Accordia Golf : Supplementary Materials on FY 3/2016 First Three Quarters

February 10, 2017‌‌‌‌‌‌‌‌‌‌

Accordia Golf Co., Ltd. Securities Code: 2131

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Supplementary Materials on FY 3/2017 First Three Quarters

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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   Future Schedule

2. Responses to the tender offer of Accordia Golf's shares

   K.K. MBKP Resort (the "Tender Offeror") conducted the tender offer of Accordia Golf's shares (the "Tender Offer") between November 30, 2016 and January 18, 2017, in which 62,876,738 shares (ownership of voting rights in the voting rights of all shareholders: 89.18%) were tendered, satisfying the minimum number of shares scheduled to be purchased (47,003,100 shares), and the Tender Offer was successful.

   In response to the successful Tender Offer, Accordia Golf has decided to commence the procedures for making itself a wholly owned subsidiary of the Tender Offeror. More specifically, 35,252,217 shares of the Common Stock will be consolidated into one share (the "Reverse Stock Split") on the condition of the approval of the Company's shareholders at the extraordinary general meeting of shareholders to be held on February 28, 2017.

   As a result of the Reverse Stock Split, the number of shares held by shareholders other than the Tender Offeror will be a fraction of one share.

   The number of shares equivalent to the total number of the fractions of one share will be sold and the proceeds from the sale will be distributed to the shareholders according to the number of fractions of a share held. The Company will set a price for this sale that will make the amount distributed to each shareholder equivalent to the amount resulting from multiplying 1,210 yen, the same value as the Tender Offer of the Company's common stock, by the number of shares of common stock of the Company held by each shareholder.

   Percentage of Reverse Stock Split

   35,252,217 shares into one share

   Effective date of Reverse Stock Split

   March 28, 2017

   Number of shares issuable after the effective date

   Eight shares

3. Future schedule

   February 28, 2017 Extraordinary general meeting of shareholders Stock to be delisted specified

   March 22 Final trading day

   March 23 Date of delisting

   March 28 Effective date of

   Reverse Stock Split

   The Reverse Stock Split will be conducted on the condition that it is approved by the Company's shareholders at the extraordinary general meeting of shareholders, and the Company will become a wholly owned subsidiary of the Tender Offeror. As a result, the common stock of the Company will be delisted through specified procedures based on the delisting criteria of the Tokyo Stock Exchange. As for the schedule, the stock will be specified as stock to be delisted between February 28 and March 22, 2017, and it will subsequently be delisted on March 23, 2017. After the delisting, the common stock of the Company will not be traded on the First Section of the Tokyo Stock Exchange.

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4. FY 3/2017 First Three Quarters Results

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