02-16-2016 CCCC Annual Membership Meeting

Coosaw Creek Country Club Annual Meeting Agenda 02/16/16 Call to Order & Welcome: Judy Hair BOD Vacancies Candidate Introductions / Vote: Judy Hair General Manager’s Report: Mike Benner Financial Report: Bill Moore Election Results: Judy Hair Q&A: Membership & BOD 02-16-2016 CCCC Annual Membership Meeting 2 2

Coosaw Creek Country Club BOD Election Vacancies - Terms Completed Rick Jones Tonya Martin Bill Moore 2016 Candidates Bill Cattorini DD Duke Rick Jones Tonya Martin Bill Moore Marion Phillips Sonya Routhier Lonnie Stith Stephen Walker 02-16-2016 CCCC Annual Membership Meeting 3 3

Coosaw Creek Country Club BOD Election Please make certain your ballot has been turned in at this time. 02-16-2016 CCCC Annual Membership Meeting 4 4

Coosaw Creek Country Club General Manager’s Report Mike Benner 02-16-2016 CCCC Annual Membership Meeting 5 5

Coosaw Creek Country Club General Manager’s Report Topics 2015 Operational Summary 2015 Financial Summary Repair & Maintenance Projects List Membership Survey Results 2016 Budget & Goals 02-16-2016 CCCC Annual Membership Meeting 6

Coosaw Creek Country Club 2015 Operational Summary Membership Report Golf Course - Greens Resurfacing Project Weather Challenges Rounds Played Data Food & Beverage Utilization Member Events, Promotions & Communications 02-16-2016 CCCC Annual Membership Meeting 7

Coosaw Creek Country Club 2015 Financial Summary Actual vs. Budget Revenues $2,953,364 $2,924,486 COGS $381,711 $360,056 Labor $1,045,235 $1,059,590 Expenses $1,391,425 $1,436,115 COI $134,992 $68,356 02-16-2016 CCCC Annual Membership Meeting 8

Coosaw Creek Country Club 2015 Facility Improvements Non-Capital Expenditures - $149,000 Course Greens Resurfacing New Practice Mats at Driving Range Painting of Club Areas (Restroom, Scoreboard, Pool, Patio & Bag Drops) Concrete Cart Path Repairs Tree Removal & Landscape Improvements New High Top Table & Chairs Upgrades to Maintenance Equipment (Lease Expense) New Fleet of Club Car Golf Carts w/ GPS (Lease Expense) 02-16-2016 CCCC Annual Membership Meeting 9

Coosaw Creek Country Club Facility Improvements Capital expenditures - $0 All repairs and improvements classified as maintenance expenses Audit of financials will once again be conducted by Hyland, Rudy & Garbett 02-16-2016 CCCC Annual Membership Meeting 10

Coosaw Creek Country Club 2015 Survey Results Overview Detailed Results available on Website Overall Club Satisfaction Levels – very positive Support for: Maintaining Current Service Levels & Amenities Improvement/Upkeep of Existing Facilities and Infrastructure (not new ones) Hosting Outside Events & Banquets (w/ minimal member displacement) Desire to avoid: Assessments Taking on New Debt New Additions/New Amenity Projects Substantial Dues/Fees Increases Club Going “Private” 02-16-2016 CCCC Annual Membership Meeting 11

Coosaw Creek Country Club 2015 Actual vs. 2016 Budget 2015 Actual vs. 2016 Budget Revenues $2,953,364 $3,121,734 COGS $381,711 $381,959 Labor $1,045,235 $1,125,096 Expenses $1,391,425 $1,384,871 COI $134,992 $229,808 02-16-2016 CCCC Annual Membership Meeting 12

Coosaw Creek Country Club 2016 Goals Exceed 2016 Plan – Again! Maintain Current Cash Flow Continue Expense Controls Identify & Manage Facility Upkeep & Repairs Reduce Long Term Debt Maintain Established Service Levels Maintain Member Satisfaction Levels Continue Collaboration Efforts with the POA Retain Management Team 02-16-2016 CCCC Annual Membership Meeting 13

Coosaw Creek Country Club Financial Overview Bill Moore All 2015 Financial Numbers are unaudited 02-16-2016 CCCC Annual Membership Meeting

Coosaw Creek Country Club 2015 Financial Statement   YTD Actual YTD Budget TOTAL CLUB REVENUE 2,953,363.95 2,924,486.00 TOTAL COGS 381,711.43 360,056.00 TOTAL LABOR 1,045,235.29 1,059,959.00 TOTAL EXPENSE 1,391,425.20 1,436,115.00 TOTAL COI (EBITDA) 134,992.03 68,356.00 Depreciation 114,530.04 131,004.00 Interest Expense 32,744.37 49,200.00 Interest Revenue (603.38) - Amortization 733.80 744.00 Net Income (12,412.80) (112,592.00) Mortgage Principal 146,479.64 Capital Expense Equity Refunds 59,000.00 48,000.00 State Taxes Federal Taxes Cash To Account (102,628.60) (174,720.26) 15 15

Coosaw Creek Country Club 2015 Assets Current Assets Cash 1,399,983 Allowance for Doubtful Accts (78,382) Merchandise 41,861 Inventory 26,968 Prepaid Deb/Escrow 136,530 Prepaid Other 9,594 Prepaid - Federal Taxes 5,236 Total Current Assets $ 1,541,790 Property and Equipment Land 1,053,413 Buildings 522,946 Improvements - Capital & Bldg 1,232,523 Equipment - Course & Kitchen 754,431 Furniture, Fixtures & Equip 203,605 Loan Costs 19,079 Accumulated Depriciation - Land, Building & Equipment (1,007,484) Accumulated Amortization (6,910) Total Property and Equipment $ 2,771,603 Total Assets $ 4,313,393 02-16-2016 CCCC Annual Membership Meeting 16 16

Coosaw Creek Country Club 2015 LIABILITIES AND CAPITAL Total Current Liabilities $ 1,553,010 Long Term Liabilities Notes Payable 1,375,331 Capital Lease - Club Car 246,073 Capital Lease - Toromaster 24,947 Paid In Capital 693,000 Total Long Term Liabilities $ 2,339,351 Total Liabilities $ 3,892,361 Capital Paid in Capital (59,000) Retained Earnings 493,345 Net Income (13,313) Total Capital $ 421,032 Total Liabilities & Capital $ 4,313,393 02-16-2016 CCCC Annual Membership Meeting 17 17

Coosaw Creek Country Club 2015 Five Year Plan 2016 2017 2018 2019 2020 Club Revenue $3,121,734 $ 3,156,616 $ 3,196,036 $ 3,236,225 $ 3,277,197 COGS $381,959 $382,600 $383,250 $383,900 $384,550 Labor $1,125,096 $1,136,347 $1,147,710 $1,159,188 $1,170,779 Operating Expense $1,384,871 $1,398,240 $1,411,742 $1,425,380 $1,439,153 Club Op Inc (EBITDA) $229,808 $239,429 $253,334 $267,758 $282,715 Depreciation $120,000 Interest Expense $33,175 Interest Revenue $-603 Amortization $744 Est. Taxable Income $76,492 $86,114 $100,018 $114,442 $129,399 02-16-2016 CCCC Annual Membership Meeting 18 18

Coosaw Creek Country Club 2015 Five Year Plan 2016 2017 2018 2019 2020 TOTAL COI (EBITDA) $229,808 $239,429 $253,334 $267,758 $282,715 Interest Expense $33,175 Interest Revenue $-603 Mortgage Principal $143,005 Capital Expense $48,000 Equity Refunds Cash To Account (Subject to Taxes) $ -37,599 $ -27,978 $ -14,073 $ 351 $15,308 02-16-2016 CCCC Annual Membership Meeting 19 19

Coosaw Creek Country Club 02-16-2016 CCCC Annual Membership Meeting 20 20

Coosaw Creek Country Club Cash Balance Dec. 2015 $1,076,389 02-16-2016 CCCC Annual Membership Meeting 21 21

Coosaw Creek Country Club Dec. 2015 Jan. Feb. Mar. Apr. May Jun. July. Aug. Sep. Oct. Nov. Dec. 2016 $1,076,389 $1,036,756 $968,461 $898,930 $847,882 $810,457 $750,633 $697,095 $619,794 $574,080 $527,998 $485,872 $1,037,309 02-16-2016 CCCC Annual Membership Meeting

Coosaw Creek Country Club Past Due Accounts YEAR 60 Days 90 Days 120 Days TOTAL 2012 $4,968.66 $3,930.32 $78,840.17 $87,739.15 2013 $6,181.01 $5,336.82 $49,326.48 $60,844.31 2014 $3,677.56 $2,012.83 $49,287.41 $54,977.80 2015 $6,072.30 $1,929.55 $33,084.34 $49,647.52 02-16-2016 CCCC Annual Membership Meeting 23 23

Coosaw Creek Country Club Newly Elected Board Members Voting results 02-16-2016 CCCC Annual Membership Meeting 24

Coosaw Creek Country Club Question/Answer Session Please approach microphone with questions You can also send your questions to: BODquestions@coosawcreek.com 02-16-2016 CCCC Annual Membership Meeting 25