The board of directors of Honma Golf Limited informed the shareholders of the company and potential investors that, based on the Board's preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 September 2016, it is expected that the Group may record a decrease in profit for the six months ended 30 September 2016 as compared to that of the corresponding period in 2015. The expected decrease was primarily attributable to (i) the non-recurring expenses of approximately JPY 243.0 million recognized during the six months ended 30 September 2016 in connection with the listing of the company and (ii) the non-cash expenses of approximately JPY 166.2 million recognized during the six months ended 30 September 2016 in connection with the company's restricted share unit scheme.