Osaka Region

No.	Golf course	Appraisal Value (JPY million)^*1	Location	Area (m²)	Number of Holes	Year of Acquisition by the Sponsor	Revenue FY16/17 (JPY million)^*2	Utilisation Rates FY16/17(%)^*3
1	Otsu Country Club^*3	7,330	Otsu-Shi, Shiga	2,051,043	45	2009	1,624	86.9
2	Izumisano Country Club	4,940	Izumisano-Shi, Osaka	1,343,189	27	2005	1,045	93.5
3	Kisaichi Country Club	4,550	Katano-Shi, Osaka	575,504	27	2005	1,033	94.9
4	Kamo Country Club	4,300	Kizugawa-Shi, Kyoto	1,206,331	36	2005	1,130	91.9
5	Atagohara Golf Club	3,150	Takarazuka-Shi, Hyogo	615,164	27	2005	843	77.6
6	Naranomori Golf Club	2,100	Nara-Shi, Nara	1,326,963	18	2005	704	92.1
7	Harima Country Club	1,950	Ono-Shi, Hyogo	743,267	18	2005	553	85.4
8	Lake Forest Resort^*4	1,910	Soraku-Gun, Kyoto	1,031,318	45	2005	1,630	85.6
9	Kameoka Golf Club	1,890	Kameoka-Shi, Kyoto	694,053	18	2005	539	86.5
10	Sorei Golf Club Tsuchiyama Course	1,410	Kouka-Shi, Shiga	746,061	18	2005	460	83.9
11	Kyowa Golf Club	1,270	Soraku-Gun, Kyoto	1,145,952	18	2005	501	85.8
12	Misaki Country Club	1,230	Sennan-Gun, Osaka	206,026	18	2005	577	90.8
13	Yamato Kougen Country Club	777	Nara-Shi, Nara	1,486,731	18	2007	541	89.0
14	Kasai Country Club	576	Kasai-Shi, Hyogo	1,169,572	18	2005	424	79.0
15	Shirasagi Golf Club	477	Himeji-Shi, Hyogo	1,024,084	18	2005	475	80.8

^*1 Based on real estate appraisals as at 31 December 2016 conducted by the Independent Real Estate Appraisers.
^*2 Revenue includes play fees (green fees and cart fees), caddy fees, restaurant charges, membership fees and other revenues from the golf course.
^*3 Utilisation rate = Total no. of visitors per 18 holes/(Total operating days x 200 persons).