% 1,000.0 463.31,235.0 4,585.8

4.29[ ][] [] [] 1 2 3 4 5 [][]... [] [] [] [] [] [][]... [] [] [] [] [] 1. 5,954.1 150.1 2. [][][][][] [] 3. 1,995 [][][][] [][][][] 4. [] [][][][][] [][][][][] 5. 1.0013.41 6. 13.1313.19 12

[][] [] Kouunn Holdings []% Kouunn Holdings 8.10 [] Kouunn Holdings [] []

[] (a) [] (b) (c)

(d) (e)

[] A [] 100% [] A 14 5%300 14A.76(1) 278 1.5 1.751.75 1.75

... 5,934 27,993 32,270 1.75

[] 50,000 1.00 50,000 [] [] [] [] [] 1,000... 1.00 1,000 [][] [] [] [] [] [] [] [] [] [] [] [] [] [][][]

(i) (ii)(iii) (iv) 2.2.5 2. 2.4 [][] A. 3.[] [] [][] D.3.[]

[][] [] XV23 10% (2) (3)... [] []% [] []% Kouunn Holdings (3)... [] []% (4)... [] []% (5)... [] []% (5)... [] []% (1) (2) [][][] [] (3) Kouunn HoldingsKouunn Holdings [] [] (4) (5) C.1. [][ ] [] XV23 10%

47 55 56 43 57 [][] [][] 55 [][] [][] 42 [][] [][]

60 59 46 [ ] 47 HONMA 25 55 31

56 33 43 20 TCL 57[] 30 600606

55[] BBY 42[] IBM XV 13.51 (2)(a)(v)

60 59[ (Sakata Reform Promotion Office) Honeywell Japan Co., Ltd. Recaro Japan Co., Ltd. 46 23 PHGPHIA Business Group Domestic Appliance DE 000 750 0001 UBS Warburg Deutschland

Patsy Cheng[] 30 CSCIS 3.21 3.25

[]8.12 [] 40.7 60.788.2 70.798.7132.1 96.4 [] 3A.19[] 3A.23 []

[][] [] [][ ]D.

[][] [][][][] [][] [][][][][] []%[] [] []%[](i) TEAM HONMA(ii)(iii) []%[] []%[](i)(ii) (iii) []%[] []%[][] []0.79%0.83% []0.79% []%[][] 0.79% []%[]

[][][] [] [][][][][] [][] [][][][][] [] []

[] [] []

[]

[] 10.08[] []10.08

[] []

[]

[] [] [] [] []

[ ][][][]%[] [][] [][][ ] [][][ ][]% [][] [][][] [] [] 3A.07 []

[]

1 22 II2.1 [][] [] II 2.1 II1 II1

3.340 II2.1

I. II2.1 1. II... 5 15,713,457 18,525,092 22,368,761... 9 (6,353,737) (7,620,050) (9,173,918)... 9,359,720 10,905,042 13,194,843... 5 925,393 90,825 77,125... (6,589,045) (7,752,319) (8,058,098)... (922,750) (1,195,421) (1,362,533)... 6 (69,151) (46,248) 104,565... 7 (10,776) (7,490) (24,073)... 8 13,403 9,213 27,307... 9 2,706,794 2,003,602 3,959,136... 12 (118,185) 298,467 (394,596)... 2,588,609 2,302,069 3,564,540... 2,594,126 2,303,775 3,569,201... (5,517) (1,706) (4,661) 2,588,609 2,302,069 3,564,540... 14...

2.... 2,588,609 2,302,069 3,564,540... (479) 2,422 (7,660) 20... 201 (768) 1,153 (278) 1,654 (6,507)... 171,385 295,599 (175,478)... 171,107 297,253 (181,985) 29... 93,596 140,944 (264,373)... 93,596 140,944 (264,373)... 264,703 438,197 (446,358)... 2,853,312 2,740,266 3,118,182... 2,858,829 2,741,972 3,122,843... (5,517) (1,706) (4,661) 2,853,312 2,740,266 3,118,182

3. II... 15 1,735,374 1,673,636 2,015,478... 16 1,940,789 1,940,789 1,940,789... 17 105,745 148,897 150,107... 18 719,251 782,756 677,295... 20 66,779 795,962 906,321... 4,567,938 5,342,040 5,689,990... 21 6,518,059 7,059,638 7,389,330... 22 1,705,829 2,321,451 3,576,645... 23 361,391 435,723 670,032... 35(b) 795,292... 24 136,527 121,676... 24 3,018,000 2,315,069 1,825,809... 11,603,279 12,268,408 14,378,784... 25 818,656 1,324,385 1,382,207... 26 1,461,007 1,550,965 1,263,335... 27 500,000 500,000 1,707,554... 35(b) 2,404,335 8,331,909 7,379,755... 78,941 145,030 203,469... 5,262,939 11,852,289 11,936,320... 6,340,340 416,119 2,442,464... 10,908,278 5,758,159 8,132,454... 29 2,004,176 1,812,789 2,098,879... 20 160,612 303,246 398,563... 28 134,644 126,332 107,715... 2,299,432 2,242,367 2,605,157... 8,608,846 3,515,792 5,527,297... 30 100 100 100... 32 9,029,141 3,937,793 5,953,959... 9,029,241 3,937,893 5,954,059... (420,395) (422,101) (426,762)... 8,608,846 3,515,792 5,527,297

4. II 30 32(a)* 32(a)* 32(a)* 32(a)* 31* *... 100 940,305 7,079 (54,500 ) 7,217,761 (477,074 ) 7,633,671 (414,878 ) 7,218,793... 2,594,126 2,594,126 (5,517 ) 2,588,609... (278 ) (278 ) (278 )... 171,385 171,385 171,385... 93,596 93,596 93,596... (278 ) 171,385 2,687,722 2,858,829 (5,517 ) 2,853,312... 13 (870,000 ) (593,259 ) (1,463,259 ) (1,463,259 )... 1,488 (1,488 )... 100 941,793 6,801 116,885 6,347,761 1,615,901 9,029,241 (420,395 ) 8,608,846... 2,303,775 2,303,775 (1,706 ) 2,302,069... 1,654 1,654 1,654... 295,599 295,599 295,599... 140,944 140,944 140,944... 1,654 295,599 2,444,719 2,741,972 (1,706 ) 2,740,266... 41,993 (41,993 )... (6,347,761 ) (1,485,559 ) (7,833,320 ) (7,833,320 )... 100 983,786 8,455 412,484 2,533,068 3,937,893 (422,101 ) 3,515,792... 3,569,201 3,569,201 (4,661 ) 3,564,540... (6,507 ) (6,507 ) (6,507 )... (175,478 ) (175,478 ) (175,478 )... (264,373 ) (264,373 ) (264,373 )... (6,507 ) (175,478 ) 3,304,828 3,122,843 (4,661 ) 3,118,182... 31 128,323 128,323 128,323... 13 (1,235,000 ) (1,235,000 ) (1,235,000 )... 17,143 (17,143 )... 100 1,000,929 1,948 237,006 128,323 4,585,753 5,954,059 (426,762 ) 5,527,297 * 9,029,141,0003,937,793,0005,953,959,000

5. II... 2,706,794 2,003,602 3,959,136... 15 335,971 315,681 155,042... 9 (173,655) (23,140) 34,846... 22 29 120 261... 17 52,082 35,793 46,543... (834,418) (487) (6,742)... 29 176,305 185,399 184,184... 31 128,323... 7 10,776 7,490 24,073... 8 (13,403) (9,213) (27,307) 2,260,481 2,515,245 4,498,359... (20,404) (518,439) (364,538)... (816,442) (615,742) (1,255,455)... 145,194 (74,332) (234,309)... (20,237)... 368,679 (51,870) 125,108... 601,796 505,729 57,822... (129,541) 176,632 (471,027)... (137,448) (1,463,133) (364,872)... (44,972) (8,312) (18,617)... (22,251) (109,196) (46,659)... (135,687) (126,646) (115,808)... (136,527) 14,851... 2,069,405 93,409 1,804,618... (10,776) (7,490) (24,073)... (70,000) (169,779) (151,400)... (15,669) (52,982) (198,646)... 1,972,960 (136,842) 1,430,499

II... (629,475) (402,796) (529,195)... 1,060,925 105,897 8,124... 39,846... (775,055)... 471,296 (296,899) (1,296,126)... 150,000 1,274,931... 103,467 714,215 7,267,978... (715,509)... (1,000,000) (463,259) (1,235,000)... (693,569) (7,139,751)... (746,533) (442,613) (547,351)... 1,697,723 (876,354) (412,978)... 1,230,950 3,018,000 2,315,069... 89,327 173,423 (76,282)... 3,018,000 2,315,069 1,825,809... 24 3,018,000 2,315,069 1,825,809

II... 19 100 100 128,423... 100 100 128,423... 583 667 2,388... 19 7,369,874... 583 667 7,372,262... 26 107,661... 19 2,265... 35(b) 764 892 7,371,818... 764 892 7,481,744... (181) (225) (109,482)... (81) (125) 18,941... (81) (125) 18,941... 30 100 100 100... 32 (181) (225) 18,841... (81) (125) 18,941

II. 1. Floor 4, Willow House, Cricket Square, P.O. Box 2582, Grand Cayman KY1-1103, Cayman Islands Seiyou Holdings Limited 1,000 100% (a)... 1,000,000 100% (b)... 100% 10,000,000 (c)... 28,782,200 100% (d)... Honma Golf (Macau) 100,000 100% Co., Ltd(e)... Honma Golf Co., Ltd. 500,000,000 100% Honma Japan (f)... Honma Golf Stock 100% Company Limited 68,000,000 (g)... 2,000,000 48.99% (h)...

(a) (b) (c) (d) (e) (f) (g) (h) [ ] [] Lok Chi Cheong Certified Public Accountant[ ] GYOSEI & CO Ernst & Young ShinNihon LLC [ ] NPAEProfessional Auditing Service Co., Ltd[ NPAE] 48.99% 51.01% 2.1

2.2 (a) (b) (c) (i) (ii)(iii)(i) (ii)(iii)

2.3 9 4 10 28 6 10 1 12 28 11 1 14 2 15 4 15 15 4 16 5 1 1 7 3 12 3 16 1 38 16 1 41 27 1 1 1 2 3 4 5 6 2.4

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii)

............... 2%10% 6%11% 16.7% 50% 14%50% 5%50%......... 5 10

(a)(b) (a) (b)

(a) (b) (c) (d) (e) 31

3. 66,779,000795,962,000 906,321,00020 151617 AA

2,004,176,000 1,812,789,0002,098,879,00029 1,648,687,0002,173,912,0003,513,139,000 11,935,00021,651,000 26,980,0002223 6,518,059,0007,059,638,0007,389,330,000 21 4. (a)... 9,099,791 9,705,131 11,889,359... 1,932,702 2,233,705 2,816,042... 1,879,086 3,335,914 4,190,468... 651,300 698,402 793,164... 542,918 626,731 665,997... 1,607,660 1,925,209 2,013,731 15,713,457 18,525,092 22,368,761

(b)... 3,524,235 3,612,802 4,030,452... 257,673 150,520 75,922 3,781,908 3,763,322 4,106,374 1,603,228,0001,873,437,0002,516,544,000 5.... 15,564,396 18,353,428 22,193,493... 149,061 171,664 175,268... 15,713,457 18,525,092 22,368,761... 48,499 788 536... 55,137... 834,418 487 6,742... 11,142 11,376 10,955... 31,334 23,037 58,892... 925,393 90,825 77,125

6.... 2,969 40,601... 1,917 20,370 15... 57,326 13,794 15... (159,356)... 6,939 12,084 14,190... 69,151 46,248 (104,565) 7.... 10,776 7,490 24,073 8.... 11,566 8,602 5,952... 1,837 611 21,355... 13,403 9,213 27,307 18

9.... 6,311,786 7,567,031 9,117,177... 41,951 53,019 56,741... 15 278,645 301,887 314,398... 17 50,863 35,793 46,543... 422,495 503,220 535,265... 15 57,326 13,794 (159,356)... 17 1,219... 22 29 120 261... 1,102,382 1,335,165 1,430,378... 19,167 38,301 59,018... 3,303,808 3,648,301 3,690,861... 567,000... 161,537 185,387 186,129... 29 176,305 185,399 184,184... 474,701 496,721 576,361... 104,873 179,575 85,345... 31 128,323... 2,969 (55,137) 40,601... (173,655) (23,140) 34,846... (834,418) (487) (6,742)

10.... 31,113 38,376 49,631... 6,741 18,773 12,140... 22,039... 2,865 3,566 4,373 40,719 60,715 88,183 (a) *... 15,202 174 15,376... 7,746 3,521 1,334 12,601... 8,165 3,220 1,357 12,742 31,113 6,741 2,865 40,719... 17,041 209 17,250... 10,495 10,688 1,691 22,874... 10,840 8,085 1,666 20,591 38,376 18,773 3,566 60,715... 17,943 7,345 269 25,557... 13,948 5,493 4,898 1,645 25,984... 11,229 6,647 4,898 1,701 24,475... 6,511 4,898 758 12,167 49,631 12,140 22,039 4,373 88,183 *

11. 10... 22,413 22,927 23,573... 4,467 11,648 9,543... 7,350... 3,109 3,421 3,453 29,989 37,996 43,919 1,000,0011,500,000... 2 2 2 12. 16.5% 38%35.6%33.06% 300,000 300,00012% 17%20% 25%

(a)... 31,037 91,165 263,581... 67,190 197,685 79,904... 65,000 20... 19,958 (587,317) (13,889)... 118,185 (298,467) 394,596 % % %... 2,706,794 2,003,602 3,959,136 33.06% 35.6% 38%... 1,028,582 38.0 713,282 35.6 1,308,890 33.06... (76,911) (3.0) (96,026) (5.0) (47,029) (1.0)... 14,736 1.0 21,691 1.0 6,315... (2,259) (667)... (569) (142)... 96,142 4.0 141,679 7.0 161,724 4.0... (941,536) (35.0) (1,078,284) (54.0) (1,035,304) (26.0)... 118,185 5.0 (298,467) (15.0) 394,596 10.0

13.... 1,463,259... 1,235,000 14. 1,463,259 1,235,000 2.1 15.... 7,115,277 1,525,253 1,859,859 29,484 1,154,184 14,081 11,698,138... 2,442 137,144 32,019 84,566 86,394 342,565... 18,714 7,747 14,525 24,730 (65,716)... (42,631) (8,603) (369,867) (67,631) (488,732)... 231 21,576 512 5,694 23 28,036... 7,091,360 1,527,070 1,663,237 62,015 1,201,543 34,782 11,580,007... 5,658,304 1,364,676 1,051,695 11,152 878,540 8,964,367... 124,007 25,427 46,003 12,271 70,937 278,645... (26,583) (8,467) (250,321) (56,245) (341,616)... 203 10,905 67 2,903 14,078... 5,755,728 1,381,839 858,282 23,490 896,135 8,915,474... 184,588 140 665,452 198 167,932 1,018,310... 54,630 1,728 939 29 57,326... (16,049) (119,545) (10,883) (146,477)... 223,169 1,868 546,846 198 157,078 929,159... 1,112,463 143,363 258,109 38,327 148,330 34,782 1,735,374

... 7,091,360 1,527,070 1,663,237 62,015 1,201,543 34,782 11,580,007... 5,935 7,296 62,191 229,420 304,842... 65,335 55,562 23,059 82,688 (226,644)... (175) (17,673) (205,698) (11,325) (137,872) (372,743)... 7,388 52,384 2,405 16,631 78,808... 7,156,520 1,578,282 1,540,278 53,095 1,225,181 37,558 11,590,914... 5,755,728 1,381,839 858,282 23,490 896,135 8,915,474... 111,452 29,542 57,091 10,267 93,535 301,887... (146) (17,050) (138,582) (1,302) (77,133) (234,213)... 5,754 26,176 959 7,271 40,160... 5,867,034 1,400,085 802,967 33,414 919,808 9,023,308... 223,169 1,868 546,846 198 157,078 929,159... 3,169 10,625 13,794... (27,049) (21,934) (48,983)... 223,169 1,868 522,966 198 145,769 893,970... 1,066,317 176,329 214,345 19,483 159,604 37,558 1,673,636... 7,156,520 1,578,282 1,540,278 53,095 1,225,181 37,558 11,590,914... 39,820 111,389 55,762 4,296 99,513 198,762 509,542... 46,741 180,083 1,796 (228,620)... (15,725) (29,725) (97,174) (44,718) (187,342)... (4,831) (25,487) (801) (6,521) (37,640)... 7,227,356 1,835,198 1,473,379 56,590 1,275,251 7,700 11,875,474... 5,867,034 1,400,085 802,967 33,414 919,808 9,023,308... 94,782 44,644 70,052 9,519 95,401 314,398... (14,489) (28,433) (33,541) (25,023) (101,486)... (3,236) (17,499) (801) (4,828) (26,364)... 5,947,327 1,413,060 821,979 42,132 985,358 9,209,856... 223,169 1,868 522,966 198 145,769 893,970... (152,130) (22) (7,204) (159,356)... (1,150 ) (63,634) (19,690) (84,474)... 222,019 1,868 307,202 176 118,875 650,140... 1,058,010 420,270 344,198 14,282 171,018 7,700 2,015,478

56,387,000939,000 4,838,000 13,794,000 697,000 159,356,000392,769,000 13% 16.... 3,204,681 1,940,789 1,940,789... (1,263,892)... 1,940,789 1,940,789 1,940,789... 1,154,892... (1,154,892)...... 1,940,789 1,940,789 1,940,789 Yuza-machi

15 17.... 157,054 5,970 163,024... 110,379 1,292 111,671... (116,795) (73) (116,868)... (50,863) (50,863)... (1,219) (1,219)... 99,775 5,970 105,745... 655,525 41,694 697,219... (555,750) (555,750)... (35,724) (35,724)... 99,775 5,970 105,745... 99,775 5,970 105,745... 91,102 91,102... (15,863) (15,863)... (35,793) (35,793)... 3,706 3,706... 142,927 5,970 148,897... 736,003 41,694 777,697... (593,076) (593,076)... (35,724) (35,724)... 142,927 5,970 148,897

... 142,927 5,970 148,897... 6,220 43,202 49,422... (1,491) (45,052) (46,543)... (1,669) (1,669)... 4,729 139,408 5,970 150,107... 6,220 774,792 41,694 822,706... (1,491) (635,384) (636,875)... (35,724) (35,724)... 4,729 139,408 5,970 150,107 18.... 100 100 100... 20,843 23,265 15,605 20,943 23,365 15,705... 1,306... 681,089 746,647 653,682 682,395 746,647 653,682... 15,913 12,744 7,908 719,251 782,756 677,295 19.... 100 100 128,423 1

7,369,874,000 2,265,000 20.... 4,114 69,962 74,076... (201) (201)... (9,405) 96,142 86,737... 3,913 60,557 96,142 160,612... 768 768... 187 141,679 141,866... 4,681 60,744 237,821 303,246... (1,153) (1,153)... (254) 96,724 96,470... 3,528 60,490 334,545 398,563

...... 66,779 66,779... 66,779 66,779... (7,973) 446,528 11,306 200,669 78,653 729,183... 58,806 446,528 11,306 200,669 78,653 795,962... (18,110) 263,643 6,250 (163,362) 21,938 110,359... 40,696 710,171 17,556 37,307 100,591 906,321... 5,216,115 2,959,364 587,035... 7,052,965 5,846,427 4,955,935... 12,269,080 8,805,791 5,542,970 5,216,115,0004,310,024,0002,888,302,000

10% 20.24% 5% 21.... 412,678 470,260 750,035... 861,292 1,170,539 1,486,927... 5,660,682 5,812,292 5,580,667 6,934,652 7,453,091 7,817,629... (416,593) (393,453) (428,299) 6,518,059 7,059,638 7,389,330 22.... 1,648,838 2,174,183 3,513,671... 57,142 147,539 63,506 1,705,980 2,321,722 3,577,177... (151) (271) (532)... 1,705,829 2,321,451 3,576,645

1... 1,050,132 1,450,585 2,181,335 13... 451,828 479,055 836,585 312... 146,727 234,401 486,180 1... 9,871 9,039 1,648,687 2,173,912 3,513,139 30140... 122 151 271... 29 271 532... (151) (271)... 151 271 532 151,000271,000532,000 151,000271,000532,000... 1,465,990 1,562,495 2,811,360 3... 182,697 379,492 604,445 31... 222,054 88,295 1... 9,871 9,039 1,648,687 2,173,912 3,513,139

23.... 115,876 99,335 92,440... 28,622 40,552 229,099... 57,780 133,597 140,957... 135,130 87,184 120,749... 12,048 53,404 59,807... 11,935 21,651 26,980 361,391 435,723 670,032 24.... 3,018,000 2,315,069 1,825,809... 136,527 121,676 3,018,000 2,451,596 1,947,485... (136,527) (121,676)... 3,018,000 2,315,069 1,825,809... 1,656,930 1,571,132 949,127... 373,801 260,521 289,217... 792,234 259,858 292,147... 109,936 155,874 152,664... 45,889 6,226 62,094... 39,210 61,458 80,560 3,018,000 2,315,069 1,825,809 136,527,000 121,676,000

25.... 776,783 640,375 773,829... 41,873 684,010 608,378 818,656 1,324,385 1,382,207 26.... 28,848 21,996 51,765... 199,046 183,004 173,814... 503,442 746,162 245,344... 143,550 114,148 107,515... 586,121 485,655 684,897 107,661 1,461,007 1,550,965 1,263,335 107,661 27.... 500,000 500,000 1,707,554... 500,000 500,000 1,707,554

... 1.4757% 1.2750% 0.82%-2.48% 28.... 81,840 82,013 75,179... 38,553 25,969 18,301... 14,251 18,350 14,235 134,644 126,332 107,715... 85,180 81,840 82,013... 902... (5,710) (240) (7,507)... (1,009) (1,265)... 3,379 776 673... 81,840 82,013 75,179 29.... 2,004,176 1,812,789 2,098,879

60 Mizuho Trust & Banking Co., Ltd... 157,069 164,852 170,186... 19,236 20,547 13,998... 176,305 185,399 184,184... 61,147 73,406 66,130... 80,650 76,079 80,385... 34,508 35,914 37,669 176,305 185,399 184,184

9... 3,625,528 157,069 33,584 190,653 (43,848) 97,387 (9,376) 88,011 3,860,344... (1,546,123) (14,348) (14,348) 21,597 (181,607) (181,607) (135,687) (1,856,168)... 2,079,405 157,069 19,236 176,305 (22,251) (181,607) 97,387 (9,376) (93,596) (135,687) 2,004,176 9... 3,860,344 164,852 39,665 204,517 (220,964) 99,710 30,033 129,743 3,973,640... (1,856,168) (19,118) (19,118) 111,768 (270,687) (270,687) (126,646) (2,160,851)... 2,004,176 164,852 20,547 185,399 (109,196) (270,687) 99,710 30,033 (140,944) (126,646) 1,812,789

9... 3,973,640 170,186 30,852 201,038 (89,069) (3,422) 161,399 5,698 163,675 4,249,284... (2,160,851) (16,854) (16,854) 42,410 100,698 100,698 (115,808) (2,150,405)... 1,812,789 170,186 13,998 184,184 (46,659) 100,698 (3,422) 161,399 5,698 264,373 (115,808) 2,098,879

... 905,904 1,166,285 953,409... 600,850 803,863 780,229... 101,445 133,190 369,515... 247,969 57,513 47,252... 1,856,168 2,160,851 2,150,405...... 1.03% 0.78% 0.36%... 1.8% 1.8% 1.8%... 2.2% 2.2% 2.2%...... 0.5% (200,434) (178,191) (197,969) 0.5% 212,488 199,204 208,705

12... 135,687 126,646 115,808 25... 542,748 506,584 463,232 510... 678,435 633,230 579,040... 1,356,870 1,266,460 1,158,080 10.810.19.6 1,856,168,0002,160,851,0002,150,405,000 48%54%51% 2,004,176,0001,812,789,0002,098,879,000 30. 1,000... 1 1 1... 100 100 100 1,000 31 31. 27,007 2.88%937,000... 19,973... 7,034... 40%[][]30%[ ]1230%[]24

...... 27,007... (1,465)...... 25,542 433,340,000 17,000 128,323,000 (%)... 13%... 2%... 24% 32. (a) (i) (ii) (iii) (iv)

(b)...... (75) (75)... (106) (106)... (75) (106) (181)... (13) (13)... (31) (31)... (88) (137) (225)... 1,125,606 1,125,606 13... (1,235,000) (1,235,000) 31... 128,323 128,323... 137 137... 128,323 (109,482) 18,841 33. 34. (a) 1619... 34,218 34,848 22,410... 57,258 22,410 (b) 91,476 57,258 22,410

... 991,017 951,379 778,352... 1,130,719 752,016 833,014... 153,256 78,592 57,534 2,274,992 1,781,987 1,668,900 35.... Kouunn Holdings Limited......... Marlion Holdings Limited... (a) (i)... 664,509 601,734 393,004 (ii)... 336,849 254,613 (iii) *... 5,934 27,993 32,270 (iv)... 775,055

(v)... 15,191 (vi) Kouunn Holdings Limited... 103,467 714,215 7,267,978 (vii) Kouunn Holdings Limited... 715,509 (viii)... 40,058 6,706 35,460 (ix) (x)... 1,667... 109,537 * A (b)... 795,292... 2,299,477 1,307,770 Marlion Holdings Limited... 6,206,457... 1,667 Kouunn Holdings Limited... 103,467 817,682 7,370,151... 1,391 7,937 2,404,335 8,331,909 7,379,755 * 2.5%775,055,000 1,728,072,000527,061,0001,201,011,000 264,939,000 9,604,000

3 129,774,000 33... 1,667 Kouunn Holdings Limited... 764 892 7,370,151 764 892 7,371,818 (c)... 63,275 91,724 104,428... 5,927 6,987 7,825... 69,202 98,711 112,253 10 36.... 1,705,829 1,705,829... 3,018,000 3,018,000... 23,983 23,983... 682,395 20,943 703,338... 5,430,207 20,943 5,451,150

... 818,656... 2,404,335... 500,000... 614,969... 14,251... 4,352,211... 2,321,451 2,321,451... 136,527 136,527... 2,315,069 2,315,069... 75,055 75,055... 746,647 23,365 770,012... 5,594,749 23,365 5,618,114... 1,324,385... 8,331,909... 500,000... 507,651... 18,350... 10,682,295

... 3,576,645 3,576,645... 121,676 121,676... 1,825,809 1,825,809... 86,787 86,787... 795,292 795,292... 653,682 15,705 669,387... 7,059,891 15,705 7,075,596... 1,382,207... 7,379,755... 1,707,554... 736,662... 14,235... 11,220,413 37.

... 20,843 100 20,943... 23,265 100 23,365... 15,605 100 15,705

38. 23.7%22.1%22.6% 27.4%27.0%34.4% %... 5 11,794... (5) (11,794)... 5 13,727... (5) (13,727)... 5 (25,967)... (5) 25,967

22 1 1... 818,656 818,656... 614,969 614,969... 507,379 507,379... 14,251 14,251... 2,404,335 2,404,335 3,033,555 1,326,035 4,359,590 1 1... 1,324,385 1,324,385... 507,651 507,651... 506,375 506,375... 18,350 18,350... 8,331,909 8,331,909 8,857,910 1,830,760 10,688,670 1 1... 1,382,207 1,382,207... 736,662 736,662... 1,718,455 1,718,455... 14,235 14,235... 7,379,755 7,379,755 8,130,652 3,100,662 11,231,314

... 500,000 500,000 1,707,554... 8,608,846 3,515,792 5,527,297... 6% 14% 31% 39. 1,995,000,000 Kouunn Holdings Limited Kouunn Holdings Limited 7.5% 40. []

A. 4.29 [] [] [] 1 2 3 4 5 [][]... [5,804.0] [] [] [] [] [][]... [5,804.0] [] [] [] [] 1. 5,954.1 150.1 2. [][][][] [] 3. [] [][][][] [][][][] 4. [] [][][][][] [][][][][] 5. 113.41 6.

B. []

[]

Oswald AuJason Wang Raymond Chan

Floor 4, Willow House, Cricket Square, P.O. Box 2582, Grand Cayman KY1-1103, Cayman Islands MHKIS(GP) AAPI MSc(RE) []

1. 2,925,200,000 100% 2,925,200,000 27-1816 2,925,200,000 2,925,200,000 2. 1 21,600,000 100% 21,600,000 85 21,600,000 21,600,000 2,946,800,000 2,946,800,000

1. 16 2,925,200,000 163,15744 27-1816 100% 11 2,925,200,000 1527 53,851 1. 163,157HONMA GOLF CO.,LTD. 2. 53,851HONMA GOLF CO.,LTD. 3. 50,00080,000

2. 264.61 21,600,000 185 4 100% 21,600,000 167.4 1. 264.61HONMA GOLF CO.,LTD. 2. 53,851HONMA GOLF CO.,LTD. 3. 155.724 180,000 4. 1,000 1,50010%8%12%

1 [] 2 [] 2.1 [][][] 2.2 (a) (b)

(iii) [] (iv) (A) (B) (v) (g) (h)

(i) (ii) (iii) (iv) (v) (vi) (vii) (i)

(j) 2.3 2.4 2.5 (a) (b) (c)

2.6 2.7

2.8 15 2.9 21

2.10 2114 (a) (b) 95% 2.11 (a) (b) (c) (d) (e) (f)

106 30 60 2.12 2.13 2.14 (a) (b)

2.15 12

48 48 12 2.16 14 15 14

15 2.17 106 30 60 2.18 2.4 2.19 2.20

2.21 (a) 12(b)12(d) (c)12 (d)12 1 2

3 (a) (b) (c) 37 (d) (e) (f)

4 34 34 5 5 Foss v. Harbottle (a)(b) (c) 6 7 8 (a) (b) (c)

9 10 11 12 13 (a) (b) (a)(b)

14 75% 15 90% 16 17 (a) (b) 18

19 (Tax Concessions Law)6 (a) (b) (i) (ii) (Tax Concessions Law) 6(3) [] 20 21

A. 1. 18354 16 18354 2. 50,00050,0001.00 NovaSage Nominees (Cayman) Limited Kouunn Holdings Kouunn Holdings999999.0 []1.00 0.0000025400,00050,000 20,000,000,0000.0000025 [][][] [][ ][][][ ] 3. [] [] (a) (b) [] 1.00[ ][][][ ][]

(c) (1)[] [][ ][](2) [](3) (i) [][][][] (ii) [] (iii) [][] (iv) [][] 187.6 [] [ ] (v) (a)(b) (c)[] (d) (e) (1)[] 20%[] [] (2)(vii) (vi) []10%

[][] (vii) (vi) (v) []10% [][] (d) (1)[][] [](2)[](i)[] (ii)[] 4. [] 5. (a) 5,500,000 5,500,000 10,000,000

6. (a) (i) [] []10% [][] (ii) (iii) 10%30 5%

(iv) (v) (a) (b) (vi) 30 (vii) (b) (c)

(d) [][][] [] [] (i) (ii) (iii) 26 25% 8.08

B. 1. (a) (b) 2. (a) 1 28 2713023 2 18,25,28 300424511 3 18 1926598 4 25 1939020 5 28 1941392 6 41 12997267 7 14 1772153 8 24,25 2078670 9 18,25,28 2478606 10 41 3101208 11 35 5146088 12 37 3147517 13 16 3339841 14 18,25,28 4766613 15 18 546843 16 28 546905

17 25,28 547677 18 41 12997268 19 18,25,28 199408041AA 20 18 158183 21 18,25 56435 22 28 56648 23 25 55883 24 20,24,25 1933798 25 18,25 2207624 26 16 3339840 27 25 4131962 28 18 4137041 29 28 4193192 30 25,28 547678 31 18 546847 32 28 546904 33 25 55882 34 28 56671 35 18,25 56434 36 18 155776

37 18,25,28 03057/2001 38 18,25,28 5563266 39 28 1158570 40 28 1158570 41 28 302518524 42 18,25,28 5769799 43 28 4934585 44 28 301016928 45 18,25,28 40-0675178 46 28 5660500 47 28 13799403 48 28 302838637 49 28 40-1079326 50 28 5660501 51 28 13799404 52 28 302838646 53 28 303365055 54 28 40-1151128 55 28 40-1079331 56 18,25,28 5785014 57 28 303480507

1 28 16713516 2 28 1271321 3 28 1271321 (b) 1 4671447 2 8,876,626 3 ZL2010800 47834.8 4 HK1168314 5 5774407 6 5795919 7 3144242 8 3169560

1 1201001851 2 10-2012-7012643 3 2013-117801 4 2014-075081 5 2014-135754 6 2014-211177 7 2015-074922 (c) 1 http://www.honmagolf.co.jp/ 2 http://www. scorecafe.jp 3 http://www.honmagolfkorea.com 4 http://www.teamhonmakorea.com (d) 1 1481918

C. 1. (a) [][] [] XV XV78 352 (i) [] (2) (3)... [] []% [] []% (4)... [] []% (2)... [] []% (6)... [] []% (1) (2) [][][] []

(3) Kouunn HoldingsKouunn Holdings [] [] (4) [] [] (5) [] [] (6) [] [] (ii)... Kouunn Holdings 1,000 100% (b) [][] [] XV23 10% 2. [] [][ ] 3. 40.7 60.788.2

... 18,211,723... 16,366,366 5,767,650... 13,556,077 6,979,350... 15,264,066... 9,191,176... 5,514,706... 5,514,706 96.4 4. 5. (a) (b) (c) (d) XV XV78 352 XV23 10% E.5. E.5.

(e) E.5.(i) (ii) (f) 5% D. 1. (a) (b) (c) (d) (10) (e) (i)

(ii) (iii) (a) (b) (c) (f) (f) (g) (h) (i) (k)

(j) (k) (i) (ii) [][] (l) 500 (3) (3)(3) (3)

(m) (n) (o) (p) (i) (a) (b) (ii) (a) (b) (c) (d)

(q) (i) (ii) (iii) (r) (s) (t) (u)

(v) [][] (w) 152 [][] [] []%[ ][] []46 3 2 2. [ 3I10(d)1A 27 2. [] (1) (%) [] [] 9

[] (1) (%) 5-8-17-905, [] [] Higashiikebukuro, Toshima-ku, Tokyo, 170-0013, Japan [] [] 1-5-4-601 [] [] Heiwadai, Nagareyamacity, Chiba, Japan [] [] [] [] 926 502 [] [] 4033 [] [] [] [] 8 649D 3-3-16-804 Hisamoto, [] [] Takatsu-ku, Kawasaki, Kanagawa, 213-0011, Japan [] [] 6598F-2 136/138, Soi 23 Sukhumvit [] [] Road., Klongton-Nua, Wattana, Bangkok 10110 [] [] 2500 276

[] (1) (%) 2-16-2 Takamidai, [] [] Sakata-shi, Yamagata 998-005 #113, 4-8-33, [] [] Kitashinagawa, Sinagawaku, Tokyo 140-0001 [] [] 506 92703 [] [] Linden Heim 101 [] [] Kosugijinya cho 1-16-10 Nakahara-ku, Kanagawa Prefecture, [] [] Kawasaki, Japan [] [] 62126 501 [] (1) (%) 2... 413,712 [] 21... 2,952,092 [] 68... 4,486,612 [] 43... 1,335,100 [] 3... 462,384 [] (1) [][]

138 (i) 40%[] (ii) 30%[]12 (iii) 30%[]24 3. [] [][] [] (a) [] (b) []10 (c)

12[] 0.1% 5 (d) (e) [] [] 1.00 (f) (i) [] []10% []

[] 10% (ii) (iii) (iv)12[] 1% (iv) 12 1% (v) (g) [] 30% (h) [] 10 []10 (i)

(j) (i) (ii) (k) [] [] 17.03[] [] [] [] []17 (l) (i) (ii) 17.03(13) (m)

(n) 6 (o) (p) (q) (r) (s) (m) (r) (n) (o) (p)

(u) (t) [] [] [] [] (u) (v) [][][] [] [] E. 1. [ ] []111 [] (a)

(b) [] (c) [] [] 2. 3. [][] [] [] [][] 3A.07 1 4. 5...................... 14 5 69

6. 7. [] 8. 50,000 9. 44A44B 10. 32L 4 11. (a) (i) (ii) (iii) (iv) (v) (vi)

(b) (i) (ii) 12 (iii) (c)

1. (a) (b) (c) [] B.1. E.6. 2. 14 335 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) [] B.1. E.6. C.2. []