EXECUTIVE SUMMARY $1,750,000 IMPERIAL LAKEWOODS GOLF CLUB. Tampa Bradenton, FL MSA

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1 EXECUTIVE SUMMARY IMPERIAL LAKEWOODS GOLF CLUB Tampa Bradenton, FL MSA 1,750, Hole Golf & Banquet Facility - - Zoned R-6 for Repurpose/Redevelopment Play -

2 IMPERIAL LAKEWOODS INVESTMENT HIGHLIGHTS - 11,500± SQ FT Clubhouse & Banquet Facility - 18-Hole Ted McAnlis (Blue Monster) Design - Unbeatable Location at I-75 / I-275 Connection Eight Miles West of the Sunshine Skyway Bridge - Planned Publix Neighborhood Shopping Center at Golf Course Entrance should bring Great Visibility & Improve Course Awareness - LOCATED IN THE PATH OF PROGRESS - Moccasin Wallow Road Poised for Major Growth w/over 11,000 Residential Units Planned - Zoned R-6 for Lucrative Exit Strategy as Residential Redevelopment Play - Massive Commercial Center with 900,000-sq. ft. of Retail & 350 Hotel Rooms planned Across the Street

3 Imperial Lakewoods Golf & Development Opportunity PALMETTO, FL OFFERING OVERVIEW INVESTMENT HIGHLIGHTS CHAMPIONSHIP GOLF & BANQUET FACILITY SIGNIFICANT UPSIDE - End of Year One NOI/EBITDA Projected at nearly 250,000 Represents a 14.26% Cap Rate and 5yr Levered IRR of over 40% Priced at a 1.43x Multiple of 1,219,597 in 2013 Gross Revenue UNBEATABLE GROWTH - Six Major Homebuilders have Acquired Significant Land Tracts and Plan an Additional 11,000+ Residential Units along Moccasin Wallow, which is Largely Considered the Next Major Growth Corridor in Manatee County STRATEGIC LOCATION - As Moccasin Wallow s only Golf Course Offering, and the Area s Best Located Course, Projected Cash Flow is Expected to Explode over the Five - Ten Year Holding Period PUBLIX ENTRANCE FOR UNBEATABLE VISIBILITY - A planned 45,600 SQ FT Publix Neighborhood Shopping Center with 16,800 SQ FT of Tenant Retail & Four, One+ Acre Commercial Outparcels should create an Incredible First Impression for Golfers and Significantly improve Brand Recognition and Awareness from Increased Foot Traffic IDEALLY LOCATED - 1 ST Interchange North of 1-75/I-275 Connection 8 Miles from the Sunshine Skyway Bridge 5 Miles North of Ellenton Premium Outlets 19 Minutes South of Downtown St. Petersburg 21 Minutes South of Brandon/Tampa 7 Minutes North of Bradenton & Lakewood Ranch 14 Minutes North of Sarasota 8 Minutes South of Sun City MAJOR CORPORATE INVESTMENT - Amazon Building a 250M, One-Million-SQ-FT Distribution Center 10 Miles North in Ruskin should Create Additional 1,000-2,500 Jobs LUCRATIVE EXIT STRATEGY - Investors are constantly looking for golf courses that have current zoning allowances for an alternative use whereby the golf course can be redeveloped/repurposed into a more efficient use of the real estate. As a golf course the land is only as valuable as the business being run, but as a potential residential or commercial development its value skyrockets. The course is currently zoned R-6, meaning allowance for residential developments at a density limit of six units per acre. For the course s 120 acres, that means maximum allowance for 720 homesites that meet current zoning. Comparable golf course transactions bought by homebuilders for residential redevelopment have sold at prices upwards of 18M. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida 2015 Marcus & Millichap. All rights reserved. 3

4 MOCCASIN WALLOW ROAD IS LARGELY CONSIDERED THE NEXT MAJOR GROWTH CORRIDOR IN MANATEE COUNTY, EXPECTING EXPLOSIVE DEVELOP- MENT THROUGH 2020 WITH OVER 11,000+ RESIDENTIAL UNITS PLANNED BY SIX MAJOR BUILDERS. THE VILLAGES OF AMAZON SOUTH 1,999 Unit Planned Community COPPERSTONE 530 Unit Planned Community EAGLE POINTE 1,600 Unit Planned Community ROBINSON GATEWAY PROJECT 900,000-SQ FT Retail 600,000-SQ FT Office 542 Residential Units 1,750 Seat Movie Theatre 350 Hotel Rooms SUMMER WOODS 562 Unit Planned Community PARRISH LAKES PROJECT 400,000-SQ FT Retail 50,000-SQ FT Office 3,300 Residential Units SUBJECT PROPERTY - 18 Hole Championship Golf Course acres MOL Zoned R-6 Residential or Densidty of 6 units/acre Million SQ FT Distribution Center Should Create 1,000-2,500 Jobs Estimated Completion End of Miles North in Ruskin ARTISAN LAKES 2,800 Unit Planned Community West Florida s Largest Outlet Center w/ 130 Shops One Exit #224 South

5 FINANCIAL SUMMARY EXECUTIVE SUMMARY Imperial Lakewoods INVESTMENT METRICS GOLF COURSE PRICE Gross Revenue Multiplier - T Offering Price 1,750,000 Gross Revenue Multiplier - Pro Forma 1.15 Down Payment (35%)* 612,500 EBITDA Multiplier - T Loan Amount* 1,137,500 EBITDA Multiplier - Pro Forma 7.01 LTV* 65% CAP Rate - T % Interest Rate* 6.00% CAP Rate - Pro Forma 14.26% Amortization* 25yrs Unleveraged IRR - Pro Forma 21.06% Term* 5yrs Leveraged IRR - Pro Forma 42.01% Leveraged Yield - Pro Forma 21.39% ANNUALIZED OPERATING DATA: 2013 PRO FORMA ROUNDS PLAYED Public/Guest: 26,644 28,642 Member: 3,156 1,656 TOTAL ROUNDS 29,800 30,298 REVENUE Current /Round Pro Forma /Round Golf Revenue: 879, ,075, Merchandise Revenue: 48, , Food & Beverage Revenue: 291, , Other Revenue: - - GROSS REVENUE 1,219, ,526, COST OF SALES Merchandise COS: 33,195 69% 51,592 65% Food & Beverage COS: 135,430 46% 130,011 35% Other COS: - - TOTAL COST OF SALES 168, ,603 GROSS PROFIT 1,050,972 1,345,025 OPERATING EXPENSES Course Maintenance 499, ,823 Pro Shop 225, ,643 Food & Beverage 142, ,566 General Operations 140, ,085 Professional Management 10,000 53,432 TOTAL OPERATING EXPENSES 1,017,367 1,095,550 NOI/EBITDA 33,606 3% 249,475 16% * Down payment, Loan amount, LTV, Interest rate, Amortization and Term are all estimates based on the current loan market. 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.

6 Imperial Lakewoods Golf & Development Opportunity PALMETTO, FL INVESTMENT ANALYSIS & FINANCIALS - GOLF HISTORICAL OPERATIONS HISTORICAL TREND ANALYSIS Imperial Lakewoods 2011 (Variance) 2012 (Variance) 2013 Golf Revenue 974, % 962, % 928,256 F&B/Other 261, % 280, % 291,341 GROSS REVENUE 1,236, % 1,242, % 1,219,597 Total Expenses 1,212, % 1,291, % 1,185,992 NOI/EBITDA 23, % (48,835) % 33,606 ROUNDS 30, % 30, % 29,800 / Rd % % FUTURE TREND ANALYSIS Imperial Lakewoods 3 Year Avg. Pro Forma (Variance) 2013 (Variance) EoY 1 Golf Revenue 955, % 928, % 1,155,117 F&B/Other 277, % 291, % 371,511 GROSS REVENUE 1,232, % 1,219, % 1,526,628 Total Expenses 1,230, % 1,185, % 1,277,153 NOI/EBITDA 2, % 33, % 249,475 ROUNDS 30, % 29, % 30,298 / Rd % % This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida 2015 Marcus & Millichap. All rights reserved. 22

7 Imperial Lakewoods Golf & Development Opportunity PALMETTO, FL INVESTMENT ANALYSIS & FINANCIALS - GOLF PRO FORMA BUSINESS PLAN Imperial Lakewoods has been a family owned and operated golf operation for approximately 20 years. Current ownership is looking to now retire, leaving potential investors with the opportunity to leverage the property's strategic location and the area's booming residential population into significant returns. There is immediate opportunity for a well-capitalized investment group to leverage the club's first-rate golf product into significant returns far above 2013 levels. First, Imperial has operated with essentially no marketing budget, but has still managed to record approximately 30,000 annual rounds. And over the next 3-5 years, Imperial's round counts should readily top 40,000 as major builders sell-out a majority of Moccasin Wallow's projected 7,000+ future homesites. It is currently the only golf property on Moccasin Wallow, and strategically located as the first property as traffic exits the I-75 Northbound off-ramp. However, based on measured, strategic capital reinvestment to fuel broadband marketing efforts, new ownership should see an immediate impact in their ability to reposition the property as a premium golf option, and as such extract more revenue as the quality of golf offered improves. Golf price points are current below their immediate competitors, and need to realign with the overall market. A 12% increase to the maintenance budget, coupled with a newly allotted 30,000 marketing budget, should allow for a simple adjustment of 5-10 and generate approximately 200,000 in additional golf revenue, based on 2013 business levels. Our business plan suggests that minor upward adjustments in price, along with a targeted effort to bolster outing play and banquet revenue, should improve gross revenue by approximately 300,000, netting approximately 250,000 in NOI/EBITDA, which represents a 14.26% cap rate on golf pricing, and a 21.39% levered yield. MARKET EVIDENCE SUPPORTS A 5-10 OPPORTUNITY FOR HIGHER GREENS FEES Course conditions at Imperial Lakewoods had begun to suffer in recent years, as a result of poor turf management and the course operating for over a year as ownership looked to replace a fired superintendent. Starting June 1st, new ownership has retained OneSource to provide customized management services for both landscape and course maintenance. There is a real and measurable gap between Imperial Lakewoods' advertised price and the quality of golf being offered. This likely results from the current lack of any professional golf management or marketing strategy, with no General Manager or Director of Golf on staff to provide seasoned and strategic marketing advise. Coupled with an aggressive marketing campaign, a golf-centric ownership group should be able to generate higher golf traffic at a healthier, market comparable price point. PROJECTED 200,000 IN ADDITIONAL GOLF REVENUE Based on a 30,000 advertising budget and 12% increase to the maintenance budget, we project new ownership will be able to increase in green fees by a nominal 4/round, which is still below a majority of the club's immediate competitive set (see "Competitive Properties" sections for more detail). Without any significant increase in the club's projected overall round counts, this would result in a projected 200,000 in additional golf revenue. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida 2015 Marcus & Millichap. All rights reserved. 24

8 MARKET OVERVIEW Imperial Lakewoods Golf Course is strategically located one exit north of the I - 75 / I connection eight miles west of the Sunshine Skyway Bridge, perfectly positioned adjacent to the Moccasin Wallow Northbound off-ramp, and ripe for explosive profits situated on THE NEXT MAJOR GROWTH CORRIDOR in Manatee County. Significant investment activity along Moccasin Wallow signals great opportunity for large-scale investment returns postacquisition. With over 11,000 residential units planned among six major builders developing seven residential communities, prescient investors that leverage the offering s golf operations should realize significant long-term return. Golf operations present immediate opportunity to return end-of-year one NOI/EBITDA of nearly 250,000. But with a Publix Neighborhood Shopping Center planned at the course s entrance by approximately 2017, and the massive Robinson Gateway Development planned for 900,000-sq. ft. of retail, 600,000-sq. ft. of office, and 350 hotel rooms across the street, future opportunity for massive return makes this acquisition unique to any other golf course on the market. Exclusively Listed By: TERENCE M VANEK - LEAD AGENT Investment Advisor, Golf Division Leisure Investment Properties Group 4030 West Boy Scout Blvd., Ste. 850 Tampa, FL Tel. (813) TVanek@marcusmillichap.com Lic. FL: SL STEVEN M EKOVICH National Managing Dirictor Vice President of Investments - Leisure Investment Properties Group 4030 West Boy Scout Blvd., Ste. 850 Tampa, FL Tel. (813) SEkovich@marcusmillichap.com Lic. FL: BK VISIT US ONLINE AT: