03-10-2020.SURVEY RESULTS BOOKLET

2020 MEMBER SURVEY REPORT FRENCHMAN’S CREEK BEACH AND COUNTRY CLUB

Frenchman’s Creek – Member Survey Report

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TABL E OF CONT ENT S

1. Introduction 2. Response Rate 3. Membership Profile 4. Clubhouse and Campus Insight 5. Overall Comment Summary 6. Restrictions

3 5

7 12 22

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Frenchman’s Creek – Member Survey Report

INTRODUCTION

I NTRODUCT I ON

GGA Partners (formerly Global Golf Advisors Inc.) originated in 1992 as a specialty consulting practice within KPMG. GGA initially focused on the interrelationship between clubs and associated residential real estate, and resort developments; however, over the past decade, has expanded its focus to projects that include all types of clubs and related leisure pursuits. The company has grown to serve over 3,000 clients across the globe with offices in Phoenix, USA; Toronto, Canada; and Dublin, Ireland serving Europe, the Middle East, and Africa. GGA has a strong and proven reputation for helping its clients maximize the performance of their assets in order to realize specific club lifestyle or investment objectives. The wide-ranging disciplines and expertise of our professionals enable us to provide valuable assistance in all aspects of private club, real estate and resort-related businesses. Frenchman’s Creek Beach and Country Club (“Frenchman’s Creek”, “FC” or “the Club”) engaged an independent consulting firm – GGA Partners (“GGA”) – specializing in market research for exclusive private clubs - to develop and facilitate a member survey in order to help understand members’ opinions surrounding the proposed Clubhouse.

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Frenchman’s Creek – Member Survey Report

RESPONSE RATE

RE SPONS E RAT E

GGA received 423 completed surveys from Frenchman’s Creek members out of a potential 600 unique membership numbers. The household response rate was 70% - a very strong response rate. The survey results are statistically significant to +/- 2.59% confidence interval at a 95% confidence level, meaning that the survey results would not vary more than 2.59%, if they were answered by the entire membership, 19 out of 20 times.

70 %

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Frenchman’s Creek – Member Survey Report

MEMBERSHIP PROFILE

MEMBERSH I P PROF I L E

1. Please input your membership number below:

The Club received completed responses from 423 unique membership numbers, representing 70% of the total memberships within the community.

70 %

Each membership number was validated and in turn the results to follow receive the corresponding weighted votes, based on the number of properties associated with each membership number.

2. How many properties are associated with this membership number?

3.0%

0.3%

One

The vast majority of members indicated that their membership number is associated with only one property within the community.

Two

Three

96.8%

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Frenchman’s Creek – Member Survey Report

MEMBERSH I P PROF I L E

3. Age category of member filling out this survey:

50%

43%

40%

29%

The age profile of the respondents are included at left. Overall, the majority of respondents are above the age of 76 (54% of members).

30%

20%

15%

11%

The weighted average age of respondents to the survey was calculated at 74.45 years of age.

10%

2%

0%

0%

Under age 45 Age 46 to 55 Age 56 to 65 Age 66 to 75 Age 76 to 85 Over the age of 85

4. Number of resident occupants:

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

81%

Across the respondent profile the vast majority of households consist of two individuals. The next largest group is single person households.

Only 3% of households have more than two members across the respondent profile.

16%

2%

1%

0%

0%

1

2

3

4

5

6+

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Frenchman’s Creek – Member Survey Report

MEMBERSH I P PROF I L E

5. Please indicate the months that you typically reside in the Frenchman’s Creek Community:

(If you are a permanent resident please select "Year Round")

99%

98%

98%

95%

93%

90%

0% 20% 40% 60% 80% 100%

73%

70%

35%

34%

30%

29%

January

February

March

April

May

June

July

August

September

October

November

December

6. Do you have plans to leave Frenchman’s Creek in the future?

Within the next 10-15 years

1%

Within the next 5-10 years

1%

Within the next 2-5 years

1%

Across the survey respondents, only 6% have plans to leave the Club within the next 15 years.

Within the next 2 years

2%

No plans to leave Frenchman's Creek

94%

0% 20% 40% 60% 80% 100%

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Frenchman’s Creek – Member Survey Report

MEMBERSH I P PROF I L E

7. When you are at the Club, how often do you or a family member use the following facilities at the Club?

Dining Fitness Golf Courses Practice Range Spa Women's Card Rooms Community Swimming Pool Meeting Rooms Pool Physical Therapy Tennis Men's Card Rooms Pickleball Bocce

89%

11%

1%

77%

18%

4%

69%

17%

14%

67%

23%

10%

Overall, the most frequently used amenity at the Club is the Sports Bar, followed closely by the Grill Room. 74% of respondents use the Fitness facility more than 3 days per week, which is the most heavily-used amenity observed across the profile which was examined. The Bocce and Pickleball are the least-utilized amenities within the Club’s offerings.

65%

30%

5%

52%

44%

3% 3%

46%

51%

38%

48%

13%

36%

34%

30%

25%

65%

10%

17%

35%

48%

13%

23%

64%

6%

20%

74%

3%

91%

7%

Sports Bar Grill Room 19th Hole

1% 2% 2%

34%

64%

78%

21%

67%

32%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Never

Less than 3 Days per week More than 3 days per week

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Frenchman’s Creek – Member Survey Report

CLUBHOUSE AND CAMPUS PLAN INSIGHT

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

8. When developing a new campus plan and new clubhouse site location, what attributes are essential to you?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

The number of parking spaces needs to be increased in order to minimize parking on Tournament Drive and allow emergency vehicle access. The clubhouse locations should have outstanding views over the golf course.

50%

40%

9%

The factors which the membership feels must be addressed are sorted by support (in %) at left.

42%

49%

10%

The leading factors in terms of support are as follows:

The campus plan must allow for future expansion of amenities.

39%

50%

11%

1. Addressing the number of parking spaces.

The drive to the clubhouse needs to showcase the new clubhouse.

39%

47%

14%

2. Outstanding views of the golf course.

The 1st tees need to be in close proximity to the clubhouse.

31%

49%

20%

3. Future expansion of amenities.

Automobiles should have access to the Spa and Fitness building with parking within walking distance.

25%

45%

31%

Tennis court proximity was not a major concern for 86% of the membership.

Tennis courts need to be in close proximity to the clubhouse.

14%

52%

34%

Must be addressed Should be considered Should not be considered

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

9. Which clubhouse exposure do you prefer?

0% 10% 20% 30% 40% 50%

Overall, the membership exhibited a preference for the southern exposure looking out on the South 9 th hole.

Southern exposure looking out on the South 9th hole. Eastern exposure looking out on the 18th holes.

42%

The second largest group was comprised of members who had no preference between the views.

24%

No preference

Older members were far more likely to have no preference regarding the exposure of the clubhouse.

35%

10. Where would you prefer the golf pro shop to be?

0%

10% 20% 30% 40% 50%

In the Clubhouse

46%

46% of members would prefer the golf pro shop to be in the Clubhouse, compared to only 17% who would prefer it be near the driving range.

Near the driving range

17%

Younger members (under the age of 65) are more likely to prefer the golf shop be near the driving range while older members feel it should be in the Clubhouse.

No preference

37%

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

11. Do you believe the Club should, in the future, have a “small golf teaching building with practice bays on the range”?

50%

40%

40%

33%

40% of the respondents feel that the Club should have a small golf teaching building with practice bays on the range. The second-largest support group has no preference for the future of such a facility.

27%

30%

20%

10%

Younger members are far more likely to feel that the Club should consider this project in the future (majority support under the age of 75).

0%

Yes

No

No preference

12. Would you like to see the Spa and Fitness facility:

The largest support group (42% of respondents) regarding the Spa and Fitness facility would like to see it updated and expanded in the future. The second largest support group, consisting of 32% of respondents do not support the update or expansion of the facility.

50%

42%

40%

32%

30%

22%

Overall, almost seven out of ten members would like to see the facility updated or expanded.

20%

10%

5%

0%

Younger members are far more likely to feel that the Spa and Fitness facility should be updated and expanded.

Updated

Expanded Updated and Expanded Neither

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

13. Should consideration be given to making these changes to the spa and fitness facility at the same time as the new clubhouse construction?

55 %

55% of members feel that the Club should consider any changes to the spa and fitness facility in parallel with the new Clubhouse construction.

Yes No

14. The need for temporary facilities under the Existing Clubhouse Site proposal influences my site preference:

0%

10%

20%

30%

40%

50%

Strongly

31%

Nearly 50% of members feel that the need for temporary facilities does not impact their site preference.

Moderately

22%

49% of members over the age of 85 feel that the need for temporary facilities strongly impacts their site preference.

Not at all

47%

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

15. The need to relocate the tennis courts adjacent to the golf tees at 1 North and 1 South and the possibility that the temporary tennis courts may need to be placed temporarily on the golf holes under the Tennis Court Site proposal influences my site preference:

0% 10% 20% 30% 40% 50% 60%

53%

34%

The majority of members feel that the possible need to relocate the tennis courts under the Tennis Site proposal does not impact their site preference.

13%

Strongly

Moderately

Not at all

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

16. Based upon your personal preferences and the video presentations regarding the Tennis Court site and the Existing Clubhouse site, please select where you would prefer the clubhouse to be constructed.

Overall, we saw 423 unique households complete a survey, representing 70% of the households in the community. Of those survey submissions 382 or 64% of the communities households offered their opinion in Question #16 regarding the Clubhouse site.

The Existing Clubhouse site

59% of respondents indicated a preference for the Existing Clubhouse site.

59 %

Existing Clubhouse Site : 227 Weighted Votes (58.8% support)

The Tennis Court site

Tennis Court Site: 159 Weighted Votes (41.2% support)

Site preferences do vary marginally by age, specifically, Older members (above age 85) had a preference for the Tennis Court Site (57% support) while younger members were more likely to support the Existing Clubhouse site.

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

17. Please share the top three reasons for your site selection below:

Members shared a wide variety of reasons / rationale for their site preference decisions. The word clouds below highlight the most frequently mentioned word by site preference throughout the survey.

Existing Clubhouse Site

Tennis Court Site

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

Please answer the following questions in order to help the Committee determine the best funding alternatives for members. We know these questions can be hard to answer because we do not yet have the projected expected cost of the Clubhouse. Please answer them to the best of your ability.

I would prefer to increase the monthly assessment and keep the twelve years of repayment.

11%

18. a. Please select your preferred option from the list below:

I would prefer to keep the $350 monthly assessment for twelve years and have an upfront assessment for the additional amount required. I would prefer to keep the $350 monthly assessment and extend the length of the repayment.

63%

The majority of members would prefer to keep the current $350 monthly assessment and extend the length of the repayment. The next largest support group (22% of respondents) would prefer to keep the assessment for twelve years and then pay an upfront assessment. Funding preferences were consistent across the age stratifications at the Club.

22%

4%

I would prefer to pay the entire assessment up front.

0% 10% 20% 30% 40% 50% 60% 70%

b. How strongly do you feel about your preferred financing option above?

More than three-quarters of the membership has a strong preference for their financing choice while 23% of members believe that any of the options are acceptable.

Any of the above options are acceptable.

Older members hold a stronger preference towards their preferred financing option.

23 %

I have a strong preference for my choice.

Members who indicated they would prefer to keep the current $350 monthly assessment and extend the payback period had a much stronger preference for their choice than other funding options.

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Frenchman’s Creek – Member Survey Report

CLUBHOUS E AND CAMPUS P LAN I NS I GHT

19. Assuming the Club can obtain bank financing for individual household loans, whereby the bank would pay the assessment, the individual would have a loan with the bank, and the individual would have either a monthly payment program with the bank. Would you be interested in this method of paying your assessment for the new clubhouse, if an assessment was included in the financing package?

There was limited interest (11%) across the respondents to explore the financing option outlined above.

11 %

Yes No

Support for this funding method was marginally higher with younger members however it did not gain support above 22% across any age group.

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Frenchman’s Creek – Member Survey Report

2020 MEMBER SURVEY OVERALL COMMENT SUMMARY FRENCHMAN’S CREEK BEACH AND COUNTRY CLUB

Frenchman’s Creek – Overall Comment Summary

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OVERAL L COMMENT S

GGA has summarized the key themes present throughout the overall comments collected through the Survey. The themes below, ranked by proportional support highlight some of the key concerns held by members with respect to the Clubhouse project. The key themes are as follows:

• 22% of members (94) share their opinion that the Club should not pursue a new Clubhouse but rather renovation/repair of the existing facility. These members referenced the possible cost savings associated with such a renovation and many members expressed a desire to preserve the current sports bar.

• 7% of members (31) referenced the cost of the new clubhouse and expressed their concerns regarding the funding required to complete the new clubhouse project.

• 7% of members (29) made mention of the impact that the two clubhouse sites would have on the tennis program and accessibility to the tennis courts from the new clubhouse locations.

• 7% of members (28) shared their opinions surrounding the Board at the Club with regard to the Clubhouse project. Member sentiment was split between supporters of the Board who were thankful to those who had volunteered their time to move this project forward and members who feel that aspects of the communication and planning should be more transparent to the membership.

• 5% of members (22) made reference to the spa and fitness facility with the majority expressing their support for a renovation or addition to improve the experience. Members expressed split support for completion of this project in parallel with the Clubhouse and for a more conservative timeline for this project.

• 5% of members (22) shared their insights regarding parking at the Club and the impact that the proposed Clubhouse sites would have on parking at the Club as well as additional solutions which were proposed by members to solve the parking issue. Overall, the vast majority of members were in agreement that the current parking situation should be addressed within the Clubhouse project.

• 2% of members (10) expressed their opinions regarding the temporary facility. Overall, the sentiment was split between members who starkly oppose such a facility and those who were happy to leverage such a facility while the new clubhouse is being constructed.

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Frenchman’s Creek – Member Survey Report

RE S TR I CT I ONS

This report is not intended for general circulation or publication nor is it to be reproduced or used for any purpose without GGA’s prior written permission in each specific instance. GGA does not assume any responsibility or liability for losses occasioned to the Directors or Shareholders, or to any other parties as a result of the circulation, publication, reproduction or use of this report contrary to the provisions of this paragraph.

GGA reserves the right (but will be under no obligation) to review all calculations included or referred to in this report and, if GGA considers it necessary, to revise its conclusion in the light of any information existing at the report date which becomes known to us after the date of this report. GGA believes that its analyses must be considered as a whole and that selecting portions of the analysis or the factors considered by us, without considering all factors and analyses together, could create a misleading view.

GGA Partners

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Frenchman’s Creek – Member Survey Report

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