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COMPREHENSIVE OBJECTIVES When planning the community, Carolina Creek LLC, the developer of Carolina Colours, established three objectives relating to golf: 1 Create a fun to play course for all handicap levels. 2 Create an aesthetically pleasing, environmentally sound layout. 3 Accomplish the above goals with affordable golf club equity memberships and dues. GOLF COURSE ARCHITECT William R. Love was selected as course architect. Recent Past President of the American Society of Golf Course Architects and Past Chairman of the Society’s Environmental Committee, Bill is highly respected among his peers and known for designing and building courses that naturally complement the land, the diverse play of golfers and the organizational programs of golf clubs. Bill’s passion for the land has driven him to invest significant time walking the Carolina Colours property defining the perimeter of the course. Bill is hands-on, personally completing all design and field work. No one will ever know the land upon which the course will lay better than Bill Love. GOLF COURSE Bill believes golfing should be a rewarding and enjoyable experience, presenting challenges commensurate with each player’s skill level. Carefully varying each tee location allows each player to determine their level of challenge. Tees from 7,000 to 5,000 yards tailor the course to your game. The course will offer a variety of scenic fairways including wide open, carved from within the forest, and alongside Brice Creek with its neighboring wetlands. Golf at Carolina Colours will accommodate the young and limber backed, as well as the more mature 20+ handicapper. Bill is convinced the Carolina Colours Golf Course will be an exceptional venue, challenging and fun for everyone who plays. ORGANIZATIONAL PROGRAM Goals for the Carolina Colours golf membership program include affordable equity membership opportunities and dues. The program has been well received by industry experts and golf club members as both innovative and practical. Assumptions driving the design of the membership program and incorporated in the organizational documents include: The course should be constructed when membership justifies on going operational costs, thus minimizing early operating losses and enabling reasonable membership dues. The equity cost for each member should be reasonably priced ($9,000 in 2007). All or a substantial portion of the equity price should be recoverable if membership is terminated and resold. Prior to the completion of the community, the developer should retain the majority equity position, substantially assuming financial risk for years after the course opens for play. Limited outside play should be initially allowed, minimizing dues while membership grows towards capacity. Membership should determine whether and when non-member play, other than member guests, is eliminated. When community development is complete, membership should have the option, but not the requirement, to acquire all equity in the golf facility. The golfing organization will have several years of operational history enabling membership to evaluate the full impact of total ownership prior to determining the will of the members. In an effort to assure the long term financial stability of the golfing organization and the comprehensive value it provides to the community, every property owner contributes minimally to course maintenance through Association dues as noted in the protective covenants of Carolina Colours. GOLF COURSE TIME LINE Final grading and construction plans are complete. Planning schedules include: Course Construction Bids: Winter 2008. Turn-key Construction Contract Award: Early 2008. Construction Commencement: Spring 2008. Course Open: Fall 2009. To date, nearly 100 property owners have contracted to join the Carolina Colours Golf Club.