1. Tiburon Peninsula Club 2015 A NNUAL M EETING Financial Review – November 12, 2015 1

2. TPC Business Model Refresher New member initiation fees fund capital reserves Consistently average 35 new members (5% turnover) per year Current in-town waiting list is ~47 Provides ~$700k per year to TPC Member monthly dues cover Admin & Operations $10/month increase coming in Jan ’16 to keep up with inflation TPC remains 3 rd lowest monthly dues in region Admin & Ops covering Café losses (thankfully shrinking) Activity departments run at net zero All profits distributed to employees at year end 2

3. 2015 Financial Highlights (thru September 30, 2015) TPC finances remain solid with ~$1.3m in cash Café renovations successfully completed with capital reserves building for South Property Project (SPP) Departments all delivering growth vs. budget & y/y Admin & Operations running better than budget Healthy membership waiting list 3

4. 2015 Membership Review As of September 30, 2015: Regular Members =700 (700 is max under CUP) Senior Members = 175 Total Member Families =875 Monthly Dues Income = $210k (covers operations) YTD Initiation Income =$521k (used for Cap Ex projects)  Our in-town wait-list is 47 families, each who have submitted a 10% non-refundable deposit.  29 new members admitted thru September, and 8 Senior Conversions  We budget for 35 new Regular Members annually (5% turnover) – from both resignations and Senior Member conversions. 4

5. 2015 YTD Department P&L’s Note: All figures are compared vs. ytd 2014 Note: Café benefitted from ~$14k in unused minimum in 1H15 Note: Any year-end profits are returned to the respective business units for equipment upgrades and to pay bonuses. There is no carry forward. Revenue Revenues(% chg vs. 2014)ExpendituresNet Incomevs. Budget Admin $2,043,866+4%$1,765,286$278,580$104,882 Tennis $547,608+15%$476,572$71,036$47,703 Café $469,808+11%$496,712-$26,891$60,439 Swim $396,220+9%$264,132$132,088$38,958 Fitness $295,364+10%$281,884$13,480-$3,570 Youth $117,278-13%$108,158$9,120-$987 5

6. Highlights of Capital Expenditures (thru September 30, 2015) 6 Café renovation*$332,356 Maintenance & Misc$127,833 Furniture $10,206 South Property Project (SPP) $7,799 Total CapEx YTD$478,194 Rebuilding capital reserves for SPP (next member-approved project). To begin in 2016 * Café renovation spending for entire project was ~$851k in 2014-15

7. TPC Cash and Reserve Balances (as of September 30, 2015 - unaudited) Target ~3 months of operational expenses on reserve ($550-600k). We self-insure for force majeure events (i.e. earthquakes) Total cash and reserves increased approximately $85,653 so far during 2015. AccountAmount Operating Cash/Check Acct Balance on 1/1/15$104,964 Balance on 9/30/15$132,480 Net Change$27,516 Emergency Reserve Savings Balance on 1/1/15$559,294 Balance on 9/30/15$550,000 Net Change($9,294) CapEx Savings Account Balance on 1/1/15$552,357 Balance on 9/30/15$619,888 Net Change$67,531 Total Cash Balance 9/30/15$1,302,368 Funded through initiation income and utilized for member approved projects and ongoing capital maintenance 7

8. Closing Remarks Congratulations to all departments on another exceptional year Thank you to all volunteer members for your time and effort in making the TPC a great place for all members, family and friends to enjoy Thank you to Jerry his team for keeping our ship sailing straight As always, this is your club. If you have suggestions on ways to improve what we do, please let us know. 8

9. Addendums 9

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11. Wells Fargo Loan Update 1 – Loan Amount:$3.68 million 2 - Interest Rate:4% 3 -Amortization:11 years (refinanced in 2015) 4 -Monthly Payment:$23k/month 5 -Prepay Penalty:None  TPC refinanced its debt earlier this year  Interest rate was significantly lowered (-1.35ppts)  Duration of debt maintained  Savings used to bolster capital reserves 11