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<br />PINEWOOD GOLF COURSE <br />Elk River, Minnesota <br /> <br />ANALYSIS of <br /> <br />MARKET and FINANCIAL FACTORS <br /> <br />November 28, 2005 <br /> <br />The City of Elk River has been engaged in discussions concerning a possible acquisition of Pinewood, <br />a nine hole golf course located in the northernmost portion of the community. The City has retained <br />McMurchie Golf Management, Inc. to provide analysis of the existing golf course operation and the <br />dynamics of a potential acquisition. From a review of the facility, and subsequent analysis, the <br />following findings are offered to assist the City regarding the feasibility of purchasing Pinewood Golf <br />Course. <br /> <br />Prepared: November 28, 2005 <br /> <br />All inquiries regarding this document should be directed to: <br /> <br />McMurchie Golf Management, Inc. <br />AI McMurchie <br /> <br />1810 W. 31st Street <br />Minneapolis, Minnesota 55408 <br /> <br />(612) 825-4285 <br />