BENCHMARK BLACK FOREST GOLF CLUB & DEVELOPMENT LAND Shawnee Trail Gaylord, MI CBCworldwide.com PROPERTY NAME

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1 BLACK FOREST GOLF CLUB & DEVELOPMENT LAND Shawnee Trail Gaylord, MI Kathy Bissell, VP Golf Course Sales cell

2 TABLE OF CONTENTS Executive Summary 3 Awards 4 Facility Photos 5 Maps & Aerials 7 Scorecard 10 Michigan Tourism Reports 11 Local Demographics 12 Golf Market Overview 13 Golf as Investment 16 Contact Information 17 Confidentiality Agreement 19

3 EXECUTIVE SUMMARY Black Forest Golf Course Shawnee Trail Gaylord, MI PROPERTY DESCRIPTION: Tom Doak designed 18-hole course Par 73, 7,044 yards, 147 Slope Rating 5 sets of tees Bent greens, tees and fairways Practice green 3360 ± SF maintenance facility Natural cart paths, per architect design Ample development land around the course. PROPERTY HIGHLIGHTS PRICE Sale Price: $1,300,000 Acres: 385 ± INVESTMENT HIGHLIGHTS Designed by acclaimed architect, Tom Doak Significant National Awards: Top 10 New Resort Course in America (Golf Digest 1993) Top 5 New Public Course in the United States (Golf Magazine) Top 100 Best Modern Course in America Golf Week & Golf Traveler Magazine (1999) LOCATION HIGHLIGHTS Located in Gaylord, Michigan, noted for the Treetops Resort. Michigan Golf has returned with more than 400,000 visitors to this county annually according to Gaylord Convention and Visitors Bureau. Adjacent to Department of Natural Resources land.

4 FACILITY AWARDS Black Forest Golf Course, designed by Tom Doak, has received numerous awards by major national golf publications as well as Michigan publications: Top 10 New Resort Course in America - Golf Digest Top 4 New Public Course in the United States - Golf Magazine Top 100 Best Modern Course in America - Golf Week & Golf Traveler Magazine Top 5 Modern Public Courses in Michigan Golfweek Top 10 Best: State-by-State (Michigan) Courses You Can Play Golfweek, 2016 Top 20 Public Courses in Michigan Golf Magazine, 2016 Top 15 Best: State-by-State (Michigan) Courses You Can Play Golfweek, 2015 & 2014 Best Value in Michigan Golf Digest Best Public Course in Northern Michigan Detroit News Best Public Course in Northern Michigan Great Lakes Golf Gaylord's Best Value - Great Lakes Golfer Reader's Survey

5 FACILITY PHOTOS

6 FACILITY PHOTOS

7 MAPS AND AERIALS LOCATION: Black Forest GC is located in Gaylord, Michigan, adjacent to Wilderness Valley Golf Course. Black Forest is situated on 385 acres of land. Adjacent is a Michigan Department of Natural Resources recreation area. Gaylord is in the heart of the most popular area for Michigan vacations. It is in a natural setting of 385 acres with ample undeveloped land.

8 MAPS AND AERIALS LOCATION: Black Forest GC is located in Gaylord, Michigan. Gaylord is in the heart of the most popular area for Michigan vacations. Gaylord is close to Traverse City, a decades-long, nationally-popular, summer resort destination. More than 113 million people visited Michigan in the most recently collected data, which was Gaylord alone had at least 400,000 visitors in that same year, according to their Visitors Bureau. According to the state of Michigan overall tourism volume the amount of people travelling to and around the state increased by 3 percent in 2016 over 2015.

9 MAPS AND AERIALS LOCATION: Black Forest GC is located in Gaylord, Michigan. Gaylord is in the heart of the most popular area for Michigan vacations. The property is less than a day s drive for the populations of Chicago, Cleveland, Columbus, Indianapolis, Pittsburgh, Toldeo and Detroit as well as, Toronto, Canada. The state of Michigan relies heavily on tourism as an economic driver and supports tourism with its Pure Michigan campaign. More than 114 million people visited Michigan in the most recently collected data, which was Visitors were up from that number in 2015, and Michigan State University, which collects data, believes it will be up 3% from 2015 to 2016.

10 SCORECARD AND ROUTING

11 MIGHIGAN TOURISM The State of Michigan devotes a significant amount to promoting tourism in in the state, and Michigan State University conducts research into tourism industry for the state. The most recently available numbers in a presentation format indicate that in 2014, the state had million visitors. Other articles and stories indicate a grow rate of between 2 and 3% annually for tourism. According to the state, the number of visitors is equal to the total populations of Illinois, Indiana, Ohio and Wisconsin visiting the state three times a year. Links to data and articles are here, and others may be found by searching Michigan Tourism:

12 DEMOGRAPHICS OTSEGO COUNTY & MICHIGAN Otsego County Michigan

13 GOLF MARKET AVAILABILITY OF GOLF 2015 population Metropolitan Statistical Area Total Population Population Public Private Population Population Rank Holes per 18 holes Holes per 18 holes Rank Holes per 18 holes Rank HiltHead/ Bluffton/ Beaufort 202,766 1,107 3, , ,510 2 Naples/Immokalee/Marco Isl 349,909 1,530 4, , ,179 5,342 1 The Villages 115, , , ,932 3 Myrtle Beach/ Conway /N Myrtle 425,521 1,710 4, ,548 4, , Banrstable MA 224, , , ,590 6 Monroe MI 149, , , , Sebastian/Vero Beach 146, , , ,908 4 Sebring,FL 100, , , , Port St. Lucie, FL 451,250 1,098 7, , ,196 5 Cape Coral/ Fort Myers FL 666,029 1,593 7, , ,022 7 Vineland/ Bridgeton NJ 156, , , NA NA NA New York/ Newark/ Jersey City 20,182,129 8,019 45, ,717 97, ,302 84, LA/ Long Beach/ Anaheim 13,287,932 2,835 84, , , , , Chicago/ Naperville/ Elgin 9,574,595 5,913 29, ,068 42, ,845 93, Phoenix/Mesa/ Scottsdale 4,470,538 4,014 20, ,123 25, , Source: National Golf Foundation

14 GOLF MARKET OVERVIEW Source: NGF Source: National Golf Foundation

15 MARKET OVERVIEW According to the most recent report published by the National Golf Foundation, their survey of 30,000 Americans showed a slight decline in the number of golfers, age 6+, from 24.1 in 2015 to 23.8 million in About 80 percent of all golfers, nearly 20 million of the total, make up a committed base who account for more than 90 percent of all rounds played and equipment purchased. The number of avid and recreational golfers increased in 2016 versus 2015, as reported by the National Rounds Played Coalition (NGF, Golf Datatech, PGA of America and NGCOA). Course openings remain at their lowest level in decades. Closings are still taking place. Some increases on a course-bycourse basis will be due to retirement by baby boomers ( 80+ million, U.S. Census, 2010). In the last census The Boomers demographic age bracket grew at a rate of 31%. The population aged 65 and over in the 2010 Census also grew at a faster rate (15.1%) than the population under age 45. More than half of the golfers are over the age of 35, and 36.5 percent are over the age of 50. The good news is that there are 6.2 million golfers between 18 & 34. They comprise the largest segment of of golfers.

16 GOLF MARKET OVERVIEW: INVESTMENT VALUE

17 CONTACT INFORMATION For more information, please contact: Kathy Bissell, VP Golf Course Sales

18 CONFIDENTIALITY STATEMENT This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the Coldwell Banker Commercial affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property AS IS CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them. The information herein contained has been obtained from sources believed reliable. While we do not doubt its accuracy, Coldwell Banker Commercial makes no warranty or representation as to its accuracy and completeness. The information contained herein is therefore possibly subject to errors, omission and commission. Any prospective purchaser should conduct a careful and independent investigation of the property to determine to its satisfaction the suitability of the property to its investment needs. For tax or legal advice, one should consult a Certified Public Accountant or attorney.

19 CONFIDENTIALITY Sign scan and Or Fax to Attn: Kathy Bissell This confidentiality Agreement will confirm our mutual understanding in connection with Coldwell Banker Commercial Benchmark Golf Course Sales providing, and your receipt of information regarding, Black Forest Golf Course, Gaylord, MI, referred herein as (The Company ). 1. Information means all oral or written data, reports, records or materials obtained from us or the Company, including the name, address and type of business of the Company, the knowledge that the Company may be considering a sale, or even the fact that information is being provided. 2. Information is being furnished solely in connection with your consideration of the acquisition of the Company and shall be treated as secret and confidential, and no portion of it shall be disclosed to others, except to your employees and agents whose knowledge of the information is required to evaluate the Company as a potential acquisition and who shall assume the same obligations as you under this Agreement. The undersigned hereby assumes full responsibility for the compliance of such employees or agents to the terms of this Agreement. The undersigned further agrees that it will not interfere with any business of the Company through the use of any information or knowledge acquired under this Agreement. 3. It is understood that the Company is the intended party and beneficiary whose rights are being protected and may enforce the terms of this Confidentiality Agreement as if it were a party to the Agreement. 4. All information shall be promptly returned or destroyed, as directed by Coldwell Banker Commercial Benchmark. 5. It is understood that (a) no representation or warranties are being made as to the completeness or accuracy of any information and (b) any and all representation and warranties shall be made solely by the Company in a signed acquisition agreement or purchase contract and then be subject to the provisions thereof. 6. The undersigned acknowledges the responsibility to perform a due diligence review at his own cost and expense prior to any acquisition. 7 The undersigned agrees not to circumvent in transactions involving the company for a period of two years from the date of signature on this document. 8. In the event the undersigned or any of our affiliated or subsidiaries purchase the property, Coldwell will look to the Seller for commission. I/we agree to insert into any agreement to purchase or joint venture a commission of 4% per cent of the sale price into the purchase and sale agreement, to be paid to Coldwell at closing. The total purchase price shall include any new or purchase money mortgages, assumed mortgages, leases, joint ventures and taken subject to mortgages. Said commission shall be due and payable at closing and transfer of title. 9. The laws of the State of Florida shall govern this agreement. Signature Date Name of Individual Title Company: Address Telephone City, Sate, Zip Fax