Financing Plan Seeking Lowest Cost – Most Flexible Structure Minimize Refinancing Risk Allow for Prepayment Considering Several Options - Construction Loan - Traditional Mortgage - Member Bonds Very Positive Feedback From Banks

Financing Plan $3 Million Term – 10 Years Amortization – 20 Years ($230,600 annual Payment) Interest Rate – 4.5% fixed for 10 years Assumptions – – Club maintains positive operating performance – $125K annual capital spend – New Members - 10 Regular and 4 Senior Social per year – Annual Capital Dues $600 for Regular Members $300 for Senior Social Members

Financing Plan Base Case – Membership Stays Flat – Year 10 loan balance - $1.4 Million Downside Case – Membership Declines by 20 – Year 10 loan balance - $2.2 Million Upside Case – Membership Increases by 20 – Year 10 loan balance - $500K Revised Base Case - Loan Fully Amortized in 10 Years – Annual Capital Dues $1,000 for Regular Members ($250 quarterly) $500 for Senior Social Members ($125 quarterly)