Cushman & Wakefield, Inc.1290 Avenue of the AmericasNew York, NY 10104+1 (212) 841 7500cushmanwakefield.com/ValuationAdvisory

VALUATION & ADVISORYCushman & Wakefield

GOLF

GOLFOver the last two decades, golf properties have gained acceptance as an investment asset class. With this in mind, our Golf Practice Group was created. Providing specialized skills and local market knowledge, this team has the experience to serve clients that require expert advice in golf properties. Our skilled group of dedicated real estate professionals has performed numerous assignments on individual golf properties and leading golf portfolios. Located in major markets, our team of senior level professionals has extensive expertise in all forms of golf course and club operations. This professional knowledge is demonstrated throughout the geographic regions our group covers.

PROPERTY TYPES• Daily Fee and Municipal Golf Courses• Driving Ranges• Practice Facilities• Private Equity and Non-Equity Golf

Courses and Country Clubs• Resort Golf Courses

GOLF

AS OF APRIL 2015

C&W Offices

102Offices in 28 Countries

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ASIA PACIFICAustralia Sydney - CityChina BeijingHong KongShanghaiIndia Bangalore ChennaiGurgaonHyderabadMumbai - CityNew DelhiPuneJapanTokyoSingaporeSouth KoreaSeoulVietnamHo Chi Minh City

EMEAEUROPEBelgiumBrusselsCzech RepublicPragueEngland London - West EndFranceParisGermanyFrankfurtHungaryBudapestItaly Milan RomeThe NetherlandsAmsterdamPolandWarsaw

PortugalLisbonRussia MoscowScotland GlasgowSlovakia BratislavaSpain Barcelona MadridSweden StockholmTurkeyIstanbul

AMERICASUNITED STATESAlabamaBirminghamArizonaPhoenixCaliforniaCarlsbad Inland EmpireL.A. - DowntownOrange CountySacramento San Diego - La Jolla UTCSan FranciscoSilicon ValleyWalnut CreekColoradoDenverConnecticutHartfordStamfordDistrict of ColumbiaWashington, D.C.

Florida Ft. LauderdaleJacksonvilleOrlandoTampaGeorgiaAtlantaHawaii HonoluluIllinois Chicago Chicago - SuburbanIndianaIndianapolisKentuckyLouisvilleMarylandBaltimoreMassachusettsBostonMichiganDetroit Lansing

MinnesotaMinneapolisMissouriKansas City St. LouisNevadaLas VegasNew JerseyEast RutherfordNew York BuffaloIslandiaNew York City - WHQSyracuse North CarolinaCharlotte Raleigh OhioClevelandColumbusOregonPortland

PennsylvaniaPhiladelphiaPittsburghSouth Carolina GreenvilleTennessee MemphisNashville Texas AustinDallasHoustonUtah Park CityVirginiaRichmondWilliamsburgWashingtonSeattle

CANADAAlberta Calgary Edmonton

British ColumbiaVancouverNova ScotiaHalifax OntarioOttawa Toronto - CentralQuébec Montréal - CentralSaskatchewanSaskatoonLATIN AMERICAArgentinaBuenos AiresBrazil Rio de JaneiroSão Paulo Mexico GuadalajaraMexico CityMonterrey

Rick Zbranek, MAISenior Managing DirectorHouston, TX+1 (713) 963 2863rick.zbranek@cushwake.com

THE CUSHMAN & WAKEFIELD DIFFERENCE• Our talented professionals blend a knowledge of golf course and country club operations,

facility conditions and market forces with extensive real estate expertise to provide a high degree of specialized service for the golf course industry.

• Our team members must have an intimate understanding of several factors unique to golf course and club operations. These factors include demand analysis based on discretionary recreational spending, complex club operations that include retail sales, food and beverage operations, and turf grass conditions and maintenance.

• The group combines superior local knowledge with access to a national and international network of data and market participants. Our relationships with owners and the leaders in golf course brokerage, finance and development, place us at the forefront of the emerging trends in the golf course industry.

• We have assembled a substantial database of comparable operating information from the appraisal of over 1,000 golf courses and country clubs in the last six years.

• Since its inception, the golf group has appraised two of the largest golf course and club portfolios in the U.S. on multiple occasions.

• Team members utilize an integrated technical appraisal service line platform to maximize communication with clients and to produce logical and supported analyses on complex assignments.

• Our group seamlessly interacts with Valuation & Advisory’s Portfolio Valuation Practice Group to develop appraisal templates to meet client reporting requirements. This allows for uniformity of presentation and ensures timely delivery of quality reports.

• C&W utilizes an electronic platform to ensure the secure transmission of data and reports to clients.

OUR SERVICES• Appraisal Review• Feasibility Studies• Financial Reporting• Highest & Best Use Analysis• Litigation Support• Portfolio Valuation• Property Tax Consulting• Real Property Appraisal• Renovation and Expansion Analysis

OUR COMMITMENT TO QUALITYTo ensure the highest caliber of service, all appraisals undergo an internal quality control review process with dedicated quality control reviewers. We are committed to the selection, training and motivation of our members to provide superior client service. We are proactive in the solicitation of client satisfaction feedback, with protocols in place to address both client needs and expectations. Our team is uniquely positioned to utilize C&W’s full complement of service lines, coupled with experienced personnel to provide innovative solutions to complex assignments.

Jonathan DunlapSenior ConsultantToronto, ON+1 (416) 359 2413jonathan.dunlap@ca.cushwake.com