MASTER ANNUAL REPORT

Cash flows from operating activities: Excess (deficiency) of revenues over expenses (4,087,591) $ 423,819 $ (3,663,772) $ (3,637,527) $ 179,611 $ (3,457,916) $ Adjustments to reconcile excess (deficiency) of revenues over expenses to net cash provided by operating activities: Depreciation 4,410,688 - 4,410,688 4,211,030 - 4,211,030 Loss on disposal of property and equipment 38,717 - 38,717 16,447 - 16,447 Change in fair value of interest rate swap agreement (80,296) - (80,296) (96,652) - (96,652) Changes in assets and liabilities: (Increase) decrease in: Certificates of deposit (2,385) (3,615) (6,000) - - - Accounts receivable 8,971 - 8,971 168,470 - 168,470 Inventories (43,614) - (43,614) 44,643 - 44,643 Prepaid expenses (141,515) - (141,515) 48,825 - 48,825 Increase (decrease) in: Accounts payable (31,014) - (31,014) 318,083 - 318,083

Accrued expenses and other current liabilities 18,654 - 18,654 7,317 - 7,317 Accrued taxes payable 1,808 - 1,808 7,149 - 7,149 Deferred compensation plan payable 105,764 - 105,764 99,726 - 99,726 Member dues collected in advance 206,877 - 206,877 146,260 - 146,260

Proceeds from sale of property and equipment 2,000 - 2,000 5,650 - 5,650 Purchase of deferred compensation investments (110,240) - (110,240) (106,000) - (106,000) (Increase) decrease in other assets (23,700) - (23,700) 19,662 - 19,662 Net cash (used in) provided by investing activities (3,251,779) - (3,251,779) (7,138,452) 5,427 (7,133,025) (Continued)

Net cash provided by operating activities 405,064 420,204 825,268 1,333,771 179,611 1,513,382 Cash flows from investing activities: Purchase of certificates of deposit - - - - (240,000) (240,000)

2018 2017 Operating Replacement Operating Replacement Fund Fund Totals Fund Fund Totals

Proceeds from sale of certificates of deposit - - - 930,889 245,427 1,176,316 Purchase of property and equipment (3,119,839) - (3,119,839) (7,988,653) - (7,988,653)

Frenchmanʼs Creek, Inc. and Subsidiary

Consolidated Statements of Cash Flows Years Ended April 30, 2018 and 2017

2018/2019 Annual Report Page 31