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STRATEGIC PLANSUMMARY2017 - 2021

SPECIAL THANKS TO OUR2016 STRATEGIC PLANNING COMMITTEEBARBARA WILLIS, CHAIRGEOFF DAVIESPAUL BRISSONDOUG DAVISJEFF DOTYFRANK LONGOPATTY MACKENZIEJAY NASHKATHLEEN SLAUGHTERMARTY THRASHERJON NUSINK, C.O.O.2016 BOARD OF DIRECTORSGEOFF DAVIES, PRESIDENTBARBARA WILLIS, FIRST VICE PRESIDENTJOHN VANDER HOEVEN, SECOND VICE PRESIDENTGLENN JONES, PAST PRESIDENTNORM THOMPSONMARCIA ROBERTSANNE TOALGORDON MACKENZIEDOUG DAVISGLENN MACKINNONCATHY PURDOMJON NUSINK, C.O.O.

TABLE OFCONTENTSSTRATEGIC PLAN SUMMARYINTRODUCTION - 03BACKGROUND - 04OVERVIEW OF THE MARKET - 06OPERATIONAL REVIEW - 07MARKETING AND COMMUNICATION PLAN - 08MEMBER SURVEY RESULTS - 09GOVERNANCE - 10VISION AND MISSION - 11STRATEGIC PILLARS - 13STRATEGIC OBJECTIVES AND ACTION PLAN FOR FY 2017 - 15OVERVIEW OF FINANCIAL IMPACT - 21CONCLUSION - 2501 STRATEGIC PLAN SUMMARY

stra•te•gic(strəˈtējik), adjectiverelating to the identification of long-term or overall aims and interests and the means of achieving them02 STRATEGIC PLAN SUMMARY

In November 2015, the Board of Directors (“the Board”) of the London Hunt and Country Club (“the Club”) initiated a comprehensive strategic planning review. The Board retained Global Golf Advisors Inc. (“GGA”) to provide industry knowledge and expertise to the planning process and facilitate development of a new strategic plan for the Club. This review confirmed the Club as a nationally recognized leader within the private club industry in Canada and well positioned for continued success. The Club compares favourably with other clubs within the immediate South Western Ontario region. Given the exceptional golf and tennis facilities, recent enhancement to the clubhouse and expanded amenities, the Club will remain competitive within the market in the coming years and has the potential to attract new members. Further, the Club is well managed, governed and is in sound financial health. Building on these strengths, the planning process highlighted the need for continued attention to the needs and expectations of the membership, sustaining the Club assets and anticipating trends and evolution within the industry. To this end, the Board has identified six key areas for strategic focus in the coming years:1. Building a robust and vibrant membership to take the Club into the future; 2. Maintaining prudent budget management and capital planning;3. Extending the brand reach of the Club through consistent and continuous communication of key attributes; 4. Maintaining and consistently improving the Club’s capital assets and amenity profile; 5. Ensuring appropriate operational management and enhancing capability for monitoring, analyzing and adjusting to member utilization and expectations, and 6. Enhancing the Club governance and reporting model. The following report summarizes the highlights of the planning process, key findings and the strategic action plan for 2017. The action plan includes specific areas for improvement and further review during the coming year. The Board is committed to implementing this plan and monitoring progress toward a preferred future.INTRODUCTION03 STRATEGIC PLAN SUMMARY

The most recent strategic plan, developed in 2008, provided direction for the Board and management in further developing family focused programs and services as well as undertaking key capital projects including the golf course practice facilities and clubhouse redevelopment. The current Board determined that the Club now needed a renewed strategic plan to identify the future direction and priorities for the Club over the next three to five years, guide planning and decision making into the future and identify the resources required to achieve the strategic goals.BACKGROUND04 STRATEGIC PLAN SUMMARY

The Board constituted a Strategic Planning Committee to undertake the review and retained GGA to assist the Committee and the Board. The planning process included listening to members, gathering detailed Club and market information, review and analysis of information, and solicitation of member feedback through a strategic planning survey (“Member Survey”). On behalf of the Board and Management, GGA completed a comprehensive analysis of the existing conditions and evaluated the Club against best practices in order to identify potential opportunities for the Club to further enhance the member experience and to ensure continued success well into the future. GGA leveraged the comprehensive Member Survey results that were statistically representative of the membership at large, in order to gain insight into the thoughts and needs of the majority of members and to give support for key strategic recommendations and business plan assumptions. The Strategic Planning Committee worked with GGA to identify strategic pillars for the Club, develop the Club’s goals for 2017 and options for the Board to consider in subsequent years. At the October 2016 meeting of the Board of Directors, the Strategic Plan was endorsed. Measurable strategic objectives will be developed on an annual basis in support of the strategic pillars highlighted below. A corresponding five-year Business Plan for the Club will adequately assign responsibility and appropriately define the tactical steps that the Club must take in order to implement the defined strategy.05 STRATEGIC PLAN SUMMARY

In order to sustain its position as an elite private club in the local market, the Board must be able to anticipate the effects of market externalities and trends on the direction of the Club. A thorough understanding of key market indicators allows the Club to identify threats and opportunities before the competition, helping to reposition and redefine itself for future success. The Market Analysis undertaken by GGA revealed a positive outlook for future membership and insightful trends that will guide the short and long-term strategy of the Club. The following highlights the key findings of the Market Report:• The member draw area has remained consistent over the past decades and the Club should continue to focus on attracting and retaining members from the immediate surrounding neighbourhoods. • The urban sprawl taking place northwest of the Club should be seen as the primary opportunity to target new members. • The average age of the membership continues to get older which will increase the natural attrition rate over time. The average age of shareholders is currently 60. The Club must continue to focus on new member engagement.• The entrance fee at LHCC is positioned as the highest priced entrance fee among clubs in the region, which is appropriate given the rich amenity profile and quality of member experience.• The annual all-in cost (including capital fees and dining minimums) for a primary member and spouse (restricted privileges) at the Club is $7,870, which positions the Club as the second highest among competitive clubs in the South West region. • The price structuring of unrestricted Intermediate membership offerings at the Club are priced slightly above average and several clubs offer more attractive payment plans. In an effort to replenish the member pipeline with young members and replace the natural attrition of older members, the Club may wish to increase the attractiveness of these memberships and/or add an additional Intermediate category for age 35-39. • The current Social and Senior categories are the most popular transfer categories at the Club, providing an incentive for older members who want to remain members but desire categories that better fit their amenity usage at this stage in their life. These categories impact both the revenue and utilization of amenities within the Club.• The Social membership transfer category at the Club provides high value-for-money relative to similar offerings at competitive clubs. These key market observations were utilized to qualify and support membership, marketing and communications strategies included in the Club’s strategic goals and objectives. OVERVIEW OF THE MARKET06 STRATEGIC PLAN SUMMARY

A review of all operating departments was undertaken by GGA. They concluded that the Club is well managed and most expenses are within or below benchmarks. Key operational findings for further review were identified:• The trend of increasing greens/grounds maintenance costs is at the high end of benchmarks.• Leasing should be considered when acquiring future greens equipment and golf carts.• House department costs now exceed benchmark with the expanded clubhouse facility.• The trend in the industry is toward clubs assuming ownership of the Pro Shop retail business and overall operations. Pro Shop expenses benchmark higher than those of other comparable clubs. • Advertising and promotional costs need to increase in support of membership recruitment efforts.• Total golf rounds at the Club and in particular guest rounds are below typical benchmark levels for similar profiled clubs. • Guest green fee rates are at the high average rate for our region.• Cart utilization is high and there is potential to increase cart rates.• The Club’s capital maintenance spending on equipment and replacement items is within benchmark but towards the low end.OPERATIONAL REVIEW07 STRATEGIC PLAN SUMMARY

GGA undertook a review of existing marketing and communication tactics. While the Club has a strong brand presence in the London market area, GGA advised that consistent and continuous communication of the Club brand is an essential strategy aligned to future success. Marketing and communication tactics in accordance with best practices for similar clubs should be used in order to effectively reach target audience segments and encourage interest in the Club.It is recommended that the marketing and communication plan emphasize key brand messages in all communications, advertising, public relations/story placement, and special events. Multiple tactics should be developed to effectively engage and tailor perceived interests to prospective members. The marketing and communication budget should benchmark to similar clubs at between 1% and 2% of gross revenue each year.Monitoring of key performance metrics is a key responsibility of the Board. It is recommended that these metrics be directed at membership leads and conversion rates, tracking of resignations and measuring the satisfaction, relevance and value of the Club to members. MARKETING AND COMMUNICATIONS PLAN08 STRATEGIC PLAN SUMMARY

The summary below highlights key strategic findings and interpretations from the survey results. The detailed report is available to members on the Club’s website under Governance/Strategic Plan. The survey results are considered representative of the membership at large with a response rate of 70% for voting members and 51% of the total membership.• On an overall basis, the Club is meeting member expectations.• Members are in support of continuing to pursue the current vision and mission.• Communication efforts with members are considered effective.• While there is general member support for how the Club is currently governed, there was interest expressed in further enhancing the nominating process.• Support exists for allowing either individual in a couple to be eligible to vote.• While facilities and programs were exceptionally rated, opportunities for targeted improvements were identified that would further increase member satisfaction.• New membership categories including a national/international membership and ‘super senior’ category met with support.• Consider offering dues relief to families with more than two children.• Reduce food and beverage hours of operation to meet typical service demand.• Support for hosting a limited number of prominent community golf events and non-member weddings.• There is only very limited support for any additional capital maintenance dues.• There is some support for exploring new capital projects.MEMBERSHIP SURVEY RESULTS09 STRATEGIC PLAN SUMMARY

A Board of 11 members with 10 Standing Committees, an Executive Committee and eight (8) Ad Hoc Committees governs the Club. The Board has taken a proactive approach to Club governance including review and revision of Board policies. GGA has confirmed that the Club’s By-laws are excellent and grant the Board appropriate powers and authority to govern the affairs of the Club. The Board and Committees provide a significant amount of member engagement and interest in the Club. GGA recommends more be done to reduce the size and complexity of the Club’s governance structure, which will in turn reduce the significant time and resources currently used to support the Board and committees. While the governance of the Club follows established private club norms, GGA has recommended that the Board consider a number of areas of focus that will bring governance at the Club to current standards of best practice. These included:• Annual review of the By-laws as a standard responsibility of the Board. • Further developing the Board Policy Manual.• Allow either voting member or spouse to vote on behalf of each individual membership. • Consider Board members being the Chair of Committees and/or Joint Chairs through succession.• Consider reducing number of committees and meeting frequency where possible.• Review and edit committee terms of reference annually.• Adopt and use of a consent agenda.• Further develop policies and procedures around the GM/COO’s goals, monitoring and performance.• Evaluate Board performance at least annually.• Conduct a Board orientation annually.GOVERNANCE10 STRATEGIC PLAN SUMMARY

Vision and Mission Statements are the inspiring words chosen by Boards to clearly and concisely convey the direction of the club. The Members Survey results revealed strong support from a majority of members for the current vision and mission. Apart from a minor grammatical revision, the Board has determined there is no need to make additional changes at this time and has reaffirmed the Vision and Mission Statements as stated below. “Our vision is to be one of the premier private golf and country clubs in Canada offering an exceptional total Membership experience.”The Mission statement defines the Club’s purpose and primary objectives:“The London Hunt and Country Club is a family focused Club providing it’s Members with an exceptional golf course complemented by first class dining facilities. To enhance the enjoyment of Members, the Club includes such programs as hunt, tennis, trap and skeet, fitness and social activities.”The Member Survey revealed the following as the top attributes of the Club:• Membership for Life • Importance of Club Staff • Continuous Improvement • Importance of Family • Mutual Respect and Openness Through these Mission and Vision Statements, the Club communicates its intentions and motivates its members and management team to realize an attractive and inspiring direction for the future.VISION AND MISSION11 STRATEGIC PLAN SUMMARY

LONDON HUNT AND COUNTRY CLUBVISION AND MISSION STRATEGIC PILLARS123456Sustain aHealthyMembershipEnsureEffectiveFiscalManagementImproveBrandAwarenessEnhanceFacilitiesOptimizeOperationsEnhanceGovernance(one)(two) (three) (four)(five) (six)12 STRATEGIC PLAN SUMMARY

The Board of Directors is committed to focus on the following six (6) strategic pillars in order to support the Club’s Vision and Mission over the next five years – 2017 through 2021. The Club’s near-term and long-term strategic goals and objectives have been organized around these six (6) Strategic Pillars.A brief description of each Strategic Pillar is provided below.1. Sustain a Healthy Membership – Build a robust and vibrant membership to take the Club into the future. Maximize the member lifecycle by attracting new families at a young age to counteract the increasing natural attrition caused by an aging membership, all the while without compromising brand reputation, quality and amenity offerings.2. Ensure Effective Fiscal Management – Maintain prudent budget management and capital planning, protect the Club’s financial security and manage risk of inadequate funding. 3. Improve Brand Awareness and Communications – Extend the brand reach of the Club through consistent and continuous communication of key attributes in order to effectively reach target markets and develop awareness consistent with that of the finest clubs in Canada.4. Enhance Facilities – Maintain and consistently improve the Club’s capital assets and amenity profile in order to maintain and enhance member satisfaction, retention and rejuvenation, as well as the Club’s fine reputation and competitive market position.5. Optimize Operations – Consistent with that of the finest clubs in Canada, ensure appropriate operational management and enhance capability for monitoring, analyzing and adjusting to member utilization and expectations. 6. Enhance Governance – Enhance Club governance and reporting model to achieve business-like systems, processes, and Board collaboration. Constitute a Governance Committee to consider and implement the governance actions.The Board of Directors will periodically review and evaluate the goals and directions with Management and at a minimum on an annual basis, in order to identify the most appropriate strategic goals and objectives to be addressed in the coming year. Each year, the Board will strategize with Management to prepare an efficient and effective Annual Strategic Action Plan that will help direct Club resources to the most appropriate areas for the coming year. This annual process of determining specific and measurable strategic objectives is considered of the utmost importance for the Club to remain current in its thinking and to effectively adapt to changing economic, market and membership conditions. STRATEGIC PILLARS13 STRATEGIC PLAN SUMMARY

ob•jec•tive(əbˈjektiv), nouna thing aimed at or sought; a goal14 STRATEGIC PLAN SUMMARY

The following highlights and documents the Club’s Strategic Goals as established by the Board for 2017. The strategic goals should serve as a foundation for many of the strategic action items each year; however, the Board will be alert to changes in market conditions and update the Strategic Action Plan accordingly.STRATEGIC OBJECTIVES AND ACTION PLANFOR FY201715 STRATEGIC PLAN SUMMARY

Strategic Goals and Plan of Action Assigned To Intended Outcome1. Evaluate Changes to the Membership PlanMembership Alignment to Strategic Plan Develop a robust and vibrant membership to take the Club into the future.• Evaluate the financial impact of increasing Intermediate age to 39 to be more attractive for young families.Membership Committee(MC)• Consider adjusting payment plan term for Intermediate aged members.(MC)• Develop a National/International membership and include in promotional materials with the goal of accepting new members(MC)• Evaluate the Honorary (Senior) and Social transition categories at the Club each year and decide if a cap is needed, further restriction on age and/or tenure, or increased dues is warrantedFinance and Audit Committee (F&A)Strategic Goals and Plan of Action Assigned To Intended Outcome2. Develop Comprehensive Forward-Looking Capital and Financial PlanDisciplined Plan to Ensure Debt, Capital Maintenance, and New Capital Projects are Planned for and Funded.Comprehensive plan for funding debt and addressing new capital needs to ensure the Club maintains its standard of excellence and position in the marketplace.• Prepare timeline and critical path plan for the development and approval of a comprehensive capital plan.(F&A)• Review GGA recommendations and evaluate all capital funding and financing options available to the Club.(F&A)• Monitor performance of the capital plan.(F&A)• Strive to maintain a Capital Reserve Fund with a minimum balance 2x the annual Capital Maintenance expenditures.(F&A)• Develop a plan for increasing membership dues at the pace of inflation or higher over the next five years.(F&A)TABLE 1: STRATEGIC ACTION PLAN FOR FY20171Capital maintenance expenditures includes capital equipment and replacement items such as greens equipment, golf carts, fitness equipment, food and beverage equipment, and clubhouse replacement items.116 STRATEGIC PLAN SUMMARY

TABLE 1: STRATEGIC ACTION PLAN FOR FY2017Strategic Goals and Plan of Action Assigned To Intended Outcome3. Improve Marketing and Communication Efforts and Planning MC (oversight) Improve Brand Awareness and CommunicationsExtend the brand reach of London Hunt through consistent communication to effectively reach target markets for membership growth and to develop brand awareness consistent with that of the finest clubs in Canada.• Develop a comprehensive Marketing Plan.Management• Increase the promotion budget (operating costs) to benchmark norms for similar clubs.Management• Leverage the GGA recommendations in the Marketing and Communications Plan to develop an annual communication plan that includes a 12-month calendar, detailed tactics, and assignment of all responsibilities.Management• Create a program that allows members to be directive of Club communications and to personalize delivery of content and medium.Management• Improve communication of events to enhance participation.ManagementStrategic Goals and Plan of Action Assigned To Intended Outcome4. Prepare a Definitive Proposal for Facility ImprovementsImprove Capital Assets and Amenity ProfilePrioritize GGA list of facility improvements in combination with other capital projects the Club is considering.• Property Committee (PC) to monitor and assess current and future capital assets (to commence in 2016).(PC)• Review GGA recommendations and consider other capital projects and determine priority order for consideration(PC)• Develop a Communications Plan to market the facility improvements.(PC)• Consider commissioning a new Golf Course Master Plan. (GCSC)Golf Course Standards Committee17 STRATEGIC PLAN SUMMARY

Strategic Goals and Plan of Action Assigned To Intended Outcome5. Implement Changes to OperationsOperations Alignment to Strategic Plan Optimize operating profile and continue prudent budget management.• Identify and implement improvements to Glenmore and Oxford Room dining experience, and monitor improvements in member satisfaction.House Committee• Evaluate the benefits of switching to a leasing program for equipment.(F&A)• Increase double cart fee to $40.Management• Review General/Admin department payrolls for competitiveness.Management• Review structure of pro shop operations.Management• Consider additional sources of revenue including additional golf tournaments and wedding/banquets each year moving forward.Management• Consider strategies to increase revenue from guest play.Golf Committee• Explore opportunities to reduce chemical and fertilizer expenses to benchmark norm.Management• Fund marketing and communications budget at benchmark levels for similar clubs.Management• Evaluate utilization of Club amenities on a periodic basis to ensure Standard of Excellence for members, optimize revenue and manage labour efficiently.Management• Periodically monitor and evaluate the Hunt Section utilization and financial support.ManagementTABLE 1: STRATEGIC ACTION PLAN FOR FY201718 STRATEGIC PLAN SUMMARY

Strategic Goals and Plan of Action Assigned To Intended Outcome6. Implement Governance ChangesGovernance Alignment with Strategic Plan Improve on already excellent governance and reporting model to achieve more business-like systems, processes, and Board collaboration.• Constitute a Governance Committee (commence in 2016).Board• Consider Board members being the Chair of some Committees and/or Joint Chairs through succession.Governance Committee(GC)• Allow either voting member or spouse to vote on behalf of each individual membership.(GC)• Consider the GGA Club Governance Model.(GC)• Develop and approve a Board Policies Manual.(GC)• Consider reducing the number of committees and the meeting frequency where possible, i.e. seasonally or move to bi-monthly. Encourage Committee Chairs to cancel unnecessary meetings. Limit committees to eight members or less, not including Management representatives.Management• Review and edit Committee terms of reference annually.(GC)• Adopt and use Consent Agenda.(GC)• Develop policies and procedures around the GM/COO’s goals, monitoring and performance. This is part of the Board Policies Manual along with Executive Parameters.(GC)• Evaluate Board performance at least annually, but preferably at the end of each meeting. (GC)• Develop and follow a policy for In-Camera sessions.(GC)• Conduct a Board Orientation annually.(GC)• Implement electronic notice of meeting and electronic voting(GC)TABLE 1: STRATEGIC ACTION PLAN FOR FY201719 STRATEGIC PLAN SUMMARY

im•pact(ˈimˌpakt), verbto have a direct effect or impact on : impinge on20 STRATEGIC PLAN SUMMARY

Financial projections have been prepared and are based on the strategic goals and objectives contained within this document, as well as the evaluation of historic operating performance and benchmarking work completed as part of the Operational Review. The projections have been prepared with conservative assumptions for membership and golf rounds growth, as well as other revenue and expense impacting factors including inflation.OVERVIEW OF FINANCIAL IMPACT21 STRATEGIC PLAN SUMMARY

TABLE 2: FIVE-YEAR CASH FLOW PROJECTIONS2015Actual2016Forecast2017Budget2018Projected2019Projected2020Projected2021ProjectedBeginning Cash 1,572,284 2,363,848 2,488,493 2,892,238 3,314,638 3,712,260Total Revenue 6,821,144 7,574,798 7,794,758 7,989,627 8,189,367 8,394,102 8,603,954Total Cost of Sales (941,389) (1,068,101) (1,067,149) (1,093,828) (1,121,174) (1,149,203) (1,177,933)Total Payroll (3,401,787) (3,704,885) (3,894,660) (3,992,027) (4,091,827) (4,194,123) (4,298,976)Total Other Operating Expenses(1,789,336) (1,914,699) (2,064,353) (2,061,636) (2,113,177) (2,166,007) (2,220,157)Net Operating Income (Before Capital)715,632 887,113 768,596 842,136 863,189 884,769 906,888Other Operational ImpactsImpact from extra golf tournaments with green fees (2)tournaments with green fees (two)40,000 40,000 40,000 40,000Impact from extra weddings/ banquets (4)32,000 32,000 32,000 32,000Impact from additional guest green fees20,000 30,000 30,000 30,000 30,000Additional Promotion Expense(40,000) (40,000) (40,000) (40,000) (40,000)Capital:Long Range Planning Fee 294,668 295,150 295,150 295,150 295,150 295,150Projected Entrance Fees 750,926 599,634 622,157 636,919 604,333 572,284Projected Entrance Fees from Nat/Int Members10,000 10,000 10,000 10,000Capital Maintenance (526,000) (803,592) (712,555) (729,715) (743,487) (757,711)Principal and Interest on Clubhouse Renovation(615,143) (615,143) (615,143) (615,143) (615,143) (615,143)Net Change to Cash 791,564 224,644 503,745 522,401 497,622 473,468Contingency (100,000) (100,000) (100,000) (100,000) (100,000)Ending Cash 2,363,848 2,488,493 2,892,238 3,314,638 3,712,260 4,085,728Capital Reserve Fund 1,052,000 1,607,184 1,425,109 1,459,430 1,486,974 1,515,422Excess Cash for New Capital Projects1,311,848 881,308 1,467,128 1,855,208 2,225,287 2,570,30622 STRATEGIC PLAN SUMMARY

The cash flow model assumptions are detailed below: • The operating income projections reflect the approved 2017 budget. Operating income is projected in each subsequent year with consideration of inflationary impacts2. • Increased revenue from additional golf events and banquets/weddings can be realized in 2018 and each subsequent year based on development of the Action Plan in 2017. • An estimate of any financial impact from the Pro Shop operational review will not be quantifiable until the operational review contemplated by the 2017 Strategic Action Plan is completed.• Additional promotional expenditures commence in 2017 following development of the new marketing plan.• Entrance fees are based on projections for the next five years3. • Capital Maintenance4 expenditure is projected based on an 8% of Gross Revenue benchmark, beginning in 2018. For 2017, the projection reflects the approved 2017 capital budget. • Payment of all scheduled principal and interest payments on the existing $8M mortgage. • A contingency of $100,000 each year totalling $500,000 as an additional layer of conservatism in the projections. Key considerations for the Club regarding the cash flow model and capital funding of potential new Capital Projects: • The Club has already built up a strong cash reserve and has all the means necessary to fund existing debt and Capital Maintenance expenditures. • The Capital Reserve Fund is based on a target of 2x annual Capital Maintenance expenditures. Any cash balance exceeding the capital reserve target would be used to fund New Capital Projects. TABLE 2: FIVE-YEAR CASH FLOW PROJECTIONS2The decrease in other operating expenses in 2018 is the net effect of no consultant fees expected in 2018 and an inflationary increase of other expenses.3Entrance Fee projection assumes 12 new Shareholder Members each year and payment of all entrance fee payment plan instalments from existing members.4Refer footnote 1 for description.23 STRATEGIC PLAN SUMMARY

TABLE 3: POTENTIAL FUNDING FOR PROPOSED NEW CAPITAL PROJECTS2017Budget2018Projected2019Projected2020Projected2021ProjectedExcess Cash for New Capital Projects 881,308 1,467,128 1,855,208 2,225,287 2,570,306Potential New Capital ProjectsLandscape (Phase l - 2017; Phase II - 2019) 200,000 250,000Tennis Chalet Lighting and Repairs 122,925 122,925 122,925Irrigation System and Pond 350,000 350,000 350,000 350,000 350,000Bunkers 250,000 250,000 250,000 250,000Greens Strip and Re-grass 80,000 80,000 80,000 80,000Annual New Capital Project Cost 672,925 802,925 1,052,925 680,000 680,000Cumulative New Capital Project Cost 672,925 1,475,850 2,528,775 3,208,775 3,888,775Supplement from Capital Reserve Fund (8,722) (673,567) (983,488) (1,318,469)• The projects included in above table are potential projects that require further review and prioritisation. • The Club will need to utilize the Capital Reserve fund during 2018 through 2021 if all the proposed New Capital Project initiatives are to be completed within the indicated timelines. • The financial projections indicate the Club would be able to fund these proposed New Capital Projects from the Capital Reserve Fund without the need for additional debt.• The actual timing of any New Capital Project expenditures will be considered as part of the comprehensive capital and financial plan that may extend beyond the five-year period projected above if additional time is needed to accumulate the requisite funds.Table 3 demonstrates the process by which the funds would be accumulated for subsequent expenditure on proposed New Capital Projects.24 STRATEGIC PLAN SUMMARY

IN CONCLUSIONThe Strategic Pillars detailed in this plan, support the Club’s Vision and Mission and provide direction for the Board in determining near-term and long-term strategic goals and objectives. The Board is committed to continually improving the family-focused member experience and will give priority to this objective through the annual strategic action plan. Overall, the strategic planning efforts have revealed a sound financial position and stable membership that is satisfied with the standard of excellence currently provided at the London Hunt and Country Club. The review process acknowledges that continuous improvements to the member experience can be achieved and will need to be a key focus in the annual action plan. In order to maintain and improve its brand, it is essential that the Club reinvest in its facilities and enhance the amenity profile whenever strategically beneficial, in order to truly separate the Club from any competition and “be one of the premier private golf and country clubs in Canada offering an exceptional total Membership experience”.