FCC White Paper Report

i. The annual growth of the club's net worth is the most important financial metric for evaluating private golf clubs. This metric measures financial stability, balance sheet strength, and quality of assets. It is also a key driver in measuring market relevance and competitive standing. The median Compound Annual Growth Rate (CAGR) for clubs in the CB universe is (3.1%). ii. FCC’s annual capital income needed for aspirational capital projects is significantly (81%) below the median compound annual growth rate (CAGR) of 3.1% for all country clubs in their database . FCC’s CAGR is just 0.6% when measured from 2007 to 2023. iii. Southwest Florida is one of the top three competitive areas of the country. Nearby clubs like Shadow Wood, the Forest, Mediterra, Quail West, Quail Creek, Bonita Bay, Crown Colony, Imperial, Pelican Bay, Pelicans Nest, Plantation, and Wild Cat Run exceed this benchmark, allowing them to fund ongoing renovations and maintain competitiveness. iv. All the clubs above exceed the national average for all clubs in the Club Benchmarking database. The range for the clubs above is 3.2% to 8.7%, with the average at 5.1% and the median at 4.5%.

v. FCC at .6% is 81% below the average of the clubs referred to above, 87% below the median, and 81% below the lowest of the clubs above.

vi. Per Club Benchmarking “Fiddlesticks has the lowest CAGR in the peer set and in one of the three most competitive markets in the country (Palm Beach and Palm Springs), is not keeping up with the competition and is undercapitalized. In any world, this is not a sound business strategy.”

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