Accordia Golf : Notice of Cancellation of Treasury Stock

Press Release

January 23, 2017

Company Name: Accordia Golf Co., Ltd. Representative: President & CEO, Yuko Tashiro (Securities Code: 2131, TSE 1st Section)

For inquiries, contact:

Director & Corporate Officer, Fumihiko Niwa TEL: [phone]

Notice of Cancellation of Treasury Stock

Accordia Golf Co., Ltd. (hereinafter the "Company") announces that at a Board of Directors' meeting held today, the Company resolved to retire part of the Company's treasury stock, pursuant to Article 178 of the Companies Act. Details are as follows.

Also note that the cancellation of treasury stock in question is contingent upon approval and passing of the as- drafted agenda item concerning the consolidation of shares listed in the Company press release "Notification of Stock Consolidation, Abolition of Provisions Concerning Share Units and Partial Changes to the Articles of Incorporation" announced today at an Extraordinary Meeting of Shareholders scheduled to be held on February 28, 2017.

1. Type of shares to be retired:

   Common shares of the Company

2. Number of shares to be retired:

   14,234,565 shares (16.8% of the total number of shares issued before the retirement)

3. Date of retirement:

March 27, 2017

(Reference)

After the retirement of shares, the total number of shares issued by the Company will be 70,504,435 shares.

[For inquiries, contact] (Monday-Friday, 9:00-17:00) Accordia Golf Co., Ltd.

Investor Relations (K. Nose)

TEL: [phone] (Audio guidance) E-mail: [e-mail]