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Section 1 <br />Firm Experience and Background <br />The Elk River Golf Club has operated an 18-hole golf course for 61 <br />years, along with operating Pinewood Golf Course for the last 4 <br />years (2 years under a management agreement & 2 years under a <br />lease agreement, both with the City of Elk River). <br />The Management staff at Elk River Golf Club has a total of 61 years <br />of experience, giving them the great knowledge and golf business <br />background to continue to manage & improve Pinewood for <br />decades to come. The General Manager, Chris Singer has 23 years <br />of experience in the golf business with 14 years of that as the <br />General Manager at Elk River Golf Club. The Superintendent at Elk <br />River Golf Club, Jon Varty has 38 years experience as the Head <br />Superintendent at Elk River Golf Club. <br />Along with the management experience the board is proud of the <br />service and commitment to keeping 2 courses in Elk River. With the <br />vast majority of our shareholders being Elk River citizens who want to <br />keep this asset in the community. We feel having a local company <br />with a commitment, resources and knowledge we will ensure <br />Pinewood will be around for next generations to enjoy. <br />Past Performance <br />FI Elk River Golf Club has successfully operated a golf club for 61 years. <br />In recent success, Elk River Golf Club has shown profit in 6 of the last <br />10 years and has reduced its total debt liability by 40%. <br />Over the last 4 years Elk River Golf Club has grown Pinewood Golf <br />Course back to success after being closed for 3 years. In those <br />years, Elk River Golf Club has used their knowledge of improving <br />and maintaining a golf course by bringing Pinewood Golf Course <br />back both turf and business wise. Over that time: greens and <br />fairways have been grown back in, leagues have been <br />PINEWOOD GOLF COURSE - 2/25/2021 - PAGE 2 <br />