Osaka 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 Otsu Country Club*3 7,330 Otsu-Shi, Shiga 2,051,043 45 2009 1,643 85.9
2 Izumisano Country Club 4,900 Izumisano-Shi, Osaka 1,343,189 27 2005 1,061 92.6
3 Kisaichi Country Club 4,520 Katano-Shi, Osaka 575,504 27 2005 1,054 94.0
4 Kamo Country Club 4,300 Kizugawa-Shi, Kyoto 1,206,331 36 2005 1,153 89.7
5 Atagohara Golf Club 3,060 Takarazuka-Shi, Hyogo 615,164 27 2005 901 80.7
6 Lake Forest Resort*4 2,100 Soraku-Gun, Kyoto 1,031,318 45 2005 1,771 80.0
7 Naranomori Golf Club 2,090 Nara-Shi, Nara 1,326,963 18 2005 722 90.5
8 Harima Country Club 2,030 Ono-Shi, Hyogo 743,267 18 2005 557 80.9
9 Kameoka Golf Club 1,940 Kameoka-Shi, Kyoto 694,053 18 2005 604 94.8
10 Sorei Golf Club Tsuchiyama Course 1,410 Kouka-Shi, Shiga 746,061 18 2005 483 83.2
11 Kyowa Golf Club 1,270 Soraku-Gun, Kyoto 1,145,952 18 2005 512 83.6
12 Misaki Country Club 1,170 Sennan-Gun, Osaka 206,026 18 2005 594 91.0
13 Yamato Kougen Country Club 784 Nara-Shi, Nara 1,486,731 18 2007 553 85.6
14 Kasai Country Club 583 Kasai-Shi, Hyogo 1,169,572 18 2005 440 77.9
15 Shirasagi Golf Club 482 Himeji-Shi, Hyogo 1,024,084 18 2005 487 80.8

*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).