MASTER ANNUAL REPORT

Frenchmanʼs Creek, Inc. and Subsidiary Consolidated Statements of Revenues and Expenses Information Years Ended April 30, 2018 and 2017 Departmental Statements of Revenues and Expenses – Operating Fund Revenues: Club membership and association dues 28,287,710 $ - $ - $ - $ 28,287,710 $ 27,350,728 $ - $ - $ - $ 27,350,728 $ Security badge and commercial vehicle fees 113,425 - - - 113,425 88,100 - - - 88,100 Architect review board fees 55,000 - - - 55,000 34,554 - - - 34,554 Home service income 232,435 - - - 232,435 210,368 - - - 210,368 Interest income 150,809 - - - 150,809 184,711 - - - 184,711 Hurricane assessment 1,049,987 - - - 1,049,987 224,820 - - - 224,820 Other income 51,209 - - - 51,209 45,521 - - - 45,521 29,940,575 - - - 29,940,575 28,138,802 - - - 28,138,802 Departmental loss: Food and beverage, net of service charges* 4,868,783 3,196,412 3,338,107 * 839,791 (2,505,527) 4,728,865 3,049,052 2,989,090 * 932,465 (2,241,742) Golf activities 1,899,113 1,007,729 2,748,367 1,870,178 (3,727,161) 1,912,316 1,076,502 2,571,641 1,927,883 (3,663,710) Tennis activities 84,735 - 280,542 127,265 (323,072) 92,669 - 279,100 138,686 (325,117) Fitness center 1,974,590 1,583,593 272,291 311,487 (192,781) 1,875,949 1,502,651 236,056 296,764 (159,522) Marketing 72,564 - - 494,569 (422,005) 67,671 - - 452,872 (385,201) 8,899,785 5,787,734 6,639,307 3,643,290 (7,170,546) 8,677,470 5,628,205 6,075,887 3,748,670 (6,775,292) Excess of revenues over expenses before undistributed expenses 38,840,360 5,787,734 6,639,307 3,643,290 22,770,029 36,816,272 5,628,205 6,075,887 3,748,670 21,363,510 Undistributed expenses: Member relations - - 246,077 1,780,937 (2,027,014) - - 288,879 1,743,936 (2,032,815) Clubhouse: Beach club facility - - 306,220 615,615 (921,835) - - 333,696 734,852 (1,068,548) Locker - - 435,755 35,891 (471,646) - - 456,089 43,695 (499,784) Valet - - 30,268 370,047 (400,315) - - 32,087 357,429 (389,516) Engineering - - 726,515 1,047,413 (1,773,928) - - 595,571 933,022 (1,528,593) Housekeeping - - 213,512 1,383,408 (1,596,920) - - 263,780 1,310,429 (1,574,209) Common area - - 495,749 6,273,254 (6,769,003) - - 497,092 6,080,057 (6,577,149) Homes maintenance - - 126,776 1,879,476 (2,006,252) - - 97,330 1,722,548 (1,819,878) Other Expenses Excess (Deficiency) 2018 Cost of Sales Revenues Payroll and Related Expenses 2017 Revenues Cost of Sales Payroll and Related Expenses Other Expenses Excess (Deficiency)

Administrative, general and accounting - - 3,583,880 967,106 (4,550,986) - - 3,521,700 826,285 (4,347,985) Insurance - - - 797,285 (797,285) - - - 771,533 (771,533) Interest expense, net of capitalized interest of $100,874 in 2017 - - - 123,340 (123,340) - - - 33,262 (33,262)

Excess of revenues over expenses before other revenue (expenses) 281,518 $ 499,227 $

Hurricane expenses, net of insurance proceeds of $176,124 in 2018 - - - 1,049,987 (1,049,987) - - - 221,011 (221,011) - - 6,164,752 16,323,759 (22,488,511) - - 6,086,224 14,778,059 (20,864,283) 38,840,360 $ 5,787,734 $ 12,804,059 $ 19,967,049 $ 36,816,272 $ 5,628,205 $ 12,162,111 $ 18,526,729 $

*Food and beverage payroll and related expenses are presented net of service charges of $1,111,585 and $1,100,025 during the years ended April 30, 2018 and 2017, respectively.

2018/2019 Annual Report Page 45