Golf Course Project FAQs

Golf Course Project Plan

Frequently Asked Questions

September 2024

Glenwild Golf Course Project Plan FAQs

1

INTRODUCTION

Over the past six weeks, the Board and management team have met with members to introduce the Golf Course Project Plan, a deliberate and comprehensive approach to addressing our infrastructure needs and enhancing our golf course playing experience.

Members were invited to participate in multiple sessions to learn about the plan elements and provide feedback. The sessions included:

▪ Small member group sessions conducted by GGA Partners to introduce the plan. ▪ On-course tours conducted by Tim Jackson & David Kahn of Jackson/Kahn. ▪ A webcast conducted by the Glenwild Board and management team. ▪ A Town Hall session immediately following the Annual Meeting.

▪ A Round Table open discussion with the membership. ▪ Countless one-on-one sessions with individual members.

Members naturally had many questions about the plan, process and people involved in determining our needs and the project scope. While many questions were answered during each respective sessions, those not immediately answered were recorded to provide a more thorough written response in this FAQ document. On the following pages, you will find the responses to the most frequently asked questions collected throughout our information sharing process. Please note that repetitive and/or very similar questions were combined and one answer provided. Additionally, questions unrelated to the Golf Course Project Plan were not included in this document.

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INFRASTRUCTURE

1. What work is absolutely necessary versus what is optional for the golf course? For instance, do we have to do the entire irrigation system or can we continue to repair it? Do we have options to do the absolute necessary projects but delay others? T he irrigation system, bunkers and cart paths are at or beyond their useful life and therefore it is the opinion of the experts (Brent Harvey, Jackson Kahn) that they need to be replaced. We could continue to repair the irrigation system but it would be at an increasing cost that cannot be recouped when it ultimately fails. In the not-too-distant future we will need to replace the heads, controllers, wiring, and station control with a cost of $2MM. Those replacement costs would be lost at the point in time that we replace the system as the parts are not compatible. We will also need to replace the bunker sand at a cost of $466k and repair the cart paths at a cost of $900k. 2. What is the driving force behind making changes to the golf course? The need to fix our failing infrastructure is the driving force of the project. The irrigation system, bunkers and cart paths are at or beyond their useful life. If we want to make changes to the golf course, consistent with courses of our caliber, now is the time. Once we replace the irrigation and cart paths our ability to make changes would result in higher costs and member disruption. 3. What causes contamination of the sand in the bunker? There are drain pipes under the sand in each bunker, which are now 25 years old and have become clogged, resulting in some very wet bunkers and an uneven bunker experience from hole to-hole. Also, the bunker liners have deteriorated and are not able to prevent the dirt below them from mixing with the sand. Our maintenance team has done an excellent job caring for our greens and we don’t expect that we’ll need to replace them in the foreseeable future. We have recently conducted an ISTRC (International Sports Turf Research Center) test on our greens which was returned with great results. The ISTRC test confirmed that the subsurface of our greens are in great condition. Because the membership at Glenwild provides our maintenance team with the budget and time to take care of the greens we have been able to prolong their life expectancy and do not anticipate the need to rebuild them any time in the near future. 5. Why have the other clubs in the PC area not completed projects like what is being proposed? Park Meadows, which opened in 1983, installed a new irrigation system and drainage, refurbished bunkers & greens, expanded the practice facility and added visual enhancements to the course beginning in the fall of 2007, reopening for play for the summer of 2009. In 2022/23 Park Meadows completed another bunker renovation. Victory Ranch opened in 2009 and completed a bunker refurbishment in 2019/20. 6. Can the maintenance team complete the restoration of the tee boxes in house? Our team is capable of restoring tee boxes, but they are not in the construction field and the time/quality of restoration would be slightly different than what you receive from professionals in this area who specialize in golf course construction. Any additional tee boxes at this time would require new irrigation to the areas where the new tees would be located, therefore it makes sense to have them folded into the broader project being completed by the professional golf course architects. 4. What is the expected life of our greens? Do we need to be concerned that we will need to redo our greens in the near term based on the useful life?

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INFRASTRUCTURE

7. Will the bunkers have “eyebrows”? We are experimenting with the eyebrow look option on the practice area bunkers. The practice bunkers have both the mountain aesthetic in the bunker shapes and “eyebrows”. The grass used on the bunker edges is bluegrass, which is the same grass in the rough areas on the golf course. By using bluegrass on the surrounds of the bunkers we have the ability to grow it out to create the eyebrow look or mow it down. This will not require us to re-sod grass surrounds if we elect to have or not have eyebrows. Our intent is to flatten out the entry point to the bunkers and have fairway grass up to the bunkers to have the balls naturally roll further into the bunkers. Whether the bunkers would have “eyebrows” or not would not affect the cost, time, or design of the project. At any time, the grass can be grown to add eyebrows or mown down to remove them.

8. ill the contractors be bonded? Yes.

9. When making the determination of useful life, do they account for the fact our golf course is only open 4 months a year versus a club that is open 12 months per year?

The useful life is based on the 17,000 courses across the U.S. You can attribute the fact that many of our systems have lasted well past the useful life to our short playing season. Even though our irrigation, cart paths, bunkers, and other aspects of the course are not used for play 12 months a year, this does not mean they do not deteriorate when not being used for golf. The mountain desert environment of our location is harsh. The irrigation system needs to be blown out in the fall and recharged every spring to handle the freeze of the winter. Both actions are tough on the system and cause the system to deteriorate as much as normal usage. Our bunkers are exposed to wind and animal damage in the late fall and early spring when they are not covered with snow, and the bunker edges are attacked by voles under the snow all winter. The cart paths experience heaving over the winter months when the ground freezes and thaws. All these issues cause our infrastructure to deteriorate on a normal schedule.

10. Were the firms selected to work on these projects chosen through an RFP process? Yes.

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GOLF COURSE ENHANCEMENTS

11. Will we get to choose which holes we want to change and which we don’t? What proposed changes are coming from the members vs. the Jackson Kahn team? The designs proposed are from Jackson Kahn Design and are based on what they believe will be best for the membership as a whole. The proposed changes are not coming from members of the club, however, input received during the course tours and our course review with Tom Fazio will be strongly considered in the final designs. 12. Did Jackson/Kahn have some real purpose behind these changes or are they just being made to make the course more “fun”? Golf should be fun, but these changes are not being proposed for fun. Glenwild is a great golf course, but all great courses can become better. The proposed golf course enhancements are intended to make the course more interesting and the experience more enjoyable. They are not to make the course easier or more difficult. The plan proposes to open play space on holes where, if you incorporate the correct strategy and execute the shots properly, you should have birdie putts. If you do not have the correct strategy or hit poor shots, you will find trouble. Another goal of the plan was to make our beautiful course even more aesthetically pleasing by shaping the bunkers to be more natural to the landscape. Currently our bunkers are very rounded on their edges and do not match what you typically see at great Fazio Mountain courses. The new design for the bunkers would look like our practice facility with a more “craggy” shape. The golf course enhancement plan also proposes to expand some of the green surfaces and soften a few areas on select greens to provide more pin placements. When Glenwild was built the typical green speed was around 10 on the stimp-meter, and we now carry speeds of over 12 on a consistent basis. The increase in speed has rendered areas of our greens unpinnable. The greens expansion and softening will help us capture more hole locations on the golf course, which will disperse foot traffic and improve green quality. Hole #18 is a very difficult par 4 that plays like a 4.5, and the club and architects recognize this. We have asked this question directly and the architects believe it should remain a par 4. It is one of the best finishing holes in the State. The enhancements to hole 18 will keep the challenge for all players, but reduce the yardage from the forward tees, increase play space on the hole by removing the second fairway bunker on the right side, re-grading the right side of the fairway in the landing area for lay-ups and approach shots, and creating more blue grass areas closer to the green to allow players to advance the ball as far forward as they can on their second shots. These changes will still allow #18 to be a championship level finishing hole as a par 4, but will also soften slightly in distance and trouble areas allowing players a better opportunity for a lower score. 13. Was consideration given to pushing the tee boxes back to make #18 a par 5? Or if you are not considering that, have you thought about making it a par 5 for higher handicappers?

14. Any thought given to moving tee boxes up on #6? Yes, in the plan the Ivory, Green, and Yellow tee boxes will all be shifted forward.

15. Is there some way to integrate our beautiful waterfall on #17 into the design of the hole? Input from the course tours and member input received by Marty will be strongly considered by Jackson Kahn and, where appropriate, will be incorporated into the final course enhancements. .

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GOLF COURSE ENHANCEMENTS

16. Will the proposed changes to #8 and #10 speed up the pace of play? In the proposed enhancements plan, the 8 th hole will become shorter. Players will have a lower club in their hands, which should allow for more balls to find the putting surface than the current design. This should translate to play on # 8th hole being slightly faster. On #10, the shortening of the hole will allow more players the opportunity to try and drive the green. The design of the green will also make players think of the proper strategy to attack the hole. The hole/pin location for the day will determine if the player will want to attempt to “go for it” or play a lay -up strategy for better success. On days where the hole location is in a “go for it” position, we may have a slightly slower pace, on days where the pin is less accessible, we will not see a difference. Overall, the pace of play should not see a dramatic change. 17. Why don’t we just move the tees or build more tees rather than suggesting all these other changes to what is a magnificent golf course? Moving and building more tees is part of the enhancement plan. We believe the other changes will improve the playing experience and that the course will be even more enjoyable. The creation of new tees can be completed and would require adjustments to the irrigation system as area where a new tee would be proposed to be built will require an extension of the current irrigation to that area in order to maintain the tee properly. 18. Do the proposed changes stem from recommendations or suggestions from course raters and will the changes impact our future ratings? Any time you change your course, your rating and slope will change. However the course architects do not design courses with slope and rating in mind, they are focused on a fair challenge. 19. Have the contemplated golf course enhancements been reviewed by golf course rankers to get an initial view on the impact of these changes? What about our national rankings? Jackson/Kahn does not make design changes in a specific attempt to chase rankings. They look at how the golf course can be better than its current form for all levels of player ability. We have discussed this with a course ranker, past Board member Bob Call, who is a volunteer course ranker and has analyzed how these changes m ay affect the 8 key ranking metrics. Bob and Marty Bauer both believe that the proposed changes will help us in the golf rankings, but the rankings are in no way a driver of the project. The enhancements will improve course playability, aesthetics and the quality of the turf, which will positively impact that portion of the rankings formulation. Glenwild’s ranking should improve. However other courses are making changes as well so we have no control over the ultimate ranking. We want to be the best we can be for Glenwild members. We do not plan on Glenwild ever not being a Fazio golf course. If you would choose an architect outside of the Fazio tree, there would be a chance that adjustments to the course do not fit into the Fazio style of architecture. We have chosen Jackson Kahn because they studied under Tom Fazio and have a design philosophy that is consistent with the Fazio principles. We intend to have this course remain a Tom Fazio course. If we do the enhancements, we will still have a Fazio course. These enhancements don’t rise to the level that we’d have to credit Jackson/Kahn for a “redo”. We confirmed with Tom Fazio that Glenwild will remain a Fazio golf course. 20. If you use an architect who did not study under Fazio, would it still be considered a Fazio course?

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GOLF COURSE ENHANCEMENTS

21. Have you shown the proposed golf course enhancements to Tom Fazio to see if he would approve of them? The Fazio Group, including Tom Fazio and his sons Gavin and Austin, visited Glenwild on September 10, 2024. Tom walked the course and commented on the Jackson Kahn design hole by-hole. There were several takeaways from our time with Tom Fazio, including:

▪ Tom was very impressed with the condition of Glenwild and how the golf course has matured.

▪ He endorsed Tim Jackson as a great choice to make course changes should the membership choose to execute that portion of the golf course project. As we reviewed the proposed changes with Tom, he repeatedly said that the Jackson Kahn plan makes sense and will enhance the golf course.

▪ Tom did share his opinion around a couple of changes in the plan which differed from the Jackson Kahn design, which we will discuss with Jackson Kahn.

▪ He further stated that he is not interested in working on the project as they do not typically take on enhancement projects, they are focused on building new golf courses. Lastly, Glenwild will remain a Tom Fazio golf course, confirmed by Tom Fazio. 22. Will we be replacing the trees we have lost around the club? The club has had a tree replacement program in place for years. If the Proposed Golf Course Plan is completed, there will be a need to remove some trees, but there is also a plan to replace/add trees in other areas.

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OPTIONAL AMENITIES

23. Will the location of the Post obstruct the views of #10, #16, and #18? The Post will only block the view if you are standing at the snack bar or driving to the cart barn from the range. The other three sides of the structure will be open allowing members to see down #10, and down #16 fairway toward the mountains.

24. What is the proposed square footage of the Post? The Post is approximately 2,000 sq. ft. in the conceptual design.

25. Is Elliot Work Group the same architecture firm who designed the clubhouse renovation? Yes.

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CONSTRUCTION/COURSE CLOSURE/TIMING

26. What is driving the course closure? Is it the irrigation or the course improvements or something else? The irrigation replacement combined with the necessary bunker replacement is what requires the course closure. Based on the proposed scope of work, the irrigation system replacement is a 7-9 month project that will take place over 14 months due to winter interruption of work. 27. How much time are the golf course improvements adding to the construction time? Are there any characteristics of the golf course that would make completing these projects less risky? There is very little timeline risk associated with making the course improvements and constructing the Post and Refreshment Stations. If we were to only complete the bunkers, irrigation, and cart path portion of the project, the timeline of 7-9 months of work over a 14 month period would not change. 28. If the project begins in Fall 2026, does that mean we won’t have access to the course beginning in September? The current plan calls for beginning work the week after Labor Day in 2026 and finishing by the start of the 2028 golf season. We expect to have 9 holes of golf open in the fall of 2026 through the end of the season and then be closed for play on the course during 2027, reopening in the spring of 2028. 29. Will we do anything to hold contractors to the deadlines established? What assurances can we get that the project will be completed on time? What ramifications will there be if the project isn’t completed on time? The professionals we have retained are very experienced and have completed many similar projects in similar environments. They believe the proposed schedule and timeline are very achievable. That said, we will also explore hiring an experienced project management firm to represent the Club in bidding and negotiating construction contracts, overseeing the work and monitoring expenses vs. the budget. We may also negotiate penalties/incentives in the construction contracts to ensure the project timeline is met. in 2028. So it really could be 2 golf seasons that we don’t have access to the course. We are confident in the timeline that we have established. When creating the timeline, the grassing schedule is the key component and the schedule is built around this key date. Most of the grassing on the project will be sodded, which needs shorter time frames than grass grown from seed to mature and establish. If the plan is completed and #8 & #10 are redesigned, these two greens will be grown from seed. In our schedule, the greens on these two holes will be shaped in the fall of 2026 and ready to be seeded in the spring of 2027. Seeding the greens in the spring of 2027 will give us ample time to be open and be ready for play in 2028. Sod will be laid throughout the project and well into the fall of 2027 and will be ready for play in 2028. 31. How many desert/mountain courses have replaced their irrigation and completed on time? This information is not readily available. Anecdotally, there are golf courses that have completed these projects on time and some that have had delays. But the scope of the projects are all different. 30. If you are beginning the work in Fall then we are really talking about one full season and part of another. Then if the grass doesn’t grow as expected, it might mean that we don’t open until late

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CONSTRUCTION/COURSE CLOSURE/TIMING

32. Can we ask Tim Jackson (of Jackson Kahn Designs) what we have to do to guarantee we are done in one year, whether it is more money, more crews, etc.? There is a delicate balance between optimizing speed/experience, cost and quality. This is a once in a generation project for Glenwild, so we do need to get the best construction team to manage the tradeoffs of moving too fast, cutting cost corners and not meeting budget. We will endeavor to seek that balance with our advisors. 33. Do we need any special permits from the Army Corps of Engineers? No aspects of the proposed plan will disturb wetlands, so there will not be a need for any special permits from the Army Corps of Engineers. 34. How does the flow of construction work for a project that is completed all at once? The project would be slated to begin in the fall of 2026. In early August 2026 we would begin to prep the site for staging and start to receive materials for the project. The Club would reduce play to 9 holes beginning September 14, 2026. The holes that would remain open would be #1-2 and 12-18. The first part of the project beginning on September 14 th would be the demolition of bunkers, stripping the sod from #8 & 10 greens to be replanted in the nursery for use on the green expansions in 2027. Irrigation pipe would begin to be fused while mainline trenching begins. Bunkers will then begin to be re-built, demolition of #8 & 10 would begin for the redesign of both holes, and tee boxes would start to be shaped (if new) or scraped/releveled, if existing. Holes #8 & 10 would be reshaped, and the greens would be rebuilt and prepped for seed in the spring of 2027. The construction team would continue working hole by hole on bunker demolition and reconstruction, followed closely by installation of the new irrigation system hole by hole until the weather does not allow work (projected mid-November). Work would be resumed in the spring of 2027 when the snow is melted, with #8 & 10 greens being seeded, the resumption of bunker demolition and rebuild, followed by irrigation installation and tee box work. Cart path demolition and reconstruction would begin in mid-May, following the bunkers and irrigation construction. Throughout the project as areas are completed sod will be laid on disturbed areas. Construction would wrap up towards the end of September 2027 for irrigation, bunkers, and cart paths. The final piece of the project that will start in August and wrap up in early November is the rebuilding of the bridges on the golf course. 35. Can this project be completed without closing the course? All projects can be completed without completely closing the golf course. Large projects such as irrigation replacement are complex but can be completed in phases so certain holes are left open to be available for play, however there is a tradeoff of time, cost, and conditions if the golf course remains open. Our consultants and golf course designers are telling us best practice for a project of this magnitude is to close the course to get it done as fast as possible. In the RFP process, we will ask the construction companies to bid for full uninterrupted access to the course which would result in closure during the 2027 season and their views on different possibilities to allow the potential for opening the course in the fall of 2027. We will potentially ask them for a bid to complete the work in two 9 hole segments to determine the best final option for the project.

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CONSTRUCTION/COURSE CLOSURE/TIMING

36. Have club leaders spoken with courses like ours for whom the contractors have worked to determine whether these people have completed their projects on time and on budget? Yes. We have spoken with Conway Farms and North Ranch. It is important to know that we have not yet selected a construction company. As part of the process, we will require references for completed projects so we can speak with the clubs to determine their satisfaction with the firm and process. 37. What will happen to our core caddy group if the course is closed for the 2027 season? We are focused on retention of both the club staff and our independent contracted caddies. While there is a more formal plan in place at this point for the club staff, we are still working on how to help ensure our caddies are also properly addressed for any time that the golf course is closed. Once a plan is approved for the staff, the management team will formulate a plan for the caddies. 38. During the golf course shutdown, would the Club consider hosting more special events like weddings? The Board and Management are vetting a variety of ideas such as more weddings during the construction period. 39. While the course is closed will there be reciprocal agreements with courses around the area so we have places to play? We can certainly explore reciprocal agreements, but we do not think creating a reciprocal arrangement is the best approach for Glenwild as we would have to offer future reciprocal play in return. Marty and his team will create a program for golf options at local public courses, travel options, etc.

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PROJECT COSTS /FUNDING

40. Do you have a breakdown of each of the individual costs of each project? We need to understand with each project what the difference in cost is now versus what it might be in the future. A complete breakout of the required infrastructure needs and golf course enhancements is detailed in the Plan Book emailed to all members and available in the member section of the website. For additional details, please also refer to the Golf Course Project Informational Webcast posted on the website. 41. What is the composition of the $2,000,000 subsidiary? Operational budgets were created using assumptions for 2027. The $2MM subsidy contained the major assumptions listed below.

Golf Membership count of 285 members.

Winter club operations are normal.

●

● Golf Course is closed for the 2027 season with the practice facility open for the season (minus time to tie in irrigation and rebuild adjacent cart paths).

● F&B main dining room will operate on winter hours throughout the summer.

● Patio Grill is open as normal for the summer.

● Year round Glenwild employees will remain employed for the entire year, seasonal staff will be minimal to support the patio grill, practice facility and valet operations ● Revenue projections for Golf Operations are very low, F&B is expected to produce 55% of normal revenue.

The lack of revenue is the largest contributor to the $2MM projected subsidy. We believe these are conservative projections and as we build the budgets for 2027, we will be able to fine tune the projection and make necessary cuts in the budget that are needed.

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PROJECT COSTS /FUNDING

42. Do the proposed assessment estimates factor in the anticipated attrition? Will you be presenting a worst-case scenario in terms of what the assessment will actually be based on projected attrition? For instance, if 10% of the members leave, the assessment could go up to $75,000. GGA’s experience with similar large -scale projects shows that clubs generally experience twice the normal member attrition. Over the last three years Glenwild has experienced an average of 20-25 member resignations per year. Our base case assumption is that we will lose 40 members due to this project. Our base case modeling is based on 285 members down from our current 325 roster. The estimated assessment cost is based on the project cost/equity golf membership cap (325). We will use an estimated $4M of cash reserves to fund the difference between 325 and the active membership at the time of assessment. Therefore, the assessment will remain constant until the cash reserves have been depleted. Using this method, the table below illustrates approximate estimates for dues and assessment for all proposed projects at 285/250/225 member levels.

2027 GCRP Pro Forma (Projected)

2024 Budget

2025 Budget

2026 Budget

2028 Budget

2029 Budget

Total Dues

Total Assessment

Base Plan - 285 Base Plan - 250 Base Plan - 225

Dues with no debt Dues with no debt Dues with no debt

$ 27,500 $ 28,875 $ 30,319 $ 32,725 $ 33,821 $ 33,700 $ 130,565 $ $ 27,500 $ 28,875 $ 37,250 $ 36,700 $ 37,801 $ 37,150 $ 148,901 $ $ 27,500 $ 28,875 $ 40,750 $ 40,250 $ 41,150 $ 40,300 $ 162,450 $

67,000 71,038 78,915

Membership @ 285

325 325 325

325 325 325

325 260 235

285 250 225

305 270 245

325 290 265

250 225

43. What are our cash reserves? We are projecting to maintain a $3.2M liquidity reserve and to utilize an additional $4M of cash reserves toward project costs in 2026/2027. 44. What is an assessment with refundable rights? The assessment with refund rights is one funding option being presented to the membership. For additional funding details, please refer to the Plan Book emailed to you and available in the member section of the Glenwild website. Here are the assessment with refund rights details:

● Assessment will be calculated based on total costs/equity golf membership cap.

● Cash reserves would be used to fund the difference between total cost and active member assessments collected.

● Refund schedule would be active for 5 years; amortized over 5 years

● Participating members would be eligible for reimbursement based on the assessment refund schedule.

● Resigned members would be placed on the assessment refund list.

● Assessment refunds shall be payable with similar terms as the existing refund policies.

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PROJECT COSTS /FUNDING

45. Will new members be participating in the cost of these improvements? Yes, new members will be participating in the cost of the project. There are a couple of methods to achieve this objective. One way would be utilizing debt as part of the project funding. Another method would be charging new members adjusted annual capital dues. The Board will make the final determination on the method to be used for new member participation. 46. What are we spending now to keep our irrigation system working? During the 2024 golf season we expect our materials costs to the irrigation system to be $45k which is up from $38k that we incurred 3 years ago. The labor costs that coincide with the material costs are $90k for a total of $135k in 2024. As we experience more failures, we expect this cost will begin to significantly increase. In addition to the direct costs, the increasing maintenance work requires more time of our golf maintenance crews, reducing time spent on normal work. If members do not support the required irrigation system work in the near future, we will need to replace the heads, controllers, wiring, and station control with a cost of $2MM. Those replacement costs would be lost when we replace the system as the parts will not be compatible. 47. At my current club we are redoing the bunkers, tees and irrigation and the cost is $10M, yet it looks like our cost is over $16M – why such a difference ? Every project is different, with a different scope, environmental conditions (weather & access points), and staging. Attempting to compare a project happening in 2024 with a project proposed for 2026/27 is not comparing apples to apples, it is comparing apples to oranges. 48. What is the increased cost estimate if we do the project over 2 years versus one? Based on the expertise of our golf course architect, Tim Jackson and irrigation designer, Brent Harvey, we were told that doing the project in two 9 and 9 segments could cost as much as 30% to 35% more than doing 18 holes at the same time. We will confirm this number through the RFP/bidding process. 49. Has there been an analysis of just completely shutting down and using the dues to pay for a portion of the work? It would seem to make more sense as I think most of the members will not be at the club. The cost of the project is not a finite number. If we shut down completely and there are no dues the assessment will need to go up to keep key employees and maintain the course. 51. Is there a plan to keep the golf course maintenance staff during the project? Would they work on the construction? Yes, the golf course maintenance team will need to stay completely intact. The golf course will continue to be maintained and kept up during the months that the course is closed. A tremendous amount of long-term damage can be done to a course in one year if it is not continued to be maintained with the common agronomic practices that are completed when the course is open. We would focus on making sure that the course stays in great condition so we do not have setbacks in 2028. 52. Could we not wait two or three years to build up a waiting list before we start planning for this? We don’t currently have a waiting list and don’t expect that one will build up given the number of new, high-end golf courses under development in the Park City market. 50. What is the rate of the contingency built in the cost? The rate of contingency is 7.5% of the project cost.

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VOTING

53. What constitutes approval of the vote? Our bylaws require a majority affirmative vote of golf equity members for “Major Decisions”. Given the magnitude of dollar amounts that are discretionary, this would be a Major Decision. 54. Are we going to be able to vote on whether we want the course enhancements? Will we vote on the project separately or as just one with all elements included? Our preliminary recommendation based on due diligence by the Board and management team, subject to member feedback, is for members to support the infrastructure needs and golf course enhancements as a whole. The Post and On Course Refreshment Stations would be voted on as individual optional projects. 55. If the majority of members do not support these projects what happens? Will the board move forward with the most urgent projects? It is currently contemplated that if members do not support the proposed projects, the Board will assess whether to bring individual elements of the plans forth for another vote. 56. What percentage of the vote will be needed for the Board to feel they should to move forward with the project? Our bylaws require a majority affirmative vote of golf equity members. The Board may choose to require a greater percentage of support than the minimum, however, that has not been determined at this point.

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