TOP 10 Golf Courses

The table below summarises certain key information in relation to the Initial Portfolio. In relation to the appraisal value of the golf courses, each of the golf courses is valued by only one Independent Real Estate Appraiser, being either by CBRE or Tanizawa. Accordingly, the appraisal value of each golf course in the tables below reflects the valuation of CBRE or, as the case may be, Tanizawa: (as at 31st December 2015)

Top 10 Golf Courses
Golf course Region Inaugural Year*1 Number of holes Appraised value
(JPY million)*2
Daiatsugi Country Club Hon Course Greater Tokyo 1970 27 8,370
Otsu Country Club Greater Osaka 1969 45 7,330
Daiatsugi Country Club Sakura Course Greater Tokyo 1981 18 6,660
Izumisano Country Club Greater Osaka 1972 27 4,900
Kisaichi Country Club Greater Osaka 1968 27 4,520
Northern Country Club Nishikigahara Golf Course Greater Tokyo 1963 43 4,330
Kamo Country Club Greater Osaka 1974 36 4,300
Tokyowan Country Club Greater Tokyo 1979 27 3,870
Tsuchiura Country Club Greater Tokyo 1962 27 3,790
Atagohara Golf Club Greater Osaka 1960 27 3,060

*1 "Inaugural year" means the year in which the golf course first commenced operations after the completion of its development and construction.
*2 Based on real estate appraisals as at 31 December 2015 conducted by the Independent Real Estate Appraisers.