Nagoya Region

No.	Golf course	Appraisal Value (JPY million)^*1	Location	Area (m²)	Number of Holes	Year of Acquisition by the Sponsor	Revenue FY15/16 (JPY million)^*2	Utilisation Rates FY15/16(%)^*3
1	Yokkaichinosato Golf Club	2,470	Yokkaichi-Shi, Mie	661,573	18	2009	731	83.1
2	Shinyo Country Club	2,100	Toki-Shi, Gifu	1,495,987	18	2005	699	84.9
3	Fujiwara Golf Club	2,010	Inabe-Shi, Mie	1,278,719	27	2005	800	76.5
4	Castlehill Country Club	1,970	Toyokawa-Shi, Aichi	1,635,889	18	2009	674	81.3
5	Kasumi Golf Club	1,480	Tsu-Shi, Mie	869,786	18	2009	543	82.0
6	Forest Geino Golf Club	1,420	Tsu-Shi, Mie	592,471	18	2009	495	75.7
7	Forest Mizunami Country Club^*3	1,400	Mizunami-Shi, Gifu	1,079,483	18	2008	541	81.3
8	Tsukude Golf Club	1,330	Shinshiro-Shi, Aichi	435,805	18	2009	614	80.1
9	Sorei Golf Club Seki Course	1,260	Kameyama-Shi, Mie	704,063	18	2005	447	79.5
10	Sun Classic Golf Club	1,050	Kani-Gun, Gifu	1,058,367	18	2008	569	92.5
11	Route 25 Golf Club	938	Iga-Shi, Mie	961,379	18	2007	509	76.9
12	Meisho Golf Club	770	Tsu-Shi, Mie	1,345,960	18	2005	405	72.5

^*1 Based on real estate appraisals as at 31 December 2015 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).