As your President, I am very confident of the Club's financial capacity to manage Stage 1 of the Clubhouse restoration. With your vote "FOR" the motion in EGM No.1 and "AGAINST" the motion in EGM No.2, we will be able to commence works in February and can look forward to completion of Stage 1 by June 2025.

1. The Clubhouse plans were approved by members in 2021 and have not materially changed since then.

2. Construction is now in two stages to manage cost. The Stage 1 cost of $17.5 million will be funded by the Club's current cash assets, the sale of a block of land on Stephens Parade, and a medium-term borrowing facility of not more than $7 million.

3. $5.2 million is the highest projected level of borrowing, leaving a buffer of $1.8 million to give timing flexibility.

4. The Club will be debt free in 8 years.

5. Cashflow determines borrowing capacity, not profit. The Club has historically enjoyed a positive net cash flow from operating activities of $1m, before interest, depreciation and members' entrance fees.

6. Course capital expenditure, including the planned replacement of the course irrigation system, will not be impacted by Stage 1 funding.

7. Our Clubhouse infrastructure is currently on life support. It is compliant with building codes from the 1990s. Stage 1 will address these urgent needs.

8.The Clubhouse plans are approved, the permits have been granted, the builder is in place, the project is ready to go!

Barbara Inglis

President

PS: Vero Voting will be re-sending the voting information by email and SMS tomorrow.