Note from the President – Fairfield Road Land

This message provides a further update on progress of the Expressions of Interest Campaign completed in March. We received 11 expressions of interest from commercial developers. Since that time, we interviewed 5 of the prospective buyers while Cushman and Wakefield have continued to obtain the best price offers from these buyers.

Since starting the Expressions of Interest Campaign, we received an unsolicited approach from the Brisbane Markets to purchase land that includes the 15^th and part of the 16^th holes of our course. Brisbane Markets are seeking land that is not prone to flooding risks.

The Committee believes that Members should be given the appropriate opportunity to consider such an offer, following an appropriate level of due diligence. We are not expecting an offer that would be acceptable to Members.

We have had an initial meeting with the Brisbane Markets CEO and Board Chairman. They are keen to explore the opportunity and have spoken to government representatives. They have also offered to pay for our Course Architect, Paul Mogford, to undertake a new masterplan for a quality Championship layout should the holes be sold.

In view of the Brisbane Markets offer, the Committee has decided to defer any sale of vacant land adjacent to the 8^th Fairway. Cushman and Wakefield and the prospective buyers have been notified of the decision.

The Committee remains committed to sourcing a significant capital injection of funds to advance projects such as the relocation of the maintenance shed, flood mitigation works, new golf retail fit out and upgrade of locker rooms, garden room and Clubhouse facilities.

We believe that vacant land sale is still the preferred method to achieve this capital injection but will continue to investigate other opportunities over the next 6 months.

I will keep Members informed of the Brisbane Markets discussions as well as any future plans for raising capital.

Please contact myself or CEO, Geoff Kuehner, if you have any further questions.

Mark Deuble, President