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May 2017 Monthly Report

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Number of Visitors (thousands) Utilization Rate1
  Actual YoY
Change2
3 Year
Average
Change3
Actual YoY Change
Percentage
Point (ppt)4
3 Year
Average
Percentage
Point (ppt)
Change5
Apr 517 +5.3% +4.9% 82.2% +4.3 ppt +3.8 ppt
May 587 +2.4% +1.0% 89.4% +2.2 ppt +0.9 ppt
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
TOTAL 1,104 +3.7% +2.8% 85.8% +3.3 ppt +2.4 ppt
1Q
2Q
3Q
4Q

All of the above information are obtained from Accordia Golf Co., Ltd. as the manager of the 89 golf courses (including golf course related assets relating to such golf courses) located in Japan in the portfolio (the "Initial Portfolio") of Accordia Golf Trust ("AGT"). The information is on a best estimates basis and unaudited.

In May 2017, the number of visitors was 587 thousand and utilisation rate was 89.4%

Appendix: 3 Year Average6

  Number of Visitors (thousands) Utilization Rate
Apr 493 78.4%
May 581 88.5%
Jun 502 79.3%
Jul 508 77.9%
Aug 500 76.7%
Sep 502 79.6%
Oct 534 81.9%
Nov 507 80.9%
Dec 461 74.9%
Jan 352 65.1%
Feb 342 65.5%
Mar 466 75.8%
1Q 1,576 82.0%
2Q 1,511 77.8%
3Q 1,502 78.5%
4Q 1,161 67.4%

Note: Data calculated is based on 89 golf courses in AGT's portfolio

  1. Utilization Rate = Total number of visitors per 18 holes / (Total operating days x 50 (flights) x 4 (persons)). Total operating days exclude closed days under specific circumstances such as typhoon and snow, among other factors
  2. Year-on-Year (YoY) Change = (Current month data - corresponding month of the previous year) / corresponding month of the previous year
  3. 3 Year Average Change = (Current month data - previous 3 Year Average) / previous 3 Year Average
  4. 3 Year-on-Year (YoY) Change Percentage Point (ppt) = Current month data - corresponding month of the previous year
  5. 3 Year Average Percentage Point Change = Current month data - previous 3 Year Average
  6. 3 Year Average = Average data of the corresponding month(s) of the previous 3 years