 We recognize the financial implications of investing probably between $40 and $50M in this project. But we believe putting our money in a brand new more efficient building that is built to withstand the vicissitudes of the next 25+ years is much safer than spending $35M refitting a building, the core of which dates back to an era when climate change concerns did not exist.

Only if the "Disapprove" votes prevail will the Board offer a new plan to the Members to build a new Clubhouse.

Other major benefits of a new Clubhouse include the following: 1. It will meet Class 5 Hurricane standards of 170 mph. The firm's president indicated that when the first 60% of our Clubhouse was constructed in 1988, it only had to meet wind standards of 90 mph. The Board's plan does not materially improve things since there are no plans to change our Clubhouse's exterior walls or roof joists. 2. When our Clubhouse was constructed, there were no insulation requirements for walls or ceilings. Unless all interior sheetrock of our Clubhouse is gutted to expose its exterior walls and the walls are then studded, such insulation cannot be installed to meet current code requirements of R-13 and R-30. The Board's plan does not do this. 3. As a result of climate change, ground water levels are rising. Only a new building can be built at a higher elevation to deal with this as required. 4. The new Clubhouse will be close to the fitness center, enabling Members to park their cars adjacent to that facility. 5. It will assure that long term insurance premiums remain reasonable. If our existing building is substantially damaged by a future storm, insurance costs thereafter will skyrocket or insurance may be impossible to obtain altogether. We apologize to our core supporters who may now conclude that we have abandoned them. We assure you that this is not the case. We are being realists dealing with the situation as we find it. For whatever reasons, a majority of our fellow voting Members have decided that they want a Clubhouse with a new appearance and are willing to spend $35M to get it, even if it's not much more than a facelift to our existing building . The best thing we can do now, both for the long term interests of our Club and to restore harmony among Members that makes our place so special is to seriously explore and ultimately realize this imaginative yet thoroughly rational new proposal. A Disapprove vote is the only way we can do this.

Marty Myers, Chairman Laura Lustig, Vice Chairman Bill Brachfeld, Member Joel Freedman, Member

Clubhouse Preservation Committee Members Attending the Meeting: William Brachfeld Judi & Lou Cosentino

Thomas & Diann Mann Marty Myers Leon Pollack Linda Robbins Gail & Lewis Rubin

Joel Freedman Bob Friedman Martin Gregge Robert Julius Arnold Lampert

Diana Wendy Vicki Wildstein

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