CLUB LEASE EXTENSION & MEMBERSHIP TRANSITION PROGRAMME

Communicating Laguna’s Plans for Decision Making on the Proposed Club Lease Extension and Membership Transition

FUTURE UPGRADING & EVENTS – 2013 AND BEYOND

CLUBHOUSE RENOVATIONS – In conjunction with the new world class hotel, the lobby, Lakes Café, Members lounge and several other areas of the clubhouse will undergo extensive modernization. Architects have been engaged and the preliminary design concepts are being shared with you in some of the pictures in this document.

MAJOR GOLF EVENT – The Club is set to announce a major professional tour sanctioned event, which will bring the glory back to Laguna National. Similar to the days of the Singapore Masters (2002-2007), we will again be the focus of the golfing world one week per year.

WORLD CLASS RESORT HOTEL – Members will enjoy classic luxury delivered by one of the world’s most respected hotel operators. Consisting of up to 175 rooms, golfer’s lodges, suites with golf course views, hip and contemporary bars and restaurants and impressive banqueting and meeting space, Members will have privileged access for business, entertaining and personal use. It is expected that preliminary works and construction start will occur in early 2013 with completion 18-24 months thereafter.

FUTURE NEW JOINING FEE TO BE

SET AT MINIMUM $150,000 + GST

We have determined the value of Laguna’s Individual (Local) Membership category with the Lease Extension through 2040 to be at least $150,000 upon launch for new Member enrollment (future, post July 27 deadline).

On that basis, we are pleased to share with you this LIMITED and TIME SENSITIVE offer to take full advantage of your current status as a Laguna Member. This Membership category and extension shall be limited at 200 spots.

Heritage Membership Transition (Individual Local)• Golfing & social privileges through 2040• $70,000 goodwill credit to offset new joining fee (exchange in your existing

Membership)• Premium Benefit Suite (which is $196,000 in value add – see below)• $10,000 + GST down payment to secure this offer before deadline• Remaining $70,000 + GST to be repaid on relaxed terms of 10 years

($583/month)• Guaranteed transfer pricing at $10,000 (post 2021). One transfer to

eligible child also included complimentary.

Heritage Membership Transition holding Unsecured Note (Individual Local)• Golfing & social privileges through 2040• $120,000 goodwill credit to offset new joining fee (exchange in your

existing Membership and surrender of Unsecured Note)• Premium Benefit Suite (which is $196,000 in value add – see below)• $5,000 + GST down payment to secure this offer before deadline• Remaining $25,000 + GST repaid on relaxed terms of 4 years ($521/month)• Guaranteed transfer pricing at $10,000 (post 2021). One transfer to

eligible child also included complimentary.

HERITAGE TRANSITION MEMBERSHIP PREMIUM SUITE OF BENEFITSIncluded, as part of each Heritage Transition Membership under this limited time offer will be the following suite of high value benefits.

• Exclusive limited offer – first 200 adopters. Premium suite of benefits not available after July 27 Letter of Intent deadline.

• Golfing and Social Privileges through 2040• 672 Complimentary Guest Green fees (24/year for 28 years).• $28,000 Food & Beverage Credit ($1000/year for 28 years)• Guaranteed Transfer Fee of $10,000 (after 2021). • Exclusive Membership Category & Recognition (card, honors board, VIP

invites)

Club House Renovation Conceptual Rendering

Club House Renovation Conceptual Rendering

NEXT STEPSFor Members wishing to accept and activate this offer immediately, please return the included Letter of Intent and return to the Club. Alternatively it can be filled out and emailed to anyone of the contact listed in the right.

For further information and/or to sign up for attendance at the Dialogue Sessions you may contact;

$196,000 in VALUE

Transition pricing, offers and payment programme for all other Membership categories included on the insert with this package.

Jackie Tan – Director of Marketing and Membership jackie.tan@lagunanational.com, Tel: 6248 1729

Bradley Leahey – General Manager, Golf & Country Club bradley.leahey@lagunanational.com, Tel: 6248 1795

Jess Loo – Executive Personal Assistant to the Managing Director

jess.loo@lagunahospitality.com, Tel: 6248 1724

MAJOR ENHANCEMENTS AT LAGUNA IN RECENT HISTORY;

• Redesign and opening of the World Classic Golf Course

• Hosted Tiger Woods’ first ever visit to Singapore

• Opening of Enmaru and Ten, new Japanese Restaurants

• Replacement of dining furniture at Lakes Café

• New Club Car buggies (with final phase replacement on the way)

• Introduction of branded Adeva Spa

• Male & female changing room renovations

• Installation of largest ever all Toro fleet of Golf Course Maintenance Equipment in SEA

• Hosted Ernie Els visit to Laguna National

• 20 new tee decks at Masters course

• New on-course furniture and tee markers (World Classic Course)

• New on-course yardage markers (World Classic Course)

• New in-ground yardage markers and sprinkler head markers (World Classic Course)

• Lakes Café canopy expansion

• Refurbishment of Masters on-course signage

• World Classic Golfers Guidebook

• Landscape beautification programme over 6000 new plants & tree species

• Touch screen handicapping & scoring terminals

• Bunker upgrading (6 bunkers – additional under planning)

• Conceptual design works completed for renovated clubhouse

• New practice range balls, hitting mats and ball picker (driving range)

• Opening of Vineyard Restaurant & Bar

• Reupholstery of fitness equipment and interior gym refurbishment

• Renovation of Lagunita Spa and Wedding Suite Rooms

• Resurfacing of 3 tennis courts

• Resurfacing of entry/exit ramps

• Poolside refurbishment & upgrades

• Retained professional & experienced club and lifestyle management experts to reinvent the Laguna National culture

LAGUNA’S FUTURE & THE LEASE EXTENSION NEGOTIATIONS

OUR CONCENTRATED EFFORTS OVER THE PAST 24 MONTHS HAVE YIELDED FRUITFUL RESULTS FOR THE FUTURE OF OUR CLUB AND ITS MEMBERS

As many of you are undoubtedly aware, one of our key priorities over the past 12-18 months has been to secure the long-term future of the golf course leasehold for our Members. Extensive negotiations and presentations of our long term strategic plans to the URA and SLA have finally paid dividends and Laguna National has the opportunity to become the first course in Singapore to secure its leasehold through the year 2040, should we elect to do so. For those who are not aware, the current leasehold (along with the right to Membership) ends in 2021. The agreement on terms was complicated. It includes the requirement that Laguna National makes a future commitment not only to running a premier golf and country club, but also to the development of Singapore as a tourism hub, a world-class hotel, capital improvements to the clubhouse and development of the Singaporean workforce. By electing to accept the Golf Course Lease and as linked provision to securing the Golf Course Lease for the Members, Laguna National’s ownership is essentially required to commit to an additional financial commitment in excess of $152.4m.

AS A CURRENT MEMBER, HOW AM I AFFECTED AND WHAT DOES THIS MEAN FOR ME? COMMUNICATING OUR PLAN

Laguna National now has an option to undertake an exciting future of development and growth. This also means a significant additional financial and long-term commitment from Ownership. The two are linked. Another crucial component is our Membership and their desire to continue golfing and recreating at Laguna into the future. Therefore, and in parallel to our final decision making on whether or not to accept the lease extension offer, we also wanted to include the Membership in this process. The commitment and desire to use Laguna National in the future by the Membership is certainly one of the several critical factors that will impact the decision to be undertaken. The additional development requirements and stipulations as part of the lease offer also impact our decision-making. Therefore, sharing our plan with you;

• Laguna National has immediately embarked on the due diligence process associated with the legal and financial requirements for the lease extension and in anticipation of the best-case scenario.

• Laguna National wishes to make an initial and LIMITED offer to existing Members to secure their future usage rights at the Club, subject to final acceptance of the lease extension terms by the Club and to determine overall desire for the continuation of the Club as a Golfing and Recreation property.

• Negotiations with an international and world class hotel operator shall run parallel to the lease extension, also in anticipation of the finalization of terms.

• In the end, an assessment of the collective outcome of these shall be the basis for the final decision by Laguna to accept or not accept the lease extension terms.

CRITICAL TIMELINESJuly 5 Member Dialogue sessions (4:00pm – 7:00pm). 12-15 Spaces

available per 30 minute slot (advanced registration required).

July 27 Submission deadline for “Letter of Intent” to take up Heritage Membership Transition Offer and downpayment associated with lease extension Heritage Membership Transition Offer

August 3 Laguna National shall notify Membership, SLA and hotel management group of final decision making on lease extension acceptance.

MEMBER DIALOGUE SESSIONSWe understand the importance of two-way communication as we ask you to participate with us in this critical decision-making. Given the tight timelines imposed upon Laguna by the SLA, we want to ensure some time is set aside to answer your questions regarding the Membership on offer as part of the Lease Extension.

We are allocating multiple 20 to 30 minute sessions, available for 12 to 15 Members at a time to meet with our Management and Ownership on Thursday July 5. Session times start at 4:00pm and run through 7:00pm.

To reserve your seat, please contact Jackie Tan, Director of Marketing and Membership at jackie.tan@lagunanational.com / 6248 1729 or Jess Loo, Executive Personal Assistant to the Managing Director at jess.loo@lagunahospitality.com / 6248 1724.

Laguna Resort Hotel Conceptual Rendering

LAGUNA NATIONAL GOLF & COUNTRY CLUB LAGUNA NATIONAL GOLF & COUNTRY CLUB

Projected Sources Funding Required to Meet Lease Extension Offer & Linked Develoment Projects

($152.4 M SGD)

INTERACTIVE MEMBER EVENTS & COMMUNICATION ENHANCEMENTS

In the past 14 months we have added;

• New and dynamic Laguna e-Blast Communication program sharing regular updates and providing easy registration for all Club functions

• Vibrant schedule of golf, social and participatory activities introduced for Members and Family.

• Membership Interview Approval Process implemented.

• Launched Laguna Prestige Member Experiences (special and exclusive travel and events available only to our Membership)

• Launch of Laguna National Charity Classic Golf Tournament benefitting Straits Times Pocket Money Fund

• Golf Course Maintenance Member Communications Program implemented

• Bi-Annual Members Social and Orientation Night.

• Director’s Cocktail and Networking Evening introduced.

• Upgrade and redesign of Laguna Lifestyle Club Magazine

• Energetic and active Facebook page with regular communication and fun Member interaction & contests

Tiger Woods at Laguna National