To the Members of Talbot Trail Golf Club:

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Albert Henry
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1 To the Members of Talbot Trail Golf Club: The board would like to welcome all members and friends to the upcoming season. The new board consists of: Dan Bailey - President Jim Knox - Vice-President Bill Derbyshire - Secretary Bonnie Hyatt - Treasurer Helen Symons- Jr. Golf, Couples Tournament Mike Elliott - Games/Entertainment Steve Marshall - Clubhouse/Futures Marty Marshall - Course Liaison Jeff Hutchins Membership/Nominations Greg and Derek are back to work and look forward to a successful upcoming season. Last season proved to be very productive with hard work from the green s and clubhouse staff. Again this year we offer a special thank you to the volunteers. We would like to thank everyone for their hard work in the gardens. Neil Adamson, John and Bev Gillespie are all doing a wonderful job. Helen Symons spent many hours last year at number four tee to keep it looking great. The gardens are certainly a showcase and enhance the course tremendously. Our golf course has a great history of voluntary work provided by our members. Many thanks to those that run the leagues, helping with sanding greens, repair jobs around the clubhouse and course, computer help, selling tickets, tournament and special event assistance. It all happens because our members are willing to dig in and we would like to thank you all! The Board would like to thank the following individuals for managing the different leagues. All of our leagues are welcoming to members and non-members alike. 1) Helen Symons and Janis Willan for hosting The Couples Tournament which is an annual success. 2) The Thursday Couples League will be looked after by Helen Symons again this year. Thanks again Helen for taking this on. 3) Steve Marshall and Mike Elliott for running the Men s League on Monday nights. The league continues to thrive as it has since The format change a couple of years ago and monthly dinners make this a top notch event for the course. Anyone interested in joining please contact Steve or Mike. 4) Melanie McLean is looking after The Thursday Morning Ladies League. The ladies have a good time and are always looking for new members. 5) Helen Clark and Kari Kopinak organize The Ladies Wednesday Night League. Everyone has fun and the girls are always looking for newcomers.

2 6) Bob Mclean and his support group manage the Senior Men s League. Most of the fellows are non-members, so if you know anyone that is interested, please invite to come out and enjoy the company. 7) Saturday morning Bobo golf continues to be an excellent morning of golf and fellowship. Contact the clubhouse or Bob Mclean for more information. 8) The Old Masters league will continue this year on Thursday afternoons at 1:30. See Greg for information. The 2016 season was again a challenging year but we did manage to turn a profit. You will read the full details in the Treasurer s report. Competition for the consumer dollar remains a struggle for all businesses today. The golf industry, as a luxury item, continues to be under a lot of pressure. In order to remain a viable operation, daily green fee play is essential to survival. As a nine-hole facility we strongly feel that we are able to offer exceptional value to our members and guests, as free time and disposable funds are limited in today s hectic world. We encourage a positive attitude towards our fellow members and guests. Finally, the Board would like to thank everyone who helped out in any way during the past season. We are very proud of our golf course and members. Manager s Report The course did turn a profit in the 2016 season even with a fierce competitive market and an aging golfer base. The support of our membership whether volunteering, purchasing in the clubhouse or participating in club events is critical to the ongoing success of the club. Last season we experienced an increase in small group/company outings. We do feel that we offer excellent value in golf and food and beverage to accommodate these groups. You, the membership are a vital advocate to the continued success of the club. Many thanks to all the volunteers for their tireless efforts to make the leagues thrive. I greatly appreciate all the effort the staff puts into the clubhouse and Derek and the greens staff put into the excellent conditions of the course. We do offer a first-rate facility at exceptional value. We will continue to try new food and beverage options as well as golf outings. We are looking at a slight change in the decor of the clubhouse interior. Plans include a selection of smaller tables, a couple more TV s and possibly a name for our clubhouse operation. We feel that this may lead to an increase in non-golfer food revenue. Many customers still feel that you must be a member or a golfer to enjoy the offerings within the clubhouse. Feel free to offer suggestions, all comments will be given consideration Plans are underway to host an opening event with a prize table like the Jack Stein Men s event. Tentative scheduled date is Saturday May 6 th for the Spring Stein. Two player teams, nine-

3 hole scramble, nine hole two ball best score. 4 flights based on scoring, maximum 40 teams. Includes prizes, golf, cart, pancake breakfast dinner. More to follow. Our new order of Skechers shoes are arriving shortly and the proshop will be stocked as the weather warms. Hopefully warm weather will be here soon and we look forward to a successful golf season. Superintendent s Report Welcome back for the 2017 golf season and thank you for being members of the Talbot Trail Golf Club. With the first 50 years of our clubs existence in the rear view mirror we look forward to making new memories for the next 50 years! The 2016 golf season treated us to many great golfing days and plenty of hot weather. The forty plus days of over thirty degrees Celsius temperatures made for a challenging season. We came out if it with our turf in very good shape. Those kind of temperatures will force the annual blue grass (poa) to go into dormancy for a few weeks in August only to revive itself with the onset of cooler temperatures. I d like to once again thank Rob and the guys for doing a great job and persevering through many a hot days! Our gardens are a great asset to our course and many hours of hard work are put into them by John and Bev Gillespie, Neil Adamson and Helen Symons with their respective gardens. Thank you so much for your dedication! Four willow trees were taken out during the fall along the creek. Severe rot had set in too many parts of the trees and safety reasons necessitated their removal. The remaining stumps will be removed when conditions are dry enough to permit. An accumulation of sediment around our irrigation intake in our irrigation retention pond required us to bring in Shilson Excavating with their long reach unit to perform some dredging this past fall. Two new bridges are scheduled to be built replacing the two at #1 and #5. They will be built in the same style as the new bridges at #3 and #4. Once settled #1 bridge will be cemented and a railing added. We had hoped to have them built by now but the right conditions in terms of solid ground did not present itself this winter. I still consider it an honour to be the Superintendent at Talbot Trail Golf Club and I thank you for your support. We are looking forward to another great season and can t wait to see you on the course!

4 Treasurer s Report We were able to continue the financial rebounds of 2014 and 2015 in the 2016 season. With overall golf income being similar to prior years, we were able to continue to tap other sources of revenue to offset some unexpected expenditures. Keep in mind we are still digging out of the hole created by the significant losses of 2010, 2011 & We continue to move in the right direction but need to continue this trend. Overall, course revenue was down 4% or $11,000 versus However, we had an increase in the Bar and Food Operations. Breakdown of 2016 Membership revenue versus 2015 was as follows: Lifetime A - down 1.7K or 9%; Lifetime Family - down 1.4K or 33%; Lifetime Couples - up 2.6K or 82%; Lifetime Restricted - up.8k or 40%; Lifetime Senior - down 2.6K or 11%; Lifetime Senior Couple - down 3.1K or 13%; Student/Junior - same; and Cart Lease - same. On the expense side, course wages and benefits were down 1% over 2015 which represents an additional 92 hours. Clubhouse wages and benefits, which, for the second year, include the cart maintenance wages, were only up 10% with an increase of 478 hours. Clubhouse wages continued to be closely monitored throughout the season; however, with large increases in both bar and food sales, we expected this increase. We did purchase used cutting units for the fairway mower, paid the third of 4 years for the rough mower and the first of 4 years for a used greens mower. Although golf revenue came in lower than budgeted, mainly due to the decrease in senior yearly dues, both Bar and Food & Beverage contributions exceeded budgeted expectations. Just a reminder that charging on account is a privilege given to all members in good standing. We have noticed that most members are timely with their payments of account. The expectation is that all member charge accounts will be settled on a monthly basis. Statements will be available at the bar each month. Those who have outstanding balances from 2016 will not be allowed golf or charge privileges in 2017 until their accounts are paid. We trust you understand the importance of continuing to enforce these controls and will co-operate fully with the staff. It will make life much easier for our Manager. I m sure 2017 will bring with it a whole new set of challenges. The attached budget is a snapshot of our plan for Keep in mind, all dues and fees are payable no later than April 1, HAVE FUN AND SEE YOU ON THE COURSE!

5 TALBOT TRAIL GOLF CLUB EVENTS Possible Bass Akwards: As soon as course conditions permit May 1st: Monday night league starts Saturday May 6 th : The Spring Stein, 2 player event May 14th- Mother s Day Saturday June 3rd Wheatley Sharks, noon start Sunday June 4th- International Hotel 9 a.m. Sunday June 11 th - Tilbury Lions Club Sunday June 18 th - Father s Day Saturday June 24 th Fred Epplett Memorial Scramble 2:30 Saturday July 8th Camper s Cove 8 a.m. shotgun Saturday July 15 th - Childcan 2 p.m. Saturday July 22 nd Southland Insurance Junior Tour 2 p.m. Saturday August 12 th -Couples 18 hole Saturday August 26 th - Jack Stein men s Sunday September 3 rd Wheatley Tilbury Friday September 8 th - Ladies scramble Wednesday September 13th Doc Mclean Sr. Men s Invitational 18 HOLES

6 NOTES: Mondays the tees close at 3:30 for the Men s league, the last Monday of each month is a 5:30 shotgun scramble. Tuesday Seniors move to 9 a.m. shotgun tee time in May if weather permits. April times will be at 10 a.m.. Scramble dates are generally the 3rd Tuesday of the month. Regular Tee time bookings start at approx.11:45 Wednesday: ladies league starts May 24th. Tees are blocked from 5:40 to 6 pm, subject to change based on number of league golfers. Junior program for the summer starts July 5th and each week thereafter. Tees are closed until 12:30 each week (subject to change based on final enrollment numbers). Little Rippers returns the same week. Thursday: ladies tee off at 9am. Couples at 5:30 STARTS ON May18th (modifiedshotgun) Thursday night skin game afterwards. Fridays- Open tee times Saturday Bobo golf 8 am May 23rd and then moves to 7:30 for the summer

7 Lifetime Memberships 1 Year Payment $ 1,155 Included H.S.T. 2 Year Payment Year Payment Year Payment Year Payment 290 Yearly Dues Before HST HST Total Due Lifetime Member A $ $ $ Lifetime Family 1, , Lifetime Couple 1, , Lifetime Resrticted (no Wkds) Lifetime Senior (60 Yrs) Lifetime Senior Couple 1, , Intermediate Member (24 and under) Parent Life Member Talbot Trail Golf Club 2017 Rates Junior (under 18) $ $ $ Student (24 and under-attending school) Parent Non-Member Junior (under 18) $ $ $ Student (24 and under-attending school) Non member Annual Rates 7 day green fee day green fee Senior green Fee Couples 7 day 1, , Senior Couples 7 day 1, , Greens Fees Twilight (Sat & Sun after 6:00 P.M.) $ $ 1.67 $ Daily 9 Holes $ $ 2.59 $ Holes Senior - Tuesday 9 Holes Senior - Other 9 Holes Senior 18 Holes Golf Canada certified handicap Member Non member 35.00

8 Cart Rentals (per Golfer) Weekdays Private Carts 9 Holes $ 9.96 $ 1.29 $ Holes Yearly Cart Lease (Seat Only)* * The yearly cart lease allows an individual access to a seat on a course owned cart for the season. Yearly Trail Fee $ $ $ * The yearly trail fee allows cart owner and/or spouse access to the course with their private cart. Club Storage (Includes Pull Cart) $ $ 8.40 $ Pull Carts $3 / 9 Holes $5 / 18 Holes

9 TALBOT TRAIL GOLF CLUB 2016 ANNUAL REPORT Year Ended October 31, 2016

10 Talbot Trail Golf Club Balance Sheet As At October 31, 2016 As At As At October 31, 2016 October 31, 2015 Assets Current Assets Accounts Receivable $ (1,589) $ (1,054) Inventory 10,005 11,240 Prepaid expenses 6,896-15,312 10,186 Capital Assets (Note 1) Building - Clubhouse - - Less: Accumulated amortization - - $ 15,312 $ 10,186 Liabilities and Deficit Current liabilities Bank indebtedness $ 74,630 $ 74,393 Accounts payable and accrued liabilities 24,870 37,519 Deferred revenue 18,287 18, , ,820 Deficit Deficiency, beginning of year (120,634) (134,741) Current year surplus (deficit) 18,159 14,107 Deficiency, end of year (102,475) (120,634) $ 15,312 $ 10,186 Note 1 - The Golf Club's policy is to expense all fixed asset purchases for accounting purposes per Sec 4430 of CPA Handbook - Current MPAC assessed value of property is $597,000 - Net Book Value of Buildings and Equipment at October 31, 2016 is $375,500

11 Talbot Trail Golf Club Statement of Operations For The Year Ending October 31, 2016 % % of 2016 Change Revenue Revenue Members / Family Yearly Dues $ 29,577 0% 11% $ 29,433 $ 33,622 Non-Members / Student Dues 12,327 0% 5% 12,306 10,974 Senior Yearly Dues 41,641-12% 16% 47,386 45,926 Life Memberships 2, % 1% 973 1,974 Green Fees 98,016 1% 37% 96,610 94,017 Gas / Pull Cart Rentals 71,180 1% 27% 70,158 69,719 Trail Fee and Club Storage 2,494 4% 1% 2,398 2,511 Range 1,256-21% 0% 1,600 1,381 Donations 1,000 0% 0% - - Miscellaneous Income (see note 1) 5,930-64% 2% 16,471 5,893 Expenditures 266,028-4% 100% 277, ,017 Course Wages and Benefits 74,717-1% 28% 75,767 74,931 Pro Shop Wages and Benefits 114,889 10% 43% 104, ,895 Fuel 10,157 5% 4% 9,660 13,085 Utilities / Phones 22,382 12% 8% 20,013 17,106 Pro Shop / Office Supplies 2,539-9% 1% 2,789 1,646 Clubhouse Maintenance/Supplies 10,872-13% 4% 12,470 20,498 Advertising 3,969 10% 1% 3,609 2,168 Equipment Repairs / Purchases 29,243 77% 11% 16,550 26,088 Cart Lease / Repairs / Purchases 2,241-83% 1% 13,215 5,107 Course Supplies/Maintenance 17,210 18% 6% 14,605 9,388 Fertilizer / Chemicals 49,438 12% 19% 44,187 43,370 Property Tax 12,810-1% 5% 12,913 13,365 Insurance 16,387 1% 6% 16,292 14,661 Golf Dues 1,220 0% 0% 1,220 1,375 Interest and Bank Charges 8,351-9% 3% 9,160 9,721 Clubhouse Improvements 1,292 0% 0% 9,733 - Course Improvements 2,479 0% 1% 14,406 - Range 96 0% 0% - - Miscellaneous (see note 2) 2,300 0% 1% 2,300 2, ,590 0% 144% 383, ,786 Loss before other income (116,562) (105,700) (90,769) Bar contribution 67,278 63,637 59,837 Food contribution 62,389 47,747 42,821 Proshop contribution 5,056 8,423 6,604 Net income (loss) for the year $ 18,159 $ 14,107 $ 18,493

12 Talbot Trail Golf Club Statement of Bar Operations For The Year Ending October 31, 2016 % 2016 Change Net Sales $ 118,673 7% $ 110,819 $ 105,653 Cost of Goods Sold Beginning Inventory 1,582 1,698 1,698 Purchases 50,447 47,066 45,816 Ending Inventory (984) (1,582) (1,698) 51,045 8% 47,182 45,816 Gross Profit 67,628 6% 63,637 59,837 Operating Expenses Liquor License Equipment % - - Contribution Margin $ 67,278 6% $ 63,637 $ 59,837 Notes Bar profit included in Statement of Operations No other expenses have been allocated to this statement (ie. Pro shop wages)

13 Talbot Trail Golf Club Statement of Food Operations For The Year Ending October 31, 2016 % 2016 Change Net Sales $ 127,059 15% $ 110,287 $ 93,734 Cost of Goods Sold Beginning Inventory Purchases 63,301 61,402 46,551 Ending Inventory (679) (524) (470) 63,146 3% 61,348 46,923 Gross Profit 63,913 31% 48,939 46,811 Operating Expenses Kitchen Supplies 1,251 1,192 1,415 Kitchen Equipment Maint Kitchen Equipment & Preparation - - 2,500 1,525 28% 1,192 3,990 Contribution Margin $ 62,389 31% $ 47,747 $ 42,821 Notes Food and Beverage profit included in Statement of Operations No other expenses have been allocated to this statement (ie. Pro shop wages)

14 Talbot Trail Golf Club Statement of Proshop Operations For The Year Ending October 31, 2016 % 2016 Change Net Sales $ 21,247-19% $ 26,230 $ 21,899 Cost of Goods Sold Beginning Inventory 9,133 9,602 9,962 Purchases 15,399 17,338 14,935 Ending Inventory (8,342) (9,133) (9,602) 16,190-9% 17,807 15,295 Contribution Margin $ 5,056-40% $ 8,423 $ 6,604 Notes Proshop profit included in Statement of Operations No other expenses have been allocated to this statement (ie. Pro shop wages)

15 Talbot Trail Golf Club Budgeted Statement of Operations For Year Ending October 31, 2016 Budget Actual Actual Actual Revenue Members / Family Yearly Dues 30,000 $ 29,577 $ 29,433 $ 33,622 Non-Members / Student Dues 12,000 12,327 12,305 10,974 Senior Yearly Dues 47,000 41,641 47,386 45,926 Life Memberships 2,000 2, ,974 Green Fees 98,000 98,016 96,610 94,017 Gas / Pull Cart Rentals 71,000 71,180 70,158 69,719 Trail Fee and Club Storage 2,600 2,494 2,398 2,511 Interest Income Range 1,400 1,256 1,600 1,381 Donations 1, Miscellaneous Income 6,000 5,930 16,471 5,893 Total Revenue 270, , , ,017 Expenditures Course Wages and Benefits 77,000 74,717 75,767 74,931 Pro Shop Wages and Benefits 105, , , ,895 Fuel 10,000 10,157 9,660 13,085 Utilities / Phones 21,000 22,382 20,013 17,106 Pro Shop / Office Supplies 3,000 2,539 2,789 1,646 Clubhouse Maintenance/Supplies 13,000 10,872 12,470 20,498 Advertising 3,000 3,969 3,609 2,168 Equipment Repairs / Purchases 21,564 29,243 16,550 26,088 Cart Lease / Repairs / Purchases 3,000 2,241 13,215 5,107 Course Supplies/Maintenance 12,000 17,210 14,605 9,388 Fertilizer / Chemicals 45,000 49,438 44,187 43,370 Property Tax 13,500 12,810 12,913 13,365 Insurance 16,500 16,387 16,292 14,661 Golf Dues 1,375 1,220 1,220 1,375 Interest and Bank Charges 9,500 8,351 9,160 9,721 Clubhouse Improvements 4,800 1,292 9,733 - Course Improvements 12,000 2,479 14,406 - Range Miscellaneous 2,500 2,300 2,300 2,382 Total Expenditures 373, , , ,786 Net Income / (Loss) from Golf Operations (103,739) (116,563) (105,701) (90,769) Bar Contribution 65,000 67,278 63,637 59,836 Food Contribution 51,000 62,389 47,748 42,821 Proshop Contribution 9,000 5,056 8,423 6,604 Net Income / (Loss) $ 21,261 $ 18,160 $ 14,107 $ 18,492

16 Talbot Trail Golf Club Projected Statement of Operations For Year Ending October 31, 2017 Budget Actual Actual Actual Revenue Members / Family Yearly Dues 30,000 $ 29,577 $ 29,433 $ 33,622 Non-Members / Student Dues 12,000 12,327 12,305 10,974 Senior Yearly Dues 43,000 41,641 47,386 45,926 Life Memberships 2,500 2, ,974 Green Fees 100,000 98,016 96,610 94,017 Gas / Pull Cart Rentals 72,000 71,180 70,158 69,719 Trail Fee and Club Storage 2,600 2,494 2,398 2,511 Interest Income Range 1,400 1,256 1,600 1,381 Donations - 1, Miscellaneous Income 6,000 5,930 16,471 5,893 Expenditures 269, , , ,017 Course Wages and Benefits 77,000 74,717 75,767 74,931 Pro Shop Wages and Benefits 115, , , ,895 Fuel 10,000 10,157 9,660 13,085 Utilities / Phones 23,000 22,382 20,013 17,106 Pro Shop / Office Supplies 3,000 2,539 2,789 1,646 Clubhouse Maintenance/Supplies 12,000 10,872 12,470 20,498 Advertising 3,500 3,969 3,609 2,168 Equipment Repairs / Purchases 20,984 29,243 16,550 26,088 Cart Lease / Repairs / Purchases 2,300 2,241 13,215 5,107 Course Supplies/Maintenance 12,000 17,210 14,605 9,388 Fertilizer / Chemicals 50,000 49,438 44,187 43,370 Property Tax 13,000 12,810 12,913 13,365 Insurance 16,500 16,387 16,292 14,661 Golf Dues 1,375 1,220 1,220 1,375 Interest and Bank Charges 8,500 8,351 9,160 9,721 Clubhouse Improvements 2,500 1,292 9,733 - Course Improvements 12,000 2,479 14,406 - Range Miscellaneous 2,500 2,300 2,300 2, , , , ,786 Projected Income (Loss) from Golf Operations (115,659) (116,563) (105,701) (90,769) Projected Bar Contribution 70,000 67,278 63,637 59,836 Projected Food Contribution 64,000 62,389 47,748 42,821 Projected Proshop Contribution 8,000 5,056 8,423 6,604 Projected Net Income $ 26,341 $ 18,160 $ 14,107 $ 18,492

Dear Prospective Member, Thank you for your interest in Orange Tree Golf Club.

1972 Dear Prospective Member, Thank you for your interest in Orange Tree Golf Club. Designed in 1972 by Joe Lee, Orange Tree Golf Club features 7036 yards of gorgeous fairways and greens; and with six