Accordia Golf : Analyst Meeting Materials 3/2017 First harf

November 10, 2016‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Accordia Golf Co., Ltd. Analyst Meeting Materials FY 3/2017 First Half

Securities Code: 2131

Disclaimer

• Forward-looking statements such as plans, forecasts and strategies included in this document have been prepared based on certain assumptions (hypotheses), future estimates, etc. based on information available to Accordia Golf Co., Ltd. ("the Company") at the time of preparation of this document, and are therefore subject to risks and uncertainties. These risks and uncertainties may result in a divergence between actual results and the forecasts, etc. contained herein. This document is prepared for the purpose of providing information about the Company and the Accordia Golf Group ("the Group"), and not for the purpose of soliciting or mediating investment.

• Although the Company takes every care with the information contained in this document, the Company does not make any representations or warranties as to the accuracy, usefulness or appropriateness, etc. of this information. The information contained in this document is also subject to change without prior notice.

• The information contained herein regarding companies, etc. other than the Company and members of the Group is quoted from public and other sources. The Company has not verified and does not make any representations or warranties as to the accuracy or appropriateness of this information.

• Almost all of the figures in this document are consolidated figures. The figures are rounded down and may not tally to the totals given for each item.

For inquiries about this document, please contact: Accordia Golf Co., Ltd.

Investor Relations

4-12-4 Higashi Shinagawa, Shinagawa-ku, Tokyo 140-0002 TEL: [phone] (voice guidance)

1. mail: [e-mail] IR site: www.accordiagolf.co.jp

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2. FY 3/2017 First Half Results

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   Golf Market Trends and Our Strategy

   Golf Course Operations

   Our Strategy

   • The number of rounds played on golf courses (Apr.-Aug. 2016)*1 decreased 2.5% (YoY) due to unseasonable weather in the summer.

   • While the financial results of golf courses in the suburbs of large cities were strong, those located 1.5 hours or more away from large cities found it difficult to operate their businesses.*2

   • Golf courses were increasingly turned into solar power plants, currentiy 2,224 courses in operation (Apr. 2016).*3

   • The number of rounds played to golf courses operated by Accordia (Apr. - Aug. 2016) decrease 0.3% (YoY).

   • Developed a pleasant playing environment

   • Defined and improved service standards

   • Implemented optimal unit price policy and improved operation

   • Reformed cost structure

   • Focused on urban areas in the golf course portfolio

   • Promoted the use of the golf course reservation website

   • Took measures to attract female golfers , child golfers, and Senior golfers

     Driving Range Operations

     • The number of visitors to driving ranges (Apr.- Aug. 2016)*1 decreased 0.1% (YoY).

     • The declining trend in the number of driving ranges nationwide continues.

     • The number of visitors to driving ranges (Apr. - Aug. 2016) increased 2.8% (YoY).

   • Established a golf school business with various classes

   • Held competitions organized by driving range operators at golf courses

   • Looking into an urban indoor driving range business

     Golf Equipment Sales

     • The size of the golf equipment market is 339 billion yen (in 2015; up 1.8% YoY).

     • Golf equipment sales amounted to 4.5 billion yen (FY ended March 2016; up 2.2% YoY).

   • Established a merchandising technique

   • Improved the services of Club Workshops

     (Note) 1. Ministry of Economy, Trade and Industry, "Survey of Selected Service Industries," Apr-Aug 2016.

3. Leisure White Paper 2016 (Japan Productivity Center)

4. Golf Tokushin, published by IKKI.

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