Bulle Rock Golf Club Havre de Grace, MD

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1 Bulle Rock Golf Club Havre de Grace, MD 18-Hole Championship Golf Course Pete Dye Signature Design $4,750,000

LIPG Country Club FINANCIAL SUMMARY PURCHASE PRICE 2016 GROSS REVENUE $4,750,000 $3,324,298 OVERVIEW Property Name Address Bulle Rock Golf Club 320 Blenheim Lane Havre De Grace,

2 LIPG Country Club FINANCIAL SUMMARY PURCHASE PRICE 2016 GROSS REVENUE $4,750,000 $3,324,298 OVERVIEW Property Name Address Bulle Rock Golf Club 320 Blenheim Lane Havre De Grace, MD # Holes / Architect 18 Holes / Pete Dye (1998) Acreage 260 +/- Course Par 72 / 7,375 Yards Rating / Slope 76.4 / 147 Development Potential Additional Development Opportunity

Overview Named after the first thoroughbred horse brought to America, the name Bulle Rock truly signifies the strength of these 260+/- acres of golf heaven.

It was very quickly recognized as one of the best courses in the nation including being awarded The Best New Upscale Golf Course in America by Golf Digest in December 1998.

It is continually ranked in the Top 100 listings of every major Golf Publication. Zagat readers have also ranked Bulle Rock among the nation s Top 50 golf courses.

Bulle Rock Golf Club and The Residences at Bulle Rock Community are owned by an investment group that specializes in commercial development.

residential community adjacent to the golf course. A new investor will benefit by re-positioning the course to a For profit operation.

3 Overview Named after the first thoroughbred horse brought to America, the name Bulle Rock truly signifies the strength of these 260+/- acres of golf heaven. Superbly designed by Pete Dye, Bulle Rock opened in 1998 with a vision to be a world class golf course that anyone could play. It was very quickly recognized as one of the best courses in the nation including being awarded The Best New Upscale Golf Course in America by Golf Digest in December This magnificent Pete Dye design is the premier public course in the Mid Atlantic region and has been the #1 rated public course in Maryland since it opened. It is continually ranked in the Top 100 listings of every major Golf Publication. Zagat readers have also ranked Bulle Rock among the nation s Top 50 golf courses. Visually stunning tee shots, terrific green complexes, wonderful course conditions and a great design will make you feel like you are playing in a major. Bulle Rock Golf Club and The Residences at Bulle Rock Community are owned by an investment group that specializes in commercial development. The investment group, which took over the Club from their operating partners, are neither golf course operators nor residential developers and have operated the Club primarily as an amenity to the residential community adjacent to the golf course. A new investor will benefit by re-positioning the course to a For profit operation. This can be accomplished by introducing a revenue centric approach to driving the top line in all profit centers while closely managing a right sized expense budget. PROPERTY OVERVIEW 18-Holes of Championship Golf Pete Dye Signature Design PROPERTY DESCRIPTION Ranked #1 Daily Fee Course in Maryland and One of Top Courses in the Mid Atlantic 23,000 SF Clubhouse with Restaurant, Bar, 240 Seat Banquet Facility, Golf Shop and Locker Rooms State of the Art Driving Range and Short Game Practice Area. Two Practice Putting Greens Located within Established Community with 1,141 Existing Homes. Total Buildout is Approved for Over 2,000 Homes Readily Accessible from New York, Philadelphia, Wilmington, Baltimore and Washington D.C. INVESTMENT HIGHLIGHTS 2016 Gross Revenue : $3.23 Million 2016 Paid Rounds: 16,770 Majority of Maintenance Equipment is Owned Potential for Additional Development Opportunity 647 Residential Lots Available Under Separate Offering Seller will Consider Joint Venture Opportunity Pro Forma YR 2 NOI / EBITDA # 3

4 OFFERING SUMMARY Bulle Rock Golf Club INVESTMENT METRICS PRICE $4,750,000 Gross Revenue Multiplier - Current 1.4 Gross Revenue Multiplier - Pro Forma YR 2 EBITDA Multiplier - Current -5.8 EBITDA Multiplier - Pro Forma YR 2 CAP Rate - Current -17.3% CAP Rate - Pro Forma YR 2 ANNUALIZED OPERATING DATA: 2016 PRO FORMA - EOY 2 Daily Fee Rounds Played: 16, % 18, % Member Rounds Played: % 1, % TOTAL PAID ROUNDS 16,770 20,582 REVENUE Current $/Round % Change Pro Forma $/Round Golf Revenue: $ 1,590,377 $ % $ 1,787,677 $86.85 Membership Revenue: $ - $0.00 $ 345,000 $16.76 Merchandise Revenue: $ 395,162 $ % $ 484,996 $23.56 Food & Beverage Revenue: $ 1,338,759 $ % $ 1,716,171 $83.38 Other Revenue: $ - $0.00 $ - $0.00 GROSS REVENUE $ 3,324,298 $ $ 4,333,844 $ COST OF SALES COGS % % Change COGS % Merchandise COS: $ 282, % 20% $ 339, % Food & Beverage COS: $ 493, % 22% $ 600, % TOTAL COST OF SALES $ 775,992 $ 940,157 GROSS PROFIT $ 2,548,306 $ 3,393,687 LABOR EXPENSES % of Rev./% of Exp. % Change % of Rev./% of Exp. Course Maintenance: $ 469, % / 13.9% -14% $ 405, % / 14.4% Golf & Amenities: $ 290, % / 8.6% -31% $ 200, % / 7.1% Food & Beverage: $ 822, % / 24.4% -7% $ 766, % / 27.2% General Operations: $ 350, % / 10.4% -29% $ 250, % / 8.9% TOTAL LABOR EXPENSES $ 1,933, % / 57.3% -16% $ 1,621, % / 57.5% OPERATING EXPENSES % of Rev./% of Exp. % Change % of Rev./% of Exp. Course Maintenance: $ 408, % / 12.1% -10% $ 366, % / 13.0% Golf & Amenities: $ 53, % / 1.6% -40% $ 32, % / 1.1% Food & Beverage: $ 130, % / 3.9% -8% $ 120, % / 4.3% General Operations: $ 536, % / 15.9% -22% $ 419, % / 14.9% Marketing: $ 118, % / 3.5% -45% $ 65, % / 2.3% Cart Lease $ 56, % / 1.7% 0% $ 56, % / 2.0% Insurance: $ 59, % / 1.8% 3% $ 61, % / 2.2% Property/Tangible Taxes: $ 75, % / 2.2% 3% $ 77, % / 2.8% TOTAL OPERATING EXPENSES $ 3,372, % / 100.0% -16% $ 2,820, % / 100.0% Op. Margin Op. Margin NOI/EBITDA $ (824,024) -24.8% $ 573, % The information contained herein are projections only, which are based upon the occurrence of several variables, none of which have occurred or are guaranteed to occur. This information is only an opinion based on unverified and sometimes speculative numbers, and should not be construed as a guarantee or assurance. Buyer bears all responsibility for verifying the values and numbers set forth herein % 4

5 LIPG Country Club GOLF ADVISORS Bryn Merrey Broker of Record 7200 Wisconsin Ave. Suite 1101 Bethesda, MD Lic.: Rob Waldron Lead Advisor Lead Investment Advisor Tel: Lic. FL: SL Zachary Hadsall Financial Analyst Tel: Lic. FL: SL Steven M. Ekovich First Vice President National Managing Director Tel: Lic. FL: BK Kyle Brett Senior Financial Analyst Investment Advisor Tel: Lic. FL: SL

The Residences at Bulle Rock Havre de Grace, MD

The Residences at Bulle Rock Havre de Grace, MD Golf Course Community Price: Market Bid LIPG Country Club FINANCIAL SUMMARY PURCHASE PRICE MARKET BID OVERVIEW Property Name Address Available Lots Lot Breakdown