Nagoya 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	Yokkaichinosato Golf Club	2,540	Yokkaichi-Shi, Mie	661,573	18	2009	727	84.1
2	Shinyo Country Club	2,100	Toki-Shi, Gifu	1,495,987	18	2005	693	88.0
3	Fujiwara Golf Club	1,970	Inabe-Shi, Mie	1,278,719	27	2005	755	75.8
4	Castlehill Country Club	1,970	Toyokawa-Shi, Aichi	1,635,889	18	2009	667	82.0
5	Kasumi Golf Club	1,400	Tsu-Shi, Mie	869,786	18	2009	513	80.8
6	Forest Mizunami Country Club^*3	1,370	Mizunami-Shi, Gifu	1,079,483	18	2008	549	87.6
7	Forest Geino Golf Club	1,310	Tsu-Shi, Mie	592,471	18	2009	480	74.5
8	Tsukude Golf Club	1,290	Shinshiro-Shi, Aichi	435,805	18	2009	573	80.8
9	Sorei Golf Club Seki Course	1,260	Kameyama-Shi, Mie	704,063	18	2005	403	74.9
10	Sun Classic Golf Club	1,040	Kani-Gun, Gifu	1,058,367	18	2008	553	93.9
11	Route 25 Golf Club	929	Iga-Shi, Mie	961,379	18	2007	488	78.8
12	Meisho Golf Club	705	Tsu-Shi, Mie	1,345,960	18	2005	402	71.7

^*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).