Tokyo 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	Daiatsugi Country Club Hon Course	8,390	Atsugi-Shi, Kanagawa	1,258,046	27	2005	1,342	87.3
2	Daiatsugi Country Club Sakura Course	6,900	Atsugi-Shi, Kanagawa	813,283	18	2005	1,111	110.1
3	Northern Country Club Nishikigahara Golf Course	4,430	Saitama-Shi, Saitama	1,328,762	43	2005	1,208	84.6
4	Tokyowan Country Club	3,880	Sodegaura-Shi, Chiba	856,861	27	2005	1,020	81.9
5	Tsuchiura Country Club	3,760	Inashiki-Shi, Ibaraki	814,039	27	2005	915	84.7
6	Odawara Golf Club Matsuda Course	2,930	Ashigarakami-Gun, Kanagawa	609,524	18	2007	673	89.6
7	Central Golf Club^*3	2,850	Namegata-Shi, Ibaraki	1,908,836	36	2005	1,005	76.7
8	Fujioka Golf Club	2,760	Fujioka-Shi, Gunma	1,216,014	36	2008	734	71.4
9	Yorii Country Club	2,690	Osato-Gun, Saitama	781,816	18	2006	673	81.5
10	Aqualine Golf Club	2,650	Kisarazu-Shi, Chiba	812,297	18	2006	643	78.4
11	Mito Golf Club	2,460	Mito-Shi, Ibaraki	1,453,942	36	2005	856	69.7
12	Naritahigashi Country Club	2,440	Katori-Shi, Chiba	772,311	18	2005	600	81.5
13	Chiba Sakuranosato Golf Club	2,130	Katori-Shi, Chiba	948,171	18	2005	562	82.8
14	Sawara Country Club	2,090	Katori-Shi, Chiba	759,508	18	2005	652	83.1
15	Kanetsu Highland Golf Club	2,050	Takasaki-Shi, Gunma	1,047,405	27	2008	620	80.6
16	Minagawajo Country Club	2,040	Tochigi-Shi, Tochigi	569,047	18	2005	615	77.9
17	Ohiradai Country Club	1,850	Tochigi-Shi, Tochigi	797,090	27	2005	623	75.1
18	Tamagawa Country Club	1,580	Hiki-Gun, Saitama	1,054,979	18	2005	555	80.2
19	Kanra Country Club	1,480	Kanra-Gun, Gunma	1,156,822	18	2007	488	81.5
20	Sainomori Country Club^*3	1,460	Chichibu-Shi, Saitama	1,243,143	18	2005	625	80
21	Wildduck Country Club	1,410	Kamisu-Shi, Ibaraki	836,671	18	2008	476	76.7
22	Central Golf Club New Course^*3	1,400	Namegata-Shi, Ibaraki	1,030,232	18	2005	484	79.7
23	Kodamakamikawa Country Club	1,380	Kodama-Gun, Saitama	1,088,693	18	2005	530	84.8
24	Myogi Country Club^*3	1,300	Tomioka-Shi, Gunma	803,549	18	2005	989	75
25	Koryo Country Club	1,100	Kanuma-Shi, Tochigi	984,175	27	2007	509	65.6
26	Ishioka Golf Club West Course	1,090	Kasama-Shi, Ibaraki	1,262,015	18	2005	551	84.9
27	Midono Country Club	1,070	Fujioka-Shi, Gunma	1,668,200	18	2005	518	85.9
28	Hanao Country Club	1,070	Isumi-Gun, Chiba	1,242,026	18	2005	509	83.9
29	Twin Lakes Country Club	935	Fujioka-Shi, Gunma	1,280,567	18	2005	553	84.4
30	Kamogawa Country Club^*3	699	Kamogawa-Shi, Chiba	889,599	18	2005	599	81.9
31	Chichibu Kokusai Country Club	641	Chichibu-Gun, Saitama	784,338	18	2006	336	71.2
32	Northern Country Club Akagi Golf Course^*3	437	Shibukawa-Shi, Gunma	1,516,533	27	2005	376	62.7
33	Kitsuregawa Country Club^*3	355	Sakura-Shi, Tochigi	1,084,069	27	2008	518	64.4
34	Northern Country Club Jomo Golf Course	192	Agatsuma-Gun, Gunma	908,267	18	2005	225	70.7
35	Village Higashi Karuizawa Golf Club^*3	85	Annaka-Shi, Gunma	748,362	18	2008	282	65.3

^*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).